[Foreign language] I'm Rovio's new CEO. Since it's the first time talking to some of you, we thought we would do a little introduction video. We're going to announce the 2020 numbers soon. First, let me tell you a little bit about myself. I'm originally from Canada, and I've worked in the video game industry since 2003 in different countries around the world. We've moved with the family in Finland in 2019, and there's actually a lot of similarities between Canada and Finland. For instance, how crazy we get about ice hockey. I used to play, but never was really good at that. Now I'm wondering who I'm going to support in the next World Cup. All right, enough about me. Let's go look at the financials now. Hello, everyone, and thank you for joining Rovio Earnings Audiocast. My name is Veli-Pekka Puolakanaho, and I am the Head of Investor Relations at Rovio. Today, we will go through Rovio's financial bulletin for Q4 and full year 2020. With me are Alex Pelletier-Normand, Rovio CEO, and René Lindell, Rovio CFO. We have a Q&A session after the presentation. To ask your questions, please dial in the conference call numbers shown on the screen and use the pin. Alex, the floor is yours. Thank you, Veli. Thanks for joining the call. Now that the introduction are done, let's jump right in the Q4 2020 and whole year 2020 highlights. Like the other quarters, Q4 was characterized by good profitability and cash flow. This is coming from relatively low marketing investment and the stability of our key games. We also released Small Town Murders in Q2, a match-three game, which is new and exciting for us, and we scaled it to a run rate of EUR 15 million annual. Our live games had a solid performance. Angry Birds Friends, released in 2012, reached its best quarter since Q3 2018. The great performance is paving the way for additional growth in 2021. Angry Birds 2 also had a good quarter, growing 5% year-over-year. A team across the company prepared thoroughly for the new privacy policy to be introduced by Apple. As you know, in a nutshell, we're going to start to ask user to be tracked in between application, and this is expected to have a pretty big impact across the industry. We did many things to prepare for this, but I'm just going to highlight three here. We broadened our network of advertiser. Second, we adapted, of course, our predicting model for our return on our marketing investment. Also, we're working on our games to make sure they welcome a broader audience, which is already something that we're strong at, giving the casual and inclusive nature of our puzzle games and of the Angry Birds brand. We're ready for this change. Related to this, our Stockholm studio shifted their strategy towards advanced casual in the last quarter, which I can describe by saying that it's the broad appeal of casual games in terms of simplicity, but also deep meta games that are more often seen in RPG type of games. Very often associated with good monetization. All in all, the games have the profile that are similar to Angry Birds 2. That is also done by our Stockholm studio, but I will cover this more in-depth as I go in the strategy section. In terms of studio, we ended the year 2020 in a very different shape than where we started. We went from three to now five studios in the family. Our Montreal studio is working on future-looking initiative, and I will cover this in depth at the end because that's quite important. We acquired a studio in Copenhagen as well that has deep knowledge of RPG games. Speaking of that studio, their game Darkfire Heroes reached an important KPI milestone in Q4, and it's approaching its launch window, and I'll be back on this as well. In Espoo, our Puzzle Studio has also reached a KPI milestone in Q4 for their games Angry Birds Journey that led to the soft launch of the game in January of this year. That's a really interesting project for us, and I'll explain why in a bit. Our game performance was stable, even with lower UA investment compared to the previous year, which speaks for the steadiness of our game, and particularly the ones in the earn phase. Finally, the year 2020 has been a special one for everyone at the global scale and for Rovian that the pandemic meant work from home starting early March, and I really want to salute their tenacity and efforts. During this period, they really took the challenge head on, adapted fast, and executed flawlessly on our plan. Thank you very much to all Rovians listening to this. All right. Now, if we look at the game-by-game highlights, Angry Birds 2 has been updated during the Q4 quarter with what we call Arena 2.0, and this is especially targeted for the most engaged and competitive players, showing them a deeper sense of progression. The update was intended not only to have an impact immediately, which it did, but we also want to use it as a launch pad, opening new opportunities to operate the game in 2021, and we're starting the year in a good position. Angry Birds Dream Blast declined slightly, but remained relatively stable given the significant reduction of marketing investments. We're in the process of renewing the game through the visual progression, for instance, and event system, which we think will improve player retention. Angry Birds Friends performed very well, partly as a result of investment that we did in the game, even as back as 2019, and giving us more flexibility on how to operate the game. The game is in a really good position to continue to grow. We're very proud of the team. We're talking about a game here that's going to celebrate its 10th year anniversary next year. It also shows that even for this game that released a while back, we can continue to grow them. Small Town Murders is an important game for us and a significant evolution on the meta game. It's a narrative aspect, and we believe that this is key to retain players in the long run. It grew relatively slowly as we learn to operate those type of games. It's already the biggest new IP that we released since Battle Bay 2017. We feel that there are still many aspects that we can explore on this game to have it grow further. Now on the emerging titles, we actually have three games right now in soft launch, but I want to talk about two of them more precisely. Darkfire Heroes is a real-time competitive and cooperative RPG game being developed by our Copenhagen Studio acquired in 2020. This is very nice because the integration of the Copenhagen Studio has worked like a charm, clearly showing a compatible culture with Rovio. I think it's also demonstrating the capacity of Rovio to support and enable acquired studios like that to improve their games. I'm very glad to announce today that Darkfire Heroes will be the next game to come out of Rovio, and it is scheduled to go live in April 2021. Angry Birds Journey, from our Puzzle Studio, is a game that reached soft launch in January of this year, and it's really a perfect fit with our strategy of leveraging the brand more widely. It's a much more casual take on our classic slingshot gameplay, and our goal to do this is to go after a broader and more casual audience. It's very different from the deep meta game that we have in Angry Birds 2 that looks more like an RPG type of game. We believe that this will enlarge the footprint of our slingshot game, bringing it to a broader audience, and we also expect to get a very good proportion of organic traffic on this title. This slide looks at the studio setup. As usual, our studios are very much focused on a specific genre. That's what we call our genre mastery. Every studio is very specialized in what they're doing. We still have two studios in Espoo. Our Puzzle Studio is the biggest, and they're working on titles like Small Town Murders, Angry Birds Dream Blast, Angry Birds Friends, and they're the ones that recently released Angry Birds Journey in soft launch. Their focus is mostly casual audience, mainly female 35+. We also have the Strategy Studio in Espoo that is working now exclusively on Hardhead Squad. They aim at creating the most accessible strategy game on the market, and I believe that this is exactly the right strategy for this genre, and I'll explain why later. Their target audience is mostly male. Our Stockholm studio now focusing on advanced casual. Their main game is obviously Angry Birds 2. It is still the biggest game as well for Rovio as a whole. They have two additional games in development, and they're also trying to leverage the Angry Birds brand with those new project. Finally, very fast because I've mentioned it, Copenhagen specialized in RPG and Montreal leading the charge on our future of gaming initiative that I will cover at the end of this section. All right, now on the strategy highlights, a new section that we cover here. The mobile gaming market continues to evolve very fast. As a result, we feel it is critical to be agile and review our strategy regularly. One trend that is of importance that I want to highlight is the increasing dependent on paid user acquisition. In that context, the fact that we can rely on a strong brand with a wide variety of potential player and wide appeal is definitely a strategic advantage on which we want to continue to build. I just want to say a few numbers to put that into perspective, and the first one is that today the Angry Birds brand is known by over 90% of the world population. There's very few brands worldwide that can say the same. Number two, the proportion of paid install in the U.S. relative to organic is now around 60% in favor of paid, and this proportion is rising every year. If you look at Angry Birds 2, for instance, the proportion is completely reversed. In fact, over 70% of downloads on Angry Birds 2 are purely organic. People are actively looking to download the game without us having to pay for advertising. That's in the U.S. where we have our biggest marketing budget. Actually, worldwide, this percentage is 90% purely organic. As part of our strategy update, we will utilize the Angry Birds brand further, particularly for games that are close to the brand's essence. By that I mean slingshot, physics-based, construction and destruction. The change of strategy in our Stockholm studio to advanced casual is partly a result of this approach. Naturally, this does not mean that we're going to stop working on new IPs. We need to have a balanced portfolio approach. We also renewed our brand strategy to accompany our fans throughout their lives with different touchpoints, and the goal here is to keep the Angry Birds brand relevant for decades to come. We're introducing the brands to players when they're kids, and then we provide them with highly social experiences during their teen years, and we continue to delight them with nostalgia and innovation as they start a family of their own. It is also our view that the new privacy policy planned to be introduced by Apple will limit the precision of targeting in marketing campaigns. Our casual games are naturally less dependent on precise targeting given the wide appeal they have, and they will be affected less. Hence, we recalibrated our portfolio to do more of those type of games relative to mid-core titles. We're also consolidating our future-looking initiative to focus on consumer-facing product, taking advantage of the trends we believe will shape the gaming world in three to five years. This will be covered in the next slide. Finally, our strategy still includes leveraging our strong cash position to seek acquisition targets, and here our focus is on companies that are on a growth path and for which we see good synergies and culture fit. Good example of this is Darkfire Heroes. Now, on the future of gaming. The year 2020 has been rich in changes across different sectors, across different industries for everybody. The way we live our lives is shifting towards digital at an accelerated pace. We believe that gaming is at the vanguard of those changes in consumer behavior. In that context, we feel it is necessary and it is strategic to make investment for mid and long-term revenue growth, and this is what we call our future of gaming initiatives. Our teams in Montreal are focusing on key trends we observed on the market and we believe will continue to grow in importance for players. A few examples of those trends. The first one I want to mention is that games are becoming the social network of choice, and we clearly see this, for instance, when we look at Gen Z, which is the digital native generation. They connect through games. The second trend is that games are highly social experiences with deep options for self-expression and creativity. They're not just pastime or hobby anymore, and the tools that allow players to build, share, and even sell their content inside those virtual worlds are already widely used. Players want to maximize the amount of time they spend inside their favorite worlds, driving up the desire for cross-platform experiences. Games and technology that facilitate this consumer desire, for instance, cloud gaming, have a strategic value that we want to build on. These trends are laying the foundation for a vision for a future that is gaining in momentum, and that is called the metaverse. In a few words, what is the metaverse? It's a collection of persistent virtual spaces where a user can have various type of rich interactions together. We plan to be a frontrunner exploring those trends, and we have made meaningful investment to do so. One example of our commitment that I want to mention here is our podcast, Tomorrow with Rovio, that features industry's thought leaders and innovators sharing their vision, their analysis, their prediction of those key trends and drivers. To recap all of this, we have the brand and expertise to continue to build on our leadership position in mobile gaming, but we also have the ambition, the vision, the technology, and assets to take a meaningful share of future-looking opportunities. Gaming is the most exciting industry of the 21st century. We're going to continue to impact its trajectory for years to come. Now, on to financials with René. Thanks, Alex, and good afternoon to everyone on the call. Let's discuss Q4 2020 and full year 2020 financials. In Q4, the group revenue declined by 4.3%, mainly due to the impact of currency headwinds in the U.S. dollar versus previous year-on-year. This impacted mainly the games revenues. In comparable currencies, both the games revenue and gross bookings grew by 2% year-on-year. The growth in gross bookings in the quarter was driven by the good performance of our well-established games like Angry Birds 2, and especially Angry Birds Friends, as Alex mentioned, had its best quarter since Q3 2018. We also continued to gradually scale up our newest game, Small Town Murders. Brand licensing revenues was EUR 4.1 million, declined 16.2% year-on-year. The decline in revenues was mainly due to consumer products. While the revenues from the first Angry Birds Movie were larger than expected in this quarter. The revenues of the movies are expected to decline over time. However, the revenue streams can have high variation on a quarterly basis. Our profitability in Q4 improved from having a moderate level of user acquisition combined with the relatively stable games revenues. Total group adjusted EBIT was EUR 7.5 million, up from EUR 0.2 million in Q4 2019, and adjusted operating profit margin was 10.9%, up from 0.3% last year. Games EBIT grew from EUR 4.6 million- EUR 12.7 million, and brand licensing EBIT declined year-on-year due to an additional EUR 1.3 million amortization of the second Angry Birds Movie. During the quarter, there were around EUR 3 million of additional operating expenses from three sources, the already mentioned Angry Birds Movie 2 additional amortization, costs related to the CEO departure, and additional provisions for employee bonuses. The other segment costs, which include Hatch Entertainment and unallocated corporate costs, were in the same level as last year. While the Hatch costs declined year-on-year, the costs related to the CEO departure impacted negatively the other segment cost base. User acquisition was also incrementally increased during the last quarter. We will discuss that more in a while. Full year 2020 financials. Full year group revenue declined by 5.8%. The games reported revenues declined by 2.5% in comparable currencies. Games reported revenues declined by 2.5%, and in comparable currencies, the decline was approximately 1%. The games' gross bookings were stable year-on-year in comparable currencies. Brand licensing revenue declined 42.5%, which was a bit less than we expected due to already mentioned higher revenues from the first Angry Birds movie in the final quarter. All in all, the games' revenues in 2020 were characterized by a slower start of the year in Q1 compared to the previous year, revenue peak in Q2 induced by COVID-19 and shelter at home that resulted in increase in player downloads, engagement, and revenues. While the second half can be characterized as being relatively stable. The full year adjusted operating profit was a record EUR 47.2 million, and adjusted operating margin 17.3%. The moderate level of UA combined with relatively stable games revenues explains the high profit for the full year, as was the case in each quarter during the year. The game segment operating profit almost doubled from EUR 31.3 million- EUR 61.7 million. The brand license profit was lower year-on-year due to overall lower revenues and the additional asset amortization of Angry Birds Movie 2. The other segment's operating profit was minus EUR 15.3 million, so up from EUR 17.6 million, mainly due to lower operating expenses in Hatch Entertainment. Our user acquisition investments grew incrementally in the final quarter as we continued to gradually scale Small Town Murders. Total UA investments in Q4 was EUR 60 million, and this amounted to 25% of games revenues, thus continuing the incremental increase during the year. In our user acquisition governance, we continue to target 12 months payback, and we invest up until we reach that point. The last quarter of the year is typically quite competitive in the digital ads auction space, and the cost per installs tend to be elevated, and Q4 2020 was no exception to that seasonal trend. If you look at how the user acquisition investments was done across our portfolio, we see that a bit over 70% was invested in our three growth category games, mostly for Angry Birds Dream Blast and Small Town Murders, and a bit less than 30% was invested in our earn games, of which majority for our largest game, Angry Birds 2. During the year, we saw good performance of our top live games in the earn and grow categories, while the catalog games where we do not invest UA continued to decline as expected. The higher profit year-over-year is reflected in higher cash flows. In Q4, the operating cash flow was EUR 17.6 million and also impacted by positive net working capital change in the quarter. The full year operating cash flow was a record EUR 63.6 million, up from EUR 10.6 million in 2019. Our cash balance grew to EUR 138.9 million at the end of the year, and during 2020, we paid EUR 6.9 million in dividends and used EUR 30.7 million in share buybacks. Today, we also announced that we have decided to discontinue Hatch Kids, a streaming service targeted to kids' audience, which has been in soft launch last year. The performance of the service in soft launch did not show enough potential to reach a significant scale. The service will thus be ramped down during March of this year with annualized cost savings approximately EUR 3 million, taking into effect late Q2 this year. Going forward, the proprietary cloud streaming technology created by Hatch will be utilized in Rovio's internal projects as part of our future of gaming initiatives, including in projects in our Montreal studio. For 2020 dividends, the board of directors proposes EUR 0.12 per share to the AGM on the 30th March. The dividend per share thus would increase one third year-over-year. Based on the outstanding shares at the end of last year, the dividend would amount to EUR 8.8 million, which represents 25% of the net profit adjusted for items affecting comparability. Lastly, our 2021 outlook. The mobile gaming market continues to grow, with casual gaming being a major growth driver. The ongoing changes in consumer behavior and underlying market trends are accelerated by the COVID-19 pandemic and plays an important role in both current games operation and new game development. This, combined with industry changes like Apple's privacy policy, fuels the near-term uncertainty in the market environment. We will focus on improving the performance of our key live games and on launching new innovative products. We continue to show diligence in our UA spend. Depending on market conditions, the performance of our investments, and the launch of new games, we aim to increase our UA investments to build growth for the coming years. This may have implications on short-term profitability. We will continue investing in our future of gaming initiatives, taking advantage of the trends we see in consumer behavior and building our positioning in the rapidly evolving market. In addition, we seek growth through synergistic acquisitions that can deliver long-term value growth. Thank you, Alex and René. If you want to ask questions and have not already dialed into the conference call, please do so now. To ask your questions, dial in the conference call numbers shown on the screen and use the pin. Please, operator, we are now ready for questions. Thank you. If you wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw or cancel your question, please press zero two to do so. Once again, please press zero one. There will be a brief pause whilst we wait for questions to be registered. Our first question comes from Sami Sarkamies from Nordea. Please go ahead. Hi. Thanks for taking my question. I have two of them, starting from the guidance or the lack of it that we'll probably be talking about quite a bit today. Just wanted to understand that is the reason for you not providing any sort of numerical or more precise guidance that both on top line and EBIT you might actually be either below or above the last year level, depending on how things play out during the year? Hi. Thanks for the question. I think when we look at 2021, as said in the outlook, there are multiple factors that impact both from the market dynamics and also from our perspective. We have quite a wide range of scenarios, as you said. We have announced today the launch of a new game in April. We have other games in soft launch. At the same time, we have changes in the advertising industry that we are well prepared for, but I think everyone feels like there will be a point of disruption where we think we have an opportunity. It is hard to say at this point of time exactly what the impact overall will be. I think at this point of time, we are comfortable to say that we aim to grow, and we will keep on doing incremental investments in UA and take advantages in the market whenever we see the performance of those marketing spends being aligned with our return requirements. From that perspective, we are comfortable and positive for the full year. We have a great portfolio, great diversity in our games, but from that perspective, we are looking at a quite exciting year ahead of us. Okay, thanks. My second question would be on user acquisition spend this year. Could you somehow elaborate on what will be the main targets for UA spend? Just thinking of which products are most likely going to receive the bulk of it. For our user acquisition spend, we have pretty clear guidance, right? As stated earlier, we aim for a 12 months payback of all of our investments. When we look at the year ahead we have a launch which is Darkfire Heroes. Usually when games are launched, they enter this what we call the growth phase, and usually this is associated with some marketing investment, right? We do plan to grow the game a little bit like the approach that we took last year for Small Town Murders and go gradually. This is slightly a different type of game for us, so we're going to increase the spending on it gradually and see what happens there. Yeah. We're going to continue following our guidance of 12 months payback for all of those investments. Okay. Finally you did discontinue Angry Birds Legends. Can you open up a bit the decision on that one? What was the main concern there? Absolutely. When we have games that are reaching soft launch already, it means that they pass through many hoops, and they have interesting KPIs enough for us to try them in soft launch, but it doesn't guarantee everything when they reach that point. The reason why we do soft launch is that we want to continue testing the game and see how they're performing live. What is important for us, one of the things that we look at, is what is the trajectory of those KPIs in our games in soft launch. It's okay if they're not perfect day one, but they need to go on the right trajectory to reach the targets that we have for each game. In the case of "Angry Birds Legends," the KPIs were not improving at the pace we were expecting, and we felt that given the change of strategy that I talked about earlier for Stockholm Studio, that it was better to use those resources for other types of projects. Okay. Thank you very much. That's helpful. I don't have any further questions at this point. Thank you. Our next question comes from Peter from SEB. Please go ahead. Hi, this is Peter Ekwall calling from SEB. Can you hear me all right? Yes. Excellent. I'll continue from the UA question. You mentioned that you're going to gradually ramp up UA on these new games similar to "Small Town Murders." Is this an approach that we should or could assume for basically all of your future releases, or is this a trend mainly for non-"Angry Birds," like new IP games? Thank you for the question. It is really a case-by-case thing, and in the case of both "Small Town Murders" and "Darkfire Heroes," we are talking about games that are slightly different for us. They are going in a slightly different area of the market, so it is harder for us to know exactly how those games are going to behave with time. Whereas, for instance, on puzzle games, maybe we have a better understanding of what the return curves look like. So in a case like that, when we are releasing a game that is new for us, then this is usually the approach that we prefer using. Whereas when we are in known territories, we can use a different approach. Understood. Many thanks. On "Angry Birds Journey," it entered soft launch in January, but this is a game that has a very familiar gameplay to you with the slingshot theme. Is it reasonable to assume that the soft launch period potentially for this game could be quite a lot shorter than it is, for example, for "Hard Head Squad" or "Darkfire Heroes"? That's a good question. Actually, the game just reached soft launch recently, so we're starting to see KPIs. Although it is interesting, the KPIs that we see, they're promising. It's still very early. Now, there's one very good point that you made that in a strategy game, for instance, it is customary to see longer soft launch periods. That is true. I would say that we could expect that a game like "Angry Birds Journey" could have a shorter soft launch period than a strategy game. All right. Very clear. Thanks. Discussing a little bit about the Montreal studio, you mentioned that you have one internal and one external project. Can you mention anything about this project and maybe give some comments on why you choose to use external partners for development there? Thanks. Thank you for the question. As a general rule, we don't talk much about our games before they reach soft launch. There's so many things that can happen, even when the games are in soft launch, that before that it's even trickier. At this point, I cannot really communicate anything about the game that we're developing. The reason why we go external for some games, for instance, is typically when we feel that there's a segment of the market where we want to go, but our internal studios, as explained, have their genre mastery. They're really specialized in some areas of the market. Let's say we want to go in a different part of the market, then that's the moment where we can ask ourself if we can do business with an external partner that has deep expertise on this segment of the market. All right. Thanks for this. On Hatch Kids or basically the Hatch team, after Hatch Kids is terminated, you mentioned that they will be supporting, for example, the Montreal studio with the streaming platforms. What will this team be working on? Will they be doing game development themselves or any comments? Yeah. They will focus on further developing the technology that they've built, taking that forward. We certainly believe cloud gaming and cloud-powered games will, in the future, play a role. However, game development is a cooperative. It will be a cooperation then with other studios and, in this regard, with Montreal, who has the lead on the game itself. They will be part of this technology and support for any future projects there. All right. That's all from me. Thanks a lot for this. Thanks. Thank you. Just a quick reminder if you wish to ask an audio question, please press zero one on your telephone keypad. Okay. There appears to be no further questions registered, so I'll hand back to the speakers. Thank you for all the questions and the call. We will be back with the next earnings call on April 29th. Thank you so much. Have a nice weekend.