Good morning, welcome on our behalf as well. If we start the presentation with a summary of the year 2020, we are obviously very happy and satisfied with the end result of the year. If we look back briefly to start with, the year started out in a very strong way for us. We had a really good quarter one with strong order intake, in total 17% and organically 7%, and an EBITDA margin of 12.4%, so we were happy. Obviously we got worried as the pandemic spread and came into our markets in a more severe way. We early on decided on three priorities. We have spoken on this before. Obviously, the health and safety of our people, and then to protect our profit margins, work with cost management, and thirdly, to try to capture business opportunities in a dynamic and difficult market situation. I would say that we have delivered well on all three priorities. Even if the aggregated results are really good, it's been significant variations between company segments and countries, and we have had good benefit from the cluster of companies we have in the MedTech and Pharma segments. We have had good cost management, this is thanks to our, I would say, culture and entrepreneurial MDs, very agile. All of this have resulted in very strong financial performance with an all-time high EBITDA margin of 13.6%. We have also improved our cash flow and strengthened our financial position. I would say despite the difficult pandemic, we managed to acquire 10 good companies, total sales of about SEK 800 million, so also pleased with that. Equally important, we have taken, I would say, big steps forward in our sustainability work, and we will elaborate a little bit more on that, but we have decided on some, I would say, inspiring long-term objectives towards 2030. The board proposes a dividend of SEK 1.8, and I will explain more about that later in the presentation. If we then turn page and focus a little bit more on the fourth quarter, I will basically repeat myself a bit because the development and message is basically the same. Again, a good improved demand situation supported by mostly the MedTech and Pharma segments. This resulted in an organic order intake in +7%, very strong, and net sales organically +3%. Again then, continued variations between company segments and countries. We also had a record high EBITDA margin for the fourth quarter at 14.2%. This was driven by good demand sales, but also good cost management, as basically in the earlier previous quarters during the year, good strong cash flow, and also improved working capital efficiency. I would say that the acquisition pipeline is good. We managed to close two really good acquisitions in the fourth quarter. Now the year has started in a really good way with three acquisitions. I will explain more about these great companies further down in the presentation. Really happy with the fourth quarter. It could have been obviously much more difficult. It was in a macroeconomic perspective with the U.S. election, Brexit, and so on, a bit uncertain. We are obviously very happy as it turned out. If we try to explain a little bit more in terms of our order intake, as I've said, we have a growing cluster of MedTech Pharma companies, and they aggregated up due to a very strong demand in Q4. The pandemic continued to negatively impact several of our companies during the quarter, but the impact was slightly less than in Q3. We have seen an improving trend, I would say, sequentially. The segments show a broad and strong growth for us in MedTech and Pharma. In the quarter, we saw that some of these companies had a few large COVID-19 related orders. I would say broadly strong development in all MedTech Pharma companies, but some had an extra COVID-19 push. These are predominantly, I would say, linked to two things. We have invested both organically and structurally in what we call single-use systems. Here we see good growth to both vaccine development and also other type of pharma-related treatments where these are needed. Then we have sold ventilators in a good way also in the quarter. We also see positive development in other segments. To mention a few, I would say infrastructure stands out, water and wastewater, good segment for us, and many parts of the process industry, and also the wind energy side. The demand for valves for power generation, we have a large company in that segment, continued to be relatively good, but declined versus a strong Q4 last year. Many other companies exposed to the general engineering and automotive sectors still have a lower demand than last year, but it was slightly improved versus the situation sequentially in Q3. If we talk in a business area perspective, the strongest development was noted in Industrial Components and DACH, and the weakest was in Measurement & Sensor Technology and U.K. All in all, the order intake was 2% higher than sales. In terms of the numbers then, total growth +7%, organic growth +7%, acquisition effects +5%, and divestments -1%. The currency now give us a headwind of -4% in the quarter. If we talk about the total year, +5% in order intake. Organic growth was +2%. Acquisition was +6%, so both these together +8%, which is good, I think, during the circumstances, and currency -3%. If we turn page to sales, the net sales development in the quarter was +3% versus last year, and organic development was also +3%. Acquisitions contributed with +5%, divestment -1%, and currency -4%. If we talk in a geographical perspective about sales, I would say that Scandinavia was our strongest region, primarily driven actually by Denmark and Norway. Where we had a bit more difficulty in this quarter was in the U.K., not surprisingly, and also a bit in the U.S., and the Netherlands, and Switzerland. Net sales development for the full year was in total +4%. Organic development was in line with last year. Acquisitions contributed with +6%, and divestments and currency was -1% each. It's been a continued journey in terms of improving digitalization. A lot of our companies have found new ways to sell and market, which we will benefit from in a longer perspective. We still see issues where some of our companies are, I would say, dependent on installation work or service repair work on site. That's still obviously problematic due to the pandemic. All in all, a good sales situation. If we then turn page towards the EBITDA, I would say that thanks to the organic growth, for instance, in MedTech and Pharma, and good cost management, EBITDA growth during the quarter with 13%, and the EBITDA margin was record high for a Q4 and came in at 14.2% versus 13% a year ago. Organically, EBITDA increased with 11%, acquisitions added 6%, and currency was - 4%. We have had some governmental support for furloughs, and that's equal to about 0.3% of net sales during the quarter. That means then that the EBITDA margin, excluding governmental support, was still 13.9%, good improvement versus last year. EBITDA for the full year 2020 grew 12%, the margin increased to an all-time high of 13.6%. If we again exclude governmental support, the margin was 13.1% compared to 12.7% in 2019. Despite pandemic, again, good cost management and to some extent also a good benefit from a positive mix in terms of companies and products led to a record high EBITDA margin. If we turn to the business areas and start to talk about the sales situation, as I've said a couple of times, large variations between company segments and countries. Valves for power generation had a relatively good quarter, but declined still versus the very strong year before. This is the main reason for why business area Benelux decline in the slide here. In DACH, the German engineering customers are still at lower level than last year, and also some of our companies with customers in the Swiss process industry had tough comparables in good 2019. The sales decline in Finland is mainly due to a lower activity level at the industry customers, obviously caused by the pandemic. I would also say that in the quarter, we saw some positive signs towards the end of the quarter in Finland. Still a positive movement there. Business area Flow Technology continued to develop very strong. Biopharma and MedTech are strong drivers, but we also see a good development in many companies with customers in the process industry and also in the infrastructure segment. Fluids & Mechanical Solutions turned the organic decline the last quarters into growth now, and the strongest development was in the automotive aftermarket and also in water and wastewater treatment applications. The business area really standing out in an incredible way, I would say, is Industrial Components. We saw very strong growth here. This was mainly driven by the MedTech segments. In this business area, half of the growth in MedTech relates to COVID-19. It's, I would say, primarily linked to ventilator sales. Business area Measurement and Sensor Technology in U.K. noted a lower activity level in many customer segments due to the pandemic. In the U.K. also because of Brexit uncertainties during the quarter. The weaker segments there was automotive, marine, aerospace, and general engineering. If we turn to EBITDA by business area, six out of eight improved the EBITDA margin, obviously very good. The strongest was noted in Industrial Components, as I said. This ended up in a record high margin of 17.1%, super strong. All segments in the business area actually improved margins. Again, the strongest development was in MedTech. High increases also noted in business area Flow and DACH. These areas saw improvements in a lot of companies. Again, MedTech, pharma, process industry, and infrastructure stood out positively. In general, very good cost management. The short-time work is only a small part of the cost reductions. That's not the main driver. The only business areas with lower EBITDA margin than last year were Benelux and U.K. In Benelux, this is mainly due to a large posting, one-off effect last year related to pensions. The decline in U.K. is related to the sales decline, but also to some extent to unfavorable product mix versus a year ago. If we talk about acquisitions during 2020, we have now completed, as I said earlier, with two very good companies in the fourth quarter. First, Cheirón, a company in the Czech Republic, they are in the MedTech segment. They sell equipment for surgery and intensive care rooms. For example, ventilators and defibrillators and those types of equipment. It's a EUR +10 million company, they have had a really good start within Indutrade. Then we were able to acquire X-RAY WorX, very niche-oriented companies with a strong position in the global niche. They provide industrial X-ray inspection, where they provide the tubes for these inspection systems and have a really strong market position and innovation quality position in this segment. They are also a EUR +10 million type of company. In total, we made 10 acquisitions with a combined annual turnover of around SEK 800 million. Despite the difficulties to travel and basically meet at least beyond borders, we were able to manage this. I would say that we have an organization which is not really dependent on headquarters resources, so they are quite self-sufficient and do this in a really good way. If we look at the start this year now, acquisitions 2021 started in a really good way. We've been able to buy or acquire three great companies. First, we acquired Pistesarjat in Finland, and they have a strong position with advanced cable systems in Finland, well-known, strong brand, strong market position. Then we were also able to buy a German company called Tecno Plast, which fits right into the cluster of companies we have now building this single-use system in the MedTech area, pharma area. They have clean room establishments, and we share some suppliers already with them and know them well since several years. Really a strong add-on to already the position we have in this segment. Then we acquired Fire Proof in the Netherlands, providing passive safety products with also a very strong position in the Benelux area. We have a very similar company in the DACH region, and they know each other well from before. Strong complement there. By that, I leave the word over to Patrik to elaborate more on the financials. Thank you, Bo, and good morning, everyone. Let's dive into the financials a little bit more. As Bo mentioned already, total growth for orders was +7% and +3% for net sales in the quarter, and the full year growth was +5% for orders and +4% for sales. Order intake was 2% above invoicing, both in the quarter and for the full year, mainly driven by the strong order development in the MedTech and pharma customer segments. Gross margin is slightly higher than last year in the quarter, and that's mainly driven by the good cost management Bo talked about on the manufacturing side. That's improving the gross margin. If you look at the full year, the gross margin is in line with last year. EBITA grew 13% in the quarter, and the margin improved to 14.2% versus 13.0% last year. Again, if you exclude the governmental support, the margin was 13.9% for the quarter. Looking at the full year number, we grew EBITA with 12%, and the margin was 13.6%. If you exclude the governmental support, it was then 13.1% versus the 12.7% last year. All-time high in all aspects. Finance net is lower than last year. That's driven mainly, I would say, by the lower debt level that we had through main parts of the year. Relatively high tax cost during the quarter, but that is up 25%, while profit before tax was only up 16%. This is connected then to one-off items in the closing. If you look at the full year, the underlying tax rate is basically in line with last year of around then 22%. Earnings per share up 13% in the quarter and 12% for the full year. Looking at return on capital employed, basically in line with last year on 19%. Cash flow was strong again in this quarter, improved 8% up to SEK 792 million. I'll elaborate a little bit more on the next slide. If you look at cash flow then in a trend perspective, you can see a really good development the last three quarters. This quarter then grew 8% versus last year and as much as 45% for the full year. Working capital efficiency is increasing now. That's good. The levels decline slightly during the quarter, despite that we have this aggregated volume increase. If you look at the cash flow increase compared to last year, the main driver is actually the higher result. Even though we now are noting a decrease of the working capital and inventories, I think they are still on a slightly high level in many companies to safeguard customer service levels in these uncertain times. When this uncertainty sort of is reduced, I think we are confident that we can reduce the inventories and working capital further during this year. Earnings per share for the quarter grew with 13%, from SEK 1.10 to SEK 1.24. Full year earnings per share, SEK 4.6 versus SEK 4.09 in the year before, an increase of 12%. The improvements mainly come from the strong EBITA, but also by the lower finance net I talked about earlier. If you look at the EPS development in a more longer term development, for instance, then at the average annual growth the last three or five years, the increase is 14% and 13% respectively. Debt. Interest bearing net debt continued to decline this quarter and was at the end of the year around SEK 4.9 billion, and that's a decrease of 20% since last year. The quarterly decrease comes mostly from the strong cash flow, but the full year decrease, of course, is also attributed to fewer completed acquisitions due to the pandemic, and that we paid no dividend then for 2019. Net debt equity ratio decreased to 56% from 85% last year, so that's a large reduction. If you look at the historical perspective, it is at a low level, and especially if you consider that the implementation of IFRS 16 has actually increased the ratio with around 12 percentage points. The financial position is strong. Debt ratios, as I mentioned, are low. If you look at the short-term funding at the end of the year was around SEK 735 million, and you compare that with our long-term unutilized credit facilities, and they were at a level of SEK 4.3 billion, so a large headroom. By that, I am ready. I leave over back to Bo. Thank you, Patrik. We have a slide with our financial targets and the outcome on 2020. I would say that overall, we are quite happy with this outcome. We are not really reaching the growth target of minimum 10%, that's a target we are quite determined to reach year by year, obviously. If we add in the organic growth and the acquisition-related growth, we came in at +6% for sales and +8% for orders. We have some headwind from currency and divestments, I think taking it down to four. That's a bit annoying, we are still focused in a great way to reach that going forward. However, in terms of the EBITDA margin, we have an all-time high, 13.6%, well above our target there. In terms of return on capital employed, slightly below our target. We came in at 19%, target of 20%. I can't refrain from saying that if we exclude IFRS 16, we would have been at 20%. When it comes to net debt to equity, we are well below the 100%. In terms of our dividend, as I said, the board is proposing a dividend of SEK 1.8 per share, which is equal to 39% of net profit. We didn't have a dividend for 2019 for well-known reasons. For 2018, we had SEK 1.5. In comparison to that, it's an increase with 20%. All in all, a good year. We know we missed a bit in terms of growth, and we are working hard to come back to +10% going forward. If we turn slide, we have some comments in terms of the effects from COVID-19, it's basically the same messages as we have had in the previous quarters. As you have heard, some segments are still lagging in terms of demand. We have had some positive orders from COVID-19 in the MedTech and Pharma segments. The cost measures continue in all companies with decreasing volumes. Short time work declined further, majority of the programs terminated by year-end, definitely so in Sweden. The governmental support corresponded to approximately 0.3% of net sales. Permanent headcount reductions, 320 FTEs, approximately 4% of the workforce since the end of Q1. I think we were at 260 at the end of quarter three, another 60 persons. Now we will see dramatically less of that from quarter one and onwards. To say the positive thing, if any, from COVID-19 is that we have pushed ourselves in terms of digitalization, and I would say we will benefit from that in sales efficiency and cost efficiency going forward, and we will not go back to the old normal, rather find a new normal, and that's going to be a benefit. As a segue into the next slide, I would say we have also pushed ourselves in terms of sustainability. We launched our new sustainability vision and long-term objectives for 2030 in November. This is defining our joint ambitions in a more, I would say, explicit way than before. It represents our shared commitment to continuously develop and improve the businesses within our group in a way which is economically, environmentally, and socially responsible. Our strategy focuses on driving sustainable profitable growth while supporting also the UN Sustainable Development Goals. We are making good progress with our current sustainability efforts, where all companies are defining individual KPIs. We have also introduced five common KPIs on a group-wide basis. Our group sustainability strategy and objectives are focused on three main areas. It's people, which is extremely central to Indutrade, environment, and also profitable growth. In the people area, we have set the goal to have 100% engaged people. In the environment area, we have said that we want to become CO2 neutral by 2030. In terms of profitable growth, we say that 100% of Indutrade companies will contribute to a sustainable development. As a business group, we are known for our long-term commitment to making both our people and our companies grow. This commitment, combined with our strong entrepreneurial culture, give us the best possible platform to continue to create sustainable, profitable growth together. By that, we have reached the summary of the quarter and the full-year reporting here. Strong 2020 with record high profitability, improved demand situation primarily related to customers within MedTech and pharma, but also some other strong segments. Continued large variations between company segments and countries. Record high earnings positively affected by strong segments and good cost management. Gradual demand improvement expected. Still some uncertainty due to the pandemic, obviously. We have a very good acquisition pipeline and a good start here in quarter one. I would say that our diversified business group with agile and flexible companies working closely with our customer is a good foundation also for going forward. By this, we say thank you for the formal presentation part and open up for any potential questions. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero, one on your telephone keypad now. That is zero, one to register for a question. We have a question from the line of Johan Dahl from Danske Bank. Please go ahead. Your line is open. Thank you, and good morning. Just a couple of questions. As we look into 2021 here, I'm just curious to see, in your view, when you look at the efficiency measures on staffing pretty much, and you net that against probably some sort of normalization on OPEX, less government support or no government support, what do you presume the net effect of that will be in the current year on a sort of apples-to-apples basis, forgetting volumes? It's obviously a very relevant and good question, Johan. I can't really give you a quantitative answer on that. As I said, we will definitely benefit from efficiency measures and also from the competence and experience gained in digitalization, things like that. I don't know, Patrik, do you want to try to answer it in numbers? What I can say is that as we move into 2021 further and we see a normalization in demand, cost will gradually increase in our companies as they also increase activities. That will happen. We are now leaving most of our sort of furlough schemes. Instead, we have the structured savings you talk about, Johan. What's the net effect of this? Well, it's a difficult equation, and it's difficult to guide. Of course, increase in margin substantially is tough for us at the levels we are now since cost levels are pushed down. That's potentially the only guiding I can do. I don't know if you want to complement, Bo. No, we can't give you any numbers, Johan. We are so many companies, so many different situations. I guess we'll have to figure that out. If you look at gross margins, clearly a lot has happened also on the product mix. Yes. Can you say anything there when you look into sort of the normalization of the business post-COVID? Any conclusions there? We normally have a very stable gross margin over years. Now in quarter four, we benefited a bit from maybe weaker sales. For example, in the U.K., we had some mix which affected negatively in some other companies. In MedTech segment, for example, we gained mix from that. I think if anything, the mix will be slightly favorable rather than negative going forward. Thank you. Final question before getting back in line. Can you say the order intake up 7% organic, is that also related to ventilators that seem to have had quite a significant tailwind there in Q4 in terms of sales? Yes. One specific company and one specific big order from a specific sort of hospital organization. That we won't benefit from, but we also benefited from vaccine-related sales. We sell these single-use modules to vaccine production, you can say. That I think will continue also going forward. Orders are heavily impacted by that contemporary effect? Yes, to a certain extent, yes, but maybe heavily is too strong word. Okay, back in line. Thank you. Thank you. I remind you that if you want to ask a question, please press zero, one on your telephone keypad now. There will be a brief pause while questions are being registered. We have a follow-up question from Johan Dahl from Danske Bank. Please go ahead. Just on these acquisitions that you have announced in MedTech, can you just talk about what you're actually aiming for here? Is this a deliberate push into this particular non-cyclical sector, or is it more a deal as it can happen? I would say we are opportunistic, but we also, to some extent, we are deliberate, and here we have been deliberate. We are building foundational companies with clean-room facilities and single-use module assembly production. Now we have that in the Netherlands, we have it in Germany, we have a smaller one in Ireland. This we will try to continue. We are recognized. We have our own brand. That part is deliberate. Is also acquisition multiples fairly similar in that space? It seems very stable looking at your performance in terms of what you're paying for acquisitions in 2020. Yes, it's maybe a notch higher but basically in the range where we are. Thank you. There are no further questions at this time. Please go ahead, speakers. Okay. Thank you for participating, listening, and I wish you a good day, and we stay in touch. Bye-bye.
Loading workspace