Okay. Welcome, everyone, to the NOTE Q3 presentation. My name is Johannes Lind-Widestam, and I'm CEO of the company. I don't really know where to start. This is a quarter that has went a bit like we planned for. We guided quite strongly after the second quarter. It has came in a bit stronger than expected. What we also see is that there is a really problematic market that is underneath here. Despite that, we have managed to keep the momentum up, to keep the factories running in my opinion, a remarkable way. When I go out and visit the sites and see that we managed to get these volumes out, it's just amazing to see that we manage it with all this rescheduling and replanning and everything that takes place due to the component crisis. You're on mute. You must unmute it. Okay. It's working. Okay. Welcome to NOTE Q3 presentation. My name is Johannes Lind-Widestam, I'm CEO of the company, and I will try to give you some information about this third quarter and what happens onwards. I think the quarter went roughly how we expected. We ended Q2 with a really strong June. We had a fantastic order intake, and we saw that the speed was very strong. What we can say is that the deliveries is a bit higher than expected. We are seeing these component shortages that everyone else see in the market. We are forced to reschedule, replan and redo everything we are expecting on a daily basis. Despite that, we see that we get good volumes out through the factories. When I go out and visit them, I see that there is a lot of activities going on and with all the customers' support, we are managing to sort out many of the shortages in a fairly good way. We are seeing that our delivery performance is going down a bit, but it's still remarkably high. We're hitting somewhere around the 90% in on-time delivery, despite all these delivery shortages that we have, and I think that is fairly good. We have customers that are suffering due to the allocation on the semiconductors. Yeah, to me, it's a very good quarter, and what we also see is that the future that we can foresee, which is basically the next two quarters where we have more or less firm orders for, also look really strong. After that, we also believe that this speed will continue. Let's move on to some numbers. If you look at the third quarter in itself, we had a growth of 58%. Out of that, about 34% was organic. This quarter, we have basically zero currency effect. The growth is surreal in local currency. Also, profit went up with 78%. I think that's a record in profit increase that we have seen. 58% in growth is also a record, this is even more remarkable as I see it. We should also know that even though we are pushing over a lot of the price increases that we get on components to our customers, we still carry some of that. Our underlying speed is a bit better than what we see here from a profitability point of view. If we would have had a normal market, I would say that we would have done even better than the 9.4%. Still, I'm really pleased to see these numbers. Looking at the year so far, we are up 30%. About 7% of that is acquired, the rest is organic, and we are facing about 3% in headwind when it comes to currency effect here. Last time, we had a discussion also about how much is our sales increased by, how should I say, increased sales due to price increases we have on components, and that effect is roughly 3% for the year. It's basically the same as the currency headwind. What we also see is that the sales ended up at SEK 1,829, or SEK 1.829 billion. That is about the same level as we were for the full year last year, and we have our, as we expect, the best quarter ahead of us. Operating Profit, SEK 164 million. We're already SEK 15 million ahead of last year. We also see that Operating Profit now is up to 9% for the year, and that is also a new record level for us. If we look at the cash flow, we are negative. We are SEK 30 million negative cash flow. You could say that that is a problem, and in one way it is. Given the extremely strong growth we have, we are tying up more and more capital in our ARs, and also we are building some inventory to cope with the high volumes that are coming in the next quarters. Those two effects are limiting our cash flow. We also have pushed over about SEK 50 million in sales from Q3 to Q4 due to component shortages. That inventory is sitting in our books and should have gone out. That is tying us. We should have had a slightly positive cash flow if that would have gone out the door. With the increased growth, we are seeing some constraints on the cash flow. We are despite that, seeing that we have a very good cash position. We don't see this as a operational issue. It's more of a KPI that doesn't look so good. It's more that we have planned for having an increased inventory to cope with deliveries. We're not surprised to see that it's negative with this strong growth. Looking at some margins, this is in my opinion also something that we're very pleased to see. We're now seeing that the rest of the world, China and Estonia, are now up to 8.7%. It's just that level would have been higher than the group's OP for last year. If we go back two years, not only to 2020, we were down to maybe 3% in OP for these two countries. The turnaround of these two sites has been remarkably strong. We also see that the sales are up very nicely in these two plants. 27% up is really strong. Looking at the Western Europe, the growth is even stronger, 36%, but here we also have the acquired growth that in this case would count for maybe 10%, 12%, I don't have the number in front of me, but it's roughly that number. Also the operating profit is up to 9.9%. It's also a record for us. I think we were at 10% for Q2. This is a new record level. Our employees, we are now up to almost 1,300 employees for the group. We were about 1,140 when we started the year. We have increased. iPRO, the acquired company, have added somewhere around 95, 98 person, and the rest is growth in our sites. This is to cope with the increased volumes that we are seeing. If we look at the segments in the second quarter, I promised that we would have growth in all four segments and luckily we managed to get there. What we see is that the trend that we saw already then, that Greentech is growing faster. That is still valid. We also saw that the Industrial were growing very nicely. It still does. We expected that the Communication would have flattened out in the reduction. We see that also that segment has turned around very nicely. Medtech, we were flat at that time. We're up SEK 10 million, also that segment is growing. We should remember that we had a few Medtech customers last year in Q3 and Q4 that had, what should I say? COVID driven remarkable high sales levels. We are still beating that even though it's not that impressive, this 5% growth in this segment. We are expecting that to continue to increase over time. I also put in the third quarter just to give you a flavor of how it looks when we only look at the near history. Here we see that the Industrial segment is really strong. We see that the Greentech even stronger growth, it's almost tripled in one quarter. Here we also see that Medtech and Communication, we see that this strong trend that I talked about on the last slide is even stronger when we look at the short timeframe. Here we see that Medtech is up somewhere 17%, 18%, not only five. We see that this trend is stronger than we see it when we only look at the year so far. Continuing looking at some of our highlights. We still believe that quality and delivery performance, that's our key. This is so important for us and with these conditions that we are facing, this is even more important. I would say that our complete organization is now working to sort out all the supply challenges that we see. We see that, for example, car manufacturers are closing their factories just to try to get the supply of the electronics in some kind of same speed as the rest of the production. It's not us. This is a market problem for all companies that are dealing with electronic components. The expectation here has been that, okay, second quarter would be the worst, then it would flatten out and it would bounce back. It's very hard to say. What we see now is that suppliers are more frequently keeping their promised dates. That's one good thing. On the other hand, the lead times are really long, so we still see some gaps in supply when it comes to demand from our customers. This is a daily challenge for many of us. When we guide, and I will come back to that, we're doing that based on what we expect to sort out. It's not a hope from our side. It's more of what we expect to get out. Our orders are significantly higher than what we guide for at the moment. This is also, I would say it's probably the first time ever in my career that we have had this situation that we have a significantly higher order book than we can get material for. That's just how it is and we have to play this as good as we can. If we look at our order intake, our order backlog for shipments in the next two quarters is up 70% year-over-year, and that is excluding our acquisition of iPRO. Including that, it's almost 100%. Really strong order book. We should also mention here, we talk a lot about how the speed in Sweden and in Western Europe is going, but we also see that the transition that we have made in China is really impressive when we look at the numbers. We have managed to more or less change the customer base in China. Today we're running China at 54% growth year to date, 89% in Q3. That is just fantastic, and we were a bit troubled with the speed in China about a year ago. Today, that's changed very fast. China also suffered a bit more from the COVID outburst than the rest of our operations combined with U.K. This year has been really strong and we are expecting China to continue on this path, maybe not growing 89%, but we will still see some decent growth numbers moving ahead. We see that these new corporations like Plejd, Charge Amps, Ferroamp, and many with them, those are the ones that are growing faster. We should never forget that industrial is also growing very nicely. I think we have 30% growth in industrial segment in Q3, and that is also really solid. It's not only driven by these new corporations and new industries. It's all over the line that we are growing. I would say that when I look at our customer list today, I get a bit amazed myself when I look at all these fantastic companies that have chosen to work with us. We're really pleased to see that. If we talk a bit about iPRO. iPRO is a company that are not doing boards, they are only doing assembly, and their customer portfolio's quite much built up around EV charging solutions. They have three customers in this segment, four cars and one for scooters. All these four companies are developing stronger than expected. We are seeing that iPRO is progressing stronger than expected when we acquire them. Our integration is, as we call it, fairly soft. We're doing it, we're not forcing that it's happening on a one or two year time plan. That is going according to plan. Cooperation between the organization, iPRO, and the rest of the group has been stronger and more, how should I say? Less problematic than expected. Really good. It also helps if you're overachieving as a company. The integration is much simpler than if you have problems. This has been a really good position to be in. I think also we have also talked about CapEx and how we invest in our operations. When I started, we were investing somewhere around SEK 15 million, SEK 20 million per year or even less than that. Now we're up to SEK 55 million for the year to date. You could say that we are over-investing. I think it's completely the opposite way. How should we have been able to grow this nicely if we don't do it? The last 12 months, we have invested in new SMT lines in Torsby, Norrtälje, and China. All these are really needed when we grow this fast. We are just about to take on our capacity expansion in Torsby. It's 50% more floor space. I would say it's 60%-80% in more capacity because this is more or less only production floor that we will increase in. This will be really needed in the growth that we're seeing in that site. This is a trend that I believe will continue. For me, if we can continue to invest in new equipment and faster lines, more advanced equipment, more automation, we will continue to reduce our cost base in relation to our sales. That will be very nice when we sum our P&L because we will add less cost compared to the growth that we are adding. This will be a very good equation going forward. We expect that this trend will continue and remain strong. We have talked a lot about the component market. It is challenging. It will remain for at least a few quarters to come. Also here, I always see things in trends and when this trend is broken, it's going to be quite fast from when you go from undersupply to oversupply. If you look historically, this has always been the case that today everyone is trying to build up inventory. The larger ones like Apple and Google and these guys, they are buying more than they need. Suddenly they will realize that their inventories are too high, and then they will stop to overbuy, and then the market will get that extra volume out. At that time, we will see that supply and demand will be in balance. Then a quarter later or so, we will see an oversupply because then more companies will start to release their buffer stocks that they have bought. It's going to be challenging for a few quarters, then it will change quite fast. That's my projection, and you can call me on that when we see that is happening or not. If you look at the historic shortages and allocation periods, they have all been solved in that way. Now we see that many of the suppliers are increasing capacity. It takes 12 to 24 months to be there. I think half that timeframe has passed. This will change. It's going to be challenging until it changes. It will be resolved. What can we do? What we do is that we are working together with our customers. We are building up inventory. We are trying to mitigate as much as we can. We chase component on the spot market and try to solve the short-term gaps in supply. That will continue. We are basically having good dialogues with all our customers. This is something that has happened, it will happen, or will continue to happen going forward. Despite all that, we're seeing a new record on our return on operating capital. Despite this capital increase, we're up to 24%. I think last year at this time, we were at 20% and yeah, this is also something that we are increasing over time. Our equity ratio is still around 40%. We were at 38% in September. This means that we are continuing to look for new acquisition opportunities. We are a bit running out of some production capacity. I would say that the next acquisition might be one where we have good free capacity in terms of floor space. That would be a good addition to what we do. We're also a bit opportunistic. There are several opportunities out there, and we are following through on several of those and see where that leaves us. This is an area that is still in focus. We are not guiding when or where we will close anything, but it's an area for us where we are putting a lot of focus. With all that said, what does this leave us? I think our operational momentum is really strong. If we would get components, we would have a few fantastic quarters with more or less double sales. I don't expect that to happen, but I expect the coming quarters to be really, really strong. We also see that we have a very strong trend of winning new customers. After August, we passed 2020 in terms of new wins, in terms of money. That trend is continuing. We see September was also strong, and we're expecting to end this year strong. We are continuing to build on our customer base, and this is what I've told before, all these new wins will happen in 12-24 months after we win them. We know that the next year and the year after also looks very, very strong based on those wins. We are filling up our pipeline for deliveries also for 2022 and 2023 in a really good way. When you look at the EMS market, we have to work that way. If we're failing in winning new accounts, both with new and existing customers, that's when we know that the next two years will be weak. As long as we continue to win and have a positive trend here, we know that the growth will remain. We are very happy and pleased to see that this trend is so strong and is kept up at this high level. We're never getting tired and exhausted here. This is the most important area for us, combined with our operational deliveries. We have also talked about that the mega trends is a bit in our favor. We see that closeness to customers are getting very important. We see that our sales is, I was almost going to say stronger in Sweden than in China, but that was last year. Now we see the recovery in China is so strong, so it surpasses the fast growth in Sweden and Finland. This trend, we are expecting it to remain. We also believe that the position within the Greentech is really attractive. The growth in% is very strong, the growth in the three other segments are actually bigger in terms of money. We should never neglect the old, more traditional parts of the market because those customers are really important and are forming the base for our operational. If we try to summarize this, we are seeing that our order book for the next quarter is 70% up excluding iPRO. We are believing that we will not reach all the way on the component side. Our best estimation for the next quarters, and we say the next quarter just to give you a bit longer insight more than just the fourth quarter. We are expecting us to be at the level of 50% growth. We also know that growth is enabling us to continue our strong earnings trend. We believe that we will be able to also continue the positive trend when it comes to margin, both in money and in percentage. With that said, if we look at the trends that we always like to end this presentation with, we see that on the left graph, we see the sales were up to SEK 2.3 billion in trailing 12-month sales. If we would restate the iPRO sales for this period, we would be a bit above SEK 2.5 billion. With the strong outlook, we are expecting that this strong curve that we see here will remain. We can also see that we have gained back more than the lost growth that we saw in third and fourth quarter last year, where we had flat or also a bit shrinking sales in Q4. All that loss is now regained and regained with more than we lost. Our annual organic sales growth over the last three year is now in excess of 15%. We are delivering very strong on that target that we have. If we look at the margin, now we're up to 9% for the year. We're up to almost, well, 8.8% for the trailing 12 month. We are expecting this curve also to continue to increase. How far can we get? That is the remaining question to answer. I would say, as I have said before, we will be seeing quarters where we see double digit. We're not in a position where we expect us to be that on a full year level yet. We are hoping that we can reach that level. On the other hand, we're trying to have a good mix between sales growth and margin growth. We could probably grow margin faster, but that would be on the price of less sales. We believe that the mix that we have between these two objectives are working very well in parallel. We are expecting to increase the margin both in terms of money and in%. I think that that was what I intended to go through with you. In summary, we can say it's a fantastic first nine month. The growth is increasing by the quarter. We saw 7% in Q1, 28% in Q2, and now 58% in Q3. If you draw a line, we could easily say it should be about 100%, but we are capping it at 50%, around 50%. That's where we see it. Margin continue to increase. What we can say is that before we end there, we see the cost increases that we incur from our suppliers. We are mitigating most of that to our customers. We are carrying some of that cost. We also see that the freight cost is going up. We are probably getting, I would say, 90+% coverage on the component cost increases. We're probably getting somewhere between 60% and 70% of the freight cost increases. This is something that we will add into our annual price discussions for the coming year, so we are getting compensation for that as well. Overall, our operational momentum, our growth is overcoming the negative sides of this. The overall picture looks very good despite that we're not getting full compensation for those two parameters. In summary, we are really enthusiastic, we are really optimistic, and we are expecting to end this year in a really good way. With that said, I will say thank you and open the floor for discussion or for questions. This is Thomas Tang from MediumInvest, and I have a few questions. First of all, as usual, congratulations are in place. It's a really impressive results that you and the entire team delivers again and again. Yeah, I'm really impressed. Thank you. On the component side, this is the first time you start commenting on sales being postponed to the following quarters. I'm sure it's happened before, but it's the first time you comment on this SEK 50 million of sales being postponed. You also sound like, despite the very, very good record order backlog, your organic growth expectations are very high but does not one-to-one follow your backlog increases. Is there some change in the component market? Have you run through the inventory you managed to build up early, or why are you more cautious about being able to get the components and convert the order backlog into sales? I would say it's 2 factors on that. 1 is that we, as I said before, we tried to build up some inventory already when we saw that this crisis was coming. That inventory is, of course, consumed now. We are basically starting off from a lower level. That is 1 factor. The other one is that we are seeing so strong increases on our customers' orders, and increases are much harder to source against. If we would have been flat on sales to customers, that volume we can often deliver. If they want 30%-40% increases, that increase that has not been forecasted is really hard to get components for. We get the orders, but we are facing more problems to solve those, because we have allocation for the initial volumes, but the extra volumes is much harder to get components for. You talked about that the delivery of components you have bought is getting better, but there's a very long lead time. What kind of lead times are we talking about when you place orders for new components? If we would be in the customer and say that they have components from these, like ST or Texas or some of these suppliers that are most, how should I say, affected with the allocation, we would probably see a 52 weeks lead time on those components, give or take. We could be lucky and have them from a bit shorter. That is the average lead time on semiconductors today, for orders without forecasts. Does that then mean that you will actually place frame orders 1 year ahead now to make sure you have the components, or how do you act in this situation with these long lead times? Yes, we do. Okay. We can comment on that, Thomas. I got the question last time, how much order intake did we have, if we are comparing it, what you call it, like for like, as we have reported it in the past. Now we have an order backlog that is in excess of SEK 2.6 billion, and that is also excluding iPRO. That is for deliveries for the next 15 months or so. The order backlog is up 125% if we compare it, as we reported it last Q3. Yeah. That's a lot. Yeah. The Greentech segment of your business is obviously growing, and now is a little bit more than a quarter of your business. I was wondering if that segment is different from the others in terms of customer relationships, length, margins, or if it's basically business as usual in all significant areas? Very good question. I would say like this: it's basically business as usual. The difference is that many of these companies are young companies and they don't have the production culture in the companies. They are more likely to outsource the full box build and also hand over shipments direct to their customers. It involves a bit more steps in the supply chain than the traditional customers that are buying more board or box build of a lower level. A bit different. The products are younger. There are more revision changes in the first phases and so on, but quite much business as usual. Can you help them with all the steps, or are there some of the steps that the other people have to help with, like distribution? Yeah. What I mean here is that normally we are shipping products. If we take a traditional customer setup, we are making boards and sometimes we put them in a metal box that are then plugged into a bigger product later on in the production line. These customers, we're often packing them in the consumer packages or the parcel that will be delivered to their customers. In most cases, we ship these products to our customers' warehouses, but in some cases, we also handle the logistics where we would ship these products to our customers' end customers. Okay. Do you have a competitive setup for that logistic challenge? It's very hard to say, Thomas. As it looks, we seems to be doing this in such a good way that we are attracting new customers in it. This is an area that we can always be better at, and we are looking into how to do that. It's fairly new to us to do this in this bigger scale, but it has been appreciated by those customers that have chosen to work with us in this way, and those relations are working very nicely. I would say that we are managing it in a good way, but we can most likely become even better at this. All right. A final question from my side. On capacity with the current growth rates, I assume you are starting to run out of existing space, and you also mentioned that you are expanding floor space and a good acquisition would likely be a company with free capacity in their plants. Say, if you don't make an acquisition, because that's kind of if it happens, great, if it don't, then it's also good. How do you address it going forward with the current growth rates? Do you need to build entire new plants, or can you just continuing expanding your current plants, and keeping up with the growth so you won't be capacity restrained? I would say that with the order backlog that we have, we don't see a problem to manufacturing from a capacity point of view. What we do, if we are a bit late with extending our sites, we are often leasing in or warehouse spaces to get some of the more bulky stuff out from our sites, and then we can extend the production floor space a bit. There are always ways to overcome a short-term floor space squeeze, if you put it like that. We also work a lot with reducing our footprint on our customers' production cells. We are continuing that process. We can grow at least 30% organically with the current floor space, probably more when we get there. Okay. Thank you. Thank you, Thomas. Any other questions? If not, I will say thank you all for listening, and we are looking forward for the next quarter and the coming year. Thank you very much.