Thank you very much. Welcome all to this year-end report for Arise. I think it's obvious to most of us that renewable energy is now really entering the center stage. This is our second page, by the way. This is a worldwide trend. If we turn just to the European Union, we now see that the political decisions are being made to go to a net-neutral climate change agenda for 2050. Already by 2030, there should be a reduction of greenhouse gas emissions by 55%. That's pretty aggressive. That is also now seen in the pricing of the CO2 emissions in the EU ETS trading scheme. This is, of course, on the back of the expectations of a more climate-friendly politics. Just for your information, the European Commission is also preparing a bill towards the summer regarding the financing of the EU budget. Part of that bill is probably also the EU ETS as a common income for the European Union, which could be supportive of that as a steering instrument going forward as well. We also see, furthermore, that the onshore wind in Northern Europe is really competitive. It's not a coincidence that a lot of investments are being made right now in both Sweden and Finland on onshore wind. It is amongst the most competitive power-producing technologies throughout the world, actually, if you take into consideration the levelized cost of energy. We also see that the forecasts do predict that we see a hike in power consumption over the next decades. IEA, for instance, predict that we see a 15%, roughly, surge in consumption only in the EU, and that's during the 2020s. In a global context, there is roughly a double amount of consumption 2040 compared to 2020. It's a worldwide trend. It's also predicted that it's the wind power and the solar power that will lead this increase of power supply as well. Renewable energy is leading the combat against climate change. Turning to page three. Our vision is to develop renewable energy for a sustainable future. The mission that goes with that is that we want to be the obvious partner for investors in wind power by creating value throughout the life cycle. We want to be a customer-oriented player in this field and be a part of these investment decisions throughout the life cycle for our customers. Furthermore, we want to maximize the value of our green electricity production through professional operation management, sales, and financing. This is, of course, something that is close to our heart since we still own some 139 MW of green power-producing wind power in the south of Sweden. This is something we'll come back to a bit further. Turning to page four. We were founded on the Swedish west coast back in 2007 and listed in 2010. We are today a bit over 30 employees. Our project development portfolio is a bit over 1,300 MW in capacity. The wind power operation that we hold in the south of Sweden, it's divided between 10 wind farms, and the capacity is 139 MW, and in production a bit over 340 GWh. We are managing on behalf of our customers some 1,100 MW of wind power in Sweden and Norway. Looking to increase that number, of course. Right now we have one large project under construction, which is the Skaftåsen project, which we sold to Foresight in December 2019. That's 231 MW. Turning to the next page. I hand over to you, Linus. Yes. Thank you, Daniel. Basically, we're going to go through some of the Q4 numbers. Overall, the quarter was characterized by weaker winds than normal and very low power prices as has been the trend all through 2020. As you know, we also postponed the sale of one of our offshore projects into 2021, which basically meant that there was also quite low activity in the development business compared to 2019. With that said, net sales came in at SEK 26 million compared to SEK 247 million last year. As mentioned, we sold the Skaftåsen project in Q4 2019, which explains some SEK 200 million of this delta and the remainder being explained by lower power prices for the production. We'll come back to pricing on the next slide. I think it's also worth to mention that 2020 was a quite extreme year in terms of hydro balance, the hydro situation and the hydro results in the system, which has meant that it really put a big pressure downwards on prices and that is being reversed in the beginning of 2021. We're looking at a market that is quite different compared to what we've seen in 2020. We'll come back to that. Basically this meant that EBITDA came in at SEK 1 million and EBIT at the SEK -15 million. Again, as we sold Skaftåsen last year, it explains SEK 140 million of that delta in recognized profits. That's the large driver. Obviously, as we didn't sell a project this year, we didn't have any cost of sales for projects either. The cost base was also quite a bit lower. Operating cash flow came in at SEK -1. If we look to our comparable profit before tax, this came in at SEK -23, comparable net income came in at SEK -24. This is due to that underlying net financials improved quite dramatically on the back of the refinancing that we did in the autumn. The comparable net financials came in at SEK -8 compared to SEK -20 last year. Looking at the reported numbers, net income came in at SEK -42. Again, the delta between the reported and comparable is basically that we've incurred SEK 32 million of one-off costs in relation to the refinancing. The vast majority of that number was due to an early termination of a SEK swap, as we now took up a euro loan. There was also an item affecting comparability of SEK 14 million, and that was related to that we now are financed in euro. This will not just be a theme for this quarter, it will also be a theme for the coming quarters, where we always will have an exchange rate difference on that loan. To the extent that the euro depreciates, it will be a positive number, as we see in this quarter, by SEK 14 million. If the euro appreciates, it will be a negative number. Of course, this is non-cash items, but it will be something that will fluctuate going forward. We will continue to separate that item. Production came in at 87, which was lower than budget due to weaker winds. As mentioned, prices was very low. It came in at SEK 202 per MWh compared to SEK 440. This was driven by low market prices, but also the strong hydro situation meant that there was at all times a very strong hydropower production, regardless if there was a lot of wind or low wind. That means that you get a weaker or a less favorable capture price for wind when you have a very strong hydro balance. We'll come back to that again. We refinanced our bond and took up a EUR 40 million loan, which will be very positive for the company going forward. Of course, we saw a lot of that effect already in this quarter four, as mentioned. We won't see the full effect until Q1, basically, because we still have the old bond, if you will, until about middle of October. It will improve even a bit further. Turning to the next slide. On the top left corner, you see the spot price on the Nord Pool system. As you can see, 2020 was extremely low prices. We've seen a strong recovery, in 2021 and various spiking spot prices due to basically the turn of the weather, which means that the hydro reservoirs are gradually decreasing towards more normal levels. As you can see, also the calendar price in the bottom, [calendar 2023] in this case, in the bottom left graph, has improved on the back of this situation. It's not only that we see actually higher prices on the market screen, we also see significantly better capture prices for wind power. This is basically due to that the hydro results are coming back to more normal levels. The impact that we've seen in 2020 becomes much less predominant. Affecting prices in 2020, of course, was Corona, indirectly through lower consumption. I think all in all, the biggest thing or the biggest theme in 2020 were hydro power, due to the weather, basically. Going forward, we expect a lot of new electricity-consuming technologies coming onto the grid. We see initiatives front, left, and center, everything from hydrogen to battery capacity to heat data centers, et cetera. That's all very positive and in line with what Daniel began to say earlier about bigger sort of market trends. Turning to the next page. Here you can see an overview of prices we have realized to the left. As you can see, it was only in Q1 2020 where we had good capture prices, whereas the rest of the quarters have been very much affected by the levels of the hydro reserves. On the production graph to the right, you can see that production came in at 87, which is lower than budget, but quite close to what we saw in Q4 2019. We should also mention that in Q4 we had a hedging level of some 60% on a 50/50 basis. Going into 2021, we will be a lot more exposed to improvement in market prices as our hedging level is quite a bit lower going forward. We can now allow ourselves to have a more aggressive hedging strategy due to the fact that we have refinanced and have a significantly lower debt and cost associated with that. We can allow ourselves to be more exposed to market prices. Turning to the next page. As I mentioned, it's been quite low activity on the development side. We basically only have one project under construction at the moment, and that's under revenue recognition. We still list Bröcklingberget here as well, although it was completed in Q2, Q3, because there might be some additional upside. Having ongoing discussions with suppliers. This can take a little bit of time, but we expect to see something trickle in there. The one project that we have under construction is Skaftåsen, a big project that we sold to Foresight in Q4 2019, and construction is ongoing, on schedule at the moment. We continue to be quite conservative in the revenue recognition on the remaining variable compensation that we expect from the project. This is basically due to the fact that it was a big project and was very front-loaded, the payment we received. The relative number in the back end is lower. We are a bit more conservative in how we recognize it. We put a little bit more than SEK 2 million in Q4 on Skaftåsen. Turning to the next page, just to illustrate the situation going forward on the financing side. Net debt has been reduced quite dramatically over the years. We now have a net debt position of some SEK 454 million of the conversions that occur in January. That's very positive. The new loan that we took up is, as I said, a euro loan with, we think, very attractive terms. We have a cash interest of below 1.5%. We amortize in line with the depreciating asset base. It has to maturity in September 2023, and it's secured against our 10 wind farms in the south of Sweden. As mentioned, we had a one-off charge of SEK 32 million as we canceled the SEK swap. In addition to the secured loan, we have still convertible bonds outstanding that at the end of the quarter amounted to some SEK 180 million. They are convertible into shares at SEK 22. It matures in March 2022. In January, there were some SEK 30 million of conversions that occurred. That's after the end of the quarter. At the end of the year, we had a cash position of SEK 86 million. As we have said in the past, with this refinancing, we have a completely different cost base for our own production. On a group level, we now expect net financials to be significantly below SEK 25 million. For the production alone, we expect it to be about SEK 8 million per year. As we did refine mid-October, it's not fully there in the numbers, but you will see it from Q1 and onwards. Okay, turning to the next slide and handing back over to Daniel. Thank you, Linus. Yeah, having a look at our portfolio of more than 1,300 MW, it's sincerely making me think that we are heading towards exciting times. Looking at Ranasjöhöjden and Salsjöhöjden, we are now working on getting the sale of those projects done by 2021. We have posted an application for a longer valid permit for Salsjöhöjden, we are working on those two projects, we have started having ongoing discussions with some investors. Turning to Lebo, it's a five-turbine project in Price Area 3, southern Sweden. It has a reasonably good potential, mainly because it's in just the Price Area 3, which is quite rare. It should be ready for investment or financial close probably 2021, maybe 2022. Turning to Fasikan, it's a roughly 15-turbine project where we have the legal permit in force. There we have applied last autumn for a grid concession. That's now being handled by the Energy Markets Inspectorate, who is the decisioning body on those kinds of concessions. We expect to get their decision by probably Q3 2021 or so. Turning to Kölvallen, as you might remember, we got the permit decision from the regional authority, and now we are pending, waiting for decision from the environmental court. We are expecting it to be occurring quite soon, so very exciting. We are positive that we have some kind of permit given to us, then it's more a matter of how many turbines, that's our belief at least. The Kölvallen project is, so to speak, the crown jewel of our portfolio because it's such a large project, it's excellent wind conditions, and it's also very close to the substation where it's to be connected to the grid. A super good project and we hope for a positive decision pretty soon. Turning to Finnåberget, that's a roughly 25 turbine project. Also there, expecting an important decision from the Regional Administrative Board quite soon, and that is regarding the full permitting except for the reindeer issue that was already handled by the environmental court earlier on. Also there, hoping for a decision during the first half of this year and hope also for a positive one there. Our project Tormsdale in Scotland is a 60 MW project that is about to be posted to the Scottish authorities for a full permit application. That is a process that could go on sometime between six months and two years. We will come back and give you some update on the timeframe we see there. Possible financial close sometime 2022 to 2023. Very good wind conditions there as well. Overall, really exciting projects, good expectations and that's close to 700 MW that we are expecting to reach financial close during the years 2021 and 2022. Then we are in parallel working on the more early-stage projects in different geographies. It's different parts of Sweden, it's in Norway, and another project in Scotland as well. Turning to the last slide, the outlook. As Linus mentioned, we are now entering a stage where we expect the pricing environment to be much improved with regards to our own production assets. We also see that the full effect of our lowering the cost base is coming into play from the first quarter 2021, so really excited about that. We have good hope to be able to reach financial close for Ranasjö and Salsjöhöjden during 2021. As mentioned before, it's a roughly 240 MW-sized project with reasonably good profit potential. Furthermore, we have the projects, Lebo, Kölvallen, and Fasikan, which we expect to be ready for financial close during the years 2021 and 2022. All in all, some 650 or even slightly higher than that megawatts ready for sale and financial close during the coming two years. Apart from this, we have also done a review of different markets in Europe, taking in some external expertise, and we are of course evaluating which markets we perceive to be the most interesting ones. We have an ambition to diversify into new geographies over time, and we'll come back on that later on. I think we are now in a really good position to try to demonstrate the profitable growth that we expect in the coming two years. With that, I conclude, and we can have questions. Thank you. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while questions are being registered. We have a question from the line of Henrik Alveskog from Redeye. Please go ahead. Hello, Arise. Do you hear me? Hello. Hi. I have a few questions. The last thing you were talking about was potential new regions or countries. I assume you will not disclose which countries you're considering. Not at this stage, I'm afraid. I understand. You also mentioned in the report that new technologies could be applied. You talked about new geographies and new technologies. That sounds a bit intriguing. Will we finally understand why you changed your name from Arise Windpower to Arise? How should we understand it? I think we can hope to come back to you, not in a too distant future on that. I think it's a natural step for us to have a look into other opportunities. Is it solar possibly, maybe? I don't want to go into that yet, but we will come back on that. All right. Okay. Also you sent out a press release a week or two ago about the project, the battery factory in Norway. That's the early phase project that we see in your table here, right? Yeah, that's right. The Norwegian one. Right. Is it because it's the largest one of these early phase projects that you communicated this? Or is there another specific reason? We were holding a presentation for the municipality, and there was also this intention from their side to apply for getting this battery factory to be located in their municipality. That's why we wanted to support their application. All right. To go out and give this piece of information, but also acknowledging that it's an early-stage project planning. Yeah. I was also curious when it comes to Scotland and the permit process, is it different in any material aspects to the process in Sweden that makes you well assess that it's a bigger risk or less of a risk compared to Sweden? I think it's hard to say whether the risk is lower or higher, but it's fair to say that the central government has more of a say than they have in Sweden. If they deem the project to be viable, then they can basically take a quicker decision. They could also decide to have a bit longer process and involve more stakeholders. That's a bit of an open question, actually. We will have to update you later on that, how it goes going forward. Yeah. Okay. Then just finally, you described the reduced operating cost in your own wind farm production. Where you mentioned the extended service life from 25 to 30 being a part of this, is that just the depreciation you're referring to or is it anything else? Basically, the cost base for own production is lower due to three reasons, really. One reason being capital cost, i.e. depreciation, which will be some SEK 10 million lower because of the extended service life. The biggest contributor is, again, capital cost by the nature of financing cost, basically we will reduce the run rate from previously some SEK 42 million on a yearly basis to below SEK 8 million on a yearly basis. That includes not just cash interest, but also these IFRS 16 effects, et cetera. Cash costs will be much lower than the SEK 8 million. It's just to run the numbers on the interest that we have based on the loan. That's a big impact from SEK 42 million to below SEK 8 million, of which cash cost being a much smaller portion than the SEK 8 million. Thirdly, there will be also an improvement in operating expenditures because we have entered into new service agreements for our GE fleet. That's three wind farms, which will roll into a much more attractive cost on the service for those wind farms compared to what we've had in the past. Although it's a lower cost, it's still with the full service agreement, that's basically that the supplier is responsible for all the components, et cetera. Still low risk from an OpEx perspective, but at a much lower cost. Okay, I get it. All in all, this is some SEK 50 million if you add the three together on an annual basis. Okay. Well, thank you. That was all for me. Thanks. Thank you. I remind you that if you want to ask a question, please press 01 on your telephone keypad now. We have a question from the line of Ofelia Aspemyr from ABG. Please go ahead. Thank you. Ofelia Aspemyr from ABG. I have a question about the Bröcklingberget project. As I can see, the project was scheduled for 2021 to 2022 in the Q3 report and now being lifted to 2022 to 2023. Have you changed the time frame for this project, or what can we expect? Yeah, we did expect the decision from the authorities already before Christmas. We felt it was more in line with expectations to move it into the years 2022, 2023, given the time frame for the decision. We expect the decision from the Regional Administrative Board now during the first half of this year, then it's probably going to be appealed. Then you have roughly one more year. That's the reason. Okay. Thank you so much. There are no further questions at this time. Please go ahead, speakers. Okay. Thank you all for attending and speak to you soon. Have a great day. Thank you. Thank you all.
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