Thank you. Welcome to the Q4 BALCO reporting. It's me, Kenneth Lundahl here, and Michael Grindborn, the CFO. We will change to page two. I will start with a little bit of summary. If you look at the corona pandemic situation from March last year until now, that affects BALCO due to the restrictions in meeting people. We can do all other kind of work, meeting customers and doing a lot of work, but the restriction is affecting our possibility to really close the orders. Now, we know that this is the situation, and we have created a lot of tools so that we can, in different countries, use different kind of tools to really close orders. In Sweden, it's one way, Norway one way, Denmark another way. We also have tools to do the 10 shows before the meetings. We have also digital meetings. To understand the strategy during this pandemic from March until now is that we know the potential Balco have in the market, the organic growth potential. During whole this process, we have taken the decision not to affect any of Balco's potentials going forward. We want to run through this process without hurting anything of the decisions we took before the corona situation. You should understand what we are doing is that last year, we did increase our sales cost with 18%, and we are not making any changes to reduce any sales force. At the moment, we have more product development resources than ever working for us. Through this process, we are not, how to say, cost-cutting any areas that we see that is crucial for us going forward with our organic growth possibilities. We know there is a lot of products working with. We know that the market is tremendous. Our strategy is to go through this process coming out in a very good shape. This, of course, strategy affects turnover and profit. We could have delivered more profit if we made cost cut to some areas, but we are not doing that. That was a little short introduction. If you look at Q4, strong cash flow and financial position despite COVID-19. Sales and profit negatively affected by COVID-19. Net sales SEK 269 million compared to SEK 333 million last year. Operating profit, SEK 3 million compared to SEK 38 million. Adjusted EBIT, SEK 22 million compared to SEK 38 million last year. Operating margin in Q4, 1.1% compared to 11.3%. Adjusted EBIT margin 8.3% compared to 11.2%. COVID-19. Cost affecting comparability of SEK 19 million were taken in the quarter in connection with increased risk exposure with COVID-19. Michael, you will explain more about that later. Yeah. No grants or other support linked to COVID-19 were received in 2020. Strong financial position, operating cash flow of SEK 71 million and operating cash conversion of 225% in the quarter. Equity to assets ratio 49%. We made an acquisition of Stora Fasad on February 10th. BALCO acquires Stora Fasad AB with net sales of 2020 of SEK 30 million and an operating profit of SEK 5 million. The acquisition adds expertise in the façade area and will strengthen BALCO Group's offer for turnkey contracts for both balcony and façade renovations. I will go through this later more in detail in the presentation. Michael? We are now on page four. As Kenneth said, the net sales in the quarter landed on SEK 269 million. Of this, the renovation segment accounted for 92% of the sales and the new build segment of 8%. Our order intake was SEK 230 million compared to SEK 352 million last year. The renovation segment accounted for 89% of order intake and new build 11%. Our order backlog end of 2020 was SEK 1.1 billion compared to SEK 1.5 billion the year before. One reason behind this is that at the end of the year, orders to an amount of roughly SEK 150 million was removed from the order backlog. These are orders that we estimate will not be able to start up within a 12-month period. Due to the COVID-19 and higher risk expectations and risk exposure, we decided to take these orders out. We see that a lot of them will probably come back later on, but not within 12 months, as we expect. Raw operating profit amounted to SEK 3 million, and adjusted EBIT was SEK 22 million compared to SEK 38 million last year. We took in the quarter a items affecting comparability of SEK 19 million. It was no cash costs. They are also due to the higher risk exposure linked to COVID-19 in projects, in our order backlog, in accounts receivables, and in inventories. These costs are mostly also, as we see it, non-tax deductible. That's also one reason that we show quite high tax rate both in the quarter and in the year because of these SEK 19 million, most of them, we have taken as non-tax-deductible costs. Our operating profit amounted to 1.1%, and adjusted EBIT was 8.3% in the quarter, compared to 11.3% last year. The cash flow was strong, SEK 71 million operating cash flow in the quarter, with an operating cash conversion of 225%. Cash and cash equivalent at the year end was SEK 214 million, almost SEK 100 million more than the year before. If we turn to page five, a summary once again of these financial figures. Order intake, SEK 230 million, down 35% from the year before. Revenue, SEK 269 million, down 19%. Order backlog, SEK 1.1 billion, compared to SEK 1.5 billion the year before. Our adjusted operating profit, SEK 22 million, down 41%, with an adjusted operating margin of 8.3% compared to 11.3% the year before. We turn to page six and look at our two business segments and start with the Renovation segment. The Renovation segment had order intake of SEK 204 million in the quarter and revenue of SEK 246 million. Order backlog at year end was SEK 882 million. Our adjusted operating profit for the renovation segment was SEK 24 million, down from SEK 36 million the year before, with an adjusted operating margin of 9.9%. If we turn to page seven and look at the new build segment, the order intake was SEK 26 million, down quite a lot from the year before. In December 2019, we got an order in the maritime segment of SEK 70 million, that explains more or less the total difference between the two years. Revenue was SEK 22 million in the quarter. For the backlog at year end is SEK 204 million, it is up 12% from the end of 2019. Operating profit in the quarter of SEK 1 million with an operating margin of 2.5%. Turning to page eight and look at the full year figures for the company. We had in 2020 net sales of exactly SEK 1.2 billion, it's a decrease of SEK 21 million from 2019. Of these SEK 21 million, 17 comes from the currency effect, affecting negatively. The Renovation segment accounted for 91% of the sales and the New Build segment of 9%. The Order intake for the whole year was SEK 933 million, down from SEK 1.35 billion the year before. The Renovation segment accounted for 87% of Order intake, New Build segment for 13%. Operating Profit amounted to SEK 115 million, Adjusted EBIT was SEK 135 million compared to SEK 140 million the year before. Our Operating margin 9.6% and Adjusted EBIT of 11.2% compared to 11.5% the year before. Operating Cash Flow has been strong the whole year and improved to SEK 196 million for the year compared to SEK 134 million the year before. Mostly due to better development of our working capital. Our operating cash conversion for the whole year was 114%. Turning to page nine and a look at summary once again of these figures. Order intake down 31% to SEK 933 million. Revenue down 2% to SEK 1.2 billion. Of which 1.4% of a decrease comes from currency. Adjusted operating profit down SEK 5 million to SEK 135 million with an adjusted operating margin of 11.2% compared to 11.5% the year before. Earnings per share decreased quite a lot. As we said, most of these costs, non-affecting comparability, was taken as non-tax deductible, so the earning per share was SEK 3.58 for the year. Look at the two business segments for the full year on page 10. Renovation segment had revenue of SEK 1.1 billion, up 5% in the year, and an adjusted operating profit of SEK 133 million, almost on par with the year before, with an adjusted operating margin of 12.1%. New build segment revenue decreased quite a lot to SEK 104 million. It's mostly due to a slowdown in the maritime segment. Our customer has put orders forward. We have not lost any orders, but in the slowdown in the converting of these maritime orders. Operating profit down to SEK 7 million, but the operating margin is still the same as the year before at 6.5%. Turning to page eleven and our financial position, that is still very strong. We had equity to assets ratio at 49% at year-end, 47% the year before. Our net debt to EBITDA was 0.3 compared to 0.9 the year before. The reduction is due to the strong cash flow we have had all year. If we look at net debt to EBITDA excluding leasing debt, it's even slightly negative. We have no debt at all if we exclude the leasing debt. Profit for the year, profit after tax amounted to SEK 78 million, with an earnings per share of SEK 3.58. We are prepared for more acquisitions. As Kenneth mentioned, we acquired Stora Fasad on February 10th, with a net sales of SEK 30 million in the year of 2020. We have still acquisition headroom. We have a cash and cash equivalents at year-end of SEK 240 million. We have a bank agreement until September 2022, and we have also an acquisition credit of SEK 100 million. We are also authorized to issue shares to finance acquisitions. We are really prepared for doing more acquisitions. Turning to page 12 and look at our financial targets. Balco have a growth goal of achieving 10% growth a year, and we still have this goal even if we were strongly affected by the COVID-19. We had a negative growth of 2% in 2020. Profitability, our long-term goal is to reach 13%, adjusted EBIT was 11.2 in the year, also strongly affected by the pandemic of COVID-19. Capital structure, we should not have a net debt to EBITDA more than 2.5 more than temporary. We have right now 0.3, including leasing debt. Our dividend policy is that we should distribute half of our profit after tax to our shareholders. The board will not propose any dividend to the annual general meeting as the company have reduced occupancy during the first half of this year. Starting in January, we have employees on furlough. At the same time, the board is open for an extra general meeting later in 2021 for a new dividend decision. Turning to page 13 and a little bit of our sustainability initiatives. We have material and constructions in our balconies that last for 90 years and are fully recyclable and only need two services during these 90 years. It's our glazed balconies we talk about here. Our open city balconies have a lifetime of over 70 years, and all of it has been checked from outside companies and we have all this on documentation. Energy savings from our glazed products is between 15% and 30%, depending on product and conditions. It also gives reduced maintenance of façade and windows. We are climate positive after 30 to 50 years with our glazed balconies in Sweden. We have set a new goal to reduce this by five to 10 years during the first half of 2021. Now we have also an increased sustainability focus. All our purchase will be made from suppliers in Europe. From this year, we have a standalone sustainability report that will come out at the same time as the annual report. Turning over to page 14, and back to you, Kenneth. Well done, Michael. Background: Stora Fasad augments strength of BALCO GROUP customer offering. Stora Fasad is a company that offers façade work as well as window replacement, balcony and roof for renovations of a new production and also related service such as scaffolding work. The acquisition strengthens and complements Balco product and customer offering. With complete façade renovation, Balco can take responsibility for the turnkey contract in larger projects with both balcony and façade renovation. Initially, the focus is on the Swedish market, but soon we will look at an expansion to other countries where Balco is active. Financials: Revenue 2020 of approximately SEK 30 million. EBIT of SEK 5 million, order backlog of approximately SEK 30 million. Purchase price of SEK 20 million cash upfront and a possible additional purchase price depending on development between 2020, 2023. Estimated at approximately SEK 10 million. Finance through existing cash and cash equivalents. Future outlook. The acquisition will be consolidated from 1st of January this year. The acquisition is expected to make a positive contribution to earnings per share as early as 2021. We have talked about this before to broaden our customer offering, and we started this already last year. We have built an organization working with general contracts, both with balconies and façade, but this acquisition will strengthen this even more. We believe that the façade part will be EUR 10 million in short, and in three years, that will be about EUR 30 million. Questions? Thank you. If you'd like to ask a question, please dial zero one on your telephone keypad now to enter the queue. Once your name's been announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial zero two to cancel. Our first question comes from the line of Julius Rapeli of SEB. Please go ahead. Your line is open. Yes, good morning, guys. It's Julius from SEB. Thanks for taking my question here. Firstly, relating to the growth outlook, I mean, the long-term growth outlook seems good as you also mentioned, but just to understand the near-term development a bit better. The question is, in what magnitude are you expecting the short-term layoffs to impact the operations? One more, last sentence. Yeah. In what magnitude are you expecting these short-term layoffs to impact the operations? I will take it from a more broader perspective. We think that order intake this year will be really good. Now we have gone through a whole year in this pandemic situation. We have tools today to actually succeed with the closing orders. In Sweden, we feel comfortable, even if today the restrictions regarding meeting people are the highest ever in all Nordic countries. We have tools today to really close orders. We believe that order taking will do really good this year and the salespeople have a lot to do. During the first quarter and second quarter, we have less to do, mainly in Balco AB. In the TBO operation, they have a lot to do. Danish operation have a lot to do. In Balco AB, we have no layoffs, but we are working less hours in the production in Sweden, not in Poland. They are working, also in some parts in the engineering area, and also in product leaders. We see that we need all kind of these resources going forward. We don't do any layoffs. It's more like reducing the capacity during quarter one and quarter two. After that, we see that we need all the people we have. Okay. Just that I understood you right. You are expecting the costs to be at that- Effect of the EBIT in the first half year. We see long term, it will be better for us. To be able to reach our strategic long-term goals, we have decided to keep our people because we need them long term, and it will have, of course, a slight negative effect in the first half year. Internal- All right, perfect. Profits, yeah. Okay, thanks. Maybe if I can just add one quick one here. Regarding input cost, are you seeing any impact on your raw material cost, transportation cost, and so on? No. No, big effect. Okay, perfect. That's all from me for now. Thanks. Thank you. Our next question comes from the line of Kenneth Toll of Carnegie. Please go ahead. Your line is open. Yeah, thank you. One question I had on the near-term issue. If we play with the thought that the vaccines push down the effect of the pandemic and societies open up towards the summer. From July that meeting restrictions and so on are taking away completely, and that this will affect your order intake in a very good way, as you talk about. When do you believe that you can start to deliver on those orders? Usually you have a delay because you need to wait for building permits and so on, but now you have also said that you try to work a little bit ahead and do more work early in the process compared to your usual operation mode. When do you think that your deliveries can start? Could it be already in Q4 if you start getting good orders in beginning of Q3? This is a very good question. I will say that in Sweden, average now at least three months quicker than before. One good thing with the corona is that we have new tools today that we didn't use before, and one of these tools is actually that the customer accept that we start with applying for building permission much earlier, even before they have made a closing. I would say that in Sweden, 90% of everything we're working with there, they are cutting three months. Now the customer in Denmark started to accept it also. A couple years ago, I said that selling 50 balcony is like selling a building permission. Now in Denmark, they even started the building permission early. I will answer this in a different way. Even if the restrictions would continue the whole year, we believe that we will sell okay with the tools we have today, with the voting system we have, digital shows, postal voting, what's the name of that? Yeah, postal voting. Postal voting. We think that even with existing restrictions, we will cope this year order take-wise. If the vaccine is really solving the restrictions after the vacation, the order take will be really good. Okay. We are not quick in starting the projects. I would say that projects you will sell in Q2, they will start after the vacation. I would say that this week. Yeah, the turnover of order backlog that before was 14-15 months, now we see will be 10-12. Yeah. Also, Kenneth, there is another thing that we have taken a decision. Now we are corona cautious. You realize that. If we have an order that we are getting, and we see that this will come into, I would say, the detail plan in the building permission, and we see that this will take time, we will not take it in. We will wait longer to take in the order. Yeah. Mm-hmm. Okay. Yeah. Also, we got to learn more about the façade renovation industry recently when there was an IPO in Sweden of a company focusing on that segment. Now you have made one acquisition in that segment as well. It seems like that segment has maybe a broader customer base, which means that they have been less affected by the coronavirus than the balcony renovation business that you have. I see a great logic to combine balcony business with the façade renovations and so on. This company is quite small in terms of sales, and it probably doesn't cover the full Swedish market or other markets and so on. Could we expect more acquisitions in this segment, or would you be more interested in buying balcony companies instead? Good question. Answer to that is that our focus is it will be balcony companies. Façade companies, they don't have their own products. They are competence companies. Here, this we can easily add with adding people. We don't need to buy a lot of façade companies to cover Sweden or the Nordics. We have a total other strategy here that we will not explain everything about that in this open meeting. Okay. The answer is the focus is not to buy a lot of façade companies. We don't need to buy companies. A façade company with a Stora Fasad, they're making 100 offices a year. A middle-sized façade company, they have three white-collar people handling most of the work, and then you can hire the people instead. Our strategy regarding balconies and façade is to create a flexible operation covering the whole Nordic countries. We started this work last year. This is an add-on acquisition that will help with the competence. Okay. Regarding the order take, of course, our sales model is unique, where we really need people. We are not working with new people. We're not working in the office. Of course, we are affecting more. If you look at the façade company we talked about, their order stock went down 22.6%. Organic growth was down 12.1%, and earnings per share went down 40%. Any more questions? Mm-hmm. Yeah. Mm-hmm. Our strategy going forward is the acquisitions we are doing will be done to increase earning per share short-term and long-term, and every acquisition we will explain after why we're doing that, but they are always done to increase the organic growth. The façade company we have bought and the façade organization we are building up is to strengthen the balcony organic growth path going forward. Okay. Another thought I had on the acquisition side. For being a balcony company, you are focusing very much on the renovation side, some of your competitors are focusing more on the new build side. Probably the renovation side has been more affected by the COVID-19 than the new build side so far. Now when you consider buying balcony companies, are you looking to companies that are more exposed to the new build side, or are you looking to companies that are more renovation-focused? I will say that we have a clear strategy about what we want to do, and we shall have full control of everything in the balcony segment. That is our strategy. Again, it doesn't matter if it's the renovation side or new building. As I mentioned here before, that we have more product development resources than ever working today, even if we are affected by COVID-19. One of the products we are actually launching now, that's a new unique open balcony for new production patent which no one else has. Our strategy going forward is not only to be in BRF renovations. We should have the whole palette of products regarding everything in balconies. That is our strategy in the product development, and it's a strategy regarding acquisitions. Mm-hmm. Okay. The strategy we have is to grow, strengthen our position in the balcony segment and really to be, how to say. Balcony. Yeah. In the balcony segment. Yeah. Great. Thanks a lot. Okay. Once again, if there are any final questions, please dial zero one on your telephone keypads now. As there are no further questions on the call, I'll hand back to our speakers for the closing comments. Okay, excellent. Thank you, all of you. Yeah. Thank you, everyone.