Good afternoon and good morning, everybody. This is Juha from Metso Outotec Investor Relaions. I want to welcome you all to this conference call where we discuss Metso Outotec's fourth quarter and full-year 2020 results. Results will be presented by our President and CEO, Pekka Vauramo, and CFO, Eeva Sipilä. After the presentation, we'll have the Q&A session. In this presentation slide deck, we have provided, first of all, forward-looking statements in Slide number two. Following that, Slide number three talks about this financial information, meaning that we have several set of numbers, and this works as a kind of a reading instruction into those different numbers that you will find in our report and presentation. We'll try to limit this conference call to 60 minutes in total. Please keep that in mind. With these opening remarks, I'll be handing over to President and CEO, Pekka Vauramo. Pekka, please go ahead. Thank you, Juha, and welcome to this call. Let's move on right away to short comments on fourth quarter. As you have seen on numbers, very strong order intake, and that applies to all of our three segments. We'll go them through more indeed later on. Performance both in Aggregates and Minerals segments was healthy. Some issues though in Minerals. We'll come back to that one as well later on. Metals, we reported loss already at the Q3. We announced that turnaround program will be put in place. It is now in place, and we have started the actions targeting this year to EUR 15 million permanent cost savings. Integration progressing well. We are currently at EUR 65 million of synergy costs, that run rate that we have been able to achieve, and the target was EUR 50 million at the end of last year, and we're targeting to be at EUR 120 million mark with the cost synergies at the end of this year. This target is unchanged from our previous communication. Also during the quarter, we had a capital markets day. We published our strategy, published our financial targets, and I will just sort of recap them later on in this presentation. Looking at the group numbers first, strong orders in all segments, like I said, EUR 1.3 million exceeding and, of course, yes, we had very strong end of the year, like we were expecting already quarter three some of these orders, but due to uncertainty, decision-making takes longer, and it's more difficult to forecast the actual decision-making time than on more normal times. The orders came, and pipeline in all businesses looks healthy at this moment also going forward. When you look at our sales numbers later on, please pay attention to the currency impact. Same applies to orders as well. We have a major currency impact on most of those lines. That is because we do operate in countries with volatile currencies. A lot of our sales are coming from them. In days like this, those currencies tend to depreciate strongly and we have seen that one. Of course, we also have a lot of internal hedging in place. The impact on bottom line is not as dramatic as it would be on top line. That is just a note at this moment already. Adjusted EBITDA for the quarter, EUR 103 million, 10.6% of sales. Down from last year, I would say that primarily for COVID-related reasons, the downward trend on this one. EBIT for the full-year, eur 44 million. We have, as you can see, a lot of adjustments. We also have the PPA here that's sort of affecting the bottom line numbers. Very healthy cash flow situation continued during the Q4, EUR 177 million of cash from operations and nearly EUR 600 million cash from the operation in full-year. Our board will propose a dividend of EUR 0.20 for 2020, that would be paid in two equal installments, total amount of dividends being EUR 166 million with this proposal. COVID impact, we do see that one still, even though the news on vaccination were positive, that encouraged customers to take decisions finally on some of the proposals that we had out there. We are still seeing its impact on sales in all fronts, I would say. More so in services. There's still access restrictions in place, primarily in North America and South America and parts of Asia. Those are suffering most from the access restrictions. At the same time, sort of ongoing spare parts consumables business, the demand is strong, but customers are hesitant to engage with modifications and upgrades as has been the picture before as well. We are expecting that one, of course, to go away once the vaccination programs do progress, and there are, at times, some encouraging signs that things will start to change. The clear breakthrough in this one is yet to come. Underlying market as such is good, but decision-making continues to be slow. The bigger the orders are or the more complicated technical things are involved, the more difficult it is to conclude things. Metal prices continue to be strong, and that is, of course, a very good situation for us to be in right now. Aggregate segment, very strong order intake, especially the two last months of the quarter. We saw really the orders going up, and I think in Q3, we said that we have returned to more of a normal level. Now two last months of the year, we were ways above any normal level. Strong contribution from all our brands, but specifically McCloskey, very good, strong, healthy order intake, which is an indication of upcoming spring season in North America and Northern Hemisphere in general. Sales EUR 250 million, currency impact there negative 5%, and adjusted EBITDA EUR 31 million. Margin improved for the segment from last year, which is a good sign, and it's also a sign that the business improvement programs that we have in place in aggregates, there's minor impact of synergies as well here, also from Metso Outotec merger synergies, but then additional from McCloskey synergies that are improving this one, plus the self-help from within the aggregates business. All in all, good, healthy development, and we are well on our way towards our targets in the segment here. Minerals, here we see really major currency impact on orders, 9%, on sales - 8%. These are just worthwhile to note when you comment these sales figures. Like I said earlier, good internal hedging. We have a lot of production also in the same currency. The bottom line impact is not quite as dramatic as this top-line currency impacts would indicate. Orders EUR 730 million, slightly up from year before despite of the currency. Sales down. We are of course delivering the order backlog, which has been reduced, and order intake, which was reduced throughout the year. We could say that with the currency impact, it would be flat development on the sales, but that's what the numbers currently show. Services share was 62%, also reflecting a little bit of the difficulties in delivering some of the services because of the restrictions. Adjusted EBITDA EUR 85 million, a year ago, EUR 84 million, margin of 13.3%. Improvement in that one, in that regard. We had certain issues primarily in our consumables business. We have made quite many changes in our supply footprint, we clearly had additional costs and delivery difficulties at the end of the year, really November and December. These have been mostly solved already, in January, we saw preliminary already return to more normal level in consumables. Overall consumables business has developed very well in last year. Unfortunately, the two last months of the year were disappointing in that part of the business and affecting the entire segment numbers. Metal segment continues at loss, orders on high level. It's worthwhile to mention that the orders that we announced in December, they were joint orders for Metals and Minerals. This is also an indication that there are synergies between these two businesses. Most of the orders, they were very close to 50-50 splits between Minerals and Metals. The synergies are major synergies between those with this measure. Sales EUR 86 million. This is really very low number, and with this sort of number, it's difficult to make any sort of positive result with the fixed cost and with the absorption level or under absorption, which was very high during the quarter. We are on a turnaround program and progressing with that one as fast as we can. We're targeting EUR 15 million savings for Metals on annual basis, and we will get to those numbers later in this year. Quarter 3, I would say we should be on that run rate with metals. At the same time, we are of course delivering our order backlog, and we start to see firming up of the top line. We need to wait until we see turnaround of this business to positive numbers towards end of the year. I'll hand it over to Eeva, and then I'll come back later on for the strategy recap. Thank you, Pekka. Good morning, good afternoon on my behalf as well. We closed the year with several sets of numbers, as you've already saw last year, due to the closing of Metso Outotec transaction taking place mid-year on June 30th, 2020. Whilst for the fourth quarter, the IFRS numbers are what you need, for the full-year, the IFRS numbers have some limitations as they ignore the Outotec history of the first half of 2020. The illustrative combined figures give better insight into the performance of Metso Outotec businesses for all of 2020. Again, they combine the history of two separate companies, so they are, as their name says, illustrative. In this presentation, I will focus on these two sets. In the material published today, you can also find a third set, which are the pro forma figures. They are provided to give you a combined view following the pro forma reporting conventions that will be familiar to many of you. I'll start with the IFRS figures and the income statement. Q4 figures are clear and describe the business exactly as we are going forward as well. The full-year 2020 incorporates Metso Minerals for the first six months and Metso Outotec combined for the latter six months. The year 2019 in this table is purely Metso Minerals. I'll come back to the Q4 comments on the next page, but just briefly on the IFRS 2020 numbers. Sales of EUR 3.3 billion and an adjusted EBITA of 11.9% and an operating profit of 7.2%. The difference between these two is formed from the adjustments totaling EUR 72 million and amortization of intangible assets of EUR 86 million. You will also note that we report separately the profit for continuing operations at EUR 149 million, and then the profit including discontinued operations. Whilst the aluminum business announced to be sold to RIO in December was operatively profitable, as was the recycling business transitioned here during the fourth quarter, the third leg of the discontinued operations is the previous Outotec Energy business, and this business was at a loss, pulling then the total profit for the financial year to EUR 138 million. Moving forward, you see the illustrative combined figures, which are really useful when you want to compare the Q4 performance either year-over-year or then against the sort of 12 months development. The Q4 here is exactly the same as on the previous page. This column is IFRS reporting. Sales were EUR 977 million, down from EUR 1,087 million last year due to really two factors, COVID-19 impacting orders and hence sales volumes delivered during the year. Then, as our CEO mentioned, the currency depreciation affected all of our businesses, but especially the minerals aftermarket side, where the geographical mix of the business is such that countries that were particularly hit by currency depreciation against EUR are really some of the key markets. The currency impact explains six percentage points of the total 10% drop in sales volume in the quarter. Now the adjusted EBITA for Q4 was 10.6%. As both the aggregates and mineral segments clearly improved their margin, the difference to the 12.7% of a year earlier comes purely from the metals business delivering a loss in 2020. In the comparison quarter of 2019, at that time Outotec metals refining business result was profitable. It did include material positive one-offs, which is good to note. On an annual level, the illustrative combined figures give really the right scale of our operations today. The sales of EUR 3,897,000,000, excluding the recycling business, which was transferred into discontinued operations during the fourth quarter. The adjustment costs here are higher. They are EUR 97 million compared to the EUR 72 million reported under IFRS. The difference being the part of the transaction costs included in Outotec first half 2020 figures. The earnings per share number is unfortunately as complex as in Q3. Not only do you need to pay attention to the numerator, also the denominator, i.e. the number of shares that is used to calculate the EPS, is different under IFRS versus illustrative combined figures. As mentioned, the IFRS numerator is either EUR 149 million or EUR 138 million, depending on whether you want to look at EPS for continued operations or EPS also including discontinued operations. For both, the denominator used is the average number of shares for 2020. This is a somewhat fictive number as calculating the average of new shares issued as consideration to Metso shareholders and the end of year Metso Outotec shares is not really indicative of how many shareholders we have today to whom we distribute the earnings. Nevertheless, with these calculations you get either EUR 0.20 or EUR 0.19. Personally, I believe the more informative denominator is using the number of shares we had at Metso Outotec from the start and also at the end of the year. This number is the just under 829 million shares. Naturally, the EPS is slightly lower with a higher denominator, so we end up at EUR 0.17 of EPS with illustrative combined figures against EUR 0.19 under IFRS. The next slide gives the highlights of our balance sheet, and here we really have the benefit of having full comparability with the end of December to the end of June figures, both of them illustrating the assets and liabilities of Metso Outotec. Only the end of December 2019 figures are for Metso Minerals only. As you can see from comparing the June and December 2020 figures, so very minimal changes during the first six months of Metso Outotec. A slight reduction of the total balance sheet to EUR 5.508 billion. I'll walk you through the net working capital liquid funds still shortly. Before that, let's look at the cash flow. Something I'm pleased with not only for the full-year, but also regarding the fourth quarter achievement. We discussed profit earlier as well as the higher amortization due to the PPA from the transaction. I would perhaps just draw your attention to the change in net working capital row here, which shows that we were able to release cash of EUR 193 million for the full-year and EUR 81 million for the fourth quarter alone. Considering the challenging COVID-19 environment, we did well in improving our collection of receivables as well as reducing our inventories. Healthy operative cash flow generation helped us strengthen our balance sheet following first the McCloskey acquisition in late 2019 and then the Outotec merger last year. In this latter deal, we also successfully refinanced significantly during last year to improve the maturity structure and reduce the cost of our debt. The healthy cash flow helped the board in using a more shareholder-friendly thinking view on the EPS used as a basis for the dividend proposal. This view considered the EUR 97 million of transaction and integration related costs to be one-off in nature, and hence the underlying operative earnings to be more than EUR 0.12 higher than reported, this then leading to the proposal of EUR 0.20. On this page, you see the waterfall on the main elements of our net working capital, EUR 421 million at the end of the year. Really the big blocks are as the order of the magnitude of the blocks are pretty similar. EUR 1 billion of inventories, AR and AP both around EUR 550 million. As said, what is encouraging is that the total amount of net working capital, we made progress on that one. My final slide is on our financial position. Our liquidity position is solid. In addition to liquid funds at the end of the year at EUR 537 million, the company has committed an undrawn revolving credit facilities of EUR 790 million. The EUR 790 million consists of a syndicated EUR 600 million revolving credit facility, then EUR 100 million revolving credit facilities maturing in 2021 and EUR 90 million in 2022. The main achievement on the financing side was the first bond for Metso Outotec, which we launched in November. This was a EUR 300 million bond with a seven-and-a-half year maturity. This, I believe, were really the highlights from the financials, I would hand it back to you, Pekka. Thank you, Eeva. I will move on to integration strategy and our outlook as we see the situation right now. Integration really progressing well and as per plan. We had plenty of time for integration planning while the authorities were doing their work before approving the combination. We've been just diligently executing those plans. Some minor changes we have made because we have learned more. We have maybe found some new items, some of the items we quite were not able to get to the point where we originally thought. In the big picture, we are progressing very well, very rapidly, and we are EUR 15 million ahead of the plan at the end of the year. The target at the end of year this year is EUR 120 million run rate, and we're confident that we're going to get there. Main source of these synergies in the first part always comes from reorganizing the company and reducing the overlaps and doing things like that. This is what we did by the end of October, early November, we had done that one. We have still some work left that we needed because of local regulations. We needed to extend processes in a couple of countries into this year. There is maybe 300,000, 350,000more people to reductions expected out of these actions later in this year. Revenue synergies is, of course, becoming a focus and we have already in our order books such revenues that we can call synergistic, and this number is growing. Of course, the revenue synergies need to be developed through our proposal pipeline, and therefore it takes a longer time before they start to be visible. We already have good number of synergies in our order backlog, which we start to then report once they turn into sales. We also revised the one-off adjustments, the costs relating to realization of synergies. Originally, we said that there will be EUR 100 million of one-off costs, and now the current forecast is EUR 75 million. Out of this, EUR 33 million were booked in 2020, and majority of the rest will be booked during this year. EUR 25 million reduction expected with the current scope of the synergy work. Market outlook. With metal prices being on very high level, iron ore extremely high level, maybe coming slightly down, but still remaining according to forecasts on high level, copper on high level, precious metals on high level, improvement in many battery metals. This really makes us believe that the mining and metal markets activity will improve. We have seen already improvement in aggregates market. Therefore we concluded that we expect market activity overall to improve. Of course, we need to remember that pandemic is still with us and we might see turns that are unexpected or not foreseeable as we have seen so many of them. Of course, vaccination programs progressing as they are, we feel that it gives us basis to expect markets to improve. Our strategy, which we published during the fourth quarter, we discussed about our purpose statement, enabling sustainable modern life, our vision statement. We discussed the mega trends and how we concluded what our Tier 1 priorities would be for this strategy period, we concluded them into four. Integration and financial performance, which we are of course reviewing and communicating to the market as well on quarterly basis. Customer centricity, which we wanted to elevate to a different level. Sustainability, both in our operations and what we can deliver to our customers. Culture for the new Metso, the tech company, which we call performance culture, which is being developed in connection of launching our values and our strategic targets for the organization. This as a one-page of our strategy. The financial targets and strategic targets that we published then in the Capital Markets Day, we said that adjusted EBITDA over the cycle should exceed 15%. We want to maintain investment-grade rating, and dividend payout should be at least 50% of earnings per share. We commit ourselves on actions, and we have the plans to maximum 1.5 degree global warming. We have science-based targets approved for that one, and we have taken several actions that will contribute into that journey. The sustainability highlights from last year already, first of all, the commitment to 1.5 degree journey with science-based targets backing up that one. We have taken steps on CO2 emissions already, which mean that in our operation, we will get 60% reduction in CO2. This is because we have moved into renewable energy, to wind and solar power in our foundries and other factories. We have also seen 29% reduction in CO2 in customer logistics, which is fairly complicated in our company, having so many factories and operating globally in tens of countries. Our handprint, which is the other side, that is what our offering can do for our customers. We saw a reduction of 1 million ton of CO2. If you quantify what 1 million tons of CO2 can mean value to our customers, that translates into EUR 20 million based on emission trade of price of EUR 20 per ton. A major achievement is also our listing on Global 100, number eight company globally. It is a high position. We don't see any of our competitors on that list. On top 100, we see very few customers there. They're only on the list. We don't see any of our peers on that list either. We are very uniquely positioned on that one. We feel that we have good action plans. We have given the commitments backed up by externally approved targets. We aim to stay well-positioned on the list, realizing though that there is tough competition for those top positions on the list. With these ones, I think it's time to move on to the Q&A part. Yes. Thank you, Pekka. Thank you, Eeva. Operator, we can now open the conference call lines for questions. Thank you. Ladies and gentlemen if you do wish to ask a question please press zero one on your telephone keypad. If you wish to withdraw your question you may do so by pressing zero two to cancel. Our first question comes from the line of Klas Bergelind from Citi. Please go ahead. Yes. Hi, Pekka and Eeva. It's Klas at Citi. The first one I had is on the metals business. In the second half, we had a EUR 10 million loss in the third quarter and EUR 9 million loss in the fourth quarter. Much of these losses were project-related costs, which will likely reverse now when demand is set to be stronger. I'm trying to understand the clean starting point for the EUR 15 million of savings that you have announced. Finally, linked to that, when do you think, Pekka, a 10% margin is achievable for the metals business? Is 2022 a realistic timeframe if demand is accelerating like we see today? I will start there. Maybe I'll take the latter part. Eeva will answer the first part of it. What we have done in Metso now, we have broken the business, reorganized it into four business lines. We are now looking at four business lines within Metso segments individually. They all have their own turnaround plans, and they all have their target of achieving 10% adjusted EBITDA. Those business lines, they also include now services related to that business line. That 10% is the criteria that we will use when we then look at our portfolio in our Metso business. Those businesses that will reach or have potential to reach the 10%, we will maintain, and then we look at further actions on those ones that will not do. Some of the business lines will be able to make it, and they will be there by 2022. Some of them hopefully by the end of the year already, at least on run rate basis. The rest, we then draw conclusions later. Eeva, please. Yeah. Hi, Klas. On your first question, yes, maybe sort of the order backlog qualities leaves some room for improvement. Of course, the fact in these COVID circumstances is that if you have a challenging project, it gets more challenging in COVID times because of the limited access to sites. I would say that roughly sort of maybe 40% of the loss in both Q3 and Q4 were related to project-related things, which sort of hopefully as we progress will of course diminish, and certainly would be helped by better accessibility. The rest is really then the structural issue of having too high fixed costs for the volume the business has. That, of course, is being addressed by the turnaround. In that sense, we're working on both fronts in a way to make sure that we get the business back into black. Thank you. That's great color. My second one is on minerals and the short-term negative impact on the consumable side. Short term feels like you think this is going away already now from Jan and Feb, just to confirm that. Have you, Pekka, identified any similar risk to performance as we go through this year? You obviously had on synergies and the payback is improving, but I'm just curious if there is anything else in terms of integration that you see as a risk as we go through 2021. Nothing major. Of course, minor things here and there do happen, also positive things that are offsetting each other. We were relocating some of the machinery from an old plant to a new plant in a different country. Of course, during the COVID days when assembling and installing the machinery and startup procedures, they took longer than we expected and had difficulties in that one. There were lots of additional costs relating to that kind of activity, and then we missed some of the deliveries. Those were really the reasons for consumables. Those particular issues are now over. We do have further program ongoing, and we of course take learnings out of this one, and we will be a bit more cautious in ramping up. We have couple of other transfers in our plan for this year as well, and we'll just take a bit more precautionary actions there to eliminate any top line and margin issues coming out of them. Very good. My very final one is on the service business in Minerals. Orders flattish ex currency year-over-year, that's a solid improvement versus the last quarter, but still held back by COVID constraints. I wanted to ask, at what capacity is services running now relative to normal conditions? Tell you, what would the growth have been if we didn't have the COVID restrictions in place? Also interested in your comments there on commissioning of larger projects being delayed because of restrictions. It sounds like there is also pent-up demand also on the equipment side. Yeah. We do have some project activity in services as well. We have so-called engineer to order modifications and upgrades, and that is the part of the business that has suffered most. That is activity that requires fairly intensive work together with customers, sometimes with other external parties as well. As you might imagine, there's been limitations in doing that one. Now the pipeline is firming up, but before that turns into orders and deliveries, it takes some time, that one. That is the activity that has mostly been affected. Yes, field service where there's been access limitations, that is somewhat down. We are, of course, in the beginning of the year, which is in some parts of Southern Hemisphere, or January was in Southern Hemisphere like a holiday season. It's difficult to draw the conclusion what was the holiday impact and what was COVID impact. We are getting closer to normal levels now. In field service, I would say 80% of the normal would be a good number to be used, very much the underutilization coming from the Americas and to some extent Asia. Thank you. The next question comes from the. Yeah, I want to just continue that spare parts and consumables, they have continued more or less as normal from the demand side, and that has supported, of course, the business and turned out to be very resilient part of the service. Thank you, Pekka. The next question comes from the line of Magnus Kruber from UBS. Please go ahead. Hi, Pekka, Eeva. Magnus here from UBS. A couple of ones from me as well. Just follow up on Klas' question there on the mining margins. Could you comment a bit on the magnitude of the impact associated with the consumables footprint issue on sales and EBITDA, if that's possible? We, of course, don't comment the numbers, but we're talking about fairly close to the numbers that if you have access to consensus numbers, and our adjusted EBITDA performance. That's the ballpark that we talk about from the two months. Okay, perfect. That's good. Second, on the synergy savings, you exceeded the EUR 50 million target by quite a margin, obviously. Could you help us understand the phasing of that, how that came through, and what was the in-quarter impact from the savings in Q4? Sure, Magnus. We went through the item by item, and I would say that in visible under P&L that we published today would be around EUR 36 million of the 65. That gives you an indication. Obviously, it was very much headcount driven. We had a good start on facilities and IT cost synergies in the fourth quarter. Obviously, they are still only we're talking about some altogether less than EUR 10 million for that group. The really majority is headcount. It was really phased through as people left the organization. Perfect. Very good. Finally on Metso. Based on the orders you booked in Q4, how fast should we expect to see them offset the under absorption in the business? Is there any part of the business now where you still are lacking work? Finally on that point, when do you expect to start to invoice on these projects? We, of course, do POC on revenue recognition on project business and with the very thin workload that we had, we will start to recognize revenue immediately. You cannot take a straight line revenue recognition from the beginning because we always have some preparatory work, some engineering work, and then most part of the revenues will only come when we are delivering into the project. It's helping immediately. With the turnaround program, like I commented earlier on, some of the business lines we are expecting them to return to clear profitability. On run rate basis already in this year. 2022, we expect to be in position to report clearly positive result for Metso. That is, of course, subject to us succeeding then with potential divestments in case we end up doing those. Perfect. Thank you so much. Back in line. The next question comes from the line of Artem Tokarenko from Credit Suisse. Please go ahead. Yes, good morning. Thank you very much for taking my questions. My first one is around the EBIT bridge for 2021. Could you maybe talk and help us quantify some of the major moving parts, like incremental P&L synergies you expect, and also maybe talk a little bit about the mix headwinds you would expect from higher share of capital business? Maybe also how should we think about the underlying cost inflation and raw material inflation? Sure. We've obviously repeated today the earlier statement that we expect to achieve EUR 120 million of cost synergies from the Metso Outotec integration as a run rate by the end of this year. We were tracking at EUR 65 million, so really that difference is what you should expect to see coming through. I would say that with the visibility we have today, we expect it to come rather similarly to what we saw That we make progress every quarter, so to say, and rather linear. Of course, time will tell exactly, but that's probably for your estimates a good enough view. You are right on the fact that if one looks at the, as such, not a surprising cyclical recovery in a way that we would typically see equipment when things start to improve, the equipment orders exceed that from the aftermarket side. The equipment deliveries, excluding aggregates, we talk about a year and a half, two-year spectrum. Whatever we booked in minerals and metals in Q4, a big chunk also goes into 2022. If this COVID situation improves, I think there is all the possibility for service still to pick up and make catch up into 2021 revenue. That, of course, will be dependent on how the pandemic situation evolves. The third point is very much what you mentioned as well on the inflationary side. Still in the midst of this pandemic, clearly what is a new phenomenon is the price increases in some of the commodities and also then the raw materials that we use for our deliveries. Remains to be seen, is this now a bit of a quick catch up on something or how that will evolve? We've certainly seen pressure on logistics cost in Q4 already. The global imbalances in trade have clearly led to a situation where containers are very expensive from certain locations than very cheap from other locations. I think this is, again, all the unplanned consequences of the pandemic, which I do believe will balance out. Of course, these are the type of surprises that we can perhaps still need to expect to see during the year, and hence the overall focus. We have started actions on price increases on our products as well, because we clearly do see the world moving into that direction. Much is then dependent on how well we can balance and, as said, how much unexpected things happens versus how much is perhaps a more cyclical development that we've also seen in earlier years when things have started to pick up. Thank you very much for an extended answer. I guess a follow-up to this question, could you help us to quantify the negative mix impact in minerals business in Q4, maybe on year-over-year sequential basis? Thinking about 2021, based on your order backlog, do you expect a broadly similar mix to Q4 or further worsening? Well, I think what I tried to just reply is that it is a bit difficult to quantify or even predict the mix for 2021 because of the shorter lead time in services. If things would start to recover on the services side, it can still meaningfully change the mix for 2021. Obviously, you should look at when we publish both the mix in our orders as well as in our sales, and that development really to those numbers are really the best advice to use in your models to get the sense. These things don't, of course, overnight don't change dramatically. We're talking about a few percentage points, but on the margin level, of course, it's still a meaningful impact of some EUR millions. That's worth to note. I think, yeah, will be very interesting to see now how do we start to see an easing in the restrictions so that we would get certain service activity ramped up. Thank you very much. Last question on aggregates, EUR 360 million of orders in Q4. Could you maybe talk a little bit about whether you saw some pent-up demand from weaker Q2 and Q3, and how should we think about sustainability of those orders? Maybe give us some color about how this year has started in aggregates. Yeah. Of course, it was something extraordinary that we saw in, I would say December. November, we saw some signs already that things are warming up. We cannot expect just similar order intakes in January or February of this year. March normally is the time when things start to really get hot again. Currently it looks like that is the case. There were some year-end orders that dealers did place on us, and McCloskey as well. We normally tend to put price increases through around that time and effective in the beginning of the year, and that may have impacted a little bit on the actual order numbers. It took us by surprise how active the ordering was in both of these months, November and December. We are expecting a strong season. There is to some extent rebound from last year's activity, which basically the summer season was almost non-existent because of COVID primarily. There's some backlog with customers that they need to replace the machinery. Plus, they are clearly preparing for all kinds of funding that is coming up for infrastructure in different parts of the world, North America, Europe as well, China, very active at this moment. This is what we see happening right now. Right now it looks very promising. Thank you very much. The next question comes from the line of Mandeep Singh from Bank of America. Please go ahead. Yes. Hi, thanks for taking my question. Just couple of them. Can you quantify the revenue synergies you realized in Q4? Because it feels like potential here is a lot more than EUR 150 million you have given as a long-term target or guidance. Associated with that, would you consider upgrading the synergy targets overall, including revenue and cost synergies? That's the first question. Sure. On the revenue synergy side now, because of the COVID situation still impacting the order intake in Q3 quite a bit. Obviously before the order turns into revenue, there is a certain sort of a lag, and hence the actual revenue synergies in the 2020 numbers were millions, but it wasn't a very big number and not perhaps that significant. The order pipeline was certainly better and that of course, is what we are now working on in a way to then ensure that we would start to see recognition of revenue towards the second half of this year and then 2022 as well. Your other part of the question on whether we're looking to upgrade, I think that we're certainly working hard and we're still in a heavy part of integration seven months into the process. Right now, EUR 120 million seems like a very challenging target and still work to be done. I think we're clearly on the right track, so comfortable with that, but wouldn't speculate at this point on any new targets. I think we still have 11 months to go on to reach these targets. Maybe to continue on the revenue synergy side. If you think about that, all the revenue synergies that we finally then invoice to customers, they need to go through also our proposal pipeline. We were able to make joint offers and joint bids only beginning of July, so six months in last year. On average, I think our proposals are several months out there before they are decided. That's why the slow buildup of revenue synergies is a reality. In the backlog, we have them already now a meaningful number, and we will be then reporting once we are delivering those. I actually did mean to ask about the synergy on the order level as well. The orders you have received already, you said that almost 50% of them are joint bids. If you could quantify that would be quite helpful. We will be reporting on the revenue synergies, so that once they recognize this revenue. Okay. Just to follow from the previous questions around the impact on Uvicore from the consumable related disruptions. Is the loss which you suffered during Q4, is that a permanent loss because of these disruptions, or it was similar to the order issues you had in Q3, which then eventually got booked in the Q4? How should we think about the impact in Q1 from that example? Should we expect some recovery in Q1? Not really. As said, some things taking a bit more time or us having to sort of run test runs of production at the new site that are typically not sellable products. The cost of that is in a way kind of its sum cost. The sort of benefit, of course, is that you have to build the competence in a way then to start sort of ramping up and now we're in that process. I don't really see us recovering those costs that were materialized in late last year. Last one from me. How much of the orders booked in Q4 were kind of spillover from the Q3 orders? I just want to understand the underlying, let's say, run rate for the orders in Q4, because would it be fair for us to assume that the same order growth continues in Q1? That's basically the question. Well, you have seen our order announcements, the press releases, and if you take the total of them, I would say that there you see the underlying order activity pretty well. What do you say, Eeva? Yeah, I think it's typical. The big projects are the one where they can land in one quarter or the other, very much based on just what the sort of customer decision-making process, whereas the underlying business that we don't at sort of specify on an individual level more sort of the kind of goes in a different cycle. That spillover, if you want to use that term, is really related to these big ones. Of course, in this type of business, you will always see that things moving from one quarter to the other. What made last year particularly challenging to estimate on was really the pandemic as that had some unexpected and unintended consequences on the decision-making process. One indication of that one is if you look at our order backlog, which we are reporting. That order backlog bottomed out sometime in October last year. These big orders only came in December, so the underlying ordering activity exceeded our sales already in October, November time. Great. Thank you very much. The next question comes from the line of Robert Davies from Morgan Stanley. Please go ahead. Yeah, thank you for taking my questions. My first one was just maybe you could give us a little more color on some of the regional trends you're seeing in the aggregates market, just whether you're seeing any sort of particular strength in one region or the other, and what's going on there? That was my first question, please. Yeah, China is booming as we have discussed before. The stimulus package has been very effectively used. At the same time, China is building these super quarries, where the background is that the regulations have changed, and sort of smaller local quarries that were operated in sort of old traditional means, they are not anymore allowed to operate in China, and they are going into bigger units. Their customers are really keen to invest, in many cases, on most efficient equipment and latest technology. That is what we see in China. We see also contractors and smaller quarries going into mobile equipment in China, and we are well-positioned with that one. We've seen really great success with our local brand, Shaorui, earlier a joint venture company, and we acquired the shares of minority shareholder beginning of last year. Last year timing was perfect for this growth that we saw there. China doing extremely well. North American market and European market clearly is preparing for a proper summer season now or spring season, which we didn't see last year at all. We've seen some statistics. They are, I would say, global statistics where aggregates investments will sort of be, say, 15%-20% higher now this year than last year, and we are clearly seeing that activity in our ordering activity. What is still a little bit down from previous years' level is Indian market. We see at times some light there in the market, but then at times it seems to slow down again. That is a market where we're expecting or where we hope to see recovery sometimes in this year, but not very confident that it will happen. All other markets are doing fine. Thank you. Then my second question was just around your services business, I guess both across aggregates and mining. You mentioned a couple of times site access and field service, in particular, being disrupted. Can you just remind us across the different divisions what the proportion of field services and spare parts and wear parts are as a proportion of the overall divisional sales? Is there a significant difference in terms of field service contribution across the three different divisions? Thank you. Yes. There are, and it's mainly because of the business model that we have. Minerals, we go mostly directly to customers, and we carry out most of the service work by ourselves. We do use some dealers and distributors in that part of the business, but that is an exception to the rule. In Aggregates business, a bit more than half of our sales takes place through dealers and distributors, and service is their activity. Field service is their activity. It's really a minor part of the business, the field service as such in Aggregates. In Metals business, it's yet again more of an upgrade, modification type of activity that we do, and very much a project-based service activity rather than ongoing field service work that we do out there. Understood. Okay, great. Thank you. The next question comes from the line of Tomi Railo from DNB. Please go ahead. Yes, good afternoon. Tomi from DNB. Maybe a question on the minerals pipeline, given the high metal prices you referred to, for example. Have you seen any new projects coming to the pipeline? Which, of course, you hopefully not tempted after the big orders booked for the fourth quarter. How has the pipeline developed in the minerals business? I think really the new projects, there are some, but we haven't seen really massive flow of them coming online. Many of these orders that we do, they are in fact expansions or typical brownfields modifications because of environmental sustainability issues and things like that at this moment. Of course, we can expect also the greenfields to come on stream. Maybe a bit more greenfields on gold side rather than any other metal at this moment. Gold price has been firmer a bit longer than the others. You mentioned the price hikes in aggregates. Can you quantify what sort of price hikes are we talking about? These are, of course, aggregates business is always very local business. Therefore, the sort of averages do not really make too much sense to analyze it. What we can see from the statistics is that aggregates prices are really on good level both in North America and in Western Europe. The little visibility that we have on China, there also aggregates prices are on sort of good level. Where we see these prices going up and down of aggregates, this is now really our customers' products aggregates, not our equipment, just to make sure that I'm not talking about our pricing. There we've seen fluctuations in the statistics quite much, and that very much supports the view on Indian market as well, that at times it seems that things are taking off, but then there's two steps back later on. Finally, did you mention that you would expect synergy P&L impact of EUR 65 million for 2021? The difference between 120 and 65, I believe, Tomi. That is a run rate number. Mm-hmm. Yeah. Thank you. The next question comes from the line of Karl Bokvist from ABG. Please go ahead. Yes. Hi, Pekka. Hi, Eeva. My first question on Metso there, just wanted to clarify some of the comments you made there, Pekka, in terms of just looking at Metso the way it looks today. If you foresee on an adjusted EBITDA level, will losses continue towards the end of 2021 if things continue the way they look today, excluding any future divestments? My follow-up also, the savings of EUR 50 million that you target, are they contingent at all on changes in volumes than on the upside primarily? The EUR 15 million that we announced, we will sort of implement those regardless of the volume, if that was the question. They are actions that we are taking already right now. The orders that we have, we will be able to work on those ones with the sort of reduced cost level. The restructuring of metals, we are taking major actions, the biggest part of actions in Germany. There the process is lengthy. Longest one of the three or four countries where we are taking actions. We've already gone through the formal process in Finland. In Sweden, we have initiated it. In Germany, we have initiated it. It takes easily six months in Germany once we've done those things. We just need to be patient. Six months from here, it takes us into the third quarter. We need to wait a little bit until we can start to recognize more revenues from these recent orders. That's the time when we see then the recovery and turnaround coming into our numbers. Thank you for that. Eeva, a bit more technical questions here, discontinued earnings in this quarter, they were negative EUR 9 million. Could you give any indication of when we add all these different discontinued operations together, how we should think about quarterly earnings or losses throughout 2021? Sure. Well, as said, operatively, the aluminum and recycling businesses are sort of generating an operating positive EBITA, and I would certainly expect that to continue. The energy business is a business where we're really handling certain legacy project issues, which take a bit longer to solve in a way, and there's very little upside in them. It's just a question of how many months does it take to get them to completion, and again, unfortunately, COVID has, of course, delayed some of the actions on finishing some of the planned activities. Anyway, I think we are making progress. Of course, it depends on that we're obviously now announced already on aluminum. We do hope that we post Q1, that would sort of exit DM. It does depend a bit on when we exit and with the timing of the exit on recycling as well as energy, that kind of what's the impact. Certainly, I was kind of working towards that we have some healthy businesses, and we're trying to ramp down the loss-making projects on the energy side as quickly as we can. All right. My final one is on PPA. Run rate for Q3 and Q4 is around EUR 120 million on an annual basis. How do you think we should look at PPA for 2021, 2022, and 2023? Yeah. Well, when already at closing of the Metso Outotec merger, we announced that the first half, i.e., the first six months or the second half of 2020 will be heavier on the PPA related to Metso Outotec, and that was EUR 59 million then for the second half. As said, we already then announced that the number will drop as we enter 2021 into an annual level of EUR 38 million roughly, and that will be the similar then for 2022, 2023, for the whole time period in your question. Naturally good to remember that on top of the Metso Outotec related PPA, there is some PPA related to McCloskey and a few other smaller acquisitions made earlier, you get a pretty good proxy for that sort of run rate by looking at the first half of 2020, then it will still run through 2021 and towards 2022, yes, still. Then, of course, they typically have quicker or shorter amortization periods, but still in the region of five years. They're with us for a while, whereas then for the Metso Outotec, some of the parts do go clearly into 10 years and above. It will be clearly less this year, there will still be a combo of Metso Outotec and these earlier acquisitions. Understood. Thank you. Thanks. The next question comes from the line of Erkki Vesola from Inderes. Please go ahead. Hi, Pekka and Eeva. About your SG&A savings, how big would you say that your COVID-linked savings there were in Q4, and to what extent do you expect these savings to revert in Q1 or Q2 this year? I'm talking particularly about the sales and marketing expenses. That's a good question. We really haven't in the new organization, obviously, yet had a quarter where we would have trade fairs or traveling. For sure, there are real savings from the fact that nobody travels and there are no trade fairs or conventions organized, and we don't see them happening in the first half of this year at least, if at all, during this year on the trade event side. I think we'll see benefits continuing until really we're at the very different level. We would hope to start visiting customer sites, but we don't plan to visit trade fairs very quickly because without vaccines and proper safety measures, that obviously wouldn't be the thing to do. I wouldn't be able to give you an exact figure on that. It's money for sure. It's a very speculative number as well because it's really difficult to say that how do we get back to travel. For sure, we will not travel in the same way. We will not participate in all the events in the same way. We've learned, many other people, our customers have learned to work differently. We might be comparing with the past, but it's not a fair comparison into the future. Fair enough. Thank you. As there are no further questions, I'll hand it back to the speakers for closing remarks. All right. This concludes our conference call for Q4 and full-year 2020 results. Thanks for your questions. Thanks for participating. We will be back with results on April 23rd, and then it's first quarter of this year, 2021, and same day we will have our annual general meeting. That's a big day, but it's a couple of months out. In the meantime, we hope to speak with you soon all again, and thanks for this, and goodbye.