Good morning everybody, welcome to the Nordic Waterproofing Earnings Conference Call for the Q4 of 2022. My name is Per-Olof Schrewelius, I'm CFO for Nordic Waterproofing. Please note that this call is being recorded and will be posted on our webpage later on today after the call. We're not gonna use video to optimize the quality during the call. Also please be aware that the participant names are visible from this meeting. After the presentation, there will be time for questions. You can either raise your hand, use the functionality in the Teams application, or use the Q&A or chat function here, or if you're on phone, please press star five to raise your hand and then star six to unmute. Let us start with the presentation. For that, let me introduce our CEO, Martin Ellis. Martin, I'll hand it over to you to take us through the presentation. Yeah. Thank you very much, Palle, warm welcome to everyone. Thanks for participating in our Q4 call. As you see, we've had a good finish to 2022. Next slide shows us that net sales have been SEK 1.045 billion, an increase of 17% over the quarter, Q4 2021. 6% of that is due to organic growth, where volume was slightly -7%, prices have increased by 13%. Another 6% come from acquisitions and 6% from the weak SEK compared to the EUR. EUR is our dominant currency actually in the group. EBITA increased to SEK 114 million against SEK 97 the year before, 17% increase. Operating profit increased by 12%, and cash flow from operating activities was SEK 93 million in line with the Q4 2021. Earnings per share increased to 1.96 SEK compared to 1.81 SEK the year before. A few highlights and comments. Demand is slightly impacted by the slowdown in residential new build, while new build for other buildings than residential and renovation remains stable. We are still on a historically a good level for the roofing business on the Nordic markets. We have slightly weaker demand for EPDM products, which we sell throughout Europe. Our order book for Installation Services continues to be on a high level. We see a weaker demand from residential new build to impact 2023 to some extent. forecast, but in countries like Denmark especially, there has been a relatively strong stop to residential new build and this might continue during the coming months in 2023. Our predevelopment business all in all, has been slightly down in sales due to a reduction in Denmark, while we increased our business in both Norway and Finland. In our Green Infrastructure business, where we now basically serve all of the Nordic countries, we have had a very strong development in the quarter. In Installation Services contracting, where our sales are mainly generated in Finland, we have increased organically by 6% compared to the same period in the year before Input costs, as you know, have slightly deflated now, especially the oil price has come down, which has an impact on bitumen prices, but also the other main input materials for our roofing, waterproofing rolls. Transportation energy still remain on a high level. We've had good cash flow from operations in the quarter. We've continued to have a strong focus on operating receivables, and we've also managed to reduce our in-inventory, which all in all, has given us a positive cash flow. We maintain a strong focus on sustainability throughout the group and remain on track to reach our emission reduction targets. The group has driven improved data collection and CO2 footprint reduction initiatives. Our units have completed and published seven EPDs and environmental protection, environmental product declarations, sorry. In a higher interest environment, we have sharpened the focus on our debt level and adjusted multiples we are prepared to pay for acquisitions. As you have seen, we've nevertheless made three acquisitions in the quarter. We, we don't plan to reduce the acquisition drive, but we're slightly more sharp on the multiples we are prepared to pay. The board proposes a dividend of 7 SEK per share, which is an increase compared to the previous year and which amounts to 51% of our net profits. The acquisitions are, as I mentioned, three. On October 3rd acquired 70% of the shares in EG-Trading, a company headquartered in Tammisaari in Southern Finland, growing sedum and offering a wide variety of different landscaping products. The acquisition extends our geographic presence in the Green Infrastructure solutions, which continues to be an attractive segment, and in which we continue to look for further acquisition opportunities. On December 1st, we acquired 100% of the shares in Hagmans Tak AB, a company that provides roofing and waterproofing services in Sweden. The acquisition expands our offering to customers in Sweden as part of our ambition to integrate downstream in the Swedish market. You might recall that we have contracting activities in Finland, Denmark and Norway, relatively little in Sweden. We have a strategy to downstream integrate also in Sweden. On December 7th, we acquired an additional 31% of the shares in Playgreen, a Finnish company mainly active in the design, sales and installation of solar energy solutions. We install basically solar panels and walls. Now a total of 64% of the shares in the company, with an option to acquire the remaining 36%. Playgreen has performed very well in the quarter. Over to you, Palle, for some more figures on the two operating segments. Yes. Okay. Thank you very much, Martin. As we said, the net sales came up to SEK 1,045 million in the quarter, up 17%. Organic growth 6%, whereof price increase is 13 and volume down 7. Acquisitions and currency both on 6%. On a rolling twelve basis, we are now above SEK 4.3 billion. EBITDA increased to SEK 140 million versus SEK 97 last year, and EBIT increased from SEK 59 to SEK 66. EBITDA margin unchanged at 10.9% in the Q4. We can see differences in the two segments we have with Products & Solutions not matching the high margins, historically high margins from last year, whereas the Installation Services saw significant profit improvements in basically all areas here. In the income statement, if I go a bit more into the details, the gross margin for the quarter was 24.1% versus 26.1 last year. For the full year, we're at 27.3% versus 28.4 last year. EBIT margin for the quarter, 6.3 versus 6.6. For the full year, we're at 9.9%. We do see that the increased interest rate starts to have a negative impact on our net financial items now quarter-by-quarter. At the balance sheet, we still have a strong balance sheet here. The net debt to EBITDA ratio is at 1.6 versus 1.5 a year ago. It's well below the covenants for our financing agreement. The interest-bearing net debt decreased in the quarter to SEK 844 million. Looking at our ROCE, we are well above our threshold of 13%. We are now at 16.1% versus 16.6% a year ago. We do see increase in our capital employed from both higher cost and prices, but also of course, activity and acquisitions in particular. Cash flow from operations for the full year increased to SEK 360 million versus SEK 220 million, and cash conversion increased from the rather low we had a year ago, 43%, up to 62% now. This is to a large extent helped by improved working capital, where we reduced inventory and operating receivables in the quarter. If we look at the segment Products & Solutions, we had an increase of 15% in net sales from SEK 658 million to SEK 756 million. Organic growth was 6%, whereof price 15% and volume down 10%. Acquisitions contributed with 4% and the impact from currency was 5% in the quarter. In Finland, we saw strong growth, partly from acquisitions with 49%, organically at 15%. Denmark was unchanged in the quarter, there we could see a significant difference with waterproofing membranes growing and the Prefabricated Elements having a negative development in the quarter. In Sweden, we had a 22% up on in net sales with a strong development for, in particular, our Green Infrastructure business. In Norway we saw growth of 31%, whereof organic was 26%. For the full year, Products & Solutions had a sales of almost SEK 3.4 billion. EBITDA in the quarter decreased to SEK 72 million from SEK 100 million the year before, and operating profit decreased to SEK 35 million versus SEK 72 million. Margin decreased to 9.6% from 5.2%, and we are now for the full year at 15.7%. The change in the quarter was to a large extent from high margins we had previous year, historically high margins for some areas in the Q4 last year, but also low volumes and low margins for our Prefabricated Elements business that eroded the margin in the Q4 here. If we move over to Installation Services, where we saw an increase of 30% from SEK 249 million to SEK 325 million in the quarter. An organic development of 13%, whereof price have an impact of 6% and volume of 7%. The acquisitions contributed with 9% and currency with 8% in this segment. EBITDA had a strong increase from SEK 1 million last year to SEK 45 million, and EBIT turned from negative last year to SEK 36 million this year. Our EBITDA margin increased to 13.9%. For the last 12 months, for the full year 2022, we are at 8.2% for this. Basically, we had a good development in all areas. We should also remember that we had a weak Q4 a year ago with, in particular, two entities having a bit of one-off negative results then. We also see some one-off effects this year with the acquisition of Playgreen. We get an accounting net capital gain here, and that helps us, of course, a bit. Also we can see that, I mean, Finland, Norway, and the share of profit we get from associated companies all increased in the quarter. With that, I pass it back to you, Martin. Yeah. Thank you very much, Palle. That's the usual, wrap-up about our financial targets. Again, we could say that we've checked all the boxes. Sales growth obviously is slightly more toned down because volumes in Special Product Solutions have been slightly down, compensated by significantly higher prices. We believe that we have maintained our market share and even increased it in many areas. The only area where we have maybe a slight loss of market share is EPDM, the SealEco products in Europe, where there is some in some segments, there's some price competition where we chose to not sacrifice our margins, but it's a very slight effect. Profitability, as you have seen, we are significantly above the 13% threshold in ROSI. Capital structure, you have seen again, we are way below the 3x debt on EBITDA ratio, which we keep. In terms of dividend policy, we are going to propose a 51% distribution compared to net profit. That gives us a significant increase to SEK 7 per share. That is our presentation. We now very much look forward to your questions. With that, I see I have two persons. If I start with the, now I'm unmuting Adrian Gilani from ABG. Adrian, you are now unmuted on my side. I think you have to unmute yourself as well to ask your questions. Okay, perfect. Can you hear me okay? Yeah, I hear you well. Yeah. Thanks. Hello. A few questions on my end. First of all, regarding the volume development. We saw the sort of negative development slow a bit during the quarter from 9%, negative 9% last quarter to 7% down this one. Should we read anything into that, or is your previous statement that you expect 10% lower volumes next year or 2023, is that still what we should expect? I think, we are maybe slightly more optimistic now. We have seen, as I mentioned, a quite dramatic stop to residential new build in some countries. Everything else is looking quite stable right now. With a bit of market share gains again, which we do expect, we believe that, we can probably do slightly better than the 10% mentioned previously. Okay. Regarding the pricing component, can you just tell us if there have been any sort of price increases during Q4, or if the entire pricing effect are prior increases? Perhaps if you have had any price increases during Q1 as well. Yeah. Almost no price increases in both Q4 and Q1. It's basically carryover effects. We might still see a small carryover effect in Q1 from price increases made throughout 2022. Okay. Looking, looking at the sort of margin or earnings development and Products & Solutions first, can you quantify how much of the sort of year-on-year EBIT decline was due to the prefab business? If there are any other major factors, what were those as well? Yeah. I think it's difficult for us to quantify that effect, but it's fair to say it's been a significant effect, I would say. Any improvement in that area will show basically in this year. Would you say it's the majority of the effect, or is that impossible to say as well? No, I think it's probably around half or slightly below half, I would say. Palle, you have any comment on that? No, for the Q4, I think that's correct. It's about I would say about half. Okay. In Installation Services, here you surprised on the upside with a very strong margin. Can you just talk about what the main effects were on that? Yeah, I think we've had good sales price adjustments. As you know, it's taken us longer in that area compared to Product and Services to pass on the input cost inflation. That's certainly a significant effect. We also have seen some good sales improvement. We've seen some very good performance in the newly acquired companies, especially in Finland. It's a combination of things, which are really encouraging in the sense that we've continued to turn around the situation, especially in Finland, which two years ago was not that brilliant in profitability terms. Okay. Perfect. Just one final question on my end. The Danish business seems to have gone very well considering that your profit from shares in associates is almost half of the group's EBIT this quarter. Can you just talk about what sort of drove that seemingly very strong performance? I think most of it is the same, the carry-through of the inflation to customers, which has been achieved. The volume situation obviously was quite favorable also in Denmark and I could add that right now the order books are strong. In spite of the slowdown in residential new build, we still have a quite positive outlook in that area for this quarter. Okay. Thank you. In that case, those were all of my questions. Thanks. Thank you very much. Okay. Thank you very much, Adrian. We have a next one coming up is Max Backo from SEB. Max, you're now unmuted. Yes. Yep. Good. Yes. Yeah. Thank you. Just a very short detail-oriented question from my side. Very good questions from Adrian as always. If you look at this, as you mentioned, the contribution from, or the one-off effect, relating to the acquisition of Playgreen, supporting the profit from associated companies, is it possible to quantify how much that contributed within the quarter? Yeah, Palle, I guess. I, yeah, no, I can take that. Okay. It's about SEK 6 million in the quarter. It's, I think it's somewhere in the fine print there, but it's. Okay. Okay. It's. Yeah ... it's about EUR 6 million. Yeah. That effect is isolated to the Q4, I guess? Yes. Correct. Yeah. Perfect. Thank you very much. Thank you very much. Okay. I think I have no further questions here. If there's anyone more wanting to ask a question, please raise your hand, now. Otherwise, I think we round this up, Martin. back to you for that. Yeah, yeah. Thank you all very much for participating and look forward to see you next time around in three months. Have a great day.