[Non-English content] Good morning, everyone, welcome to this webcast concerning Lehto Group's financial statements 2020. My name is Teija Kettunen. I work as Communications Director for Lehto Group and also supporting investor relations. We have worked really hard in Lehto for our company's future in 2020, and today is our pleasure to provide some useful information about the figures that we reached last year. Today we start with English summary following the English questions right after the summary and after that we continue in Finnish. Now I let our CFO, Mr Veli-Pekka Paloranta, to start with the English summary. Thank you, Teija, and very good morning. We do not have a physical audience here, but I think you can follow this through computer as well. Year 2020 was much better year than previous year. Our net sales declined, but operating profit improved significantly. Even though the profit still was slightly negative, it was EUR 39 million better than year before. The most delighting thing was that our financial position developed very well and we are in a very good balance sheet position. One part of this improvement on balance sheet is the share issue, rights issue that was carried out in November, December this year. Our net sales declined 18% and we saw decline on both service areas. The biggest factors behind the decline were we started less on developed housing project in 2019, and this was seen as decline in net sales in 2020. We also were more selective with new business premises project in 2019. We had challenges with our projects and we did not want to take projects that do not fit well on our strategy. Also, nursing home business went quite significantly down last year and coronavirus pandemic had some effect too. Here we can see the quarterly revenues on business premises side. The development was quite even, developed steadily, but it was lower level than year before. On housing, we see this typical curve when the last quarter is absolutely the highest quarter of the year, and last year we had very high peak there and this year there was not that high peak. As you know our own developed projects are recognized in the revenue when it's finished and handed over to customer. There are quite big fluctuations between the quarters. Operating result improved from previous year. Full year operating profit was -EUR 2.9 million. Main reason there are that we made some losses from Swedish operations and we had very low margin school projects. We also had too much capacity on the discontinued social care and educational premises service area. We reorganized operations there and also cut some costs there. The run rate is less now than what was in the beginning of the year. We need to say that our operating profit includes all costs. There are practice also on this industry that there are adjusted or operative operating profits that are better than the reported ones. We have all costs here in our operating profit number. Balance sheet strengthened quite significantly. Main reason there are inventories that went down about EUR 100 million from previous year. We had much less own-developed housing projects that typically tie the capital, and that is the main reason why the inventory went down. Maybe the other big thing is that at the year-end, we had a very good cash position. We paid back our interest-bearing loans, and at the same time, our cash reserves increased to EUR 105 million. We have about EUR 25 million more cash than what we have interest-bearing debt, and this is very positive. Cash flow. There is one thing that comes up from the calculation is the change in net working capital, EUR 71 million positive change there. The main reason is, as I explained earlier, is that we had less own-developed housing projects that tie up capital. Cash flow from investment decreased compared to previous year. In 2019, we invested more in production capacity and prefabricated products. Cash flow from financing was minus EUR 26 million, mainly because we paid back so much loans. On the other hand, we had this rights issue, and we got EUR 19.3 million net proceeds from the issue. Financial position, all in all, was very good development there. This curve that is going downwards is here a positive thing because it's describing the net debt. At the year-end, our cash reserves showing on the blue column, it was higher than the orange column that represents interest-bearing debt. We had more cash reserves than what we have interest-bearing debt. This is resulting better equity ratio. Equity ratio without this IFRS 16 lease liabilities was 43.2%, significantly better than year before, and net gearing ratio was on a negative side without these lease liabilities. We have a very healthy financing position. Order backlog went down to EUR 426 million. The biggest shift was seen on the fourth quarter, where quite many own-developed housing projects were finished. We had more focus on strategic project and fewer developer contractor housing projects were started up during the year. Also the coronavirus pandemic somewhat slowed down the sales, and it has also effect on order backlog. Headcount was decreased 19% during the full year. This is about the same level as the net sales went down. There were reductions on all functions. We had some employee cooperation negotiations throughout the year. As we can see from the numbers, our headcount decreased by more than 200 employees during the year. Some words about the corona pandemic effects on our business impact on sales. Startups of some business premises projects were postponed and contract negotiations on the springtime when the pandemic started, they were discontinued. We see that customers' uncertainty has increased and financing has become more difficult also for the customers, and it's slowing down the sales. Housing sales, however, has developed quite well. In the springtime, it first went down, but then recovered on a stabilized level during the summer, and on the second half, we had quite good sales also on apartments. Some operational impacts. We have had some bigger coronavirus clusters at two construction sites where quite many employees have been infected. They are in Helsinki area, and additionally, there are some individual infections on other construction sites. One site has been discontinued due to coronavirus infections. In spite of the preventive actions what we have done and are doing, it's possible that there will be further infections on construction sites, and it means that then it's possible that operations could be discontinued there. If there are interruptions on the site's projects, they can lead to delays in the execution of the projects and postpone the accrual of net sales and operating profit. Outlook for this year: we estimate that net sales will be lower than the previous year and the operating result will be positive. The accrual of operating result is expected to be concentrated on the second half of the year. I think this was my part and now I welcome Hannu on stage first. Okay, they are saying that there are some questions coming from the web. Yes, it delights me that we have some questions from the audience in English. I will collect the English questions right now after the summary. First one includes actually quite many questions in the same question. Can you elaborate the profitability in Q4? What were the positive effects and what were the negative effects here? Guidance was for positive operating profit and declining sales. Can you elaborate how significantly positive profits are you expecting? Do you think your sales levels can handle your cost structure or do you need bigger volumes to make significantly better profitability? Okay, I try to take the first question was about the Q4 profitability. Yes. What were the positive effects and what were the negative effects here? Maybe the one biggest positive effect was finishing the housing projects on Q4. I said own developed housing projects are recognized as revenue and also margins when they are finished and handed over to the customer. Of course, there is coming the biggest part. At the same time, we have less and less bad projects that have negative or low margin effects and I want to say that business premises also have developed quite steadily, resulting profits every quarter. Can you elaborate how significantly positive profits are you expecting? No, we do not want to open it more. We have given the guidance that it's positive. Of course, we want to have some room there, but we are not giving any guidance on the magnitude of the positiveness. The third part of the question was, do you think your sales levels can handle your cost structure or do you need bigger volumes to make significantly better profitability? Significantly better profitability means that we also need to have volumes. We have certain fixed cost rate, but our burn rate has gone down throughout this year. Even though we are expecting declining volumes, we expect that we can make a positive operating profit. Another question in English regarding headcount reduction in 2020. How large were the severance package costs related to headcount reduction? Follow up, how much did the annual personnel cost run rate decrease due to the headcount reduction? I cannot give any exact number what was the effect of the severance payments package. It's not very significant. All in all, our personnel cost went down a little bit more than what the sales went down. We have seen significant decrease on personnel costs last year. Thank you. These were all the English questions and now we can move to the Finnish presentation. 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