Good morning and warm welcome to Tokmanni fourth quarter and year 2020 result presentation. My name is Mika Rautiainen, and together with me today to present the results is Tokmanni CFO, Mr. Markku Pirskanen. As always, it's my great pleasure to say today that Tokmanni revenue was over EUR 1 billion during year 2020, and EBIT over EUR 100 million. Basically, we exceeded our strategic targets in advance. In March, in five weeks time, we will then be presenting the new strategic targets for Tokmanni. I'll come back to that a little bit later. Here in the beginning, I will go through the figures for the fourth quarter and year 2020. I also will give a short recap on the business drivers, which basically led us to exceed our strategic targets during 2020, actually earlier than expected. After that, Markku will dig deeper in the financials, and in the end, I'll come back to the guidance for year 2021. Then it's time for questions. About the fourth quarter, well, I can say that it was almost perfect. That has a lot to do with all the preparations done during the third quarter. Basically, all these preparations gave us the opportunity to fully concentrate on our main season, Christmas season, and the fourth quarter. Well, basically, these are the results. Revenue grew by 14.6%. Like-for-like revenue grew with 13.4%. The comparable gross margin was 36.8%, and it was clearly higher than during the previous year. That also had to do with the fact that we could basically fully concentrate on the season. Basically, all our stores were fully ready for the Christmas season already in the beginning of October. Of course, basically, we didn't have to go to strong sales with big price reductions in the end of the year, basically we ended up with a record high gross margin during the fourth quarter. Of course, also a record high EBIT, which was EUR 45.3 million, 13.9% of revenue. Really great achievement. Cash flow from operating activities amounted to EUR 89.6 million, clearly higher cash flow compared to the previous year. Of course, the earnings per share also higher, EUR 0.57 compared to previous year's EUR 0.39. During the, well, of course, very difficult and special year of 2020, Tokmanni in Finland we basically became a discount retailer for everybody in Finland. Basically, a very important thing for us was that we got out of all the customers who visited Tokmanni during 2020, 20% were new customers, which basically means that the base of customers is nowadays a lot bigger than previously, and Tokmanni has really become a very popular discount retailer in Finland. During the whole year, our revenue grew by 13.6%, and we exceeded EUR 1 billion. The end result was EUR 1,073.2 million. like-for-like revenue grew by 12.3%. Still after first nine months, we were a little bit behind from previous year with the gross margin. Due to the very good results during the fourth quarter, we exceeded the previous year's gross margin with 0.2%. One of the biggest achievements, as said already, was the EBIT for the year 2020, which was EUR 100.2 million representing 9.3% of revenue, where actually one of our strategic targets were 9%. Cash flow from operating activities was EUR 151 million. Earnings per share, EUR 1.21 compared to previous year's EUR 0.80. In yesterday's Tokmanni board of directors meeting, there is a decision that the board of directors, the proposal of dividend is EUR 0.85 per share. A very good year for Tokmanni and obviously all the thanks go to Tokmanni people, Tokmanni employees, both over here in Finland and in China for excellent work done during 2020. Thank you very much. Warm thanks to all our customers. We're very grateful for the success and our cooperation during last year and of course in the beginning of this year. Thank you very much. I already mentioned the Tokmanni business drivers. We have been driving Tokmanni business according to these drivers already several years, but especially 2020 since it was such a specific year. I would just like to open up a little bit the idea how we see Tokmanni business. We start everything from the Tokmanni personnel. We're today more than 4,000 people working in Tokmanni. Basically our aim is to have the best customer satisfaction in retail. We have to make Tokmanni the best place to work in retail because if all the 4,000 Tokmanni people are doing their best for customer satisfaction, we will succeed as we actually did during 2020. This will of course lead to the revenue growth, profitability improvements, and of course everything which is basically covering this story is the sustainable way Tokmanni is behaving today. Let me give a short recap on each of these areas. The best place to work in retail which is our target, basically, of course everything starts in a special year like 2020, it starts from the employee safety. Well, we're 4,000 people and we basically had 17 infections in the company during 2020, which is clearly lower figure than in the whole of Finland. We are very happy that we, of course, these 17 cases are very unfortunate, but we're very happy to keep the figures low because obviously all stores, not only in Finland, but in also in Europe and globally, are being very careful with all the infections. I think we succeeded very well to keep the figures very low. Basically during last year, in the end of March last year when we lost 30% of our customer visits per week, we made a decision that we will behave according to our values. We made the decision on the worst moments for us that we won't do any layoffs during the year. That's also how we basically decided to do during the whole year. We actually hired almost 400 new Tokmanni employees during last year. We paid EUR 3.7 million as bonuses for all Tokmanni employees. Of course we noticed our employees during the whole year with different small gestures which were very highly appreciated by Tokmanni people. Of course, well, despite of the pandemic 3,400 employees participated in Tokmanni trainings, which of course gave the Tokmanni people a little bit more hope about the better future, so to speak. Of course, this actually led to very high customer satisfaction figures in Tokmanni. Obviously, we had to make sure that the shopping in Tokmanni stores is safe and easy and that's also something which has basically come true. We really decided to invest in low prices already in last year March. We still didn't know at that time what's going to happen during this pandemic and in Finland, so we decided that we will definitely keep our eyes on the prize, which basically means that we will stick to the discount retailers' most important mission, which is very low price level. Of course, the wider assortment, where we basically have had excellent experiences with our customers. During the year at this Tokmanni customer service was highly appreciated by our customers, and we're obviously very happy about it. The customer visits grew by 3.2%, and the average basket grew by 10.1%. The Tokmanni fans, basically the people who visit Tokmanni stores very often, they basically came not that often to our stores, but they were buying a lot more at one time. We got a lot of new customers. 20% of our customers during 2020 were new customers. We're very happy to enlarge our customer base. Also for future it's very important from our perspective. The Tokmanni online sales grew by 124%. Leisure products, garden products, and we also launched the selective cosmetics. Actually, more than 5,000 SKUs during or actually for the Black Friday campaign in the end of last year. This was very successful launch, and we will continue developing our online business. I think that the most important thing is that our customers, they have found our online or they feel the customer experience in our online business very good and the cooperation or the combination of online and brick-and-mortar works very well. We actually would like to call Tokmanni a real bricks and clicks retailer. This, of course, ended up in EUR 1,073.2 million. Of course, the continuous work with expanding and improving the assortment boosted the revenue. Of course, the special efforts in the low price strengthen our customer confidence, which during these times were very important. As already mentioned, we had our focus on employee satisfaction and customer service, and we got very good feedback from our customers for this. Our marketing efforts turned Tokmanni the most trusted discounter brand in Finland. I'm very happy about this, and we succeeded very well. All the destination categories grew very strongly during 2020. Apparel, where actually it was a global problem with apparel business, we basically reached the level of previous year sales, which I think was extremely good achievement. In Finland, the market was almost minus 20%. We reached almost the zero level with apparel. It was very good. The target of comparable EBIT 9%, we succeeded very well. The margin in 2020 was 9.3%. Very good. Of course, a strong sales growth improves efficiency and productivity. The store and supply chain efficiency also improved significantly. Definitely for a discount retailer, everyday low cost is the most important driver for all operations. We were able to keep a good hold on this. We will continue the systematic work with improving company efficiency and productivity also in future. I won't go through all these action points regarding Tokmanni sustainability. In Finland, for example, these sustainability issues are being all the time more important for our customers. We are seriously and systematically investing in making Tokmanni a sustainable discount retailer. There are a lot of action points already last year, which we are basically very happy about, but of course, the work continues. Of course, here's the figures for what happened in Finnish non-grocery market. Tokmanni was able to win market share in non-grocery market, which we, of course, are very happy about. I also have to say that these figures, they don't include the online business. Anyway, a clearly much better performance than in the whole of the non-grocery market, which we are very happy about. Markku, would you please tell a little bit more about the financials? Please, go ahead. Yes. Thank you, Mika. Good morning and good day from my side also. Let's go a little bit deeper for the figures. I'll start with a slide which includes the three years' development of revenue and EBIT. Basically thinking a bit that we have already couple years done certain development actions and we have already seen and then starting to see more results out of our actions. I have many times spoke about seasonality of Tokmanni's business. Certainly, as we all know, Q1 is the lowest quarter for Tokmanni, Q2, Q3 about the equal size, Q4 clearly the biggest quarter for us. If we look now here on left side, you can see Q4 figures, revenue and EBIT. If we start to calculate a bit with EBIT for Q4, it's roughly 40%-50% out of total year's EBIT, and that's certainly very, very big share and very meaningful quarter for us. Looking the whole year's bars here, we see from revenue side that starting from year 2018 up to 2020, we have been able to increase the revenue by roughly EUR 200 million, which is a very good step or jump, and I'm glad to see also that we are able to somewhat utilize the increase of revenue so that it has been flowing to our EBIT also. That means that from 2018 up to 2020, we were able to double our EBIT from EUR 50 million to EUR 100 million, which is very good result. Couple words about the gross profit. We can say that gross profit or gross margin fluctuated quite heavily during 2020. That's base of different kind of sales mix which we had 2020, and also one thing which Mika already mentioned, this apparel situation, and especially during Q3 for us. Apparel sales was somewhat difficult last year for everyone. We managed quite well, but that's clearly affected to our gross margin during Q3. Now when looking the Q4 margin, we see that we were able to improve our margin from 35.2% - 36.8%. Basically, there are perhaps two main reason for that. One thing is that we were able to increase our private label share. Other thing is that we started Q4 Christmas sales a bit earlier compared to last year, which led to the situation that our sales was more steady compared to last year. Perhaps one reason was that the corona pandemic caused the situation that people started to buy products earlier compared to last year, and that led to the situation that sales was more steady. We were able to estimate quite well how much we are selling, which led to the situation that we had no big needs to make big clearance sales after the Christmas time, which of course means that we were able to, as a whole, sell products with a higher margin. For the whole year, we were able to improve a bit the margin ending up to 34.6% against 34.4% 2019. That's good end result because after nine months, we were a bit behind the level of 2019. I have picked up here figure for freight costs, meaning import-related freight cost, because during the last two months' time, there has been quite much discussion about the prices of containers. It has been the situation that there has been a shrinkage of container capacity when companies are bringing products from China to Europe or to U.S. That has been, of course, if you have a shrinkage of capacity, it has led to the situation that the prices have started to increase. Our import-related freight cost last year was on the level of 0.8% out of revenue. I have to say, of course, at the same time that that was the total expenses, and of course, the container cost out of that 0.8% is only one part. You get some kind of picture how much these increases on container prices could affect us. About the private labels, I already mentioned that during Q4, we were able to increase the share of private labels ending up to 34.3% against 33.6%. The good situation that on yearly level we were a bit higher level compared 2019, only 0.1% higher, but still on higher level. That is one of our targets, to increase that share. When we started the year 2020, we thought that we could increase more. Last year, 2020, the circumstances were a bit difficult because the sales mix was different, and as everyone knows, on apparel, we have a quite high share of private labels, and the apparel sales was only at the level of last year. That was a good result, but still we can say that it was only on the level of last year or 2019. Direct import share of sales, that's other target, to increase this one, we really succeeded to increase direct import share, ending up 26.6% against 25.6% when we look at yearly figures. It is good to notice that this import through Shanghai, we have a joint venture in Shanghai with Europris, we have managed to increase that share clearly, that's good end result also. Operating expenses, it was a difficult year when we look operating expenses point of view. The end result was that these costs were very well on control, still looking backwards 2020, we had a different kind of items which affected to us so that the costs were increasing. We made different kind of safety actions for our employees in our department stores and also in our logistic centers. That clearly affected to our costs. Also some safety actions so that our customers felt safe in our stores. Other thing which affected to our cost levels, if we look on euro-wise was that when volumes are increasing very fast. That's clear that it is not so easy for our supply chain and certainly affected to our supply chain costs. As Mika already mentioned, we hired almost 400 new people into our supply chain organization. That was good. On summertime, we had difficulties in our shelf availability, but when we went towards the year-end, that was really clearly on the better position, and that was a good thing. Personnel expenses, EUR 122 million compared to EUR 101 million, 11.4% against 12.1%. Clearly, we were able to make this more efficiently and utilize the increase of revenue, and that was a good achievement. Which affected to our euro-wise personnel expenses was our bonuses, which we paid to our employees during the last year. As a summary, we can say that we managed to achieve 19.6% ratio operating expenses against revenue compared to 21% 2019. That was really good achievement even the year was a bit difficult from that point of view. Comparable EBIT, we have had a target of 9%, and now looking 2020, we achieved 9.3% against 7.5% 2019. Basically, or not even basically, we really achieved our 9% target. Last year, that was very good. Already mentioned we had a EUR 100 million EBIT level, which is good. About the balance sheet, financing and cash flow. Cash flow, roughly EUR 150 million, which was clearly higher level compared 2019. The basic reason, of course, is that we had a better result, but also at the same time, we had a good inventory management. If you look the figures here, inventory level at the end of 2020 was EUR 225 million compared to the figure 2019, which was EUR 222 million, and we were almost at the same level, and we were able to increase the revenue, clearly. That was a good level with EUR 225 million. Interest-bearing debt, EUR 410 million. When we speak about the so-called real loans, it was level of EUR 100 million. With rest a little bit over EUR 300 million are in the balance sheet according with IFRS 16, which said that we have to book our rental agreements as liabilities. As said, this EUR 100 million was so-called real debt, and earlier it was due to October this year, 2021, but yesterday we have reached an agreement so that it will be due in 2026. It's five years loan time for this EUR 100 million loan. Ratio of net debt against comparable EBIT, it was level of 2.0, which is very good level compared to our target, which is 3.2. Couple words about net capital expenditure, meaning investments. When we look the figures here, the whole year 2020 was EUR 12.8 million compared to EUR 15.4 million 2019. We were EUR 3 million decrease, but have to say that the idea and plan was to be about the level of 2019, but due to this corona pandemic, we were forced to postpone a bit our investments. Certainly, during 2021, it will be a bit higher level, and we are estimating that it will be roughly EUR 16 million-EUR 18 million when we speak about the investments. We also published that we are searching the possibilities to expand our Mäntsälä Logistics Center. Of course, there are no decision so far. Of course, if this kind of decision will happen, it will affect to our investment levels during 2021, 2022, 2023. Let's see how it goes. Next, we jump to year 2021, and I'll give a speech again to Mika. Thank you from my side. Thank you, Markku. Yes, about year 2021, obviously pandemic will have a strong effect on this year as well. However, Tokmanni will continue to work according to the business drivers which were basically presented earlier. We're basically continuing building the growth for Tokmanni also during 2021. Basically, we made several scenarios regarding the pandemic and what's going to happen with all the treatments and so on. Based on the different scenarios, in these current circumstances, we basically forecast a slight growth in revenue for 2021. We also forecast that the group profitability is expected to be on the same level as last year. Basically, also, as mentioned already earlier, we achieved and exceeded the most important strategic targets, especially the comparable EBIT margin target. Therefore, we are inviting all of you to join Tokmanni Virtual Capital Markets Day on the 22nd of March, to hear basically more about the elements of Tokmanni future growth and about the new strategic targets. Warm welcome to follow this Virtual Capital Markets Day. Thank you. That's it. Operator, now it's time for questions, please. Thank you. As a reminder, if you do wish to ask an audio question, please press zero one on your telephone keypad now. Our question comes from the line of Nicklas Skogman from Handelsbanken. Please go ahead. Your line is now open. Hi, good morning, everyone. Yes. I have a couple of questions here. Starting out with the guidance for 2021. What assumptions in terms of benefit from the pandemic on your sales are behind the slight sales growth guidance? I guess you've seen a pretty strong Q1 so far. What's your split in 2021 between like-for-like and the space contribution? Well, first of all, as said already, we made several different scenarios regarding the situation, the pandemic in Finland for 2021 and based on this. What we actually did last year, the sales changes per week were quite dramatic. In the middle of March, we faced a very high sales growth figures. In the end of March, we faced basically a really strong drop in customer visits and so on. We actually went through week by week the whole year. Basically, we're making a different kind of scenarios for all these weeks. Based on that kind of setup then we ended up with the guidance of slight growth for 2021. Yes, obviously for the first quarter, it's a little bit different. I also have to say that last year, well, the sales figures for the whole year are very good. On the other hand, we had a lot of problems as well during the year when it comes to apparel, when it comes to shelf availability and things like this. It's a lot of different details regarding basically every week. I won't start opening that much because it's very complex picture. Anyway, like I said, several scenarios, and this is the one that we believe in right now. Obviously, the difference between the like-for-like and the total sales growth has something to do with also the new store openings. The plan is approximately five stores. It's a little bit depending on the pandemic in some areas. We're talking about approximately five new stores during 2021. Okay. In this main assumption, if we look at Q2, do you still expect support from the pandemic in Q2? I would say that Well, first of all last year we had, I think it was +19%, one nine sales growth for the second quarter. We're not expecting strong growth figures from the second quarter. Obviously you can understand that in Finland it has a lot to do also with the spring season, how the season starts and so on. It's a mixture. Okay. Thank you. You mentioned five store openings, but I see in 2020 you added just one store net, but still your selling space increased by 7,000 sq m. What is the expected sq m addition in the plans for 2021? We have said that it's roughly 12,000 sq m and it's roughly with five. That's the basic target. Perhaps I think so that's where some roughly. Okay, good. Two more quick ones. CapEx guidance for 2021. Yes. Was EUR 16 million-EUR 18 million. 16 -1 8. Perfect. As Mika has said if the decision of logistic center will happen or would happen, that of course will change that figure a bit. Yeah. Okay. Maybe it's a topic more for the CMD in March, but your private label purchasing plans for 2021. Are you able to give some sort of delta to 2020? Sorry, I little bit missed the end of the question. Okay. Back at your previous CMD, I remember you mentioned that your plans to buy private label in 2019 was, I think it was 20% higher than 2018. I was thinking, if we look at 2021, do you have any number like that that you could share? Yeah. First of all, it still has a lot to do with the pandemic. The sales structure is still a little bit different from the previous years. For example, we're not struggling with apparel anymore, of course, it's not so a strong growth with apparel business. In apparel, our private label% is very high. These have something to do with the end result, with the total private label. It's still a little bit. It has to do with what's happening with the pandemic in Finland. Okay. Perfect. Thank you. I get back in line there. Thank you very much for those answers. Thank you. Thanks, Nicklas. Thank you. As another reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. Okay, there appear to be no further questions. I return the conference to speakers for any closing remarks. Okay. Thank you very much. As already mentioned, warm welcome to our Capital Markets Day on the 22nd of March when we will be presenting the new strategic targets for Tokmanni and basically the sources and action points for the future growth. Thank you very much. Okay. Thank you