Everyone, welcome to the presentation of Husqvarna Group's report for the full year of 2020. My name is Johan Andersson, responsible for Investor Relations at Husqvarna Group. I will be the moderator here today. On the call, we have Henric Andersson, our President and CEO, and our CFO, Glen Instone. Henric and Glen will present the report. Afterwards, we will open up for questions. Let me also remind you that this session is recorded and will be later published on our homepage. With that, I hand over to Henric. Thank you, Johan. Good morning, everyone. A warm welcome from my side. Thank you very much for joining us this morning. Looking at the quarter and looking at the year, I think we all in all have managed to effectively navigate through a challenging year in a very good way. We have ultimately reached all our financial targets, 6% in growth, 10.7% operating margin, 10.4% capital efficiency. This is ultimately the result of many years of dedicated work of executing our strategy, transforming and strengthening the group. We have during the year advanced our market positions. Yes, it has been a strong market, but in that strong market, we have taken market share, and we have secured a very good momentum going into 2021. I'm very proud of the entire team and the way we have managed to deliver the results in the midst of a pandemic. Looking at the quarter, our net sales are up 13% adjusted. The growth was particularly strong in robotics, battery, and also handheld products. I would say that in the quarter, both the Husqvarna and Gardena divisions benefited from an extended season. As you might all recall, many of us were still mowing our lawns in October, which is normally not always the case. We also benefited from a COVID-related stay-at-home trend, but I think it's also important to note that we have taken market shares in a strong market. It's not just because of external factors here. Sales for the year are up 6% adjusted, which is also indicating that we, during the year, have had a shift in sales volumes between quarters. We're up 13% in the quarter, 6% for the year. It's important when throughout 2021 compared to prior year, remember that COVID, for various reasons, really reshifted volumes around between quarters in a somewhat artificial way. Moving on to the operating income up to the right, we improved it by SEK 181 million in the quarter, and we're up 15% for the full year. This is largely due to the leverage we have on our growth, favorable mix, and also good cost control. Another strength, moving down to the left on the slide here, is that we have improved our direct operating cash flow. We ultimately generated SEK 6.1 billion in the year versus SEK 3.8 billion prior year. Our financial position is strong with net debt decreasing by 43%. Our Board will propose a SEK 2 / share dividend. Finally, down to the right, as you recall, we have this strategic KPI. We have several of them, but we have picked one for these presentations, which is how we grow our robotics and battery as share of total sales. As you can see, this one is up again. When we started this earlier this year, it was at 15%. Now we are at 17%, indicating that we have had strong double-digit growth for these categories during the year. If we then move on again and try to put the quarter and the year a little bit into context, I think it's important to stress that our 2020 performance is largely the result from us executing a strategy to build a stronger Husqvarna Group. We have over the years decisively invested into attractive segments and equally decisive we have exited segments that are less attractive to us, and this has ultimately shifted up our profitability. It has enabled us to reach the 10% margin target, and it should also allow us to operate above this level going forward. Just with that brief introduction, strong quarter, strong year, reaching all the targets, and putting it a little bit into context that this is the result of hard, diligent work for several years. I would like to hand over to Glen to go through our divisions and some of the numbers a bit more in detail here. Thank you, Henric, and welcome to you all. I hope you're staying safe and healthy in these times. If I drill a little deep into the divisional views right now, as Henric alluded to, a very strong Q4, particularly for the Husqvarna Division, where we had a sales growth of 19%, adjusting for currency. The real strong growth came from the core categories, notably handheld products, both gas-powered and battery-powered, as well as the associated accessories, and also we saw a growth in robotic products. The gardening season was somewhat extended this year into Q4. As Henric said, of course, we were mowing our lawns much later than normal, that warmer weather certainly supported a favorable sales development. We're very pleased to say that the division delivered a positive margin in the quarter from a loss-making Q4 in 2019 to a positive Q4 in 2020. We're very pleased with that. Zooming out to the full year, the division actually had a sales growth of 5%, that is adjusted for both currency and also the consumer brand exits. For the Husqvarna Division, those exits represent approximately SEK 1.9 billion. The periodization changes due to COVID would be most notable in the Husqvarna Division. I'll come back to that in a coming slide. Mainly worth pointing out, the second half of the year, we actually had a sales growth of 23% in the division versus a sales decline in the first half of the year of - 4%. Full year EBIT, pleasing to say, increased with some SEK 250 million, resulting in a margin above 10%, which means we have all three of our divisions operating above 10% now. 10.1% versus prior year 8.8%. A great performance from the Husqvarna Division. Moving on to the Gardena Division. It's a very easy division to talk about looking at the figures you see there. Q4 is by far the most seasonally smallest quarter for the Gardena Division, representing about 8%-10% of annual sales. The division managed a 13% sales increase in the fourth quarter. Very strong growth actually in the categories of watering and hand tools. Certainly, you could say we saw a prolonged gardening season supporting that growth into Q4. It is a loss-making quarter for the division, but pleased to say that we reduced the loss by some SEK 50 million from roughly SEK 350 million to roughly SEK 295 million. Zooming out to the full year, then I think the best word to describe the performance is it's been a truly stellar year for the division with a 17% sales growth, and that is adjusting for FX and also adjusting for approximately SEK 300 million in exited consumer brand business. Actually, all the regions showed a positive development during 2020, and as mentioned earlier, standout performance in both categories of watering and hand tools. The EBIT margin there on the bottom right-hand side, we actually surpassed 15%, 15.2% versus a prior year 10.2%. In absolute terms, an increase in earnings of approximately 70%. Moving over to the Construction Division. The division, I would say, is most negatively impacted by the effects of COVID-19. Q4 ended at - 2%. We did see a growth in Europe and a decline in North America. The margin was lower in the fourth quarter at 8.9% versus 10.5%, which is mainly the result of negative FX effect. The stronger Swedish crown versus the weaker U.S. dollar. That's approximately SEK 30 million, which is most of the delta there in the fourth quarter for the division. We also took some legal integration costs associated with the recent Blastrac acquisition. That was approximately SEK 10 million in the quarter. Full-year sales actually declined with some 6%. I do want to point out that H1 was - 12% and H2 was + 1%. We have seen a clear recovery in the second half of the year for the Construction Division, and we're pleased to see that. Margin has deteriorated from 13.2% full year down to 10.8%. FX is contributing with approximately SEK 20 million of that, and of course, we see a headwind from the reduced volumes impacting the absorption rates in our factories. Pleased to say that we did complete the acquisition of Blastrac during the quarter, and that will bring on approximately SEK 600 million of annual sales, and we take with that approximately 380 full-time employees. Henric will talk a little bit more about that acquisition and the complementary play we'll have for our group going forward. Moving over, maybe zooming out to the full income statement for the group and give a bit more flavor on the different lines. I think we've talked sufficiently on the net sales that we had a +13% there in the fourth quarter. If we zoom then into the gross margin and what's really driving the movement there from 23.5% up to the 26.1%. FX was negative in the quarter. When I look at the gross margin impact, it's approximately SEK 140 million, about a 2.3% margin hit coming from FX. An even stronger underlying gross margin improvement. Very small impact from strategic initiatives in the gross margin in the quarter. Really we saw a continued positive price development, generating roughly 1% in the quarter. Then we had a tailwind from raw materials of approximately SEK 50 million in the quarter, 0.7%. That really leaves close to three percentage points of improvement coming from the improved mix, the strong efficiency programs that we’ve been driving, and to some extent, the cost avoidance that we’ve been driving throughout the course of the year. On the SG&A side in the quarter, we moved down in absolute terms from just over SEK 2 billion to just below SEK 1.9 billion spent. Positive leverage effect from the sales improvement, generating an SG&A rate of 28.1%. Where I called out a negative effect from FX in the gross margin, we actually have a positive effect from translation in SG&A that’s just over SEK 100 million. It’s a net SEK 40 million in the quarter, SEK -140 million in the gross margin, and a SEK +100 million in the SG&A. If we take away that, it still leaves a combination of about 1.5% of improvement that is coming from our cost savings and our volume benefits into the gross SG&A line. I'll stay on the quarter for a little bit there. We did, of course, in Q3 call out that we would have one-time costs associated with the efficiency program of approximately SEK 880 million. We've booked just off SEK 800 million in Q4, and the remainder will come in the first half of 2021. Finance net was lower in the quarter due to lower net debt levels and lower interest rates, of course. That rate that you see of approximately 74 would seem a reasonable proxy going forward, so we could gauge on SEK 75 million-SEK 100 million per quarter. SEK 300 million-SEK 400 million going forward full year. The tax rate was about 30% in the quarter, and I'll come back to that in the full-year context, which I think makes more sense. In the full-year context, we were up 6%, as Henric said, which was great to see. If we looked at really what's driving we see in SG&A going up from 29%. Sorry, a gross margin percentage going from 29.9% up to 31.2%. We had a negative FX of approximately SEK 220 million in there, representing a - 0.5%. The strategic investments into SG&A were relatively small at SEK 50 million, with a positive price development in the full year of just less than SEK 300 million, representing 0.7% margin improvement. We had a tailwind from raw materials and tariffs of approximately SEK 200 million, representing approximately 0.5%. The residual there being the improvement from the mix on the volume and the efficiency programs of just over SEK 200 million. Same for SG&A on the full year, we had a positive effect coming from FX, approximately SEK 140 million or 0.3%. The strategic investments in the SG&A were about SEK 100 million on the full year. Taking both the GP and SG&A SIs, it was SEK 150 million or 0.3%. You really see the benefit of the efficiency programs and the cost avoidance coming through into both selling and administration costs. The tax rate full year, we came in with a full-year tax rate of 25%. We think that's more or less in line with what we've been guiding at 23%, ± 2%. That seems a reasonable guidance going forward as well. Summing it all up, earnings per share in line with prior year, despite that large item affecting comparability that we booked at SEK 815 million. Moving on, I just want to put a little bit of flavor onto the quarters and the periodization effect that COVID had to the group. I think it's fair to say in the gray bars here representing really the average of a five-year period from 2015 to 2019, and the blue bars representing 2020. What's important is we had a higher sales, and I think it's really the sales in Q3 that stands out in 2020, which is really the catch-up effect from H1. Much higher sales, and then we saw the leverage of that higher sales coming into the earnings in Q3. On an average year, we've actually seen over 90% of our operating income coming in the first half year. Whereas 2020, we saw approximately 80% of our earnings coming in the first half year. A much stronger second half, largely the result of that stronger demand, the carryover effect from the lower demand in H1 due to COVID. I think it's important we take this with us into the 2021 phasing. I'm happy to take some questions on that later in the presentation. Good. Moving over to cash flow, if we can, Johan, please. Pleased to say we had a great cash flow performance. We really prepared for the worst and hoped for the best. We really managed our cash flow in a really strong way. What I mean by that is when COVID hit, of course, we took additional financing. Really from a direct operating cash flow perspective, we've managed very well from an inventory perspective, from a receivables perspective, and also from a payables perspective. Most of the positive effect, actually, of course, we have over SEK 700 million coming from EBITDA. We have SEK 200 million coming from reduced CapEx, and the rest of the improvement actually largely comes from an increased payables year-over-year. What is worth pointing out is at the end of the year, we did accelerate our production rates. Inventory went up versus what we were showing at the end of Q3, and that then fed through into increased payables, which also supported. We did increase the inventory levels. We had the offset in payables. Okay. Moving forward, if we can, Johan. Capital efficiency. We did it. We got down to below 25%, which we're really pleased with. Of course, a large benefit coming from an increased sales. We should accept that. Also we had some support there coming from the continued work that we've done with the working capital. If we equate this into actual days, which we often do internally, it's actually an over a 12-day improvement we've seen during the course of the year. We're really pleased that we've done this, and of course, now we need to continue with step change improvements going forward in our working capital. Moving ahead, add a little bit of flavor on the balance sheet. I'm pleased to say that we've continued to consolidate our improved inventory position. You will see on the balance sheet that we actually show a SEK 1.1 billion improvement on inventories. However, approximately SEK 900 million of that is attributable to FX, only SEK 200 million in real improvement year-on-year. That's really, as I mentioned, we did press the accelerator in the fourth quarter, had more pre-production ready for 2021 season. It's actually our sixth consecutive quarter of inventory improvement versus the prior year. Receivables are at a lower level despite the higher sales. We're pleased with that. The past due, also very solid. We've improved the past due position by some SEK 400 million. You will see this in the annual report, but approximately SEK 200 million of past due only versus over SEK 650 million prior year. I mentioned the improvement on the payables, which is really the result of the increased production levels in the fourth quarter. Moving over to net debt before I hand back to Henric. Again, a solid improvement on our net debt to EBITDA, now down to 1.2x. Net debt improved by some 43%. Major increase or improvement coming from the cash flow from operations. Of course, we had an improved cash flow from financing, a small effect coming from the pension effect, the discount rates there in the pensions, and a small positive effect actually coming overall from currency. We did, as you know, pay a dividend in the fourth quarter, in 2020 relating to year 2019, representing SEK 1.3 billion. As Henric mentioned, the Board will propose a dividend of SEK 2.4 for the year 2020, the plan is to pay that in two tranches, i.e., one after AGM in April and 2/3 payable in October. At that, I would like to pass back to Henric. Thank you very much, Glen. Now we will shift gears a little bit, leave the numbers behind us for a little bit and look ahead. As you know, Sustainovate is our program where we combine our commitment to sustainability on one hand with our innovation capability on the other. Back in 2016, we set a bold ambition for 2020, and now at year-end, we close the books on the Sustainovate 2020 program. We have ultimately achieved four out of our five targets: carbon, team, safety, and community. We also made good progress on the remaining one, but due to COVID-19 implications, we experienced a slight delay in completing our supply order program. Especially rewarding to see is, which you can see on that chart to the right, is that we have managed to decouple business growth from CO2, which is something that we are very proud of. Possibly even more important than reaching our targets is that we have managed to really integrate sustainability deeper into our business over this timeframe, and also to engage our organization on this very important topic. Since we then closed the books on the 2020 program, we are now embarking on the next leg on that journey, which is our Sustainovate 2025. We have just kicked this off with a new set of ambitious targets. We will continue to focus on carbon, of course. What we do is that when we set our targets on carbon, of course, we look at our entire value chain, which is important to mention also products in use, because that is where we have the biggest impact, so to speak. We are looking at end to end. We have set a target that is in line with the one and a half degrees scenario, and the target is also officially approved by the Science Based Targets Initiative. A continued focus on carbon, but then you can see two new kinds of targets, so to speak, that is quite different from the first leg of the journey. It is about circularity and it is about people. Circularity is going to become more and more important, and it's simply important that we reduce the demand of virgin materials or of material in general by sharing more, by repairing more, by recycling, et cetera. We want to again connect our passion for resource-smart customer experiences with our passion for innovation. Our target here is to launch 50 new circular innovations by 2025. The people dimension, in the end of the day, our sustainable future is all in the hands of people. And we want to play a bigger role in empowering people to make sustainable choices, and we have set a target here of 5 million people. That is our new Sustainovate 2025 program. It's an integral part of our strategy and who we are, and something that is very important to us. If we move on, Glen mentioned our program here to, on one hand, accelerate our growth initiatives and on the other hand, improve our efficiency. Something that we launched here in conjunction with our Q3 report. High level, we can say that everything here is on track, but let me give a little bit more flavor to it. One key thing is, of course, that given our strong financial position, we now want to lean a little bit further forward. We want to step up these strategic investments, and as we then said at the Q3 report was that we will increase by SEK 250 million a year, which is about another 50% in terms of strategic investments. We target those to the core value creation drivers of our business like robotics, battery, pro products, or watering products. We do it primarily either in the go-to-market dimension in terms of our brands and our commercial activities or in the product development dimension. This is very important to us, and we now have concrete plans in place, and we will set this up already in the year 2021. The other side of this program, as we announced, is also how we increase our competitiveness in our supply chain, particularly when it comes to handheld products, but it is bigger than that. Here we have a number of priorities, but if we focus on handheld, for instance, it's about increasing capacity of battery products. It's about moving assembly closer to our customers to make sure that we increase our customer service. It's about increasing automation, and it's about streamlining manufacturing of engine components. There are many aspects to it, and if you look at the content, it's not a formal restructuring program. There's also a forward-leaning aspect of this when we invest more and we become more forward-leaning. We also announced a further decentralized organizational structure, and that is fully implemented, and it's fully operational. All in all of this will amount to a saving of SEK 500 million annually when fully implemented in 2023. Of course, there's a net effect then together with the increased investments of SEK 250 million. As I said at the beginning, the program is progressing according to plan. If we then shift gears again, as you know, we are approaching the 2021 big peak season for lawn and garden products. As usual, we have a pipeline of new exciting product introductions. It looks like we ended up on Blastrac here on the slide, which was a little bit of a surprise, but let's talk about the product introductions first. We have a lot of good things coming here for consumers. We are launching new robotic mowers both in the Husqvarna and the Gardena brands. We are expanding our smart systems with new sensors and new applications. We are enhancing our watering systems for Gardena with new hose reels, et cetera. A lot of interesting things there. For the professional markets or customer segments, we have a lot of interesting things as well. You remember EPOS, the professional robotic mower with virtual boundary wires. We had a pilot launch in 2020. Now it's a full-scale launch in 2021. Of course, we have the CEORA, which is an entirely new platform targeting the professional space up to 50,000 sq m. You can have systematic mowing. You have the EPOS technology with the virtual boundary wires, et cetera. Here we clearly have the ambition to transform the professional market, just like we have been transforming the consumer segment before. We're launching new professional chainsaw in the 90cc class. We are enhancing our power cutters in the Construction Division, and in terms of floor grinders, we are transitioning the HTC brand into Husqvarna. A lot of exciting things here. If we go back to Blastrac and tie that a little bit to the thing with floor grinders here. At the end of last year, we completed the acquisition of Blastrac. Blastrac is the market leader of complementary surface preparation methods. As you know, we have for a period of time, I would say four, five years, built a second core in our construction business, in our Construction Division, centered around concrete surfaces and floors. Here, floor grinders are one of the most important products. These products are used to either level a concrete floor or take the surface off, so to speak, so you can install a new surface. Here, Blastrac comes into play, which is the market leader of alternative methods to floor grinders. You can shot blast, you can scarify, you can scrape, and a few others as well. Blastrac is clearly the market leader in these segments. By combining this, we basically become the market leader in all these different segments, and we can offer the right solution for any kind of job out there. We are very excited about this acquisition. If we go to the last and final slide here, let me summarize a little bit the main messages this morning before we open up for questions. All in all, we have delivered a strong fourth quarter and a strong full year of 2020. We have strengthened our market positions in a good market, and we have really improved our financial performance, ultimately achieving all our financial targets. At the same time, I think it's important to put all of this into this bigger context. We have, for a number of years, purposely built a stronger Husqvarna Group by investing into attractive segments and exited others. On one hand, shift up the profitability of the group so we sustainably can operate above the 10%, while on the other hand, we have also positioned us right for a successful future. I think it's important to put the quarter and the year into this a little bit bigger context. Looking into 2021, there's of course a degree of uncertainty with COVID and things like that, but ultimately, we are well positioned. We have good momentum, and we can also see that the trade inventory levels are lower than normal, and ultimately, we are off to a good start in 2021 as well. We are looking forward to 2021, and I think, maybe let's end on that note. Thank you for your time, and we are now happy to answer any questions. I hand it back over to you, Johan, I guess. Thank you very much, Henric and Glen. With that, we will start the Q&A session. Please, Operator, do we have any questions in the line? Thank you. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads, and if you find your question is answered before it's your turn to speak, you can dial zero two to cancel. We have a few questions lined up so far. The first is from the line of Christer Magnergård of DNB Markets. Please go ahead. Your line is open. Hello. First question is on FX and raw material guidance for 2021, if you can provide us with anything on that, and also which division that will be hit the hardest from these effects? Absolutely. We expect, especially with the relatively strong Swedish crown versus the U.S. dollar, which is where most of the headwind comes from right now. We're expecting somewhere between SEK 300 million-SEK 400 million of FX headwind for the coming year. We also see a headwind coming from raw materials, particularly coming from the base metals, of course, oil impacting plastics, and lumber pricing. We think around about SEK 150 million on raw materials headwind. Actually probably more of that will come in the second half of the year, given that we've had a strong tailwind this year in the second half of the year. When it comes to divisions, we think all three divisions will actually be impacted by this, but the most impacted, in absolute terms, will come from Construction Division, given that they have a larger exposure of products going from Eurozone into U.S., particularly Swedish crown into U.S. Construction Division is impacted the most. A follow-up from Construction. You mentioned in the report that the division had a negative impact from the COVID restrictions in Q4. Given that we have seen even more restrictions in Q1, would we see a larger effect on that division here in the beginning of the year? I don't necessarily think so, Christer. I think the Q4 was marginally down, and we know why it was down. I don't think it was necessarily COVID related. We had some shifting of orders between quarters. The second half of the year being positive gives us a strong momentum into 2021, and as things hopefully start reopening. Also, of course, have the U.S. presidential election situation in North America, which has had some impact, we feel. We're pretty confident there should be positive signs into 2021 for construction. Good. On the robotic lawnmowers, what kind of growth did you see for the market in 2020, and how much did you grow? If you can talk about market shares? We always talk about robotics and battery combined. We did grow that segment by double digits. We believe we grow a little bit more than the market, meaning that we took some shares. For 2021, can we expect a similar trend as well? It's very difficult to predict next year, of course, but we come into 2021 feeling that we're winning in 2020, and we are adding quite a few interesting new products into the mix. We are pretty optimistic of 2021. Thanks. I think it's worth adding Christer to that- Okay. Just to add, Christer, on that, I think when it comes to robotics, of course, the two key months when we were restricted by COVID, March and April, that's when a lot of the installations are taking place, and people weren't going into homes to install, meaning third-party installers. We were impacted in the two key lawnmowing months. Therefore, we should have a reasonable comp for 2021 in the main two months. Thanks. The final question on working capital. The positive effects from the release in working capital from exiting consumer brands, is that all in the numbers now, or do we still have some more release left? No, it's pretty much through. It was such a small amount of exited sales in the third quarter that I feel it's more or less through. With the exits from 2018, of course, were well and truly through, and the working capital that was supporting those exits in 2019 and 2020, which has been about SEK 2.6 billion of exits putting the two years together, that should have fell through. That benefit is in the working capital figure now. Thanks. Thank you. Our next question comes from the line of Gustav Hagéus of SEB. Please go ahead. Your line is open. Thanks, Operator. Good morning, guys. A few questions, if I may. Firstly, Glen, I didn't fully hear the raw material headwind guidance. Was that SEK 100 million-SEK 150 million? If you could confirm that. Secondly. Yes. Yes, okay, perfect. Does that also include freight costs from Asia and other places, or is that on top of that? If you could quantify that'd be helpful. That does not include the increased freight burden. Increased freight burden would be outside of that. Of course, we did have increased freight burdens also during the course of 2020. Yes, it's high at the moment, but we've also run nine, 10 months of increased freight during 2020 as well. Okay. The year-over-year impact is very limited, you think, at current spot price? I think Q1 will be year-on-year impact, and then the rest of the year, we should have year-on-year benefits at the current outlook. Perfect. Could you also, I'm sorry if I missed this, the temporary cost avoidance that you saw from 2020, how much was that, and is any of that carrying into 2021, or what's the bridge year-over-year there as you see it? The cost avoidance that we took during the course of the year was approximately SEK 300 million, we purposely called out cost avoidance so that they don't come over as being structural savings. We really put the brakes on. It was SEK 50 million in the fourth quarter, by the way, just for that purpose. We expect, of course, we're still in COVID times, it's not like we just suddenly release the SEK 300 million. Assuming we start to normalize, then we'd expect to carry over savings approximately SEK 100 million and reverse around about SEK 200 million. The more delayed we are getting back to normality, then of course, the more of those savings we'll take with us, notably things like travel, but conferences, they'll be the main savings. Then, of course, we should start again with a lot of the customer-facing spend that maybe we paused during 2020. Great. That's very clear. Lastly, in terms of expanding Gardena geographically, if you could talk a little bit if you have plans for that this year and if you could perhaps quantify a little bit of where you see points of sales for Gardena products going year-over-year or the few next years, that'd be helpful. Gardena has as part of its strategy, of course, to expand geographically, and that's something that we are working on and something that we also want to step up. At the same time, I should say that we have had good development there also in 2020. I think we also need to be a little bit cautious in factoring that in too quickly, that we're ramping that up now. It takes a while until you develop a new market, but that's clearly an ambition. We had good traction in 2020, we will continue in 2021, and we hope that in the years to come that we will be able to even set it up further. I think that is kind of the bigger picture when it comes to the Gardena effort there. If I understand you right when it comes to the point of sale, we have had basically a strong year for Gardena throughout, and we would say that the inventory levels now are lower than normal in the trade, and that right now we're more in the phase of the year where we, together with the trade partners, are filling up and preparing for the next season to come, but from a lower level of trade inventory than before. Thank you for taking my questions, guys. Thank you. Our next question comes from the line of Johan Andersson at Danske Bank. Please go ahead. Your line is open. Johan of Danske Bank, if your line is muted, can you please unmute? Hello? Okay, we can hear you now. Okay. It's Björn Enarson. Sorry. All the headwinds that you are mentioning, raw material and increased spending on growing in the business and FX and freight, et cetera, are your ambition to offset those through price and mix in total or some of it, or what are your expectations? Morning, Björn. Yes, it's very much our ambition to offset, at least offset it, and we'd expect a net increase, of course. Pricing was very positive during 2020. I think we stuck our neck out a little bit to say that we'll continue that into 2021. Of course, the strong mix that we expect from the range we have and the volume increases should offset those headwinds that we've talked about. Of course, Björn, something we don't necessarily talk about and quantify is we do have an internal efficiency program we run. Yeah. While we don't quantify that, of course, that program will continue. Great. That takes us to your financial targets. When presented, it sounded a little bit like a target for 2020, especially on the margin side. What do you think about that? Are you planning to get back to the market in terms of that during the year, or do you have any comments on growth and margin targets? In the end of the day, our target is to grow 2% faster than the market, and our target is to be above 10% from an operating margin perspective. That is clearly our target, and that's what we're going to be. Whether it's time to revise the targets or not, that's ultimately a question for our Board. Our target is clearly to grow faster than the market and to continue to be above 10%. That's very clear. Thank you. Thank you. Our next question comes from the line of Karri Rinta of Handelsbanken. Please go ahead. Your line is open. Yes. Thank you. Firstly, I was a bit curious about the U.S. market and what did you do in 2020 in terms of if we look at your go-to market strategy and the way you operate in the U.S., and if you have some specifics that you can share about what you plan to do going forward, both in terms of go to market as well as the way you're operated and your structure in the U.S. That's my first question. Okay. Maybe I start, and feel free to chime in, Glen. Most of the things that did in 2020 was more of the same, so to speak. We tried to become better in all aspects of the business. We tried to drive good price, tried to drive good mix, et cetera. I think the bigger shifts in the go-to market are still ahead of us, and that was part of the program we launched here in connection with the Q3, where we basically say that we will focus much harder on the professional side of the business, the handheld side of the business, and on building that robotics market, and that we will start to pivot the business more towards those segments. I would say that most of those changes are still ahead of us, where we really start to focus on investing in those segments. I don't know, Glen, if you have more color to add here. I think you described it well there, Henric. I think, of course, Björn, sorry, Karri. I think we needed to recall that the exits that we took in North America, they were quite large. It was SEK 1.9 billion of exits belonged in North America there, which was very much the plan. We are strategically, of course, exiting the segments that we talked about and putting more focus on the core, the profitable core. Maybe to say that, I think we are very happy with how we have executed these big exits, because it's not a given that you do that in this controlled way. We have really exited SEK 4.5 billion or so in total over three years, the majority of that in the U.S. Be able to do that, still be relevant to your customers, and year-over-year increase your profitability, I think we have executed this pretty well. I think that the forward-leaning activities in pivoting the business further towards handheld and robotics, that's still to a large degree ahead of us here, in front of us, I should say. All right. My second question was actually related to that. You're saying that most of this pivoting is still ahead of you, I think you mentioned earlier that this is not a restructuring program as such. Once you are well on your way in terms of where you want to be in terms of this, so what kind of implications should we expect on your manufacturing roadmap? Not roadmap, but your manufacturing footprint and maybe your outsourcing rate and so forth? Ultimately, how should we think about your fixed costs in a few years' time, especially those related to manufacturing operations? I think we have taken some of those decisions already. When we exited the lawnmower business, we did some. This is part of the handheld optimization, particularly when it comes to the end-to-end component manufacturing, where we either will outsource, let's call it the non-critical components, or consolidating where we are making the core components, so to speak. Elements of this is already, let's say, at least financially behind us, even though some of the execution on the handheld side is still left to be done. We are more thinking about it as what we're going to do more of. How do we start to redeploy funding and resources towards truly driving the right mix to drive the handheld business, to drive the robotics business? That is the plan. We do not have in the cards any other restructuring measures. There's nothing planned. At the same time, just to be clear, we will never shy away from taking the necessary actions to make the group successful. We will continuously evaluate segments and markets, and if we see that we are better off focusing in one segment than another, we will never shy away from taking the right actions. There's nothing planned other than what we have announced. Right. Fair enough. Very helpful. Thank you. Thank you. We have one final question in the queue. That's from the line of Carl-Oscar Bredengen of Berenberg. Please go ahead. Your line is open. Hi, good morning, everyone. Just wanted to check a little bit on the market because you state that you have been taking market share this year, and obviously it's been an outstanding year for you as well as we can see with a lot of the other DIY producers and anyone in the home gardening and improvement segment. Can you talk a little bit about the drivers of the market in general? Previously you've been stating that this is approximately a EUR 20 billion market or SEK 200 million or billion market, and then you have some 15% market share of this. Can you talk a little bit about where you see your current market share of the wider market? That's my first question, really. As you can imagine, it's hard to talk about market shares in total since we are in so many different segments, and we don't quite have competitors that goes across. It becomes very difficult to talk about in general. I would say that the total market has, if you talk about the lawn and garden side of the business, from a consumer perspective, benefited from a stay at home trend this year. We hope that quite a lot of that will stick over time, that people maintain the interest for gardening. The market has, in that sense, been growing in 2020. I think in the professional segment, that has not been the case because the stay at home trend actually have the opposite effect in the pro segment of our business. From a weather perspective, I think that the extended season, meaning that we were mowing lawns in October, benefited the market as such, so the market grew a little bit. What makes it difficult is, of course, this timing element that we talked about before. The industry got hit by COVID in its peak season. Really, the main trade partners were shut down or closed in the peak of the season. That shifted volumes out. It becomes a bit difficult to isolate the effects of the different things. I think in general, when you look at the year, you can see it has been a strong market in 2020 in general, and that we in the core categories have taken shares in that strong market. I think it's important that we all remember when we look at everybody's reporting here in the second half of the year with big percentages, that that's still in the quarters that was fairly small. There is an artificial push out of volumes from H1 to H2 due to COVID. It's hard to predict, but in the end of the day, a stronger market than normal in 2020, and we managed to take shares in it. Okay. If we're looking at Q1 so far, how are the January comps compared to year-over-year? You mentioned that you got hit the hardest, obviously, in the peak month in terms of March and April with installation. If we're looking on January isolated and trying to look at the comps for Q1 this year, are we off to a better start? Are you seeing any change in demand? Is there any pent-up demand for gardening products that people didn't buy last year, so they want to get ahead of the season? How should we look on the beginning of the quarter on a year-over-year basis? I think it's safe to say that we're off to a good start, but it doesn't have so much to do with the consumer sentiment, so to speak. I think at this time of the year, it's more that our trade partners are preparing for the upcoming season, and the trade inventories are lower than normal. I think everybody's anticipating a good season. It's more a preparation rather than a tell where the consumer is at this point in time. Long of the short is that we're off to a good start. Okay. Thank you. Just one last question. You mentioned in terms of the strategy, as you mentioned a little bit earlier in North America and your go-to strategy. We did hear a lot about the iRobot Terra launch, and it was some expectations that their strong push into the market by offering a robotic lawnmower would give the U.S. consumer a more broader mind to embracing robotic lawnmowers. Assuming that a relatively household product like iRobot would come out and take a stand and say that this is a product that works and that we've anticipated that should have a positive read-across for you. We haven't really heard anything about the iRobot Terra since, and according to various sources, it seems to be a discontinued product for the time being, and we don't hear anything about the launch. Is this a reflection of consumers not really embracing the product category or simply that you guys beat them to it with delivering the first boundaryless robotic lawnmower? Can you talk a little bit about, I understand it's difficult to talk directly about your competitors, but how the adoption strategy for robotics in the U.S. are in relation to that? As you say, it's hard for us to speculate in how they reason around this. Our firm belief is that there is a huge robotic opportunity in the U.S. All markets are slightly different, but there are also a lot of commonalities. We believe there's a huge opportunity for robotics in the U.S. At the same time, we shouldn't underestimate the time to transform a new market. It took us well over 10, 15 years on the first market in Sweden, starting in 1995, until that became almost like a commodity, something that everybody knows what it is, everybody wants one kind of idea. Of course, as we have built more and more markets in Europe, it has taken time, but each time it takes a little bit less time. We learn, we get faster, and I think also with how society develops with communication and digital tools and social media and so on, it makes these transformations go faster. I think what I'm trying to say is that there is an opportunity in the U.S. We are committed to develop and transform that market. I think we all need to have a little bit of respect for that it takes a while to change the perceptions of consumers in a market and to basically build a whole new category. Okay. That's very clear, Henric. Thank you. That's all from me. Thank you. As there are no further questions on the line at this time, I'll hand back to our speakers for the closing comments. Thank you very much for everyone joining the call today and to listening to our full year report. If you have any further questions or comments, just reach out to the Investor Relations team. If not, before we will talk to you then on the 22nd of April, when we report the first quarter of 2021. Thank you very much for today.