Thank you very much. Welcome everyone to this presentation. Actually the best quarter ever in Bravida's history. Today, I'm happy to do this presentation together with Åsa Neving, our CFO. I think you will hear quite many positive things during this session. I think that during 2020, we proved our business model and that our way of managing The Bravida Way is actually working very well. In 2020, we had 6% growth adjusted for the currency. We had improved EBITDA up 10% and actually during the whole year an organic growth + 1%. This despite of 10 months of pandemic. This is actually explained by that we're having many customers in many different places or geographies. We have a KPI-driven following up, and we are really good and close to our costs. We have good cost control. Maybe the most important thing, we have a really strong team all over Bravida. On the next slide, I will take you through the highlights for the fourth quarter of 2020. Net sales - 1%. We had sales at SEK 5.6 billion, slightly lower compared to last year. Again, we have of course, been affected by the pandemic and the lockdown in the society. We have a net sales - 1% when at the same time as a service goes down with 7%. That part of the business is, as you all know, normally very stable. This year, it has been affected quite a lot. Installation grows by 5%, which is a really strong proof of the business model, but also actually the demand in the market, I would say. Order backlog is at a strong level, close to SEK 14 billion. It is down 5% year-on-year. Order intake, - 7%, SEK 5.1 billion. Last year, Q4 2019, we had a large order received in Sweden at SEK 680 million, which is, of course, affecting the numbers we're comparing to. I will take you through a deeper analysis about this later on. We see a good order intake in Denmark and Finland. I would say that in Sweden and Norway, we have a really strong position from before as well. It's good to see that the order intake is strong in Denmark and Finland. EBITDA increased by 13% to SEK 478 million in the quarter, and the margin is improved despite the fact that the service is going down. Service is normally having higher margin than installation. Despite that fact, we can improve the margin to 8.5% compared to 7.5% last year. EBITDA margin improved in Sweden and Finland, mainly explained by earlier restructuring works in both these areas. EBITDA margin is slightly lower in Denmark and Norway, and it's explained by lower earnings in some projects and lower sales in Norway. Cash flow, I would say, is extremely strong. We had a cash conversion to 153%. Working capital -SEK 1.6 billion almost, which is the same as - 7.5% of the sales. That is something that gives all of our managers in Bravida a strong confidence for the future as well. Net debt is 0.6 x EBITDA. We also can improve the dividends by 11%, which is well in line with the financial target. M&A, slightly lower activity in the fourth quarter, adding SEK 57 million. I think that is an effect of that we took down the pace we got in the second and the third quarter. After the summer, we started up the process again. We really want to meet the management in the companies we are acquiring to make sure that we have the synergies we want to see. As you have probably seen the last couple of days, there is some deals that have been closed as well. We have been starting off this year, 2021, in a really good way. On the next slide, the impact from the COVID is the same as earlier. We still see a stable demand in installation business. There is some delayed projects planning and investment decisions, but the demand is so far good. There are slightly lower demand in some geographies, but not very much as we see. There is, of course, a negative impact in the service business due to the temporary lower demand and closed sites. We have an increase again regarding the sick leave rates. We have a good visibility in our order backlog that is strong, which means that we can adjust the cost where it's needed. Of course, the market conditions ahead is a bit uncertain. I think in some area that is actually close to one year ago since did some services, and we are getting closer and closer to the critical phase where they actually need to do something about the system, so they are not risking some higher values in their buildings, et cetera. Margin over volume is always important, and we will always defend the margin even if the volumes decreases. Shifting to the next slide and the group sales and EBITDA development. As I said earlier, service is down 7%, and still we are able to grow our sales in the quarter with 2% in local currency. We improved the EBITDA margin from 7.5% to 8.5%. We grow the EBITDA with 13% to SEK 478 million. My opinion is that we have a better business and a stronger organization today than we had a year ago. Sales increased in Sweden, Denmark, and Finland. We saw an EBITDA margin improvement in Sweden and Finland, mainly explained by earlier restructuring measures. On the next slide, I will take you through the order intake. First, I want to emphasize the fact that we still have a very high order backlog. We still see a good demand in the market, but with some price pressure in some geographies. Our order intake is also affected by lower service sales due to the corona situation, of course. Order backlog is down -5% year-on-year. The order intake decreased by 7%, explained by lower demand in service. Well, actually, it is not a lower demand, but there are, for practical reasons, not possible to actually deliver the services or the customers are not in the building, et cetera. You have heard it before, and you understand the practical reasons behind that. The demand is still there, I would say. We had a large order in Sweden, close to SEK 700 million in the fourth quarter of 2019. Just to give you some more flavor on the order intake, we have done a bridge on the next slide. Order intake, first, is higher in Denmark and Finland in the quarter. As I see it, we have a strong order position in Sweden. If we look to the left, we had an order intake in 2019 that were slightly above SEK 5.5 billion. Regarding the large order in 2019, which is a contract which is much, much larger than we normally have in a quarter. We have an adjusted order intake in 2019 at SEK 4.9 billion approximately. We have been able to grow the order on installation side with SEK 400 million +. The order intake is also affected by the service sales in the quarter. In the quarter, we had a negative development on the service sales, meaning that is actually taking down the order intake with SEK 139 million. The adjusted order intake actually grows from SEK 4.9 billion to SEK 5.14 billion, and that is actually a growth of 5.6%. Again, we think that we have a strong order backlog. We have the visibility in the order backlog, and I think that we have shown in the 2020 that we actually can manage the margins as well. Acquisition on the next slide. We are not happy with the performance in the fourth quarter, but it is a result of that we, during Q2 and Q3, actually paused our M&A activities due to the pandemic. Now we are back to speed again, even if we paused some of the activities, we did 16 acquisitions last year, adding almost SEK 800 million. We have a strong pipeline, and we do these M&As to attractive multiples so far. If you have seen the press releases the last week, we have already today done a couple of acquisitions that will add some nice volumes for the coming years as well. Now over to Åsa and some financials. Thank you, Mattias. Let us look into the performance of our country segment and starting with Sweden on page number 10. Starting with the top line, we had a growth of 3% in a quarter. This was all due to acquisitions. The organic growth was zero. We did have growth. Sorry. We did have growth in some of our divisions, but we had a slowdown in service, mainly in the southern part of Sweden. That ended up in an organic flat growth. All in all, we had a growth on installation. The year-to-date growth was 6%, where the organic growth was 2%, and this is a growth both in service and installation. The EBITDA for Q4 was strong, SEK 291 million. That is an increase of 16%, leading up to a margin of 9.5% compared to 8.4% last year. We had a very strong performance in all Swedish divisions, and we are especially happy that the Stockholm division performed well after all the restructuring that we did last year. The EBITDA year-to-date ended up at 7.1%. The order intake was weaker in the quarter, -24%. As Mattias said, we had a high comparative number due to a large order that we received in Q4 2019. The weak service sales in the quarter also led to the weak order intake then. The order backlog at the end of the year was 7% lower year-on-year. Moving to slide 11. Norway is the country that has been most affected by the pandemic, and in Q2, the sales decreased by 15%, in local currency by 6%. There is a decrease in both installation and service, but to a large extent, it's service that is going down substantially. Year to date, we had a sales decrease by 12%, in local currency by 3%. Going forward and looking at the EBITDA, we had a decrease in Q4. The margin was 6.4% compared to 6.7%. This is due to lower sales in service we talked about before and a few adjustments in a few projects at the end of the year. Year to date, the EBITDA was on the same level but with a higher margin, 5.7% versus 5.0% last year. The order intake was weak at -15% year on year. Let me see now. Sorry. The order intake was 15% year on year. In local currency, -12%. The order backlog decreased by 18%. It decreased by 9% in local currency. We also had a big currency effect in Norway. As I said, the Norwegian business has been affected by the pandemic. Both Norway and Denmark have been affected from March and onwards, while it has been shown in Sweden mainly in the last two quarters. Moving to Denmark, slide 12. Turnover in Q4, sales increased by 3%. It was all due to acquisitions. The organic growth was negative by 3%. Denmark, as I said, has been affected by the pandemic during the year, which is shown in the figure then. Year to date, sales grew by 12%. The EBITDA was slightly lower with a margin of 6.3% in the quarter compared to 6.6%. This is also due to a lower volume in some areas and due to a service decrease and also lower earnings in some of the projects. We had a very strong order intake in Denmark, + 73% year-on-year, and an order backlog that ended up 12% higher than last year. Finland showed a really good performance during the quarter. We had a strong growth, we had a sales that increased by 21% to SEK 389. It was an increase in both service and installation, the organic growth was a strong 18%. We also had a growth year-to-date by 18%, where the organic growth was 13%. A strong improvement in EBITDA, SEK 32 million versus SEK 14 in the quarter, leading up to a high margin of 8.1% compared to 4.2% last year. It's really good to see that our efforts in improving project management and being very selective in which project we are taking on together with the restructuring that we did last year and have been doing now also in this year is showing results. For the full year, we ended up with a margin of 4% compared to 1.9% last year. Finland also showed a strong order intake, +54% in the quarter, and the backlog increased 18% year-on-year. If we look at our financial position on slide 14, and we can start with the graph in the middle, you can see that we have a very strong cash flow. The LTM cash flow was SEK 2.2 billion. This is, of course, due to a strong result for the year and also due to an improved working capital. The working capital is mainly improving because the net between contract liabilities and contract assets is improving. If you look at the financial position at the left, you can see that we have a cash balance of SEK 1.7 billion. We had a financing of SEK 1.9 billion and a leasing debt of SEK 1 billion. This is ending up at a net debt of SEK 1.1 billion. The net debt EBITDA ratio is then 0.6. As Mattias said, a strong cash conversion then, of course, at a high level of 153%. By going through this result, now turning to page 15, the board proposed an increased dividend payout of SEK 2.5 per share. This is 51% of net profit and in line with our financial targets. As you can see in the graphs, we have increased earnings per share, and we have increased dividend payout each year since the IPO. The financial targets on slide 16. If we're starting with sales, we have a sales growth target of more than 5%, and the actual this year is 4%, but we have had some FX effects in this year. If we adjust for the currency, we end up at 6% growth. Looking at cash conversion, the target is more than 100%. We had a cash conversion 153%. The target dividend payout ratio is more than 50%, and we are now paying out 61%. We have an EBITDA margin target of 7%. Where we are never satisfied, but we are proud to say that this year we have actually reached the highest margin ever, unadjusted at 6.4%. That shows that we are well-positioned for the future and that this target of 7% is reachable. The net debt target is less than 2.5. The actual leverage ratio is 0.6. Very low. I'd say that I agree to what Mattias said earlier, that we have a stronger company today than we had a year ago. With this strong result and the very strong balance sheet that we have now, we are very well positioned for 2021. By saying that, I'm handing over to you, Mattias. Thank you very much, Åsa. Well said, many great numbers, of course. We meet many of the financial targets, most of them actually, it's still the margin we have to beat. We're getting closer, as you said. Turning to the next slide, and probably the slide that shows, if you take a step back, that shows the history and that our way of running our business is working. The picture is clear. We have constantly been able to increase sales and improve our EBITDA. Now our business model has been tested in a very challenging market environment as well. Even in a year with lockdowns, with three quarters with pandemic, we have continued the positive trend with higher sales, better EBITDA, and a really strong cash flow. I'm very confident that we can continue this journey. The last year, as I see it, strengthened Bravida a lot. I mentioned it before. Åsa just did it. We are a much better company today than we were a year ago. There is still more to do. On the next slide, I will briefly say something about our new business plan. Our business plan for the coming three years starts with our vision on where we as a company want to be in 2026. We have a long-term plan, and to be able to meet that ambition, by 2023, we'll have a higher customer focus. We'll have a continued profitable growth, but we want to see that our service business is a bigger part of the sales than the installation business is today. With that, I'm not saying that we will take down our installation business, but we want to grow the service business more the coming years than we are growing the installation business. We will still definitely see a growth on the installation side. We will focus more on sustainable solutions to our customers and sustainable operations as well. I won't go into detail about the measures we have planned to do to meet this, but this is just a way of telling you that we think that we have much more that we can do. Our new vision is that Bravida helps customers develop the full potential of their properties. We bring properties to life with service and installation and are leading the way to a sustainable, resilient society. We want to be a partner to the customers from early design phase throughout the installation phase and the service and maintaining phase. We will do it in a sustainable way. We will help our customers to reach their sustainable targets. We will improve our ability to create service from installation contract and vice versa. This will, of course, need some investment. On the next slide, the investments for the business plan for this year, 2021. We have an estimate on non-recurring cost in systems and digital solutions somewhere between SEK 25 million and SEK 40 million. Sustainability is of course an important part of this plan as it is for all our customers. On the next slide, you can see some things what we are focusing on regarding sustainability. It's not all. There are some examples. We will focus on sustainability because it is an important part of the new business plan where Bravida aims to take a leading position in our industry. Sustainable customer solutions, of course, we are talking about energy efficiency, remote services, smart buildings. In practice, it means solar panels, EV chargers, et cetera. All the time when we have done a job to our clients, we actually are leaving the site with a more efficient system to the customer than actually before we helped them. It could be changing lighting in an office, changing fans, pumps for water, et cetera. We're also focusing on our own carbon footprint, and we have set a target on reducing our CO2 emissions with 10% per year, and mainly by reducing our fossil power vehicles. Already 2019, we said that at least 30% of all our vehicles should be non-fossil driven or fossil-free. We have more than 6,000 cars. I think it's close to 7,000 cars. You understand that these of course, have a major impact of our own footprint, but it also takes some time to do this in a sustainable way. Safety is, of course, prioritized extremely high. We have a medium-term goal on LTIR below 7.5, and we are still too high. We improved it with 17% this year, but we have so much more to do on this topic so we can make sure that all our employees can fulfill the service and the work to all our customers in a very safe way. Said that, I just want to summarize the quarter on the last slide before we go into the Q&A session. We had an impact from COVID-19, and in Q4 it has affected the order intake. I told you about the lower service sales as one example. We can see an uncertain market conditions ahead. Even if the demand is good, the service sales will probably be lower H1 in 2021. Some installations are not served the last 12 months, and the longer the customers wait, the more risk they are taking. My estimate is that the service will pick up as soon as it is practical possible due to the pandemic. Not everything is lost sales. There will be some build-up demand as well. Sales increase - 1%, and actually - 2 if we adjust for the FX or currency. Service sales down 7%, and yet we actually improved the margin. Backlog down 5% year-over-year. EBITDA margin improved to 8.5% in the quarter. It's improved in Sweden and Finland. M&A execution is definitely on track, even if we only did two acquisitions in the fourth quarter. We have started off well in 2021. Net debt, really strong balance sheet, 0.6 x EBITDA. Cash conversion extremely strong, I would say. The board proposed a dividend at SEK 2.50, which is 51% of the net income. I'm really proud of being one of the companies who actually were able to fulfill an increased dividend in 2020. Now we actually start 2021 with proposing another increased dividend. That's another proof of the really strong business model we have in Bravida. Really proud of presenting this quarter for you, the best quarter ever, now I think we can start the Q&A. Thank you very much. Thank you, ladies and gentlemen. We will now begin with the question and answer session. As a reminder, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Please standby while we compile the Q&A queue. This will only take a few moments. If you wish to contact your request, please press star and two. Once again, please press star one if you wish to ask a question. The first question comes from the line of Peter Testa, One Investments. Please ask your question. Your line is now open. Hi, and thank you. I have got three questions. I will go one at a time. On the first one, just on the service sales point you made at the end, can you give us some sort of sense how service sales performed during months when the economy was more reopened? September, October, and maybe versus December, just to give some understanding of in a reopening phase, how quickly you have seen service come back. Yeah, I think there are first some difference between different core countries, I would say. We didn't see a very high pick-up in Norway, for example, and they have probably been the country that is having the toughest lockdown. Otherwise, when people come back to work, they know these things that need to be handled, and it picks up very quickly, I would say. If you use the word instant, I'm not sure if that's correct, but very quick. Okay. Just on the installation side, there's a bit of lower book-to-bill the last couple of quarters. You've highlighted in the release that you expect it maybe to be slow at the start of the year. Can you give some sort of sense as to how you expect the backlog to phase through 2021 and maybe the extent to which you need more book and burn business in the earlier part of the year? I'm not sure I fully understand the question. There are some differences in different geographies. Our market is local. We have places where we can't sell anything more this year and are really confident that they will have a good development in 2021. Some have the book filled until the summer and need some new orders after the summer. Very many have at least 60% of the orders they need for the full 2021 in the books, and that's quite normal. There are some areas, and that is something we do every year. We are taking down sales in some areas, and we hire new employees in some other areas. It's not like the whole market in Sweden going down at the same time, for example. Yeah, I guess my question is more your book-to-bill was 0.9, last quarter was 0.8, and the backlog's down 5%. I was wondering how that earns through or whether you expect a faster flow of projects arriving at some point to sort of offset that, or whether we should take that as an indication for the start of the year. No, I think you should take an indication of that we are quite confident about the existing order backlog, and we are not pricing low to just fill up with orders we don't need for the moment. Mm-hmm. Okay. The last question was just on Swedish margins. Last year you had a SEK 58 million one-off in Stockholm, which if you adjust for that, the margins are actually slightly down in the quarter year-over-year. I was wondering whether you felt that was business mix or how you would take us through that underlying margin picture. Oh, I haven't done that analysis, but I guess that what we see is that the Stockholm business is much better today, and we see improvement in all different ways, the type of executing existing business, how we're working with future business, the relations with customers, et cetera. I am very confident that Stockholm will continue the positive development in 2021. Right. Okay. All right, fine. Thank you. Thank you. Thank you. The next question comes from the line of Carl Ragnerstam from Nordea. Please ask your question. Hi, it's Carl from Nordea. A few questions from my side as well. To start off with a follow-up on the service side, just so I understood you correctly, should we expect a more severe service impact in Q1 compared to Q4? Given the second or if it's a third wave, I don't know, or if we should expect a fairly similar development as in Q4? My question is, what do you see in terms of current trading in the service side? Firstly, there is a seasonality in all our business. Q4 is the best quarter, of course, and Q1 is always the slowest. If you compare Q1 2021 with Q1 2020, of course, there is a difference. I would say that the demand, if you try to compare apple to apple, is not worsening in Q1. I think it's the same as it was in Q4. Of course, you have to do some adjustment for the seasonality. Okay, perfect. Very helpful. You talked a bit of the pent-up demand. Could you perhaps try to explain how the pent-up demand could look like? I mean, in what sectors do you see the best potential for pent-up demand, and what service types do you see also or where you could see a pent-up demand, so to speak? I think it's in all different segments, but there are some service you need if you are a customer to Bravida. There are some service you need to do to make sure that the guarantee, for example, on things you have bought or invested in earlier shall be valid. That's one part of the service demand that will be some kind of pent-up, if you call it like that. Of course, we have, as I see it, quite nice investment in front of us regarding changing the type of offices, et cetera, meaning that small renovations, rebuilding sites, that's part of the service as well. The sustainability topic for everyone actually means that you need to do something about the energy consumption in the buildings, offices you are renting, et cetera. 40%, I think it is, of all energy consumed in the society is actually coming from heating up and cooling down buildings. That's one type of demand that is built up. I think we have the demand in all segments. I'm not sure how I should answer the question. Also when you come back to offices and start using conference rooms, kitchen, restaurants, you will notice that things are not working the way they used to do, and then someone needs to do something about that as well. It is everywhere, I would say. Okay, perfect. Very clear. One question on your business plan here. Could you give probably more granularity on what the increase in OpEx will be? I guess it will imply something around in 2%, 3%, maybe 4% OpEx increase year over year. Should we expect CapEx increase as well? The second part of that question is, of course, where will the business plan take you margin-wise? You talked about the service share, maybe some flavor on where you want to be in a few years time there and if M&A is probably the most relevant or the best driver of the service side? We had a financial targets call. That plan will definitely support the financial targets we're having. I'm confident that we can continue to do a lot more to improve Bravida as a company. If we can manage to handle a year like this in the way we have done, I think that there is so many things that we can do to continue this development. Regarding the investments, we have decided to show you these number now and for 2021. Of course, if something are changing in one way or another, we will communicate that. Okay, perfect. You asked about CapEx and OpEx. We don't expect to increase CapEx, so this will be mostly costs. We don't expect to increase OpEx at the level that you talked about, a couple of percent. As Mattias said, we will have a target of 7%, but that we are aiming for. Yes. I would say that, of course, we started to do some investments already in 2020. I think you can't see that in the numbers. That actually means that the margin we had in 2020 is even stronger than you actually can see. We are not a very big fan of adjust the EBITDA, et cetera. We are taking the cost in the running profit and loss, and that's how we have choose to do. Okay, perfect. Also, wage inflation together with the OpEx increase may be a fairly muted organic growth in full year. Who knows? Will you be able to offset this in order to reach your financial target in the short term, or at least have a margin increase given these sort of headwinds? I think we can increase the margin. We haven't set a timetable for when we should reach the last financial target we haven't yet met yet. I also think that the day we meet that target, we will quite rapidly change it. It is a moving target. We want to deliver 7% before we change that target. We think we can do it, but it depends also on what kind of acquisitions we are doing. That's another way to increase the shareholder value, for example. It's not only to meet 7%, but the existing business shall be improving. Let's see what kind of acquisitions we're doing. Okay, perfect. Thank you very much. Thank you. Thank you. The next question comes from the line of K-J Bonnevier from DNB Markets. Please ask your question. Thank you very much. I hope you hear me. Looking at acquisition, as you pointed out, you have had quite a strong start to this year. Looking at the acquisitions you have announced, you are basically up already to the same kind of turnover as you managed to do in the whole of 2020. Is there some sort of catch-up effect going on out there, both looking at, I guess, your willingness to take on new things, but also maybe from the seller's perspective due to the pandemic? Is there anything like that playing out? I think a catch-up effect, some of these deals, if we had had a different timing on some discussions, we of course have closed some of them before Christmas, et cetera. That's not always something you can decide yourself. We are very slow working with negotiations, et cetera, due diligences, et cetera, and some quarters we are having more than others. It was quite low in Q4. Slightly much higher Q1 this year already. We have done one larger in Norway and one in Finland. It's still open in Sweden, for example, which is our largest market. I think we can have the M&A machine to continue during the year as well. We don't see this as a finished topic, even if we are close to the financial target. We will continue to do acquisitions if we think that we can find the right targets with synergies. We're not only buying for the buying just to buy. We want to add value. We think that's the best way to do M&As in long term. When I look at the Norwegian acquisition, it looks to be, say, it's obviously much larger than your normal kind of more bolt-on type. Is that new segments you are entering with that acquisition or it's just strengthening current segments? It's the same segments but in new geographies. We are covering white spots, which of course gives us a platform to develop. This is an electric company in new areas, which gives us the opportunity to continue to develop plumbing, ventilation, security, sprinkler cooling, et cetera, in the same area where we now have a new footprint. It's a decent profitability kind of operation already at this stage? Yes, it is. Excellent. Just looking at the free cash flow generation, which obviously was amazing during this year, is there any temporary effect helping you in the working capital when you now end the year with timing effects or something like that we should be thinking about? We had postponed tax payments, and we still have a postponed tax of roughly SEK 120 million. There's still nothing that, say, if you're looking at it from a total perspective, it's still quite a small sum, I guess. Still fantastic numbers. Yeah, it is. Now it is mainly improved working capital mainly from the net of the contract assets and contract liabilities. Excellent. I just noticed there was also, say, a little increase in provisioning coming up to year-end. Is there anything that's particular there? It's slightly higher compared to sales than it has historically been. We have put on some provisions for some. Well, we have a couple of disputes that we've had for a long time, we have actually put some provisions for them. We have taken down the risk in the project portfolio, you can say. I think it's fair to say that we have a more solid balance sheet. Absolutely. That is a sign that it is. I think it's a positive thing, not a negative thing. No, it is positive because the risk in the portfolio has gone down. Yeah. No, I guess it even strengthens even the reported results even more in that perspective. Yes. Exactly. Fantastic. Thank you very much. Thank you. Thank you. Before we take our next question, may I just remind you, if you wish to ask a question, please press star and one. Our next question comes from the line of Stefan Andersson from SEB. Please ask your question. Thank you. Just a question on margins. See if you can help out a little bit. I know you don't give prognosis, but let's talk about the history, try to get it through the history. If I look at Norway and Denmark, looking at Norway first half, I think margins were performing rather well year-over-year, and you had a little bit of competition. Second half, it was a little bit more challenging. I guess it's the same pattern in Denmark, and we can see margins are down slightly in Denmark. Unfortunately, I got in a little bit late, so maybe you touched on this, but if you could elaborate a little bit on that possibly. Yeah. Hi, Stefan. We haven't mentioned that particular, but I think Åsa and I, and also the management in Norway and Denmark are slightly disappointed about the second half of 2020. I think maybe that tells you something about what we think and what we expect. Okay. It's the same there. I think that the portfolio now is better and more stable. We had some disappointments in the quarter, so some projects were not performing the way we wanted to, and also service, the decrease in service had an impact, of course. Especially in Norway, I would say. Especially in Norway, yes. Okay. On the order intake, you might have touched this as well, but I guess if it is primarily in Sweden where you've been, if anything, a little bit disappointed, maybe I'm wrong there, and if so, how do you view the market in Sweden? Is it still pricing pressure and you're standing on the sideline, or do you see a change in behavior in the market? No, I think it varies in different geographies. First, we increased order intake in Denmark and Finland. We think that we have a really strong order position in Sweden already. I don't know if you saw the bridge regarding order intakes, Stefan, or if you joined late after that. If we adjust for a large order in Sweden that we received Q4 2019, and then we actually, the order intake is also affected by the lower service days in the quarter. If we adjust for those two things, extraordinary things, we actually had a growth of 5.5% on the order intake quarter-to-quarter. We have a strong order position in Sweden in most of the places, and in some areas there is a pressure on the price, but in some areas, we are actually standing on the side and looking and waiting because we can do that. In some other areas, of course, we actually take down our business before we price lower, because we will always defend the margin. Margin is more important than volumes. I think a strong order backlog and price pressure in some areas, the demand is still good, gives us the opportunity to do smart things. I've been in this business for very long. The worst thing you can do is actually to sell low margin projects, because when prices picks up again, then you are busy to work on non-profitable projects. We prefer the margins before volume. Okay, great. Final question on acquisitions. The wording you're using there, the letter of intent with Minel in Norway. I guess that's the only risk you see then for not landing that one is that they don't get the approval, or is there something else that's handling, using that wording? Once again, Stefan, I didn't understand. Oh, sorry. No, yeah. You write in the press release that you have the intention to buy. No, the reason is that we are very close to, it's not signed, but really, really close. When we do the due diligence, we have discussions, meetings with management, and we thought that this is not impacting the share price, for example. When we have talked to so many people, and it is so close to sign, so we said that we need to inform the market about this. It is. Extremely high likelihood that you will land this one. Good. Yeah. It's not 100%, but I don't know the margins that it went 100%. Okay, good. Finally, on the pipeline, do you see more of these larger ones being available, or how does the pipeline look? Yeah, I think that the size of this one, there are not very many, but of course, the list of targets is long, and there are some large companies, and there are many small, of course. Yeah. I say there are more. Yeah. Thank you. That was all from me. Great work, especially with Finland there. Seems to be on track now finally. That's great to see. Thank you. Thank you very much. Thanks. Thank you. This was our final question. Please continue with your closing remarks. Okay. Thank you very much, everyone. Good discussions, good questions. I think that hopefully we have continued the good discussion during the day with some of you who is listening in and others who are interested. I'm really happy. We are not satisfied, as I also said, we are never in Bravida. We are really proud to be able to present the best quarter ever in a year like 2020. I think that is something extra. Thank you very much for listening. Bye-bye.