Yes, thank you, good morning, everybody. Isabelle and Alex here. We're going to present you the Q4 2020 and speak about the whole year 2020. If you go to page two, regarding our executive summary, what is important to remember, first, our total sales are -10%, but we have really to emphasize the fact that we've been particularly hurt by the weak Swedish krona, especially towards the dollar. If you exclude this currency impact, the sales are down on the Q4 by only 4%. Obviously, as we said before, the main explanation, on top of the exchange is the currency, is as well the COVID-19. If we look at the full year perspective, our sales are down by 3% and 2% if you exclude the currency impact. Looking at region, the sales decrease in EMEA and APAC slightly, they increase in Americas. That is mainly thanks to the omni-channel strategy that we started to implement two years ago. Looking at the product, the sales decreased somewhat for BioGaia Protectis tablets, but increased for BioGaia Prodentis and BioGaia Gastrus. Regarding the latest decision, you might have read the press message yesterday evening. The board proposed at the upcoming annual general meeting on the 6th May 2021, approve an ordinary dividend according to the policy of SEK 3.41 per share compared to SEK 3.75 last year. Next page, please. Well, the quarter four, what has happened? Basically, on the 12th of October, we already warned you that the estimated sales will be negatively affected both in quarter three and quarter four. On the 30th of October, we announced that we have successfully completed a direct issue. The directed issue was oversubscribed. We had the pleasure to welcome on board both two strategic investors, Cargill, the American company, very strong in nutrition, both in animal and health, and human, and EQT Public Value Fund. Yesterday evening, after the board, we announced as well that the company has decided to revise the dividend policy to pay a shareholder dividend equal to 50% of profit after tax in the parent company, compared to a previous 40%. Next page, please. Looking at the different launches. Despite the difficult situation, not being able to launch during big events due to the COVID situation, we've been anyway able to launch a couple of new products in new countries. I'm not going to go through the whole list. I just would like to emphasize the launch of BioGaia Prodentis MUM, and you can see the packaging done in Japan. In Japan, as you know, our biggest SKU is Prodentis, so oral health. We decided to extend the range available for patients. This BioGaia Prodentis MUM is, as it says, for pregnant women who happen to have much more problem with their gums, more bleeding gums due to the hormone changing in their body. This new product has been extremely well received by the dentists and the patients in Japan. I would like as well to emphasize thing in the oral health, the launch of BioGaia Prodentis in the U.S. Here as well, very promising first order and discussion with the dentist in the U.S. We start with Prodentis for adults, really focusing on it, and there will be more to come in the future, still in the oral health in the U.S. Next page, please. If you look at the sales per segment, for the quarter four, the pediatrics has been decreasing by 11%, which is mainly due to the decrease in sales of the Protectis tablet. Whereas the drops remain flat. For the adult segment, that decreased by 5%, and here as well, it's mainly to the Protectis tablet. Having said that, I just would like to emphasize the fact that if we look at Protectis tablet with vitamin D or without, actually the Protectis tablet plus vitamin D increased quite a lot, but the normal tablet decreased. Here as well, that's due to the COVID situation. Consumers are very well aware that you need to boost your immune system and that vitamin D is appropriate for that. Therefore, we could see the increase of the Protectis tablet plus vitamin D. On the year basis, we end up with a decrease of -3%, equally spread between pediatrics and adults. Next page, please. Regarding the gross margin per segment, well, it's pretty stable, both at quarter four level. On the year basis, I don't have so much more to add. If we can go to the next page, please. We can look at the split per geographical market. Starting with quarter four, you notice a strong decrease in EMEA. This is still as during Q3. We have a main issue in Italy. That has affected, again, us a lot in the quarter four. - 22 is not really a nice figure to look at, but it's high. It's an otherwise market where we're doing pretty well, like France and Germany, Belgium and Eastern Europe. On the year basis, we have a -7% for EMEA. Looking at APAC, normally we used to have very strong increase in APAC. During the quarter, we are -2, and it's mainly due to Hong Kong. Hong Kong has been double hurt by the COVID-19, but as well with all the political and demonstration issue they had on the country. Very much hurt, and it's a pretty big market for us in Asia. In China, we keep growing very fast, both in the quarter and during the year. What is interesting to notice here is that we did a survey in China to see the brand awareness and the brand position of BioGaia Drops, and we are very happy to announce that now BioGaia Drops for pediatric is the number two biggest brand for pediatric products. We are very, very happy about that. Looking at Americas, we have a good quarter and a good year. It's mainly driven by North America. LATAM, during the quarter four, has been decreasing. On the year basis, LATAM is flat, but here as well, if we try to remain positive, we've done here as well, we checked the sell-out, and on the year basis 2020, in LATAM, we were number 3 brand for a long time, and at the end, in November 2020, for the first time, we are number two probiotics brand in LATAM, after Enterogermina, which is a brand owned by Sanofi. We are very happy because that's the first time it happened. We've taken market share in sell-out. The figures are not extraordinary, but in the context, we've taken market share. Next page, please. Alex, if you can help us with the financial. Okay. Yep. We move to slide number nine, OpEx. If we look at our OpEx operating expenses, we see that our operating expenses increased with 10%. This can mainly be explained by negative currency effects. You can see that on the line called other under OpEx core. We have a cost of SEK 8.2 million, versus basically zero in the same period last year. The other reason for the OpEx increase, is that our non-core OpEx increased from SEK 7 million to SEK 8.3 million. The non-core OpEx is basically the cost for MetaboGen and BioGaia Pharma, where we're expanding our activities. If you add those two together, those are the main explanations why the costs were increasing compared to the same quarter last year. If we now look at our OpEx core, the different cost lines, you will see that our sales costs were 11% lower than last year. For the quarter and for the full year, 7% lower than last year. Our admin costs are 5% higher for the quarter and 6% higher for the year. If you look at our R&D costs, those are 29% higher, which then, of course, it looks like a lot. One of the reasons is that during the quarter, we started several projects that were clinical studies and projects that we could not really start in the third quarter due to the COVID-19 situation. Therefore, we had some costs in the fourth quarter, which we should have had, so to speak, in the third quarter. If you look at the full year for the R&D cost, it is still lower, 7% lower than in the previous year. In the quarter, you see a higher cost. This means that our OpEx were 10% higher compared to last year. We're also in the quarter, we had a cost of about SEK 3 million for business development activities. Those are mainly activities relating to evaluating potential acquisitions for the company. We are active in that field, and the quarter has been negatively affected by those costs of SEK 3 million. As you know, we have not pursued anything yet. Move on to the next slide 10, the profit and loss statement. To summarize, you can see that our sales was down 10%, and our gross profit down 9%. Our OpEx for the quarter up 10%, as we just discussed. That leads to an EBIT of SEK 45 million versus SEK 68 million in the previous year, so 34% down. A margin of 24% versus 33% in the last year. If we just then also look at the full year. Since we have the full year behind us, you can see that our sales then declined 3%. Our gross profit also declined 3%. Our OpEx declined 1%, and our EBIT declined 6%. Obviously, we are not happy with that. Considering the circumstances, we are trying to make the best of the situation. We move on to slide number 11, cash flow. If we look at the cash flow from operating activities before changes in working capital, it was about SEK 30 million versus SEK 50 million in the same period last year. We have the changes in working capital, which were SEK 25 million, which is what we should have. As we have a decline in sales, we should have positive effects on working capital. That effect was spent in the quarter, SEK 25 million. The cash flow from operating activities after changes in working capital was about SEK 55 million compared to SEK 17 million in the last year. Of course, we have this very large item of cash flow from financing activities, which is the cash flow from the directed issue that we made, leading to an overall cash flow for the period of about SEK 1.2 billion. The cash at the end of the period is about SEK 1.5 billion. With that, I hand over to Isabelle for some concluding remarks. Thank you. My first point is regarding the situation in Italy and Spain, because that's basically where most of the lost sales come from. As we already explained, it's mainly due to the lockdown situation during the COVID-19. Because consumers could not go to the pharmacy to buy the product, they could not go to the doctor to be recommended to buy the product. On top of that, one of our key indications with probiotics is when you take it together with antibiotics. But as people stayed home, people have not been sick, so there have been no prescription, which is good in a sense, but there has been no prescription of antibiotics and therefore no prescription of a recommendation of probiotics. That's one of the main reasons. Hopefully, in the country where we've initiated the omni-channel strategy, the situation is really different. It's a really, really good year for us in the U.S., which is really our biggest omnichannel pilot market. That is extremely encouraging for the future. Here in the U.S., we've both extend the portfolio in term of product, in term of channel. That's really our benchmark for what we want to do in the future. In the meantime, we've been really trying to monitor our costs closely. We knew that Q3 and Q4 were going to be a bit difficult in term of sales. I think that's what we've been able to demonstrate. Even though, obviously, I would more be happy to present a double digits increase at the fall of 2020. This is not the case. We remain confident that our long-term ambition are achievable. This omnichannel strategy implemented works. We just have to leverage it in a broader number of countries. We are ready for question. Please, Operator. Thank you. Ladies and gentlemen, if you do want to register for a question, please press zero followed by the one on your telephone keypad. The first question comes from Kristofer Liljeberg from Carnegie. Please go ahead. Your line is now open. Yeah. Hi. I have four questions, but let's take three now, and then I'll get back to the queue. First, really, how quickly do you think sales growth will return? What are you hearing from your sales partners, distributors? What do they tell you about the demand situation and maybe even more important, their inventories and inventories among their customers? My second question relates to operating cost. I understand what you say about higher R&D costs in the quarter and seems to have been some temporary effects. When it comes to selling cost, what's the reason they're only down SEK 6 million year-over-year, when there are no traveling exhibitions, et cetera? Is it so that you have done any larger consumer marketing campaigns affecting cost in the quarter? The third quarter, the new dividend policy looks a little bit strange since you have raised money and talking about being more active doing M&A. Why also increase the dividend policy at the same time? Thanks. Thank you, Kristofer. Starting with your question number one about how sales will return. Talking to our partner, basically, they say that the two first quarter are going to be pretty stable, but that they see the vaccine effect starting for Q3 and Q4. That's basically how they see the year. Regarding inventories, we had a bit of an issue in the Q3, as we discussed last time. We don't think that there is a big inventory buildup at the partner level. They learned from Q2 to Q3, so they've been pretty cautious. Looking at the order book we have in front of us for Q1, we don't see any strange happening in terms of inventory. That's for your first question. Could I just follow up on that. The sales decline of 4% organic in Q4, do you think that represents more where the underlying market was in or the end user demand in the fourth quarter? That's a good question. I do believe that demand is stronger than that. Availability has been still an issue. All the small sickness that normally you should have during winter have not happened. The prevention trend is very big. We got so much question about the immune system, how probiotic works, that I think that part of the business will be able to sustain a bigger demand than -4 for the quarter to come. Okay. When you say feedback from sales partner that sales will be stable in the first two quarter, is that? I think that will be stable plus, but a rebound in Q3, Q4. Okay. A little bit of growth was in first and second quarter, I guess. Yeah. Okay. If we go to OpEx regarding the R&D, as Alex explained, indeed some delayed. We've not been able to do the clinical study, the recruitment. To be honest, we cannot recruit patients to hospital, that's what that has impacted from Q3 to Q4. I understand that. The marketing costs are up, I think SEK 17 million versus the third quarter. Yeah, if you allow me to continue on R&D. Okay. I just wanted to say as well something is that we've initiated a study in Örebro that was not in the budget. We started that in December. We've been contacted by Örebro Hospital to perform a study with their nurses to see how if you take probiotics, Protectis in that case, 33 with vitamin D, how it's going to have an impact on your immune system. That was not planned in the budget. We found it so interesting to check that we say, "Okay, let's start that." The intervention period is about six months. We have today recruited 130 people. We have to recruit 300 as far as I recall. We will have endpoint in June. We do expect to be able to communicate on the results in October. Normally we don't communicate on the study we start, it has been published on the website of the Örebro Hospital, we can be very open with it. That's an explanation as well why the R&D increased by 29%. To your question about sales. Basically, indeed we've not been traveling, you know our P&L better than us, you know that traveling cost is not exactly the main part of our budget. We've basically increased some consumer campaign, it is mainly in the U.S. because here we can monitor that when we invest more, we sell more. Therefore, we've been decided to increase our marketing investment mainly in the U.S. market, mainly to sustain traffic on the four main e-commerce platforms. Okay. Interesting. Was this something special for Q4 or is this something you plan to continue? We want to focus on the most interesting market. U.S. is one of these. This overall investment is going to continue in 2021. Yes, there is more to come on that side. There is more product to be launched as well. U.S. will be a very key focus market for us in 2021. Thank you. Just on the dividend. Yeah. The dividend policy, the proposition came from the board yesterday. Basically, the decision has been taken to increase from 40% to 50%, remains to be voted, of course, at the General Assembly in May. That's basically, we've always said 40%, and normally we've been distributing much more, and was more close to 100% than 40%. In that case now, we didn't distribute any extra dividend. The situation of the company is pretty good, so that's why we've decided to propose this increase from 40% to 50%. Okay. It makes sense, of course, with the extra dividend before. Thank you very much. Thank you. Once again, to register for a question, please press zero followed by the one on your telephone keypad. The next question comes from Daniel Albin from Danske Bank. Please go ahead. Your line is now open. Thank you, and good morning. I have three questions, and maybe we can take them one by one. The first question, coming back to your medical marketing model, wondering if you could elaborate a bit more on what type of doctor visits, which is the main sales channel. If you could relate to which types of area, would be interesting. Also on a follow-up on that question, maybe more long-term now, when doctor visits are becoming virtual, how do you see your sort of medical marketing model being long-lasting in, say, more virtual doctor visits? That's the first question. Yeah. Thank you, Daniel, for that. Basically, as 80% of our sales are pediatrics products, normally our partner are mainly visiting pediatricians, and that remains the case. We want to focus more on the adult portfolio. Within this adult portfolio, I think the type of doctor and physician our partner are focusing on are mainly gastroenterologist. If we look at France, we launched Gastrus in the quarter three 2020. We prepared the launch by really talking to the gastroenterologist association, finding some KOL in the gastroenterologist space, and that's exactly what Abbott is doing as well in Latin America. A lot of visits to our gastroenterologist. For the U.S., we've been already visiting the pediatrician and the gastroenterologist, the new type of physician they started to visit is gynecologist, because here we want really to focus on the pregnant woman. We want really to own that space, this 1,000 first day of life. When you enter into your last quarter of pregnancy, the gynecologist in U.S. would recommend that you start to take Protectis because it's good for the mother and it's good for the baby. We start as well, when they are visiting their gynecologist, they will don't forget when you deliver your baby, in order not to baby to have colic, think about the drops. We've been even sponsoring these boxes that mother receive when they give birth at the hospital. They get boxes with a lot of samples, now BioGaia drops is in there. We start to talk to the mother as well, when they have toddler, while visiting their gynecologist. All this gynecologic space is new to us for the U.S., and it's for the moment mainly U.S., a bit Germany. The last group is more dentist, but that will be mainly in Japan and now in the U.S., and here as well it's very new. We are contacting the American Dental Association, both for adult and soon in pediatrics as well. Does it answer your question? Yes, thank you. On meetings becoming more virtual also. Yeah. That's a very interesting question because we are figuring out. Now we work very much on social media to reach the consumer digitally. That's something we are really focusing on. We have as well developed a lot of online platform, education platform towards healthcare professional. We have the BioGaia Academy for Pediatrician that we've run the second edition this year. Now we have developed a new one called Partner Pediatric Education Platform. Here as well, they have modules about different type of strain, not only ours, by the way, but more in general probiotics how it works. We had a lot of web seminar on our partner launch that our partner can use. For the partner and the consumer, we've developed a lot of things. For the moment, I cannot say we've find exactly the way how we should work all these crew and all these doctors online, that's something which is interesting to follow. Okay, thank you. My second question on future outlook and profitability, are you still comfortable with the 34% EBIT margin level as a long-term target going into 2021, 2022? Yeah. That's the target we've been focusing on. You know my position, I still consider it a bit high. That's the target we've been given, and that's the target we're going to follow. Okay, thank you. Thirdly, on the U.S., as you mentioned campaigns earlier, are there any phasing effects to considering Q4 or larger orders being booked? Also, is it possible to get a breakup between how the U.S. has developed in Q4 versus, say, Brazil and Mexico? Are there any larger deviations to account for? No, in the U.S., every month is a record month compared to the month from last year. We really don't see any inventory building there. Both selling and sell-outs are very strong. In LATAM, as I mentioned, the sell-outs for us has been very good. The market was not that interesting, but we took market share. While our selling are decreasing, our sell-outs have been increasing a lot. Here I don't see any big inventory because I see that our selling like flat and their sell-outs increasing. There is no inventory on the contrary. Okay. Pretty sound situation to start 2021. Okay. Yeah. Thank you. You're welcome. Thank you. The next question is a follow-up question from Kristofer Liljeberg from Carnegie. Please go ahead. Your line is open. Yeah. Thank you again. You talked about the successful online strategy you have in the U.S. and China. Do you have any examples of changing to or starting to implement some strategy in European countries as well? If you want to do this change, does it also means that you need another type of distributors and sales partners more used to working with an online strategy rather than selling to traditional pharmacies, et cetera? Thank you. That's obviously what we want to do. Obviously it's easier to convince perhaps a bit traditional distributor to change when you can present good business cases. U.S. is a fantastic business case. The COVID-19 has as well been a great help in that sense that our partner understood that, well, if he cannot attend physically, digital online sales is actually a good channel to go. We started. I hope you notice now that we, BioGaia, we sell directly in Sweden. We've been very active with apotea.se. We are very active with MEDS. I hope you saw some print advertising in the street and so on and so forth. It's happening in Sweden now already. France is starting to work as well on digital marketing, and e-commerce sales, but perhaps more still the e-commerce via the pharmacy, not pure automatic e-commerce directly to consumer. That will be next step. Okay. You're doing this in Sweden, you're doing this with a distributor you have. We do it by ourselves. We had a distributor, and we terminated the contract in December to start to work on our own for the adult portfolio. Now we've been launching. Protectis was available via our ex distributor. We took over, and we launched Prodentis, we launched Osfortis, and we launched Gastrus. Now you have the full adult portfolio that we represent in Sweden ourself. Regarding the pediatrics portfolio, here we have an exclusivity contract with Semper. Semper under their own brand, Magdroppar Semper, are keeping the exclusivity for the pediatric product. For the adult portfolio, we've taken over. Should we see this as a change of strategy in a broader scale, not only the home market in Sweden, that you do more yourself? No, that's not a major change in our strategy. We are still too small to be able to run the whole global business worldwide with our own distribution companies. We've decided to be a bit more opportunistic. When we're in countries we don't have a satisfactory solution with external partner, then we are looking at doing it by ourselves. We don't intend to change our business model globally. Okay. You're not planning to change a lot of distributors? Not allowed. When we are not happy, then we will do it. Here as well, we have long-term partner. We are pretty happy with most of them. There are still some parts of the world where we could do better. There will be changes because we have to be happy with the capacity of our distributor to take BioGaia to the next step. On a global perspective, there will be a few changes coming, but not the majority. Do you have a figure for the percent of sales from online channel today, if there's an ambition, let's say, in five years from now? We are working on that KPI, but we are not disclosing it as we speak. Okay. All right. Thank you very much. You're welcome. Thank you. The next question comes from Mattias Vadsten from SEB. Please go ahead. Your line is open. Yes, good morning. Many of my questions have already been answered, just one on the regulatory side. I think I read just a few months ago that the term probiotics can be used on food and food supplement labels sold in Spain. This has always been a general health claim before, as I understand it, at least. Is this wrong, and if not, have you seen an easing regulatory environment in other parts of Europe, or how is your view on this? Yeah. You're right. Spain took the decision against the European Commission regulatory way of looking at probiotics to allow to have probiotics put on the label of a product which is actually a probiotic. Italy have done that before. Now we have two major markets allowing probiotics. We are working very actively on that topic because we don't understand why we can't put probiotics when it is probiotics. That would allow for the consumer to have a better understanding of what is a probiotic, which is a living bacteria, and what is not a probiotic. By not allowing people to put probiotics, we are misleading the consumer. We are really working together with IPA, the International Probiotics Association, to increase awareness to our consumer, to say, "Well, this is not acceptable," in order to have probiotics on the label. There is a big meeting coming in Denmark. I think there is a light at the end of the tunnel, because it should be clear for consumer. We should be able to put much more things on the label that we are allowed today, because we are misleading the consumer by not being able to say that we are clinically proven. We are not able to claim anything, even if we have clinical data to prove it. Regulatory instances are perhaps not the more agile that you can find in the world. Spain plus Italy, that's really the light at the end of the tunnel for the rest of the countries. We do hope so. Thank you for that. Just one on Osfortis and then launch now in the U.S. and now also in Sweden. What view is the next step for the product? I think you will soon get a press release that we are working on. Let's say in two weeks' time, you will have a new country on that press release. Now today, we launched in the U.S., Sweden, and Spain. That is official. There is a fourth big country coming, but you will get it in two weeks' time, I guess. Okay. Thank you very much. Have a great day. You're welcome. You too. Thank you. The next question is a follow-up question from Daniel from Danske Bank. Please go ahead. Your line is open. Yes, thank you. As a follow-up, I'm a bit curious regarding the SEK 3 million spent in the quarter four for cost related to acquisition candidates as you are looking now. Could you perhaps shed some more light on exactly what it includes in more concrete terms? Are the candidates you're reviewing production sites, commercial products or R&D-related company acquisition? Any color there? Obviously, we're not going to disclose the object we looked at, as you could understand. We are very active in that areas because our ambition is really to be able to focus on growth, and we see M&A as an interesting way to go back to double-digit growth. In terms of what type of company we are looking at, there are, as we mentioned, we look at perhaps some fermentation capacity, as we've been already discussed, because we don't own that today. We can look at more direct-to-consumer type of company that would help us to fast track our digitalization. We could look at some strain well documented, but at the early stage, with company not having their own distribution or even not their own brand that we could take on and leverage under BioGaia's portfolio brand towards our distribution. We have a couple of axes, and we are looking actively in all of these. Okay. Just maybe size-wise then, are these companies same size as you, or are they smaller, sort of bolt-ons, you think? Size is not exactly our main focus. We look more at the synergy, and then we will make it happen. It could be smaller, same size, or bigger. Okay. Yeah. Thank you. That was all for me. Thank you, Daniel. Thank you. There appear to be no further questions. I'll return the conference back to you. Okay. Thank you for your attention, for all these good questions as usual, and have a nice day. Bye-bye.