Hello, everyone, and welcome to the Lifco Q4 Presentation. I would like to start directly by going into page number two, where we can see the high-level group financial performance in the last quarter of 2020, as well as the full-year performance. On the high level, we can conclude that we, in the fourth quarter, had a net sales development which was fairly flat. It was consisting of organic decline of about 2%. I will come back with more details around that. We had a positive effect from acquisition of around 6% and a negative effect of exchange rates of about 3.5%. We will go into the further details in the following slides. I also want to just highlight that the board in Lifco has proposed to the annual general meeting that the dividend per share would be SEK 6. Also that we have today announced that we will propose to the annual general meeting a split of the share of 5: 1. With that, we can go to page number three and look into the more details around the business area. If we start with the Dental Business Area, it has been this year, 2020, was a very turbulent year for the area as you all know. We had a dramatic impact on our business in the second quarter, which then rebounded gradually during the summer, and that has been on a fairly normal level during the fall and throughout Q4. Overall, it's been a solid stable quarter for us in the last quarter of 2020. The only thing I'd like to highlight is that the market for the prosthetics business was still on a slightly lower level. It's our laboratory business where we're offering products like crowns and bridges to dentists predominantly in Germany. There we saw still a slightly weaker market. I'd like to highlight in dental that we have continued to be on an extraordinarily low cost level due to the pandemic. There's been basically fewer and lower activities in the sales and marketing, just like we saw it in the Q3. If we continue then with Demolition & Tools, we are then happy to see that we have a sequential improvement. The business was weaker in Q2 and Q3. We saw a gradual improvement during Q4. We still are on a lower level than Q4 2019, on an improving track in this business area. When it comes to the margins here, I'd like to highlight that the margins here can fluctuate between the quarters, and we had a fairly low margin in the last quarter of 2019, where we basically had very few special orders, and typically we had some special orders in most quarters. Last year in 2019, we had a lack of that, so that's also explaining the margin improvement in this area. When it comes to the third area, our Systems Solutions, as you all know, it's combined of many different areas. We see here a decline in sales in the quarter, but an improving margin. The sales decline is mainly related to lower sales levels in the project-related business. In this area, we have both in the forest division and in the environmental and garden division. We have some companies that have more project-based deliveries, and they can fluctuate. In this quarter, we had lower sales, but they can also then fluctuate in terms of profitability, and the profitability was quite okay for this area in the quarter. If we continue then with other parts of this division, we still saw a slightly weaker area for the more CapEx related products or the more indirect products that we have been referring to earlier in 2020. However, I would like to highlight that we still have that in some parts of the business. Some companies there also see a sales decline, but with still strong margins because they have a strong aftermarket business. When they lose the CapEx sales, they still have pretty good aftermarket business. Overall, it's been a fairly stable development also in this area, and we've been as a whole, not too much affected on the pandemic in the Systems Solutions area. Then I'd like to continue to go to page four and just summarize what I already said here, that Dental is basically coming back after the very sharp decline in April, May. We are, of course, continuously worried about the lockdowns that are taking place in Europe, and it's still something that we have to keep an eye on. We haven't seen in the recent second, third wave lockdowns the same effect as we had in Q2. That is always, of course, something that is a concern how Dental treatments will develop until the pandemic is sort of fading out. When it comes to the Systems Solutions area as a whole, as I said, it's been relatively unaffected. We have some companies that have been positively affected and some that have been negatively, but as a whole, it's not been too much. In Demolition & Tools, we had a tougher market conditions in Q2 and Q3, and still not perfect market in Q4, especially for the more CapEx related products. It's going in the right direction, is what we feel in the fourth quarter. As a whole, we have still an impact on lower sales and marketing activities in many of our companies where basically trade shows, different customer events are not being performed as normal in this year. We come back to acquisitions at the end of this presentation, but obviously we had an impact in 2020 that Q2 and Q3 was more difficult than normal to carry out the acquisitions. As we will come back to here, we have now started that activity, and announced quite a few acquisitions previously. We can then go over to page number five, this is a slide that we update once a year, so now we have the figures for 2020 available. As you can see, this is now describing mainly our growth from acquisitions over the years. As you can see, we see acquisition as our continuous growth driver. Over the last six years, it's been a growth from 9% to 14% coming from acquisition in any given year. Unfortunately, 2020 was on the lower level. We only generated 9% from that, and that has, of course, to do with the lower acquisition activity in the second and third quarter. I can also just comment on our EBITA organic development, which was done at 0% in last year, which obviously is an effect of the pandemic and the weaker market in dental and also in some of the other areas for 2020. The last point from slide number five is that I wanted to highlight that Lifco model is based on the ambition to continuously grow from acquisition. Obviously focusing on doing organic growth over the years, and then keeping our net debt to EBITDA level constant. As you can see, we have now the same net debt to EBITDA in the end of 2020 that we had in end of 2015. We generated quite a lot of acquisitions in the same time period. If we go to page six just continue to talk a little bit about our interest-bearing debt, which is now down to SEK 3.2 billion, compared to SEK 4 billion one year ago. Now we have actually an interest-bearing debt of 1.1x EBITDA, which is a record low for Lifco since we went public in 2014. I can also already here mention that we have a small slight effect that two of the acquisitions announced in October and November 2020, they were not closed until early January in 2021. That also impacts that the actual payments went out after the 31st of December. We can go over to page seven and just take a little bit step back and look at our ambition. Our main overall target is to increase our profits every year, and we are very happy to conclude that we succeeded with that target also in 2020. As you can see also, it can be difficult to read out from the colors, but also Dental division ended up with a higher profit this year. The only area where we had a lower development was in the Demolition & Tools, which has to do with the market condition being a bit tougher for us compared to previous years. We're quite happy that this was able to be generated also in the year like 2020. We can go to page number eight and just briefly talk about one of our most important measurements is on the right-hand side of page number eight. This is basically an indication of how our businesses are in terms of asset intensity. We are now improving that return on capital employed quite a lot in this year. It has to do with the improved profitability, but also that we have been releasing some of our working capital in 2020. I also would like to highlight that the comparison with 2018 is not really possible because we then changed the calculation method with the implementation of IFRS 16. The actual outcome in 2020 is very strong also compared to historical figures. We can turn all the way to page 24 and just look a little bit more into details in cash flow. As we've been seeing throughout the year, we had very strong cash flow in this year. We have now generated around SEK 2.8 billion in our operating cash flow, which is very strong for the year. We can also then on the right-hand graph on page 24 see that we did not allocate as much capital to acquisitions in 2020 as we did in 2019. We have, as you see, increased our activity in the recent months. Then we can just go to page number 29 and just a little bit look at the acquisitions that we've been carrying out. Actually now when we summarize things, we have then been able to communicate 10 deals since the pandemic started in March 2020. The activity is now back more to normal levels. However, it's important to highlight and I often get the questions about the pipeline. It's very difficult to say how the future in acquisitions will be. We work very hard with it, and we continue to try to do a lot of acquisitions, but the outcome is very difficult to forecast because there has to be many things that goes right in every deal to happen. The activity level and ambition is very high. As you also can see from our balance sheet, the financials are there to have capacity to carry out more acquisitions also in 2021. With that, I would like to open up for questions. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press 01 on your telephone keypad now. We have a question from the line of Carl Ragnerstam from Nordea. Please go ahead. Your line is open. Good morning. It's Carl from Nordea. I have a few questions. First of all, in terms of your dental business, what have you seen in terms of demand recovery for your prosthetics business? Also what could you say about the backlog? I guess you have a bit to work through when entering 2021, I guess, if the society will normalize or how should we view that? Specifically for the prosthetics business, it dropped like everything else in the second quarter, and then it didn't come back the same way as the more consumable products. We've seen a slight improvement, but it's still not back to normal levels. That's the way I can best summarize it. The reason for this is, of course, that in a pandemic, there is a certain amount of people that don't make bigger treatments. I think that's what we're missing out on. It's not a catastrophe, but it's just not back to really normal levels. When it comes to backlog, it's very difficult for us to say because it's not like we have a backlog of dentists putting orders when they get the patient in the dental chair. I guess what you're referring to more is there a pent-up demand? Of course, you could argue that it's likely a bigger need for more treatments when this pandemic is over. Exactly when and how that will play out, it also has to do with the capacity of the dentists in Germany specifically, how quickly they can cope with that. It's likely that there should be some kind of effect at some point in time when the pandemic is over. Okay, perfect. Also in terms of SG&A, you managed to take out roughly, I guess, SEK 60 million year-over-year. Just in terms of in general, I know that you don't give guidance, but what could you say is more defined as long-term savings and how much could be sort of will come back when the situation normalizes? We haven't communicated that specifically, but I think in previous calls I've been mentioning that certain companies, especially more in the cyclical areas, they took the chance and the opportunity to do a little bit of a slight restructuring in this year, and they have been going through all their cost levels. Whereas in other areas, maybe as an example, in Dental, it's more of a sort of short-term effect where activity is a lower level because the Dental market is a typically stable business, so they have the right capacity going into this and the capacity is likely to come back. Exactly in what form this will come back and how quickly it will come back, it's impossible to answer because it has to do not only with us, it also has to do with competition, how they act, and how the general market develop in terms of how will trade shows be carried out in the future and activity levels with customers and so on. It's very difficult. I can't give you a more precise information on that. At least a certain degree of the cost savings should you consider to be long-term sustainable? Of course, in certain parts of the business, there's been a little bit of that. If you look at number of employees in Lifco, there's been certain companies that have reduced that because of the lower demand throughout the year, and yes, of course, a little bit like that. Lifco is, as always, a story of many different companies. You see both, but quite a lot of this, of course, has to do with general savings that potentially could come back to normal levels at some point. Perfect. In terms of Brokk, could you give some more flavor on the current market condition? I guess it is CapEx driven demand. Would you say that it is still a high degree of uncertainty impacting the order intake and the order, or what do you see there? The way to look at this Demolition & Tools segment is that the underlying market has been improving sequentially over the year now up to Q4, and that also has been impacting all our business. It's been a slower development on the more expensive type of products. We see it more quicker in the more, if you like, more simpler and less expensive products that's more one-to-one correlated with immediate construction market development. We don't give any guidance and we don't know. It's always an uncertainty about the future, but as I've been mentioning here and also we published our report, it was a better quarter for the underlying markets in Q4 compared to Q3 and Q2. Okay, perfect. The final one from my side. During 2020, we saw almost mainly Dental acquisitions. Is it a coincidence, or is it more that you put a lot of focus into this business area, or is it probably because it's easier to do acquisitions within the segment given that the pandemic had quite little impact on the Dental side, at least during 2H? Yeah, it's partly a coincidence. We have been working on many other sectors as well, and sometimes a deal happens and sometimes it doesn't happen, and now it happened in Dental in a few instances. The only thing I could mention is that the organization in Dental has been set in a more stable level. In 2019, there was a little bit of changes in management, which had effects also further down the organization that we had to reorganize and lift up people in different positions. We have now in the Dental area, people that are driving acquisitions more frequently. That is one factor. Just by doing that, it's not sure you get the deal. Also to just mention that we have now in the recent, yesterday and then a couple of weeks ago, we have announced also the Swallow Dental Supplies. We are working in all sectors like normal. Okay, perfect. Thank you. We have a question from the line of Pierre Johnson from RNT Asset Management. Please go ahead. Thank you, and congratulations, Per, with the fine results. A few questions from my side regarding the dental business we just talked about. You made a lot of more production-related acquisition in that, and you mentioned that there were low cost in Q4. Should one see that the margins in the dental business is heading above 20% or even more going forward? That's my first question. When it comes to the Dental area and the margins, it's quite clear that we've been communicating this previously, that obviously our margin is higher in the manufacturing software and prosthetics, and obviously slightly lower in distribution. I also have said that we like to buy manufacturing companies, we like to buy software companies, but we're also open to buy distribution companies when they make sense. To answer that question, it's a little bit depending on what we will do going forward in terms of acquisition, and we're open to all sectors. If we can find good opportunities, we're open to all. It's not a given that it will happen, but on average, and it's not perfect, but on average, of course, the margin is always slightly higher in manufacturing and software. Yeah. Okay. Coming to a page that you didn't talk about, that's on page 30, about the number of acquisitions in the last 15 years, as I see it, quite a number. Is that an indication that you have ample of capital, but you also have ample of management to actually really drive Lifco as a much bigger company than we have today, or how should we see this indication? I don't know if page 30 is the indication, but I think what you're asking is, can we continue to grow with a lot of acquisitions in the future? The answer is that we are continuously developing our organization also. If you look at the acquisitions we've been doing in the last 10 months, there have been people being involved that were not involved in the past. We are lifting up new people in that process continuously. This is not something you do in one decision. It's a gradual process where you have new people in the system. We talk about our good companies subsidiary CEOs that from time to time then get the opportunity to engage in this. As they engage more and more, we build up the capacity also in our organization to handle both the acquisition work, but maybe even more importantly, the chairman of the board work in the companies we buy. There we have to have more people involved in that going forward to continue to increase our acquisition. Okay. What you're saying is actually will you in due course change the structure in the conglomerate? I know from earlier days that you always look at one company at a time, and the way you and Fredrik look at it was not like the way we look at it from outside. Are there any thoughts on that, or is it still too early? This doesn't change. The people that are being lifted up, some people are only working in one area, but also after time, they could also be stepping out and being a chairman or director. We still have that philosophy that we should build good general managers that can be future leaders of a portfolio company. Yeah. Great. Thanks. There are no further questions registered, so I hand back to the speaker. Okay. Thank you everyone for listening in. I wish everyone a good day. Thank you.