Okay, thank you very much, and thank you all for listening in, and hope you are doing well in this testing time for the world. Today, I will hold a presentation, a business overview, as I usually do. Birgitta will give the financials. A new thing we added today is that Peter Strömberg, who is our CIO, will give an overview of the status on the tech side of the company. This is due to the fact that we experienced during the fall a lot of questions from the investor community about technology questions. We thought it would be appropriate for Peter to give you a quick overview and how we look at the IT situation, so to speak, within the company. Before I get started, I would like to take the opportunity to thank Birgitta Hagenfeldt, who is our CFO, who the last time she is presenting the results, and for the 53rd quarter. She's been with the company since 2008 and has done a tremendous job for the company. On a personal note, I would say that I have appreciated Birgitta's support when I became the CEO in a fantastic way. We wish Birgitta all the luck. She will stay on with the company until the end of May, being my advisor in certain areas and also supporting Anna Casselblad, who will take up the role as CFO at the 1st of February, who is also sitting in the table here in Stockholm. Having said that, let's get started. Looking at 2020, of course, it's an exceptional year. Given the growth, we grow by over 300,000 new clients within the company. We grow almost SEK 76.3 billion in AUM. The fourth quarter was a record quarter for us. We had 85,600 new clients. We had a very good, strong net inflow within the quarter. We ended the year with an AUM at a record level, SEK 571 billion. As I always say, driving higher AUM is the foundation for creating good things within the P&L going forward. Our fund volumes was also at a record level at SEK 150 billion, which was a good number, in my opinion, because in March, as you will remember, we had big outflows of especially actively managed funds. That turned into inflow at the rest of the year. That has been a very good year. If you're looking at what we disclosed the last time about monthly savings, now our pension premiums and monthly savings, so to speak, automatically generated net inflow is up to SEK 980 million. It's almost SEK 1 billion a month that we more or less can see will come in going forward. All the numbers when it comes to growth is satisfactory, even though all the numbers always can be better. The customer activity, of course, has been at unseen levels. I think that when we presented the Q4 for 2019, if we had predicted these levels, people would probably thought that we were going crazy. It's been commission-generating clients or people trading in equities is up 76% from a year from now, and we also increased the mutual fund clients by 36%. An interesting note that we saw is also that over 400,000 of our clients are daily users of the Avanza platform. That means that they log in at least once a day in the mobile app or on the desktop. It's been a fantastic year, high activity, and of course, this has been due to the fact that we have gotten a lot of new clients. I'm very satisfied with the activity level. Looking at the market shares on the stock exchange, we can see that we are still around 20%, a little downward trend in the quarter, but that's due to the fact that more international players have been trading on the Stockholm Stock Exchange. We also see on the turnover that large institution and institutional trading within the large Swedish bank was a bit higher, but we're still keeping the gap to our competitors as being the largest player on the Stockholm Stock Exchange, which of course is an important factor for us, for that gives us also good prices that will benefit all our clients. Looking at one of the most important slides from my perspective is that we don't have the Q4 for this, so that will come in a couple of weeks, is that we now are taking 19.4% of the market growth within the Swedish savings market. What that says is that one out of five new SEK into the market ends up on the Avanza platform, which is extremely important for us because that also gives us the indication that we are taking market share. Our market share is up to 5.4%. That has been a good development. As I always say, if you look at this quarter by quarter, Q2 is always a bit down, but we're looking at it from a rolling 12 months perspective. That's solid numbers that we are delivering on that. As we stated last year, our ambition was to have 15% of the net inflows 2025. The progress has been quite more rapidly than we anticipated a year ago. This is, of course, good news for us. This slide we have changed a bit since the last one, and that's just because we want to really highlight the potential we see within the market because here you have the different types of investment opportunities that we have. We have individual pension insurance where we have 9.5% market share, and the market is still very much up for grabs for us. In the occupational pension insurance market, which is an addressable market for us, we have highlighted that the light gray part of this slide is the traditional life part of the market, and we don't have a traditional life offering. At the same time, we still see it as a potential market because we can get traditional life trust clients to move to unit-linked clients, where we are the strongest. As you can see, the growth potential within pensions is absolutely there, and we are absolutely planning to capture a lot of it. Having said that, I always usually said internally, with the 5.4% market share, there's still 94.6% to go for. We still see very long-term growth potential for Avanza within the Swedish savings market. We think that 2020 has proven that we're on track of achieving a lot of our goals. Coming back to the full year, what we have done for our clients, I think two things stand out, which is actually the same. We have launched our first two actively managed funds, one together with TIN Funds. That has been a tremendous success for us, and also important is that it has given good returns to our clients in a good environment, of course. We have launched a Swedish small cap fund that's called Avanza Småbolag by Skoglund, and Skoglund is the manager of that fund. That has also been a very good success and a flying start for that fund. We did also, maybe not the best timing in the world, in the end of January, launch a European index fund that will be a good piece in the puzzle for a lot of investors, even though the returns on that fund in the beginning of the year was not so good, of course. We also did a lot of things during the year. One thing is that what I started talking about was that we have more monthly savings, and that's not just by accident, because that was a focus area for us in the beginning of 2020 to make it easier to set up monthly saving, get better overview, do it in a better manner, and that has had a good effect on the monthly savings for us. Also, we have done an easier onboarding process where the customers are guided to the interest they have on the site and not just given everything that we can offer them because we offer today about 63,000 investment opportunities on the platform. Going forward, we think we've done a good job is guiding our clients and making sure that they can sort out the investment opportunity that is aligned with their preferences, their risk level, and the time horizon of their investments. We also at the end of the year launched a stock swiping function, which is, I can say, inspired a little bit by Tinder. That function we did because we see that still the customer needs more diversification in the portfolios. This is a fun way, easy way to get in contact, so to speak, with stocks companies that you maybe normally will not find on the platform because we have such a large offering on that case, and that has been very appreciated, especially I've seen that in social media. Of course, we're always proud that we get recognition from the outside world. We won the Quality Index for the 11th time in a row with the biggest margin that we ever had. That's, of course, our most important goal when it comes to customer satisfaction. That's something we're proud of. We also are number one when it comes to reputation index, which comes in May. We were number six overall in Swedish companies and number one in the financial industry, which is an important goal for us. We were also named Bank of the Year in Sweden for the third time in a row. No bank has achieved that award three times in a row since the early '90s. That has never happened during the lifetime of Avanza. When it comes to private banking, we were number five in the Prospera ranking. The important note in that ranking is that we're absolutely number one when it comes to recommendation. That means that Avanza's private banking clients are those who are most likely to recommend family and friends to use the private banking services for us. That was a strong indicator that we are doing good things within our private banking also. The Lipper Fund Awards for among 75 we won in the second year in a row. That's also important for us because that's a default solution when it comes to occupational pension. Target fulfillment for the year is, of course, as I said, we managed once again to have the most satisfied client in the savings markets. One of my personal most important KPIs is that we have extremely good engagement from our employees. We had a goal of 45 when it comes to what we call eNPS, and we reached 69. I think the average for the financial industry is around seven. That shows that one of the key success factor for us are fantastic employees, our fantastic staff are extremely motivated and engaged in committing to Avanza's development. I would on a note also say that that's, in my opinion, a very strong number given that we had about 75% of our people from March and still are working from home or are very, very seldom in the offices who have been able to keep the culture, keep the momentum, even though we have a distributed way of working at the moment. Market share, of course, we have said 7% 2025, around 7%, we are at 5.4. Return on equity, 57% speaks for itself. Increased share of capital in sustainable investment, we have done that. We have also increased the share of female customers, even though we are not 50/50. In number of clients, we never got so many female customers on the platform as we did in 2020. Also important for us going forward is that we believe, and that's our, so to speak, commitment, that shareholder value is always driven from customer satisfaction. In a long-term target, high customer satisfaction is the key for growing the company and keeping the momentum in the company. Of course, the customer proposition is all about superior user experience, and that goes with good offers, good prices, good guidance tool, but the customers really enjoy the experience of being on the Avanza platform or in the mobile app or wherever has to be superior to our competitors. We see also growth potential, and we have growth as I said, when it comes to different part of the savings market, but we also see that we are getting broader customers. We get a lot of notifications with people who says that, "I never been interested in savings. I understand it's important. I open an account on Avanza, and now I think the fun factor is there. I really taking care of my investments," and that is absolutely vital for us. I see no limits for the 1.3 million clients that we have now. We can probably start growing that to at least 2 million clients or somewhat a much larger number. Also one of the important thing is that revenues and cost is that we've proven in 2020, given the revenues that we have, that the scalability is there. We are a scalable company. With those words, I would like to make a dramatic way of saying it. For the last time, I will leave the floor to Birgitta to go through the financials. Thank you, Rikard. If you continue to do that, I'll start crying soon. Let's go to the figures. The year finished strongly, and Q4 turned out to be the strongest quarter ever. Operating profit for the quarter increased by 23% compared to Q3, mainly as a result of higher revenues. Adjusted for the Stabelo one-off operating profit exceeded previous quarter by 7%. In the quarter, we reduced our holding in Stabelo from 27 to just under 20%, which contributed positively to the result with SEK 63 million, both in revenues and net profit. Stabelo is considered a holding for business purposes, which makes it the gain tax-free. After the reduced ownership, Stabelo is classified as a shareholder and thus no longer as an associate company of Avanza. As a result, from now on, Stabelo will not be recorded as profit loss from participation in associated companies in the P&L. The holding will be valued at fair value via other comprehensive income. After the transaction in October, the shares have been revalued by SEK 144 million. Operating profit for the full year ended up more than 3x as high as last year, and the operating margin for the full year was 67%, and earnings per share increased to SEK 8.66. Revenues increased by 23% in the quarter and adjusted for the Stabelo effect, they were up 12%. All revenues except for NII increased. Compared to Q4 last year, revenues more than doubled. Net brokerage income was record high despite fewer trading days compared to Q3 and a slightly decrease in brokerage income per SEK of turnover as a larger share of income was generated by private banking customers. The share of brokerage income generated in the private banking and pro customer segments has, however, decreased from 26% to 20% during 2020, highlighting the importance of the broad customer base. Both commission-generating turnover and number of notes increased. Compared to Q4 last year, they more than doubled. The number of commission-generating customers also had a very strong development during the year, +76%. This means that during the last two years, we added as many commission-generating customers as it took us close to 20 years before to achieve. If you look at the fund commissions, it increased mainly due to higher average fund capital. Net inflow in the quarter was just over SEK 8 million, and we saw the share of index and fixed income funds decreasing slightly, and consequently, income per SEK of fund capital increased to 36 basis points from 35 basis points the previous quarter. NII increased by 1%, mainly due to lower returns on surplus liquidity as a result of lower average STIBOR three months. Lending volumes were higher and contributed positively. Also, note that the subordinated loan of SEK 100 million was redeemed early in December, which however had a marginal effect in the quarter. Other income, as mentioned, was affected positively by the sale of Stabelo shares in October. FX income also increased due to the very high trading in foreign equities, which stood for over 20% of the transactions and almost 18% of the turnover. Revenues from corporate finance increased substantially from the seasonally low Q3 due to higher corporate activity. Income from Avanza Markets decreased slightly. If you look at the annual revenue development compared to last year, revenues almost doubled, mainly due to the strong customer activity reflected in both net brokerage income and other income. The repo rate increase in January from - 25 basis points to zero also had a strong positive effect, giving higher return on surplus liquidity. In connection to this, we also increased the rates on both margin lending and mortgages. The Riksbank's own forecast indicates a 0% repo rate for the foreseeable future. The aftermath of the pandemic is hard to predict, but it's not unusual for customer activity to slow after great turbulence as the market stabilizes. However, we have not seen any signs of that yet. Whenever activity slows, our view is that our lowest level has been raised substantially due to new customers and increasing savings capital. Operating expenses in the quarter increased by 25%, primarily as a result of higher personnel costs, which are seasonally low in the Q3. Depreciation increased as a result of a writedown of SEK 16 million, which was communicated in December and refers to a rental cost for the entire remaining rental period of the office in Vasagatan. Compared to Q4 last year, expenses increased mainly due to more personnel. As then, we had a writedown but of SEK 8.3 million. Both writedowns are shown by the shadings in the graph. Annual operating expenses increased by 15% compared to last year. Excluding extraordinary expenses, the increase was 11.6%, which is in line with earlier guidance. This excludes the writedowns of leased assets in 2019 and 2020 and the one-off costs associated with the relocation of SEK 13 million in 2020. Personnel costs increased due to more employees, mainly to expand development and capacity. Other expenses increased mainly due to higher costs for IT and premises as well as share price information. Marketing costs were slightly higher. As Rikard mentioned, and as communicated in December, we raised our cost guidance for 2021 with another SEK 20 million to about 15% growth. However, the long-term guidance of our cost growth, 9%-12%, remains unchanged. Avanza is a growth company with a strong growth potential, and a higher ambition will give us the opportunity to respond to new opportunities, but in a cost-efficient way, as always. The cost to savings capital ratio decreased by 2 basis points to 17 in 2020, while the income to savings capital ratio rose by 17 points to 51 basis points. This clearly illustrates the scalability of Avanza's business model. In the third quarter, we mentioned that we worked to reach our long-term ambition of a cost to savings capital ratio of 16 basis points for the full year. Adjusted for the writedown of SEK 16 million earlier mentioned, we did reach this goal, meaning we are now down to a level among the very best in the industry when it comes to cost efficiency. In June 2021, the new leverage ratio requirement of 3% will enter into force. In addition, the Swedish FSA introduced a leverage ratio guidance of between 0.2%-0.5%. This has required us to strengthen the shareholders' equity, and as a consequence, we announced in October that we will not be able to distribute dividends according to our dividend policy of 70% this year. However, we do have the power to distribute SEK 3.80 per share compared to SEK 2.30 last year. Due to the pandemic, the Swedish FSA's recommendation to financial institutions is to be restrictive with dividends until September 2021. Therefore, the board only proposes the AGM to distribute SEK 0.85 per share, in total SEK 132 million. After September 2021, the board hopes to be able to come back with an additional dividend proposal of SEK 2.95 per share to an extraordinary general meeting. After distributing SEK 3.8 per share, we will end up with a leverage ratio of 4.1%, well above the requirement and our own internal target of 3.8%. This will ensure an adequate margin to the requirement, both in the bank and for the consolidated situation, even though market conditions would change with increased customer deposits as a consequence. As of 31st of December, the leverage ratio for the consolidated situation was 4.9% after the proposed dividend of SEK 132 million has been deducted, compared to the 3.5% at the end of the previous year. Since the leverage ratio from now on steers our capital planning, the previous internal capital planning buffer had been replaced with a mentioned internal target for the leverage ratio. I would like to take the opportunity to thank all of you for interesting and inspiring discussions during my 13 years as CFO at Avanza. It has been a tremendous time, and I have enjoyed every minute. In about a week from now, I will hand over my duties to Anna Casselblad, who I'm convinced will do an excellent job. With that, I would like to hand over to Peter Strömberg, who will give us the overview of Avanza's IT. Great. Thank you so much. Hi. I know the first slide says tech overview, but in my world, tech is about people, because the innovators behind are people. You, if we go to next slide. Hi. If you look at what Rikard has said and what Birgitta has said, our focus, as always, and the path we're on is high scalability. Scalability can be divided in many areas, but one of them being technology for sure, but it's as much as competence and capacity as well. How we build technology serves how we scale competence and capacity with the people and the innovators. That's really important. That's why it's key. It also gives us the possibility to cut out fearlessly legacy, not every quarter, not every half year, but every single release. We do releases once a week or more often if we like. It's important that our people, the competence and capacity within Avanza, cut out legacy constantly. That is also key. Why is that key? That prepares us for the future in so many ways. Some people will call it agile, some people will just call it true flexibility in terms of where we want to go from here. That, in a couple of words, is about preparing us for the future. How do we do that? Harmonization and autonomy. I'm going to go through some of that into more detail so you get the flavor of what I mean and what we mean. Harmonization is one word of putting it. It's about customers should recognize themselves, our competence and capacity within Avanza, developers, product owners, quality assurance, or what have you, driving network capacity or other technical things. It should be easy for them to navigate through innovation. It simplifies over and over again to have one development language, Java, one solution for data storage, such as MongoDB, or one tech stack for web, which is halfway through because that's one of the things we're continuously developing of the channels we're using, as you know, as mobile and web. I'll come back to that. It's also one type of architecture with the microservices. None of this that I've mentioned so far is nothing new for Avanza, but we develop it over time, all the time, and revisit if this is the new one for us. We have the microservices platform and solution for architecture. Many companies have. Our way of looking at it is to make them as small as possible. For the moment, we have closer to 1,100 microservices. That makes us flexible in terms of what we want to do next. If you have them too large, that's going to be complicated in some aspects to move forward. We believe in this for flexibility. We have one solution for deployment, or I should admit, close to one solution for deployment because it is a difference to deploy web towards or versus mobile apps, because Apple and Android and Huawei and others are sometimes telling us what to do and how we're going to do it. We try to simplify that and harmonize that as well. Another example is we have created one design system, meaning that the components you look and feel as the customers on our website and in the mobile experience is the same, should be the same. Why is that important? I'll come back to that about harmonization and the feel for our customers. It's also important how fast and how flexible we can be internally as well to put something, new functionality, new way of working into the experience that the customer meet helps as well in terms of speed. Moving on to other things. That means that if we harmonize the tech stack, we solve problems once and use them many times. That's scalability in terms of how we use our competence and capacity. Quite frankly, it also makes it more fun. It gives motivation for the people who work with it. It gives them the motivation to innovate and find new solutions and find a problem once, not find the problem over and over again or a flavor of it three months later. Motivation is also important for people, the innovators. Developer experience creates speed and attract talent to stay because they know that we have a promise within Avanza to continue to live this promise internally and make sure they have fun, are motivated, and have the opportunity to lead technology, but also see what will be next, what is behind the next corner. They have to be, yet again, fearless of taking out legacy. It also means that we have to have the courage to try new technology in many ways. Sometimes we just don't use it. Sometimes we do the same and look at it, and we don't use that either. Then the second time, the third time, or the 10th time, we see that that's a fit. That's where the stars come together for us. It also gives us the opportunity when you have that type of harmonization, the competence mobility within Avanza. We have 25 teams today. Let's say we have 47. It's still Java, it's still MongoDB, it's still the microservices, meaning that what developers and other tech people need to know is they have the opportunity to learn a new domain. It can be anything from trading options, trading stocks, it can be anything within our business offer to our clients. Where we want to go in the future will be a similar technology, similar competence, and that helps. It also gives us faster development cycles. Why is that in terms of harmonization? Because we don't have to solve problems so many times. We've found that people recognize themselves in terms of how we're going to do things, and that's going to be faster in so many ways. Let's say we harmonize the design system as we have done, that will make it faster and take it down to that we can do things in days rather than weeks or in months. We believe also that this attracts talent externally. Why is that important? Yeah, it's important as both Birgitta and Rikard said, we constantly invest in talent and competence, because the competence we had yesterday is great, but there are also new areas that comes up. Anything from new open source possibility on technologies we want to use, but also about other technologies and other areas as machine learning or AI or any other data platform competence that are crucial. That IT security and information security area is moving extremely fast. We need to continue to attract talent in many ways. Autonomy, for me, that means independency or non-dependency. It can be technical, it can also be from a team perspective. Let's take the team first. If we have 25 teams developing certain things for Avanza and Avanza's customers, we want to make sure they don't have to step on each other's toes and ask, "Where are you with this functionality?" and so forth. We need to build technical APIs, we have hundreds of them internally, to make sure that every team or individual can consume the services, the technical service they need from a connectivity to other banks, data they want to use for their next personalization functionality, or how to be better to build a stock portfolio at Avanza. We need the teams to be independent in so many ways. We need to make sure the technology, its autonomy, we drive that within the technology that gives the autonomy for the teams and individuals. It also gives the opportunity to decentralize decisions and responsibilities and focus on innovation. Once again, motivation to innovate people. It also makes the tech ecosystem less complex because it's extremely complex. I just said that we have 1,100 microservices and so many things we want to do, and the ambitions of Avanza is vast in that sense. We want to make sure that even if the world is complex, we want to try to make it as less complex as we possibly can to move faster, meaning speed of innovation. That means that teams and individuals should spend more time focusing on what they should do and their mission in the team rather than the outside world. That's easy to understand. It also makes it easier for them to take out legacy without speaking to too many others. Of course, there's synchronization between two or three or four teams, potentially once in a while, but not as we had three, four years back. This is something we have also developed over the years. That's a constant problem to solve. Again, the more we're going to build, the more complex it's going to be. This is never going to end. Simplicity, as you could summarize that, it makes us well prepared. I talked about the front-end side in one way. The progressive web apps is just an example of one of the technologies where we nowadays use for this. Meaning that rather than writing code three times or similar code three times and then push that out to iOS app, Android app, and soon to be Huawei app, and the web as such. We should not decide which channel our customers want to use, because they want to do it whenever they like, in whatever format they like, but they want to recognize the experience. That's why we use that type of technologies. We also try to find more third-party integration, such as open banking. Some of you might know what we use today in Tink and how we connect to others. That's just the beginning. There's just so many things beyond that. Comparing what you have in other banks and so forth, moving in funds and other equities, et cetera, to sort out how you want to move next in terms of your savings and investments. Open banking is just in the beginning of the era, as for many companies, I should say. It also makes us future to use more cloud than we do today. We do use cloud for our data platform, for customer engagement platform going forward, for the design system as such, for analytics and so forth. That's going to be important. Of course, it's also being prepared for the future to always look the next step ahead in terms of IT and information security. Quite frankly, that's an area where you can't do everything yourself. You have to be and look at all the options you have to make sure you build in the trust in a platform like at Avanza. Yeah. Moving forward, continuously, it's also important for performance and capacity due to the fact that it helps the people to solve the problems or the challenges we might have of performance, of capacity as well. Then we can use it across the platform rather than in just certain areas, because there's so many parameters that comes into capacity and performance as well. Moving on, there is a new dawn. Yeah, you could say that because 2020 just took us to 2024. That's my interpretation of what Birgitta and Rick have just gone through. No one, absolutely no one could have looked at 2020 and thought we're going to go closer to 310,000 customers or the behavior we have seen or anything, I must say. Saying that, we've learned a lot. We've learned a lot about how we work, how we need to work forward, how we need to look at capacity and performance and all the different aspects of technology. We've also learned that some of the technology or vendors around us that we're using might not be what we need in the future. Some of them have really stepped up and showed us and impressed us. I think some of the stuff that we have done has impressed us and some of the areas we need to look at even further going forward. There is a new era because there is a new black here. We need to look at that very thoroughly and continue that journey, but still have in mind, have the courage to take out legacy. We also need to, from that knowledge, reinvent ourselves, the technology and how we work, making sure we have the right people. Challenge every area going forward. There will always be buzzwords that we need to look at. It could be AI. It has been areas of open source. There could be cloud solutions, et cetera. We should jump on what is relevant for us and our customers. That means that we need to try, experiment, and repeat. Try, experiment, and repeat. That builds culture and it builds innovation and that's what is good for our clients for sure. We need to continue to think platform in so many aspects and through the autonomy and harmonization I just talked about. That has served us well. I'm pretty sure we need to see what that means going forward from here. Definitely. Technology and culture, as you might know by now, in my view is it's an endurance race. It's not a one-year sprint. 2020 has given us a lot of insights, but quite frankly, we need to look at 2024, the true 2024, even though in one or two aspects we think we're there already. That's also important. We need to continue to build that culture. Summarizing how we do it from a technology side is continue to innovate not just for our clients primarily, but also internally for our clients at the end, because that's the way we're going to do it. That's how we're going to get the availability, performance, and capacity going forward. That's how we're going to scale everything we do no matter what behavior we will see within savings and investments. We need to make sure we find it and do it together in terms of competence and capacity. I have to say that I think we have been writing history from a business and tech perspective the last 20 years and our promise to our customers and ourselves is that we plan to continue to do that. Thank you. Thank you, Peter, thanks for that overview of the tech status within Avanza. Now we will open up for question about the full year, the quarter, and we will open up for questions now. Thank you. Let's see if you have any questions. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Patrik Brattelius from ABG. Please go ahead. Thank you. Good morning. My first question is regarding that you lowered your ownership in Stabelo. You have previously highlighted the long-term potential in the Swedish mortgage market. What has now changed? Can you elaborate a little bit behind the rationale behind this? Was it a valuation call and are you now satisfied with the ownership level of just below 20%? I could answer it like this. When we started our venture with Stabelo, our ownership was just under 20%. I think it was in the fall of 2018, they needed more capital and we were the owner at that point of time who had the capacity to increase equity within the company. At that time, we didn't want to bring on new owners within Stabelo, so we took that responsibility as one of the large owners. Opportunity knocked on our door. Stabelo did a new issue of equity and to fit the good ownership structure of the company at the same time going down to our, so to speak, ownership just under 20% that we had when we started the venture. The valuation gave us the opportunity to get all our initial investment back, keep a bit lower than 20% of the company, and that's the reason why we did it. It was a good deal for us, and at the same time, I would stress that we want to have a little bit under 20%, and it's a long-term investment for Avanza. Okay, perfect. That's fair. My second question is regarding the security lendings program that you started here in Q4. Did the launch go as expected, and how much did it contribute to the Q4 profits? On the back of this, is there any change to your previous guiding of how much this could contribute to revenues on a full-year basis? We will not change the guidance for the full-year basis at this point in time. We launched this in October, so of course, there are possibilities to scale it up going forward. It's something new that we will make sure our processes are robust and everything is working. We are hopeful that we can scale this up going forward. If we scale it up, it will mean more profits, but we're in the beginning of that. Okay. How much did it contribute to the Q4 profit? Can you help us with that? It's a very marginal number because we started in October, so I don't have that in my head, but it did not be a contributor to the profits for the year of 2020. Okay, fair enough. Thank you. My last question is regarding the raised cost guidance announced in December. The absolute delta in cost is rather significant between the year that is now ahead of us compared to this year that we just closed. Can you elaborate and be a little bit more specific on what the increased cost will be used for in terms of staff and tech and so forth? The cost increase is more or less 100% dedicated to hiring more people. It's more tech people, more developers, more teams to increase speed, capacity, innovation. I'm always a bit boring because we never disclose what kind of things we are working on and what kind of more specific areas we want to do a better job in. It's about scaling up a lot about IT people. Okay. If we look at this output that these people are supposed to generate, what will we see on the webpage or on the platform that can be improved then? I think that, to be quite honest, we can improve everything. Every process, every product, every services can we do better. That's what's driving us. I cannot be more specific than that because for the time being, it's a lot about hiring people, building up the teams, more innovation. I think that if you look at our mobile app, our website, and all our services, in my opinion, they are good, but they can absolutely all be better, and that's what we're going to use this extra capacity for. Okay, thank you. I think I stop there with my questions. The next question comes from the line of Robin Rane from Kepler Cheuvreux. Please go ahead. Yes, good morning. Thank you for taking the questions. Start with the targets. 2020 was an incredible year for Avanza, in Peter's word, it took Avanza to 2024. Wouldn't it be in place to revisit the targets? I point to the financial targets in particular that was presented one year ago. The share of net inflows is well above that target. Also the profitability target we're well above that in 2020. The market share of 7% in 2025 seems like Avanza is on a good trajectory to reach that. Wouldn't it be in place to revisit this target and perhaps make them more ambitious or challenging? I think I state that in my CEO comments that we will, during the year, in my opinion, revisit our targets and see if we're going to revise them upwards. That is something we will do maybe when the markets are a bit more stable or we are a bit more through the pandemic. That is something that Anna Casselblad and I will certainly spend time on during the spring, and we will come back on that. All right. viable question. Okay, excellent. The FX-related income was strong in the quarter. You saw a strong increase. The customers trading in foreign markets, is that concentrated on a few customers, or is this more of a broad-based retail behavior that you're seeing? What's your thoughts on the sustainability of this level of FX-related income? I think the sustainability is always the first remark because that has to do a lot with the turnover and the number of trades. I would say, which is maybe a bit surprisingly, that a lot of, so to speak, normal retail clients are getting used to trading on the platform, especially in U.S. stocks. Looking at December, we still have a lot of trading in the U.S. We will not deny there was a lot of Tesla trading going on in December. I would believe that long term, as Birgitta said, 20% of the turnover or 18% of the turnover was on foreign trading. If you look a few years back, I think the numbers were like 5%. Of course, the number of clients that we have, more of them are used to trading in foreign markets. I think that will continue, but then if it will be 18% of the turnover or 14%, that will vary from quarter to quarter. It's absolutely here to stay that the normal retail clients diversify their portfolios with equities in foreign markets, especially the U.S. and Europe. All right. Related to that, do you think you can keep the margin on FX-related trades going forward? Is there any reason to think that there will be better prices for customers in that area? We think that the price that we have when it comes to FX is very competitive given the competition landscape, but who knows? It might be that somebody will start lowering this, and then we will have to take our decisions. At the same time, the brokerage is not that high in foreign trading, and I think you have to look at it from a customer perspective, the cost of trading, both with the FX part of the trade and the brokerage part of the trade. We think we have a competitive offer. All right. Finally, maybe it's a bit preemptive given the Finansinspektionen or the FSA's current recommendation about the dividend, but perhaps later next year, would you consider substituting equity capital for subordinated debt to fill up the leverage ratio, and thus improving perhaps the ROE and maybe leave room for further distributions? As we've said, when we took the decision to use equity for complying with the leverage ratio, one of the reasons for that, and I remember we talked about this, is it was absolutely that we were a bit afraid that this recommendation would come, and it came. It shows that we took the right decision. I think the question about giving out AT1 capital to be able to distribute dividend to our clients is something that we will discuss internally, especially with the board and Anna going forward. We have not formed any plan for that. I think that question will pop up during the year, and that's something we will treat very seriously if it's beneficial for our shareholders. Okay. Thank you very much for that. The next question comes from the line of [Niklas Magne] from DNB. Please go ahead. Yes. Thank you. My first question is on the revenue margin. As you mentioned several times, 2020 was clearly a special year, and the bump in the revenue to savings capital to above 50 basis points was quite exceptional. I was wondering if you dare to share your expectation for revenues to savings capital in 2021, please. Well, that's a very difficult question, [Niklas], as you know, because one of the things is that the brokerage income that we have is, of course, tied a lot to the volatility and the market activity. I would put it like this. The outlook for 2021 is good. As you know, we never make any guidance during income and so forth. I think we will be able to perform a lot better, even if the market goes down, as Birgitta said, than the historical levels. We lifted the income-generating capacity in Avanza several notches during 2020. I think that some of these notches will be in place for 2021 also. To make a prediction on that is extremely difficult. What I would say, and I think we talked about this over the years, is that our focus has been a lot on number of clients, of course, but also increasingly on the AUM. Now the AUM is up to SEK 571 billion. That AUM, in some sense, is a sure bet that that will create good things in the P&L going forward. Yes. Okay, thanks. I had a question on your thoughts about your responsibility regarding your customers' behavior and trading activity and potential speculative behavior. I think there's been an increasing attention towards gamification trends of investments, probably more in the U.S. than in Sweden, yet at least. Yeah, just wondering if you could share your attitude towards this topic. I also tried your new swiping feature that you wrote about today. It's a nice and fun feature, but maybe philosophically, do you think there could be a conflict between fun and sound investments when it comes to using your platform? That discussion I had with a lot of people the last couple of weeks. I think like this, if you look at the speculative part of our offering, we have questions you need to answer. We have texts you need to read. We are very clear to all our customers that if you're going to do a certificate which is leveraged, you have to make sure that you understand what you're doing and so forth. I think the information and responsibility that we take for our customer not doing things they don't understand, because that's the basic question, is not taking risks. Some customers love risk. It's taking risk that you don't understand that would be a potential problem. If you look at the Swiper, I would say, and I think that somebody outside Avanza said, this, in our opinion, not the gamification we are doing. What we are doing is making it easier for people to find stocks and make sure they diversify their portfolios. This is an area that I think will be debated during the year, but I think that we are not giving advice, we are giving information. We podded about this, we blog about this, we do a lot of things about this on the site. When you buy things, you have to answer question if it's an advanced instrument. I think we are doing a good job on that, but of course, it's something that we are also discussing, could we do more? If you look at the message from Avanza to our clients, it's always long-term diversify your portfolio, don't take risks you don't understand. Okay, thanks. Then, a question on growth. You mentioned now a few times in this call that 2020 took us to 2024. I was wondering if you see a risk that some of the customers that you would have received in a normal scenario over 2020- 2024 were front-loaded now into 2020, and that you have exhausted some of the growth in the next few years. That's my first question. Then a question also, you mentioned 2 million customers. In what kind of timeframe do you think about 2 million customers? Is that an end game or steady state which you think about many years ahead, or do you find it possible that you're going to reach this level within the next three years or so, which I think would be the outcome if you continue to grow your customer base by 10% per year over the next three years from this level? The 2 million was just that I mentioned, it's not a number you have to remember too harshly. My point is that having 1.3 million customers, we don't see a limit to number of customers in the next couple of years. We think that we can grow number of customers, and that means that if we can have 2 million customers, 2.5 million customers or whatever, we see that the potential in the Swedish population is still to make even more people or more customers of Avanza. We see a great growth potential there. If we have front-loaded some of the customers, probably, yes. Some customers who have find us during 2020 might not have found us if we didn't have the pandemic. We still believe that given our market shares, that we have a lot of customers to convert into Avanza. I don't see a limit to that at the moment. Okay, thanks. My last question is a couple of questions to Peter Strömberg, so to use the opportunity to ask him, given he's on the call now. Just reflecting back a bit to what the philosophy from Avanza historically, when it comes to IT systems, has been to replace the backend system, I think every 10th year has been something that at least earlier management have been talking about in order to not end up like a large bank strapped in legacy systems. I think the last upgrade to the backend was in 2012 or 2013, so almost 10 years ago. What's your attitude and approach to that at this point in time? First of all, I think it's fair to say that we rebuilt our whole banking platform, calling the NextGen project, which we put into production late 2017, and dropping off the last customers, I think, in January 2018. It is, yes, based on our GigaSpaces platform as well, and we are upgrading that as we speak to newer versions, et cetera. Similar version as PriceRunner and other companies in Sweden are using, and so forth. I have to say that 2012 is not an accurate figure. As you probably know, we're also now replacing our back office system, and we have plans for other things as well. At the bottom of your question, you're absolutely right. We are even the large ones, we're never going to keep them as long as you said. We have done that, and we're going to continue to do that. Okay, thanks. Then a follow-up there on the comment on the backend system. What will be the benefits, either for you from an efficiency point of view or for the customers or maybe offering you business opportunities or anything that would come as a consequence from upgrading the backend system, or sorry, back office system? Yeah, sure. The way we see it gives flexibility that we might not utilize in the first steps. We will see. I think there are instruments that we have overcomplicated in our current back office system because that's not the newest one, as Wisr and Nasdaq has provided us for many years, which has been great. I think we will see the opportunity to also really, really revisit how we have built things in the ecosystem that communicates with the back office systems, which in my world, I see as the blood streaming through the whole experience that Avanza is providing to the customers. There's efficiencies for definitely. There's also a far better experience for our back office people within Avanza. Again, people, motivation Efficiencies as such, if you want to say that, but also opportunity to use their time to see how we can innovate around processes, and look at that going forward as well. I'm pretty sure there are opportunities that we haven't used. As you probably know, if you read more about TietoEVRY and Abatek, they have far more components to what we're going to plan to use for the core system. There are plenty of things to do more when we are on that platform, if we choose to do so. Okay, thanks. My final question, also to you, Peter. How do you think about the potential to move to a cloud-based back end? Would that scale better, improve development speed, security, or any other advantages compared with your current setup in your view? We look at cloud in a similar way as we look at open source. We don't necessarily go to where we have chosen to so far, as in data platforms, et cetera, based on the open source Kafka created by LinkedIn and other large companies. We don't look for the cost efficiency as primarily because it's not proven. You can see that in our figures, and compare that to others. Flexibility has not really shown the expectations we have been looking for. What we do though is that we find now and in the last couple of three years that the cloud companies or big tech companies giving out cloud solutions has truly come to a point where new technology is introduced within the cloud solution. That's interesting. That's interesting because it gives the speed of innovation where needed. It also, again, gives motivation to innovate for the teams within Avanza. There are new tools and services within that. I should definitely be open and say that this type of cloud solution also have opportunities within IT security and information security, and that's also important for us to look further. We're doing that already. I will not go into any details around that, but we're doing that already, and we are looking into various areas into the cloud, and we're going to continue that journey. Okay, just the final follow-up, just hypothetically, how difficult or challenging or costly would it be for you to move the back end to the cloud? Is it possible to make any kind of assessment or comments on that? I think that would be difficult to say. I wouldn't go to Anna in the future and see that as a big chunk in that sense. We have prepared ourselves in so many ways when or how, and partially, again, small pieces is what we do. Cupcakes, if you want to call it that, or microservices in thousands. We're going to do it gradually, as we do for most things. We might choose to do certain areas or certain services or for a development environment and so forth. Right now, 2020, also with, as you probably know, Schrems II, CLOUD Act, GDPR, it doesn't look too good if you haven't done security by design from start. It doesn't look too good for many people act in that world today. You have to be very cautious and clever until that is solved between the U.S. and the E.U. There are ways to move forward, subdividing data, doing that. Synthetic data is coming through for sure, or making it encrypted. If you make it encrypted, you have to make sure you have the key and not another cloud-based, U.S.-based company. That's also something that has really come into play in how fast you or we could or should move within that area or space as well. We'll see what happens. We will follow that as well. Okay. Thank you so much for answering all the questions. Thank you. The next question comes from the line of Jens Hallén from Carnegie. Please go ahead. Perfect. Thank you. Mine are, I guess, variations of earlier questions or maybe even a follow-up. One is talking about the activity. I know we talked about that in the past, but can you help me how I should think for the future? Is there a particular reason why people will be trading more sort of after COVID than they did before COVID? I know in nominal terms it will still be a higher number, but in terms of individual activity levels, what's your thinking on that point? Well, it's maybe good I could ask the question to you because it's a very difficult question. I think I would say that for us, I think more people than ever are interested in the savings, interested in the stock market. If you take a serious look at it, the reasons for being interested in saving is of course on marginal people may have less things to do working at home. At the same time, you cannot forget that the pandemic has created worries within people. One thing what happens when you're worried, you try to control what you can control. Then of course, people have been looking into the savings, and we have 300,000 new people coming onto the platform. Of course, for many of them, being actively managing their savings is, of course, something they will continue to do after the pandemic, but not maybe everybody will still be active. Maybe some will lose activity. My guess and my prediction is that we will have more actively customers going forward, but not all of them who's being active 2020 will be active 2021. I think that also one thing is that the sustainability area will come in place also. People will manage actively more their savings because they will make sure that they are invested their money and their pension funds in a sustainable way. I think there are a lot of things talking for that activity will be on a higher level, and at the same time, people are more aware of the savings and how to take care of that, and that will lead to higher activity in the future. Of course, if the market goes flat, the turnover goes down. That will affect them in a negative way. Once again, as Birgitta said, we believe that we will perform a lot better in the future than we did in the past, so to speak. Okay. If I understand you correctly with what you said now and previously, perhaps not activity levels à la 2020, but even activity levels will be higher probably than in the past, and then we will see what happens. Absolutely. I think that since we don't make prediction that difficult, we release a monthly statistics so you are able to follow how we are doing in that month by month. Perfect. Okay, thank you. The other question is on customer numbers. You now, I think you talked about whether it's two or 2.5, but I guess the point you're making is you don't see a limit. I think previously, we talked at a number which was considerably lower than 2 million. Is the right interpretation that you've always thought that there you don't know how many customers that you can have, but you actually think that the potential is still considerable, or has something changed? Should I draw any conclusions from before maybe talking about 1.6 to today being a number much higher than that? I would put it like this, that every single person in Sweden who has a bank account is a potential customer of Avanza if that person is interested in doing some savings. Okay. Fair enough. I think the last question I have is more of a quick one. You now have a buffer to your leverage ratio target, which of course includes a buffer to what you think the requirements will be. Yeah. Do you have any ambitions to use that up maybe by doing more on-balance sheet mortgage lending or something like that? Do you want to keep such a buffer for changes in deposits in quarters, et cetera? I think the buffer is for changes deposits. As deposits grows, we have increased our private banking mortgage loan. As you know, Jens, we are conservative, we are low risk, and we're going to keep on being that. Okay. Perfect. Okay. I think in interest of time, that's all for me. Thank you very much. The next question comes from the line of Maths Liljedahl from SEB. Please go ahead. Yes, good morning. Thank you. Peter, if you talked about 2020 was 2024, what did you realize that you could take out, you mentioned in terms of old legacy systems or processes? Perhaps more interesting, where did you see the bottlenecks? Is that something you can answer? Yeah, I would say, without giving out too much information, but we've learned that some of our technology and the way we build things can handle 20x the load. We realized that some of the areas couldn't manage more than 1.5-2x the load. One example, which was not the most obvious, was changing your customer level on how you trade from one day to another. That got stuck in the wider system, the back office systems, and queued up. That was one area where we realized the bottlenecks were really hard. We practically manually, some of the days, like 13th and 14th of March, which were really crucial and crazy days in the markets, in a specific way, I should say as well. People didn't change the classes. We were not doing 3,000 or 4,000. It was 37,000 customers choose to do that in a very short period of time. That kind of bottlenecks. Then we were very surprised in some areas where there was actually no activity in terms of CPU, processor power or memory usage or stuff like that. It’s been, quite frankly, all over the place. Since capacity and availability is a game of extreme complexity, it’s not four or 10 data points. It’s probably more 1,000 that we need to figure out. Of course, we learned what will happen when we add more capacity in terms of hardware and network, et cetera. We also learned that our pretty brand-new network from Cisco, which is programmable and helps our DevOps teams on a daily basis, was far better than we thought in terms of capacity. We though learned that we cannot trust only having load balancing on a hardware solution. We have to have both. It has to be not a backup. It has to be quadrupled in terms of different ways and different technologies to make sure load balancing in a complex world like this actually works when markets and behavior goes up 10x or 12x, et cetera. That was the learning as well. I think we pushed some of the technology vendors from the outside world, one of them some of the world's biggest, on how we can funnel our learnings to them as well to see how they can help us going forward in some of that. It's all over the place, I should say. Okay. Yeah. Thank you. That is that the load balancing act turned legacy overnight. That's how it felt, quite frankly. Talking about something that you really thought would work far better, didn't. Thank you. Yeah, thanks. Another question. We do see a large number of notes in the Start category, or more than doubling, I would say, from last year. Do you have a feeling for how the migration from clients from start into normal commission-paying clients, we can say? Perhaps more interesting, could you comment on the level of activity for when clients migrate from the start level into a normal Avanza client? I don't have that figure. I have to come back on that. We don't have that figure. The next level is the mini level. The difference between the Start and the Mini level isn't that I don't think it makes such a big change when it comes to activities, I would guess. Yes, if you look at the average number of savings the new customers put into the platform, they pretty fast move from the start level up to other segments. I would say most of them probably are not too long time in the Start segment. I mean, the limit is SEK 60,000. Yeah. Yeah, I know. I just thought if the trading activity significantly went down when you all of a sudden need to start paying. Yeah, we can get back on that. I think that was all from me, at least. Okay. The last question comes from the line of Adela Dashian from Handelsbanken. Please go ahead. Yes, good morning. Most of my questions have already been answered. I'm wondering if you could give us an updated view on the competitive landscape. Given the progress that you made in the year that just passed and the increased gap that 2020 created between you and your peers and competitors. I would say the competition is there. I think it's a fierce competition, but at the same time, I think that we have widened the gap to our competitors during 2020, and that's just fact-based looking at size and the number of net inflows and so forth. We have, of course, one head-on-head competitor in Nordnet, and then we have the large banks. I wouldn't say the competitive landscape changed during the year, but I would say that the things that are good about Avanza became more obvious to more clients, and I think that we are the leader in this market at the moment. We're humble, as we talked about before. That means also that we have to improve every day. I know my competitors, I look at the competitors, but we don't let the competitors lead us. We lead our own way forward. All right. Thank you very much. As there are no further questions, I'll hand it back to the speakers for closing remarks. Okay. Thank you for interesting questions. I wish you all a fantastic Thursday, and I hope you all stay healthy, and we'll probably hear from you at the next quarter. That will be Anna's first quarter. She looks a bit nervous here in the conference room. No, I'm just kidding. Take care of yourselves, and thank you very much. Thank you. Thank you. Bye-bye.