Thank you very much, and welcome everybody to the Q4 and full year presentation from INVISIO. The last period of 2020 was very intense for INVISIO. A lot of activities happened, and one of the most importan t ones, and indeed also a milestone in the history of the company, was the acquisition of Racal Acoustics that we completed now in the end of January. This acquisition is our first, and it does not only mean that we increase our revenue base, but it also mean that we now have two of the market's strongest brands that we can offer to the market. We believe in general that the developments in the quarter were quite stable, and also in 2020, despite the pandemic that we have all experienced. We think we have been able to strengthen our company and our market position despite the exceptional conditions that we have seen throughout the year. All in all, INVISIO is well- prepared for 2021. We do see that, especially in the first half of the year, as many restrictions are still in place, there could be challenges in the same way we have seen during 2020. We will now turn to page number four where the financial result for Q4 and full year is presented. Now, last year in Q4 2019, when we reported that, it was an exceptional quarter, the biggest ever in the history of the company. For this Q4 in 2020, it was also a very strong quarter, actually the second best in the history of INVISIO, but it did not come to the exact same level as in 2019. We reached about SEK 173 million, but I'm happy to say that for the full year, we came up to SEK 532 million in revenue, which was an increase towards 2019. Actually, in like- for- like currency, we had an increase of 7%, which we believe is stable given the market conditions in 2020. In Q4, our gross margin was impacted a little bit by a couple of things we've seen before, a little bit of product mix, a little bit of currency, but also a little bit of extra transportation costs due to the pandemic, where now transportation has become a little bit more difficult and also more expensive in certain cases. We believe, as we've said before, that our long-term ambition is to stay somewhere between SEK 60 million and SEK 65 milllion, and we should be at that level also going forward. Our operating profit in the quarter was impacted by one-off costs associated with the acquisition of Racal Acoustics of about SEK 7 million. Other than that, our operating expenses in Q4 and also in the full year is according to our plans. They represent the investments we have been making for quite a while in especially the organization, in R&D, and in sales, and related to all of our focus areas, our military business, our introduction of the intercom, and also the entry into law enforcement more forcefully. This investment in operating expenses, it represents 24 new colleagues during the year for INVISIO, and we see, of course, the majority of the cost now in Q4 and for the full year. No surprises for us there. The order book at the end of the year was SEK 123 million, a little lower than the same time last year. As we've said several times during the year, we can see that the pandemic have delayed especially larger customer projects because it is not possible for people to gather and do testing and also run all the activities needed for making new purchase on a larger scale. We still have seen a good- I have seen a good order intake of running orders, of smaller orders. The order intake was acceptable during the quarter. I will now turn to page five, and just a quick overview of the last five years. As you might recall, we have an ambition to grow our sales or revenue in average with 20% per year. We are a little lower now with 18%, but again, this fluctuates greatly between quarters and years. On the EBIT, our ambition is to reach at least 15%, and for the last five years, the average has been 22%, so we are well above on that account. Now on page six, it is a picture that some of you have seen before, which is related to when we announced the acquisition of Racal Acoustics and the deal is now closed since end of January. Here we bring together two of the strongest brands in the industry, two complementary product portfolios. To make it easily understandable, you can say that the INVISIO personal system is on one side, and then we have the Racal system for high noise use in vehicles. The INVISIO personal system is mainly for dismounted use. The Racal system is for vehicle use of all types and then w e also have the intercom system that INVISIO has recently brought to the market. It is clear for us that the offer of the two brands is complementary. It will help us to cross-sell and also increase sales of both brands. It will support the INVISIO Intercom system. It will empower the sale of Racal in the U.S. due to the strong sales presence that INVISIO has there. All in all, we will see very good collaboration across all functions that will give us many opportunities to work from. Last but not least, we will get a good, strong footprint in the important U.K. market. On page seven, just a view of the latest product that Racal Acoustics have brought to the market, a very advanced digital headset for use in very rugged environments with constant high noise. These are tanks or military type vehicles with constant high noise. This headset is a so-called digital headset that gives best-in-class hearing protection, communications, intelligibility, and situational awareness within vehicles. When it's digital, as we call it means that it is possible to customize the headset for use within certain vehicles, i.e., the customer is able to set it up for optimum performance within his own environment or for specific missions, so a very good addition to our common product portfolio. On page eight, we have added to our reporting in the same way we have done for INVISIO's addressable markets. We have added the Racal Acoustics market. To put it easy to understand and calculate, I believe, first of all, Racal Acoustics is the market leader in a high-noise market where there are only a few competitors. The users for the product are mainly crews in large military vehicles, above all in Europe and in the U.S. When we count these vehicles, we come to about 1.2 million positions or seats in these relevant vehicles, and t hat gives us a total addressable value of the market of about SEK 7 billion. If we then estimate procurements at approximately 15 years interval, then the average annual market or addressable market is worth around SEK 0.5 billion-SEK 0.7 billion. This is of course a simple calculation and based on certain preconditions. The intervals are a little bit longer than what we normally see on our dismounted products, but this is related to long vehicle acquisition programs. The information about the addressable market is included in the report that we have published today. On page nine, going forward, we'll market both brands. Under the INVISIO group, there will be two product brands, Racal Acoustics and INVISIO. Both brands recognized globally for their heritage and expertise. The INVISIO brand predominantly for soldier systems and portable intercom systems, what we call dismounted solutions, and the Racal Acoustics brand for high noise solutions in vehicles of different types. Going forward, it is our intention that Racal Acoustics will become the center of excellence in the group for high noise solutions. We will see that area grow as we expand our revenues over time. In this way, we believe we can take advantage of the combined competencies and resources across all functions in the INVISIO group. On page 10, we have also seen a good development in other areas of our business despite the difficulties around traveling and so forth. We have seen a very positive response to the marketing of the intercom system. We have been able to be out, visit certain customers, especially in the U.S., but also parts of Europe. The response have been very positive, and we have a number of systems out for trial. We've also received approximately 10 smaller orders from Specialist user groups in the U.S.A. and Europe. It is interesting for us to see that it's not only military special forces that take great interest in this, but also certain special forces within law enforcement and police. All in all, in 2020, I think we have seen a development for our new intercom system that we are pleased with, especially during the current market conditions. On page 11, we have also continued and strengthened our efforts with focus on law enforcement and security. As we said, in the early part of 2020, we have invested in more sales members of our organization in both U.S. and Europe that could target law enforcement and security. This is, of course, a long-term activity, but we have now laid the ground, we have gradually seen through 2020 an increasing number of distribution partners, but also an increasing number of quotes and orders from law enforcement and security customers globally. Again, this is a long-term investment for us into the law enforcement and security market, we believe that INVISIO and also Racal Acoustics do have the possibility to become the global brand of choice also for law enforcement users. Now on page 12, after the end of the year, we have started on a good note. We received an interesting order from a new elite force within the U.S. military, a customer that we, as often, are not allowed to name, but a new elite force that now also have chosen to use INVISIO systems. As always, this is an important reference for us from other customers globally. On page 13, elaborating a little bit on our strategic focus areas. We have, in 2020, also continuously seen good progress in new geographical markets, even though they have been hindered by the inability to travel in the pandemic. We have received a number of new initial orders from customers in the Asian region especially, but also in the Middle East area. As usual, this is how it starts, with smaller orders for specialist users, and then over time, this will develop into larger procurements as we move forward. We will continue this focus on new markets in 2021. Together with Racal Acoustics also, that also have a strong consistent in some of the markets in these new regions, we will find the best way to market both brands in the new regions. Now, last but not least, on page 14, the Board has decided to propose a dividend of SEK 0.70 per share, which is a little lower than last year. We have, I think shown in 2020 that we have plenty of opportunities for utilizing the resources we have in the company, partly with the acquisition of Racal Acoustics, but also with the continued investments into the organization in both R&D and in the sales organization. The Board of Directors believes it's prudent to stay within the policy for dividends that we have for INVISIO, and therefore propose the amount that is mentioned here, SEK 0.70 per share. With that, I will conclude by saying that Q4 has, for us, been stable, I would say. Continued execution on the activities and the strategies we have set out on a long time ago. Even though it has been a very difficult year because of the pandemic with lack of travel possibilities and trade fairs, we have still fared relatively well, and we are optimistic of the opportunities that lie ahead of us in 2021. In the first part of the year, we will of course, focus on integrating Racal Acoustics and INVISIO, but we will also continue our long-term investments, both in our new intercom system, with the possibilities we see in all parts of the world, but also in addressing continuously the law enforcement and security market. With that, I will end the presentation and be open for questions, please. Yes, sir. Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. As a reminder, if you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. Once again, star and one if you wish to ask a question. We have questions that came through, sir. Your first question comes from the line of Viktor Westman. Your line is now open. Please go ahead. Thank you for taking my question. I have a couple questions regarding Racal Acoustics. Can you say something about how many customers they have, and what are their largest customers? Anything on the market share also? Yes. They operate a little bit differently than we do in the sense that they mainly sell through, where you can say system integrators and other companies that are parts of large vehicle programs. When a vehicle program is sold into a certain country, then Racal Acoustics is often a sub-supplier to the ones that are integrating communications and other parts of what goes into the vehicles so t hat's their traditional operation model. We, of course, hope and think that with the combined efforts of Racal Acoustics and INVISIO, we will be able to expand that also into selling more direct into certain customers. One example of that is actually that Racal won the tender for equipping the Danish Army, DALO, with their new RA4000 headset not long ago. This is one example of where it has been possible to sell directly. I actually had a follow-up on the DALO contracts in Denmark. Can you give any more details on what's included in these contracts? Is it just for tanks or are there other kind of vehicles, for example? It is for transportation vehicles, and for, I would say, a range of without going into all details, it's not only tanks, it is for a range of vehicles, where this type of headset is needed. What Racal provides is a full solution of headset but also a light bumper helmet, if you like, for the user. It is a package for the users that are in those vehicles. Yeah. Okay. The last question also with regards to what happened with the U.S. Marine Corps. Do you see any risks for other customers that they will not get the financing necessary or was this situation a special case, an exception? As we've said many times, we are absolutely certain that the global trends are working in our favor in the sense that everyone will need modern radio communication, and everyone needs hearing protection. It is hard to predict exactly how fast the rollout will be of personal individual radios. In this case, it is our understanding that for at least a period of time, the majority of users in the Marines will primarily be needing hearing protection only, i.e., ear cups with hearing protection, and not everyone will have a radio system. That's why the solution they are requiring right now is not exactly what we have in our portfolio. I'm sure that in a not too distant future, there will be a rollout of radios to Marines and others that today does not have a radio for everyone. It is a time delay. Of course, it's the same development we see in many parts of the world where people are going from no radio to some type of radio but t he timing is difficult for us to predict. Yeah. Let me please just squeeze in one last quick question also on, you mentioned the drivers for your traditional business. What do they look like for Racal Acoustics? Do they also have modernization drivers or is this market more mature, would you say? To some extent you can say yes. In the early days, the market for Racal types or Racal products were the drivers in different vehicles, but also the crews in different vehicles. I think that is still the same, but there is a tendency to the border between being in a vehicle and being out in the field are sort of disappearing a little bit. Many users are both during transport, but they are also out in the field, and there are many different ways of obtaining a perfect solution for each individual customer. Racal has a very long-history in providing fixed installed headsets for different types of vehicles that have a good market share in many markets and t hat is definitely a market that will continue to exist for a long time. Thank you so much, Lars. You're welcome. Thank you. The next question comes from the line of Jesper Birch-Johnston. Your line's now open. Please go ahead. Good afternoon, Lars. A couple of questions from me. Yeah. Just starting off with the gross margin in the quarter. The revenue mix, perhaps 59%, perhaps a little bit below, but we have come to expect at these revenue levels. Was there any third-party modules gross margins this quarter, or was it solely your own product? Yeah, it was a combination of five, six things. A little bit of third-party products, a little bit of a couple of older products that we have been selling, where the gross margin was not so high where we got an order for. Yeah, just the mix in general. I think this is just down to the usual fluctuations we see between quarters and so on. We should be up again in the not so distant future. Yes. Thank you. Also there is a little extra related to transportation and other things here because of the pandemic. It's much more expensive to transport things around now than it was just a few quarters ago. Got you. Thank you. Also, you mentioned at the start of your presentation here that several orders or products have been delayed due to COVID-19. Would it be possible for you to give an estimate of what type of order value has been delayed in total? No, we don't do that. I think also it would just be guesswork because, again, we don't have full insight to the size of the opportunities that the customers will be working on. I think, as we've said before, the challenge we have sometimes is that everything that our customers work on, also on a bigger scale, is always for longer term modernization program. It is very seldom that it is urgent, so they need it in big numbers here now. It is always on a little bit broader scale, and therefore, when the pandemic has hit now, they are able to just postpone it for a quarter or two, and then come back, hopefully, when things are turning back or getting better. Yeah. Especially now, I think we're seeing a little bit of light now in the U.S. also because there, at least, it is possible to travel. After the new administration is in place, a lot of people have been changing positions. Now, slowly but surely, people are getting into place in their new positions. Thank you. My last question is on Racal Acoustics, and I know when you announced acquisitions, we talked about the gross margins, which could be a little bit lower than INVISIO's due to Racal selling through partners or sales being driven by partners. Could you comment on what types of EBIT margins you're expecting in perhaps 2020 and 2021 for Racal? No, again, we don't want to give any predictions, but I think that it looks good. We don't have any surprises, so to speak. We are happy with what we have seen. When it comes to gross margins, as I've said, I think we can within short be able to be at a level that is close to where INVISIO is today. It should be possible for us to have a good contribution from Racal as well as it looks. Thank you. Those were all the questions for me. Welcome. Thank you. The next question comes from the line of E. Y. Jo. Your line's now open. Please go ahead. Hi. Good afternoon. Thank you for taking my question. I have three. Firstly, Lars, given you have a complete product portfolio after Racal acquisition, would you consider to add more direct sales in other region outside the U.S.? Is it possible to give us an indication on your OpEx budget for 2021? Secondly, you have mentioned that Racal's products, the high noise headset and Magna 4000, is one of the best in class in the market. Maybe could you comment a little bit on their medium noise headset, and how would you compare it to the competitors? Thirdly, regarding larger contracts which you received in 2019 from the U.S. customers, could you clarify on if you have got any of the orders under those contracts in 2020? What is your visibility for the first order or follow-up orders in 2021? 2021? All right, Jan-Peter that would be my question for now. Yes. I'm over 50, so I can't remember all of them. I've forgotten already. The last one Wei, about the orders, I think in late 2019, we were awarded a large frame order agreement for $30 million at the time. That one is being utilized. We have received order under that contract in 2020, and we also expect to receive good orders under that contract in 2021. That is definitely still active. Even though the pandemic has been tough on many, I would say that the budgets are there. It's not like the military budgets have been heavily reduced or anything. The budgets are still there, and we of course believe that at some point when people are returning to their offices, that they will be spending the money that they have in their pipeline. When it comes to Racal products and medium noise, yes, the RA4000 is definitely the most advanced headset out there today. It's a brand-new digital platform, as I said, and that means that you are able to customize it in the environment of the customer in their vehicles and t hat is new to the market. That is a product that will be competitive for a long time to come. In medium noise, yes, there are also products available, and we have not revealed everything that Racal Acoustics have, and that will come into the market but t hey also have products that have been in the market for a while. There's a product called RA5001, I believe, Raptor, which is, I believe, the most sold headset ever for vehicles. My understanding is it has sold more than 500,000 pieces in history and i t's still a product that is very popular. It's still being sold into both existing and new customer contracts. There is a range of products there that are legacy but are very popular and very well proven in the environments where they operate. Your first question, can you repeat that, Wei, please? Yes. Is it given you have a complete product portfolio after Racal acquisition, which considering to add more direct sales in Europe? Yes. Also, if you could give us an indication on your OpEx budget for 2021. Yes. I think, yes, I mean, one of the things that differentiates INVISIO towards anyone else in our industry is actually our sales machine, if you can call it that. We now have more than 20 people in the U.S., 25, and we have a larger number for Europe and the rest of the world. We have a sales team that no one else can match in the industry. Of course, once we have now started working closer to Racal, we will find out what we both need for being successful or more successful in certain new areas. If that means adding more salespeople, then yes, we will do that, because it could mean that the combined portfolio of Racal Acoustics and INVISIO in a certain region would make it even more attractive for us to add one or two more salespeople. Definitely this is something we look at. I would also say at this point in time, we are a little bit cautious about increasing our OpEx in terms of sales people, because we just want to see how the integration is coming on. We need to get to know each other. We need to understand what competencies they have, what we have, and where we would then need to grow from there. The first half of 2021 will definitely be sort of a starting phase and finding out where we stand with Racal and INVISIO together. Great. Thanks. Just want to follow up on the U.S. contract. Apart from this framework agreement with U.S. DoD, I remember you also had, was it two long-term contract with different unit of special force? Yeah. Could you also confirm if you have received any orders on those agreements in 2020? Yeah, we have. Yes. Okay. Thanks. All right, Jan-Peter. Thank you. Yes. Thank you. No further questions have come through at this time, sir. You may continue. If there was no further questions, then thank you very much for dialing in today. I will talk to you again after our Q1 in April. Thank you, everyone.