Good morning, everyone, and welcome to Adapteo's Q4 and full year 2020 business review. My name is Philip Isell Lind af Hageby, and I'm the President and CEO of Adapteo Group. With me today, I have my colleague, Erik Skånsberg, Group CFO. Good morning, everybody. Turning our views towards the highlights of the fourth quarter, it has been a rather eventful quarter with two strategically important acquisitions announced with Dutch Cabin Group in the Netherlands and Stord Innkvartering in Norway. We are also in a position where we have refinanced our company at very attractive terms and conditions and covenants, and also brought in new capital in a directed share issue, bringing some further EUR 38 million to finance the acquisition of Stord Innkvartering, and to serve as further gunpowder in case market consolidation opportunities would appear. In terms of the market, we have seen a stable public sector demand in the fourth quarter. Bear in mind, however, that the fourth quarter is a low activity quarter for us. In the private markets, the market conditions have been continued weak as a result of the ongoing pandemic. Despite the softer market conditions, we have still been showing once more the resilience in our revenues and our earnings as a total. Looking into the finance side of our companies broadly, we are growing the net sales as well as comparable EBITDA on good levels compared to last year, with rental sales more or less on par, just above. We have also been increasing our building portfolio, now stretching just more than 1.1 million sq m as a total, with a utilization of 77%. In this year, we have been delivering good cash flow as well as for the quarter, despite upgrades in our building portfolio to enhance our competitiveness even further. Looking into the highlights for 2020 as a full year, giving a brief rearview mirror of what we have gone through. We saw a promising start of the market in the beginning of 2020 with high activity in the larger markets of our business. As the pandemic escalated, we saw more challenging market conditions coming in, where the private sector came to a standstill in March, and we also saw disruptions in the public sector. Also having in mind that the pandemic came just in our peak season. That is important to us due to the seasonality in our business. In a swift manner, we changed our focus from growth mode to more of a profit protective and cash conservative mode with extensive measures implemented to accomplish that. Over the year, we have still been upgrading our building portfolio, creating this enhanced competitiveness and continued our efforts and initiatives within our Commercial Excellence program that is proceeding group-wide in our company. It is also pleasing to announce that we have been upgraded from MSCI's ESG rating to AA, which is a token of the successful work that we have done over the year to uplift our performance in this field and become even more sustainable as a company. On the financial side, we are seeing good growth in both the old Adapteo business as well as with further contributions on top of that from Dutch Cabin Group that is impacting the financials for two months, for November and December 2020. On the rental sales and the comparable EBITDA, we came in on par with the year before. The utilization rate just below 80%, and also on a full year basis, we posted a good operating cash flow before the discretionary growth CapEx. Looking into some of the projects that we have delivered in 2020 Q4, starting with our new colleagues from Dutch Cabin Group in the Netherlands. This is a sales case in business area Permanent Space, where we are delivering seven classrooms among just more than 600 sq m. This is a solution that is built on the DS system, which is an internally developed solution that our team in Dutch Cabin Group or DCG have developed. This is also produced in our factories in the Netherlands. The indoor environment is of utmost importance also in Dutch Cabin Group, giving another reason for a good cultural fit with Adapteo. This specific school is having air conditioning in all the rooms, as well as excellent light conditions, giving this premium feeling in the school. The handover was done in October 2020. Looking into another case, now going to Norway and Kvamskleiva. This is a project that we have done when we expanded into the worker accommodation customer segment, even before the acquisition of Stord Innkvartering. We have been following the worker accommodation market and seen the attractiveness and hence the buildup of this business here. This is one of the results of that effort. This is to Hæhre Entreprenør, who is a leading construction company in Norway. We have, in this case, been providing accommodation services for 85 inhabitants over these 1,600 sq m as a total. Handover was made in December, and this is a rental case. The third example is coming from Business Area Permanent Space in Sweden, where we have developed and produced a school for Rättvik. This is a school of just below 2,700 sq m with 13 classrooms with rather special needs in this school, where we have co-developed this solution together with a pleased customer. Painted in a very characteristic color for this specific region that gives some extra flavor on this solution. In October, we also announced our ambition to be the industry leader in the field of sustainability. To be more concrete on that journey, we also released our sustainability strategy. This is what you see in this picture. It builds on three pillars of climate smart buildings, innovation for sustainability, and inclusive societies built on a solid foundation. To set the context, you can see the first two pillars representing the E in ESG, the inclusive societies pillar representing the S, and the foundation, the G or the governance. Starting with the pillar of climate smart buildings, we are aiming to develop energy efficient buildings built with climate smart materials in a resource efficient production. In the innovation for sustainability pillar, the second one, we are focusing on uplifting our circularity even further in our already green and circular business model that is in the DNA of Adapteo and has always been so. We are also doing our utmost in influencing our customers in the very same direction for a more circular society. As an example of that, we are offering and selling clean tech solutions such as solar panels. We are also having certain solutions that we can add to our buildings to improve the energy efficiency even further. We are, in some of our projects, also using completely green equipment when we are establishing our businesses and our buildings. On top of that, of course, always design for sustainability. In the inclusive societies pillar, we are working to create a good work environment internally in Adapteo with equality, diversity, and externally we are working in close collaboration with the society as a societal partner that we are and would like to be recognized as. That includes also collaborations that we are aiming for with NGOs. As mentioned, these pillars are built on the solid foundation representing the governance of ESG, where we are more specifically working with uplifting and improving the policies for improved transparency. We have been engaging in extensive stakeholder dialogues to understand what our stakeholders see as the most important areas for us as a company. Based on that, carrying out the materiality analysis to ensure the right focus. These three pillars, as well as the foundation, are also connecting to the Sustainable Development Goals that have been developed by the United Nations. Out of the 17 goals in total, we are focusing on six of them. As you can see, they are closely associated to these pillars. Based on this strategy, we are now also setting our clear and concrete sustainability targets that we have communicated that we will release in the first half of this year, 2021. Giving some further substance in our work within this very field, we have been active in 2020, which, as I said in the beginning, also has resulted in an upgrade to double A from MSCI's ESG rating. Which is of course very pleasing to us, giving us even more energy in our ambition to reach a triple A rating. In the environmental part of our work, we are working with FSC certified wood in our production in Sweden. We are having 100% renewable energy in the operations in both Sweden and Finland. We are reducing the use of single-use plastics and having now developed a specific solution for reusable module covers that we cover our buildings with when we are transporting them. We have also done a quite interesting collaboration with Tarkett, who is a flooring provider, where we are recycling the surplus material in the production to ensure that we are resource efficient and that we reuse everything we can. The further work is a third-party assessment on materials where we are constantly analyzing and evaluating the materials that we have in our buildings and looking at the footprint on each and every one of them and doing our utmost to replace materials that can be improved from an environmental perspective to better materials and solutions to again have as low CO2 footprint on the society and the environment as possible. We are also promoting our clean tech solutions. As mentioned, we are promoting and selling solar panels. We are using electrified equipment in some of our assemblies to ensure that the footprint is as minimal as it can become. We also have these additional services and products that we can complement our buildings with for even better energy efficiency. On the social side, we have been active in this pandemic in offering the society what is needed to manage this complicated situation. We are promoting, for example, vaccination buildings to manage these rather complicated tasks that are now on the society to vaccinate us all. We have also provided buildings for testing, for care, and accommodation in different kind of applications. Another point that I would like to make is how important we are for the society in terms of what we provide. We are a leader in the social infrastructure field in the Nordic Region, and we have as an aim to strengthen that position also now in Continental Europe. That is an important market for us. Just to give an example of what we have done in 2020 only, is to provide space for education for 24,000 pupils in school and daycare. That means that we only in 2020 have delivered 117 schools and 39 daycares. If you look at the entire contract portfolio that we have, we are providing space for more than 140,000 pupils in our existing old Adapteo business, which makes me very proud of the position that we have in the social infra, being the true leader within this field. On the governance side, we have signed the UN Global Compact, and we have also done further updates to our code of conduct as well as business partner code of conduct. This is an important area for us that we are very firm on. As mentioned, we are strengthening the stakeholder dialogues to ensure the full and the right focus on the important matters and further visibility of policies and the work that we do in the board. As communicated, the acquisition of Stord Innkvartering, the Norwegian business, is strategically important to us. The background to this is the attractiveness in the worker accommodation customer segment, where we see attractive dynamics in terms of the drivers of this specific market, where in Stord Innkvartering's case specifically, the business is built on extensive infrastructure investments in the Norwegian market that are active today and will be in many years to come. It is based on this solid platform that this business has been developed, becoming a true leader in this field. If we look further onto the dynamics of this business, we are aiming for building up a strong rental business and a long-term business with excellent visibility. The acquisition of Stord Innkvartering is checking all those boxes with long-term needs driven by the infra investments with a long contract length of six years on average and contracted sales all the way to 2030, providing great visibility. We are having a solid offering in this field with most probably the most rejuvenated fleet and portfolio that you can find with 110,000 sq m with an average age of four years, having a solid offering for the years to come. I'm very pleased with this acquisition, and we now completed this acquisition by the end of January this year. Turning into the financials then. Starting with the net sales. We grew our net sales to €65.3 million, which is a growth of 32% with contributions both from old Adapteo as well as the contributions from the Dutch Cabin Group that is contributing with two months. Good underlying growth as well in Adapteo. Looking into the components, we have an increase of the Rental Space reaching EUR 36 million. Looking more specifically into the assembly and other services, we landed on EUR 15.8 million compared to EUR 12.4 million last year. What is positive with this growth, besides the growth in itself, is the favorable sales mix, where two-thirds of these close to EUR 16 million are coming from assemblies and only one-third from disassemblies, meaning that we have more square meters coming out in the market than what is coming back. This is positive from the top-line perspective. As you all know, this is still a low margin business that is contributing mainly to the top line, but then eventually when the Rental Space kicks in, also to the comparable EBITDA. The last component, the sales of buildings, increased to EUR 13.5 million, contributed from the addition of Dutch Cabin Group, as well as our Permanent Space operations in Sweden. On the comparable EBITDA, we grew with 17% to EUR 24.2, with, again, contributions from both old Adapteo, as we call it, and Dutch Cabin Group. Good growth with a comparable EBITDA margin of 37%. On the cash flow side, we came in on par with last year, and this is a cash flow that we are pleased with, taking into account also the upgrades that we have done in our building portfolio to specific projects that we have already won, mainly. Looking into the total CapEx spend then, EUR 18.7 compared to EUR 27.9. This is driven in this year by the maintenance CapEx, and as I said, mainly to already won contracts that we're doing certain upgrades to activate our current and existing building portfolio to keep the growth CapEx as low as possible in this discretionary nature that we have with that component. We also have growth CapEx in the quarter, and that is mainly due to the successful expansions that we do in Germany and continental Europe. Only in Germany, we had EUR 5 million of growth CapEx, giving some good traction in the market there, in an attractive market with good demand. Looking further into the EBITDA margin, we came in on 37%. Bear in mind that in the 37%, we have now also included Dutch Cabin Group with a different sales mix, and hence also margin picture with a higher degree of sales than what we have had in the old Adapteo. Also a high share of assembly and other services, as you saw on the previous page. Again, an overweight from assemblies. If we would look at the old Adapteo operations itself, we would be trading at around 40%. On the building portfolio, we have a utilization of 77%. Here we have now also added the building portfolio of Dutch Cabin Group. Looking into the number of rented square meters, we're growing from 812,000 to 873. The development in the utilization is stable in the old Adapteo. With the addition of Dutch Cabin Group, we're landing on this level. What is important to say with the utilization is that here we are having as utilization what is generating rents. Meaning that when our modules and our buildings are being transported, assembled, disassembled, refurbished, stored, or where we are booking some orders or speculating for further deals, that is not accounted for in this utilization. This is the clean utilization, so to speak, landing at 77%. We have said before that. What drives the market. We are confident in that the underlying need picture is attractive, driven by drivers such as growing population, growing birth rates, growing elderly population, but also urbanization and demographic changes. We further see extensive renovation needs in the countries where we are present, and we are further having drivers from the constrained public finances among the public sector and the municipalities. That gives us an opportunity to deliver great solutions in a more efficient way from their financial point of view. Also new build volumes and the ambitions from the society of becoming more sustainable are drivers to our business. On top of that, we also have the penetration where our kind of buildings and solutions are becoming increasingly popular in the market. Looking on the right-hand side of this picture, we have seen the historic growth being attractive at some 8% in the markets where we are present. As you also see, we have reached a plateau now during this year due to the pandemic, largely. We still expect, based on the need picture and the underlying situations that prevail in the markets, that the market will pick up when we are coming into the coming years here. Looking into the underlying needs looks attractive. These years that we have seen now with pandemics are not reducing that needs, giving us good opportunities for the future. With that said, I would like to hand over to my colleague, Erik. Thank you very much, Philip. We want to start looking a little more in detail at our financial performance in the fourth quarter. We report our financial performance in two main segments: that is Rental Space and Permanent Space. The majority of the sales and earnings in Dutch Cabin Group is booked in Permanent Space. Approximately one quarter of the sales in Dutch Cabin Group for the two months, November to December, that we consolidate, fall into Rental Space. In old Adapteo, so referring to the group before the Dutch Cabin Group acquisition, rental sales now in the fourth quarter 2020 was at the same level as the fourth quarter in 2019, but was higher sequentially looking compared to both the second and the third quarter of 2020. In old Adapteo, we saw rental sales increases in Finland and in Germany. A small one in Sweden, converted into euros, less so in local currency. The major impact here in the growth from 32.1 to 34.8 comes from Dutch Cabin Group for those two months of November to December, where around, as I said, a quarter of total DCG sales came from rental revenue. In the quarter, as Philip said, in Rental Space, we have had an extraordinarily high proportion of total sales coming from assembly and disassembly income, with approximately two-thirds of the more than EUR 15 million in the quarter coming from assembly income and around one-third from disassembly income. This is, of course, a welcome contribution to our total earnings, but it takes down the margin a bit in the business area. Looking at earnings development in the Rental Space business area, we have an EBITDA increase of 6%, and that excludes only EUR 0.2 million in items affecting comparability. Due to the revenue mix, rental income versus income from assembly and disassembly, we had an impact on the margin, which was almost 48% in the quarter. Public sector demand has been fairly stable, but of course, as Philip has mentioned, there is a continued weak demand picture from private sector customers. In the Nordic countries, we see a continued price pressure. It varies a bit from country to country, but that is an overall picture in our most important Nordic markets. We had rental sales increases, as we said, in Finland and Germany, and more or less the same total sales in Sweden as in Q4 2019. Holland, here we don't see a 2019 comparison number, but the Dutch Cabin Group saw a significant year-on-year increase from 2019 to 2020 in their rental revenue. The last quarter's utilization rate of 77% reflects also the increasing number of square meters that we have in the building portfolio, an increase of fully 8% from the end of the third quarter. Turning to Permanent Space. On a net picture, the full contribution here on sales was from the inclusion of the Dutch Cabin Group. In old Adapteo, we had a pretty good sales development in Sweden, lower so in Finland. On a net basis, the contribution here from 12.6 to EUR 19.9 million was from the Dutch Cabin Group. The internal sales is a mixed picture in the sense that in the last quarter of 2019, we had production in our Gråbo facility in Sweden, representing substantial internal sales. The EUR 4.9 million that you see of internal sales now in the last quarter of 2020 is from the production in Anneberg, selling to our Permanent Space business in Finland and Sweden, and also the internal sales from the two production units in Dutch Cabin Group, selling to the commercial activities in the Netherlands and in Germany. The earnings development, looking at comparable EBITDA, see a positive impact from the Dutch Cabin Group. In general, market conditions in Holland has, throughout 2020, been quite favorable. There has not been any decided market downturn because of the COVID pandemic. Whereas in Finland, we have been facing adverse market conditions, and we have seen low project margins. As we said, we have had good sales in Sweden, not least under the SKR, and that is the organization for municipalities and regions in Sweden, where we have a frame agreement. The production unit in Anneberg in Sweden has suffered when it comes to operational efficiency and cost due to high absenteeism in production. Other than that, EBITDA in both business areas, Rental Space and Permanent Space, have seen substantial positive effects from operational efficiencies, cost-saving measures, and ways of working smarter. As a summary slide, we are looking at now a building portfolio footprint, as of the 31st of December, of a total of 1,132,000 square meters, where the main contribution compared to the end of the third quarter comes from the inclusion of the Dutch Cabin Group. Even with that increase, we have a utilization ending the year at 77%. Looking at cash flow, as Philip said before, we had an operating cash flow before growth CapEx in the third quarter of a little more than NOK 18 million. Now I'm moving to the table to the right, to the rightmost column, Q4 2020. In addition to a stable comparable EBITDA of NOK 24.2 million, we also had, in total, a positive change in net working capital. We had a small increase in inventory, but inventory levels in absolute numbers are where they should be. We had a positive contribution from a reduction in receivables, and that was mostly old receivables. That has been a good cleanup work that has been performed. A small positive contribution also from increased payables, but that was not a major movement. Looking at the CapEx components, we have in the order you see here, maintenance CapEx of NOK 11 million, non-fleet CapEx, and that is mainly IT, of NOK 1 million, and growth CapEx of NOK 6 million. The growth CapEx is primarily for the German market, and the maintenance CapEx of NOK 11 million is kind of a misnomer in the sense that most of this so-called maintenance CapEx is for upgrades in order to lift the standard of the modules and use even older module systems to a standard that is required to take specific orders. Most of the maintenance CapEx has gone not to general upgrading and maintenance, but for specific upgrades for specific orders that we have already taken. Our financial situation is very solid at the end of the year. In October, we paid for the acquisition of the Dutch Cabin Group. In November, we signed new bank agreements. Starting late November, we now have term loans for a further 36 months. When we were looking at closing the Stord acquisition, in addition to the new funding agreements with the banks, we also went to the equity market and made a directed share issue that netted some EUR 38 million. What you see in the graph to the right here, the high cash position at the end of the year reflects that directed share issue that was specifically aimed for giving us a good capital structure, also after paying for the Stord acquisition in late January. Going back to the graph to the left, where we see net debt at the end of 2020 of NOK 435 million, and leverage, so that is net debt compared to comparable EBITDA of 4.9, if we look at the statutory accounting, where the Dutch Cabin Group is included only for two months. Bear in mind here that the balance number of the last of December, of course, includes the full balance of the Dutch Cabin Group, including Adapteo's full financing of that acquisition. We are looking at a 4.4x leverage when we include pro forma 12 months contribution of comparable EBITDA from the Dutch Cabin Group. Looking at return on capital employed, the capital employed has, of course, increased as a consequence of the acquisition of the Dutch Cabin Group. Likewise, including 12 months of EBITDA from the Dutch Cabin Group, we are now above our 10% internal target for operative ROCE at 10.5%. Going back, comparing to our financial targets, we had a double-digit comparable EBITDA growth in the fourth quarter. Of course, the main component there being the inclusion of the Dutch Cabin Group. With a like-for-like comparison, including a 12-month contribution from the Dutch Cabin Group, we had an operative ROCE of 10.5%, that's over our target. Looking at leverage, net debt to comparable EBITDA, including 12 months of earnings from the Dutch Cabin Group, we were at 4.4, which is within our up to 4.5x range. The board has decided to propose to the annual general meeting that the company now in 2021 pay a dividend of EUR 0.12 per share, which corresponds to 24% of adjusted earnings per share. By that, I think we are coming close to a summary. Yes, we are. Thank you for that, Erik. Looking back at 2020, again, a brief summary from a strategic perspective and connecting that to our strategy. You see our strategy building here with our three strategic pillars of Breakout Growth, Commercial Excellence, and Operational Efficiency. Starting with the Breakout Growth. The Breakout Growth is aiming for expanding our operations geographically with new customer segments, with new offerings and such. Within this field, the two major acquisitions that we have announced are contributing. Through the acquisition of Dutch Cabin Group, we are establishing a footprint in the Dutch market and Benelux. As I said, this is a market that we have been following for some two years. Now when the favorite company on that list of opportunities came out for sale, we wanted to take that opportunity. In addition to the strengthening and the establishment in the Dutch market, we are also strengthening our operations in Germany, building something that more look like critical mass in this important market for us going forward. In terms of the acquisition of Stord Innkvartering, this is also an expansion where we are entering with full force into the worker accommodation customer segment that is driven on these infrastructure investments with a long visibility and attractive dynamics that we also see in the social infra. Of course, in addition to that, also strengthening our Norwegian body and our position in this geography. We have also been active in developing new solutions for the elderly care and care sector. We have been taking projects there, and we are continuing that work to have a good growth in that field. We have also announced earlier that the Adapteo Hybrid solution that we have developed for the German market is trading very well. We have been delivering more than 400 units to the market of this solution and having a rather attractive position in the German market where we are differentiated in a different way than what we see in this market as a whole, where we have our energy efficient solution coming from the hybrid that create a solid position and strong energy efficiency footprint. We have been completing the refinancing that Erik gave some more color on, as well as the directed share issue. On the commercial excellence, we are continuing our work to capture market shares in the public sector. Looking into the work that we have done, we have been capturing market shares in more or less all markets over 2020. Even though the markets have been weaker, we have been strengthening our relative positions with the outcome of that work that we have done in this field, as well as the commercial excellence as a whole, where we have been working on optimizing our offering to uplift our pricing excellence and have a better efficiency and effectiveness in our sales operations. In the operational efficiency, I mentioned the upgrade to AA rating on MSCI's ESG assessment. We have also consolidated our manufacturing footprint where we closed one of the two factories in Sweden to concentrate the production to our factory in Anneberg that can now run with higher utilization. We did the same when it comes to the hubs and the warehouses to have an even more competitive and condensed network in this field. The same on the organizational side, where we have been improving our ways of working and extracting further efficiencies due to this work, as well as doing continuous uplifts in our professionalism in our group. Having then a brief outlook of what is to come, starting with the demand picture. We continue to see softer developments in the private sector due to the pandemic. In the public sector, we see varying outlooks in the Nordics. Briefly, we see that in the beginning of this year, we have had very good activity in the German market. That is a market that is growing and showing very interesting signs for the future as well. We see an attractiveness in the Dutch market that is also operating with higher activity, as well as in Sweden, where we are now trading on higher activities than last year. You may also remember that last year started well in Sweden. Denmark also better, more or less neutral in Norway, and a weak market in Finland. We still have overcapacity and price pressure in the market. Looking ahead, as mentioned, we have high expectations on continental Europe, and hence also the strengthenings that we have done through the acquisition of Dutch Cabin Group, as well as the amendment that have been made to the German market and the organic investments that we do in our previous businesses. We are getting the full effects from the integrations of Dutch Cabin Group and Stord Innkvartering. Dutch Cabin Group was included already in 2020, while Stord is coming now in 2021. The integration is proceeding very well with the Dutch Cabin Group, and we see a performance that is actually better than what we forecasted in this company. Good contribution. The commercial excellence and operational efficiency measures continue. For the business outlook, we have showed once more that we have a resilient business model that can generate stable development in the revenues and in the earnings. That goes both for the upturns and the downturns. What we have now showed in 2020 is that we have the resilience working to level out the performance, while we also have the same dynamics, even if the market is growing heavily. It takes time to see a shift in the top line. We are now having a high dependence on a favorable development of the peak season. We have a seasonal business, the period now between February and April, May is the important period for us in the year. A favorable outcome in the activity from that side is important to reduce the overcapacity of square meters that we see in the market and to ease up the price pressure that is currently prevailing. With that said, I would like to open up for questions and answers. Thank you. The first question comes from the line of Pauli Loikkanen from Nordea. Please go ahead. Hi. Thanks for the presentation. This is Pauli Loikkanen from Nordea. I would like to ask first about the market activity. I think you described in the Q4 report that public markets were not materially affected by pandemic anymore in Q4, but the existing rental portfolio is affected due to lower activity in previous quarters. Should we interpret this so that there is somewhat sequential recovery in the public market in Q4? Well, what we have said is that the Q4 is normally a low activity quarter for us in the public sector as the municipalities are gearing up for the coming peak season, February to May. The comment is related to that in 2020, the pandemic escalated during the peak season. That, of course, led to weaker activity level. Even though we have seen stable signs over the full year, we did not see that full effect that we were expecting in that peak season. That is, of course, coming through in the coming quarters. That is how the business model works here. Now we are doing our utmost preparations for this peak season and are doing what we can for a favorable development from that side. Okay. You commented that there has been some positive development in Sweden. Do you see any pre-indicative signs that this tender season could be somewhat better than the two previous ones? Well, it's a bit too early to say. We have been very active during the fall in communicating with our customers and searching for opportunities. We see that what we have seen in the fall is materializing now with a good activity in Sweden, as you were saying. We are hoping for that to continue during the peak season. As said, we are still in the beginning of the peak season. It's promising to see that good start. Okay. About assembly and disassembly. Very positive to hear that two-thirds of that are for assemblies. Where are these new projects coming from? It's mainly in our two largest Nordic markets and in Germany. Okay. Thank you. No further questions from me. Thank you. Our next question comes from the line of Matias Rautionmaa from Danske Bank. Please go ahead. Hello, Matias here. Couple of questions. I have calculated that you have acquired now EUR 22 million EBITDA from these two acquisitions. The question is, how do you expect this inorganic EBITDA to develop in the short term? Are you able to grow this, or you lose something from it during this year? Good morning, Matias. Just to make sure I understand your question, is it about cannibalism in the markets so that one plus one plus one would be less than three? Or how should I understand your question? Just to give some flavor that is the underlying performance in these acquired units, are they continuing to grow, or do you see any flattening out there, or do you see some other costs, for example, from integration to affect your performance negatively? As Philip has indicated, we see very good development in the Dutch Cabin Group. As we commented for 2020, and that is true as far as we see 2021 as well, the Dutch market in general is looking quite good, just as it is for both our operations and DCG's operations in the German market. For Stord, we have a management that is very active and very successful in what they are doing. Also the Norwegian market as a whole is characterized by, I dare say, a higher stability in infrastructure demand from both public and private customers than some of the other Nordic markets. We are not looking at major synergies in either way, so no major synergies from cost savings because we are not looking at major integrations in the organizations, though we are, of course, looking at the sales maps together now with our new colleagues. Neither are we looking at any extra costs from any special integration measures. One plus one plus one should be at least, hopefully, more than three. That sounds good. Another question from the organic growth. If I have calculated correctly, looking at the rental sales growth in the whole group, with this inorganic effect from Dutch Cabin Group, I arrive at -6% organic decline. Do I calculate it correctly? If so, can you help me to understand where did this come from segment wise, and is it from the utilization or prices? To give you guidance from the numbers we have made public, we are looking at total 2020 sales of NOK 231 million, and that includes Dutch Cabin Group for two months. We are also saying that pro forma, if you add another 10 months of Dutch Cabin Group, we are looking at NOK 270 million. That difference there, divided by five and multiplied by six, gives you a pretty good indication of the total sales of Dutch Cabin Group. I also said in the commentary here that a quarter of those sales are rental sales. You have a very good indication of the rental sales in 2020 of the Dutch Cabin Group, and thus also of old Adapteo. Okay. Very fine. I've got one question still from the leverage. You highlighted the leverage being 4.4 with the pro forma numbers with Dutch Cabin Group. Can you say where will it land if you include this Stord in January? I can, I want to refer to the press release of the 9th of December. There we said that we were looking at an enterprise value of Stord of approximately NOK 97 million. Now in January, we said that we will be paying upfront, NOK 64 million. The difference between those numbers is the debt we'll be taking over in terms of balance sheet from Stord. There you have the debt addition. In that December press release, we also said that our expectation for 2020 was for Stord to post a EBITDA of around NOK 130 million, so that translates to around EUR 13 million. You have a pretty good picture of where we are as of the 1st of February. I leave it at your own estimates, looking at the cash flow generated from all the parts of the new group throughout 2021 to arrive at a December 2021 estimated leverage. Okay. Very well. Thank you. That was all from my- Thank you. As there are no further questions, I'll hand it back to the speakers for closing remarks. We would like to thank you all for joining in this session and partaking in this report for us for the fourth quarter 2020. Wishing you all a good day. Thank you very much.