Ladies and gentlemen, thank you for standing by, and welcome to today's Q4 2021 report. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. I must advise you that this conference is being recorded today, and I would now like to hand the conference over to your first speaker, Henrik Essén. Please go ahead. Thank you very much. Good morning, and welcome to this presentation of Nordic Paper Year-End Report 2021, and the quarterly results for the last quarter of 2021. My name is Henrik Essén. As usual, you will get a presentation from the Nordic Paper CEO, Anita Sjölander, and the CFO, Niclas Eriksson, and thereafter, we will open up for questions. Anita, please go ahead. Thank you, Henrik, and thank you for calling in to listen to our Q4 and full year report. First of all, we would like to share the key highlights. The first key highlight is the very strong sales volumes. This is a result from the combination of good delivery from operations and the strong demand in the market. The strong demand has given us the prerequisites to continue to increase our product prices. Percentage-wise, the largest price increases are in Kraft Paper segment, but the highest increases in absolute numbers, price per ton, are in the segment Natural Greaseproof, where the paper has a higher value added as a starting point. There has been very little movement on the pulp prices during the quarter, so still on a very high level. As we all are aware of, the situation regarding energy prices is tough. The part of our electricity demand that is exposed to spot prices has caused large cost increase. These two factors, external pulp and energy, impacts our segment Natural Greaseproof the most. Of course, we are very happy to now have a footprint in North America as we have finalized the acquisition of Glassine Canada on New Year's Eve. We go over to some of the figures for the quarter. Net sales in Q4 is SEK 810 million, which is a large increase by 21% compared to the same quarter last year. EBITDA for this quarter is SEK 124 million, which is 13% lower than Q4 last year, which then gives EBITDA margin of 15.4%. Looking at the graph on this page, and the net sales part, you can see that this is the second-best quarter during the last two years. As I pointed out in the key highlights, we had very good sales volumes with an increase by 8% versus Q4 last year. This is a result of the continuous improvements that we have been doing, both in the debottlenecking in the production to produce higher volumes, and also from improvements in logistic planning. This enabled us to deliver higher volumes during the last weeks in December, and this is also then a positive shift from the previous seasonality effect we have experienced in supply chain. Changes in net sales per geography since this last quarter are small. We have 2% lower net sales in Europe and 1% lower in North America, but up 2% in Asia-Pacific and 1% in Middle East, Africa. From the next quarter then, we will also include the Glassine Canada in these charts, and then we will see this picture will change towards higher net sales in North America. Our segment Kraft Paper, we'll start with that, and we will continue to report our strong demand in the market, all products and markets. Just to exemplify, one of the growth factors is the request in e-commerce for more unbleached kraft paper. There's also right now lower availability of bleached kraft paper due to strikes in Finland, and this is also to some part translating into increased demand for unbleached paper in this tight market. With our product price increases, we are now on historically high levels. Energy cost has increased during the quarter, but in this segment, Kraft Paper, we are also generating electricity, and that reduces our exposure. As we can see in the graph, a very good net sales for the quarter and also a very good EBITDA margin, 29%. Then we go over to the Natural Greaseproof segment. The demand for greaseproof paper is also continuing to be very strong. Pulp prices still on a very high level. Compared to Q4 last year, the price in U.S. dollar is up by 50%. The movements down on the price during the quarter has been disappointingly lower than expected. Cost for energy, gas, and electricity is also very high. We are hedging a large part of our electricity demand, but the amount that we have exposed to spot market gives a large negative impact. We have implemented price increases during the quarter, but the magnitude are not enough to compensate for the increased cost in this segment. We are taking the last steps in the announced restructuring of the Säffle plant. The work has continued according to plan. With the closure of the pulp production, we have a write-down effect in Q4 by SEK 32 million. The changes that we have now made in the plant will give us an increased capacity by 10%. The net sales are very good, but the EBITDA margin is on the wrong side of zero. Of course, we are not satisfied with this result, and we will continue to work to improve the profitability in this segment. A picture of Glassine. We are both proud and happy to have finalized the acquisition of Glassine Canada. Through this strategic move, we have added capacity, new products, and customers to the segment's Natural Greaseproof. We now have a production unit in the largest greaseproof paper market, North America, which will give us even better opportunities to capture the growth in that market. Not the least, we have also added new colleagues, which we are now welcoming and have started to cooperate with. Our first step is to share and deep dive into the market perspective to see how we together can develop and support our customers. From the thirty-first of December, this is a profitable addition to the Nordic Paper family and an asset in our balance sheet. We will summarize the key highlights for the full year. In total, the market has been very strong during the year. The demand started to take off in the beginning of the year and has since been very strong. As a result from that, we have a new annual sales volume record, a good increase by 5%. On the cost side, pulp and energy have had a strong negative impact, mainly impacting Natural Greaseproof. From Q2, we've had a positive product price development for both segments. For Kraft Paper, resulting in positive development for the EBITDA margin, but for the segment Natural Greaseproof, this positive product price development has not been enough to compensate for the large negative impact of increased costs for energy and pulp. Wood cost has been stable during the year and lower compared to last year. Last year, the wood prices started on a higher level and then moved downwards during the year. We communicated last year the decision to postpone the investment decision for Bäckhammar expansion until earliest beginning of 2023. During 2021, we delivered on two important strategic actions to support our financial targets, the restructuring of the Säffle plant and the acquisition of Glassine Canada. The figures for the full year 2021, we achieved net sales of SEK 3.1 billion, an increase by 6%. We are reporting an adjusted EBITDA of SEK 434 million, which is 5% down, and an adjusted EBITDA margin of 14.1%. The adjustment is the provision SEK 76 million for the restructuring of the Säffle plant. For 2021, we are delivering record high sales volumes. In the geographical spread, we see a slight shift to higher net sales in Europe and lower in North America. It's time to hand over to Niclas for more details in the financial results and comparisons. Thank you, Anita, and I will start with the net sales. Net sales for the fourth quarter increased by 21% from SEK 670 million in 2020 to SEK 810 million in 2021. Positive contribution from volume and product mix was SEK 63 million, and higher product prices had a positive effect of SEK 73. A main part of the effect in volume and mix effect is related to Natural Greaseproof, and a significant part of the price increase is related to Kraft Paper. Looking at the EBITDA for Q4 2021, the EBITDA for the fourth quarter was SEK 124 million compared to SEK 144 million in 2020. The negative effects from higher costs for pulp and energy were somewhat larger than the positive effects from price, volume, and product mix in the quarter. Effect from currency was SEK -14 million, and we also had transaction costs related to the acquisition of Glassine of SEK 5 million in the quarter. Looking at net sales for the full year. Net sales for full year 2021 increased by 6% from SEK 2.9 billion in 2020 to SEK 3.1 billion in 2021. Positive contribution from volume and product mix was SEK 280 million, and higher product prices had a positive effect of SEK 62 million. Main part of effect in volume and mix effect is related to Natural Greaseproof, and a significant part of price increase is related to Kraft Paper. We also had a negative currency effect of SEK 100 million in the year. EBITDA for the full year 2021 disclosed EBITDA for the full year was SEK 358 million, compared to SEK 458 million in 2020. Excluding the provision for the pulp line in Säffle, the adjusted EBITDA for the full year 2021 was SEK 434 million. The negative effects from higher cost for pulp and energy was partly set off by lower wood costs, and the total effect was SEK 208 million. This is somewhat larger than the total positive effects from price, SEK 62 million, and volume and product mix of SEK 124 million. Effect from currency was -SEK 63 million on EBITDA level, and other effects were +SEK 59 million. For cash flow, we can see earlier that the cash flow from operating activities in Q4 is normally on a low level. In 2021, we are satisfied to see a clear improvement. Through good planning, we have managed to reduce the effect of limitations in available transport capacity around Christmas and New Year, and we did not see the normal buildup of finished goods in Stockholm to the end of the year. This has had a positive effect on our cash flow in Q4. The working capital is on a good level, considering that we from Q4 include the balance sheet from Glassine. The provision for closing Säffle pulp mill have had positive effect on the working capital from Q2. CapEx for Q4 2021 was SEK 86 million, which to a large part is related to the investment in restructuring Säffle pulp mill. The main part of the investment cost related to Säffle pulp mill is included in 2021 CapEx, but approximately SEK 10 million-SEK 15 million will be seen in Q1 2022. Finally, our financial position. The acquisition of Glassine Canada Inc. had effect on the financial position at the end of Q4. Preliminary purchase price on a cash and debt free basis was SEK 644 million, which was financed by using SEK 400 million out of the existing credit facilities and by using cash. The acquisition was completed December 31, 2021, and the company is included in the balance sheet from this date. In the income statement, we will include Glassine Canada Inc. as from January 1, 2022. The net debt at the end of the year, including the acquisition, is SEK 1.3 billion, and the cash is SEK 360 million. Net Debt/EBITDA is 3.7, compared to the goal of 2.5. The acquisition is included in the net debt, but is not included in the EBITDA of 2021. Net Debt/EBITDA, adjusted for net debt effects of the acquisition, is 1.9. I hand over to Anita again. Thank you, Niclas. In the next slide here, you can see another picture taken during the project work in Säffle during the restructuring of the Säffle plant. Through the changes that we are making there, we are increasing our competitiveness of Säffle plant. We are increasing the capacity by 10%, decreasing the fixed cost, and also reducing our emissions. The CO2 emissions, we will reduce to less than half. With acquisition in North America, we have our own asset, capturing the growth in the largest greaseproof market. Glassine Canada Inc. is also a profitable addition to the Nordic Paper family. We are delivering on our strategy. Of course, giving an outlook for the first quarter this year. We see no signs of a weaker market. On the contrary, the demand continued to be very strong. Our work with product price increases continue. Our costs side, we expect to increase. The global situation with challenges regarding logistics continues, together with increased fuel prices, and there we will see a cost increase in transportation services, especially in oversea freights. We expect the wood prices to be stable during Q1. That finalize our presentation. Thank you. Thank you, Anita. Operator, do we have any questions? Not at the moment. Once again, ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. Once again, it is star and one to ask a question. You have a question from the line of Harri Taittonen. Please go ahead. Your line is open. Yes. Hi, good morning. It's Harri Taittonen here. Well, on the volume side, I think this is probably what you achieved in last year probably reflects the maximum, just thinking about what to think about 2022 and the achievable volume development. Is that so or is there any possibility to increase volumes this year? The restructuring of the Säffle plant, there we will see a 10% increase. Of course, we always continue to work with the debottlenecking and increasing gradually our production capacity in existing plants. We will have also the addition of Glassine Canada volumes, of course. Of course. Yes, yes. Yeah, sure. Okay. Säffle can be made available fairly quickly then after pub? Yes. We will see the changes during the year will be distributed a bit differently, of course, but we will see Q2, Q3. You will see more changes. Okay. Now I think one really crucial question I suppose is this, if one thinks of the sequential Q1 comparing to Q4 and what's happening in the market, and given that some of the contracts are probably renewed at the beginning of the year. You are suggesting that pricing is still going up or the cost side is still moving up Q1 versus Q4, if I understood that right. I mean, is that something. Is the pricing increases sequential basis, are they likely to offset or will you start to be able to catch up the gain in terms of cost versus price? Yes. We are working with price increases during the year of course, continuously, as the contracts are renewed. As like you said, there is a one shift in beginning of the year with some of the annual contracts that we have, where we will see they will kick in from Q1 in both our segments, some price increases there. We will continue to work with the price increases in Q1 as well. Yeah. Any sort of color on the variable cost environment, I mean, is that if one thinks of Q1 versus Q4, I mean, is that- flat or plus a few% or how would that look like? For Q1 compared to Q4, we see. Hmm that our transportation costs will increase because of the higher prices. Yeah ... on sea freights. On a total level, on our total transportation cost, we foresee a cost increase of approximately 15% corresponding to approximately SEK 10 million in the quarter. Okay We also see that chemicals are going up in price, but that effect we estimate to be lower than the transportation for the quarter. Okay. That's basically what you have to try to catch up with the sales prices. Correct. You don't know, is there any kind of color or what do you think that is it what you have achieved in greaseproof side, for example, is that starting to kind of have a positive impact on a quarter-on-quarter basis? Or what, I mean, do you want to give any color on that? Yeah. We can give some color on the magnitudes. We can share that we will have compared to the Q3, Q4, from Q4 to Q1, we will have at least as much price increases as we had quarter to quarter last time. That is for both our segments. Okay. Basically Q1 sequential increase is going to be at least as large as the Q4 sequential increase. That's the way. Correct. Correct. Correct. Okay. Maybe just sort of final question on the Glassine Canada. I mean, they have pretty similar sort of raw material cost environment over there, but they seem to have had much higher margin than the Natural Greaseproof in here in Europe. What's the difference or what might be the explanation? Yeah. Of course, this is what we are, the starting point for our work right now. The market perspective is the first to understand the products, their pricing strategy, and how they have been operating. That is of course our first interest right now that we are currently working on. Hmm. Yeah. It has been a Well-run facility in all aspects, and we expect that we will learn from that as well, of course. We have also some cost advantage, of course, in the North, being there in the North American market as well. Right. Right. Henrik here, we can perhaps also add that, as for most of the North American players, the energy cost increases have not been as high as they have been in Europe. The energy cost increases is mainly a European thing. Right. Okay. That's good point. I mean, on the maintenance costs, just, I can't remember if you mentioned if that's on an annual basis, if the 2022 maintenance costs will be about the same level as in 2021 or is there any difference one should take into account? We disclose the forecast estimation we have for 2022 in the report. Yeah. Yeah. Okay. Yeah. Yeah. That's right. Please observe that we have changed the measure a bit since we have seen that it is a bit complicated to communicate the way we have done the effect on the operating results. Mm-hmm. as built up by both direct costs and then the volume effect, because of the stop itself. Right. We have changed the chart to show the direct maintenance costs and also information. Yeah. estimations of how much time that we have done this. Okay. No, we'll take a look. Thank you. Thank you for that. You will see in that table as well in the report that, for Säffle, the direct cost for the maintenance stop decreased compared to last year. Yes. As a result of the measures taken. Exactly. Yeah. That makes sense. Okay. Well, thank you very much for this. Thanks. Thank you. Your next question comes from the line of CJ. Please go ahead. Yes. Karl-Johan Bonnevier from DNB Markets here. I still find this EBITDA bridge that you provide us very, very good. Could I ask you to maybe help me a little understand what is happening on the fixed cost in Q4 and also on the currency going forward, so to say, in going into this year? If you could blend then in also the Canadian acquisition that which I obviously changes your currency exposure slightly, so, and how they have been working with it. Sorry, the last question, Karl- Johan. What- The currency. Yeah, no. Let's start by. If you take the bridge, the fixed cost column, what happened there in the quarter, so to say? What is driving the increasing fixed cost? In the fourth quarter, we have, for example, the transaction costs for the acquisition of SEK 5 million, and also some small increases of the personnel costs, but it's different effects. It's a combination of different kinds. When you look at the FX impact on your numbers? We see a small negative impact from in Q4. We had a dip in the currency rate. Swedish krona was stronger for a while. The average position for us was a bit negative effect also from our revaluations of derivatives. On a total level, we have seen for a long time quite stable currency situation for us. It's now the recent days or maybe weeks in January, where we have seen this quite stronger Swedish krona. Looking at then, I guess you have a hedge portfolio to negotiate then before this better spot rate comes into it. How will that play out, do you feel? Yeah, that's correct. The derivatives will be changed month by month, of course. That will be a slower effect. From the acquisition of Glassine, we will increase the exposure to U.S. dollars. There we will have some possibilities to increase those hedges. We have been low on that side, on U.S. dollars since we have seen, during the autumn, that our increased pulp purchase and coming increased pulp purchase takes down our exposure to dollar. With the purchase of, with the acquisition of Glassine, we increase that again. Looking at the dollar, will you come into more of a neutral position when you look at the sensitivity? We were moving towards a neutral position during the autumn, but now we will have a position against U.S. dollars again with a net exposure. Excellent. Thank you. Thank you. There are no further questions at this time. We thank you for this presentation. We conclude the presentation for today, and we look forward to talking to you again in relation to the first quarter report that will be presented in April, on Thursday, April twenty-eighth. Until then, have a good day, and thank you. Bye-bye. Thank you, ladies and gentlemen. That does conclude your conference call for today. Thank you for participating, and you may now disconnect.