Good day. Welcome to today's Q1 report call. I would now like to hand the conference over to your speaker today, Thomas Widstrand. Thank you. Please go ahead, sir. Thank you very much, thank you for calling in. As usual, I will try to present this quarter development, and you will have the opportunity also by the end of the presentation or towards the end to ask some questions if you're interested. For those of you who have followed me before, I will follow the same sort of agenda or presentation mode that we've been into before. You can find on this presentation, what is called Q1 2021, in our homepage, troax.com, under the headline Investors. Under Investors, you will find it then under Presentations, and obviously, then we talk about Q1 2021. I will follow that structure there. Even if you don't have it, I think you will be able to follow roughly what I'm trying to say. I'll start by introducing the Q1 and say we are, of course, trying to convey the message of stay safe, not only because it's a pandemic, and we are still trying to keep safe until hopefully different vaccination, et cetera, has a positive impact on the society. Also, of course, that this is what we do. This is our business idea, that we help people to stay safe in factories and different sort of working places all over the world. We are working with three different segments, I'll very quickly go through that. The first and biggest one is what we call machine guarding. For those of you who have had the presentation, you will find the photo which shows the typical examples of an installation and where we use the type of machine guarding for. Could be robots, could be packaging machines, or could be conveyor systems, as I said, or something else. The principle is that you protect people, or in some cases, you also protect, of course, the process. This machine guarding is approximately 65% of our turnover. The growth rate in this, I'll come back to this a little bit later, but it's, of course, very much dependent on the continued automatization and mechanization in the world, driven not only, but of course, the main part is driven by the increased use of robots in the world. Next segment or next page you find is what we call warehouse partitioning. It's a little bit more than 20%. In this page, you have what we call the more traditional warehouses, where you build up a number of pallet racks, and you have a forklift trucks, who is driving around and picking up goods and delivering it to somewhere, who is picking and packing and sending it off. This is something which is becoming more and more interesting to mechanize at the moment. I'll come back to this in a second because that's the part which is growing very much for us. The third, and also the smallest segment, but nonetheless quite important, is approximately 14%. We call it storage solutions, and it's primarily a North European process where you, of course, as you see from the picture, you are safeguarding bicycles, luggage, skis, whatever you have that you want to store, and you can't keep it in your flat, which normally is then part of a multistory building. As I said, I go to the next page. As I said, we have something which we call an automated warehouse, which has been growing substantially in the last couple of years, which actually for us then is a combination of what we do in machine guarding and also in the warehouse partitioning side. This is obviously driven by the e-commerce, where people like you and I, we are, of course, increasing our purchases from different e-commerce companies. Obviously, that creates the demand for making and also picking and packing more automated. As you see from this picture here, this typical example, I would say, where you see that this kind of picking and packing is to a main extent automated. There are very few people involved, even if there are people involved, of course, because you need to protect them from things falling down, or you have to protect them when you start to make maintenance, you don't want obviously to close down the whole site. You only want to close down perhaps the aisle where you make the maintenance. Obviously, there's a need for our kind of protection that we offer as a good solution for these installations. Very, very brief on 2020. We passed that, if you've been following us, you know that despite the COVID situation, we managed to get an increase in order last year. We didn't do that in, say, invoice, which obviously had a negative effect on the operating profit and also on the margin. Nevertheless, we think we came out of last year with a decent development seeing the circumstances. On the middle of this page, you see the split up in our geographical areas. As you can see, we're still quite dependent on Europe, which is some 80% of our turnover. We've got North America coming up with 15% now, and also what we call new markets, which is primarily, of course, the APAC region, which is, let's call it 5%. Of course, we are still, as I said, quite dependent on Europe, which still is something which we try over time, of course, to change a little bit, the balancing. Next page is called the year in brief. As you know, we are a growth company. The last couple of years we've not been growing so much, which is primarily, I would say, connected with the fact that we used to be quite dependent on the automotive industry. The automotive industry has not had a lot of investment going on in the last couple of years, which of course, had an impact on us. On the other hand, we've been growing a lot and compensating this and a bit more with the growth than in automated warehouses. We're still looking quite positive towards growth in the coming year, even if, of course, it is so that for a single year, it could even be a decrease in turnover. We are normally saying then that over a business cycle, our historical growth has been some 8%, 9%, maybe 10% per year, and without giving any forecast, that's probably something which is possible to the growth in the future. Next page is called financial targets, and I think we have covered most of that. If you come down to the third bullet point there, capital structure, we have quite a good balance sheet. Our net debt in relation to EBITDA should not exceed 2.5 times and per end of last year, we were at 1.4, so it was quite stable and therefore, so we decided, which actually have been just decided by the annual meeting that payout approximately 52% of our net profit as dividend. I'm coming into much more the summary of the Q1. We are quite happy to say that it continued with a quite good order trend similar to the development in Q4 2020 was perhaps even stronger in the Q1. The main explanation for this is what we call the continuous strong development within automated warehouses, where a number of big players are substantially increasing the investments. Even if we are not the biggest supplier to this kind of installation, I think we can say that we are quite important because, of course, we help them with the safety solution. For them it's also quite important to get a good level of safety, obviously. Due to the good orders and in the latest days also the invoicing, we got quite a good improvement of the EBIT result margin in Q1 compared with same quarter last year. We could still see some negative effects of the coronavirus during Q1, but nevertheless, I think due to the good volume development, we could secure them a substantial improvement in results. If we look at the different geographical levels, I can summarize and say there were good sales levels in actually most markets, and that was reflecting also, of course, good activity in Q1, where we also could see at least that smaller and medium-sized companies started to become more active, I would say, in the market compared with last year. It's probably too early to say then that the marketing is opening up, but what we could see during Q1 was a bit better activity than Q4 and Q3 last year. I think that is a clear message nonetheless. There was of course also good sales level in Q1 because we turned a big part of the order level that we have in Q4 in 2020 into sales invoice. Obviously that is a direct connection. By this we also created, I would say, a good development of the earnings per share. We reached some EUR 0.14 this quarter and the corresponding period last year was EUR 0.08. I would say it's a good improvement on earnings per share. Normally, I'm also commenting a little bit about the development in North America since we had some problems with the acquisition we did a couple of years ago in the company, Folding Guard. We can say that the improvement process continued during Q1 with increased productivity and increased turnover. This of course, created a better result, which is, I would say also substantially improved compared to 2020 and 2019. Regarding working capital, I would say it's on the expected level. We are a little bit higher on the inventory side, but actually we are quite happy with that because due to some COVID effects, we could be delays in deliveries from component suppliers or material suppliers. We are trying to keep a bit higher stock or inventory in order then to safeguard that we can do deliveries to customers, obviously. Jumping over to a few comments regarding our manufacturing units. I would say that for the first quarter we can comment then that all units within the group, as we write here, had a good development in Q1. They all had good volumes. What has been obviously a problem, and it's a bit turbulent, is the steel price, and we expect that to continue like that in the coming quarters. Even, of course, that we hope the experts expect that this will, of course, level out at a certain time. We have not seen that as per end of Q1. If you read the newspapers, you see that there are more, of course, threats about increasing steel prices. We have a feeling that this could still continue to be turbulent for some time. Our prices have obviously been adjusted to reflect this, but as turbulent as it is today, it's, of course, difficult to short-term to compensate for this. There will normally be a bit of a time there between then that we get some sort of raw material increase and then where we can compensate for increasing prices to customers. Talking a little bit about other types of segments, we are normally commenting a bit on the automotive. It's still continuing to be, from a figure point of view, still a weak segment, but we could see some orders coming in in the first quarter. We see in the U.S., for instance, that who are probably a bit before in the process or in the cycle compared to Europe, that the car industry there or the automotive industry is planning a little bit earlier to do bigger investments and that of course have a certain effect also on Troax, which is positive. Hopefully, that will come into effect also in other areas. For the first quarter, it was not really booming, and we expect this to slowly come back to not perhaps all-times levels, but at least a better level than today, but it won't be until the end of 2021 or perhaps more likely into 2022. Regarding our newly acquired company in Poland called Natom Logistic, they've had a very good development in the first months. It's of course good to see that they have had good inflow orders, mainly, of course, within the warehouse segment, which is primarily where they're working. We would like to inform also then that we have, during the quarterly, invested in a complete new facility and for us outside of Poznań, where we intend to merge the two existing manufacturing units in Poland into one during this year and also next year. We do intend to continue to invest, so to speak, in Natom in order to get it both to increase the manufacturing capacity, but also to get it an even more efficient unit for the future. Coming to next page, which is the financial highlights. I guess most of you have read this, so I won't go through this in detail, but of course, as it substantially increase our order intake and also sales, and I will comment a bit more on that on the next page where we see the geographical development. The gross margin is on a stable level, which it should because of the good volume development, even if we think ourselves that it's been a little bit hampered and of course, by the fact that the steel prices have increased during this quarter. Having already discussed on the earnings per share and indirectly, I've talked about the operating margin, which then is approximately 20% for the quarter compared to, let's say, 16% last year. We can just conclude and say it was quite an improved result then for the first three quarters, which of course, a good start to the year. We're very happy for that. Regarding the regional development, you can find that on the next page and where you can see that there are quite strong figures in some areas. I would say it's very stable and quite promising figures, especially in the more mature markets like the Continental Europe and the Nordic region, where we have +11 and plus seven respectively in orders, showing then a better activity level, and I would say also a very good job done by our own organizations. We can see actually in Southern Europe that they've been probably more hit by the pandemic effects, and they have not really recovered from that. I think we'll still take some time before they perhaps increase the pace generally in the market compared to other parts of the region. As you see, we've got very strong figures, both in the U.K., North America, and new markets. I normally talk about the bigger project orders, which doesn't come in every day. This quarter, we've had a number of these bigger project orders, which are aimed both for North America and indirectly for the U.K., even if the U.K. normally also get some export from the U.K. You cannot just compare and say it's that the market of the U.K. is so good because in our organization, we're also exporting some volumes from the U.K. to other parts of the world. What is interesting is that also the new markets have got some bigger type of orders, which is a good sign, of course, for the future and that means then that we are increasing these rather small figures to a little bit bigger, and that's what we intend to continue to do, obviously. Of course, we have the acquisition, meaning Folding Guard, which of course adds, so that, of course, gives them a substantially higher figure in order. If you exclude that, we can say then that there's been an increase in the quarter of 29%, which is, of course, quite good. It's not really been reflected to the same extent in sales. If you go further down on the page, you find that the 29% then in organic growth on orders is 19% then on the sales side. It shows then that we still have higher order intake than sales, which means that, of course, we have ended the quarter with a very good order backlog and that there are good possibilities to continue to increase the sales invoice in the months or quarters to come. Currency effects are not, I would say, substantial. That has a certain effect, but it doesn't really change the picture. If you then look at the 12 months rolling, which is on the right side, you see then that we are on the order side starting to approach then a bit higher, closer to EUR 200 million in turnover. On the sales side, we are becoming closer to EUR 180 million. If we conclude the quarter one, which is next page called conclusion, we can say that we have again received several main orders in the first quarter that we are quite happy over. This refers this quarter to just like in quarter four last year, mainly to customers within the automated warehouse part. There's been a stable development results coming both from the order levels, of course, in Q1, but also due to the fact that we invoice a number of the orders that came in in Q4. Just like in previous quarters, there was a continued low demand for automotive, however, being compensated and more than that, I would say obviously from the automated warehouse part. In North America, we continue to develop well, and we show a continuing improved result. I comment a little bit about that there are some activities, I would say, especially in the southern part of Europe due to the coronavirus. As a summary then of what I've said, I will say that we're quite happy to reach these good figures of orders in U.K., North America, and the new markets. This, of course, means that the factories of the Troax Group has continued to do well and despite the fact there have been some turbulence, both with some deliveries of steel but also with the steel prices. Obviously, no support whatsoever was recorded this quarter, just for your information. The integration of Natom is continuing in a good way, very positive. In total, I would say it was quite stable and positive development in the quarter with a clearly better result than in 2020. Moving on to the growth factors. You've seen this before. There's nothing which really has been changed. The main two factors which is driving this for the future and has been doing so for some time is, of course, then the industrial automation, which is continuing, and also, which I've said now several times, the growth in e-commerce, which is continuing to grow. In my mind, I think this will continue for quite some time before this is starting to become a more mature market or mature development. Next page shows our estimation of our market share. We say that we have some maybe 25% in Europe and 15% worldwide. We are approximately two and a half times bigger than the number two competitor. We do think that in 2020 the market was decreasing then obviously for the whole year, even if the general negative effect was hitting quarter two and thereafter it was more stabilized. With this development now in 2021, it seems of course much more positive than during last year. For those of you who are interested, you can look at the competitive situation. This is our assessment of the competition as we see it. Next page shows our production units where we've added since last year more or less. To the right, we have the Polish one, where we have a capacity of approximately half a million shelves. Capacity utilization is actually quite high, we do need to continue to increase that. The area where we are sitting in these two factories are close to 15,000 sq m. The others are more or less like you've heard before, so I don't need to go through that in detail. In our group, of course, we work together for a safer world. You've heard me say that before. I just want to remind that it's not only Troax, which is of course the core of the business, also in volume or sales point of view, but we also have important units that we have acquired now over the years like Satech, which has a strong influence on the South European market. Folding Guard has a good influence on the American market and now also Natom Logistic which adds different type of products to our portfolio, even if the brand Natom is probably not so well known outside of the warehouse sector. We are working together, obviously, for a safer tomorrow since 1955 when the company was started. Just as a few remarks, what we are working on today is for a safe tomorrow is, of course, especially on the environmental side, where we try not only to compensate the transportation, and I've said this before, and this is perhaps not the real solution to this issue, but it's the best solution we've found so far. Then we continue to decrease our energy consumption, which we have been rather successful with 2020, especially I would say in the main unit in Sweden. We reached that and exceeded that, and we have actions ongoing to further improve that. Then, of course, because that we are quite happy to have steel. You can use steel in a recyclable way. We have a good situation, of course, from an environmental point of view. The biggest challenge for us, seeing then on the CO2 footprint that we are doing, is of course to increase the recycled steel that we buy from the steel mills in our products. That's the best thing we can do to reduce then our own footprints, regarding the environmental issue. That's something, of course, we intend to continue to do. Just as a small remark, it doesn't change the world, but nevertheless, for us, it's an important step that in our complete new factory in Italy, it all started a little bit more than one year ago, approximately 50% of the energy consumption comes from solar panels, which are installed on the roof. In our safety center, our R&D departments are investing then in doing some more new products, obviously. We think we have put on the market some innovative products during last year. We do intend to continue like this. These products are also certified by a third party in order to safeguard that it's not only Troax itself, but the products are safe. We also get certified and by this case, TÜV Rheinland, in order for the customers to feel safe. I'm coming towards the end of this short presentation and soon time for questions. As you remember, we are protecting people, property, and processes. You can see in this page, the existing factory, one of the main factory standards we have in the group, in this case in the Swedish one, who's been expanded several times. Since we are the originals, since 1955, we aim then to protect, of course, what matters, which of course is our families and relatives that are important for us. That's the key to what we try to give to our customers. With this, I'd like to thank you for listening in, and now it's up to you to put some questions. Please, Mr. Operator, if you could allow the people to open up and put some questions. I'll try my best, of course, to answer them. Yes, sir. Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. If you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. Once again, star and one if you wish to ask a question. We have a question that came through, sir. Your first question comes from the line of Kenneth Toll. Your line is now open. Please go ahead. Yeah. Thank you. Yeah, three questions. The first one is on the orders in new markets that were very strong. Is this mainly China, or are you seeing orders coming through from Japan or other countries than China as well? We also see some orders coming in from other areas than China. It is in that region, but I would say that if you just look at the figures, the major part of the increase compared with last year is coming from countries outside of China. Mm-hmm. Great. I was thinking when we look at the increase in orders and also in sales, the organic increase, some of that increase should be from higher steel prices and such effect. Would you say that the increase in volume, how large is that, if we try to separate that? That's a good question, Kenneth. We don't think yet that the sales price has affected a lot. We haven't been able to calculate it yet. I think that still it is for the first quarter, the organic growth is mainly the volume part. There will be maybe, let's call it, 1%, 2% could be the price effect of this, what we just said. I think that the effect will be greater in second quarter compared with the first quarter. It's a minimal effect if you just look at the organic growth. Okay. The last question. In the fourth quarter report, you had a comment in the outlook statement saying that, while the orders were very high in this quarter and we are not sure that we can repeat it anytime soon. Right. Now, in Q1 the orders were again very strong. Yes took out. Does it indicate that Q2 has started in a very strong way, or is it just because it proved to be wrong after the fourth quarter results? It's, of course, a very natural question, Kenneth, you're putting. Right. I think still the comment we had from Q4 actually remains that we are very happy to have such a strong order intake both in Q4 last year and Q1 this year. I think that the message we want to convey is, of course, that this is not just reflecting then that suddenly Troax has come up to a substantially higher level. We are probably gaining some market share here and there, obviously, and we are very happy for these product orders. These product orders, which now have for the last quarter of 2020 and first quarter of this year, has had quite, I would say, a significant effect. They can't come in every quarter. It would be wrong just to continue to say, oh, this is the new level now that Troax will come up to. There will be, as I normally say, some good quarters where you will see, hopefully more figures like this, but there will be some quarters where you won't see them. I think it's a bit early days to say what the trend is pointing at. The message is still that both Q4 and Q1 are, in our point of view, quite strong quarters in order point of view. Mm-hmm. The delivery times for those larger orders, could it be around six months or could it stretch even longer? Most of them are between two and four months, I would say. There are a few ones extending larger. A big part of what we now have received will of course, be delivered in Q2. An important part will be delivered also in Q3, but of the order book we have today, very few volumes will be delivered also Q3. Okay. Yeah. Great. Thanks. Thanks, Kenneth. Thank you. The next question comes from the line of Herman Eriksson. Your line is now open. Please go ahead. Thank you. Hi, Thomas, and congratulations on the strong report. Just a couple of questions from me. First of all, approximately how much of the order received during Q4 in North America and U.K. was converted during this quarter? We can say as some sort of summary that, let's call it a third was converted this quarter, so the main part is still to be seen in sales invoice. Perfect. Yet again, we see a strong order intake in both North America and U.K. Is this mainly the same customers as the last time, or have you entered new relationships as well? There are both things are valid. There is both a continuation of earlier customers who are continuing to put in good order, but are also maybe not completely new customers, but other customers which were for instance not putting in a bigger part of volumes in Q4, which now are putting higher amounts of bigger orders in Q1. It's a mix of those combinations. Yes. Also in new markets, the order intake stands out in this quarter. Would you say that this also is related to the e-commerce trend, or what has been the drivers here? I would say that the main part in this is actually related to the e-commerce trend. If you look at this at least from a figure point of view. Yeah. The final question is, your gross margin in the quarter was really impressive, given that Natom entering the books, and also the headwind from steel prices. Are the other mixed effects or it's all related to the capacity utilization? The main thing which offset those things, as you mentioned, was of course the good volume utilization and fixed cost coverage. Then, of course, we got some positive effects at least towards the end of the quarter when we had been able to increase prices, and that took an effect, of course, also on the invoicing. I would say that otherwise from a product mix point of view, so there are no real significant changes. It's a bit like business as usual. Perfect. That's all from me. Thank you. Thank you. Thank you. The next question comes from the line of Adolf Baradet. Your line is now open. Please go ahead. Yes. Hello, Thomas. Hi, Adolf. Congratulations for a good report. To continue on this point from the last question, when we saw North America in sales up 93% and still your gross margin growing a lot. We know that in North America, in terms of margin, is definitely not the same as Europe. Is it because in the U.S. it's the Troax brand who is growing a lot and not so much Folding Guard? Is it because you succeed in growing margin for Folding Guard? Can you just explain a bit? I think if you look at this from a sales point of view, it is so that it's the Troax brand which is growing the most, and Troax is let's say more healthy still than Folding Guard is. In a way, you're quite right that that has, of course, a positive mix effect than in the U.S. It would have been a not that good situation if Folding Guard had been growing more instead of Troax. From that it's a good mix. Also Folding Guard has done some considerable improvement in efficiency and results, so it's also helping. It's both, let's say, entities are helping to this improvement. Okay, thanks. The other question will be on the automotive you said, you see that demand is slowly coming back, but it's more a 2022 story? What the situation here, because we see that automotive sector is investing a lot on EV. Do you see that EV will be a big positive for you? We could say in general terms, when the automotive invests, it's of course good for us and our competitors in general, because automotive is obviously quite an important segment. EV is coming in, we don't really see the final conclusion, I would say, because partly it's relevant, EV doesn't demand so many operating phases in a line, which means then that the number of panels or the number of installed safety solutions that we offer will probably decrease a bit compared to the standard installations. That, nevertheless, is not perhaps having a significant effect, but on the margin, it will be a little bit lower. Of course, normally we are a little bit late in the investment process also. We are expecting that they will come back to us and start to increase more the investment level, because just like you're saying, we also see that they are increasing now mostly output, of course, obviously, but also for the investment. I think it will take a little bit more time, of course, that investment comes through to us and our type of suppliers. Great. Thank you. Thank you, Baradet. Bye-bye. Thank you. No further questions have came through at this time, sir. You may continue. Okay. Thank you very much. I appreciate that. Good questions and your interest. We will try to work hard now with what we got and the steel price turbulence, as I said. I look forward to meeting you then in August, when we can discuss then the development for the second quarter. Thank you very much for listening in. Take care all of you. Have a good summer period, and I'll talk to you again in August. Thank you. Bye-bye. Thank you. That concludes our conference for today. Thank you all for participating. You may now disconnect. Speaker, kindly stand by.