Good morning, welcome to the quarterly presentation of Europris. I hope you all are safe and comfortably seated in your home office. Grab a coffee and get ready for today's presentation. Today we'll present the final quarter of a very special year. I'm pleased to announce that with me on stage today, I will have our new CFO, Stina Byre. She will join me today, you will get to know her pretty soon. As I said, it's been a really special year. COVID-19 has impacted us all. When we finally thought that we were coming close to the end, it became even harder. In 2020, Europris has demonstrated its capacity managed to play an important role in society. As the pandemic changed consumer behavior and increased demand overnight, we have served more than 36 million customers with everyday products through our store network in Norway. I'm really proud of the role we have played, and I'm really proud of the way we have handled the challenge. With our long experience within retail and our competence, we have managed to scale up operations at the same time as we have kept strict control on both costs and infection control measures. The Europris culture has proved itself from the very, very best, with dedicated employees that really strive to do everything absolutely best. The result of this effort and all the hard work is another record quarter. Sales growth in the quarter was 32.8%, and we are outperforming a very strong market. The gross margin increased to 45.7%, owing to increased margin on seasonal goods. Operational efficiency continued to improve with a reduction in OpEx to sales ratio and adjusted EBITDA rose by 50.3%. Adjusted net profit increased 69.7%. That includes a one-off cost of NOK 32 million related to financial items on the implementation of IFRS 16. That relates back to 2019 as well. We have a strong financial position with cash and available credits of close to NOK 2 billion at the end of the year. We have completed the share buyback program of 5 million shares in the quarter. For the full year, sales growth was 28.5%, driven by increased demand following COVID-19, in addition to solid execution of both seasons and campaigns. Gross margin has been increased despite the shift towards groceries in the sales. We see the high operation scalability and improved efficiency. That is rather impressive, thinking about we are the first year of operation into the new warehouse in Moss and getting this kind of growth, handling 28.5% growth year-over-year, that is like getting four or five years of growth at once. When you do that in the stores, you should expect some scale benefits, especially on rent and on staff cost. When you also get it on the logistics and the central warehouse, that is really impressive, especially when you are, as I said, in the first year of operation of a new automated warehouse. We have also completed the management during the year, and OpEx to sales ratio decreased to 22%. Adjusted EBITDA rose by 54%. Net profit increased by 108% in the year. High profits this year. The board of directors proposed an ordinary dividend of NOK 2.20 per share. That's an increase of 12.8% from last year. To reflect the strong financial performance in a very special year, the board proposes an additional dividend of NOK 0.5 per share. In total, the dividend amounts to NOK 451 million and the share buyback program to NOK 245 million. The share buyback program has been completed. In total, that amounts to close to NOK 700 million, which represents 87.3% of profit for 2020. Long term, the dividend policy remains unchanged with the payout ratio of 50%-60%, while maintaining a healthy balance sheet. This year has really been a remarkable effort from all Europris employees. While many Norwegians have stayed at home, every day more than 2,000 Europris store employees have gone to work and served more than 36 million customers while adhering to very strict infection control measures. At the same time, also many Europris employees have stayed at home. During this period, we have actually seen operational efficiency improving, proving that we have managed to adapt to the new situation and really getting the best out of the people. I think that 2020 really showed that Europris culture is exceptional and something you just can't copy. It's a unique corporate culture where we quickly adapt to changes. In Europris, change is part of the DNA. Every week is a new campaign, it's always a new season, and we are used to doing these adjustments and shifts between campaigns products and also seasonal products. That makes us very flexible, and that has been very useful to handle the changes we have seen in the market in 2020. All our employees have been rewarded with extra appreciation for their extraordinary efforts during the COVID-19 pandemic, which has been tough for many employees in the year behind us, and it will continue to demand a lot of them also in the coming months. A total of NOK 12 million was expensed in the quarter in relation to this. Europris is in a market that is actually quite strong. It's been a very strong year for Norwegian retail, but there are significant differences between the segments. While total retail grew by 10%, the shopping centers only grew by 4% in 2020. The grocery sector grew by 15.9%, variety retail by 18.5%, while Europris chain delivered a retail sales growth of 27.8%. We are significantly outperforming the market. Of course, the domestic consumption has increased when staying at home, whether it's for work or it's for holiday, the need for everyday products increases. Europris offers one-stop shopping. We have an attractive store network, easily accessible, and a wide range of products, and at low prices. During 2020, even more Norwegians have learned that it really makes sense to shop smart. As you see, variety retail is thriving. That is not only in Norway, where it grew by 18.5%. We see it also in the rest of the world. In the U.S., the dollar stores are performing extremely well. We see the same in the U.K., and we also see it in the rest of Europe. In this sweet spot of the market, Europris continue to win market shares and has really demonstrated our position as the market leader in 2020. It's time to have a look at the figures, and I leave the stage to you, Stina. Welcome. Thank you, Espen. I will now take you through some of the details around the development in the fourth quarter. Please note that this overview focuses on the sales development for the entire Europris chain. That is both the directly operated and the franchise stores. The sales development in the quarter was strong, with a total growth of 31.9% and an impressive like-for-like growth of 30.5%. COVID-19 and closed borders, of course, affected positively. The Europris organization has also done a tremendous job in executing the season and optimizing the campaign program. Sale of typical Christmas items started earlier than normal, leading to very strong sales growth in especially the first two months of the quarter. There was a shift towards groceries, all categories showed double-digit sales growth in the quarter. The sales growth was rather evenly distributed between an increase in the number of customers and an increase of basket size. The basket size was positively affected by customers purchasing more items. Gross profit was NOK 1.152 billion in the quarter, up by almost 35%. Improvement was driven by both higher sales and improved gross margin. Despite the mentioned shift towards groceries, the gross margin was 45.7% in the fourth quarter, representing an improvement of 0.6 percentage points. The improvement was positively affected by higher margin on seasonal goods as Christmas products sold earlier in the season, and thus at ordinary prices. Two effects almost offset one another during the quarter. Stocktaking normally takes place in the third quarter but was delayed due to the COVID-19 pandemic. This led to a higher effect than normal in the fourth quarter, where a positive effect of NOK 22 million was booked. On the other hand, removal of the sugar tax effective from 1st of January 2021 led to an inventory write-down of almost NOK 18 million in order to cover estimated losses. OpEx increased by 16.7% in the quarter. The OpEx level is affected by the number of directly operated stores, which increased by six from 231 to 237 stores. Increased volumes have also led to higher costs for outbound freight. If we look at the OpEx to sales ratio, we see a good development with a decline of 2.6 percentage points to 18.8% in the quarter. This was due to strong cost control and scale effects from the higher volumes. As Espen mentioned, the board of directors have decided to give all employees an extra appreciation for the efforts they have shown during the pandemic, and an extraordinary cost of NOK 12 million was booked in the quarter related to this. Adjusted EBITDA increased by more than 50% to NOK 677 million in Q4. The adjusted EBITDA margin was 26.8%, representing an increase of 3.1 percentage points. The strong development was related to several factors: the high sales growth, the improved gross margin, and the continued good cost control. For cash flow, I will comment on the full year figures. Cash flow from operating activities was NOK 1.7 billion, up 65% versus 2019. Positive cash effect of NOK 255 million from change in net working capital was due to increased provisions for tax and higher accounts payable, which more than offset increase in inventory level and higher accounts receivable. Higher inventory level was related to more goods in transit, as higher volumes have been ordered for the spring and summer season, and due to higher inventories of consumer goods to cover the increased demand. The inventory is considered healthy, as many older products have been realized during 2020 and seasonal items sold very good. Cash used for investing activities was NOK 112 million, which is lower than in 2019. This was due to fewer store projects in 2020 and NOK 60 million of higher investments in the new warehouse in 2019. Cash used for financing activities was NOK 1.6 billion. This is higher than in 2019, as debt has been repaid and 5 million shares were bought back in 2020. As a result of the above-mentioned factors, net change in cash was negative with NOK 28 million in 2020. At year-end, cash in the bank was NOK 540 million, and total cash and available credits were NOK 1.9 billion. Europris has entered 2021 with a solid financial position. I will hand it back to you, Espen, for a status on the strategic focus areas. Thank you, Stina. The strategic agenda for Europris is focused around three key initiatives. It's about strengthening the price and cost position, improving customer experience, and to drive customer growth. We'll have a few examples of each initiative through the presentation. On strengthening the price and cost position, the most important initiatives we're working on right now is, of course, it's the new central warehouse in Moss, and it's also the sourcing partnership we have with Tokmanni in Finland and also with ÖoB in Sweden. On the new central warehouse, we are now approaching at least getting closer to the end of the transitional period, and in the first half of this year, we will start the automated shuttle solution in the low bay area, and all distribution will come out of the new warehouse in Moss from the third quarter. That is a change from previous communication, which was first half of the year. The high sales we have experienced of seasonal items for spring/summer in 2020 has led to a significant increase in ordered volume for spring/summer goods for the next season in 2021. In order to handle the high volumes in an efficient way, we have decided to use the old warehouse in Fredrikstad for distribution of part of the summer season for 2021. That will secure a cost-efficient operation for the summer season also in 2021. The automation is actually moving forward. It's in progress. When we look at the high bay warehouse where we implemented the new system in last year, started operation in February, we've seen by that a significant increase in capacity. One important measure is the number of rejected palettes when you put it into the system. That creates a lot of extra work if you get rejected pallets. We see now that we have continuously improved the system from the start, and we are actually approaching now what the industry rates as best in class. The system has contributed well to efficiency in 2020 and has actually been very successful. In the low bay area, we will have an automatic shuttle system, which will make picking of goods more efficient. The installation was completed, and test began in the fourth quarter, and the first test milestone was not passed. A new test is scheduled for the first quarter of 2021, but we have limited access to foreign experts as the borders are closed due to COVID-19, and there is a risk that this might delay the project. Start of operation is still scheduled for the first half of 2021. On ÖoB, we have a sourcing partnership with the Swedish discount variety retailer. In addition, we have an ownership share of 20% in the company, and we hold an option to acquire the remaining 80% of the shares. During 2020, ÖoB has been hit by COVID-19 in the same way as Europris, but the Swedish market has responded a little different than the Norwegian markets. They've seen strong sales growth of 4.1%, which is high compared to historic figures for ÖoB, and the growth has been driven by an increase in the basket while number of customers are slightly reduced. It's the suburban stores that are performing well while some city stores in Stockholm and also the border stores close to Norway has had a significant drop in traffic. EBITDA is estimated preliminary to NOK 68 million. There's a lower gross margin due to clearance of old stock and negative currency effects, also increased distribution costs to the stores. Operating expenses includes a saving of NOK 10 million from signing of a new lease agreement for the central warehouse and the headquarters. We have performed in the fourth quarter a financial due diligence on the 2019 figures of ÖoB in order to settle the option strike price. We have not been able to agree on the financials. The transaction will be submitted to an external expert for consideration. This will delay the start of the option period, which runs from six months from the date we agree on the 2019 financials. The expert will take a couple of months. We expect that the option, at the earliest, will start in the second quarter of 2021. There is a risk that this will be further delayed, but that depends on the outcome of the expert. On improving customer experience, the most important thing is always to constantly develop your concept and your categories. In the fourth quarter, which is the peak of all seasons starting with Halloween, continuing with Black Week, and then you enter into Christmas, successful implementation and development of these seasons are essential. Europris is constantly developing both products, and this year, many of our Christmas products received very positive reviews. As Stina also explained, we have seen high margin also on the seasonal items. Over time, Europris has gained significant product expertise within this important category. During Christmas, we use these seasonal items to drive traffic, and we also sell a lot of basic articles in the stores. It's an important traffic driver for us. The detailed product knowledge and the insight into the market and the trends ensures that we have the right design and the right quality on our products. When we do sourcing together with ÖoB and also especially with Tokmanni in Finland, we get the best prices. Experience from the development and purchase of Christmas goods, which was very successful, contributing to high sales and increased margin this year, that will be used also in upcoming category projects. Driving customer growth is, of course, also essential for developing the company. While we are a physical retailer, developing the store network will always be a key metrics for ensuring future growth. We have also expanded digitally. Europris' ambition is to create a seamless interaction between the physical stores and the digital offering. The goal is to shape an environment where the customers can find good and relevant information online and shop in the way that suits them the best, whether if it's online or if it's in one of the physical stores. It accounts now for 1% of retail sales in the chain, and the highest share is from click-and-collect sales. Most of the online sales still ends up with the customer visiting one of our physical stores. During the year, we have increased online traffic. We are now on 2.3 million unique visits to our websites each month. The number of members in the customer club is more than doubled during 2020 and now close to 700,000 members. This increased digital presence also has an impact on the sales in the physical store. Growing the digital presence has been a major impact and major driver for the high sales growth we have seen in the physical stores during 2020. On new stores, we have opened two new stores and had one store closed during the fourth quarter, and we have a healthy pipeline of new stores. Two new stores were added this quarter, and the pipeline is now of nine stores for 2021 and beyond. That includes also the first city concept store in Norway's second-largest city, Bergen. We've been in court with the potential closure of the store at Grini, and that was a negative outcome for Europris. We have appealed the verdict and got delayed implementation until the final judgment is reached. We expect normal operations at Grini at least for most of 2021, but that depends on when the court will handle the appealed case. The outlook. As you see, Europris has had a very strong development with profitable growth under the current COVID-19 conditions. We have really cemented our position as market leaders within discount variety retail, and we show that we have a strong culture, a very good team performance fueled by a unique corporate culture where change is part of the DNA. The pandemic will obviously impact us also in the coming months, but the long-term effects are still uncertain. Our focus during the pandemic has been to exceed customers' expectations. We would like to make sure that shopping at Europris is safe, it's safe to work in Europris, and we have high availability of all the products you need for your daily life at home. We have continued to do attractive campaigns and continued to have a nice shopping environment. The goal is, of course, to turn new customers into regular customers and to make changed shopping patterns permanent. The solid progress we've seen in 2020 and in the fourth quarter has continued into 2021, with high sales growth in the first month of the new year. For a short period, up to 31 stores have been temporarily closed due to strict infection control measures, and currently, 259 of the 266 stores in the chain are operating as normal. There is a shortage of containers in the international freight market, but Europris has a fixed agreement with the carrier for 2021, covering both price and volumes. The long-term financial and operational ambitions remain unchanged. It's time for some questions. I hope that at least some of you have typed it in during I spoke. We have a one-minute delay on the questions, so we will keep the line open, but I think, Trine, you are in charge of all the questions coming in, so. Yeah. We can start. The first one is from Øyvind Grønne. Good morning. Do you plan to do a buyback program this year? We have not announced any new buyback programs. The next one is Ole Martin Westgaard, DNB. Can you please comment on the like-for-like in January, and what has the negative impact of the temporary store closure been so far on sales? The sales growth in January has been in line with what you saw in the fourth quarter, basically on the same trends as that. The stores were closed for a really short period, I think you should just take it as a percentage of sales. If you take out 10% of the stores for a week, that's basically it. What was the mix on Q4 and 2020 like-for-like growth between traffic, basket, and prices? The mix between basket and traffic was more or less equally shared, same growth rate. In the basket, the key driver was number of items per customer. We also saw an increase in price per item, mainly driven by higher prices on seasonal items as they sold out before the campaign started. What is the utilization level on your warehouse, and how much more growth can you handle? The utilization at the moment is rather low because we're still operating both the old warehouse in Fredrikstad and the new one in Moss. It's scaled up to have efficient operation at the utilization level of around 85%. What we expect is that during the peak, when we get all the seasonal items delivered for spring/summer 2021, that is voluminous goods, and then the peak will be above the capacity level we have in Moss, and we won't risk to have utilized the capacity fully. That's why we need more capacity for the next summer season. The next one is from Øyvind Mossige, SpareBank 1 Markets. You highlight increased frequency among regular customers. Can you add any specific data in terms of new customers? What we've seen is that it's quite similar to what we communicated earlier. About 1/4 of the growth in customers comes from unique new customers. The main part is that the old customers we have, they are increasing their frequency. We see that the old customers have a higher frequency than the new customers. It looks like it takes a little bit of time before you get used to shopping at Europris. You're starting with a couple of visits, but it takes time before you become regular. On the potential ÖoB acquisition, is the pricing in terms multiple up for discussion and the adjustment for future investments needs in concept and store development, et cetera? The multiple itself is not up for discussion, but it's the EBITDA that is up for discussions. We do not agree on the EBITDA presented by ÖoB. That is what the expert will decide. The multiple itself remains on 7.7. When it comes to investments in the stores, if we exercise the option, that is something we have to look into. We completed, in the fourth quarter, a commercial due diligence, and that will form the basis for the proposal that I will put together with my management team when it comes to whether we should exercise the option or not. We will make a full business plan, including also investment needs into the stores and the concept of ÖoB. The next question is from Knut Harald Nilssen. Could you please provide an update on expansion of the city store concept? Is COVID-19 providing better and cheaper access for city locations? I wish it really did. I think we're getting access to some locations where we didn't get access before. I think the city store concept that we will open in Bergen, it looks promising. That's a location where Europris would have struggled to get in just a couple of years ago. I think we are making progress, but it's not only about COVID-19 making the availability of locations, it's also that the concept of Europris, it's really proven to be strong, and it's a traffic driver. We are an attractive tenant. We are attracting customers also for the rest of the tenants. I think it's a good asset for landowners to have Europris as a tenant. Markus Heiberg, Kepler Cheuvreux. Can you comment on monthly sales growth year by year? Did you experience a slowdown in December, and how has growth progressed into January? I think, 2020, slowdown is not the right word for that kind of year. Of course, the Norwegian government encouraged people to start Christmas shopping early. They did. They started Christmas shopping already in October. We had a very strong sales growth in the first two months, and then we were actually sold out of seasonal items. The last month of the quarter was concentrated around basic articles and consumables that you need for your everyday life at home. Of course, we still saw a significant double-digit sales growth. Yeah, it was slowing down somewhat compared to the start of the quarter, but compared to the year before, it was extremely good. I think I've already commented on the start of this year. Your growth has outperformed also the variety retail index significantly. This number is somewhat impacted by retailers also with higher share of stores in shopping centers. Take Clas Ohlson as an example. How do you consider your growth versus other similar retailers located outside shopping centers? Not all those figures are public. We've seen that some have reported very good sales growth. I think that just demonstrates the strength of the discount variety retail segment. There are many marketplaces that are performing well. In this sweet spot of the market, we are also thriving. I think that's just another statement that says that this kind of segment is really a market winner. Last year, you outlined the project with Tokmanni and ÖoB as key to drive growth and implement a new assortment and profile. Can you comment on the strategic issues with the transformation in ÖoB? Do you consider the problems to be with the brand relevance itself, or are the problems of more operational nature? I think that's a very detailed question that should be addressed to the management of ÖoB and not me. They have a good strategy plan, they have good managers, and I think the concept is well-known. They have a good brand in Sweden. I think they just need to keep working. They're on the right direction. You comment that sale of seasonal products at ordinary prices without the need for discounting as a key margin driver in Q4. Are you confident in having sufficient seasonal products for 2021 in light of the recent logistical challenges? Is there a risk of higher input costs offsetting the pricing benefits? Yeah, like we commented, we have placed rather large orders of seasonal items for the spring-summer season 2021. We are well prepared for the volumes. As we also commented, we have a fixed agreement with the freight carrier ensuring that we have both volumes and also prices for the freight is secured. We have not seen any delays in transportation of seasonal goods. The next question is from Petter Nystrøm, ABG. You are building down your net debt, and gearing is low. Why don't you revisit your dividend policy? 50%-60% seems conservative. That might be, that it seems conservative. At the same time, we also add that we should maintain an efficient balance sheet. I think that the board has demonstrated that throughout the years, that they have actually, when the balance sheet allows it, they have actually had a higher payout ratio. You've seen that this year, and you also seen it the year before. A question from Håkon Hjelstuen. How big is the impact of closed borders, like the difference in growth between inland stores and those close to the border? It's an extremely difficult question to answer. You need to reopen and then see how it works. I think what we have seen is high double-digit growth in all geographies of the country. We see it on the west coast of the country, and we see it on the eastern mainland close to the Swedish borders. The border stores have the highest growth. Also when you see double-digit growth in all stores on the west coast and also in Northern Norway, I think that demonstrates the increased demand is not only related to closed borders, but it's also true that people are staying more at home, and more people are discovering the benefits of shopping at Europris. Another question from Ole Martin Westgaard. ÖoB, what are your thoughts on the lack of customer traffic in ÖoB, and why are the city stores underperforming? I think on the lack of the traffic, I can assure Ole Martin that at least some of the customers are at our stores close to on the other side of the border. In the city stores, I think that it's the way it works with infection control measures like you see in Norway, shopping centers are experiencing lower growth. The city centers are not crowded with people anymore, that affects the traffic. The last question, Aasulv Tveitereid. With current cash generation, Europris will soon be in a net cash position. What is the target gearing ratio for the company long term? It's not set a target for that, but we will follow the situation and look at the numbers and not have debt is not the worst position to be in. Thank you. Should we allow it another minute to see if there are some more questions or No? We can do that, but I think there's been a lot of questions. Okay. Thank you. Have a nice day.