Thank you very much. Thank you to all of you listening in for joining today to walk through what is the Quarterly Results for the Quarter Four for SimCorp. Also, the annual report as well. If you move to slide number two, you will see a disclaimer. I think that most of you that have participated before have read the disclaimer that talks about kind of what governs what we're going to be saying for the rest of the day. Let's move on to the agenda on slide number three. As you can see, first of all, I'm going to give you the Q4 highlights. Michael Rosenvold, our CFO, is going to give you a more detailed financial review. Also the outlook for 2021. Then we will move on to Q&A. Open up for questions. Moving on to the next slide, you will see the fourth quarter in 2020 was quite a strong quarter. We had really good order intake towards the end of the year at almost EUR 57 million, up more than EUR 20 million from last year. We signed five new SimCorp Dimension deals and two new SimCorp Coric deals. Quite a strong performance in the fourth quarter in terms of order intake. Not all of this came to revenues. Some made it into the order book, and we'll talk a little bit more about that later. Revenue growth came in at 14.3%. That was a good, strong increase over last year, where, as some of you will remember, we had a more soft fourth quarter. EBIT came out quite strong, EUR 58.4 million. Also, a good increase of EUR 24 million over last year. 12-month support rolling is now to 5.4%. We've seen kind of a slow decline over the year of the 12 months. That is also highlighted in the report. Michael is going to talk a little bit more about this. You will also see some of this in the guidance for 2021, that some of the conversions and so on kind of feed into the software updates in the future. Professional services for the fourth quarter came out at a - 4%. That's based on implementations projects being delivered. All the professional services that relate to operations and so on, we're still in good shape for the quarter. The quarter also showed a very strong free cash flow, EUR 21.3 million, an increase of EUR 16 million over last year. Really a strong performance in the fourth quarter. If you move to the next slide, we talk about the whole of 2020. Also, there you see a good uptick in the order inflow from a little less than EUR 100 million last year to EUR 115 million this year. Revenue growth came in at 0.3% in reported revenue in euro. If you go to local currency, that is clear for this, it ends up at 1.4%. Growth of the 1.4%, and as you can see, order intake above that in growth, which means that the order book has gone up. You see the order book now sitting at EUR 56.1 million, which is an increase of almost EUR 18 million over last year. Good sales here, a little less on the revenue growth. EBIT came out quite strong, EUR 124 million, a little bit down over last year. All of that can be attributed to kind of the currency movement, the FX movement, and so on. Overall, also a good performance on EBIT given the growth. Professional services you saw declining in the fourth quarter, for the year, all up, we report 1% growth in professional services. Free cash flow quite strong from last year, up more than EUR 20 million to EUR 91.8 million in total. That's the year in total. I think that the headline on this says that we think this is a solid performance given the COVID-19 impact. Strong sales, strong EBIT, strong cash flow, many customers that went live on SimCorp Dimension, both in the fourth quarter and throughout the year. Moving on to the next slide, we show you kind of new clients that were signed up. This slide you've all seen before. These are the ones that were signed in the first three quarters of the year. If we move to the next slide number seven, you will see the seven deals that I mentioned in the beginning. five SimCorp Dimension deals and two Coric standalone deals. You will also see that a number of these deals are full front to back deals, but there's also one that kind of sticks out a little bit, which is the Allianz Global Investors, where it's only a middle-office solution that is there. If you look at the cloud number then of the deals in the fourth quarter, three of the deals were cloud-based deals of the five Dimension deals, and for the whole year, seven. About little over half of the deals we sign now are going into the cloud infrastructure with SimCorp Dimension. We move to the next slide. You will see the market share that we have across the world. The 16% global market share is up one point from last year where it was 15%. An improvement. We're now at 206 clients for the year. Those of you who paid attention, you will say, "Hmm, that's not 12 clients up from last year." That is correct. There was also five clients that we lost throughout 2020. That brings us to 206. You will see market share increasing in North America, EMEA, and APAC. All signed four deals for the year. Market share in North America up from 6% - 7%, we are making gains. If we talk about North America, four of the SimCorp Dimension deals were there, also five SimCorp Coric deals. Overall, nine out of 17 deals in North America, which we are quite happy about. Moving to the next slide, we show you the overlap of the various parts that we have in SimCorp. SimCorp Dimension, as I said, now have 206 clients, and there's an overlap between that and SimCorp Coric, as you can see. Probably the number that is most interesting in this slide is the number in the middle, which is seven. That is the number of customers that have everything we sell. They have both SimCorp Dimension, SimCorp Coric, and SimCorp Gain. That basically means that there's quite a bit of upsell opportunity. There's still a lot of customers that doesn't have SimCorp Coric. Doesn't work for an asset owner, but for all the asset managers, that's still an opportunity. SimCorp Gain and SimCorp DataCare that we built on top of Gain is still a big opportunity for almost 180 customers in the universe. There's still good upsell opportunity in this. In total, more than 300 clients. Moving to the next slide, you have a short review of each of the three market units. As I said, North America did quite well in the year. 10% growth year-on-year. We talked about the number of deals they signed, so that is really a good testament to the team that they can keep getting new customers in this very important market. I think EMEA, we will say, performed satisfactory. They grew 2% for the year compared with 2019. They had very strong additional license sales. Of course, the partnership we have with State Street in Germany for them to use our fully integrated front to back system across EMEA made a big difference as well. Yet they also signed four new SimCorp Dimension clients in 2020. In APAC, the comparison to 2019 is quite rough, given that they had a couple big deals and we had a big deal also that was signed in 2018 that got recognized in 2019. That's why we see revenue declining in this area. They did sign four new SimCorp Dimension deals in Asia as well. I would say we are bringing more and more customers in Asia, but the comparison was just too tough to make it. SimCorp Sofia actually did better than we expected in 2020, with a growth of 3%, driven by good performance in adding licenses to existing customers. If we move to the next slide, you will see that there is still, as I said, a strong demand for professional services, even though the total growth for the year was only 1% for the fourth quarter. You saw a decline in this. The growth in operational services, recurring services, is growing at 27% at the bottom. You see the rest growing or actually declining at 3%. We're quite happy with the recurring part of the business, the operational services part of the business being the one that grows. The implementation part, where we implement new customers and so on, is where we are becoming more and more efficient in installing the system, taking less and less time to onboard clients. Also we got the new clients a little bit late in the year, which is why you see this. Overall, a trend that we're quite pleased with. In 2021, we want to come back and do more for existing customers and the new customers as well, but keep growing the operational services in consulting. Moving to the next slide. We showed this in the previous quarters. This is just a recap of the must-win battles. They haven't changed. We're still very focused on the cloud offer, where we bring SimCorp Dimension to Microsoft Azure and start delivering this to our customers. Front office and alternative is still the two big areas for the product from a functionality point of view. Coric Engage, which is our new client engagement portal that is built with the Coric team for our client reporting, client engagement, is something we're launching now and has sold to a few customers, so we have good expectations for this for the year. DataCare, which we built on top of the Gain acquisition, where we are delivering cleanse data, market data to customers, has been quite successful in 2020, and we expect that to continue, so we're focused on this as well. Those are the five must-win battles that we're focused on as a business. Moving to the next slide, you will see as part of the annual report, there's also a report on ESG. This is something that takes more and more space and is more and more part of the strategy of SimCorp. There's a few things that we think we can do. We're not the biggest company in the world, but there's a lot of things we can do, and we can make everything count in what we do here. I think that part of this is reducing the CO2 footprint, so there's a reduction of us traveling less, moving all of our servers to the cloud and so on. That has impact. Also by building the systems more efficiently and by making sure that our customers are transferred into a cloud delivery mechanism where more green energy is consumed, we can reduce the CO2 footprint for all of our clients as well. Given that there's hundreds of those, that has a bigger impact than what we just do at SimCorp alone. We're also building out SimCorp Dimension to also cater for all of the ESG information that's coming in, not just being able to capture the data and the compliance requirements in this one, but also actually being able to use ESG data in the workflows, enabling our customers to build the right type of funds and do the right type of investment to cater for both regulation and the needs for investment. The third focus point we have is making it essential to work, making it interesting to work, it's diversity and inclusion is the fourth one, but the meaning of work, that it actually makes sense to come to work, that this is a meaningful place to work, is something that makes a big difference as well. Diversity and inclusion is something we are increasingly focused on, not just gender diversity, but diversity in general. Making sure that we have an inclusive workplace where everybody can come to work and be the best version of themselves. In essence, if we look at this and we look at the customers we have out there, then I think we all have an ambition of all of the pension funds and insurance and so on. That the money invested becomes more money. If you are somebody who put your pension money into one of the pension funds, then your expectation is you get more money out at the end. What we built with all of the tools, SimCorp Dimension, Coric, and so on, really enables many of our customers to make sure that the pensioners get their investment back, plus the returns on this. With this ESG initiative, our thinking is you would also want to have a world that's worth living in with all the money you got from your pension. Going hand-in-hand with making sure we get the best investment possible and then creating a world that's worth living in and spending that money. That's the bigger theme, if you will. There's a lot we can do. They're all small things, but everything counts the way we look at it. If we look at ESG from our client point of view, then it is very clear that there's a drive for alpha. Investing in the right type of ESG products has so far yielded very good results. There's a demand for these assets right now because we all want the world to be in a better place. That is giving the financial return on this, and then there's all the ESG products that are bringing more of the social return. We think that investors, us as engineers and so on, we're going to be looking for both of this, that we actually want to have a return on the investment, but we also want the investment to produce a good social return. That's what we're trying to support in SimCorp Dimension. Then you can see the market opportunity. I think this slide builds. If you build the slide fully from whoever runs this, then what you'll see is that that's on the market opportunity. On the operational cost side of this, then we provide an opportunity to run a very efficient platform that allows you to be cost-efficient and to scale your operation, and also be compliant with all of the new ESG regulation that's coming. Overall, that saving the cost, being compliant creates alpha both in terms of the financial return and in terms of social return. That's the client drivers from this. Our ESG offering goes all the way from data acquisition. Some of what we do with Gain and others, we connect to all the vendors on ESG. We track the dialogue; we go through all the work processes. So, our ESG implementation is not just about data, not just about getting it into SimCorp Dimension, but it is about getting it into every workflow that we have, including portfolio construction, the analytics that goes with this, and then once it gets into the data warehouse and business intelligence. That's the offering that we're looking at to do on ESG. That is an investment we started to do in 2020, and that we're continuing to do in 2021. This year is a special year for SimCorp. We are at the point of becoming a 50-year-old company. That is not something that happens to many mid-sized software companies, that they can get to stand on their own for 50 years and celebrate their 50th birthday. We're very fortunate to be able to do this and have had the stability in the company to get us here and have the growth of the company to stay an independent company. In many ways, we've been through two areas or eras of the company. If you flip to the next slide 17, you will see the first 25 years of SimCorp Dimension was a consulting company. We did consulting on financial models, budget models, all kinds of good things, and got to develop quite a bit of software. The last 25 years, we came together under one umbrella, one software solution, SimCorp Dimension, that we've now expanded. We've really been a software company for the last 25 years. Now, as we celebrate our 50th anniversary, then the next 25 years, we think, is going to be more of a SaaS company, a Software as a Service company, where we're providing services to our customers, delivering this more than just delivering the software. Two good 25-year paths, and then now comes the next 25 years, and we think that's a SaaS company. With that, I will stop and move us to slide number 18, where I will hand it to Michael to give us a more detailed financial review. Thank you, Klaus. I will jump straight into slide number 19, showing you can say the Q4 highlights, revenue and EBIT. While 2019 was more evenly spread performance among the four quarters, this year, 2020, we had to deliver a very strong finish of the year to get to our guidance. That was also what we delivered. The highlight is a strong performance toward the end of the year, with a very strong December. That meant that we grew organically 17% in Q4 compared to Q4 2019, and the EBIT margin was quite high at 40%, compared with 26.6% in the last quarter. If you go to the next slide, on slide number 20, we have shown a five-year overview of Q4s. Here you also see that actually Q4 2019 was a little bit of an outlier, being relatively strong, while Q4 2020 was as strong as we have seen in the past, both in 2017 and 2018, and stronger than 2016 and 2019. A good, strong performance in Q4, despite COVID-19. Going to the next slide 21, having the full year overview. As Klaus said, 1.4% growth in local currency and 0.3% reported, so you can say a flat development in reported numbers and organically. Looking at the EBIT margin, the organic growth this year was 28.5%. Sorry, not the growth, the EBIT margin. In local currency, the EBIT margin was 27.6%. That could be compared to last year of 28%, so a very similar level to last year. When we then compare to our guidance on slide number 22, then you can say we are in the middle of our guidance for revenue growth. The midpoint in our guidance was 1%, and we realized 1.4%. Looking at the margin, we are at the upper end of our guidance. Guidance were between 25% and 28%, and we delivered 27.6%. Again, looking at a five-year horizon on slide number 23, it's also quite clear that for the full year, both the EBIT and the EBIT margin was the second highest in the last five years. Only 2019 was better than what we have delivered in 2020. Going to slide number 24, the order intake, looking at the graphic, it's also quite clear that the Q4 2020 was a good order intake quarter, higher than the previous seven quarters. As Klaus also said, we were helped by five new SimCorp Dimension deals, two new standalone Coric deals, and we were also able to revenue recognize most of them. There was only one of these seven deals which will be revenue recognized in 2021. The rest was also revenue recognized in this quarter. DataCare, which is one of our new product offerings, accounted for EUR 7.5 million out of the EUR 56.6 million in order intake. It's also worth noticing that we had two conversions from perpetual to subscription-based licenses in Q4, which impacted the order intake by EUR 9 million. For comparison reasons, the same number was EUR 4.3 million in Q4 2019. Going to the next slide, which is slide 25, looking at the order book. It is quite clear to see that we have increased the order book by EUR 18 million compared to last year. In this quarter, we have increased it by EUR 12 million. You can say a large part of this increase is due to a successful launch of DataCare. DataCare accounted for EUR 14 million end of 2020, while it was EUR 2 million end of 2019. We still also have EUR 14 million in our order book, which relates to our Client-Driven Development orders. Something where the client pays for the development, we will then revenue recognize it as we develop it and deliver it to our clients. If we go to slide number 26, we have the different revenue types looking at it, focusing especially on Q4, which is you can say the new stuff for you. The licenses went up by EUR 10 million compared to Q4 2019 if you take initial license and additional license together, and it was quite clear that it was almost purely driven by additional license sales. Of course, among other things, the big strategic agreement with State Street, but we also had several other good additional license agreements made in Q4. Looking at the software update support, that increased by 6% in Q4 and 5% for the full year, if we look at it organically, which we believe is the most important measure in terms of growth. You can see, professional services were more or less a flat development. Going to slide number 27, we illustrate the different components of the additional license sales. We have three types of additional license sales. We have, you can say, the regular additional licenses upselling to existing clients. We have renewals, and we have conversions from one license type to another, from perpetual licenses to subscription licenses. If we start with probably the most important of those, the additional regular license sales, we had an increase of EUR 11 million in Q4 2020 compared to Q4 2019. A relatively big increase, a large increase in regular additional license sales. Renewal were about the same, EUR 1.7 in this quarter compared to EUR 1.2 one year ago. For conversions there, we had a higher impact in Q4 2020 by EUR 13 million compared to EUR 4.4 million in Q4 2019. If we take the same for the full year, it's about the same picture, that you see an increase of EUR 9 million in additional regular license sales. You have renewals, which were slightly higher than the year before, and you have conversions of almost EUR 19 million compared to EUR 12 million the year before. Again, there was a real increase in additional regular license sales. Going to slide number 29, looking into the cost development. We were quite pleased with seeing that our efforts turned into operating costs were down 5% organically compared to Q4 2019. Also when you look into the different components of our cost picture, it is quite clear that we continued investing into R&D as we said we would. We also pointed out when we started the year that we expected R&D both to grow and to account for approximately 20% of our revenue at full year, and that is exactly what happened. R&D was 20% of the revenue, it increased by 8% organically, while the three other cost lines, they declined compared to one year ago. Going to slide number 30, the cash flow. All in all, a solid cash performance this year. A cash conversion of more than 100%, which you should not be used to, as we have the contract assets capitalized, then you should expect cash conversion less than 100%, but this year we managed quite well. I will say one thing is that we had some postponement of income taxes and social charges, and that is also why you see other payable is increasing by EUR 10 million. We had some tailwind from COVID-19 postponement of payments, especially in Denmark. Even, if you adjust for those EUR 10 million, it's still a relatively strong cash flow performance this year. Having free cash flow going up by EUR 20 million altogether, with a flat revenue. We are pleased with the cash flow performance. On slide number 31, a little new slide this year. We are here trying to illustrate over a six-year period how we have distributed back money to our shareholders in terms of cash dividends and share buyback, and also how the share price has developed over the last five years. I think a clear indication that share price has gone up, and we have also been able to distribute back money to the shareholders. You can say in 2018, we did an acquisition, and thereby we didn't do a share buyback, but we did pay dividends. Again, also in 2020, we made an acquisition. We continued paying dividends, had less share buyback. At least we were both able to do acquisitions and distribute back money to the shareholders. In 2021, we proposed to pay EUR 40 million in dividends, and then that will be proposed at the AGM. We are now initiating the first tranche of our share buyback program, which started today, of EUR 20 million, and plan another EUR 20 million in the second half. On slide number 32, we are giving you some alternative measures to better understand our business. In not only focusing on revenue growth, EBIT, and cash flow, also some alternative measures are given here. The first one is a new one for us. For many of you, it's something that you see many other companies are reporting on, and that's the annual recurring revenue. We have given a definition of annual recurring revenue, both here on the slide but also in our annual accounts. We have seen an increase in our annual recurring revenue from 2019 to 2020 of about 14%. Also important, you can see that it's about 55% of the total revenue is recurring revenue. That's something we will follow up on in the future. We will report on this alternative measure in the coming quarterly reporting. Looking at the total contract value, that amounts to EUR 336, of which EUR 69 will be payable in 2021. This is something we also announced last year, what the value was of the contract value. You're probably more used to that number. The installed license base, we only report that on the SimCorp Dimension clients, but again, something we have done in many years, and you're used to that number. We had an increase of 3.6% in local currency on the license base this year. Finally, again, also looking ahead, how much signed revenue do we have when we enter the year? As in the beginning of January, we had EUR 289 million in signed revenue, which was an increase of 4% compared to the beginning of 2020. Please remember, at the beginning of 2020, that was before COVID-19. We are well into COVID-19 in a better position than we were before COVID-19. My last slide is related to the outlook, the guidance for 2021, which is on page 34. Our guidance is that in local currencies, we estimate or guide that we believe that the revenue growth will be between 6%-11%, and our EBIT margin, again, in local currency, will be between 24.5%-27.5%. Based on the knowledge we have end of January; we believe that the currency impact will be 1.2% - on revenue and 0.1 percentage point on EBIT margin. Just a few explanations to our guidance to better understand it. It is quite important to understand that we did have a positive impact from conversions in 2020, and we have included in our guidance that the impact in 2021 will be lower than in 2020. We have estimated it will be two percentage point lower, which will have a negative impact, of course, on revenue growth, but also on EBIT margin. On the other hand, we believe that we will have more renewals than we had in 2020, and that is estimated to have an impact of one percentage point. You could say, if you take conversions and renewals together, we believe we will have a negative impact of one percentage point on revenue, which is equivalent to a negative impact of 0.7% on EBIT margin. I think that's one important thing to understand in our guidance. Another important part is that due to the cancellations there have been, due to conversions which have taken place in 2020, and due to a very low inflation in the society and thereby also very low price indexation in our contracts, we believe that the software update and support revenue will be the same in 2021 as it was in 2020. That means we will not have any tailwind from growth in software update and support. That's what is included in the guidance. Finally, on a macroeconomic level, we believe that we will still be impacted by COVID-19 restrictions in the first half of this year, and we believe that it will return more to a normal level in the second half. That also means that we believe that the underlying trends for 2021 are slightly negative due to this. Finally, I said finally before, but this is finally, then we believe that some of the cost efficiencies we have had in 2020 are not repeatable, and thereby we will have a slightly increase in cost. Some of them will be repeatable, we will travel less, but there will also be other where we will man up, so there we'll have a higher cost level than we saw in 2020. That's the rationale for the 2021 full-year guidance. By that, we will hand over for Q&A. Thank you. Ladies and gentlemen, 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 and wait for your name to be taken by an operator. 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. Your first question comes from the line of Hannes Leitner from UBS. Please ask a question, your line is now open. Yes, thank you for letting me on, congrats on the results. I have a couple of questions. The first one, maybe on just the product wins. You provided the overlap. It seems like Gain, you actually lost a couple of Gain customers. Maybe you can talk us through there, the puts and takes. Although it didn't seem like you massively increased the cross-selling, you still have only seven customers using all three products. What kind of initiatives are you taking there? The second question is around the contracted signed revenues at the beginning of the year. If we assume just flat revenues from non-recurring professional services, you almost have already about 85%-90% of the 2021 guidance signed. Maybe you can talk us through there. How are the building blocks of the growth number in terms of conversions? I understand you said the 2% headwind. Also in terms of cross-selling, upselling, and new customer wins, maybe. That's it from this side. Thank you, Hannes. Very good questions. On Gain, you're right. There's a couple of customers that have dropped off Gain. Some of these have converted to DataCare, so that's not a loss as such. Net-net, if you look at kind of the customers on Gain, then it's actually up. That includes DataCare and the conversions that are there. On the cross-selling side, there's a lot going on. Maybe Christian, you will give a little bit of that. Yeah, sure. Thanks, Klaus. 2020 was the first year of what we refer to as [EM 2.0], which is really a company-wide initiative to increase customer adoption and customer satisfaction. That has ultimately been a lot of focus, understanding each customer, what is driving them, and how can we help. We now have for more than 50% of the customer base, we have so-called success plans that ultimately map the requirements of our customers into our entire product and service portfolio. That's really now a key focus for 2021, is to obviously continue to help customers be successful, but also to make sure that they tap into our wider service catalog for the exact reason of cross-selling. We're expecting quite a lot out of that. Your last question regarding our signed revenue. I know that your observation is to some degree, right. As we also have talked about throughout the year, we were very focused on making sure that our, you could say order book, which is not an order book in what we report, but that our professional services that we managed to secure work for the coming year. That was a big focus area, and that is, of course, reflected in the signed revenue. I'm not sure you can do exactly the calculation you're doing. You are right that the signed revenue is, of course, the software update and support. It's to a large degree, professional services. There is still some hosting, and there are, of course, also a few license items with CDD being delivered. There could also be some of the order book which is license-based, which will be revenue recognized in 2021. There's a little nuance on your analysis there. In general, you're right that we have been pretty good at securing professional services work for 2021, and that was a big focus area for us. Maybe just a quick follow-up here on, as you mentioned, hosting. If you break out hosting, it's booked in ASP hosting. I know it's a small revenue contributor. Third-party software increased by EUR 4 million, while ASP hosting and training fees declined by EUR 2 million. That kind of the moving parts must be almost the hosting, even though you increased the client. Is this lower consumption by them, or what are the moving parts here? Is it the U.S. dollar weakness? Sorry, where do you see the distinguish between third party and hosting? I think we only have it as one. I don't think we separate between those two in our reporting. Where do you see that, Hannes? In your annual report, at page four, you break out revenue share of all products, and third party is 4% of total revenues, so that's EUR 18 million. Okay. Yeah, okay. That would be some rounding. Yeah. I agree. I think in general, I think we have not seen a decline in hosting. No. That's not what we see. There might be some roundings on page four. Okay. Thank you. We're not seeing a decline in number of customers hosting, and we're not seeing a decline in consumption. No. None of those. No. Great. Good to hear. Thank you. Thank you. Your next question comes from the line of Magnus Jensen from SEB. Please ask your question. Your line now is open. Good morning, gents. Thank you for taking my question. I have two. The first one is related to renewals for 2021. You guys are sort of around one percentage point, which is around EUR 5 million. I think it sounds a little bit on the low side from my model. Could you say what sort of the assumptions behind the renewals are? For how long do you expect the renewals to be? You've talked about two years earlier, you also state that one of them is going to be longer. The other question goes to the gross margin, where you ended the year very strong and end around 63% for the full year, which is also what you did in 2019. Could we talk about any sort of normalized level for the gross margin, which historically has been somewhat difficult to model for your company? Is 63 sort of a number that we could rely on for the years ahead, or could you maybe talk a bit about what could spill into the margin? That's my two questions. Thank you. I can answer both questions. There is, of course, a specific reason why we are very specific about the renewals, because I think you're probably not the only one having higher expectations to renewals, and there are several reasons for that. There's both, you could say the length of the renewals, but there's also a matter of timing, because I think most believe that if you do a deal in 2015 also in 2016, it will be renewed in 2021. I think you believe it for good reason. If it is done towards the end of the year, and the contract is not five years, but maybe five years and a few more months or several more months, then the renewal effect will not be in 2021, but in 2022. That was why it was quite important for us to state here that we have several of those where renewal will be in 2022 and not in 2021. It has no impact on cash flow, or I'll also say, it shouldn't have any impact on valuation because the cash flow should be the same. Of course, it has an impact on the reported numbers. That was why it was quite important for us that we gave you that information so you could use that in your spreadsheets going forward. That was regarding renewals. I fully understand where you're coming from and why you're saying you had a high expectation to renew. Again, it has no real impact on cash flow or valuation. The other question regarding the gross margin. I would say the best you can do is taking 12 months rolling. We are operating with contingencies in our PS services. Until you have full clearance that the clients accept, you could say, your delivery, then that contingency will stay on your balance sheet. When you know for sure that you don't need the contingency any longer, you will revenue recognize that. That is more in Q4 than in the other months, because very often we finally deliver a little more in Q4 than we do in the other periods. Again, the best thing you can do is take 12 months rolling, take that as a kind of indication of what the gross margin should be. We have had this effect in Q4 for the last couple of years. Okay. A 63% margin is a good proxy for what we should expect when we look at these. We only give the guidance on what we write. We have given you a little more guidance this year than we normally do, being a little more specific on renewals and software update and support. We don't give you guidance on gross margin. Thank you, Michael. Thank you for answering my questions. Thank you. Your next question comes from the line of Gautam Pillai from Goldman Sachs. Please go ahead, ask your question. Great. Hi, Klaus and Michael. Thanks for taking my questions. I can start off with a question on the new licenses performance in 2020, which was quite weak. Can you please comment on how much of this was COVID driven, or if something has structurally changed in the market, which affected the performance? It is also interesting to see that you signed a relatively higher number of customers, new clients in 2020 and Q4, but seems like the average order size has been low. Can you add some color on this, please? Thank you. I think there's a couple things to observe. One is you're right that we signed the same number of customers for the year as we did in 2019. There are two things that are a little bit different in this year, or in 2020 than it was in 2019. One is, I should say, the average size of the customer has been a little bit lower, has been lower in 2020. That affects some of it. Also, the revenue recognition of some of these orders has been quite different. We're quite specific in what we write on this many went into order book, this many didn't go into either order book or revenue, and so on. You will see more variation in this, and the buildup of the order book comes from that. I think that's how to think about it, that it's those two effects that drive this. The decline in new licenses, that it's structurally changed the market where there's been lesser strategic deals coming to the table or any change in that, or should we not read into that like that? That's not how we read it. We read it as just stochastically, this was how the deals felt this year. As I said, there's also some of how you recognize revenue in these deals that are different than what we've seen in other years. Got it. I have a couple of questions on the guidance. You mentioned some headroom from conversions. Obviously 2020 was a year where you have seen a lot of conversion. Why do you anticipate lesser conversion in 2021? Is it because you have saturated the install base that can be converted? The question also is: Is it a push or pull here? Is SimCorp pushing for the conversions, or is it coming more from the customer's side? It's clearly a pull and not a push. That's why it's harder to predict, because if it was a push, then it would be maybe easier to predict. We need to include some kind of assumption in our guidance, and now we make it clear to you what our assumption is. You would say the main reason we believe it'll be smaller is that we had a big conversion, as you know, in 2020 with B3. We have not, in our budget or in our forecasting, assumed we'll have one more big. We have assumed that it'll be a normal year like you saw in 2019 and in 2018. Of course, that could be different. If that becomes different, then we should, of course, also deliver more or less, depending on if it is up or lower. We need to do some kind of assumption, and this is the assumption we have made. The reason being that we don't expect a big one in 2021. And we only do conversions when we try to mostly do conversions when there's an upsell to the client, and where it makes sense. You will see some conversions this year where a client says, "I want to do a whole overhaul of what I have," then we'll get into it. It's not something we are out pushing because it has this effect that we then get to explain to you every quarter. Driving that will have the opposite effect, we think. Got it. I had a question on maintenance revenues, I think, Michael, you mentioned that you're expecting something like flat growth in maintenance revenues in 2021. That's basically what's implied in the guidance. Can you just throw a bit more color into that? Given you still have some license revenues booked in 2020, I would expect maintenance to grow, unless there is some different assumptions in churn rates or something like that. The assumptions are quite clear. We have four parameters here. We actually have five. We have the new wins, which will, of course, add to the maintenance. We have cancellations, which will deduct. We have conversions, which will reduce. We have FX, which can go in both directions. We have price indexation. What I said is that price indexation will be very, very low because of low inflation. FX will be negative like anything else in our guidance. We have actually, in our annual report, stated how much the impact is from cancellations and conversions. You would say the residual is the new wins we have made so far and what we expect to make in 2021. As you also know, there is a tendency that we win more deals towards the end of the year, which will not have a big impact on maintenance than in the beginning of the year. To sum all that up, then it will be more or less flat development in maintenance. That is a stated number. I would assume, given you made the comment on currency, if the constant currency, is it still a positive growth number? The currency impact is only the same as the revenue. That's only the 1%. That's not the main contributing factor. The main contributing factor is that you will have cancellations, you'll have conversions, then you don't have, you can say, enough new additional or initial licenses to make a larger growth than what we are anticipating here. Yeah. The last question I had was on the SaaS revenues. I think the hosting revenues development was pretty strong in Q4. Is that a trend we should expect? Is this reflective of the SaaS contracts you're signing? What is the accounting on the SaaS contracts? Is it a multi-year recognition in the order intake and in the revenues like we see for in multi-year subscription contracts, or is it one year? I will say, when you see the uptick in Q4, it's a combination of hosting and third party. It also, to a large degree, due to that we sell and revenue recognize the third-party products in Q4. Part of the uptick in Q4 compared to Q3 is also due to third party. For the revenue recognition of the hosting and the services related to the hosting, that is taken over the term of the contract. You don't get the same one-off impact as you do for licenses. That you do for third party. There you get the one-off effect. When you sign new contracts, is that booked as license and maintenance right now? Sorry, could you repeat that question? When you sign SaaS contracts, in the P&L, do you book it as licenses and maintenance? You could say the hosting part and the services part will be revenue as delivered, while the license part on the SaaS contract will be revenue recognized upfront as if it is an on-premise solution. Yeah. As it is today. Okay. Thank you so much. Thank you. Your next question comes from the line of Poul Jessen from Danske Bank. Please ask a question. Your line now is open. Thank you. I have a few questions. One is coming back to the gross margin of Magnus. If you take and compare to the Q4 2019, your revenue was up 19% totally. Of which half were licenses, and professional service and maintenance were flat, the rest was down in the other line. Your gross income is up 21%. Is that the reversal of the contingent you set only, and thereby it's part of the gross margin on the licenses? Is there any exceptional margin down in the other line? In your analysis, is it right that you're saying that 2020 had a higher gross margin on professional services? Is that what you're saying, Poul? Yeah, that's the implicit question. Yeah, exactly. Somewhere else in between among the lines? Yeah. As I said, what happens is then, when you finalize a large project, where there are some uncertainty on it and there are some contingency built into the contract where there is a risk that you need to do more, but you deliver a very good job and you do it on time, on budget and everything. The client will sign off that you have delivered the project, and thereby we are entitled to income recognize the contingency of the project. I believe we did a relatively good job as expected in Q4 this year, and thereby we were able to do a revenue recognition on some of these contingencies as we delivered the project. It is also a matter of successful implementation of projects in a difficult time, so quite positive. Should that be seen as part of the license or as a professional service? Professional service. Okay. Second question, coming back to also an earlier question about the cross-selling between the different parts. I was wondering, when you increase the number of contracts which are both on Dimension and Gain, is that existing clients trading also upselling, or is it new contracts who include it? The five customers that I included in the list you see, is five new customers that do not have SimCorp Dimension. If that's the question? No, the question is, if it's a new customer who wants to buy Dimension, then includes that in an [ILAC] contract to do Dimension including Gain, or is it an existing Dimension customer who is buying it as an add-on, then it's upselling. If it makes sense? Somebody around the table here said you are correct. I'm not sure I get the question, but maybe a couple people are nodding and saying you're right, Poul. We'll say you're right. I will say, the 17 we specifically mentioned are all. New logos. New logos where we haven't had any engagement with them. They are new initial licenses. Everything else is add-on. If we sell both Dimension and Coric, you will find a tick mark in all of those columns. Yeah. I think also to relate to what you just said is that the two main products to generate new logos is Coric and SimCorp Dimension. Then we see a relatively large uptick in new Dimension customers that also take our DataCare product. Yes. That's the way it currently looks. Yeah. All right. I will say, just as a final comment on DataCare, that's a little bit special because DataCare is not Gain, it's not Dimension. It's a service offering, which is a combination of, you're going to say, of the strength from the in-house system and what we can do ourselves. That is not classified as a product. That's classified as a service we are selling. Yeah. A question on the guidance, where you guide 5%-10% growth, but lower margins. At least for this year, no leverage. Question is, how much were the savings on the OPEX in 2020 versus a normal year? Which we then should assume come back on traveling and education and training and whatever. You can say the last nine months, we haven't traveled at all, you can say. Let's say that we travel for EUR 1 million a month. You have nine months where you have very little of these EUR 1 million. We expect, the first half year there'll also be very little of that. In the second half, there'll be more. I think where you will see expenses or cost coming up is primarily on people, where we have been relatively strict on hiring freeze and also increases of salary and stuff like that. That's something you can do for a period of time, but then you need to make sure that you open up slightly again. We will recruit on strategic hires and of course also revenue-generating people, which we also did in the past. You will not see no salary increase forever. That will also come back. It's primarily on the people side you will see increases in cost. All right. The very low level of admin in the fourth quarter was EUR 3.7 million. There's also some reclassification, to be quite frank, between the quarters. There was, of course, some extra cost in 2019 due to the acquisition of AIM Software. There is also a reclassification between cost lines in Q4. Look at it for the full year. I think that's more appropriate to look at it for the 12 months. Okay, thanks. A more structural, the final question that's on the ESG that are coming up. I was just wondering, are you doing that organic and developing it by in-house or are you doing by partners? The reason I ask is we had, was it BlackRock that was out also doing ESG, but they had to make an investment in a company, taking 10% as part of that. How are you going to do the ESG and other solutions going forward? Partnerships or equity or in-house? How should we look at that? I think yes to all of them. I think ESG specifically, we are seeing quite a substantial part of the solution that Klaus has just outlined as being organic. It fits quite well with the structure of Dimension. One thing for ESG is data, which is a big part of the challenge. There we actually announced a partnership a couple of months ago. I would say partnerships will also play an important role in this and in many other things we will take to market. I don't think our view on M&A has changed, compared to what we've said earlier. Okay. Thank you. That's all for me. Thanks. Thank you. Your next question comes from the line of Thomas Poutrieux from Exane. Please ask your question. Your line now is open. Yes. Good morning. Good morning, Klaus and Michael. Thank you very much for taking the question. I was just looking for one clarification on the SaaS accounting. My initial understanding was that you would kind of initiate a new SaaS line encompassing software plus hosting operational IT services and the maintenance fee actually as of 2022. Did I get it right, Michael, that you said that actually you do not expect accounting to change with the introduction of SaaS next year? I think that what I answered was how it was treated in the 2020 accounts. When we have a hosted solution, how we will then revenue recognize that. Then I said there, we take license separately, and they have different lines and all that. As the SCDs are becoming more and more part of our business, we will look into if we need to present it in a different way. So far, and also when you look at the different lines and so on, it is still a relatively small amount. In order not to have too many lines and confuse people more than necessary, we have decided to continue with how we report right now. When it becomes bigger, more imminent, then we will review if we should present it in a different way. All right. Maybe one follow-up to that. What would be your expectation in terms of SaaS take-up, SaaS adoption for the next year versus a hosted solution, on-prem solution, both from new customers and from customers from the install base? I think it's important to say there's not a new solution as such, right? What we have is what we have, and that's kind of how we're selling it. What's going to happen is that over time, it's going to get more and more integrated and most likely the reason we do the accounting the way we do it right now is IFRS 15, which kind of forces us to do this with multi-year agreement. Over time, you're probably going to see the auditors saying that the hosting part of this, the services part of this, all of this, is a continual obligation to deliver. As soon as you get into continual obligation to deliver, rather than I've transferred the license obligation to you, dear customer, then you get into this monthly revenue recognition. That's not where we are right now, but that's probably where our expectation is. That's where it's going to evolve. Whether it evolves there in 2021 or 2022 or whenever that happens, we'll kind of let you know. That's where it's going to evolve, but not yet. All right. That's it on my side. Thank you very much. Thank you. Your next question comes from the line of Tej Sthankiya from Berenberg. Please ask your question. Your line now is open. Good morning, Klaus and Michael. Many thanks for squeezing me in. I just have a couple of quick questions. First of all, please could you explain how your cloud shift is progressing and how you expect this to contribute to costs in 2021? My second question is regarding your strategic imperatives that you've called out previously. I just wanted to ask if you have an update on the progress being made regarding the Ecosystem-Enabled Innovation, and how you expect this to evolve in 2021. Thanks. Well, I think we're making the progress we were hoping for now. It was a little bit slow at the middle of the year, given COVID and how to rebalance and all of this. I think we are on a good track on doing this. In some ways, I think it's good to think about cloud in three buckets. There's a bucket of business model, which is the customer always upgrades, it's on subscription, blah, blah, all of this, which we're already doing. The delivery mechanism of we deliver in the cloud. We do that today, as I said in the opening remarks, seven out of the 12 Dimension customers are in the cloud of the ones we sold in 2020. That one we know how to do. What we're doing now is we're also re-architecting the product for the future, so it really behaves well in a native cloud Azure environment. That's partly an offensive move to be able to have better pricing and what have you. It's also a defensive move of, if we haven't done this 10 years from now, then customers are going to be likely to not want this. I think we're making good progress. I don't think that you're going to see significant revenue impact on this in 2021. On the cost side, we are continuing to invest into R&D. What we said last year was we would spend about 20% of our revenue in 2020 on R&D, and we did. That was a little less because we didn't grow as much as we wanted to. You're probably going to see us spend about 20% again in 2021 on R&D. On the strategic ecosystem, maybe Christian. Sure. Yeah. Happy to give an update on that. That really falls into three parts. The first one is where we are utilizing other people's technology embedded into our offering. In the end, the customer contracts with us. We've done that for years, and we kind of continue to do that when it's ultimately accelerate our roadmap. That's kind of a steady continued process. The one that has really taken off this year is what we call an optionality play. That actually comes in two parts. There's an optionality play where we make it easier for our customers to utilize other technologies. We make those partnerships. You can see if you follow our news stream, that we more or less announce a new partnership every one to two months. They are typically extending what you can do, and they are complementary to what SimCorp does already. It's ultimately a service to our customer, if you will, to guide them through their technology roadmap. That's getting a lot of good feedback, both from our customers as well as from partners that want to sign up. Then you can say the other optionality play, which is also somewhat an existing one, but that took a relatively big step, was the signing of the agreement with State Street, where we're now allowing third parties to utilize our platform and even redistribute our platform into their customer base. We already have a series of those relationships already. It's clear that State Street moved that type of optionality quite a big step. I would say, this strategic imperative becomes a more and more integrated part of how we think and how we formulate our strategy going forward. Brilliant. Thank you. Thank you. There are no further questions at this time. Please continue. There is one question coming in over the web, so we'll take that as well. Yeah. That's from Oliver from [Big Tech]. The first question of two is, "Can you give us a timeline when Dimension is becoming really cloud native, i.e. rewritten as microservices?" The second question is, "Do you see potential clients just waiting for this before they would sign a contract? Let me answer the last question first, and the answer is no. That is not a request from any of the potential leads we're working with in the pipeline. As I said, this is both an offensive play in the sense of we want to be able to use native cloud. That's going to get better price points for us and so on in the future and make us more competitive. Thus also, it's a defensive play in that sense. When we'll have everything rewritten? That is a good question. Maybe 2025 is a good timeline. We will have lifted most of SimCorp Dimension onto a cloud-native platform by the end of this year. Then in 2022, we'll shift more of it into modern technology, blah, blah. Then we'll kind of get to all of the small pieces and bits and bobs that are around the system throughout the next few years. The big investment is in 2021. Then from there on, it's going to get much more normalized in terms of investment. There is no customers that are saying, "We're not signing unless we get this." There are customers that are saying, "If you don't have a plan for this, we won't sign." Yeah. That's it. We will say a big thank you to all of you that participated. A lot of very good and detailed questions. Thank you for all those. We wish you all a great day. Thank you very much.