Ladies and gentlemen, welcome to the Dometic Meeting on Restated Financials for 2019 and 2020. For the first part of this call, all participants will be in listen-only mode, and afterwards there will be a short question-and-answer session. Please note, participants should limit their questions to two questions. Today, I am pleased to present CFO Stefan Fristedt. Please begin your meeting. Yes, good morning everyone. Thank you for joining in to listen to when we are going through the restatement of the 2019 and 2020 numbers to reflect the now completed implementation of our new organization. If we start on the first page here, what are we going to talk about today? We are going to restate, obviously, 2019 and 2020 by quarter and full year. Of course, along the lines, all the figures that we are going to present going forward is going to be according to this structure as well. There are three main changes that we are going to do. The first one is a restatement between the lines in the income statement. Logistics cost has been moved from expenses to cost of goods sold. The product development cost, which we now going forward are going to call research and development, has been moved from cost of goods sold down to expenses and will be sitting there on a separate line. We believe that this is going to reflect in a better way how most companies actually are reflecting their income statement. Number two, we have the sales breakdown into three go-to-market sales channels. In the past, we have been providing numbers for OEM and aftermarket. Going forward, we will keep the OEM in the way it is. We have divided up what we before called aftermarket into distribution on one part and service and aftermarket on the other one. I'm coming back to what we are including in this in a second here. Obviously, we have the segment restate. We are going from three regions to four segments. The segments, as you are aware of, are the geographical segments: Americas, APAC, EMEA. We have a fourth one, which is a global segment. Moving on to the next. Starting with number one here. We have basically moved cost between the lines in the income statement, so there will be no impact on operating profit or, as we call it, EBIT. First, talking about product development cost. They have historically been included in cost of goods sold. They will now be moved down to a line that we are going to call R&D expenses. That is a new line in the income statement, and it is SEK 336 million in 2020. Logistics costs are going to go in the other direction. They have been included in sales expenses historically, and they are now going to be a part of cost of goods sold. The logic behind that is that the majority of the logistic expenses, obviously, is a variable expense. Not 100%, but a majority of it. To the right, you have a table that is then going to show how our income statement is going to look, how it looked like before the restatement, and how it is going to look after the restatement. What you will see here is, obviously, that the gross profit level is going down, and the expense level is also going down and is going down exactly in relation to net sales, but no impact on the operating profit line or, as we call it, EBIT line. Moving on to the next. As I mentioned in the beginning, we believe it is more correct to describe the three distinct go-to-market sales channels in the way that we are intending to do now going forward because it is more correctly describing the different parts of it and is also then better describing the potential that we have in these different go-to-market sales channels. On the OEM, there will be basically no change, and it is the sales to OEM manufacturers directly or via an OEM dealer. We're talking about RV, obviously. We're talking about marine, and we are talking about commercial and passenger vehicle, what we call CPV. Then we have the go-to-market sales channel distribution, and that is basically equipment sales through a distribution channel. It's different steps in the distribution model depending on, as you can see on the box to the right. Here we are including what we are selling to outdoor. We are including what we are selling to hospitality, residential, and mobile deliveries. We have the last go-to-market sales channel: service and aftermarket. That is basically consisting of maintenance, subscription services, spare parts, and upgrade kits. To be totally honest, the majority of the sales in the service and aftermarket channel is related to spare parts, upgrade kits, but also replacement products. We obviously have a potential in these areas, but also in what we are talking about: corrective maintenance, maintenance contracts, and subscription services where we have not done a lot so far within Dometic. If we look on the distribution, OEM is making up 54% globally, distribution 11%, and service and aftermarket 35%. Moving on to the next. We have the change of our three regions to the four segments. As you know, we are talking about segment Americas, EMEA, APAC, and global. This is in alignment with the organizational change that we announced in February 2020, which is now fully implemented from first of January, 2021. The organizational changes are driven and in line with our strategy to broaden Dometic's addressable market and increase focus through commercial specialization for each one of these segments. It will also allow a stronger focus on existing and new strategic businesses. We will get attention to the efficiency improvements in a better way with this new organization. What we are going to disclose in these new segments is net sales, including organic growth, and net sales broken down by application area. On the profitability side, we are going to disclose EBIT or operating profit before and after items affecting comparability. If we continue to the next one. If we talk about the regional defined segments: Americas, EMEA, and APAC in the first step here, it's really to capture the potential in the RV market, the CPV, and the outdoor market. Another very important point is to accelerate the service and aftermarket growth, and we are spending a significant amount of time in developing that concept right now. It will also drive the M&A activities and the M&A activities that can add value to each one of the segments. It is also to reduce complexity in the legacy structure and improve efficiencies. If we look on the box to the right, just to be really clear on what is included in the geographical segments. It's RV, recreational vehicles. It's outdoor, and it's CPV, commercial, and passenger vehicles. Moving on to the next. The global segment is consisting of a number of parts. It's marine, which is the absolute majority of the global segment today. Then we have the part that we call other global verticals. These are all businesses where we see a strong potential for growth going forward. Starting with marine, as you remember, we did the acquisition of SeaStar back in 2017, and that really created the strong global platform as we see today within Dometic Marine. We have potential to develop this business by expanding it geographically. It's still a very North American-focused business today, and it's also by expanding and improving on our product offering. This is, of course, going to be built on the platform that we already have created with the acquisition of SeaStar. When we look into the customer base in marine, we see that we have a high level of global customers. We are talking about customers like Brunswick. We are talking about Yamaha, Honda. We are talking about Beneteau, to name a couple of examples. We move over to the other global verticals. Within that subsegment, we have residential, hospitality, and mobile deliveries. The common denominator is that they are all showing a relevant global market size, and they are, in many ways, also surfing on global trends. We have a very clear opportunity to grow this business also via M&A. The biggest part within this subsegment is hospitality. It is obviously an existing business that we have. We have residential, which is very much related to products like the wine cellars and also the new mobile product that we have launched a while ago. Also, the new acquisition of the U.S. company Twin Eagles is going to fall into the residential segment. We have mobile deliveries where we basically do not have any sales at all for the time being, but you have seen in social media that we have been launching or pre-launching our new Delivery Box, which is going to fill the function of delivering food from the restaurants to people's homes in a good way, in a better way than how it is happening today. One of the examples is the cooperation that we have with the Swedish company CAKE, as you can see on the picture down to the right. There is also another part within mobile deliveries where we are talking about home deliveries of groceries, which is another very significantly growing global trend. We are in the phase of developing a product that is going to be placed in front of people's homes and where it will be possible for the delivery companies to basically put in the groceries. There will be a cooling functionality in this product. When the family comes home later, they can then take out the groceries, and they will be in a good shape to be brought into the house. Moving over to the last slide. Here we have been putting together a summary of the financials and how they have developed between 2019 and 2020. Starting with Americas. The Americas segment in this new format was showing almost SEK 5.4 billion in sales in 2019 with a 5.6% EBIT margin. The sales reduced with 17% in 2020 and ended up with approximately SEK 4.4 billion with a fairly too low profitability of 0.9%. If we look on the development during 2020, we can see that Q4 was showing an organic growth of 18%. We also need to keep in mind that EBIT is impacted by tariffs, which is something that we have seen since back in 2019. Then more related to the latest periods, we have seen cost due to supply chain constraints. That has partially been offset by cost reduction. If we look on the EBIT development in 2020, we can clearly see that there was a year-over-year improvement in the second half of 2020. Moving on to the segment EMEA, we see a development in sales of - 11% between 2019 and 2020. The profitability went from 12.5% EBIT margin to 11.5%. Looking on Q4 standalone, we had an organic growth of 11% in the segment EMEA. On a full-year basis, the EBIT was impacted by lower sales, obviously, and partially offset by cost reductions. If we look on the second half, we also in EMEA saw a year-over-year improvement versus 2019. Going to the APAC segment, we saw a 12% sales decline in 2020 on a full-year basis. Also, in APAC, in the fourth quarter, we saw a double-digit organic growth of 11%. Cost reductions and price management have been supporting the EBIT development in 2020, and we ended on a profitability level which was fairly close to the one that we saw in 2019. Going over to the global segment, we saw a sales decline on the full year of - 9%. We have seen an improvement in the EBIT margin from 19.4% to 20.4%. Looking specifically on the last quarter, 2020, we had an organic sales growth of 14%, and marine is the absolute main part of the business. The margin is supported by the sales mix, by cost reduction measures that we have been taking, but also not to forget about innovation initiatives where we have had quite a number of product launches within this segment during 2020. I think with that, we open up for questions. Thank you. If you would like to ask a question, please press zero one on your telephone keypad. Please note all participants should try to limit their questions to two questions. There will now be a brief pause while questions are being registered. The first question comes from the line of Agnieszka Vilela from Nordea. Please go ahead. Your line is open. Thank you. I have two questions. Firstly, if you could kind of remind us about the reasoning of putting some businesses into global. In detail, I would like to know why you still have the power and control business of some SEK 500 million in EMEA, but you removed that almost all from Americas. What is the reason for this difference between the two regions? First of all, sorry, I lost the first question. You have about SEK 500 million of power and control still in EMEA in the new structure, and I think it's mainly related to marine business, but then you took out almost everything from Americas and put it in global. What's the reason for keeping some of this power and control business in EMEA? You know that we have a stronger CPV aftermarket business within EMEA and where we almost have no aftermarket CPV business in Americas. What is remaining in EMEA is related to the CPV aftermarket business. Okay. So, that's the power and control. You had a question before. Yeah, it's within power and control, yeah. Yeah. Okay. My next question is on the profitability in Americas. Why really is it so much weaker than EMEA? If you look at the kind of segment structure, maybe with the difference for the commercial passenger vehicles vertical, it is quite similar, but still, if you think about the margins, it is such a huge difference. Why is that, and what kind of ambitions will you have for Americas going forward? Yeah. No, but I mean, first of all, I would say, I mean, you. Stefan, I think we lost you. Year, compared to the other segments, it's almost two-thirds of the Americas business, while in APAC and EMEA, the OEM side is less than 50%. You also need to take into consideration the tariff cost that we have had, which we have been working downwards with the measures we have taken, but for 2020, we still have around SEK 200 million, which is almost 4.5%, yeah, translated into profit margin, basically. That is obviously impacting. Looking a little bit on the infrastructure, obviously, a majority of our infrastructure is related to, especially to the RV OEM business, and that is what we are working with in our MFP programs. More of, I would label that more as one-off, is related to the cost we have had due to the supply constraints. It's very much related to increasing transport cost, both incoming transport cost from what we still source overseas, but also increasing transport cost related to that we have not been able to deliver all orders in full. We have had to part deliver orders to a higher degree during 2020. We also slowly but surely are also seeing an increasing land transport cost coming through here. We also need to keep in mind that the second half was certainly better than the first half, and improvements are starting to come through. We can talk a little bit about what is our ambition level. I mean, it's a number of things that we need to work on here. First of all, we obviously have the tariff impact that is a clear difference between the other segments. We also have the development of our service and aftermarket. In comparison to both EMEA and APAC, that is underdeveloped in Americas. Underdeveloped also means a great potential to actually make something good of that. The development of service and aftermarket is obviously going to be key. We are also seeing on the CPV side that the contracts that we have won, obviously automotive industry, it is longer lead time in the contracts. They are starting to, yeah, kick in now, so to speak, and obviously the profitability is going to be strengthened by that. It is also to continue to execute on our manufacturing footprint program, which is very much related to the RV side of the business. There we still have projects to execute on, as you know. What kind of expectations should we have on Americas? I mean, you could, of course, take some reference points in how other companies are doing. In this, you have Patrick Industries who are 6%-7% operating margin. We have Lippert, a little bit higher, but still single digit. That is obviously a level where we have significantly higher ambitions than that, especially as we are looking to the cost improvement programs, but also the potential within aftermarket where we are most likely in a better position than especially Lippert. I mean, we do not give any specific financial targets for the segments, but I mean, you should certainly expect to see a profitability margin that is consisting of two figures. Yeah, it should absolutely also be a clear supporter of our overall profitability target of 16%-17%. It does not necessarily mean that you should put it to 16%-17%, but it's always a portfolio of businesses, and the combination of the portfolio should obviously lead to the total financial target of the group, I would say. Yeah. Thank you, Stefan. Thank you. The next question comes from the line of Rowisk May [uncertain] from Jefferies. Please go ahead. Your line is open. Yes. Good morning, Stefan. Thanks for taking the question. Just perhaps a little bit of maybe just a high-level question on divisional structure. I think the focus here is to, I mean, the aim of the new divisional structure is to increase the focus on the different verticals. Why not push this model even further and have an RV division, an outdoor division, a CPV division, and then an other division where you include the other verticals instead of having it sort of geographically? This is my first point. I think that it still doesn't mean that we are not following it on a more detailed level internally, obviously. I also think that you need to create units that are having a certain critical mass. Some of these businesses are simply too small to have them as a fully global business as it stands today. Everyone knows that companies are developing over time, and what might happen in the future, we will see. This is now a first step, at least, to start to mirror our strategic ambitions in a more efficient way, I should say. We are happy that we are taking this step now, and then what is going to happen in a couple of years, we have to see. The argument right now is that there are still clear connections between RV and CPV, for example. I mean, it's very much the same technology platform, and thereby you also have the same support structure around it and so on. There are a number of parameters that you need to take into consideration, and this is what we have landed in for now. Understood. Thank you very much. The other one is really a follow-up on Americas, and sorry, I think we lost you a little bit earlier when you were answering the Americas margin division. Just perhaps given the RV market was quite tough in 2019 and 2020 in Americas, can you just help us roughly set the margin there in Americas going back to 2018? Were we in the sort of high single-digit levels? I think depending on how far back you actually look, we have been higher than that. You have to keep in mind that when we did peak in that business, we also had the highest year ever on a number of vehicles. I think we were peaking at 507,000 vehicles on the RV side. That is of course a little bit of a volume game as you have fairly costly fixed structures around the RV business. You cannot forget that you have approximately 4.5% units in tariff-related cost that we are still seeing, even if we have taken measures to bring it down, which we also have from SEK 260 million approximately down to a little bit below SEK 200 million, and the trend is continuing down here. That is something that you also need to keep in mind, so to speak. It's a little bit, as it looks like right now, it's a little bit of a volume game here, but as you know, we are working on making our cost structures more flexible. Okay. Thank you very much. Thank you. The next question comes from the line of Johan Eliasson from Kepler Cheuvreux. Please go ahead. Your line is open. Yeah. Hi. It's Johan here. Just a question. You mentioned you have obviously taken the SeaStar business and put it into sort of the global sector or segment or whatever you call it. I'm sure that makes sense. I was sort of wondering with your traditional marine business, I mean, if you sell a fridge to an RV or a boat, will that now basically the boat fridge will come up in global and the RV fridge will come up in geographic segments or? That's absolutely correct. Yeah, that's correct. Are you still sort of able to get R&D commonalities or are we expecting that the fridge for a boat will develop in a different path than the fridge for an RV or? No. I think R&D is now a coordinated global function, and wherever we have technology platform commonalities, of course we will utilize that to create leverage independently of which segment it is that we are talking about. That should not, it will not be a separate refrigeration development for marine only. No. Okay. As I have you on the line, you have this restructuring program. You mentioned it's a lot of focusing on the structure of RVs. You have a lot of charges remaining. I think you said SEK 750 million when you announced the program, and there are sort of SEK 500 million or so remaining of those. How will this play out geographically and in the different segments and timing-wise going forward? Yeah. Yeah. No, but if we talk about the timing first of all, I mean, it is related. I mean, we have communicated that we are probably two to three quarters late in the program related to the COVID situation because we are not able to, or first of all, we are not able to travel in the way that we have to do to execute on such an initiative. Then combined with the very significant demand situation that we are facing right now, you have to put the right priorities, obviously. It still does not mean that we are staying firm to our commitment, but we are probably two to three quarters late on that. That is obviously the first one. You should assume that it's two segments that are mainly going to be impacted by the remaining parts of the MFP program, and that is the segment Americas and segment EMEA. Just on these remaining charges, SEK 500 million, is that something we should pencil in against the cash flow this year then? That's probably a little bit too aggressive. You should know. Now we are probably talking about that. I would say that the majority of that is going to end up in 2022. As you remember, originally we said that we are going to be on the traction of delivering the SEK 400 million by mid to second half 2022, and we are probably now more talking about Q1 2023 or something like that. By that, also the charges are going to fall somewhat later. Okay. Excellent. Thank you very much. Thank you. The next question comes from the line of Fredrik Moregård from Pareto Securities. Please go ahead. Your line is open. Thank you. Hello, Stefan. So just one question first off on the retail channel. Clearly, OEM is the softest of those when it comes to margins and profitability. Perhaps if you could just place distribution and service aftermarket, you could compare those to each other and then also highlight if there's any differences when it comes to the way we should think about those three sales channels and profitability across the four sectors. I think in general, you could say if we take the geographical segments first of all, I mean, it's similar in relative to the other sales channel or the relation between the sales channels is somewhat similar. You could probably say that, I mean, OEM is obviously the one with the lowest profitability, and service and aftermarket is the one with the highest, and then distribution is ending up somewhere in the middle. As we are not disclosing the exact information, that's as far as I'm prepared to go right now. We have deliberately decided not to provide that because we want to focus the communication on mainly the one dimension, which are the four segments basically. Obviously, you have then there is a little bit of an interdependency between OEM and service and aftermarket because the OEM side is obviously feeding the service and aftermarket over time. It is a game of the installed base, but service and aftermarket can also not only stop by servicing and selling spare parts and replacement products for your own products. You also have to find a strategy where you are serving basically the competition's products as well. I think that's a known success recipe for that business, and we actually see it in the global segment in marine where we have been rather successful with that. I would say that if we look on the OEM businesses as such, we can say that the marine OEM business is obviously more profitable than the RV OEM business, and there you probably have the scale somewhere as well. I think that's the way you should think about the relative performance of these dimensions. All right. Thank you. Just secondly, on currencies and mainly related to the global sector, if you could tell us something about what the transactional and as well as translational structure for that business looks like. Yeah. I mean, as I said before, it's very much a North American business. And when you think about North America, it looks like the US is the majority of that. That, of course, leaves us with quite significant U.S. dollar exposure. If you look on the EMEA side of that business, it's still a minority part of that business as it is right now, but there's also potential. The exposure is basically euro and British pound, I would say. Transactional flow, I mean, we have a little bit less of an integrated, what should I say, global supply chain within the marine segment, which means less portion which is sourced from overseas. That is obviously also impacting the currency exposure on more of a transactional level. On a translation level, U.S. dollar, on a transactional level, probably less exposure than what you have in the other parts of the business. All right. Thank you very much, Stefan. No problem. Thank you. Just a reminder that if you would like to ask a question, please press zero one on your telephone keypad. As there are no further questions, I will hand back for any closing comments. Okay. Thank you, everyone, to join in and asking these questions. I am sure there will come up further questions as you sit and think around this, but you know where you will find us, and I am sure you have Rikard's contact details, so we will be happy to interact also offline if you have any further questions later. Thank you, everyone, and have a nice rest of the day. Thank you for attending. This now concludes the call. You may now disconnect your line.