Thank you, and welcome everybody to the presentation of Nolato's Q1 2022. This is Christer Wahlquist speaking, and I will start on page two on the provided information deck. To summarize the Q1 for Nolato Group, we ended up with sales close to SEK 2.9 billion. That was affected by positive currency effect. If we adjust for that, it was a 1% increase if we adjust for currency. During the quarter, we saw that volumes and profitability was negatively affected by restricted supply of components. We also saw shortages of raw material and labor as a result of the pandemic. This gives us an operating profit, EBITA, at SEK 267 million, giving an EBITA margin of 9.3%. Margin was then affected by volumes and cost inflation. Cash flow during the quarter was negative SEK 42 million, and we had an increased working capital requirement during the quarter. Turning to page three, showing the total Nolato Group. Nolato Group consists of three business areas. Medical Solutions works with the pharma and med tech industries and delivers complex product systems and different components for medical devices. Integrated Solutions works with design, development, and manufacture of different consumer electronics, EMC, and thermal. Industrial Solutions does development and manufacture of products and product systems for different industrial customers such as automotive, hygiene, packaging, and so on. Turning to page four, starting with Medical Solutions. In the Medical Solutions business area, we are on a global expansion journey. We're focusing our efforts on leading pharma and med tech companies globally, and we've seen a continuous growth of the business over the years. On page five, we are listing the focus product areas for business area Medical Solutions. We have there in vitro diagnostics, which is approximately 18% of our turnover. This segment is a long-term growth segment with different diagnostics. It's been affected during the pandemic with some temporary increased volumes due to testing of COVID. We've seen lately movement and reduction of stocks in that part of the business. The next segment is cardiology, which is long-term implants that correspond to different heart surgeries and so on. We have pharma packaging. It's a high volume market for containers of liquid and solid drugs. We have continence care, large volume segment. We have endoscopy and general surgery. It's a large area, and it's been negatively affected during the pandemic, but now it's coming back. Drug delivery systems, which is then different types of devices to get large molecules of drugs into your body. Turning to page six, summarizing Medical Solutions Q1. We saw an 8% increase in sales, but if we adjust for currency, it corresponds to 1% increase. The rise in sales was mainly due to the passing on of price increases in raw materials. We saw that the IVD volumes were low in the quarter due to inventory adjustments. We also saw that the surgical were picking up during the quarter. The margin ended up at 9.7%, and we saw a change in the sales mix with a higher share from surgical segment and lower share of IVD business. We also had rising materials costs, and it's offset in a positive way, but we see some time lag. Of course, we have increased our capacity over the last years in investments, and that is burdening our cost side a little bit. The quarter ended up close to SEK 1.1 billion with an operating profit EBITA of SEK 106 million. Moving to page seven, Integrated Solutions business area. In this segment, we've been working with the telecom industry for many years, and over the last six years, we've been expanding into new market segments very successfully. If we then turn to page eight, you will see a little split up of the business area. We have the larger portion called Consumer Electronics, which consists of the VHP, different connected Wi-Fi systems or home security, and of course, different kind of wearables. A smaller portion called EMC Thermal. It's shielding solutions for electromagnetic influences in this smaller segment. We've seen we have premium margins compared to the rest of the group. Turning to page nine, focusing on Integrated Solutions Q1. During the quarter, we saw a 9% increase in sales, but if we adjust the currency effects, it was a decrease of 1%. We saw lower volumes than we previously expected, and there was restricted supply of electronic components within the VHP sector. We also saw that the end customer demand was adversely affected by the situation in Eastern Europe in March. EMC Thermal is continuing to perform well. During the quarter, we saw sales of above SEK 1.1 billion, with an operating profit of SEK 103 million, giving a margin of 10.8%. The margin has been affected by lower volumes during the quarter. If we turn to page 10, going into Industrial Solutions business area. In this business area, we are on a technology and geographical expansion journey. If we turn to page 11, we will show a split up of the business area into different segments. We have the general industry corresponding to approximately two-thirds of the business area. So that is different type of white goods and forest equipment, furniture, and so on. 1/3 approximately, is automotive industry. If we turn to page 12, focusing on Industrial Solutions Q1. During the quarter, we saw a 10% increase in sales, but if we adjust for currency, it was a 5% increase. We saw lower volumes during the quarter, and the passing on of material price increases has affected the sales. We saw component shortages, mainly in the automotive. The quarter ended up at SEK 653 million in sales, with an operating profit, EBITA, of SEK 40 million, raising a margin of 6.1%. That margin was low due to lower volumes and low production efficiency due to the short-term movements of production orders during the quarter. Good afternoon, this is Per-Ola Holmström presenting consolidated financial numbers on page 13. Net sales increased in the quarter to SEK 2.9 billion compared to SEK 2.6 billion in the previous quarter, 2021. We did have positive currency effects, and if we adjust for those, it was a 1% adjusted growth. The EBITA margin was 9.3%, which is lower than the same quarter, 2021, and resulting in decreased results in different profit lines. The effective tax rate of almost 20% was more in line with the full year 2020. Net investments or CapEx affecting cash flow were SEK 130 million compared to SEK 178 million in the same quarter, 2021. Net investments were lower, and we expect slightly lower full year CapEx than the full year, 2021. Cash flow after investments ended up SEK -41 million in the quarter. We did have a negative cash flow due to working capital requirements in the quarter. Earnings per share were SEK 0.75. Turning to page 14, focusing on the current situation per business area. Starting with Medical Solutions, where we have a maintained growth strategy, a lot of focus on innovation, built on strong customer relationships, but impacted by the pandemic. Integrated Solutions, we have established a position in new product areas. In the base, we have a very flexible production structure, and we see a five year rollout of new initiatives in the automotive sector that are very positive for the EMC business. The business area was impacted by the geopolitical situation. Industrial Solutions, we have advanced our market positions. We are impacted by supply chain disruptions and a lot of emphasis on sustainable solutions. We will now open up for questions. Thank you. Ladies and gentlemen, if you wish to ask a question, please press zero-one on your telephone keypad. First question is from Mr. Adrian Gilani from ABG. Please go ahead. Hi, it's Adrian here at ABG. I'd like to start off with a question on your VHP customer. You're right, obviously, on the report that they are looking to assess their sourcing strategy. Should we take this to believe that they're looking to dual source their production? And if yes, can you sort of talk about how that would affect your volumes and your pricing power? Yes, we have been talking about our relationship with this customer for many, many years now, and we have a very large business, and the customer is opening up for discussions with on dual sourcing, not only on our product but also on other parts of their portfolio. Also, in that case, how would that affect, do you believe, your volumes to them and also the price you can take for those volumes? Yes. This sourcing strategy will not affect existing products that we are producing. It will affect next generation of products. We are in a good position, so we will be a supplier of those going forward. The timing of that and the split of those volumes, we don't really know yet, but there is also opportunities on other products. Okay. Have you received some sort of timeline as to when your customer will take this decision? Will you know this during Q2, or could it take longer? We have discussions with our customer, but the formal decisions are not made. Okay. Also on your guidance in Integrated Solutions, you say you expect sort of -20% quarter-over-quarter growth in Q2. Can you just talk about, is this development primarily due to component shortage issues, or is it primarily due to lost volumes in Eastern Europe, which we understand to be sort of a meaningful end market for VHP? I think you should see it in the light of having had a Q1, which for most part of that was affected by the shortages of electronic components. In the end of the quarter, it turned more to a situation where the demand for these kind of products in the Eastern Europe countries decreased. I think going forward in the Q2, it's more the latter, let's say the Eastern European situation doing that. Demand from these countries are zero, and that is pretty much the effect we do see in the Q2. Okay. Also you say that, despite having 20% lower volumes, you expect a comparable margin. Just asking how confident are you in being able to maintain a similar margin despite 20% lower volumes? It is, of course, our best assessment that we can do today. It is an effect of two different things. Of course, we have from a margin point a more favorable mix situation, having more EMC with a higher margin, or at least a larger part. Secondly, we have had some time to correct our cost situation the best we can, and hence we do think that we can achieve a similar margin in the Q2 as well. Okay. I think that was all of my questions, so thank you so much for answering. Thank you. Thank you, sir. Next question is from Mr. Carl Ragnerstam from Nordea. Sir, please go ahead. Hi, it's Carl from Nordea. A question on Medical. I mean, you said that you had sort of lower or weak IVD volumes during the quarter. I think you said before that is partly due to inventory reductions from your customer. Would you say that this situation will improve in Q2 or have improved so far, or how should we look at the IVD softness? Yes. We don't have the full picture of the total supply chain. During the pandemic, there has been temporary solutions for providing these type of products from temporary sources. Of course, there's been huge demand in that. Now, the major players in this field are sort of ramping down those temporary sources and focusing on their core sources. Exactly how that will play out and when we will see the volumes coming back to a more normal situation, we don't really know at this time. It sounds like you still have sort of inventory reduction going on, right? As we speak, yes. Yeah. Yeah, exactly. Yeah. Yeah. Would you say you also said that the surgical side of Medical Solutions, I mean, that's at least equally important part of Medical, right? Is it fair to assume that sort of the growth in surgical could offset the IVD volumes in the short term, or? From a sales perspective. Yeah, exactly. Yeah. Yes. Yes, correct. Of course, the surgical business is mostly part of the acquisition of GW. So we see some lower margins in that compared to the former Nolato legacy production. Mm. Sales was yes. Okay. Perfect. You also said that you experience or that you are able to offset raw material headwinds, but with a time lag. Should we also expect a more severe margin impact from raw materials in Q2 than what we have seen in Q1 as I guess the main inflation came at late Q1 or early Q2? No. I would say we've been very good in handling those pass on to customers price increases. We've seen some time lag during this quarter, but you should not expect lower margins or severe margins going forward. In addition to that, I mean, when I look at your inventory levels, you're continuing to build quite a bit of inventory despite a bit muted outlook maybe in the very short term. I mean, how should we look at that? Are you too aggressive in building inventory given the demand situation or is it pricing driven or? The inventory situation is stabilizing right now, I would say. We have tried to build inventories in different sections where we have seen shortages. We do see shortages also in raw materials in some cases. It's not only components or electronic components. That has meant that our inventories has increased. I think that's leveling out and we have what we have so to say, and we are trying to go in the other direction going forward, at least in areas where we can see it's not that critical anymore. Okay. Perfect. Just a clarification. In Q2, do you still have component issues in heated tobacco? I mean, to some degree, or is it primarily or solely due to AT exiting Eastern Europe? Let's say hypothetically that volumes or demand would have been more in line with the end of last year, we would still have electronic component shortages. Mm. With the situation with lower demand, that is not that critical anymore right now. Okay. Perfect. Very clear. Thank you. Thank you. Thank you, sir. We have no other questions. Ladies and gentlemen, I would like to remind you that if you wish to ask one, zero one on your telephone keypad. Next question is from Mr. Mikael Laséen from Carnegie. Please go ahead. Okay. Hi, thank you. Couple of questions. First of all, the quarter came in better than you guided for. Can you explain the reasons for this and where you saw the improvement or the deviation compared to your March guidance? We did report in March 24th, and we still had about a week to go. We did see some areas selling a bit more than we expected. We had also a bit more currency effect than we expected. It's a combination of those, so ending a bit better than expected. That sounds like it was across the board in most areas? Yes. In different areas, I would say. Yeah. Okay. Got it. The price component here in Q1, if you can comment on that, approximately how much price increases you have in the quarter driven by raw material cost changes, and how we should think about this volume and price going forward? Yes, it's always a question of starting points and where you start those calculations. We have seen ongoing large price increases in this quarter as well. Of course, that is affecting us most in the industrial business area. The material part of our cost is largest in that business area. We did have a sales increase of 10%, but half of that was currency effects. We do see that a bit more than the rest was the price mechanism effect. If not having that, we would be down on some percentages negative sales in For example. That is sort of showing the big effects and changes that we do have. Okay. That's really helpful. Thanks. The final one on this dual sourcing question, just a follow-up on that. In general, how long are the product cycles, if you can sort of say something about when new products will be launched and so what remains from the current product offerings in the market right now? Yes. Normally, there is an overlap of old and new products parallel in the market. The product may last some years, but then new products are introduced and introduced in different markets and then gaining market share of the total over a period of time. Just to be broadly, I mean, speaking here and I'm thinking about the total year, is it fair to assume that we should expect lower market share for you in the second half already or is this something that could come in 2023 maybe, and then only gradually? Yes. Since we have not seen the final decisions of this new strategy, we can only anticipate. To see some effect during second half of this year could be possible. Okay. Yeah. That's it for me. Thank you very much. Thank you. Thank you, sir. We have no other questions. I would like to thank you for your interest in the Nolato presentation of the first quarter and wish you a great day. Thank you.