Good morning, and welcome to this presentation of SCA's First Quarter Report for 2021. With me here today, I have President and CEO Ulf Larsson and Chief Financial Officer Toby Lawton, who will present the first quarter results, followed by a Q&A session. Ulf, please, the floor is yours. Thank you, Anders, also from my side, a good morning and a warm welcome to the presentation of our first quarter 2021. A strong market has characterized the first quarter of 2021, and we have seen high demand and gradually increasing prices within all of SCA product areas. This far into the second quarter, we can also note that this strong trend, I must say, is continuing. When comparing our EBITDA level for the first quarter with the outcome for the first quarter 2020, we note an improvement of 32%, and this is mainly due to increasing prices in all areas for wood, for pulp, for kraftliner, while the currency development counteracts the positive earnings development during the period. In August last year, we informed that negotiations to close the, at that time, remaining three paper machines at Ortviken would take place. The closure has progressed sequentially and according to plan during the first quarter of 2021, and the last LWC machine closed down at the end of February. This change has, together with the sale of our wood distribution operations in U.K., decreased our sales substantially during the first quarter 2021 compared to the first quarter 2020. On the other hand, price and volume have contributed positively in this comparison. In connection to our announcement of the decision to close down the Publication Paper business and also in line with our stated strategy, we will invest SEK 1.45 billion in increased CTMP pulp production. This investment is located at Ortviken site in order to obtain a capital efficient investment by using existing equipment in the new project. The investment cost will be around SEK 5,000 per ton, which is approximately one-third of greenfield investment. This project is running on time and budget. Last but not least, I can also mention that the ongoing investment to build the world largest kraftliner machine in Obbola is also progressing on time and budget despite challenging times. I can also say that we have had no significant impact on production or distribution from COVID-19, and of course, we continue to take measures to minimize the risk, our operations, and people as far as possible. We have made a very strong start this year. We deliver SEK 1.36 billion on EBITDA level during the first quarter. As already mentioned, this represents an improvement of 32% compared to the corresponding quarter 2020. Our EBITDA margin was strengthened by the closure of the Publication Paper business and the sale of the wood distribution operation toward the building material sector in the U.K. and reached 33% during the first quarter. If we take a look at our industrial return on capital employed, calculated as a 12 months rolling average, that one amounted to 8%, while the level for the first quarter was 16%. Thanks to a strong focus on cash flow and also a reduced net debt of over SEK 600 million compared to previous quarter, our leverage arrived at 1.5 despite the ongoing investment program. I'm proud to say that we continue to finance our strategic investments with our operating cash flow. I now would like to make some comments for each segment, starting with forest. We have had a stable supply of raw material to our industries during this quarter. Sales was slightly lower when comparing quarter-on-quarter, mainly due to lower pulpwood prices because of lower share of imported volumes, and also somewhat lower volumes, also due to the closure of the Publication Paper business. EBITDA, however, was very much in line with last year, having optimized the raw material mix following the closure of Publication Paper. In wood, we have had a continued high demand in all markets during the first quarter and thereby also steeply increasing prices, again, driven mainly by the U.S. When I presented the Q4 report, I estimated the price increase for the first quarter versus Q4 to be above 10%, and the actual outcome for us was more like 16%. At present, we forecast a similar price increase, at least for the second quarter in comparison with the first. Sales was down 12% during the first quarter 2021. The reason for that was the divestment of SCA Wood Supply U.K. in Q4. As you know, this business was largely built on trading, had a yearly turnover of approximately SEK 1.4 billion and the normal EBITDA level of SEK 25 million. As mentioned before, we will continue to sell solid wood products to our industrial customers in the U.K. also after this divestment. U.K. will continue to be one of our core markets for solid wood products. EBITDA was, as you can see, up as much as 226%, mainly due to higher prices. Today's stock level of solid wood products in Sweden and Finland is in relation to the average the last five years described at the top left on this slide. You can note that the inventory volumes are at a very low level. At the same time, the underlying consumption continues to be good. The availability of containers for overseas transports is limited and thereby causes some disturbances and also some extra costs in the freight flow. As can be seen in diagram to the bottom left, the Swedish and Finnish sawmills production rather exceeds the last five years average, and that production is now running at full capacity to meet the increased demand. Also, the pulp market is still strong, with good demand and gradually increasing prices, this time driven by China. As you can see in the diagram to the bottom left, which shows our price development net mill in Swedish kronor, the currency effect and the effect of the time lag is apparent. When we peaked pricewise at the turn of 2018-2019, we had a peak price in Europe of $1,230 per ton. As you also can see, we touched bottom during Q1 2020, when the PIX price had dropped to $820 per ton. After a rather flat price development during the major part of 2020, the pulp prices started to increase sharply. Today we have an official PIX listing of $1,120 per ton. We know that announcements have been firstly made for a further price increase up to $1,220 per ton, and secondly, for another price rise to $1,300 per ton. That will be gradually implemented through the second and also third quarter. I believe next month we are back on the same PIX level as we had Q1 2019. Both the increasing discount level and also currency have a negative effect, of course. Nevertheless, we note that the net price in China is approximately $100 per ton higher than in Europe, even after allowing for a rise to $1,220 per ton in Europe. Sales and EBITDA were up substantially in Q1 2021 compared to Q4 2020. This relates to higher prices, but also to lower costs. We've had good and stable production that also leads to better yield in terms of lower consumption of wood, lower consumption of chemicals, higher energy generation, and so on. Our ongoing project to build a CTMP line at Ortvikens industrial site with a total capacity of 300,000 tons is progressing on time and budget. When the CTMP plant at Ortviken is ready, the production of CTMP at Östrand will be closed down. The net increase, in other words, will be about 200,000 tons of CTMP. We believe this site or mill line will start up in the beginning of 2023. Inventories have now come down to a normal or low level in both softwood pulp as well as in hardwood pulp. The supply situation is affected by lack of capacity in the logistic chain, especially to Asia. This lack, no doubt drives pulp price, but also results in increased distribution cost on the other side. As mentioned earlier, the higher net prices, mainly in China but also in U.S., indicate continued rise in pulp prices in Europe even after the prices have softened a little bit in China. When we move to our business area, Containerboard, I would like to start by stating, as I did also in the beginning, that our expansion project in Obbola is progressing well and on time and budget. Start up will be in the first half of 2023. The sales and EBITDA are up 4% and 7% respectively, Q1 2021 versus Q1 2020. This is mainly due to increase in prices, mainly due to increase in prices. Even if you, in the bottom left on the diagram, can note the lag effect in combination with the negative currency impact when it comes to our registered net mill prices. The prices for OCC, which have more than doubled since November 2020, negatively affect the result, but at the same time as they also support the price development for testliner and thereby also indirectly for kraftliner. The kraftliner deliveries from Europe globally continue to increase also in the beginning of this year. We can conclude that the demand for boxes has been very strong also during the first quarter of 2021. Excuse me. On a level above the trend line before the outbreak of the pandemic. This has led to inventories being on a very low level for kraftliner. Since the bottom position in terms of price Q4 2020, the price for unbleached kraft has so far risen by approximately EUR 100 per ton. As of April 1st, the price for brown qualities will increase with an additional EUR 50 per ton for brown and with EUR 30 per ton for white top kraftliner. These price increases will successively take effect during the second quarter. As of June 1st, several marketplace have already announced a new price increase of EUR 50 per ton for both brown and white kraftliner, taking impact successively during the third quarter. With this present situation, the delta between kraft and testliner prices is approximately EUR 150 per ton, which historically is rather normal level. By that, I'm happy to hand over to Toby. Thank you, Ulf, good morning, everybody. I will start with the income statement here. You can see on the top line the net sales. You can see we had SEK 4.2 billion of net sales this quarter, which is a 13% reduction versus the first quarter last year. We had underlying net sales growth of 8%. Of course, there was a significant impact from both the exit of Publication Paper and the divestment of Wood Supply U.K., which reduced net sales. Those two, however, had very little impact on EBITDA. Of course, we had a strong growth in EBITDA from just over SEK 1 billion to SEK 1.36 billion this first quarter this year. Then an EBITDA margin now of nearly 33%. A significant increase in margin, which is also due to the exit from those businesses structurally improves the EBITDA margin going forward. On the EBIT line, you see that we actually increased EBIT by more than we increased EBITDA, so it is about SEK 100 million lower, of course, in depreciation. About half of that SEK 100 million is due to taking away the depreciation of mainly Ortviken and Publication Paper. The other half is actually we have made a reduction to the write-downs we took in Q4 last year. That is a one-off item, around SEK 50 million there. The EBIT margin comes out at 25% with an EBIT just over SEK 1 billion for the quarter. Financial items are very much in line with last year, SEK 28 million. Tax SEK 216 million, the average tax rate just over 21%, very close to the normal Swedish corporation tax rate. Altogether, that means we delivered a net profit this quarter of SEK 802 million and earnings per share SEK 1.14. If I come to the segments and just the development over recent quarters, starting with the forest on the left-hand side, you can see the top line has come down a bit, and that's basically due to the exit of Publication Paper. We have less wood being supplied to the industries. On the bottom line, we have a lower EBITDA than Q4, and that's really driven by the seasonal impact, which we have our seasonal pattern where we harvest less own forest in Q1 versus Q4. That's the biggest impact. You can see we're pretty much flat versus Q1 last year, and that's despite actually pulpwood price being a bit lower than it was last year, mainly because, as Ulf mentioned as well, we optimized the sourcing mix with also taking away the volume requirement for Publication Paper. When it comes to wood, you can see here the sales has come down because we've exited the SCA Wood Supply U.K., which was relatively large in sales terms, but mainly a trading company. We had SEK 1.4 billion sales on an annual basis, and that's what you see impacting the top line. It's counteracted by strongly increasing prices. That's impacting the sales and the prices, of course, are what's driving the EBITDA bottom line and the margin. We now had SEK 310 million EBITDA in the first quarter and an EBITDA margin of 25%. In pulp, we had a pretty clean quarter, good production in Q1. We have an impact of increased prices on the top line. Of course, the increased prices and the good production drive better yield and cost performance, therefore, we had a 30% EBITDA margin and SEK 385 million in terms of EBITDA in pulp. Finally, when it comes to Containerboard/Paper, Q1 now is just the Containerboard business. The history included Publication Paper, you can see the drop in sales is because we now taken exit Publication Paper, the sales dropped substantially, but of course, limited impact on EBITDA. You can see the EBITDA Q1 is just Containerboard here as well, SEK 321 million, the margin improvement is also because of the exit Publication Paper to 25%. We have figures which show just the two Containerboard mills, Obbola and Munksund, on their own in the report. If you want to see the development of just containerboard, you can find that also. When it comes to the net sales bridge, you can see here we had a significant increase from price increases in all product areas, so 7%. We had higher volumes and mainly also the pulp division, 4%. Currency was negative this quarter, Swedish crown stronger than it was in Q1 last year. We have the two effects from the divestment of Wood Supply U.K., 7% and 14% from the exit Publication Paper. When it comes to the bridge for EBITDA, you can see the big impact from higher prices, which is really driving the EBITDA improvement. We then had a small positive effect from the volumes as well. Raw material pretty much neutral. Energy a positive, partly due to better energy production, also predominantly in Östrand. Currency, again, was negative and also a negative impact here from exit Publication Paper. We actually had it in the first quarter last year, was before the pandemic hit, so we had a small positive result in the first quarter last year. In the first quarter this year, of course, we were closing down the machines and we had the impact of bearing the cost for Publication Paper during the final stages of the exit. When it comes to cash flow, you can see our EBITDA SEK 1.36 billion. We take away the revaluation impact, and we had an operating cash surplus just over SEK 1 billion. Working capital normally increases in the first quarter, and it did this quarter as well. The increased prices had some impact on working capital, but it's very much in line with the sales level, so stable in line with the sales level. We had restructuring costs now from the closure of Publication Paper, so SEK 123 million in restructuring costs, just over SEK 200 million current CapEx, and then an operating cash flow of SEK 475 million, which then means we're more or less funding our strategic capital expenditures, as Ulf mentioned, from operating cash flow. We also had a strong de-leveraging effect this quarter, down to just over SEK 7 billion in net debt. This is due to also the strong operating cash flow in Q1, nearly SEK 500 million. Of course, at the same time, we're funding the significant strategic investments that are ongoing, predominantly in Obbola and the CTMP in Ortviken. Now we're down to 1.5 x net debt to EBITDA, so a strong de-leveraging effect. Then finally, on the balance sheet, nothing strange here, but you can see the forest assets are at just over SEK 75 billion. We haven't updated the market price statistics for the forest assets in the Q1. We'll come back to that in Q2. Working capital, as I said, stable in relation to sales, 18% of working capital to sales ratio. Total capital employed just over SEK 80 billion at the end of March. Net debt, as I mentioned before, just over SEK 7 billion. Debt to EBITDA 1.5x versus at the end of last year, where we also had a good cash flow in the last quarter. We came down to 1.7x, but we're now 1.5x, and then equity SEK 73 billion. With that, I can hand back to Ulf for a summary. Yeah. When we summarize the first quarter, again, it is a really strong quarter. We have a strong market out there. We have a positive trend, increasing prices in more or less all remaining product areas. We can also see that the first quarter has been good in the perspective of production and cost control. Our EBITDA was up 32% versus the first quarter 2020. Sales was, of course, impacted by the decision to exit Publication Paper. We have now, of February 25th, closed down the last remaining LWC paper machine. We also, as you know, took the decision to divest our wood supply unit in U.K. Last but not least important, our two big investment projects in Obbola, Kraftliner, and Ortviken's CTMP is running on time and on budget. Thank you, Ulf. That concludes the first part of this presentation, and we are now ready to open up for questions from the audience. Please, operator, go ahead. Thank you. We now begin the question-and-answer session. As a reminder, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press the hash key. Once again, please press star one if you wish to ask a question. We are taking our first question from the line of Linus Larsson at SEB. Thank you, and a good day to everyone. Starting with the Wood division, which is doing very well, markets are very strong. Just if you could, Ulf, repeat what I think you said, but did you say that you expect the price development in the second quarter versus the first quarter to be at the same pace of the improvement that we saw in the first versus the fourth quarter? Also in this context, how do you see volume development and saw log cost developments in the second quarter? Yeah, I can just confirm what you say, Linus. We will have more or less the same positive price development in the second quarter versus the first quarter as we had when we compare the first quarter with the fourth quarter. That is our view as it is just now. The second question was production volume, and as you can understand, just now, we try to produce as much as we can. We do so and all other producers, they do the same. Of course, it is also, let's say, the favorable time of the year. Seasonally, it's good to produce during the spring. When it comes to the cost for saw logs, I think it differs between different areas in the region, and for us, being the biggest private forest owner in Europe, I think we have rather good cost control when it comes to our log supply. I feel for the coming quarter, it will be, I would say reasonably flat for us. Great. Thank you. Maybe a bit of housekeeping, with regards to the changes at Ortviken, you repeat that in the second quarter on the other line, the EBITDA drag on from Ortviken will be SEK 20 million-SEK 30 million. That's on EBITDA. How much was it in the first quarter? The EBITDA effect in the first quarter from Ortviken was around SEK -50. We expect an effect going forward of around SEK 20 million-SEK 30 million a quarter of what we call transformation cost, keeping the Ortviken site running until we start up the CTMP. That's on EBITDA level. Is that it? Yeah. Great. Yeah. Yeah, that's great. Maybe to continue, and maybe that was what you were about to say. Yeah. Okay. Okay. Maybe you could continue. Yeah. We had SEK 100 million effect on depreciation. Basically around 1/2 of that is the depreciation on the Ortviken site that is disappearing, around 1/2 of that, or a little bit more than 1/2 of that is a 1x effect, which is that we've actually reduced some of the write-downs we took last year because we now have good prospects to be able to sell some of the assets. We take back a bit of that write-down. That's a one-off effect that you won't see then in Q2 and onwards. Right. On the other line, specifically, it looks as if depreciation on other was SEK 38 million in the first quarter. What would that be in the second quarter altogether? Ortviken and everything included. Yeah. That is predominantly from this one-time effect. Right. Yeah. From Q2 onwards. It should be back to a low level from Q2 onwards. Got you. I can check that and come back to you. Very good. good. Thank you. Yeah. Mm-hmm. Okay. Cool. No, that's very good. Then just finally, if I may, on pulp, a very fast response to the strong pulp markets in your P&L. Could you say something about your mix, maybe especially in terms of geography, how much is China, for instance, as a percentage of sales? Again, we do very small volumes for China. For a while now, the prices have been slightly higher in China, but on the other hand, we have our, let's say, core customer base in Europe and also in U.S. Yeah. We have limited volumes to Asia. Very limited. Yeah. Yeah. Great. That's all from me. Thank you very much. Thank you. We're taking our next question from the line of Robin Santavirta at Carnegie. Thank you very much, and good day, everybody. Related to the pulp business, seems as the ASP, the increase is fairly low as expected. That's probably there's a quite significant lag to this price statistics. The costs are clearly lower, at least compared to what I expected in pulp. I think if you said something about that, what are the key reason? Could you just repeat that, and how should we look at the cost going forward in pulp? Has basically Östrand now reached a new efficiency level, or is this lower pulpwood cost? What are the key items, and how should we look upon the next few quarters? Thanks. Generally, one can say that when we are producing well, then, of course, the yield is better when it comes to wood consumption, chemical consumption and, as I said, also energy generation. In general, you have a lot of positive effects when the production is on a stable level, where we are just now, to be honest. When it comes to, I can just give a comment on wood cost. The decision to close down Ortviken also gave us a positive position in the wood market. We have more or less reduced the imported volumes down to zero for a while now. We will need some more wood again when we start up Obbola, but also when we start up the CTMP production in the first half of 2023. Until then, we have a lower wood consumption, which has also contributed in a positive way, of course. I don't know if you'd like to add something, Toby. I could just add, the cost position is predominantly due to the good production and better yield. We do sell some tall oil, which has a pretty good price in the first quarter and a good energy balance as well in the first quarter. They help, of course, but it's predominantly the production and the yield. I understand. Thanks. The second question related to the containerboard business. Could you just repeat the order of price increases that you have launched, number one? Number two, you mentioned OCC. Could you just remind us of the fiber relation of OCC in containerboard you have? If we start with OCC, we have, as I said, more than doubled the price since November 2020. At that time, I think we were on EUR 70 per ton, and today we see prices around EUR 150 or EUR 160 per ton for OCC. That, of course, have a negative effect because we also use some small volumes of OCC in our production there. On the other side, if I got you right, we have now announced the price increase from April 1st for brown qualities of EUR 50 per ton and also for white top of EUR 30 per ton. Then another price increase is announced from June 1st, EUR 50 per ton for both brown and white top. That will successively be implemented in the second and the third quarter. I understand. Thanks. Just finally, Ulf, you have been a quite good predictor of the sawn timber and the wood market, and you gave your view for Q2. How should we look upon H2 now? Do you believe that these high prices we have globally and in the Americas especially, is this simply a cyclical strength, or are there more fundamental elements or structural elements supporting prices which could keep the prices higher for longer? Solid wood products will continue to be cyclical, no doubt about that. What we see as now is one effect of people, due to the pandemic, they cannot travel as much as they did in the past for the moment being, and some people are moving out from urban areas. We see a lot of investments in houses, both in terms of new construction, but maybe even more in repair and maintenance. The biggest driver you have in the U.S. market, but we see the same trend also in Scandinavia and in all other regions. In addition to that, and that is my guess, is that we have supporting things from the governments all over the world now to get the economy to work again, and that will also support the market for a while. Infrastructure projects, they need often a lot of wood. I think we will have a strong consumption now for a while. I don't think we have reached so fast a new level. Underlying, we still have a very positive trend for solid wood products, but just now we are boosted of the, let's say, this effect from the pandemic. I understand. Thank you very much. We're taking our next question from the line of Christian Kopfer at Nordea. Thanks, operator. Good morning, everyone. Just a few follow-ups from my side. Firstly, on the pulp market, I would not ask you for any pulp price projections because you will not answer them anyways. I'm just wondering a little bit, because we are now not very far from the price that we saw, and you also commented on it, Ulf, I think, the prices we saw in 2018. Do you think there is something fundamentally different this time around? Because after the previous peak, okay, they were stable for a number of months, but then we saw a dramatic price fall. The question is, do you see any different fundamentals this time around than what we saw in 2018? Well, not really. I think also pulp will continue to be a cyclical business. Again, the question of supply and demand. We know that no new additional capacity of size will be apparent before the Metsä investment will come on stream, and until then, I think that the market might be quite balanced. If you look at the inventory level both for hardwood and softwood, they are now on a, let's say, normal level. We have had some disturbances in the logistical system, and that might also have had some kind of short-term effect on the pulp market. I think also when you compare to the history, you have to remember that the rebates increase 1% or 2% every year, so that has an impact. The currency impact, I think Ulf mentioned earlier as well. For many producers, the currency impact has been negative versus that peak in 2018. It's important to remember. I think that's what you could see also in the diagram that I did show a while ago. Even if we have had quite steep price increases now for a while, but when you look at net mill prices, they are definitely impacted by the currency effect. Also you have a lagging effect, and that you have to take into consideration. Also, as you said, the increase in discount levels. Right. On the discounts, first, did you see increased discounts in the first quarter? I couldn't really see them when I'm trying to calculate them backwards. Secondly, what is driving the increased discounts? Yeah. You have them in the P&L. We have increase in discounts for the first quarter, definitely so. What is driving, that is more to ask the people that are buying our pulp. Maybe it's good to have a higher official price to show the market. It's been that trend for many years, both in Europe and U.S., and you have an increase of 1%-2% in rebate levels this year versus last year. Again, if you like to look at the real price, it's just to look at China prices. Yeah. Just now, as I mentioned also, today we have a delta between European prices and China prices of a little bit more than $100 per ton. I think that is some kind of sign that the pulp price will continue up for a while. Okay. Finally from me on containerboard, brown kraftliner is obviously coming up dramatically or significantly. White top is not coming up at all that much. What do you think is the key reason behind white top lagging brown so much? It's more a question of volatility. If you look at the price over time for white top, it's much more stable. That's the reason, I think. Yeah. Trying to figure out, Ulf, could one reason be that customers for ESG reason, for environmental reasons, would demand unbleached products more because it's more healthy to the environment? Our white top is not coated. There tends to be a lagging effect also in the white top is more stable, but over time follows, but takes more time. There's been such demand for the brown kraftliner that I think production has been focused on the strong demand for brown kraftliner, which has really been driving the pricing dynamic. I think we haven't really seen a trend shift in the demand. Maybe you're better to judge that. Okay. Thank you very much. We are taking our next question from the line of Oskar Lindström at Danske. Yes, good morning. I have two questions. Both of them are to you, Ulf. First one, do you have any picture of what's happening in the China pulp market right now in your view? How much of the most recent spike up has been inventory refilling or that type of effect? That's my first question. My second question is more long-term. We're seeing a very strong cyclical price improvement in a number of markets, and you talked about some of the factors on the demand side driving this, increased housing construction, government subsidies, and things like that. Do you also see factors on the supply side contributing to this? To what extent do you believe that those are structural, i.e. long-term changes? I'm thinking about things like harvesting levels, closure of old mills, et cetera, which has happened for a period. One of your industry peers has talked about what they see as a global fiber shortage, if I remember correctly. Those were my two questions. China pulp and supply side disruptions. If we start with the pulp side, it's hard to say. We have seen, as you have done, the China price softening a little bit when it comes to the Shanghai futures and things like that. What we feel in the market is that there is still a strong demand for pulp, and we can also see when we look into reports coming up now that the underlying consumption is still on a very good level. I think for a while, China will be demanding quite a lot of pulp. As long as you have a delta between China spot prices and what we have in Europe and U.S., that will drive the price also in Europe and U.S. That is also exactly what we see as now. How long will it last? That's tough to say or predict. When it comes to trends, when it comes to fiber supply, yes, long term, I think that we see some different things here. If we look into North America, we know that the pine beetle disease 20 years ago, that has had an effect of the fiber supply in that region. We've seen the pine beetle disease in Central Europe. Short term, that is, of course, for some place positive. Long term, that is, of course, negative. I think according to global trends, when it comes to see the forest industry as a part of the solution to protect the climate, I think that we have an underlying positive trend for our industry. Not the least for companies like SCA sitting on a big part of forest land and virgin fiber in their own hand. That is maybe my feeling. Like to add something, Toby, or? No. Thank you. Good summary. All right. Thank you. We're taking our next question from the line of Martin Melbye at ABG. Good morning. Could you try to simplify the quarter-over-quarter price changes on pulp and containerboard for Q2? That is realistic the way you see it now? Yeah. As you know, Martin, we don't give forecasts. I think we have a time lag, and that's both for containerboard and for pulp. It's typically around two to three months. Then you see, I think Ulf has mentioned the announced price increases in things like PIX prices for kraftliner. Yeah. Going up from today's level to $1,220 per ton, and then there's now been announced $1,300 per ton. That's the PIX or the announcements on pulp. Then for kraftliner, we also see the increases Ulf mentioned ahead of us. We don't give a specific forecast. Okay. Yeah. On the sawmilling business, after the merchant business is out. Yeah Is all the sales in that division now, say, eligible for a price increase? Or is there some business which is stable? No. We still have a supply business in Scandinavia. In that sense, it's not the total sales of the wood business that has a 16% price increase. That's really the underlying price increase on the wood. We have a portion, the supply business, which we still have in Scandinavia, which doesn't have a profit increase to the same extent because it's more a trading operation. If you compare, let's say, the supply solution we have in Scandinavia in comparison with U.K., the integration is much higher in Scandinavia. Yeah. Mm-hmm in comparison with what we had in U.K. That was also the reason why we took the decision to divest U.K. In Scandinavia, we have much more than 50% in terms of integration, which is very positive. Yeah. Some 30% or so of sales, 30%, 40% represents the supply segment. Thank you. Last question, maybe I missed it at the start, but do you have a comment regarding the last document regarding taxonomy? Yeah. I think it's now clear that I can start. You could say forest management is, I think, clearly included in the E.U. Taxonomy, which is, of course, positive. I think when it comes to the rest of our activities, we think there's a good case for it to be included even under the way things are written now. It's a very unclear situation still. We think it's impossible to start to talk about percentage numbers given the lack of clarity as it is today, and that needs to be improved going forward in order to come with any kind of reliable guidance going forward. I think that's about all we can say as of today. Thank you. We are taking our next question from the line of Justin Jordan at Exane. Thank you. Good morning, everyone. I just want to return to the woods division, I guess. Clearly, we've seen very strong wood demand in North America driving up, I suppose North American prices first, and if I'm simplifying it, please correct me, but that strong demand from North America and pricing is dragging up European prices. Ultimately, you obviously have been very clear with us, this is a cyclical industry. How quickly can the industry respond through increasing harvesting levels? How sustainable are these price increases that we've seen, for the rest of 2021 or perhaps multiple years beyond? Can you just help us understand just how ultimately, it's a supply-demand market and clearly supply will increase over time, but how quickly can that happen, please? Yeah, I can try to start here. When it comes to production, it's rather easy to increase the production when we have a strong market, and that is also what we have seen. I cannot really say that I follow the North American market, if I take a look at the statistics for Scandinavia, you have a big volume coming from this region. There we can see that the production is slightly higher than the average for, as I said, the last five years. I don't think that you have too much possibilities to increase capacity further. I think we are running at full capacity more or less just now. I think some smaller sawmills, they will maybe try to speed up during the summer, which is not normally maybe done from smaller players. We normally produce during summer also in all markets. How long this situation will last? That is impossible really to say. We know now that the second quarter, as I said, that one will be stronger than the first one. Typically, you don't see too much of weakness in the third quarter if it follows the normal pattern, I would say. Yeah. Okay. Thank you. Just one quick follow-up on a different topic. We called out clearly rising OCC prices earlier on. I guess ultimately that feeds through to rising testliner prices. That clearly pushes up kraftliner prices, which helps you. Can you just remind us what the OCC consumption is within SCA? Because I appreciate it's cost inflation, but I would've thought it's probably not hugely material in the group context. No, overall, OCC is a raw material, and I think you can find the data in our annual report on how much OCC we consume. I don't have the figure in my head. Overall, while it's a cost increase for us, if OCC prices go up, they push testliner prices up, and that has a positive impact on kraftliner prices. In the long run, it's a positive to SCA with increasing OCC prices within reason. As you said, testliner prices, they will push kraftliner prices. In this market today, we have a delta between testliner and kraftliner of EUR 150 per ton approximately. That is on a quite normal level. That seems to be quite stable. Yeah. It's a good time to be in the containerboard. Thank you, guys. We're now taking our next question from the line of Johannes Grunselius at Kepler. Yes. Hello, everyone. This is Johannes here. Just a bit of a follow-up on the containerboard market and your analysis of that. Would you say the very strong demand increase in Q1 and what we have seen over the last few quarters, is it both driven by increased e-commerce use from those channels, or is it more driven by a comeback of industrial end segments? Interesting if you can sort of comment the spectacular demand development here. I think the main reason is the e-commerce maybe. Still the pandemic makes us continue to buy things, but we like to have them distributed to our homes, and then you also consume more packaging materials. I think also in the first wave of the pandemic, we saw that more industrial capacity were closed down, I would say. I think from in the phase II and now in the phase III, all companies, they try to continue to run their business as good as they can. I think the main difference is the increasing e-commerce. Yes. What you see now, there is no signs of any slowdowns for the coming months, or is it sort of same strength here compared to the last few months? No, as I said, typically we don't forecast. As you saw on the graph that I did show you, we are now not only back on the level we were before the pandemic when it comes to box consumption, we are much over the trend line. Again, if you look at the inventory level of kraftliner, it's on a very low level. Yeah. If you look at pulp. Yeah. There we are more on a, let's say, normal level. When it comes to kraftliner, I would say that we are on a very low level. Yes. Since the inventories are trending down, this suggests that operating rates are at full, right, for the containerboard industry in Europe? Is that your analysis? Yeah. I think everyone's producing as full as they can in this market with low inventories. I would just add one, I think the U.S. market is also strong, which has impacted some of the U.S. exports to some parts of Europe. That level has reduced somewhat because basically they're focusing on the domestic market where they obviously have a better profitability, so that increases demand and pressure on inventories in Europe as well. Yes. All right. On the year-over-year comparison, the building blocks you're showing on page 16, it clearly shows that you didn't have that or basically no cost inflation. Am I right here? What do you foresee for the coming quarters in terms of cost inflation? Yeah. You could say. In our business, wood is by far the biggest raw material. Aside from wood, we have a little bit OCC, which is going up. As you say, we have logistics where we do see some increases, but they're counteracted in the first quarter at least by the fact that we've seen pulp wood prices have come down a bit. We do see that pressure, if you like, going forward on logistics and OCC. Yeah. Good. The final question, could you remind us about the CapEx for this year and possibly also 2022? Maybe I missed this information before, could you remind us about that one? Yeah. Well, we guide to SEK 1.2 billion-SEK 1.3 billion of current CapEx in the year, and we have SEK 3 billion-SEK 4 billion of strategic CapEx this year. That's the guidance we give. Yeah. Same as before then? Same as before, yeah. No change. Okay. Thank you very much. Yeah. We are taking our next question from the line of Cole Hathorn at Jefferies. Morning. Thank you very much for taking my question. Just wanting to build on some of the comments you made on containerboard inventory levels. They are very low at the moment and the U.S. as well. How long do you think the industry is going to take to get those inventory levels back to a normalized level? Normally, over the Easter period, you imagine the mills keep operating and box plants slow down to build a bit there. In the second quarter, we've also got maintenance downtime, which I imagine can't be postponed, particularly after the shifts last year. Are we going to be in a position where inventory levels are remaining lower for longer? Is the first question. The second question on this containerboard division, you've given good detail of your historic disclosure. Back in 2019, 2018, when pricing was higher or similar level, we were well over 30% EBITDA margins. Would you mind just giving a discussion of what type of EBITDA margin this business could be medium term? Thank you. Yeah. We start with the capacity. I think that all producers just now, they run for full capacity, no doubt about that. As you said yourself, we cannot really postpone our maintenance stops. Many things are regulatory, so they need to be done. It might even be so also this year that some of the maintenance stops are being moved from the spring to the autumn because we all hope and believe that the effect from the pandemic might be less serious in the autumn as people continue to take the vaccine and so on. We've done that ourselves. Our big planned maintenance and investment stop we will take during the autumn. It was originally planned for the spring. I think that maybe some other place, they do the same. By that, I think that it's more a question just now of the consumption, and if the consumption continues on the same level as we have just now, if we will continue to have, let's say, lack of recycled fiber in the system, then I think that the balance will be rather strong for a while. It's more the general economy that can impact the market situation just now. We will not say anything about future margins. Yeah, I think I could just mention, I think you mentioned, Cole, we have a slide in the appendix to this presentation where we show some data on just containerboard. Historic, yeah. That's pretty much over one cycle. Yeah, I think you see there the difference between peak pricing and bottom pricing in terms of profitability of a kraftliner business. Thanks very much. There are no further questions on the line. Please continue. Thank you, operator, and thank you, Ulf, and thank you, Toby, and all listening in. This concludes this presentation of the first quarter results, and I would like to take this opportunity to welcome you back on July 23rd for the presentation of the second quarter results. Thank you very much. Thank you.