Thank you. Thank you to everyone listening in on this call, which is Hartmann's 2020 earnings call. I'm Torben Rosenkrantz-Theil, and I'm the CEO of Hartmann. CFO Flemming Steen is with me on the call today. I will begin by providing a brief overview of the extraordinary results our employees delivered in 2020 and an update on the impact of COVID-19 on our business. Flemming will present the segment performance and the financials for the year before I share our perspective on some key strategy elements and initiatives. We will then comment on the 2021 outlook before turning to the Q&A session. Please turn to slide two for the highlights of the year. 2020 was an unusual and very busy year for Hartmann. Our company was in great shape as we entered the year, and we delivered a very strong first quarter without much impact from COVID-19. The outbreak of COVID-19 fueled exceptionally strong demand for eggs and egg packaging, which considerably lifted the low season quarters of Q2 and Q3 and added volume to Q4, which is traditionally a very busy quarter. We have made good use of our previously expanded production capacity after COVID-19 triggered a sudden and substantial increase in eggs sold in the retail industry as more meals were eaten at home. Our customers worked hard to keep the supply of eggs flowing to consumers, and we were able to sustain operations throughout the year in the face of COVID-19. We generated strong volume growth and lifted revenue by 9%, despite significant negative currency effects. The positive development was realized on the back of high utilization level and a favorable product mix with a higher share of retail packs. The strong volume growth was also driven by the continued conversion from oil-based plastic and polystyrene foam products to sustainable molded fiber packaging. Demand remained strong in the second and third quarters, which are usually considered low season in our industry. On this backdrop, our teams secured high production efficiency and historically strong earnings in 2020, with 73% growth in operating profit from a record strong comparison periods. We made a number of important investments in our existing production network and new plants in 2020. Our factories in Europe and the U.S. were expanded during the year, and new capacity is added as we speak to increase our bandwidth in these important markets in 2021. We also completed the construction of our new factory in Brazil and the acquisition of Mohan Fibre in the attractive and growing Indian market. In total, the investment level increased significantly and reached DKK 437 million to support our ambitious growth plans. Finally, we announced the acquisition of Russian company, Gotek-Litar JSC, which became part of the Hartmann family in Q1 of 2021. Let's turn to slide three for a brief update on the impact of COVID-19 on our business. COVID-19 had a significant impact on our business in 2020 as the pandemic entailed a surge in shell egg consumption and rising demand for eggs in the retail segment. Eggs are a cheap source of protein during difficult times, people have been consuming more eggs at home and fewer meals delivered by the food service and catering industries during COVID-19. At the same time, egg sales have shifted from open markets to supermarkets during the crisis, and since the outbreak of the pandemic in our markets in late Q1, the high demand for eggs entailed strong growth in sales of egg packaging to producers, packers, and retailers across our markets. This development has continued in Q1 of this year and is currently expected to continue in the first half of 2021. We were able to maintain operations at all factories in 2020 despite the challenges caused by the outbreak of COVID-19. One year after the outbreak of the pandemic in our markets, we are still facing reduced visibility and higher operational risk. The outbreak and its economic impact vary across our markets but seem most severe in the U.S., Argentina, and Brazil. All markets are affected, however, we saw significant drops in GDP and sizable currency fluctuations in several countries. At the same time, we still see a significantly increased risk of production interruption and volatility in raw material prices. We have been monitoring developments in each of our markets closely during 2020, and we took immediate steps to protect our employees at the factories as well as our partners and customers. At the same time, our teams have been working hard to ensure supplies for our factories and making sure that we're able to maintain operations and deliver to our customers. We are pleased that we were able to navigate safely through the crisis in 2020, and we continue the efforts to monitor and mitigate the impacts of COVID-19 in 2021. I will now ask Flemming to comment on the segment performance and our financials, please turn to slide four. Thank you, Torben. Our business unit delivered strong performance and excellent results in 2020 with record high volumes and profitability. The progress was driven by high demand, which replaced our low season quarters with busy quarters and ensured a favorable product mix. Revenue growth was strong as well. Currency effect had a significant negative impact of DKK 219 million in total. Demand was strong in our American markets during the outbreak of COVID-19, and we generated strong volume growth and continued to invest in our production network. While revenue declined slightly due to sizable currency effects in South America, the volume growth allowed for an improved utilization level and very strong production efficiency during the year. We were therefore able to boost the profit margin to 16.2%, even though we faced significant negative currency effects in South America and higher raw material prices in North America and Brazil. Our European segment has been expanded and renamed Eurasia following the acquisition of Indian Mohan Fibre in November 2020 and Russian Gotek-Litar earlier this year. The segment performed strongly in 2020, supported by the exceptionally high demand and activity level, as well as the investments made over the past few years. Volumes were up, revenue grew 16%, supported by an uptick in the share of retail packaging. In combination with strong capacity utilization and production efficiency, we were able to deliver a profit margin of 20.1%. Please turn to slide five for a few comments on the consolidated figures. Consolidated revenue increased by more than DKK 200 million to DKK 2.567 billion in 2020, despite the negative currency impact mentioned before. All business units sold more packaging, the product mix improved as well. At the same time, we sold more machinery and technology compared to 2019. On this positive backdrop, we generated historical high earnings and profitability in 2020. Our usual seasonality was basically offset by the high demand during the outbreak of COVID-19, and we saw very high utilization levels and production efficiency at our factories. We were therefore able to grow operating profit to DKK 452 million before hyperinflation restatement and special items with a profit margin of 17.5% for the year. Based on the high earnings levels, we maintained a positive free cash flow of DKK 12 million, despite the significant investments across our markets mentioned earlier. At the same time, the return on invested capital almost doubled to 28.7% for the year. Torben will now provide you with an update on our strategy and some key initiatives during the year, please turn to slide six. Thank you, Flemming. We continue to invest in our business to accommodate the underlying increase in demand across our markets. These investments and the expanded production capacity were crucial for our ability to meet the extraordinary demand during the outbreak of COVID-19. Still, it's important for us to highlight that we have not made investment decisions based on the demand arising from COVID-19. We are focused on the underlying development in demand and continue to see very positive macro trends driving Hartmann's growth and development. Firstly, demographics will continue to play an important role, driving the demand for food products and packaging. Further, urbanization drives retail trade and an increased demand for retail packaging. With a world population of 10 billion people expected in 2050, we see demand for our products increase steadily decades from now. Secondly, sustainability is top of mind among consumers and decision-makers who are reacting against the use of single-use plastic packaging. This drives the conversion to molded fiber packaging, which is a superior and well-proven alternative to plastic. Retail chains are embracing the change, and several large retailers have set out to ban or significantly reduce single-use plastic packaging. The development will be supported by expected regulatory changes coming into effect over the coming years. Thirdly, we expect to see higher egg consumption and a more varied supply of eggs because consumers are more focused on health, nutrition, local production, recycling, and animal welfare. This means that the egg category is becoming more complex, and our customers are demanding packaging that stands out and promotes specialty eggs in the supermarket. Our four key strengths allow us to meet demand and benefit from the overall trends. First of all, our expertise enables us to offer advice to customers based on experience and consumer research that opens for a data-based approach to branding and marketing. Secondly, our solid footprint with sales in more than 50 countries and 15 efficient factories gives us a great and expanding platform to grow the business. Thirdly, our product portfolio is versatile and tailored to fit the specific demands across our markets. Our sustainable profile is strong as all products are based on renewable materials with the option to choose FSC certified and CO2 neutral products as well. Finally, we have outstanding technology competencies that have been refined since 1936 and allowed for continued development of our own manufacturing setup and external machinery sales in selected markets. Now, let's turn to slide seven for an overview of our current strategic focus areas. Our strategic initiatives span the three key focus areas of capacity, efficiency, and marketing. In 2020, we maintained a strict focus on capacity expansion and efficiency improvements to meet customer demands. Despite the strong demand due to COVID-19, investing in marketing remains crucial to our long-term success, and we have continued to improve in this area as well. Our strategy is focused on growing volumes and maintaining a high utilization rate. At the same time, we aim to enhance efficiency through automation, process improvements, and continued technological development in our factories. Finally, we continue to explore expansion opportunities in existing and new markets. I'll share a few comments on the initiatives taken for each of these three focus areas in 2020. Firstly, our capacity expansion initiatives included the addition and commissioning of new capacity in Europe, the USA, and Brazil. In addition, we acquired Mohan Fibre in India to gain a strong foothold in this attractive market. In 2021, we also completed the acquisition of Russian Gotek-Litar, and we are investing in additional capacity in both Europe and the U.S., with expected commissioning during the year. Secondly, we continue to drive efficiency improvements by investing in automation and implementing new technology to ensure smooth operations, reduce costs, and remove bottlenecks at our factories. These efforts and the strong demand due to COVID-19 contributed to an improvement of the output per employee and per production line. At the same time, we were able to reduce raw material consumption per unit. Finally, our marketing initiatives included the launch of an updated version of our Plus Pack product, which offers consumers better marketing space, higher efficiency at the packing stations, and sustainability benefits due to a 10% weight reduction compared to its predecessor. We also continue to focus on marketing and establishing relevant data and insights about current consumer trends and concerns. In short, we're still working to support and assist our customers in converting from plastic packaging to eco-friendly molded fiber products. Let's turn to slide eight and the outlook for 2021. We're committed to continuing the positive developments in 2021 and expect to increase revenue to DKK 2.7 billion-DKK 3 billion, with a profit margin of 14%-17% before hyperinflation restatement and special items. In 2021, we expect growth to be driven by COVID-19 in the first half of the year, as well as increasing egg consumption and continued plastic conversion. The completed and ongoing addition of new capacity in existing and new markets enables us to seize the growth opportunities, and our guidance is based on expected volume growth and continued strong sales of retail products. The result for 2021 will also be affected by the license income of DKK 78 million that we received as part of a settlement of an intellectual property rights dispute in Q1. The outlook is obviously subject to significant risk due to the ongoing outbreak of COVID-19. We will continue to invest in expansion of our capacity, and we expect to invest around DKK 550 million in 2021, including the investment in Russian Gotek-Litar, which was completed in Q1. We have been able to invest significantly thanks to our strong financial position, and we're determined to always have the financial muscle to tap into attractive expansion and acquisition opportunities. The board of directors have therefore adopted a new dividend policy and decided that as a general rule, we will reinvest our free cash flow to achieve our goals and deliver growth and attractive profitability. 2020 was an exceptionally strong year for Hartmann due to the surge in demand for our sustainable packaging. We expect 2021 to be another strong year impacted by unusual circumstances. Even though we delivered a profit margin of 17.5% in 2020 and expect to reach 14%-17% in 2021, we are not revising our general financial ambitions. In the slightly longer term, we still aim to grow volumes and revenue year-on-year to be able to reach an ambitious profit margin of at least 14% under relatively stable market conditions. This concludes our presentations, and we now look forward to taking your questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. As a reminder, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A queue. This will only take a few moments. 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. The first question comes from the line of Christian Reinholdt. Please go ahead. Yes, good morning. Morning, Christian. I have a couple of questions. Maybe we could start with the guidance because you have a wider range on the EBIT margin guidance. First of all, the DKK 78 million is included in the EBIT margin for 2021 guidance. Is that correct? That is correct. Okay. Could you maybe talk a bit about the dynamics behind the decline in the EBIT margin? Is it gross margin? Is it higher OpEx? What's behind the decline in EBIT margin in 2021? Well, we had a very exceptional year in 2020, which is, of course, a tough new benchmark for Hartmann. What we enjoyed in 2020 was essentially a year of four high-season quarters, and we do not dare to assume that to be the case for 2021. Although we see more demand than usual driven by COVID-19, we do not expect four high-season quarters in 2021. Hence, our earnings will go down a bit. Further, we are hit severely in 2021 as well by the currencies that started declining in 2020. Those are a couple of the answers, Christian. Yeah. What about raw material prices? Are they stable, or how are they developing? They're going up slightly in Europe and have exploded in South America and have gone up a bit in North America. The trend is going the wrong direction presently, which is another underpinning part of the answer. In the technology segment, it was quite high, not all-time high, but it was a very good year in 2020. What's the expectations for 2021 on technology? Is it on average or is it at the same level, or? Well, you know that we don't guide on technology. We had a good year in technology in 2020, a really high one. Of course, that's a reflection that not only is Hartmann doing well, but so are those producers around the world that utilize our equipment. They're doing well as well. It has a quite significant impact on the earnings if it's high or low technology. It's a quite important part of understanding your guidance. Well, I think it's fair to say that the technology business is a very small part of our business. It's also not a considerable part of our earnings. As Hartmann has grown from being a DKK 1.5 billion revenue company to approximating DKK 3 billion, that impact is obviously at the same time diluted. We feel quite good about the level of guidance that we're providing on technology. Okay. Just another question before I jump back in the queue. This DKK 78 million you get from this license income, is it taxable? Do you have to pay tax on that? Yes. Okay. I'll go back into queue. Thank you. Next question comes from the line of Niels Andersen. Please go ahead. Morning, Niels Andersen, BankInvest. I would like to continue with some of Christian's questions. You mentioned that currencies has a big impact for your 2021 guidance. Could you quantify with current currency rates, what would the impact be on sales and earnings? No, we cannot break that down. What we have seen in particular, if you look to the South American currencies that we're exposed to, particularly the Brazilian real and the Argentinian peso. Those are two currencies that have shown a fairly significant decline during 2020, particularly the back end of the year. Of course, we're carrying that into 2021. As you can see as well, Niels, the currency impact on 2020- 2021, the 2020 impact was very significant, and that's why our growth only shows 9% in revenue. Of course, if you correct for the currency slide, we were closer to 20. The swings that we are exposed to right now are certainly significant. Okay. Yeah, just to comment, the DKK 7 8 million, it very much looks like a special item, and your guidance is without special items. That's just a comment, maybe you shouldn't include or that you should do guidance without special items. It's easier to read at least when you do your guidance. That's just a comment. My next question will be on, you have this raw material prices you say exploding in South America and rising in other markets. To what extent are you able to compensate on pricing? We're doing it, and we hope that we can recover everything, if not immediately, then with a slight delay. We're working very hard to make that happen. It's easier in some markets than others. Of course, some markets are very competitive, and there you run a volume risk when you're increasing price. That's a risk we must run, because the increases that we have seen, particularly in South America, are very significant. There is no avoiding here, we just got to go out and do our work. That's an ordinary part of our business, and we need to demonstrate one more time that we are able to do it. Thankfully, if you look to a country like Argentina, where the very high inflation has forced the team into a rhythm and a cycle of increasing prices periodically, with or without this extraordinary event related to the raw materials. There is work for us to be done, but it's work that we have carried out before. The reason for the raw material prices, is that related to COVID, that it's difficult to get the used paper collected and reused? What are the drivers behind these rising raw material prices? I think there are two things I will point to. One is that less paper and cardboard is being generated, and the demand for the same material has gone up, particularly as we see an increase in internet shopping. Availability going down, demand going up is normally not the best cocktail for pricing. That's it. It's more like a structural thing, really. It's not so much COVID related. I would say that the lower level of generation of paper is COVID related, and s o is the demand spike. That's why if we were betting men here, and we are not, but if we were, the bet would be that as long as we're in this cycle, the raw material will continue to go up. Once we get out of that COVID-19 cycle, the prices will drop down again. That's a guess, nothing more. That's the way we look at it. Okay. My last question is regarding the acquisitions you have done. If you could help to quantify the impact. In the statement when you bought the companies, you gave some 2019 sales numbers and for one of them, at least also an EBITDA number. Could you help us understand whether we can use that as a proxy or, since it's two years old numbers, are they very different if we should estimate a 2021 impact? The numbers that we provided and the proxies are still relevant, so you can use those as your best guidance. Okay. Thanks. Yeah. Thanks, Niels. Thank you. Next question comes from the line of Christian Reinholdt. Please go ahead. Okay. Short queue. I'd like to speak a bit about capacity utilization and also the capacity you are adding. As far as I understood it in your comments here, that you have been close to full capacity utilization in Europe in 2020. Is that correct? That is confirmed. Yes. How much capacity are you adding in Europe and the U.S. in 2021? A lot. What's that? Is it 10% or 20% or 5% or what are we speaking about? We are in Europe expanding at several plants and in the U.S. at one plant, the scope of that expansion is well described in our message to the market when we decided on that expansion. The plant in the U.S. is going through a very considerable expansion. Okay. I will not speak to the number of production lines or the volume that we're adding for competitive reasons. But do you expect- Several production lines both in Europe and in North America. Yeah. These decisions, they are not driven at all by COVID-19 very high demand in 2020? No, I think what COVID-19 will do for us is that it may allow us to ramp those lines up quicker and fill them quicker. We also expect at some point the demand may fall back a bit, which will leave us with a bit of free capacity for a period of time. Since the underlying markets are fundamentally growing, driven by urbanization, demographics and conversion from plastic to green products, for those reasons, we still believe those lines will be filled. There could be a gap of a year or two where we will have less than 100% capacity utilization. Which is anyway quite good in the sense that having a little extra capacity available allows you to grab customer opportunities when they arise. We should not see that as a terrible scenario at all. The investments are made in the underlying demand pattern, and are convenient for COVID-19 purposes, but decisions are not based on that. Your CapEx, you have increased it quite heavily compared to some years ago. What should we expect you have guided for 2021? Is that a new level, or will they come back to a lower level after 2021? Well, you know that we're guiding a year at a time. I think if you look at our strategy and if you look at the things that we have done over the last couple of years, you have seen Hartmann taking steps to really increase the growth level of the business. We're successful with that. Certainly, the investment is something that we will continue to invest a lot. That's what we expect. We're also, as you can see, adjusting our dividend policy to reflect the fact that we will continue to invest. Whether that is DKK 200 or DKK 800, we'll take year by year. We are not in cash cow mode, we want to continue to capture the opportunities that are out there for our products. Sounds good. Your two investments in India and Russia, of course, they are quite new, but could you maybe give an idea what your plans are here for the next two, three years? Do you want to add more factories or further acquisitions, or how should we look at these two? In itself, they are very small in Hartmann compared to the rest of the Hartmann Group. Absolutely. In many ways, that's a good thing. Obviously, the potential in those markets, we see them as being tremendous. Those are also new markets to Hartmann and comes with a different level of risk. Culturally, we need to understand those markets better. From that standpoint, we actually see it as a good thing that those are not billion-dollar bets, but comparably slightly smaller bets. The emphasis is now to dip our toes in the water, get good at running what we have bought. Of course, the intent is not to have one plant in Russia with the current size and not to have one plant in India with the current size, but to use that as a platform for further expansion, whether through expanding of the existing sites or through adding sites. We expect to be in both markets for the next many decades. Right now, we have all sorts of ambitions in those countries, while at the same time, we're testing the thickness of the ice before making the next move. Okay. My last is regarding the competitive situation to your competitors. Are they adding capacity as well as you are doing? Yeah, we have seen some movements in Europe in particular, with one competitor being active in adding capacity. Thankfully, we're in the position where there is room enough for them to grow and for us to grow. From that standpoint, good on them, good on us. I don't think we're in a situation where we are as an industry sort of dramatically over-expanding. I think it's done in a balanced, cautious way. Needless to say, more capacity is needed in the industry and the industry is responding. Certainly, we are very active on that front, but not the only one. Thank you. That's all from me. Thanks, Christian. There are no more questions at this time. Please continue. Well, in that case, I think we'll close the call. Thank the participants for being part of it. Have a good day.