Welcome everybody to our Fourth Quarter Earnings Report, where we will tell you about the ending of the very peculiar 2020. I will not go on much further than that. I just hand over to Per. Please go ahead. Thank you, Frans. We are ready for the year-end report 2020, and of course, we're going to focus mainly on the fourth quarter. If we start with a brief summary, overall, this is yet another strong quarter from ICA Gruppen. As you will see today, there are, of course, large differences between our different operating units. Online sales growth is very strong in the quarter, and we are also outperforming market growth. We also feel very good about the fact that we have now reached our climate neutrality target. If we look at the numbers, we can see that net sales is up just above 6% if we look in local currencies. Roughly 2% or a little bit more than 2% of that is a COVID-19 positive impact. EBIT growth above 8%, up more than 8%, and we can now see that for the full year, we have an EBIT margin of 4.6%. We also announced a few key events during the quarter. We have the fact that Anders Nyberg will retire, and we have, of course, then started the process of finding his successor. We are in the middle of that process. On the bank side, we have the important agreement with FOREX, where we will acquire their portfolios of deposits and consumer loans. We are also today announcing that the earnings premium that we pay to all ICA Gruppen employees in Sweden will be at SEK 10,000 per employee. For the dividend, we are today announcing SEK 13, or the proposal from the board is SEK 13 per share, an increase with SEK 1 versus last year. We move on to the market development, starting as always with the ICA store sales. We can see that the quarterly number is a growth for us of 7.1%, which is slightly below the market growth. I will come back on my next slide to show you the structural impact here from the pandemic. Before doing that, I also like to underline here the strong growth on online. I think it's also important to say that if we compare with the total food retail market, including the convenience trade, that market is actually only growing just above 3%. Compared to the larger market context, we are actually gaining share and gaining share big time. If we look at the impact from the pandemic, what you see here, if you look at the gray bars, you see the number of new COVID-19 patients in hospitals. This is, of course, a very good indicator also if the society is closed down or not. When the level of patients increase, there is, of course, a more closed down society. The red line here is the development of the ICA market share. What you see here is that in the months where we have more COVID patients, an increase of the pandemic, then our market share comes under pressure. On the other hand, you see in August, September, October, when we had lower number of COVID patients, then our market share is clearly growing. What this tells us is that we have a strong structural effect here because ICA, first of all, if we look at ICA and compare us to our competitors, we have more small and medium size stores relative to competition, and we of course also have an online share that is below our share in the physical stores. I think it's important to understand this context and this correlation. Moving on to Rimi Baltic, we see that our sales are still under pressure, but we do see an improvement here in the fourth quarter. Store sales are, however, slightly below market growth, but we also saw an improvement within the quarter. We see the strongest growth when it comes to our stores in Lithuania, followed by Latvia. You can also see that online sales now represent 2% of total sales, so it's been growing heavily during the year, and we also launched six new stores in this quarter. On the pharmacy side, this is clearly where we see the biggest impact coming out, the biggest negative impact, I should say, coming out from COVID-19. You can see that Apotek Hjärtat store sales were only up 1.5% in the quarter, and compared to market growth of 4.5%, we are losing some share in this quarter. We continue to see a good momentum, on the other hand, when it comes to online, where we are growing 92% versus the general market growth of 66%. When we do the same kind of comparison here, or correlation analysis here, between COVID-19 and the market shares of Apotek Hjärtat, you can actually see the same kind of correlation that I showed you for ICA Sweden. A few highlights before we move into the financial. Just to sum up a little bit, the online sales performance during the year. Very strong growth numbers both for the ICA stores and for Apotek Hjärtat, and we are clearly growing ahead of market growth. If we look a little bit into the details, we see that share of sales for our online active stores is above 6% on the year and above 8% if you just look in the fourth quarter. Strong growth in particular for food online, but also when it comes to meal bags or meal kits, we see a solid underlying growth. On the pharmacy side, our sales online represents 8% of our total sales. If you look at the total market, 16% of the sales are now online. In Baltics, as you know, we have launched in all three countries. Today, in the fourth quarter, we have a 2.2% of share of sales online. Moving to climate neutrality. I mentioned that in my introduction, we feel, of course, very good about the fact that we have now reached the target that we had to become climate neutral 2020. I think the impressive number here is that we have actually decreased our CO2 emissions in our own operations with an impressive 76% versus the base year 2006. That's a very strong achievement from the organization. We also see solid numbers when it comes to socially audited suppliers and quality certified suppliers. Of course, there is also here some negative impact coming out of COVID-19. As we presented last time, we have our new climate ambition in play, which means that we're going to be net zero when it comes to climate impact in our operations by 2030. We will also support our customers in reducing their climate impact by 50% up until 2030. We also have a good cooperation with our suppliers. At least 70% of them will be using or adopting science-based climate targets, and that is by 2025. Good progress here and an ambitious target to work against going forward. On the health side, we very recently announced our health ambition, and we have now the details laid out for the coming years when it comes to our health strategy. There are on this slide a few examples of what we're going to do in our operating units. For ICA Sweden, one of the most important targets here is to help our customers improve the number of fruit and veg that they eat each day. We're going to move from just below 400 g per day- 500 g per day. Sven, with that, I hand over to you and we're going to look at the financials. Thank you, Per. Good morning, everybody. A few words about the financials and starting with the overview. As Per said, another strong quarter with net sales up in local currencies a bit more than 6%. Of course, very much driven by the strong volume growth in ICA Sweden. Because of that, of course, not so surprisingly, we have also a positive development in terms of EBIT in absolute terms as well as in margin terms, as you can see also in this quarter. You could say that there is both a kind of direct volume growth impact, but as you may have seen from, if you've had the opportunity to read the report already, also on the store profit sharing, there's an indirect and volume growth impact, you could say. We also see one-off items. Often in the fourth quarter of the year, the final quarter, there tend to be some one-off items. If we go back to 2018, 2019, we have commented upon that. That's also the case in 2020. If we compare to the fourth quarter of 2019, we see that in aggregate, the one-offs are less negative. We are outlining that in the report. On the other hand, we do continue, of course, with this strong online growth. We continue to invest in ramping up our e-commerce operations. We are continuing to invest quite heavily into business development and so on for the future of the business. See also here in the table on the right-hand side that we had a strong cash flow in this fourth quarter, but not only linked to earnings. I've mentioned that in many quarterly calls before that here is also a strong working capital movement impact. I'll come back to that in a minute. Earnings per share, slightly up compared to last year. You will see from the report that here we have a bit of a negative impact, in quarter four 2020, from tax accounting. There's a changed treatment, linked to the dividend tax in Estonia and Latvia. For those of you who are interested in that, you can read more about it in note one of the report, where we're explaining that effect. The simplified variance analysis that we normally show, of course, a positive sales volume impact on our earnings progress also in this quarter. The margin element, as you can see, we estimate to be quite low in this quarter. If you look back on the fourth quarter of 2019, you will see that we reported a very strong margin contribution at that time. That is one of the reasons. As you have seen from the report, that our gross margins in both the Baltics and also in the pharmacy segment is under some pressure in this quarter. That means that in aggregate, this number is not so big. Store costs, quite large positive variance, but we have seen that throughout the year 2020. I don't assume that is any surprise to anybody due to the fact that we have fewer owned stores in ICA Sweden. This quarter is maybe a bit bigger, but of course here we have also this impact of a bit more than SEK 40 million higher store profit sharing, if we compare to the fourth quarter of 2019. Other costs up by, say, roughly the same magnitude as we have seen in the previous quarters of 2020. Linked to all these investments that we are doing: IT, business development, digitalization, and so on. Going through the segments, starting with ICA Sweden, as we have said, another very strong quarter in ICA Sweden. Net sales growth up close to 8%. It's a very strong number. You see also looking at EBIT as well as the EBIT margin, of course, another quarter with strong performance. In addition to the volume growth impact, largely related to COVID-19, it could also be mentioned the private label sales. You will see from the report that our private label share is now in the order of 27%, so growing very nicely. We also get a good mix impact from that as private label sales are higher in the online channel, which is of course growing much more, as Per said before. Profit sharing, these one-off effect that I talked about before also has a positive impact here on ICA Sweden's performance. On the other hand, with the growth of e-commerce, we have to continue to ramp up volumes and so on, and that is costing us some money. We also have spent more behind marketing in this fourth quarter, and as I said, IT, business development, and so on cost clearly higher compared to a year ago. If we go to the Baltics, some of you may recall when we talked about the third quarter, we said we're not entirely satisfied with the sales development and market shares and so on at that time. You heard Per just now mentioning that we see some improvements now in the fourth quarter. In the third quarter, we had a strong earnings progress, and this quarter, as you can see, earnings are weaker. It's a bit the other way around. It is linked to the fact that we have scaled up our promotion share. We have seen slightly higher shrink. Logistics distribution costs are somewhat higher. Some of that then being linked to temporary cost migration now as we have just come into place with our new distribution center in Latvia. Just like we have talked about in previous quarters, we still have quite significant cost related to the changes in the store network. Of course, we are also in all three countries in the Baltics ramping up volumes in e-commerce quite rapidly. The pharmacy segment, quite challenging quarter as Per mentioned, looking at the market shares. We have a very negative COVID-19 impact and certainly towards the end of the year with the year-end sales during the holiday period and so on being very weak in the physical pharmacies. Online sales being very strong, but of course not compensating, certainly not if you look at bottom line. It's not compensating for the shortfall in the physical pharmacies. We get a negative channel mix impact here. Added to that is also that, unlike grocery retail where we have a higher share of private label online, that is not the case in the pharmacy segment. There we get a bit the opposite effect. We have, of course, to continue to spend behind e-commerce with this demand to meet the increasing volumes, and we also need to continue to spend money between digitalization and so on in this area. We have also, as you can see from the report, taken some structural costs to be able to generate additional savings going forward. We have some savings already in the fourth quarter. We have talked about that earlier during 2020. That, of course, we try to adjust in the physical pharmacies with the lower volumes. As you can see from the numbers here in the table, that's only partly compensating for the impact from the volume losses. Real Estate, on the other hand, another very good quarter linked to the investments that have been made. There's also the quite large acquisition that we made in the second quarter of this Hacksta site outside Västerås. Particularly in the fourth quarter, we could also mention that there is an impact here of the turnover-based rent. Of course, we have seen with the increasing volumes, we have tried to provide for that also earlier in the second quarter and the third quarter. With this very strong fourth quarter, and normally the fourth quarter is also the time when you make a true-up of the calculations, there is then quite a significant impact from this adjustment to the turnover-based rents in this quarter. We see slightly higher costs. There's also slightly higher depreciation and so on linked to the new investments, of course, but still a very good improvement in terms of EBIT, as you can see. Finally, the bank. Here, just like in previous quarters, a bit of a mixed picture where some areas are still doing very well, consumer loans, the growth of our insurance business, and so on. Whereas in other income streams are under pressure, just like in previous quarters, commissions linked to mortgages, cash handling, card payments, and so on. We are generating less commissions than we did a year ago. Costs are slightly up in this quarter in the bank. Previous quarters we have been a bit lower compared to previous year. This quarter, it's a bit the other way around with slightly higher costs. The largest reason for the lower EBIT in this quarter is still the credit losses, where we have seen slightly higher realized credit losses in the fourth quarter, mainly linked to this new forward flow agreement that we talked about when we presented the third quarter results. When we're selling off potential credit losses, we don't get the same money paid for those loans when we sell them off if we compare to the old forward flow agreement. Cash flow, as I said, a strong quarter. When you look at this chart, you see the trend being positive, but the third quarter was weaker at that time. We had a negative working capital movement in this quarter. It's swinging back with a positive working capital movement. We normally have that in the fourth quarter, but even stronger now as the opening position of the quarter was quite favorable. I could maybe also mention here, we have talked a bit about tax payments earlier 2020. If you look at 2020 compared to 2019, you will see that there is clearly an impact of higher paid tax. You may recall that the preliminary tax payments in 2019 were a bit on the low side, so we had to adjust for that at the start of 2020. With the growing earnings, we have also adjusted our preliminary tax payments for 2020. All in all, that means that there is quite a significant difference in terms of paid taxes. Looking at the indebtedness, you see here, including the leasing debt, that we are down slightly in the ratio. That is linked to the fluctuations in the leasing debt. If we look at the old basis or before IFRS 16, then you can see that in fact our net debt is up slightly as our operational cash flow before investments. It has, as we have seen, grown, of course, developed nicely. We have then, as we have talked about earlier during 2020, invested a very large amount all in all in capital expenditure in 2020, and not least in the fourth quarter. Looking at the overall picture comparing to the long-term financial targets, Per commented upon the market shares before with Sweden. We had a stronger third quarter, then a bit weaker again in the fourth quarter, we are still not there yet on a rolling 12-month basis. In the Baltics, we now see some improvement towards the end of the year, we are not there yet on a rolling 12-month basis. The pharmacy segment, a bit like ICA Sweden, improvement in the third quarter, a bit worse in the fourth quarter. Also there, we are not there quite yet. The margin, on the other hand, we are just like in previous quarters on a rolling 12-month basis, slightly higher than the long-term financial target, as Per said before. Return on capital employed, very much in line with the target. I commented upon indebtedness before, and then as Per also said at the start, the board now proposes an increase of the dividend of SEK 1 per share, and that would then mean a dividend payment corresponding to 63% of the net profit of 2020. With that, back to you, Per. Thank you, Sven. I will finish by a few words on the outlook and of course, sum it up. If we take the outlook starting with ICA Sweden, what we expect here is, of course, that we will have a continued positive impact coming out from COVID-19 on volumes for the first half of 2021. Strong focus on online. This means we're going to open the new dark store in Göteborg during the second quarter. We will shift to the new Ocado Smart Platform, or we will start to shift to the new Ocado Smart Platform, which will obviously be very important from a customer perspective. Strong focus on price value given the GDP growth or the expected GDP growth development, and also the unemployment rates that we expect to see in this year. We expect around 10 new stores during 2021. On the Baltic side, on the other hand, there will be a negative volume impact coming out of COVID-19, a bit different from Sweden there. Strong focus on efficiency in our logistic operations, especially then relating to the new distribution center in Riga. We will continue to ramp up e-commerce, putting more stores in play here. We will, of course, also continue to prepare for the Lidl entry. As some of you might have seen, Lidl has actually announced that they will postpone their launch in both Latvia and Estonia. They have not given an exact timing, most likely that means that we will not see a launch here in the first quarter. I said when we talked about the market share development for the fourth quarter, that we opened six new stores in the fourth quarter. We will continue more or less at that pace going through the year. We will have all in all above 20 store openings in 2021, and mainly so in Lithuania. On the pharmacy side, here we will have the biggest COVID-19 impact and a negative impact then on volumes, but that will also have a bottom-line impact on the first half of 2021. Here it's also important, of course, and that goes of course also for ICA Sweden, that we understand and compare and take the hoarding effect into account when we look at our numbers here going forward. Strong focus given the situation on efficiency in our pharmacy business. Sven touched on that before. Online will continue to increase. We will continue to ramp it up and also improve efficiency to ultimately start to earn money also on the online business. Six to eight new pharmacies in play during 2021. Real estate side, strong focus on establishing more stores in the metropolitan areas and also some important logistic projects here, especially the Brunna CFC investment that we have here north of Stockholm. On the bank side, there is of course a continued risk when it comes to bad debts, given in particular the unemployment development. We will have a negative COVID-19 impact, as Sven touched upon when it comes to the bank card business and of course on cash handling. The new mortgage, very important step, and of course also finalizing the acquisition of FOREX and starting the integration work. We also give some guidance when it comes to cost and investment levels. For ICA Gruppen cost, we are at SEK 450 million, the same level as we saw last year. The CapEx guidance or investment is at SEK 3.5 billion. With that, if we sum it up, it's been a strong quarter. We have quite a different picture from operating unit to operating unit because the impact from COVID-19 is different. We continue to have a very good momentum when it comes to online and are clearly gaining market share in this important area. As I said in my very start, we feel very good about the fact that we now are climate neutral as of 2020. With that, Frans, I hand back to you. Thank you, Per. The first question before I hand over to the operator comes from Niklas Ekman, Carnegie. Niklas would like to know a little bit more in detail how we have actually come to the conclusion that we have a +SEK 24 million COVID-19 affecting Q4 and -SEK 10 for the full year. What is included in this estimation? Increased volumes and subsidies, yes, but also negative mix effects from a heavy or very strong increase in the online sales and increased sick leaves perhaps. You would like to get some color on that too. No, we have, of course, tried to include also on the cost side, so not only on the income side but on cost side, things that we can see which we feel are directly related to COVID-19. What we are not including is, of course, when we are putting in place additional saving measures and that kind of stuff that we say more indirect things. That is not included. For the rest, there could be additional logistics cost, there could be savings in administration costs due to the fact that we are not traveling and so on. We have really tried to go through to understand the total effect. Of course it is very difficult to judge certainly on the income side, where we need in some way to try to compare to the plans that we have as an estimate. If we didn't have this COVID-19 situation in Sweden, what would the sales be? I think anybody can understand that it's a very theoretical calculation. We have been asked to try to give that estimate of the COVID-19 effect so that we try to do to the best of our ability, but it's important to understand it is still only an estimate. I think maybe, Frans, in this fourth quarter, what we see why is the effect not the same from quarter to quarter? I think if we go back to spring, then maybe it's easy to understand. You had the hoarding impact and then the reverse hoarding impact we talked about at that time. The third quarter, fourth quarter, if you remember now how Per talked about market shares, I still think you can understand that also the COVID-19 effects will be different. All in all, what we have seen now a quite strong positive impact from the sales being held up in the fourth quarter. On the other hand, then the Apotek Hjärtat being a bit weaker as well. The combination is clearly different from quarter to quarter. For that reason, it cannot be the same from quarter to quarter. Yep. Thanks. As I have no further questions coming in through our website, which is a possibility for those of you who like to do that, I hand over to you, operator, so please go ahead. Thank you. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad. Thank you. The first question comes from Magnus Ryman from Kepler Cheuvreux. Please go ahead. Hello, Per, Sven, and Frans. I have three questions. The first is on COVID effects on different store formats. Previously in the year, ICA Nära stores showed clearly weaker growth than larger stores. I think ICA Nära was on average three percentage points slower growth than Maxi stores in the first nine months. In Q4, ICA Nära stores grew on par with Maxi stores. My question is, do you have any idea what changed here? Yeah. Shall we start with that question and come back to the other two? You're absolutely right. We have seen a little bit of a different customer behavior in the fourth quarter if we compare to the second quarter. In the second quarter, we clearly saw that customers prefer larger stores. It feels more safe to go to a large store. What we have seen in the fourth quarter is that they still prefer the large stores, but it's also more complementary shopping in the smaller stores. Perhaps one factor in play here is that the online share is even higher in the fourth quarter, meaning that it's more normal that you also go for more complementary shopping. You're absolutely right. We see a slight shift in customer behavior here. You had two more questions, Magnus. Yeah. Just quickly tying into that, you have previously mentioned that your growth rate compared to the market has suffered from this different balance, so to speak, between smaller and larger store concepts. Is that still your view in Q4 here given that Nära was growing much faster? Yeah, absolutely. If you look at the chart that I showed you there, also in November and December, you clearly see that our market share suffer because the society is more closed down. That is still valid, and it's not only the physical store structure, it's also important to say that our share of online or our market share in online is clearly lower than it is in physical stores. That, of course, also has an impact as more people go into online shopping when the society is closed down. That's really clear and helpful. Yeah. Thank you. The second one is on climate neutrality and carbon offsetting here in the interim, so to speak, before you reach neutrality. I saw that net CO2 emissions was 92,000 tons here in the full year. You're right here, of course, that you fully offset this by carbon credits. Yeah. Can you give us any lead to the cost here? Because public figures range widely between $1-$50 per ton. You mean for the climate compensation part? Exactly. Yeah. In the lower end of this range. We are talking. Yeah Small numbers. I think in the magnitude of some SEK 3 million, SEK 4 million to do that kind of climate compensation for the total company. It can shift a little bit. Right. But that's the. It's no significant money, no. It's not really significant. That's good and helpful. That implies that you are paying in the lower end of this range that I mentioned, obviously, specifically. Yeah. Okay. All right. The third one here is around the pharmacy online penetration. You mentioned here that Apotek is now on 16% penetration. Can you help us here on your view about what level the overall pharmacy market is at now? You mentioned the aim also here to ultimately reach profitability also in online sales, and I appreciate that it is closer to that point than in groceries, for us to understand the mix effect from growing penetration going forward. First of all, I think you misunderstood me, or I wasn't clear enough there. Our share of sales in the online channel in pharmacies is 8%, if you look at the year. For the total market, it's 16%. Roughly you can say that our market share online is around 15%, while when we look at the physical stores, it's clearly above 30%. 33%, I think, or above 33%. Right. That's helpful. The profit side. Connect to that. Sorry? On the profit side, you wanted. Yes, exactly. Yeah. We are not revealing the exact numbers here, as you know, but we are clearly seeing an improvement when it comes to the P&L, driven of course by the strong volume performance and also better efficiency in our warehouse in Norrköping, and that means that we ultimately will have a profitable business. More than that, we will not give you. Anything you want to say there more, Sven, or? I think obviously we are working on a number of things. I think anybody can guess that in terms of both the offering, the assortment, but also efficiency, as you said, Per, where we have seen improvements. We have improved the earnings from online significantly in 2020. We are not yet where we want to be. We will continue to work on a number of things, but we cannot disclose exactly, and also not exactly how we see. Of course, we have plans for how that should develop, but we are quite keen not to reveal that to competition, obviously. We will not report it separately. Right. It's fair to assume for us that the continued growing mix here will, at a lesser rate, affect profitability adversely for Apotek Hjärtat? Yes. To what extent? It's really up to. Online, we expect to see improved earnings from online, of course. Both volume, but also due to other things. That is very clear. Then you need, of course, to compare that to how do you believe the physical pharmacy business will look because, of course, there the profitability is higher. There, of course, anybody can have his or her opinion about how they believe the balance will develop in 2021. It's very difficult, of course, with a COVID-19 situation, how that will develop and how the consumer traffic will develop linked to that. Sure. Okay. Thank you very much. Thank you, Magnus. Back to you, Frans. Yeah. Next question, operator, please. Thank you. The next question comes from Fredrik Ivarsson from ABG. Please go ahead. Many thanks. Hi, gentlemen. Three questions all regarding ICA Sweden from my side. First one on the margin here. You reported a margin which was up 50 basis points or so, but if we try to strip out the COVID effect, it was obviously more flat. You mentioned both that you want to step up on the growth side and get back to market growth, and that implies investments into price value. Can you in some way try to quantify how much did the price value investment impact Q4 and the Q4 margin? I think we have seen slightly higher campaign activity in Q4, but I wouldn't say that there is any kind of abnormality in terms of price value investment. If you dig deeper into the different variances, Fredrik, I wouldn't say that there is any such impact. A bit of a negative or a higher campaign level, Frans, I believe we concluded. Yeah, from an EBIT perspective, it was very marginal effect, I would say. Very marginal impact indeed. Yes. Okay. What I think you can also add there, Fredrik, is if you look at the chart that I presented, where you look at the number of people being sick in COVID and how that relates to our market share. You clearly saw during 2020 that we had a good market performance when we had less of COVID, and a weaker market performance when COVID was more present in society. Of course, we believe that is going to also be the picture when we move into 2021. Yep. That's a fair point. Thanks for the clarification there. Second question regarding food price inflation, which we've seen declining quite a bit over the last quarters. At the same time, I think purchasing prices have moved the opposite way. I'm curious to hear how you are coping with this. Have you taken any measures to offset the spread between food price inflation and the purchasing prices? We always do that. If prices go up on the raw material market or from our suppliers, we will increase prices and vice versa. You might have a time lag, as we have talked about many times. It may take it a while before we can actually increase the prices in the market. Overall, over time, this will be neutral to us. Right, Sven? Yeah. Okay. Thank you. Last question from me. If we look at the ICA Maxi stores, they performed very strongly over the year, obviously. I guess it also overperformed on your expectations. For me, it seems like a good guess that you should see positive impact from profit sharing also over the coming two quarters or so as well. Am I more right than wrong in my thinking here? Well, of course, Fredrik, we need to be careful. Looking back a number of years, you know that it's easy to both under and overestimate these numbers, we need to be a bit careful. I would be inclined to agree with you that yes, with all other things equal, of course, with the momentum that we have now seen, still for some time, as long as the growth is as high as it is. You've seen also the January numbers and store sales and so on, that we will see a positive impact from that. At some point of time when we don't have this boost from COVID-19 effects, it should logically go down. Again, as I said, all other things equal, of course. Yep. Makes sense. That's all from me. Thanks a lot for answering the questions. Operator, please go ahead. Thank you. The next question comes from Andrew Gwynn from Exane BNP Paribas. Please go ahead. Hi there. Good morning. Just two quick ones. The first concerns the view that you'll continue to see a sales uplift in 2021 due to COVID. I think probably many other retailers would expect a degree of normalization, essentially, as we're allowed back out to eat in restaurants and so forth. I'm just wondering why you think there will be a net benefit still in 2021, and could you clarify that against the 2020 baseline? I'm not comparing it to the 2020 baseline. What I'm saying is that we believe that for the first half 2021, we will see a positive COVID-19 impact on volumes. It's of course not versus. Okay. That's against the 2019? It's not versus actuals 2020, because there we had hoarding and de-hoarding as we moved through the first half of that year. Yeah. No, indeed. That's very clear. Just on the online part of the equation, obviously thinking about the Swedish food retail business. There's a view from a few other retailers as well that we'll see some rebalancing almost, so we've almost overshot for a period, and consumers may well migrate back to store again as things return to normal. Trying to read between the lines for you guys, that's not the thinking? I would agree with the European retailers in general, say that there will be some bouncing back. What we see, it's something where we follow our customers very closely. Of course, they tell us that they are very happy with how online shopping in general is working, and they like our solutions. Most of them claim, like 90% claim that they will continue to do online shopping. Some of them, some 40% claim they're going to do only online shopping also going forward on grocery. Of course, if you take these numbers, there will be some bouncing back to the physical retail, absolutely. We will continue to see growth numbers, but not to the same extent that we have seen in 2020, that's for sure. Sorry, just a final follow-up from that, actually. The cannibalization, are you able to put a figure on how much you think online cannibalizes the core store business? Sven, Frans, do you know that number? I know we have looked at that. It's a low number when it comes to cannibalization. Yeah. It's less than 20%, I think. We, yeah, I would say so as well. We're less inclined to talk about it in detail also. Yeah. Yeah. It's of general interest in the market to know that, if I put it that way. Yeah, I mean. I just gave you a number that I shouldn't have mentioned, right, Frans? That's what you're saying. I was going to say 20% is very impressive if that's the case. Anyway, thank you very much. Thank you. Yeah. Okay. Thank you very much. Ladies and gentlemen, I remind you that if you want to ask a question, you will have to press zero one on your telephone keypad. The next question comes from Niklas Kockman from Handelsbanken. Please go ahead. Yes, hello. Good morning. To lead into my main question, I'd first be interested to hear what your estimate, or what you estimate your online market share was in 2020 in Swedish grocery? Yeah. Frans, you want to give that number or? Yeah. We don't really, of course, know the exact size of the market, but somewhere north of 30%, perhaps, I would say. Okay. I calculated it a bit higher than that. You previously said that you are targeting to reach your fair market share also online. I'm thinking when you do that, because it looks like you will do that eventually with these growth numbers, will that trigger some sort of change in how aggressive you are in chasing online growth on your side? First of all, reaching fair share is an important target for us. What we have said all the time is that we believe that the market overall will move from pushing volumes and really driving volumes to more look for profitability as the market becomes more mature. More than that, I think we can't really say. Okay. Thank you very much. Finally on the ICA Real Estate, the sales-based rent positive income effect, that did sound like it was a full-year effect all coming in Q4. How should we think about that going into 2021? Will you try to put the benefit into each quarter, or should we just expect to see the full-year net effect in 2021 in Q4 as well? No, of course. I tried to explain, that was my intention to explain that earlier on, that of course optimally we would not want to have those kind of significant impacts. I think that going back historically also, it's not so strange that there is a kind of a true-up calculation in the fourth quarter on these elements, but normally we don't get a very large impact. This quarter we got a large impact, and that clearly shows that we have underestimated in the second and the third quarter what should have been included then. Mind you, there is also, of course, the perspective that in the third quarter, many people still believed that the fourth quarter we wouldn't have very large COVID-19 effects and so on. Things would be back to normal. Of course it could also have been in our models that you would see a negative impact at that time. It was difficult in Q3 to estimate exactly what would the full year impact be. Now, of course, we see that with these three strong quarters, second, third, fourth, we should have accrued for more turnover-based rent also in the second and the third quarter. We need, of course, to learn from that and get it more exact going forward. Okay. If I think about Q1 now, will you try to put in a small positive effect there or? Of course, I then adjusting up the numbers. Always trying to include the best impact or the best estimate of what the income level should be. Yes, that also include the turnover-based rent elements. Right. Perfect. Thank you very much. Thank you. Ladies and gentlemen, let me remind you again, if you want to ask a question, you will have to press zero one on your telephone keypad. Thank you. I have one question I could barge in here from the web. It is from Arian Khamangar from DNB. It is about the FOREX transaction. I read your questionnaire. It is about how that should be accounted for going forward. The deal is not concluded, and we will pass on that question until that is done. What we have said is that sometime during Q2, if everything goes according to plan. We will have to come back to that question. Thank you. Operator, if you had any more questions, please go ahead. There are no further questions. Guest speakers, the floor is yours. All right. Thank you, everyone. It's been a pleasure as usual, and see you next time around. Take care, everyone, and thanks for today. Bye-bye. Thank you.