Good morning or good afternoon all, welcome to today's Systemair Interim Report for Q2 2022. My name is Adam, I'll be your operator today. If you'd like to ask a question during the Q&A portion of today's call, you may do so by pressing Star followed by one on your telephone keypad. I will now hand over to Anders. To begin, Anders, please go ahead when you are ready. Thank you very much. Good morning, everyone, and thank you very much for calling into our Q2 presentation. I'll start with just giving you a short description of where to find the presentation of today. You go into our webpage, Investor Relations, Financial Reports, and on the quarterly report, you'll find the presentation. By that, I hand over to Roland for the presentation. Thank you, Anders. Good morning, ladies and gentlemen, welcome to our Q2 report. The Q2 report that I'll present is, of course, following the presentation that you will find as Anders described. By that, I think we'll jump directly into it, starting with shifting to the first slide, which is then, page number two. Just as an introduction, Systemair is a company established in Skellefteå in Sweden in 1974. We have an rough annual turnover of EUR 960 million last year, depending on the currency. We're listed on the Nasdaq Nordic since October 2007. Systemair Group today, we have our own sales companies in 52 countries all over the world. We are having 29 factories in 21 countries, and we are around about 6,800 employees in the Group, and we are currently exporting to 135 countries all over the world. By that, shifting to what you will see in the presentation, that's the slide number three, which brings us directly to our report for the quarter two. In the quarter two, we amounted a total net sales of SEK 3.037 billion versus SEK 2.4 billion in the same quarter the year before. That totals a growth of 26.3%, where organic 14.8%. Those of you that have downloaded our presentation would now on the right side of the slide number three, also see a graph of that development of our organic growth development rolling 12. Going just further into it and looking into analyze of the growth in quarter two, where you would see an organic growth, as already said, of 14.8%, which is good organic growth represented in the Nordic region, Western Europe, Middle East, and Asia. We have a contribution by acquisitions of 4.7%, which is mainly the impact from the acquisition of SagiCofim in Italy earlier this year. Of course, also a portion of the currency of 6.8%, which is mainly strength in currencies, Euro versus U.S. dollars and also the Canadian dollars. That all together amounts to a total growth of 26.3%. From there, we're running into the next slide, which will be slide number five, and looking at the operating profit for the quarter, where, of course, in this quarter there are quite a lot of ingredients. The adjusted gross margin decreased to 34.8% from the quarter the year before, 35.6%. The first year is the hyperinflation calculation in Turkey that has affected the gross margin negatively by 1.5 percentage points or 38.9 million SEK. Also, during the quarter, we made a write-down on Russian operations, partially by 168.2 million SEK. Also to mention that the operating results have been affected by adjustments after this hyperinflation calculation in Turkey, totaling 9.1 million SEK. Selling admin expenses for the quarter increased by 18.2%, and the adjusted operating profit amounted to SEK 297.1 million, compared to SEK 250.2 million the quarter the year before, and also the adjusted operating margin, thereby amounts to 9.9%. As you can see, when you're following the presentation on the right side of this slide, you'll see the SEK 297 million as adjusted profit and representing 9.9% for the Q2, 2022-2023. Going into the next slide, looking at profit after tax for the second quarter. The net financial items for the second quarter amounted to negatively SEK 10.3 million compared to SEK 27.9 million the year before. The currency effects on long-term receivables, loans, and bank balances amounted to a net of SEK 8 million, and the interest expenses for the quarter amounted to negatively SEK 17.1 million. That all together amounts to profit after tax of SEK 218 million compared to SEK 167 million the year before in the same quarter. Going over to the cash flow analysis on slide number seven. Our cash flow from the operating activities in the quarter two, 2022, 2023 amounted to SEK 275.1 million compared to SEK 309 million the quarter year before. The change in working capital amounted to negatively SEK 72 million, compared to SEK 227 million the year before. Here the changes in the working capital are mainly due to the increased inventories and the trade receivables. The net investment in the quarter, excluding acquisitions, amounted to SEK 91.9 million versus SEK 103 million the year before, which is primarily final investment in Czech Republic, Turkey, and Slovenia. Thereby, the total amount in free cash flow is positively SEK 111 million compared to negatively SEK 21.6 million the year before. Our total net debt at the moment after Q2 amounts to SEK 2.7 billion compared to SEK 1.7 billion the year before. Switching over to and looking into the markets. Here you can see then following the presentation, a pie chart of the total breakdown of our markets. Starting in Eastern Europe and the CIS countries, where we can see a drop from 15% to 12% of our total sales, which is primarily, of course, then related to Russia. The drop I mean. North America stable at 11%. Other markets growing from 12% to 14%. Western Europe also growing from 43% to 45%, the Nordic regions, a slight decrease to 18% in the total picture. Looking into the different market, as described here a little bit deeper, switching over and have a look into the Nordic. Sales in the Nordic region increased by 23% during the second quarter compared with the same period previous year, adjusted here for effects of foreign exchange and acquisitions, the sales increased by still 17.4%. Actually all markets showed good growth during the quarter, Norway and Sweden with stable volumes within residential especially, and the projects with data centers and humidification. Again, SEK 585 million of the total is Nordics growth 23% were organic 17.4%. Switching to Western Europe. Sales in Western European market increased during the quarter by 38.2% compared to the year before. Adjusted here for foreign exchange effects and acquisitions, sales increased by 20.5%. Also here all the major markets within the region showed good growth, but especially Germany, France, Italy, and Great Britain. Projects with high energy efficiency focus, upgrades and school ventilations are growing strongest in these regions. The total Western Europe amounts for us to SEK 1.2 billion in sales in the quarter. Again, a growth of 38.2 were organic 20.5%. Switching to Eastern Europe and CIS. Sales in Eastern Europe and CIS decreased by 16.4% during the quarter, and here adjusted for foreign exchange effects and acquisitions, sales decreased by 28.3%. Sales in Russia continues to decline of course, and it's now, at around 1.4%. Other markets within the region showed very good growth, especially to mention Czech Republic, Poland and Slovenia. All in all these region to us is SEK 380 million in the quarter, a growth of negatively 16.4 were for organics negatively 28.3%. Looking at our North American market, sales in North America increased by 20.5% during the quarter. Adjusted here for foreign exchange effects and acquisitions, sales decreased by 0.1%. Here the American market showed very good growth in the quarter while the Canadian market declined a little bit as a result of continued supply disruptions due to component shortages. Here it's especially residential and school ventilation, which is developing very well. In the quarter in this region, SEK 326 million was sold, growth 20.5%, organic negatively 0.1%. Looking into Middle East, Asia, Australia and Africa, sales in this region increased by 52.2% compared to the same period last year. Here, adjusted for currency effects and acquisitions, sales increased by 60.4%. Turkey, India and Australia show very good growth during the period. Both India and Australia have increased product sales. India especially pharmaceutical applications and Australia in general, slowly recovering here from multiple lockdowns in the past. That of course in total very positively. In this region in the quarter to SEK 452 million, a growth of 52.2%, organic 60.4%. To mention at the end, I want to highlight two projects. One is the large order that we got for Shepperton Studios in the U.K. The Shepperton Studios, which is part of the Pinewood Group, is home to some of the world's most known films and TV shows, and here we'll have the opportunity to deliver 80 of our Geniox AHU units for fresh air for all the facilities. This is to us a very nice project and the units will be delivered in batches and deliveries already begun, and the deliveries planned to be finished during the first quarter of 2023. All these units are going to be delivered from our Danish factory together with other ventilation equipment from Systemair Group. The other project that I want to mention here is a more internal project. It's our new data center laboratory in Turkey. We opened this data center testing laboratory at our production plant in Dilovası in Turkey. For us to mentionable here is that the laboratory has the highest capacity for data center testing facilities in Europe. The main task here is to perform factory acceptance tests in-house of all the equipment needed in the data center. This means to be able to measure the overall performance of systems and of course also to see possible problems that can occur under the specified conditions to help the customer to find the best solution. The test laboratory can actually simulate climate conditions from 45 degrees summer and minus five degrees in winter conditions, regardless of any seasonal conditions outside. Very nice investment and for future. By that, I would thank you for listening to our short presentation and be more than happy to open up the lines and welcome any questions. Thank you. As a reminder, if you'd like to ask a question today, please press star followed by one on your telephone keypad now. When preparing to ask a question, please ensure you are unmuted locally at star one on your telephone keypad to ask a question. Our first question today comes from Carl Rask from Nordea. Carl, please go ahead. Your line is open. Good morning, it's Carl here from Nordea. Firstly, quite impressive organic growth, of course, in many regions. Could you firstly maybe start off with helping us with the price volume split here would be super. Also secondly, would you say that you are gaining market shares in the Nordics and Western Europe? I mean, it's a quite high growth pace, so I guess the market is not growing at a similar way. Good morning, Carl. For the first question part, for a growth of round about 15% organic, we see that round about 9%, 10% is pricing power, and the rest is organic growth. When it comes to if we're taking market share of or how it is situated just now, our estimate is that we in the Nordics, but mainly in the Mid-Europeans, that we are gaining market shares, yes. Okay, very good. Also you mentioned that data centers is growing quite well in the Nordics. I mean, in some of your regions, data center market is less profitable. Is it the same in the Nordics, giving you a negative margin mix, or is it more profitable for any reason in the Nordic region compared to Africa, for instance? Interesting question. Just to say this, for us, I think I explained in some other quarterly reports, we have absolutely in all of the years always focused on a part of the data center business where we can utilize our strength and standardization. We're only looking for these kind of data center applications where we can see these co-locations, and we can utilize a standardized product. We're not specifically in these, I would say, customized arcs, so we don't see that it's a low margin business. If it's a low margin, then we will stay away from that kind of project. That to say. We have seen over the last, three to four quarters that the development of just that application on the data centers is actually growing, and an interest also from our customers is growing. Coincidentally, of course, then with our investment in this new laboratory in Turkey, we're gaining a quite nice momentum just in that section. Okay, very good. Then looking at the year-over-year margin growth, would you say that the main reason behind it is, raw material headwinds, maybe slight component shortages as well? Or what's the main driver behind it? Well, we gave some short explanations in the report actually. I mean, there are several reasons behind this also. One is, you know, I mean, losing sales in Russia or completely no sales in Russia was a good margin market, first of all. We have also continued with the restructuring in America, in Germany. Also we have supply problems in North America also. Also, as you saw, the organic growth was extremely good, especially in Asia, other markets, and that is a little bit with lower margins in those regions. Okay, very good. The final one from my side is a bit on the order intake. You defined it as buoyant. Could you give some more flavor on what that means? Is it double-digit organic growth, for instance? Could you also give some more granularity on the order side, which markets that is mainly driving the order growth? Yeah. Looking at the markets ahead, it's of course, where we still see that the markets are, how to say, very positively affected by everything underlying, would still be North America and parts of Europe. Looking at the sector as such, of course there is, for the next six to nine months at least, I would estimate that there are a little bit, how to say, plus and minuses in the market development as we are in the middle of a switchover from new construction to renovations, and there is always a kind of transition period. On the mid and long term, I of course see that we are, on a very positive track in the total market and the ventilation business as such, because we're in the middle of, how to say, we're being part of the solution, not the problem when it comes on energy efficiency and upgrade of existing buildings in Europe. But it's a transition period is, that is ahead of us. Saying, the order intake on hand is of course very positive. So we are quite confident on the next coming months. Okay, very good. Thank you. The next question comes from Douglas Lindahl from DNB Markets. Douglas, please go ahead, your line is open. Hello, gentlemen. Thanks for taking my questions. I wanted to come back a bit on pricing. Now that raw materials has come down, how should you or how are you thinking about that going forward? How will that impact pricing, would you say, going forward? That's my first question. Yes. Good morning first of all. Yes, of course, raw materials, some of them are on the way down. Our problem though is of course that we are not working with the real raw material, we're working with processed raw material, and the energy costs are considerably up. What we see is not a direct decline in costs. On the opposite, there are still some components like, for example, the power supply to almost all the motors and applications is a scarcity still. We are sharing this component issue with automotive and all the motor manufacturers, so they're still a little bit on trouble on that side. I would not say that the pricing will go down or will lose its power for the time being. Well, we have actually- So you've- increased them from first of January also. Yeah. we are continuing to increase prices still. Okay. You continue to raise prices, and will do so the first of January as well? Yeah. In sort of the similar magnitude that you've done now, or. It will be similar what has been done also in September, yeah. Okay. Interesting. On working capital, are you able to comment a bit on how we should think about that going forward? Yeah. I mean, it has increased quite significantly, during the last year, and, we have been putting more and more efforts into this. Of course, during this period. Mm. it has been key really to be able to deliver. I mean, we have increased. Mm. I mean, safety stocks on components really that has been hard to find. Mm. like the motors and so on that Roland mentioned. I mean, it has been a deliberate decision of course. Yeah. Now we have put quite a lot of actions into this. We are a little bit more afraid going forward really to keep these high stock levels really. Some of these supply problems has also improved. Right now we can see the trend is that the inventory is not continued to increase in the same way it has been during the last year. Of course. Yeah, interesting. during this period. Go ahead, Ingemar. Go ahead. No. Yeah, sorry to interrupt you, but, just your comment there on some components easing, are you able to maybe give more color to that? It is, have been shifting problems from different component to other components. We're still mentioning, you know, we're having problems in North America, so it's a little bit with geography as well then. Yeah. We had a meeting with the biggest motor supplier here just a couple of weeks ago. They are still saying that, you know, it's going to be a problem during 2023 still. As Roland mentioned then, we are sharing components with the automotive industry. Yeah. Yeah. It's not over yet, unfortunately. Okay. Thank you. That's all my questions. Thank you, Ingemar. As a reminder, if you'd like to ask a question, that's star followed by one on your telephone keypad now. The next question comes from Henrik Alveskog Okay. Hello? You hear me? Yes, we hear you, sir. Good morning. Great. Yeah. Hi. Thanks. Just first, regarding the Russia, well, impairment that you did now, is that a very conservative impairment that you have done given all the circumstances, in the country going forward? Or is it possible that you will need to make further write-downs? Yeah, it's a hard question to answer really. Of course, we wrote down quite a significant amount of the total really. We have kept 50% of the value of the building and the land for the time being really, so that's what's left, and also some of the inventory values. Yeah. The way forward here really, I mean, what we are really doing then, that is really to exit Russia in some way really. We don't know exactly how because we are looking into different scenarios here, the way forward is not really that straight really. We are a little bit conservative with saying, you know, any exact details there, but we have done our best estimate for the time being. Yeah. Okay. Well, regarding Turkey and the, well, the hyperinflation adjustment or what you should call it, could you help us just understand: was there a one-off impact that you mentioned in the gross margin in this report? I realize that there could be further negative impacts, but is it more... Could you give us some guidance on what to expect here going forward? Yeah. All right. Yeah. There's a one-off effect here because this is the effect for the first six months, and we took the whole effect now in this quarter. You can divide it by half and get it more of a quarterly effect then. Mm. This was implemented end of June, this standard really. We applied it first now then. Mm. one of the first companies really accounting for this standard also. It's really quite of a new area for us and for many others as well then. I think we can expect this to continue like this going forward now for some time, of course, as long as the inflation rate stays on the same level in Turkey then. We're going to have this as an extraordinary item then moving forward. I think we have made a quite good presentation also on Note 1 in the report. You can find more information there really. Mm. -because- Yeah. You know how. I'll try- how we treat it. Thanks. Yeah, I'll try to understand that and thanks. Yeah, yeah. You will also, you know, please give me a call if you want some assistance here also. Yeah. Just finally, regarding the upcoming divestment of the AC business to Panasonic, I understand that you will be sourcing these products from Panasonic in the future. Will you make any major changes in your offering or, will you basically try, well, continue to offer these products? Which would then, I guess, mean that sales will not be impacted that heavily, if you succeed, well, since you I think you understand what I'm going for here. Yes. I can take it from there, Henrik. I mean, what we have agreed with Panasonic, if the deal comes through here, is then that they are basically buying our two operations, but also buying the sales organization both in Italy, in France, and also the export department, but also the sales in Germany and sales organization related to those factories. The rest of the true, let's say, Systemair value, depending in the sales top line coming from AC operations is not the total sum. It's a part of that. That will be maintained where we have a signed a long-term supply agreement with Panasonic. As we said in ingressively there, we will continue to sell the same as before, it's just manufactured by someone else, to really put it simply. Because of course we really need to have both heat pump technology and heat pumps in our offering also moving forward. We just see a huge benefit in having a new owner in that factory because the F-gas directive and its development on the technologies is on a really high pace. Of course here we can not only contribute but also gain quite a lot of momentum, of course, having a strong owner with the big muscles to develop this in a good way. Yeah. Excellent. Thank you. That was all. Thank you, Henrik. The next question comes from Jan P. Knutsson from ABG. Your line is now open. Please go ahead. Hi, good morning. Thanks for taking my question. Just one question on my end on price increases. Have you carried out additional price hikes in Europe in Q3? Could you maybe give some flavor on the general magnitude and maybe the perception of these, please? If I did get the question right, if we have done any price adjustments in the quarter? Yes, then into a carried out additional price hikes after the quarter and, if you could elaborate a bit on, if so is the case on the magnitude and maybe the perception, please. Yeah. If we look at the total year of 2022, we have so far done 3 price revisions. We, as Anders also said earlier in the call, we are planning for the next for the first of January. This is to adjust where we see it's needed due to, as also mentioned earlier, to compensate for still the energy cost impact on material costs, but also to reflect that here and there need to be able to take in additional other suppliers, of course, at other pricing points to be able to control the amount of components available to be able to supply the products in time to our customers. It's a little bit of that we're compensating for. I think it's a given because, also said that before that, just now delivery beats price, so we need to be able to deliver. Perfect. Thank you. Thanks, Jan. Nothing further in the queue at present. Just a final reminder, that's star one to ask a question today. As we have no further questions, I'll hand back to the management team for concluding remarks. All right. Thank you very much everyone for calling in, taking the time and, hope to see you on the capital markets day we have in Kristianstad on 17th of January. That would be great if you could come there. Yeah. From my side also, I would really look forward to be able to present our strategy and our way forward on this capital market today. If we don't get any other call, any other question from you, then I would say thank you for today, but also take the opportunity to wish you all a very merry Christmas and a happy New Year. I think it's that time of the year. Thanks a lot and hope to see you soon. Take care. Thank you. Goodbye. This concludes today's call. Thank you all very much for your attendance. You may now disconnect your lines.