Hi. Good morning. Let me add my welcome to the start of the meeting. If we could get right underway. If we go to the next slide, we'll see the agenda. Now it's a fairly well-trodden path. On the agenda, we've got the normal four points. I'll start the meeting. I'll give you a summary of how Concentric saw the Q4 and then the full year for 2020. I'll then hand over to Marcus to give you the detail on the financial results. It will then come back to me to tell you what we think as a company Q1 2021 might look like. As usual, we'll finish on a session of Q&A. Let's go to the next slide. We'll see the section for the summary for the Q4 and the full year 2020. If we go to the next slide, we'll come to the highlight slide. Here we are, the highlights. As ever, we'll start to talk about sales, we'll start to talk about revenue. Q4 was a very busy time and certainly much more positive than the Q2 or Q3. We saw there was a recovery in the market, and we saw this quarter-on-quarter sales growth in Europe and the rest of the world move upwards by 20%. In the Americas, strong recovery, but actually closer to the 11%. For the people who follow Concentric consistently, you understand that we have quite a large business within the engines product and quite a large business within the hydraulics product. For us, it is typical. The recovery or recession is led by engines. We saw the demand for the engine products accelerate ahead of that of the hydraulic machine products. Next point, if we look at the Q4 sales year-on-year, they were actually down 12% or SEK 290 million. If we reverse out the impact of currency, minus 9%, and if we look at sales on a constant currency basis, sales year-on-year were down by 3%. A fairly good recovery following the doldrums and the problems with COVID-19. Next point, if we look at the full year sales, then basically full year sales were down 25% year-on-year as we came in at SEK 1.5 million against the prior year of SEK 2 million. SEK 2 billion, I should say. If we go through the adjustments, if we reverse out the impact of currency, which is -2%, and we look at sales on a constant currency basis, we're down 23%. It's for sure, 2020 is that year that we want to forget. Glad to see a recovery coming through. If we look at the book-to-bill ratio, we saw in the last quarter, we saw that sharp increase of book-to-bill and Q4 also gave that very positive position that orders were basically 112% of sales. That format, that profile in the orders and the recovery is very clear to see. If we go to the next slide, we'll talk about earnings. Revenue was revenue, what did the business manage to do with the extra sales? Operating income for Q4 actually came in at SEK 104 million against the prior year of SEK 134 million. Operating margin came in at 27.4% against that prior year of 31%. If we talk about operating income in terms of the full year results, we came in at SEK 276 million against the prior year of SEK 472 million. An operating margin of 18.4% against the prior year of 23.5%. Even with that strong recovery and a decent Q1 to the start of the year, it was still that year we wanted to forget. I think the team did an excellent job to get the results that they did. We saw, again, very strong cost management throughout the year. We've talked often about the Concentric Business Excellence program. That program was pushed to its limits as we had to handle the devastation of the lower sales. I'm pleased to say what the team managed to do, that the actual profit dropouts based on those lower sales was actually only 35% in that full year. Very strong management of lower sales. We can see or the summary would be that despite very challenging COVID-19 conditions, the business managed to return quite a respectable financial result. Gearing. We'll always talk about the gearing of the business. We manage cash very cleanly and very well. We finished the year as a gearing of 8% against the prior year of 5%. If we turn the slide, we'll talk about capital distribution. What did we do in capital in this very, very turbulent year? Well, as you know that we delayed talking about the 2019 dividend, as the year started to sort itself out, as we repaid any of the Swedish government money back for support, the board allocated, and we paid a share of 3.25 SEK. Basically 123 million SEK left the business in Q4 2020. We'll talk about it a little bit later, in the quarter, we made no own share buybacks, not just the quarter, for the entire year for good reasons on COVID and a couple of other things, some of which we'll see as positive. Looking forward into 2021, the board of directors intend to propose a dividend of 3.5 SEK for the year 2020 in 2021. What we'll be able to show is that underlying progression of the dividend value for the standard dividend. The board is basically set to renew the mandate for the company to continue to do share buybacks across 2021. That leads us nicely now into the next slide, where we're going to talk about acquisitions. Again, for those of you who have followed Concentric for a long time and followed closely, we've always kept on the agenda our ambition to make acquisitions. We've talked fairly clearly over time about geographical footprint. We've talked about technology. We want to talk about Allied Enterprises. We've been working with talking to Allied over a number of years, and basically the decision was made to bring the two businesses together. That happened on the December 31st, 2020. We paid $11.7 million or SEK 95 million. We see this as a small but strategic acquisition. If we look at our two product types, we will always talk about engine products and hydraulic products. Typically, it's dangerous to talk typically the engine products run at quite low pressures on engines. The hydraulic products run at very high pressures to actually do work on machines. We have something of a gap in the spectrum of pressure between low and high. Now, the beauty about the Allied business is that business sits absolutely beautifully between those pressure gaps. It gives us continuity across that spectrum. It gives us a very good space within the transmissions market, which is a big market which we'd like to move more into. Naturally, because it's a pumping business, there are obvious opportunities to cross-sell the Concentric product through Allied and vice versa. Operationally, what that business buys and what the Concentric business buys, there are obvious operating synergies that we will bring forward. I think one of the key points here is over that last three and four years, we've talked a lot about electrifying our products. Electric drive and controls and software onto our today pumping product. The key point about the Allied product, and the picture shows you, it's basically a crescent pump or an internal gear pump. It is absolutely possible to electrify that product and extend our offering, our already full offering into the electrification market, be it battery electric or fuel cell or hybrid vehicles. We're very pleased to welcome Allied into the Concentric group of companies. Yeah, we look forward for a yet more exciting future. If you go to the next slide, it's worth talking a little bit more on the electrification. It has been a strategic driver now for our business for the last three or four years. Our summary would be that the market demand is gathering pace. The number of electronically driven pumps that we are producing is also gathering pace. It's still a small part of our business, but it is gathering pace. The reasons are obvious. If we look at our customers, we look at the market, that drive to CO2 neutrality, carbon dioxide neutrality continues increasingly. The ambition for all markets is zero emissions. Clearly what we've demonstrated over those last now two or three years by press releases is Concentric has the technology, it has the innovation to deliver support for that market, delivering world-class ePumps, which is driving sustainability. This is all about emissions control. It's all about driving sustainability within the market. That synopsis, that overview here, we talk about those three areas, and I'll do so at some speed, the three areas are on-highway electrification, off-highway electrification, and electrification that sits in that other capital goods sector, which is capturing energy, be it solar or wind, storing it through batteries, and then helping to distribute it. What we see on highway is we spoke a lot about bus and urban duty vehicles, trash collecting vehicles. They're the first adopters, the early adopters for the battery electric vehicles. We're also working very hard in terms of the hydrogen fuel cell vehicles, HFCVs. In terms of the pumps and the electrics and the control strategies and the software, it is the same for us. It's applicable in both sectors. We never forget to talk about hybridization. In that next 10 years, having electric vehicles be it battery or hydrogen fuel cell is real, but hybridization of gas engines and diesel engines is real. Concentric is working on all three sectors. In one sense, we don't mind what the mix is. We don't know who the main winners are. We're active and winning in all three. The energy capture, of course, the more electric vehicles there are going to be, the more zero emission energy there needs to be, the more clean energy, be it solar or wind or hydro. That's of course now driving an opportunity for us for ePumps into that sector. Again, we've made those announcements. We're in there and we're doing well. The final summary, the important summary for this slide is what we've said really nearly two years ago, to try to paint the picture for the people who follow Concentric, is that we still truly believe that by 2025, 20% of our group turnover will be made up of electrified products. Two years into our plan, we're still on target. If we go to the next slide, we'll come to the separator slide for the financial results for Q4 and full year 2020. At this point, I'll hand over to Marcus Whitehouse. Over to you, Marc. Super. Thanks, David. If we could take the next slide, please. Let's start with looking at our trading performance, both Q4 and for the full year 2020. As David touched on, we have started to see the recovery. We saw engines start that process during Q3, and as we suspected, that has continued on into the Q4. We also expected our demand for our hydraulic product to start to increase during the Q4 as well. Pleasingly, that has happened, too. That means that our net sales for the Q4 have been reported at 380 million SEK. That's down 12% on the same period last year. Looking at the operating income before items affecting comparability, again, we're reporting for 2020 Q4, sek 99 million, down 26% on the same period last year. Pleasingly, our operating margin before items affecting comparability was strong, and strong at 26% in the quarter. Looking now just to the full year, we can see that 2020 has been that challenging year. The global pandemic, particularly during the second and Q3s, was really damning on us in terms of sales and demand. Again, overall for the business, it performed well. For the full year, our sales are reported at SEK 1.5 billion, down 25% as a reported currency. Our operating income before items affecting comparability are reported at SEK 291 million, down 38%. Overall for the year, we're reporting an operating margin before items affecting comparability at 19.4%. Given the backdrop of what this year has been, that is a pleasing set of results, both for the Q4 and for the full year. Next slide, please. When we look at our end markets and regions and focusing first of all on the full year, we can see that our market indices blended for the group's end markets and regions have declined year-on-year by around about 20%. That's, again, very similar and in line with what we've reported for the full year in constant currency terms on sales being down 23%. Our key markets, whether that be North America or Europe, have got significant declines year-on-year, so too within our emerging markets of South America and India. Looking at the Q4 and having seen this quarter-on-quarter graph develop as we've gone through the year, it's pleasing to see now we're starting to see some of the greens and the light greens returning, indicating growth again year-on-year within our end markets and applications. Particularly strong in North America, but so too Europe, and only appears to be lagging in the medium and heavy-duty truck sector in India. That bodes well for us going into 2021. When we do look at the full-year forecast in terms of these market indices for the coming year, it's suggesting that pretty much all markets and all end market applications will continue to grow, some a little stronger than others. When blended overall to Concentric's end markets and applications, that indicating that growth year-over-year is likely to be around 12%. Next slide, please. When we look at our segmental analysis of our two core regions of Americas and Europe and Rest of World, and David already touched upon it, but it's interesting to just draw it out. We have seen quarter-on-quarter growth, an important indicator, especially as we go through these very turbulent times. Europe and Rest of World has grown 20% in Q4 and Q3. Americas has grown by 10%, albeit sales in both regions are modestly down in comparison to the same period last year. More importantly, they're growing and again indicating that recovery is underway. book-to-bill ratios in both regions remain above 100%. Again, looks good as we go forward into 2021. Our overall order bank is back at levels that we were enjoying pre the global pandemic. Margins too have benefited in the Q4. Extra sales on what has been a restructured cost base has allowed that additional sales to flow through to operating income. It should be noted as well, particularly when you're looking at the underlying operating income and margins for the Americas, that we have taken the PPP loan income from the U.S. government to the P&L in the Q4, and that amounted to SEK 10 million. Next slide, please. I am just going to dwell on the operating income for a moment or two. Only because when you do look at the Q4 2019, you see a significantly higher operating income level than that that we've seen in Q4 2020. It should just be remembered that we did take a warranty provision release in that year that amounted to SEK 35 million. It should also be noted that we've got three items affecting comparability in the Q4 as well, namely the GMP, which is a U.K. pension equalization cost, and that followed a secondary ruling in the U.K. courts, some acquisition costs associated with Allied Enterprises, and we've also released back to profit provisions that we put away in the Q2 that we didn't use or require to restructure the business. I am going to draw your attention just to one other, which is what is actually the underlying performance. You will note earlier that we talked about a margin of 26% in the Q4, but that was after the PPP loan income. As we've come to the end of the year, we've adjusted some of our stock provisions that weren't required, we've looked again at the engineering development contracts and take a little bit more profit on those projects as they are a little more advanced than we were anticipating. When adjusting for those items, I'd just like to guide that the underlying operating margin that we've seen on the business in the Q4 is around about 20%, pretty much in line with the margin that we were enjoying in the Q1, 2020, before the global pandemic, which was reported at 19.1%. Next slide, please. Cash flow and gearing. We've already said that we've had a strong performance, indeed we have. Those extra sales and that level of profitability, and the management that we've really been putting to managing our cash performance has allowed us to report a good cash flow from operating income at SEK 121 in the Q4, significantly stronger than the same period last year. For the full year, our operating cash flow is reported at SEK 337, down only 13%, despite significantly lower sales. Again, it's testament to the teams who've been managing working capital overall for the year. It has been a busy quarter, and David's already alluded to it. We did have the ordinary dividend payment in the Q4, which amounted to MSEK 123 million. We have done the acquisition of Allied Enterprises, again late in the quarter, SEK 95 million. With that good management, we've still allowed the business to finish on a gearing ratio of 8% in comparison to 5% this time last year. We're also more importantly, we've got cash of around SEK 505 million still on the balance sheet to allow us to be able to fund the ongoing operations. We're also at any further acquisitions that should come our way. Next slide, please. Balance sheet still remains strong. We've got no external debt. We touched on previously, we've still got a strong cash position on the balance sheet. As you can see from the top graph, we've probably had the strongest operating cash performance that we've seen for some time, coupled with working capital maintained at low levels of minus 0.3%. We did take some actuarial pension liability losses of MSEK 42, which pushed up the overall group's net debt to MSEK 86 in comparison to SEK 54 last year. No real significant change. As we touched on, gearing pretty much remains around about the same level that we've enjoyed last year. I'll always draw your attention to that strength of balance sheet when excluding pension liabilities. When we do exclude those pension costs, we have a negative gearing ratio of -35%, and again, broadly in line with what we've seen last year at 39%. Despite the global pandemic, I think our final year closing position is very strong with a cost base that has been managed exceptionally well during the year, and we are in a great position now to enjoy the recovery that the market indices are suggesting that will come in in 2021. Back to you, David. Next slide. Okay. We come to that separator sheet, which talks about Q1 2021, the outlook. If we turn that slide too, then we'll come to the Q1 2021 outlook proper. The detail, the bullet points here is quite busy. I'll go through with steadiness. What do we see in this outlook? If you look at the first point, to us, we are clear that the economic recovery is underway. We've seen it coming across Q4. We've seen in those other indicators in the market, metal prices, commodity prices, oil prices. We've seen that trend now start to build up. Again, as we said at the start of the presentation and in many others, because we have a strong presence in the stock market, we know that the stock market is a leading indicator. It leads the recovery, and here we are. If we talk for a moment about the market indices rather than what Concentric thinks, the market indices think that for the whole year 2021, year-on-year, the activity will be up 12%. Basically, that would indicate that the recovery that we've seen and reported in the Q4 of 2020 is set to continue into 2021. We're not going to take anything for granted. If we look at this global pandemic is still progressing. The vaccines are being rolled out, but there is that level of uncertainty to could there be a third or even a fourth wave? We can see that the risk of that seems to reduce with the presence of the vaccine, we take nothing for granted. As a company, we stand ready to make any adjustments that we need to do to keep the size and the shape of this business in the right shape. If we talk about the demand again for the engine products, to repeat what I've said, we expect it. Basically, look at the last three recessions in 2008, 2009, 2012, 2015. It was highly predictable. The engines would go down first. Engine product would go down first, but it would recover first, and we're seeing that. If we look in our hydraulics business, our machine markets, we can see that recovery is coming through. It is absolutely two or three months behind, nearly a quarter behind the engines business. We can enjoy that and rejoice as we do. It's right to talk about the business, though, in terms of when we downsized the business across 2020. We reduced our headcount by 200 people, by 20%. Again, people who know what Concentric does and how we do that, we did that very carefully. It's a tough set of actions. We downsized the business in a way that we protected the recovery. We're saying that we're in good shape to recover. When we look real world here and now, if we look into the supply chain around the globe, we know that the supply chains are coming under immense tension. We're a small global business, but we're a global business. We can tell you about the container issues, we can tell you about port issues, we can talk about just not enough capacity in the market. At this point, I'll congratulate our team again. It's one of our strong points that we manage logistics extremely well. Though the market is pulling very hard, Concentric is not the reason for any of our customers not to make enough parts. Congratulations to the team. We see Q1 and Q2 is going to be a real strong challenge in terms of managing supply chain tensions, but we're there. How do we see then the numbers? If you look at the level of orders that we received in Q4 of last year, and we look at our expectation of sales in Q1 2021, then we expect that sales will actually be significantly higher than Q4. That's after we adjust for the seasonal adjustment for slightly more working days. We see that positive trajectory, but we're cautious about COVID. We're cautious about what the supply chain can do. Again, 2021 is starting in so much a better of a way that we saw the exit of 2020. The final comment is, the business remains financially, operationally, and in terms of COVID compliance, in terms of health, we remain in a very good position to tackle the challenges that we believe that we see in front of us for 2021. If we go to the next slide, then we'll come to that any questions and answer session. We would very much like to hear your questions and let's hope we can give as good an answer as you can give us questions. Our first question comes from the line of Björn Enarson from Danske Bank. Please go ahead. Your line is open. Yes. Björn Enarson, Danske Bank. I was thinking about starting with the sourcing issue, but I guess you explained it pretty well. One question there is, your outlook, does that reflect also your view and the OEM's view on the possible or very likely supply constraints near term? That's the first question. Okay, Björn. Hi. Good morning, Björn. The answer is yes. Again, we are very pragmatic. We're very realistic. Our teams are working extremely hard at the moment, but we're managing. Yes, our outlook for the Q1 2021 looks like us trying to understand the tensions and the impact, but we believe we can deliver that. Okay, great. If you can share your color also, what you think about the different segments that you are exposed to. We've seen some, I guess, surprisingly positive comments about 2021 on trucks from at least one OEM, while maybe other OEMs are a little bit more cautious than the very optimistic Swedish one. If you can share some light there. Also what you believe about the construction and agri market. Thank you. Okay, Björn. I can answer the future question by really comparing it with the past. Of all of the sectors we operate in, truck is always most volatile. I think in the middle of this year, we saw our orders drop by nearly 60%, as opposed to our machine orders that dropped by 35% as two points on the graph. Historically, we know that truck is extremely volatile, and overall, the U.S. truck market is more volatile than the European market. When we see the recovery, we are always cautious. We have the schedules from the customers, it's difficult to us to talk about truck sales. We're the Tier 1 in most cases, sometimes Tier 2. What we do to rationalize this is we know there is a pent-up demand. We know there is an underlying growth that comes from internet sales. There is a positive global effect that internet sales and returns of goods, there is a structural small increase in there. The thing that we think most about, and again, what we talk a lot about is, as a Tier 1 or Tier 2, we see a lot more bullwhip movement, a lot more shaking around, because we are fairly confident that we're seeing the filling of supply lines. As those supply lines were drained and de-stocked across 2020, it was a crisis. No one knew how far it was going to go down and the strength of the recovery. We think there is an overlay. We do think there's an increase in truck sales. We do think there's an economic recovery. We're thinking that there is a restocking of empty supply chains, which will be stronger in Q1 than any other quarter. We are optimistic, but we're pragmatic to realize there is something more than just truck build going on. Your point about the machines, over now four economic cycles, I'm happy to talk about, we've always seen that two to three-month delay when trucks swing up the construction equipment, industrial equipment, always takes two or three months behind. It's a great warning sign for us, isn't it? Because when we have a recession, our machines business has an early warning sign to say, "Get ready for a crash." In a recovery, that same business has two or three months warning to say, "We've got a recovery coming." As I said, the recovery is coming, but we're probably still two months away from that really taking hold. It's there, it's real, but I think more is to come yet. Okay, great. If you can remind me, you're talking about on the electrification, the 20% of state 2025 target that you have had now for some time. I think the development since you launched that target has been very positive and supporting that target, as I see it. Is this still something that will come on top of your ordinary sales? Is that what you're expecting? I guess it's a big cannibalization as well. Secondly, or maybe you said that already, that the order activity is kind of moving in the right direction for those pumps. To me, it's important to talk about phasing. You would say that we were either brave or reckless or foolish to make that statement a year and a half or nearly two years back about we tried to give a coloring and a flavor, a picture to say what we thought the world was going to be. We're pleased to say that we're still confident, barring something crazy happening on COVID-19, that that will happen. To answer your question in detail, we have to think about legislation. Legislation is very much geared on greenhouse gases, in terms of CO2 reduction, neutrality, in terms of ambition for zero emissions. The legislation on highway basically really bites in 2025. What we're expecting is our level of selling will increase. The gradient will increase as we go across 2023, 2024 into 2025. For us, it won't change our world in sales in 2021. They are there and they're increasing for sure, but there is a shape of a graph that will climb as we go towards 2025, and that's on-highway truck, the leader in emissions, the leader in sales. Don't underestimate the off-highway vehicles, the construction machines, the agricultural machines. There is a drive for electrification there too. It is probably two and three, four years behind on highway, but it's coming. The beauty for Concentric is we participate in both markets. We see the trucks are early adopters. We've got the big question, what will be battery? What will be fuel cell? What will be hybrid? In the technology sense, we are relaxed because our product works on all three. Whatever we do in truck is we're demonstrating a great name within this market of fit and forget. This market is moving very quickly, and as people try to find solutions for electric pumps that last 40,000 hours or 50,000 hours in very rugged conditions, that market is pretty much realizing that fit and forget is absolutely critical. That's the brand that we have in conventional product, which we are now making clear is our strapline being e-products. As we demonstrate what we can do on highway trucks, then we're building that reputation that as the construction guys, the ad guys want products, what we will supply them will be fit and forget, 40,000, 50,000 hours. This transition, do you see that as evidence in the U.S. as in Europe? If we look at the easiest sectors to talk about, the most visible, the highest profile electric buses and trash collectors or other utility vehicles, then it is certain that the European market is leading that. If we look at whether you're talking Euro 6 standards or whichever U.S. standard on emissions, the thing that drives this is when any major European city puts a ring around it to say, "Inside these borders, we want zero emissions," then that's emission standard plus, plus, and it's definitely the big European cities which are driving this most. The trend is following in the U.S., maybe a year or so behind, but it's a very positive progression. We like it because we're growing into this sector. We're developing our suppliers, we're growing our volumes, and we're driving our productivity. We're driving down our cost base. We quite like this sequential development. Europe first, U.S. second. On-highway, first. Machine, construction, and ag second. I would assume that you are meeting competition also within this field. Is there any development during the quite odd 2020 that you could add on the competitive side within this field? There is always competition, and it is always highly competent and highly capable competition. As a business, we are looking at, for our products here, what we've always done in terms of our conventional engine product or our conventional hydraulic product. We're not going for the ultra-high volume, low hour usage, low mileage usage. We're looking for that brutal It's a profit center on wheels or on tracks. You're expecting it's going to run 20 hours in a day. We're looking for those sectors, and they are typically lower volume. Our cost base is ideally set for that, but clearly there is competition. Clearly as volumes increase, it is our duty to find lower cost solutions. That's what we're doing because as our customers are looking for more volume, it's beholden upon us to reduce our cost base. Those plans are in place as the volumes start to come in. Thank you. Thank you very much. That's lovely. Thanks, Björn. Thanks. Thank you. Our next question come from the line of Eric Horan from SEB. Please go ahead. Your line is open. Hey, it's Eric Horan, SEB here. Thank you. First one, or a couple of follow-ups on Björn's question actually on the topic of electrification. In terms of presence or in terms of platforms that will be electric, we're still going to see a quite sharp increase. First question is, in terms of when we can see more firm orders placed, you had a host of announcements in sort of the H1 of last year, and then we've seen very little. Based on tendering or whatever, when would you expect to see some more order announcements on electrification? In conjunction with that, do you see some opportunity to gain share here on a few perhaps major OEMs where your share has been lower historically? Hi, Eric. What a great question. If we look at that COVID year, it devastated every aspect of the business. Clearly, operationally, we were reducing headcount, we were pushing out material, we were coping with becoming a health center to make sure that we're protecting all of our employees. We were truly busy, but we're not looking for a handkerchief here and sympathy. Every one of our customers were going through exactly the same problems. We saw many of the engineering programs slow down as people who were working from home were not working. it's absolute reality that the world slowed down, and we're part of it. The other thing to understand is that there were other public announcements going through 2020 that meant that the world was considering an awful lot of battery electric vehicles. All of a sudden, that joint venture announcement by Daimler and Volvo really changed the complexion in terms of fuel cells. The race became a two-horse race for hybrid and battery to a three-horse race in terms of hybrid, battery, and fuel cell. I think you can understand that that has an impact on our customers as well as us. We are working extremely hard on all three paths. I can't say that there are any press releases coming out at this moment because there are no press releases. It is my expectation, though, that as the world comes back to busy and normal, then we would not be surprised to say that there are probably developments that we can talk about in the coming quarter. Your final part, do we expect to have market share? We think we have quite a good market share of the e-market because we've demonstrated to our customers that the product is so robust. Certainly, some of the programs we have won have been replacing product that was launched and didn't work, then we are seeing that that market share is absolutely coming. Again, we will never be so overconfident or so arrogant. We have won new programs and we've won programs which were launched and then relaunched with a product that will be fit for purpose. We expect that trend to be going along. Certainly to link back as the conventional Diesel and gasoline engines want to hybridize. That is also going on. Sorry for the very complicated answer. I think I'm saying, yes, we see market share increase. Yes, we see competition, but we have a very clear view of our sector, be it on highway, be it construction or ag, or be it capital equipment. I think we have a very clear focus and we're hitting those targets incredibly hard, increasing resource, increasing test capacity, increasing supply line. Thank you. Two more questions. The first one, if you could say something about factors potentially impacting your performance relative to that end market outlook for 2021, if there's an inventory factor to take into account where your base case is performance in line with that 2021 weighted or blended end market. Second question with more detail, if you could say what you expect in terms of tax rate for this year. Thank you. Yeah. Hi, Eric. We think our growth is going to be broadly in line with what the indices are indicating. As we've already touched on, we know the coming quarter is going to have some challenges in terms of supply chain, whether that be just capacity in terms of freight lines that we've got or whether that be within our supplier base of getting the quantity of components that we actually need. We know there's going to be some short-term disruption. Overall, we would hope that the growth that we see is going to be in line with the indices that we've got. In terms of the tax rate, you will have noticed we finished the year at around about 20%. Our long-term average is more likely the 22%. The only reason that our tax rate was a little low in the Q4 was we were a little over-provided within the U.K. We released those provisions in the Q4. My guidance would be 22% as a tax rate for the coming year is a sensible place to plan. Thank you. Okay. Talk later. Thank you. We have one more question on the line. Once again, if you do wish to ask a question, please press zero one on telephone keypad now. Our next question comes from the line of Mats Liss from Kepler Cheuvreux. Please go ahead, your line is open. Yeah. Hi. Thank you. Good morning from me as well. A couple of questions there. First, looking at the P&L profit and loss there, a few small questions there. I look at the share of net income, it's down year-over-year. Could you give some more flavor there about the development? I guess it's Alfdex and so on. Yeah. Just touching on, we've got less sales obviously within the business year-over-year. We've also touched on the significant adjustment that we had in the Q4 of last year, which was the release of the warranty provision. Excluding that, looking at operating income before items affecting comparability, they're pretty much in line at around SEK 99 million quarter-over-quarter. Again, allowing for those fewer sales, we are broadly in line with operating income before some of the large adjustments for provisions that have been put through. Specifically, I mentioned the share of net income there in the joint venture. It's SEK 1 million. Yeah. It was a little lower. You've got to remember that we've got two aspects that we take in terms of the joint venture. We got the net profit that comes through on the face of the P&L, we've also got the royalty income that comes through on further income. When you combine the two, you probably find out that the performance of Alfex has been reasonable, both in the quarter and overall for the year. All right. Yeah. Those two lines are connected to that. Yeah. Good stuff. Yeah. I had a question about the book-to-bill in the Americas. 102%, it's good, I guess, but looking at the ACT or the monthly truck orders and so on, and Volvo's orders and some others, it's certainly booming, but is it your end user mix that are sort of explaining the difference that some parts are very strong and other parts, our agriculture or whatever, are not as strong yet? When we're looking at that segmental analysis that we now include within the interim report, you'll see that the Americas business is more skewed towards industrial applications, construction, and ag. As we were talking, we've got two factors going on. The recovery within construction and ag won't be as strong as you see within the truck business. If you look at what Volvo was saying, they're probably got 25% on truck and between 5% and 10% on construction and ag. We've also got the lag that we've talked about as well. A lot of our U.S. business is more steered towards the hydraulic sector than the engine sector, which again has got a little bit of a lag that's coming through. We're probably seeing both end market application and the bias towards the hydraulic products indicating why it isn't as strong in the Americas as Europe in terms of the book-to-bill. Good. Just finally about the currency impact during 2021 or the start of the year, could you say something about that? Sorry, Matt, could you just repeat? Currency. Currency. The question for translation? Yeah. We've still got a headwind that will probably continue on. We've seen some of the currency strengthen slightly, but we're not expecting to see anything major. That headwind that we've had since Q3 and Q4, I'm expecting it to continue through into the Q1 of this year at broadly similar rates. Okay, great. Thanks a lot. Thank you. We have no more questions from the line. I will hand it back to our speakers for any wrap questions. Okay. I'd like to thank everyone for the questions, for your attention. A busy and a slightly more exciting quarter behind us and in front of us. Thanks for your time and attention, and we'll talk to you at the next address. Thanks everyone very much. Have a very good day. Take care. Thanks, everybody. Bye-bye.