Good morning, everyone, and thank you for joining this Q4 earnings presentation for Carasent. My name is Johan Lindqvist, and I'm the chairman of the board. Today also joined by our new CEO, Dennis Höjer. Before we start walking through the agenda, perhaps we will give Dennis a chance to introduce himself briefly. Yep. Thank you, Johan. My name is Dennis Höjer, and as of this year, I'm the CEO for Carasent. I've been in the Evimeria company for almost eight years now. I started out as a salesman when we were, I think we were three people at that time. Had different roles and been within this company since the beginning, more or less. I'm very excited to take on this new role as the CEO of Carasent. We have a very exciting time ahead of us, and I will make sure it will be to the better future. Thank you, Johan. Thank you very much, Dennis. I must say I'm very pleased and very comfortable with you as the new CEO, so that's good. Let's look into the agenda for today. I will start with giving an overview over the fourth quarter. Dennis will do a review of the Evimeria, both for the fourth quarter and also a little bit about the full year. We will discuss the acquisition of Avans Soma, the background, what we intend to do in Norway going forward. We will comment a few things on financials, and then finally, we will give an outlook what we think about 2021. Of course, we will end this session as well with a Q&A. I think you can already now write your questions, so we will answer them at the end of the session. A short, brief overview and summary of the fourth quarter. For Carasent also, the revenues were SEK 20.3 million as compared to SEK 14.1 million during Q4 2019. All the revenues are related to Evimeria, the difference you see between SEK 20.3 and SEK 19.3 is all an FX effect. As you know, the FX has had big swings between the NOK and the SEK during the year. We also had some expenses related to the stock options, which was a negative of SEK 17.5 in the fourth quarter. We also had some acquisition-related costs for Avans Soma, together with some legal costs and prospect costs of SEK 7.3 million. The result in total was a loss of SEK 21.9 million, as compared to a net income of SEK 0.4 million during Q4 in 2019. We'll come back to that under the financials and explain that with a bridge a little bit more in detail. Cash balances were SEK 221.2 million on December 31st. Looking at Evimeria, has been the operational entity during the year. Revenue was SEK 19.3 million, an increase of 31% as compared to Q4 2019. EBITDA was SEK 7.7 million as compared to SEK 5.8 million in Q4 2019, EBIT of SEK 5.7 million as compared to SEK 4.5 million during Q4 2019. We signed 25 new clinics during the fourth quarter 2020, and we ended the fourth quarter with 495 active clinics. With that overview, we'll come back to all these items. I'll hand it over to you, Dennis, to give a short review on Evimeria. Yeah. Thank you, Johan. As Johan said, we signed 25 new clinics during the fourth quarter. We still saw the smaller clinics was signed according to plan. We saw no changes in their behavior during the pandemic, although we still could see some effects from the pandemic according to the larger customer segments that had to focus more on their business than changing the record systems. Over the year, we grew the customer base with 23%. It's a few percent behind the internal goals we have with the 30% growth, and it's mostly because of the larger customers that postponed their dialogues with us. Still, in the fourth quarter, we started out good. We could see our existing customer base production almost be back to normal. In November, we had the virus starting to spread again, and the government was communicating new restrictions, and we did see a small uncertainty in the market again, especially the large customer that again had to postpone their dialogues with us. Our existing customer base production was not so affected that it was this spring. We ended up the quarter with a revenue of SEK 19.3 million. From the quarter 2019 to the fourth quarter 2020, we grew our revenues with 31%. All over the year we grew our revenue with 34%, which also is a few percent behind the goals, the internal targets that we have. It's mostly because of the larger customers. We can see some small negative effects as you hear, but we also see a lot of positive effects of this pandemic. It has most certainly accelerated the healthcare segment to digitalize the business, we are very well positioned to meet up their needs in this digitalization journey that they had to do. As of the bigger, larger customers, maybe some of you have read on Evimeria's page that we signed a framework agreement with Aleris. That's a good thing since it was a deal that we've been working on for some time, and they have postponed the dialogue a couple of times during the year. We still can see the scalability of our business. We ended up the quarter with an EBITDA of SEK 7.7 million and an EBIT of SEK 5.7 million. The EBIT grew over the year with 42%, and the margin was 27%, which is a few percent higher than the 25% range while we're still growing. Okay. Thank you very much, Dennis. As you can see, if you compare to our internal targets, the 30%, 40%, 50%, where we intend to grow our customer base 30%, our revenues with 40%, and our EBIT growth with 50%. We have had a small pandemic effect during the year. We think it's a temporary effect, and we can also say that when things come back to normal, we will be closer to our internal targets again. We see that already this year. We'll come back to that when we discuss a little bit about the outlook for the year. Okay. Next highlight of the quarter was the acquisition of Avans Soma, of course. This was the first acquisition for us, and it's for sure not the last one. Very important acquisitions to enter the Norwegian market. We'll discuss the rationale for that in a couple of minutes. We paid SEK 125 million in enterprise value for the business, the consideration was split between shares in Carasent, and 50% cash. You will see us do more of that type of business splits between shares and cash because it's important for us to keep the entrepreneurs in the companies that we acquired tied to us. We also have a lockup of 15 months into the Carasent shares that they received. A few things on Avans Soma. They have been around for many years on the Norwegian market. They were leading provider of e-health solutions for two new segments for us, is social care and rehabilitation. These are similar to our own segments in Sweden. These are niche segments, with good dynamics as we have in Sweden and also limited competition. They have a strong market position, limited churn as we do, and a high degree of earnings visibility. A difference between Evimeria and Avans Soma is that they come a little bit from the legacy system, so they are transforming their systems into cloud environments. You will see a significant growth on their existing customer base from this year and going forward, when they transition their offering to a cloud-based offering. They have approximately SEK 21 million in revenues as of 2020, 140 customers, and 22 FTEs. The average customer size in revenue is similar to the size of Evimeria customers and clinics. Why did we acquire Avans Soma? Well, for several reasons. First of all, it's a step into Norway, which is important. They have a loyal customer base and a very strong platform for our further expansion into the Norwegian market. It's also important when you go into new market to have an on-ground organization, knowledge, experience, and a proven track record on that market. What we have discussed before when we talk about entering Norway with Webdoc is that the complexity is not all that much to adjust Webdoc for the Norwegian market. The complexity is around all the different integrations that we have to do for the local market in Norway. With Avans Soma, we get a lot of technical expertise, solutions, and integrations that we can use in our Webdoc expansion into Norway. That's also extremely important. We also get local knowledge and relations into a market that's a little bit different from Sweden, which is important for us. Also, of course, Avans Soma as a standalone business is a great business, and there are some great people there. All in all, there are several good reasons for us to acquire Avans Soma, and it will accelerate our expansion in Norway. A few comments on the financials. As I started to say, the revenues of SEK 21.3 million is actually an increase of 44% compared to Q4 2019. All that revenues relates to Evimeria, so it's only FX effect. The growth in local currency was 31%. If you look at the EBIT results, you can see basically two things. There are non-recurrent costs related to the share issue and the Avans Soma transaction that we did in Q4. That is approximately SEK 7.3 million. The adjusted EBIT was SEK 3.9 million and an EBITDA of SEK 4.8 million for Carasent in consolidated numbers. We also have, which is not relating to EBIT, we also have these stock options where we take it over the P&L. The reason for that is when we launched this program, we decided that when the program ends, we have an option to either, A, pay the stock option holders in cash, or B, do a share issue of 2 million new shares. When we have that option, we have to take the costs for a potential cash solution over the P&L each quarter. It has no cash effect whatsoever. It's either that we reverse that post when the program ends or the shareholders will be diluted by 2 million new shares. It's a little bit theoretical, but we have to do it each quarter. Looking at 2020 from another perspective, you can see that we have made a short kind of illustrative pro forma P&L, where we include the Avans Soma business as if we have bought it in January 1st of 2020. You can see that Evimeria represents SEK 70.5 million of the revenues and Avans Soma SEK 21.4. That number, SEK 21.4, is actually also a little bit complicated because that doesn't include Soma for the first two months in 2020. Soma was acquired by Carasent in March 2020. The actual run rate for Avans Soma is closer to SEK 23 million going into next year. That gives us a total revenue on pro forma basis of SEK 92 million and adjusted EBIT of approximately SEK 10 million for the year. What about 2021 and beyond? Looking at our financials where we stand today and the growth drivers that we see going forward, we expect the business to grow approximately 35% in 2021 from an organic perspective. That's both for Evimeria as a business unit as well as for Avans Soma. The difference between the two business units are that as we have done before, approximately 70% of the growth in Evimeria comes from new customers and 30% from existing customers. In Avans Soma, it will be the opposite. We will have approximately 30% from new customers and 70% from existing customers. The growth drivers are a little bit different between the companies. In Evimeria, we still have significant market growth. We sell a lot of new services to existing customers, and we also have new customers in existing segments. We're also looking to new markets and segments. When it comes to Avans Soma, as I said before, it's a shift to cloud solutions and new models to existing customers. We will also see some increase in new customers within Avans Soma. We do expect the customer growth to come back to our normal levels, meaning that we expect the customer growth to be in the 25%-30% range in 2021. We're a little bit cautious around how the pandemic will develop. We see things go back to normal during this year. We will also continue to look, and we have a strong pipeline when it comes to potential acquisitions. Not only growing the business organically, you will also see substantial growth from acquisitions during 2021. We continue to look from the three different dimensions, products and services, new segments and geographies. You can expect to see some substantial growth also from acquisitions during 2021. With that, we're going to open up for some questions, if we have any. I haven't received any questions. Okay. I don't know if this is correct, but I don't see any questions in the text here. With that, we're going to end this session, and thank you very much for listening in. Please feel free to contact us if you have any further questions. Thank you.
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