I would now like to turn the conference over to Henrik Essén. Please go ahead, sir. Thank you very much. Good morning, and warm welcome to this webcast on the decision of yesterday to invest, make investments in Bäckhammar. My name is Henrik Essén, I'm Head of Investor Relations at Nordic Paper, and on the call, we have Anita Sjölander, CEO of Nordic Paper, and Niclas Eriksson, CFO. With that, I hand over to Anita. Mm-hmm. Thank you, Henrik. So, CEO of Nordic Paper since 4 years, Anita Sjölander. And of course, today, very happy to talk a little bit more about the news that we shared yesterday, that we are investing in our Bäckhammar plant for the future. We will further improve sustainability, performance, and competitiveness of this plant. Just a very, very quick fly-in where we are when it comes to Bäckhammar and the company. So Nordic Paper, we are a supplier of high quality specialty paper, and this paper is used globally with our customers all over the world for food applications and industrial applications. Growing demand for our papers is increasingly substituting fossil-based materials. And, today, we will talk about Bäckhammar. We have two segments, kraft paper segment and natural greaseproof segment. Bäckhammar Mill is the largest production unit we have in Sweden. We have two of those in the kraft paper segment, and it is a competitive and profitable plant of ours. That's the quick fly-in of where we are today, Bäckhammar. When we go, we went to then the content of this investment decision, and we look at the next slide here. The investment constitutes of a new wood room. I will say a few more words in the next slide, what this actually is. A new wood room, and this will give us a strategic flexibility when it comes to sourcing our raw material, and it will also improve, efficiency as well in the plant. The other part is a filter system, electrostatic filter system, and this will continue to improve our sustainability performance. The investment is of a size of SEK 850 million. We will start the investment in late 2023, and it will go on during 2024 and then 2025. The benefits that these investments will provide will be around SEK 100 million, of course, on EBITDA level annually. Then I'll go into explaining a little bit more on what is it that we are investing in. On the next slide, you can see a picture of some of the raw material coming into Bäckhammar Mill. We are sourcing pulpwood, that you can see in this picture, and the first part of the process here is to remove the bark from the pulpwood. After we have removed the bark, these logs will then be processed into chips, and that is the raw material for the pulp production in this plant. Currently, we are running this Wood room that we have at full speed, but it's not sufficient for the full scope of raw material to the pulp production. So therefore, we are also purchasing some Sawmill chips. So a new Wood room will then provide us with capacity to totally 100% supply the pulp production with roundwood, Pulpwood, if you would like, and give us a flexibility to source the better choice of Sawmill chips or Pulpwood in the given situation where we are at that moment. That is a Wood room, and in the next slide, I will explain a little bit more about this filter that we will invest in. It's also in the picture, the current filter that we have in Bäckhammar mill. It's not as explanatory as the pulpwood, but it is situated in front of the recovery boiler in the background. You can see the current electrostatic filter that we plan to replace. It is a technique to separate dust from the emissions to air and reduce the level of dust that we are emitting from the plant. As you can see, it will be a great improvement with a new installation of a electrostatic filter, and we will reduce by more than two-thirds the level of dust. So this will further improve the sustainability performance in the plant. A few words on the production permit. We want to clarify that these investments that we are performing now, they are performed under the current production permit. We did apply two years ago on a new production permit, and actually it's three years, sorry. It's three years ago that we applied for this permit. We did receive a new production permit end of January this year, but it has been appealed, so that is currently not in effect. But we have now had the possibility under the current production permit, given on permit to invest in these two new equipments. That is about the permit and the permission to do the investment. Next slide, I will ask Niclas to walk you through the financial regarding these investments. Niclas, please. Mm-hmm. Thank you, Anita. Yeah, some more details around the financial part of this investment. Regarding the financing of the CapEx, we will finance the CapEx through the existing credit facilities that we have and our cash flow in the business. The starting point for the payments out, there we see that this will probably start in Q4 2023. But the largest part of the cash flow out to our future suppliers will be in 2024 and 2025, where we estimate cash flow of more than SEK 300 million per year. There will also be some minor part paid in 2026. And the added EBITDA from this investment of around SEK 100 million will have full effect from 2026. Thank you, Niclas. With that presentation, we open up for questions. So, operator. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press Star, followed by one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press Star, followed by two. If you are using a speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press Star and one at this time. The first question comes from Rahul Mehta from Redeye. Please go ahead. Hey, hi. Thank you, guys, for giving me the opportunity to ask questions. The first, if I can ask you to bifurcate the SEK 850 million of CapEx between electrostatic filters and the wood room, please? Yeah, the split on the CapEx, there we have an amount of approximately SEK 650 million for the new wood room, and approximately SEK 200 million for the flue gas filter. Okay, thank you. And if I just go back, I think there were three phases for this. One was effluent pipe to the Lake Vänern, and then another was Wood room, and another was about increasing capacity. I'm just asking, is the effluent pipe to the Lake Vänern project done or it's a next priority? This is related to the production permit process. Currently, we do not have a new production permit in place. Mm-hmm. And that's why the reason is that we can only now make decisions on the new wood room and the filter for the flue gases. When it comes to the other parts, they are related to the circumstances and requests, requests in the new production permit. And since this is still in an appeal state, we are not in the situation that we will take any more decisions. So this is the two investment decisions that we are taking right now, and we, of course, will evaluate the situation going forward and, and see how we proceed with the other things that we have communicated around earlier. But we need to come back with that when we have a full understanding of the situation and when we can share more details. Fair enough. Understood. So basically, effluent pipe is actually dependent on you getting the permission, permit with. Got it. Yes. Just 3 years back, I think, I think 2.5 years back, we had, you know, stalled this project, I guess. I just want to understand what was the cost implied back then? Because the overall cost back then was SEK 1.2 billion. I don't know how much for each phases. So if you could help us through, like, what was the estimate at that time for the new wood room, and how does that compare to the current SEK 850 million? Niclas, would you like to take that one? Yeah. In the prospectus, we had some description of this, and some years ago, the wood room was calculated at, as I recall, slightly over SEK 400 million. Okay. Okay. That has doubled to 850. And back then, the savings were estimated to be roughly SEK 65 million, EBITDA savings per year. That has gone up to roughly SEK 100 million. Just want to understand, in the estimates, because if you're using the current prices, you know, which are abnormal, still they are, they are way down, but still they are comparatively expensive compared to the history, normalized history. If you just look at the normalized number, what do you think that savings would come out to? Will it be SEK 100 billion still, or do you think it will be a different number? ... Yeah, SEK 100 million is what we estimate as the future EBITDA effect from the investment. And the parts that we see are mainly related to our coming flexibility in the wood sourcing, and also efficiency gains from better chips quality from the new wood room, which have positive effects to the process in the plant. Okay. And just if I just look at the payback period, right? So if you're spending SEK 850 million, three years down the line, you will start getting saved, saved SEK 100 million plus every year. The payback time comes to roughly 12, 12, 13 years. So I'm just... If you think payback period as a factor to approve any project or not, what do you think is the ideal payback time for any project to go ahead? Uh- Could Niclas, you go? Okay. Yeah, yeah. Yeah. Could you please repeat the question? Okay. Yeah. So this is more of a general question, right? Nothing to do with this. So what I'm saying is, for any project XYZ, you always look at, like, there are a few things. One is to look at the payback time, right? How much you're spending and how much saving you're getting out of the project, right? Mm-hmm. And you just see in how many years you are getting that cost back. So if I take this project, so we are spending SEK 850 million, right? And savings are SEK 100 million, that starts from year 4. Effectively, in 8 or 9 years, we will get back our 100, 850 million. So, and you add to that the 3 years of construction time. So overall, it will be like 10+ years of payback time for the project. So what is your view on that one? Is it a good or bad? That's what I'm asking. I would say that we are looking a bit differently on different kind of projects. This is both a profitable project with a good EBITDA increase and also a strategic investment for the plant. So yeah, it's a combination, of course. Okay. It's not just a financial decision, it's also a strategic one, right? In terms of quality and the flexibility of decision-making in the future that you will have. Okay. Yeah. Fair enough. And, I mean, I know... What do you expect, when you will get the, the permit? You already got it, but when will you get a legal effect? What do you think? Any, any view on that? I mean, any number that you come to, like, six months, seven months? I know it will be hard to say, but- Yeah, it is, it's a very good question. I really wish that I could give an answer on that one. It is the legal process that we do not have visibility in this process, where it is right now. So of course, we are hoping that we will receive some, some notifications on that, legal matters fairly soon. But it's not, unfortunately not in our hands. We can only wait and see right now. So sort of not being able to give a good answer on that one. I expect it. It's a legal thing, obviously, you can't give a pinpoint. But just, from the past experiences, if you can tell me, like, you would have applied for the permit in past also, there would have been somebody who would have objected to it. Is there a, is there a definite scenario that you can just point out, okay, that happened in the last 3-4 years? Somebody appealed, and it took this many years to get the legal effect. Mm-hmm. Well, actually, if you would have answered me three years ago when we filed the application, based on my previous experience regarding production permits, I would have answered, we'd probably get a new permit within one and a half year. This process in Sweden allows for appeals, so that's part of the normal way of handling this. So, it's not surprisingly that somebody can have an opinion on the circumstances around this production unit. So not surprised about the appeal, maybe, but a little bit more surprised about the length of the time. Right. Also, if you could shed some light on when, I mean, what has been the issue that has been raised by a private individual? What do you think, it's a trivial matter, or do you think it is a substantial matter, that's why it has been held off? I mean, any... If you can throw any light on, on the matter, please. Yeah. The issue that the appealer is picking up on is about our... The tube, actually, that we will move the effluent from the cleaned processed water. Instead of taking it through a small creek down to the large lake, that we will take it in a tube directly to the lake. So it is about the local point where the tube will end. Right. OK. And if obviously, if they win, what will be the implication on it? Like, if you have to create a tube for that, what do you think will be the CapEx involved in that? Is there any color? So I don't think I can share any light on that currently. So I think we will now wait for the legal process to continue- Okay. and take it from there. Okay. Anyway, and if the worst case would be, we won't get the extension, that is, that will be a very small portion of your current business in any case, right? 10,000 tons. ... The worst case, I'm talking about. The worst case? Yeah. Yeah. I think it's difficult to speculate actually on that, so we just have to follow the legal process according to the authorities. Right. No, I just want to say, like, the worst case is that you won't get the extension permit. Ah. Your existing permit has no implication at all, right? That's all good, then. No, exactly. Thank you for clarifying the question to me. Thank you. Yeah, very good. Yes, it doesn't have any implication to the current one. That's correct. Okay. Absolutely. Okay, great. Thanks very much for giving me opportunity. Yeah. Yeah. Thanks. Thank you. As a reminder, if you wish to register for a question, please press star followed by one. Madam, sir. Okay, sorry. We have a new registration from uncertain. Please go ahead. Yes. Can, can you hear me? Hello? Yes. Hello? Yes. Yes, yeah, it works. Yeah, thank you for laying out your project. I have a more technical question. Can you comment on the gap of chips you want to bridge with this project? So the gap of sawmill chips you have to bridge. Yes. So currently, when we are running 100% capacity in the wood room that we have today, we are providing approximately 70% of the raw material need for the pulp production use. So we're sourcing approximately 30% sawmill chips. Okay, thank you. My second question is: So I assume the project you mentioned, flexibility for raw material sourcing. Do you see a reduced availability of sawmill chips in the future, in your area? Not necessarily, because, I mean, the sawmill industry still have some, of course, like all, some ups and downs in the business cycles. So the availability can vary a bit, but we would like to be able to source the best possible raw material pricing, each given time. That gives us the possibility to either run 100% pulpwood, or maybe we would like to buy some of the sawmill chips. So it's a strategic way of making us able to continue to run on our own conditions. Okay. -by sourcing the best option. Okay. Well, thank you very much. That's what I thought you want to do. Mm. Thank you. Yeah. Thank you. Bye-bye. Bye. Once again, to ask a question, please press star followed by one. So far, there are no more questions from the phone. So, thank you very much for the questions. Thereby, we conclude this presentation of the decisions that we made yesterday on the strategic investments that will both reduce sustainability or improve sustainability performance, and give us flexibility in raw material sourcing and efficiency gains in the production. We, of course, look forward to talking to you again. Next scheduled one is the Q3 report in October, and we look forward to seeing you and talking then. Thank you very much, and have a good day.