Welcome to Ericsson's Shareholder Dialogue 2021. My name is Peter Nyquist, and I am responsible for investor relations here at Ericsson, and I'm going to be your moderator today. The Annual General Meeting of shareholders of Ericsson 2021 will, as a result of the COVID-19 pandemic, be carried out through postal voting with no physical presence of all our shareholders. The aim of today's Shareholder Dialogue is therefore to give you, our shareholders, an opportunity to listen to the representatives of the company and have an opportunity for you to ask questions before it's time for the actual AGM 2021, before the deadline for postal voting, which is on the 29th of March. With me via link, we have our Chairman of the Board, Ronnie Leten. President and CEO, Börje Ekholm. Chairman of the Remuneration Committee, Jon Fredrik Baksaas. Also Lead Auditor Thomas Strömberg of Deloitte. Before we proceed, I'd like to point out that today we will be hearing presentations both in English and in Swedish. Therefore, there is interpretation provided into both languages. You can select the language you prefer from the top right-hand corner menu on your screen. Here's today's agenda. We're going to begin by listening to an address by the Chairman of the Board, Ronnie Leten, in English. Continuing then with the President and CEO, Börje Ekholm, who will be giving a presentation in Swedish, followed by Jon Fredrik Baksaas, who's the Chairman of the Remuneration Committee. He's going to be giving a presentation in English. Concluding the section with presentations by a speech by Thomas Strömberg, Lead Auditor at Deloitte. It's time for Q&A. The speeches by the CEO, Chairman of the Board, and Chairman of the Remuneration Committee will be available on the website of the company after the meeting has concluded today with both English and Swedish subtitles. 2020 clearly was an unusual year with a pandemic which has impacted each and every one of us in one way or another. Precisely one year ago, we organized our last physical event here at Ericsson. That was the annual general meeting of shareholders of last year. There was only a small number of people present, but we did manage to carry out the AGM in a responsible manner, nevertheless. After that, all our activities were transferred to the virtual forum, regardless of whether it was contacts with colleagues here at Ericsson, customer meetings with shareholders or other stakeholders. For my part, responsible for staying in touch with players and stakeholders in the financial markets, all activities were transferred to the digital arena. Most of us miss interacting with other people, and the dialogue is always more dynamic in a physical context. All in all, I have to say that it has nevertheless worked well over the course of the past year. We've managed to reach out over the past year to more shareholders, potential shareholders, and analysts than we've ever managed to do before. I would imagine that the future is going to be a combination of physical and digital meetings. Now, it is my pleasure to welcome our Chairman of the Board, Ronnie Leten, to introduce today's shareholder dialogue. Hello, Peter. How is Stockholm doing? Stockholm is fine. How is Belgium doing? I think we have a bit warmer weather than you guys. I guess so. We have to wait a couple of months before we are- Yeah. on your level. Ronnie, on the topic how the pandemic have changed our ways of working, could you, before you start your speech, shortly just describe for us shareholders how the work for the Board has progressed during 2020? Thank you, Peter. Of course, like everybody of us, I think we are working from home because we have hardly traveled, and we have many people from all over the world coming to the board meeting. We have shifted to the virtual meeting. The new more normal coming from the face-to-face to is to the virtual meetings. I felt that the interaction which you normally have with the physical meeting, now with the virtual meeting, it's worked rather well, I must say. People are adapting and getting used to the different Teams meetings. I'm pretty happy with that. Great. Maybe I can start with my speech now and say, dear shareholders, welcome to this virtual event. As Peter mentioned, the board has decided that this year's shareholders meeting will be performed through postal voting and no physical meeting will be held. I'm happy we have the opportunity now to meet you and having questions later on. 2020 was a year unlike any other. Ericsson has one of its best years ever and managed to complete its turnaround. Over the last three years, the company has restored profitability, increased market share, and delivered organic growth. We continue to see many growth opportunities. Börje, our CEO, will talk more about this shortly. Of course, the year was dominated by the pandemic and the massive impact it had on all of us and on the world. I have been very impressed by the Ericsson employees in these challenging times. With their can-do attitude, they managed to deliver top services to our customers. I would also like to take this opportunity to thank Börje, the executive team, and all employees once again for the fantastic job done in 2020. Top job, guys. On a final note, I would also like to thank Roger Svensson, one of our employee representatives on the board, who will leave after 10 years. Thank you, Roger, for your active contribution. By this, I would like to hand over the word back to you, Peter. Thank you, Ronnie. We're now going to continue with a remark from our CEO President, Börje Ekholm, who will tell us about this year and what has transpired. Hello, Börje. Hi, Peter. Have to remember the mute button before proceeding. Hope everything is well. Yes. Everything is fine here in the studio. You are going to have a presentation. Before starting, perhaps you could tell us a bit about your job and how it has changed during the pandemic, because in your everyday life, you have lots and lots of meetings with employees and also with customers. What has the year been like for you? It's been a very different year, just as with Ronnie. We've moved, we're working from home, we're working remotely, and that started already in March last year. Basically all customer meetings since then have been virtual meetings. We have had coffee breaks, fika, and we've had meetings with all employees in different departments and units, and everything has happened virtually. Most fun, perhaps, was that we also had virtual Christmas concerts back in December, and we've really used the time, taken the opportunity to experiment, to find new solutions. I have to say that it's worked surprisingly well. At the same time, I have to say that I really miss this opportunity to meet with coworkers and customers, to have those more informal contacts, as I do not think that we'll be able to replace physical meetings completely. That's my thought exactly. Now, your presentation. Thank you, Peter. Dear shareholders, this meeting would not have been possible without the digital infrastructure that we have today. As a matter of fact, in many countries across the world today, there is nothing but wireless connectivity. We at Ericsson, we're very proud over being a supplier of this critical infrastructure that enables meeting places across the globe. In 2020, we reached the objectives that we set ourselves back in 2017, thereby we can say that we have completed our turnaround, we have executed. This was also the year where we saw 5G becoming a commercial reality, we ended the year with 122 commercial 5G agreements and 79 deployed networks. When we launched our focused strategy in 2017, many said that's not the way to go, they said our objectives were unrealistic. Many felt that we should focus instead on cutting costs, particularly within R&D. To build a strategy on building the gross margin, well, it was considered to be something that was unreasonable. We were convinced that by setting the customer first and placing the customer and our coworkers in the center, that would also return a good return for you, the shareholders. With the customer in the center in focus, well, it became obvious that competitive solutions with top-notch technology, that is our reason for existing. Instead of saving on R&D, we increased our efforts, and thereby we strengthened our position. To finance this, unfortunately, we had to decrease the number of coworkers in back office supply chain with close to 25,000. These efforts and investments in R&D, that was the right thing to do. Ericsson today is strong, leading within 5G, and that has also been confirmed through the Gartner's so-called Magic Quadrant, where we are highlighted as one of the leaders. Nothing of this would have been possible without our remarkable coworkers. I would like to say now, thank you to all colleagues for amazing efforts. To have highly skilled, committed coworkers is decisive for our long-term success. Since fall 2019, we have worked with a global transformation project, Ericsson on the Move, to strengthen our culture. Around 90% of our leaders have, up until today, participated actively. In 2021, we're going to intensify that work. This was actually an initiative that started way back when we could meet physically. In 2020, many of the workshops that we've had, well, we've continued virtually. Now this is going to be rolled out into the organization. Already today, we see very positive results with a strengthened trend, motivation, commitment in the company where we're way above the industry average. Thanks to that focus on customers and employees, we've actually turned the development of the company around. Even if Ericsson had a strong year, 2020, it was a difficult year because of the ongoing pandemic. Throughout this year, Ericsson has focused on our employees, on customers and partners, their health and safety. With that priority, it was actually quite easy to make the decision to decide not to participate in Mobile World Congress in Barcelona last year. Instead, we have invested in developing digital events and done, for example, Ericsson Unboxed. More than 85,000 of our coworkers have been working from home. As a matter of fact, last year, we recruited close to 10,000 new employees, and most of them have not yet met their manager or their team physically. Ericsson on the Move has been an important part here as well in managing that situation. Here we see that through empathy and courageous decisions, we can accomplish a lot. In spite of the changes, we have been successful in executing on our strategy. We have delivered to our customers, that shows us what quality coworkers we have. I'm convinced that we will never go back to exactly what we had before the pandemic. Digitalization is a driving force, we can save a lot in travel by using digital tools. Our coworkers, that way, will not have to spend a lot of time commuting because they can work remotely to a greater extent. Just think about what that can mean for the environment and also quality of life. Ericsson, well, we want to lead these developments. Offices will not disappear because we still have that need, as I've said, to meet physically. I'm also convinced that the office of the future will be something completely different. Based on internal surveys, we believe that most coworkers, they will spend maybe half of their time in the office. That is something we're planning for. That will also mean that offices will become different, with more shared spaces where you can collaborate and meet. I think this is a very exciting future that lies ahead. We had a good financial year 2020. Organic growth was 5.1%, gross margin ended up at 40.3%, and the operating margin at 12%. Our free cash flow before mergers and acquisitions amounted to SEK 22.3 billion. That, as a matter of fact, is the strongest ever in the company history. By now having a return on capital that is greater than the cost of capital, we can, in the future, focus more on growth. Our strategy stands firm, and we see good opportunities for growth in what we refer to as the enterprise segment, which is why we have extended our strategy with investments in enterprise applications. Just as 4G gave that opportunity to digitize the consumers market, I'm thinking about Uber, Netflix, and Swish. Well, in the same way, 5G will be revolutionary for the enterprise market. Thanks to 5G and its characteristics, companies will be able to opt for wireless connections as a primary connection, and that creates opportunities for innovation. This year, we took a strategic step into the enterprise market by acquiring Cradlepoint. This is a company with solutions for wireless connections of stationary and mobile facilities. Cradlepoint is a win-win with our customers because Cradlepoint solutions means new revenue streams for mobile network operators. 5G will mean an enormous transformation, and it's not the future anymore. Just look at the number of speed tests that were done. This is Q2 2019, compare that with what we see here, which is Q3 2020, an amazing increase. We estimate that end of 2020, there were about 220 million 5G subscriptions globally, that's up from 12 million the year before. That Ericsson leads the development, well, of course, that is something we're very proud over, we see that not the least in our patents portfolio, where we have more than 57,000 granted patents. We're the world leaders, according to independent evaluators, this is the strongest portfolio. To get paid from other parties that use the patents, well, that is necessary to be able to continue to invest in R&D, it's also a prerequisite for the industry open standards. This also means that we will have to act forcefully if someone violates these conditions. Here, I would also like to mention the global standard. Thanks to the global standard, we can now travel with, well, basically to anywhere in the world with just a phone. What is even more important, as a matter of fact, is that the global standard means that the price for communicating has come down to such an extent that we today have more than eight billion subscribers for connections. As a matter of fact, more people today use a phone every day than brush their teeth. In 2021, we will see a continued extensive rollout of 5G, and alongside, there will be many innovations on top of the networks. I have a word of warning. Let's not focus too hard on identifying what is usually called the killer app of 5G. There's a striking analogy to 4G. When 4G was launched, we didn't know that e-commerce and streaming would become such important application, and that basically all social media would transfer across to wireless connectivity. It's the same thing with 5G. We do not know what's ahead, but we are entirely certain that 5G will create the prerequisites for forceful innovation of entirely new applications impossible for us to imagine today. I remain very concerned over the development we see in Europe, where we're lagging more and more behind both China and the U.S. Of course, Europe will have access to all these new applications. However, those applications will be created where the networks are located first. Hence, future job creation is at stake, future job creation in Europe. If we have a look at 4G, we see that Europe is lagging by about two to three years compared to North America and China. Today, we see very few digital champions in Europe. They can be found in the U.S. and in China. It is absolutely essential that we do not repeat the mistake we made with 4G in Europe, and that we can find ways to speed up the rollout of 5G. To me, this is one of the major political issues of our times. Back to Ericsson. In line with our strategy, putting the needs of the customer at the core, we continue to invest in technology across the entire board and throughout our operations. During the year, we saw progress in all our business areas with a strengthening of our market positions in all those areas where we choose to compete. Last year, I promised that I would be back on stage this year and show you some of our most recent products. Here, I think I would like rather, because I cannot meet you physically and I'm in a completely different location than Stockholm, I thought I'd ask Peter Nyquist, who can show us the new AIR 6419, which is a new component in our Massive MIMO portfolio. Peter, I know that you're strong, but why don't you show us that you're able to lift it? Look at that, straight arms. It only weighs 20 kilos, in fact. It's a reduced weight by 45% compared to previous generation. I don't even see you breaking a sweat, Peter. "No, I'm strong," says Peter. I'm glad to hear it. It wasn't too exhausting. It's not home gym equipment. It is to enable simpler installations, in fact. Similarly, equally important as the weight is the energy efficiency. This component reduces energy consumption by 20% compared to previous generations. This is due to the investments we've made in our own silicon, which basically improves both performance and energy efficiency. This is a major novelty, and it came only a few weeks ago. Excellent work of the team who've put this together. Our core remains R&D, research and development. Over the past few years, we've increased our investments considerably in R&D by almost SEK 10 billion. Today, basically, one in four employees in Ericsson works within R&D. In the autumn, we presented a new long-term profitability target with an EBITDA margin of 15%-18% and a free cash flow before M&A acquisitions of 9%-12% of sales. At the same time, it's important to remember that we're keeping our targets for 2022, and that point in time is very important for our future development. We've also stated that 2021 is going to be a year of investment to strengthen Ericsson with a long-term focus. Our margins will be adversely impacted, most by other things, renegotiated patent agreements, the acquisition of Cradlepoint, and other investments we're making in our operations. These are not costs. They are rather investments to strengthen our long-term position. We're basically taking half a step backwards in order to be able to accelerate rapidly afterwards. One example is the fact that we continue to invest in increased market shares. This, in the short term, hampers profitability, but it's building important scale for the future, giving good long-term profitability for the company. As you saw in the targets and aims for our operations, sustainability is an integrated part of our strategy, and we aim to be CO2 neutral by 2030. Sustainability is integrated in our operation. It can be clearly seen in our factory in the U.S. By using smart 5G solutions, we've managed to reduce energy consumption by 24%, water consumption indoors by 75%, and the factory is operated using 100% renewable energy. An equally important part of our sustainability efforts has to do with energy improvements of our products. By doing so, we're doing something good, beneficial for the environment, whilst at the same time reducing the major cost item of our customers. We saw clearly with our new radio, which is in fact 20% more energy efficient than a previous generation. It's good for the environment and for our customers. Ericsson's contributions go beyond that, in fact. As you know, our industry only represents 1.4% of greenhouse gas emissions globally. However, we have an impact to the tune of at least 15% of total emissions by using solutions based on our technology. This means that Ericsson's products and solutions carry a higher value than perhaps many are aware. Similarly to our sustainability efforts, decisive to our competitiveness, is the work we do in ethics and compliance. During the course of the year, we've continued our work for improvement. An important component is to strengthen the culture so that compliance is entirely integrated in our ways of working. Here, Ericsson on the Move has an important role to play. We also invest in increasing the number of employees within compliance and strengthening our processes. Last summer, the independent monitor was introduced to assess our progress. The monitor is part of the agreement we concluded with U.S. authorities just over a year ago. I see this as an opportunity to truly ensure that we can achieve our highly set targets. In this context, it's also worth mentioning the preliminary investigations ongoing currently in Sweden, and which are really investigating events which the U.S. authorities have had a look at. Ericsson are cooperating fully with the investigations. Ethics and compliance is an area which the Executive Team spends a lot of time on. We can simply never allow what happened previously to happen again. Esteemed shareholder, to sum up, you could say that 2020 was a year unlike any other. For Ericsson, it was also one of the best ever in our history. At the same time, it was a year entirely dominated by the pandemic. It has been a tough, heavy year for many of our employees. They've made huge sacrifices. Working from home in societies that have been more or less in lockdown. During such conditions, being able to deliver in this manner in 2020 is simply world-class. I'm incredibly proud of all our people, I can't wait to see them and meet them all again. I love them all. As far as Ericsson is concerned, I have great confidence in the future. Speeding up of digitalization, which means that our technology will have an ever more important and central role to play. We see how the development in the enterprise sector is speeding up through, amongst other things, the private network solutions, creating possibilities for industry-specific adaptations. One example is Atlas Copco, where we've installed a network making it possible to operate wireless equipment, and without impacting reliability in any way, achieving the flexibility you can get through a mobile connection. Epiroc, for example, has constructed a drilling machine of gigantic size, which is now used wirelessly by Atlas Copco. This is a clear example of how our technology leadership can lead to innovation and cross-sectoral cooperation within the industry. This development we will use to build an even stronger Ericsson. We will never give priority to short-term results. That's why we perceive 2021 as a year of investment to lay the foundation for an even stronger long-term Ericsson. With these words, I would like to thank all you shareholders for the confidence you've shown us over the past year, and all our employees for extraordinary performances. Stay safe. Thank you, Börje, for a very inspiring speech and thoughts about 2020. We're going to continue with Jon Fredrik Baksaas from the Remuneration Committee. this opportunity to say a few words about executive remuneration at Ericsson. We have several agenda items at the shareholders meeting addressing executive remuneration. The proposals are all included in the notice for the meeting. This year is the first year that the board of directors presents a remuneration report for adoption by the shareholders in accordance with new rules. The report describes how the guidelines for remuneration to group management were implemented, total remuneration, including fixed and variable remuneration to Ericsson's President and CEO and the two executive vice presidents, the ongoing long-term variable compensation programs, and the Remuneration Committee's and the board's evaluation of ongoing compensation programs for the executive team. As Ronnie and Börje have already mentioned, Ericsson has, during the year continued to successfully execute on the focused business strategy introduced in 2017. The strategy has restored profitability and delivered organic growth, which has enabled the company to achieve its financial targets for 2020 at the group level. The ambition for the company now is to continue to pursue selective discipline and profitable growth to build a stronger Ericsson in the long term. For Ericsson to be successful, it is important that the company can attract, retain, and motivate the right talent and can offer them competitive remuneration at a global level. Therefore, Ericsson's remuneration philosophy and practices are based on the principles of competitiveness, fairness, transparency, and performance with long-term value creation for shareholders as the overall purpose in order to successfully implement the company strategy and sustainable long-term interests. It is our conclusion that the current guidelines for remuneration to group management provide a good framework for achieving the above stated goal. Therefore, no changes are proposed to the guidelines this year. The current guidelines were approved by the Annual General Meeting of Shareholders in 2020 and are intended to apply until 2024. The Remuneration Committee and the Board of Directors believes that the long-term variable compensation is an important integral part of a well-balanced total remuneration package, thereby aligning the interests to the participants with those of the shareholders. The previous long-term variable compensation programs approved by the Annual General Meeting of Shareholders in 2018, 2019, and 2020, which all include a one-year group operating income performance criteria, enabled to secure execution of the focus business strategy since its launch in 2017. As a result, the company has restored profitability, delivered organic growth, achieved its long-term 2020 financial targets, and in turn, created shareholder value. Under item 16 on the agenda, the board of directors therefore proposes a Long-Term Variable Compensation Program 2021 for the executive team without material changes compared to the Programs 2018, 2019, and 2020. The board of directors considers that a directed issue of Class C shares followed by buyback and transfer of treasury stock is the most efficient and flexible method to finance the program. Under item 17 and 18 on the agenda, we propose that the shareholders approve the LTV Program 2020 to be financed with treasury stock and the renewed shareholder approval for transfer of treasury stock over NASDAQ to cover costs under the ongoing Programs 2018 and 2019. I would like to take this opportunity to also touch upon Ericsson's approach to sustainability and responsible business practices, often referred to as ESG. Sustainability and responsible business practices are fundamental to Ericsson strategy and corporate culture. We are constantly working at incorporating this into our business practices. Ericsson is transparent about its sustainability and corporate responsibility policies and practices, and the company strives for its ESG disclosures to always be on par with global best practices. As such, the progress in its ESG practices and measures are transparently disclosed annually in the sustainability and corporate responsibility reports. In terms of linking ESG parameters to executive remuneration, the board of directors has the mandate to adjust the outcomes of the variable compensation programs for the executives upon review of group management performance against ESG-related targets. The board of directors is satisfied with the current approach of linking ESG to executive remuneration. With ESG becoming an ever more fundamental part of creating business value and a key focus area frequently discussed during our dialogues with our shareholders, we will continue closely to monitor global trends in this area for further consideration in the future. In closing, I also would like to thank the executive team and all our people across the global organization in implementation of the focus strategy and successfully achieving a turnaround, in particular during these difficult times. Good luck also to this in the continuation. Thank you all. In 2020, we switched auditors from PwC to Deloitte. Thomas Strömberg is Lead Auditor from Deloitte, and we're going to hear from Thomas now. Hello, I'm Thomas Strömberg, and I represent Deloitte, and I'm the lead auditor for the audit of Ericsson. We've submitted our auditor's report for the financial year 2020, which you can find on pages 109 to 111 in the annual report. It is a so-called unqualified or a clean audit report, and you can see in it that we recommend that the parent company and a group income statement and balance sheet be adopted. We also recommend that the profit be appropriated in accordance with the purpose in the statutory administration report, with a payment of dividend of SEK 2 per share to you shareholders, and that the members of the board of directors and the managing director be discharged from liability for the financial year 2020. The conclusions we've signed off on are based on the audit we perform on the Telefonaktiebolaget LM Ericsson AB parent country, in addition, the subsidiaries across the globe where Ericsson perform operations. As you can see from the auditor's report, we've studied certain areas, in particular, the key audit matters. They concern revenue recognition of significant and complex contracts. In addition, valuation of goodwill and the valuation of deferred tax assets. These can be found with more detail in the written auditor's report. We've also verified before the AGM that a corporate governance report has been established, you can find it on page 27 in the relevant document concerning the corporate governance report. We've also reviewed the company's report on sustainability and corporate responsibility, that report can be found on pages 34 and 35 in the sustainability document. Thank you for the attention. Thank you, Thomas, for that presentation. That was the last of the presentations today. Now we're going to open up for questions from the shareholders. As I mentioned earlier, Ronnie Leten, Börje Ekholm, Jon Fredrik Baksaas, and Thomas Strömberg are here to answer your questions. We also have our CFO, Carl Mellander, and Chief Legal Counsel, Xavier Dedullen, are also available if necessary. If you'd like to ask a question, you dial one of the phone numbers you see on the screen right now. If you'd like to ask a question in Swedish, you dial the number which begins with the country code +46. If you'd like to ask a question in English, you dial instead the numbers starting with country code +44 or plus one. You press zero one on your phone, and you will be placed on hold and wait for your turn. This is important. If you dial in, we ask you to please switch to mute in your web broadcast that you're watching to avoid any unnecessary echo. You will be listening to the Q&A over the phone instead. I thought I'd begin by asking you a question, Börje, before we line up for the other questions. This is something we hear about a lot when we meet shareholders in Sweden. When will 5G be available for everyone here in Sweden? [Non-English content] I forgot the mute button. That's an important factor of success. Let's hope at least. That's a good question. Good one, Peter. When you started speaking, I immediately started thinking, "Well, Börje, you can begin because you can börja begin." That's what the word means in Swedish. I'm used to hearing that from when I grew up. Quite a lot of people are probably waiting around for general access globally to 5G, I would imagine. Perhaps a little bit more in Europe than in other places, because I mentioned the rollout, which is slower in Europe. We also see that the frequencies have been allocated in Sweden. The networks are beginning to be expanded upon. I think in a fairly near future, we will start to see 5G available in Sweden so that we can all start using it. We also need to remember that it's an important market, Sweden, because we have a lot of our R&D based here in Sweden. On the other hand, from the total revenue perspective, it's quite limited as far as Ericsson is concerned, and we're talking here maybe single-digit% or so. For us, it's important to see that the technology's rolled out so that we can learn and develop this with our engineers. At the same time, we have to put a lot more effort into speeding up the roll-up generally in Europe. Thank you, Börje. I believe that we now have the question from the Swedish-speaking audience. Alexandra, are we ready for that first question? Absolutely. I just want to remind everyone to press zero one on your phones, and then you'll be placed in a queue if you want to ask a question. Zero one on your phone. We do have a question. Please go ahead. Hello. Hi. [Sverre Lindson]. Hello, this is [Sverre Lindson] from Aktiespararna, from the Shareholders Association. I would like to say thank you, and I would like to start by beginning to say thank you to Ericsson for inviting to this dialogue, and unlike the others that just invite written questions and commentations. A big thank you from the Shareholders Association for this dialogue. I have two questions, and Ronnie and Börje, you will have to decide amongst yourselves who's to answer. The first question, well, the CEO has already touched upon this. It has to do with sustainability because the CEO talked about compliance and how to enhance and prioritize that work, which, of course, is something we welcome. The first question or part question is, what do you think that can be done to ensure that there are no problems with bribery and corruption again. Maybe you've already answered that, as a matter of fact. My second question is how you collaborate with government agencies to lessen the effects of what has happened in the past. I have another question as well. I'll let you decide whether I should wait with the second question. Perhaps we can wait. I think we'll hand over to Börje to answer that first question. Well, at least I can begin, says Börje. Thank you, [Sverre], for the question. I guess we'll have to wait and see with the shareholders meetings and different experiments and what happens. I think that we'll try to find, even in the future, ways through which we can involve as many shareholders as possible. This is a bit of an experiment, what we're doing today. When it comes to rules and compliance and what we do, this is one of the major issues for us, and it is something we have to tackle. To start at the end, how we collaborate with the government agencies involved. Well, we cooperate fully. We have preliminary investigations ongoing in Sweden. We work together with Swedish authorities, just as we have in the past, worked together with U.S. government agencies. We really want to be fully transparent in what we do, what we have. We think that is the best possible way, because it is about building a stronger company for the future. That is why we have decided to do this. If we look at what we do, well, I have to say that there are some different components. The most important one, and that has to do with culture. That we have a culture where we have zero tolerance when it comes to corruption, and that we comply with all rules fully. That takes a bit of work, and this is something that the entire management team is working with. We're working with this on a continuous basis to have full commitment. We work with, for example, Ericsson on the Move, but we also work with other opportunities and other components that we have. We have Speak Up, for example, that system within the organization. It's about seeing what's going on. In a company with some 100,000 employees, well, unfortunately, now and then there will be someone breaking a rule, which means that we have to have a proper culture, and we have to have a system where we can find those individuals quickly so that we can act immediately. We're working with the company culture, and we're also investing a lot in building that function for compliance and to ensure that we strengthen that role internally. We also include other functions within the company in this work, because we need a much broader collaboration. You cannot say that compliance is just delegated to a specific function for compliance. This has to be integrated everywhere, and that is what we're doing in finance, legal, and also supply sourcing, just to give a few examples. It is about creating that system where we can find those who break a rule. I have to say that this goes for the entire management team, that when we find someone who is cheating, for example, with the travel expenses, that really drives us crazy because we do not want to see that, and we have to act quickly when something is found. This is something we're really investing in. Thank you. How about your second question then, [Sverre]? Yes. By all means. Thank you, Börje, first of all, for an excellent answer, I have to say. Then my second question. At last year's AGM, Ericsson was showing such optimism compared to many other companies. They dared to pay a dividend in the spring already, for example, and they said that the problem for Ericsson was not having to apply for government support to temporarily furlough employees. Rather, they wanted to recruit more people. Many people felt that this was very almost provocative, but I think the outcome showed that you were right. Here I'm wondering about the actual recruitment process. How have things gone over the past 12 months? Have you been able to recruit all the people you need? Did you perhaps have a benefit in any way from the fact that there was a pandemic where many other companies have been forced to lay off competent members of staff or employees and that you've been able to pick up and recruit them? I think, Börje, that's one for you. Thank you. I'll go first again, as always. Yes. Well, first of all, let me say that you can never say that you have a benefit from a pandemic. I have to say that that is not the right approach, the right perspective. What the pandemic has meant is that it accelerated ongoing processes of change in companies and in society. Digitalization in particular, I would say. This means that we have had a good demand situation over the course of the past year with good preconditions for digitalization, because digitalization entails digital infrastructure. When you look at recruitment, however, you have to bear in mind that we really do compete with other tech companies. If you look at the tech industry as such, the development has been positive for everyone over the past year. It's not a simple market for us to recruit in by any manner or means. We need the type of skills and competence that many other global tech companies also look for and try to recruit. I have to say that when you look at statistics for the year, we've recruited around 16,000 people. It's a little bit less than an ordinary year, but still a very large number of people. Out of those, I think 70%-80% or so have been brought on board without having been to an office. It's been done entirely virtually. This is one of our biggest issues, how to recruit in an environment and a situation where we basically don't meet people the way we used to. This means that it's a little bit harder, a little bit more difficult to recruit, basically, and build up our organizations. I have to say that yet again, the company has come together. Colleagues have worked really hard to ensure that we can fill the needs and the gaps, that we can recruit for the needs we've identified. You have to be aware of the fact that it is difficult in some regions in particular, and I'll mention those where infrastructure is weaker. Recruiting in Africa, for example, doing that virtually is a little bit trickier than perhaps in Sweden, say. This is a major challenge. You can also link this probably to the fact that a major issue for companies is how you secure corporate culture. When people never come into the office, they don't meet their new colleagues, they don't meet their manager. This is also something we're working on, and we're trying to adapt, and we need to adapt our models for the future so that we can secure that we have the right and good culture in Ericsson, because that's going to be the basis for our future successes. Thank you. [Sverre], are you happy with the answers that you were given? Yes. Thank you. I'm very happy. I say thank you, and I hope that next year we'll be back to somewhat more normal circumstances. Well, we share that hope, all of us. Thank you. Let's see if we have more questions from the Swedish telephone conference. Right now, we do not have any additional questions, but if someone would want to ask a question, press zero one. Well, as a matter of fact, I now have received a written question from someone who's an employee and a shareholder, and it is about the environment in which we're working. It's from Johan Söderlund. I'll read it. "I feel that we now have a densification when it comes to how workplaces are organized. With the pandemic, it's very, very important to be able to keep a physical distance, maybe wear face masks as well. This insight about pandemic and other contagious diseases, apart from COVID, have you now learned something so that we can reduce sick leave in the future and reduce costs that way? Börje, that is for you as well, I believe. Well, this is an excellent question as well, and something that we have seen, and I think I mentioned that before, that digitalization is increasing, and that will enable many, many changes. For example, we see that, well, it's obvious that we will change our offices, the physical environment, what the offices look like. We've made internal surveys, and we've been discussing with other tech companies, and we see that coworkers will spend maybe 50% of their time in the office, but they will go to the office in order to be able to collaborate, to start up projects and to be able to communicate, which means that we need to reorganize that physical environment. I think that this will lead to rather big changes. For example, the way we see it, firstly, well, in the past, our way of working was that we had office first. In the future, I think it will be virtual and digital first. There as well, we have to have offices that are attractive, that you actually want to go to the office, and that is something we need to do. I think we'll have to have more collaborative spaces where people can meet and smaller parts that will be allocated for typical workplaces. I do believe that we'll see distance work, remote working will be an important component, a way to use the office where you can work remotely. Maybe it's even better to work remotely because you'd not have to commute as a coworker. That could be said that that's a good thing. We saw that also beginning of the pandemic, that we had less people traveling on public transportation and then fewer people contributing to spreading the contagion. We said that it's better to have people work from home, and I think that will continue, and maybe that way we can contribute as well in society today to reduce contagion, but also to make things safer for our coworkers. Thank you, Börje. Any questions from the English-speaking audience. Mark, do we have any questions queuing up on your line? Thank you. Just to remind participants, if you do wish to ask a question, please dial 01 on your telephone keypads now. There will just be a brief pause while we register your questions. We have one question in the queue so far. That is from the line of [Chris Housel]. Please go ahead. Your line is open. Hello, [Chris]. Yes. Hi. I'm wondering, is Ericsson becoming more of a software company than hardware now? Thank you, [Chris]. I think that's one for you. Do I answer in English or Swedish? We'll do it in Swedish, and there will be translation. Very well. Thank you, [Chris], for that question. Yes, we see that Ericsson is moving more and more into software, but you need to bear in mind that already today, we are probably one of Northern Europe's biggest software companies, and many of our engineers are already today working with software development. We really are, today, I would say, a software-driven company. Of course, we have a large component of hardware. Software will increase in the future. That's an actual result, and it is in fact part of our strategy. The marginal improvement potential we see in the future and that we've seen so far as well, is that we have migrated more and more towards a software model. I guess we lost him there. I think he's satisfied with that answer, Börje. Let's see if we have any further questions. My apologies, I have to speak the right language, says the moderator. Moving over to the Swedish line again. Alexandra, do we have any further questions from the Swedish line? At the moment, we do not have any more questions from the Swedish audience. We don't seem to have any more questions from the English audience either, right? Yes, no questions from the English audience currently at this time. Okay. I think that we'll end that Q&A session for today. We say thank you to everyone who has participated on the web and over the phone. Today's presentations, you'll be able to find on the website a little bit later today. Just to conclude, you can still send in your postal vote leading up to the AGM. It is the 29th March is the deadline. Everything will be published as soon as the compilation has been done on March 30th. You'll find more information on the Ericsson website, ericsson.com. With that being said, I said thank you to everyone. Thank you for participating. Enjoy your weekend.