Thank you operator. Good morning, everyone. My name is Max Strandwitz. I am the CEO of Mips, and with me today I also have the Mips CFO, Karin Rosenthal. I will take you through the key highlights of the year-end report. We did see strong performance in the quarter with 60% net sales growth, 77% organic, adjusting for currency effects. Despite the challenging start of the year, we managed to turn around the performance and deliver an organic growth of 43% for the full year. We continue to see good consumer demand in bike. We have a record amount of customer projects. We do see a strong increase of customers and models on the market equipped with Mips. We did launch our first international customer in safety in January. We continue our journey to increase the Mips brand awareness, which is a very important strategic objective for us. Next Mips team athlete is out. We did launch our new product range structure, which is another step for us to become a bit more consumer-centric in our communication. Our board is proposing a dividend of SEK 350 per share, which equates to 71% of net earnings, well above our ambition of 50%. Our long-term financial target remains intact. If you then turn to next page, I'm now on page number three. I'm also happy to announce that we continue to expand our customer base. We have now 121 active brands all over the world, which is an increase of 18 brands versus the same period the year before. We grew with all our key customers in all the categories we're in and in all the geographies we are present in. We have delivered Mips BPS to 729 different helmet models. During 2020, we delivered 7.2 million Mips BPS units. We have now delivered more than 20 million units since inception. At the end of 2020, we had 6% of our addressable market. There is still a lot of growth to go for. If you turn to next page. Like I said, we continue to see a good demand in bike. There is a high demand for Mips solutions in bike helmets. Just a reminder and important to know, sales to bicycle has been the main part of the sales for the fourth quarter. The industry expectations is that inventory levels in retail were not normalized prior to mid-2021, which means that there will be bike helmets being produced also in Q1 and Q2, which is normally not the case. We do see good interest for commuter helmets for recreational use, and e-bike helmets. Basically, good demand in all types of helmets. If we then turn to next page, and maybe a little bit the flip side of the story. Snow, we see a very different situation around the world. There is high interest for winter sports around the world, but of course, restriction limits possibilities to travel and do winter sports. Nordic and the U.S. ski resorts are, to a large extent, open. There is still limited possibilities to ski in both South and Central Europe. The uncertainty of the winter holiday season remains. We see mixed retail sales on different markets. Nordic and U.S. market have a decent sell-out. I think anyone that tries to get any ski gear in Sweden today will struggle quite a lot. Soft performance in South and Central Europe. Our expectations of a soft winter 2020-2021 still remains. With that, we turn to next page. I'm now on page number six. If we look at our important category, Moto, we continue to see strong sales, mainly through increased penetration with our existing customer. Motocross continued to be the key driver, but we are also gaining quite a lot of traction in road motorcycle. We have launched several initiatives to improve our position in motorcycle. We tailor marketing asset and sponsoring of key events to make sure that we increase the awareness of Mips also in the Moto category. We do expect also good consumer demand also coming quarters. If you turn to next page, now on page number seven. In safety, I'm happy to announce that our international expansion has started. We see good interest in the safety category from both helmet manufacturers and construction companies. We have our first larger customer on board, Centurion, which is a key PPE supplier for the U.K. market. We have developed a new harness solution which brings possibilities for Mips also in harness-equipped helmets, which has not been the case before. Just for reference, a harness-equipped helmet is actually a helmet with straps inside the helmet. We now have a technology which actually can slide on that harness system and have the possibility to mitigate angled impact also in those type of accident scenarios. No change versus previous communications. Volumes will start to ramp up in 2021. If we then turn to page number eight, our ambition is to become the expected solution. In order to do that, you need to win the consumer. We did therefore simplify and launch or relaunch our product range. It is a simplified product range that makes it easier to choose and diversify our offering. We are focusing on educating consumers, empowering them to make much more informed decisions when buying a helmet. Mips has previously been a B2B-focused company. The launch is another step towards a much more consumer-centric brand identity. If you then turn to next page, we are now on page number nine. We did also launch our second Mips athlete, and that's an important program to continue to drive the awareness of the Mips brand. It is another legend, Brandon Semenuk, a true legend within mountain biking and is considered by many to be the best mountain biker in the world. Very committed to safety. Do take the opportunity to look at some of his movies on YouTube, it's really great what he's doing. I'm also very happy that our other legend, Henrik Harlaut, won another gold at X Games last week. Like we said before, we will continue to launch athletes also coming months. If you turn to next page. If we look at the little bit more granular development of our different categories. First of all, growth in sports category. We saw 59% growth in the quarter, and we now have 107 active brands in sports, which is up with 11 versus the year before. In Moto, it's actually our fastest growing category. It grew 79% in the fourth quarter, and we now have 26 brands on board, so it's up six brands versus the period before. In safety, it is still early days, but like I said, more brands are launching in 2021. With that, I hand over to our CFO, Karin. Good morning. I'm Karin Rosenthal, CFO of Mips. I will take you through the financial part of the presentation. Development in fourth quarter, net sales increased by 60%. Organic growth was 77%, and the difference is fully explained by FX due to a strong SEK versus US dollar in the quarter. Gross profit up 57%, and gross margin down 160 basis points to 73.3% due to sales mix with high amount of customer projects where we have a low margin and therefore a negative mix effect. OPEX, we continue to invest behind our strategic priorities. EBIT was up 96% to SEK 76 million. A good EBIT margin of 54.4%. Cash flow, a strong increase of operating cash flow to SEK 49 million. If we look at the financial KPIs, organic growth 77%, EBIT margin above 54%, and operating cash flow of SEK 49 million. We then turn to next page and the development for full year 2020. Net sales increased by 36%. Organic growth was 43%. Also here we saw an impact from FX. Gross profit up 34%. Gross margin down 130 basis points to 72.8%, again due to sales mix and a high amount of projects. Adjusting for acquisitions, gross margin was down 100 basis points to 73.1%. OPEX, we continue to invest behind our strategic priorities, R&D and marketing. Adjusted EBIT was SEK 168 million and adjusted EBIT margin 46%. Just to remind you, we adjust for impacts from acquisitions. As you can see in the table below, the effect from acquisitions is quite low. Cash flow. An increase in operating cash flow to SEK 116 million. The financial KPIs, organic growth of 43%, adjusted EBIT margin of 46%, and operating cash flow of SEK 116 million. If we turn to next page, we are now on page 13, balance sheet and cash flow. We saw a strong improvement of cash flow from operating activities in Q4 of SEK 49 million, up versus SEK 20 million compared to last year. Cash and cash equivalents at SEK 272 million. We have a strong cash position, and just to remind you, we don't have any loans. The board proposes a dividend of SEK 3.5 per share, 71% of net earnings compared to SEK 3 per share last year. Equity ratio was 82%. Over to you, Max. Okay. Thank you, Karin. If we summarize the final quarter of the year, we do see a strong quarter, mainly driven by good demand for bicycle helmets. The strong consumer demand is expected to continue, assuming that we see no dramatic change to the current situation around the world. We continue to have a high amount of project activity, strong momentum in all the three categories we operate in. We continue our activities to drive the awareness of the Mips brand, a very important strategic objective. We launched another team member of our team, Mips. Also we restructured and reorganized our product hierarchy to become much more consumer-centric in explaining the consumer benefits of Mips. We are in a good position to deliver also according to our 2025 plan. With that, I open up for 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 Adela Dashian from Handelsbanken. Please go ahead. Yes, good morning. Thank you for taking my questions, also congratulations on a strong quarter. My first question relates to your cost base, especially as it comes to R&D expenses. You've previously guided for 5%-7% of net sales, it's been a bit lower than that in the last two quarters. Do you expect this to ramp back up again in 2021? Yeah. Thank you, Adela. Yes, we see or have an ambition of investing 5%-7% in net sales. If you take the year 2020, which was a bit special, we were just south of that number with 4.8%. I see no reason to change that communication. Investing in R&D is important to us. We are an IP company. We are becoming more consumer-centric. No, at the moment, I don't see any reason to change that guidance. All right. Also on your gross margins, which have been trending lower, do you expect this to continue going forward? Yeah, also like Karin already explained, is that we do see a sales mix effect when we are doing a lot of projects like we are doing at the moment, which of course long term is good for growth. We do those projects normally with quite low margin because it's a cost-plus arrangement with the customer. You can have a mix effect. There is no underlying trend in terms of the products that we are selling that those would deteriorate the margin. We have a long-term ambition to stay above 70%. There is nothing that has changed in the quarter or in the year that would make us change that guidance. On the safety category, and specifically on the construction helmet subcategory, could you please give us some more insight on the announced partnership with Centurion? How does this customer compare to your other customers in terms of size, and what are your expectations for volume as we move forward into 2021 for the construction helmet subcategory? This is actually very much we are doing what we have said we were going to do. We are very happy with the partnership with Centurion. They are a mid-size player. They are very strong on the U.K. market. U.K. market is very important to us. That's also where we have done a lot of research on the accident statistics. I'm really happy with the things that we can do together with them. We have said before that 2021 is really the year on onboarding new customers. We will see some volume ramp up, but that we will see a more material number when we go into 2022. Okay. If you could also please break down the difference in revenue per unit sold for each category, sport, Moto, and safety? Yeah. If you take our average sales price, you get to slightly above SEK 50. Today, we have a volume-based price model. If and as you can assume, our volumes in both Moto and construction is slightly lower than in sport, but over time, we expect it to level out and be no difference between the different categories. All right. Thank you very much. Thank you, Adela. Our next question comes from the line of Fredrik Moregård from Pareto Securities. Please go ahead. Thank you very much, and good morning, everyone. Just a question first off on marketing. You said you're refocusing somewhat from earlier only doing or mainly doing B2B marketing and now focusing on the consumers as well. Could you perhaps give us some indication of what size of investments you're looking at for the consumer-focused branding going forward? Yeah. As in 2020, we have a ratio of 5.1%, so that's actually on the low side of 5%-7%. We see no reason to change that communication. It's still in line with our expectation. For Mips to become a bit more consumer-centric is, of course, if you want to be the expected solution, of course, you also need to win the consumer, like I said. We are changing a bit on our communication to make sure that the consumer understands Mips in a better way. What type of solution, what's the benefit with that type of solution? Of course, we do not compromise safety, so all our solutions are designed to be equally safe. When it comes to different consumer benefits like ventilation, weight, and so on, we think it's very appealing to start explaining that to the consumer and also empowering them to make a much more educated choice. We don't see any reason, like I said before, to change our guidance of 5%-7%. That still holds in terms of the long-term objective. Okay. 5%-7% is total marketing spend then? Yes. That is marketing and not the full selling expenses. It's only the marketing spend of the selling expenses. Sure. Yeah. Turning to the Centurion partnership, could you tell us something about how long it took you to take this product to market? What was the duration of the project, and would it be reasonable to expect similar timelines for future products in this category? We have actually been discussing with them for some time, and we looked at different solutions. We felt that it was a great partner to launch our new harness solution, so therefore it maybe took a little bit longer. From start to finish in terms of development, project management, and so on, I would say six months. Like we have indicated before, a typical project within Mips takes normally 12-18 months, and it's not because of us, because normally that's the launch window and time to market for an outdoor brand. We see shorter development cycles in the safety category, and today my best estimate is somewhere around 6-12 months. Normally, they do not need to respect launch windows but can actually launch when the product is ready, and that's a bit what we saw here. All right. Thank you very much. I remind you that if you want to ask a question, please press zero one on your telephone keypad now. I have a question from the line of Carlos Capiadamian from Berenberg. Please go ahead. Hi. Morning, everyone. I think most of my question's actually been answered to an extent already, but in terms of the G&A and selling expenses, I could touch a little bit on this. It's at the lower end of the guidance, your 5%-7% range, and you see no changes changing this. How do we look on ramp-up in costs going out for COVID? What does 2021 look like considering if we look at improving market situation compared to what you had this year? To which extent did you have cost-mitigating measures? What will be the additional cost? Will this be going to Eurobike, if so, several other costs? We continuously underestimate certain cost items here considering the earnings. Just if you can give a little bit more flavor on potential of cost ramp-ups in a more normalized marketing condition, that would be great. Yeah. There are two costs that don't occur in the P&L during the pandemic situation, which are quite clear. One of them is traveling. We haven't done a lot of traveling since March. We actually had two trips so far for the rest of the year if you count after March. Of course, you also have the fairs, which are not taking place. In Q4, a normal year, there would be a fair for motorcycle called EICMA. That one was actually canceled. Now in January, instead of ISPO, which is the world's biggest winter fair, it was a digital session. Of course, those type of costs haven't happened in the last six months of the year. Whether they will happen this year or not, I think it's very difficult to speculate. I think 5%-7% is a reasonable guidance for us. We continue to invest in what we can to make Mips brand awareness as high as possible. We do not really focus on doing one activity versus the other. For me, it's not an irrelevant question, but the guidance remains of 5%-7% when it comes to marketing. The only thing that I will think is going to be different looking forward is probably traveling. I don't think that we will be traveling to the same extent that we have done before. We see fantastic opportunities to do a lot of sessions virtually. We have equipped our office to do a lot of sessions virtually, and that actually works in a great way. If not, it's a lot more sustainable doing it that way. Great. Could we just touch a little bit on the snow category? Obviously, that was a huge variable in 2020. We saw significant adverse order volumes in Q2, probably rightfully so. Going forward now, obviously 2021 is still far out. You gave a little bit of an assessment on how you look at the future outlook, but what do you hear from the industry? Are people concerned that smaller ski shops in chalets, ski resorts in France are going bankrupt, that that would impact the order volumes? Are the helmet OEMs just generally cautious about whether consumers will travel and if they can afford to buy new equipment? Yeah. Already going into this season, a lot of brands were already cautious. We know from the industry that the stock build was probably around 80% index versus the year before. They went in with lower stock. I think if you look at, like I said, the U.S. market and the Swedish market, we see decent sell-out and so on. If you look at some of the smaller outlets in the French and Swiss and Austrian Alps, of course, they have a bigger problem because a lot of those resorts haven't even been open. Of course, if your store is not open, you don't sell anything. There could be a ripple effect on that. We have already, at last communication, taken quite the conservative view on snow. We've said that we do expect a soft season for 2020 and 2021, and that also comes when it comes to production. We do see that the positive trend in bicycling are outweighing that effect or offsetting that effect. Thank you, that's all from me now. Our next question comes from the line of Daniel Thorsson from ABG. Please go ahead. Thank you very much. Regarding Bike, you state that the supply chain still has low inventory levels, and you continue to see strong demand into H1 2021. What could change that picture? Could they live on that low inventory level for quite some time, which could disappoint? Do you think that could overshoot and they build up even more inventory going ahead? No, the challenge when it comes to inventory levels now, factories are running on maximum capacity in China. They are also shortening the break for the Chinese New Year. There is some logistic challenges for the brands. We don't have them because, of course, we are delivering directly in China, but it's also to make sure that you can ship all the goods that you manufacture. You probably have heard in some of the other calls that there is a container shortage around the world. It's not that there is not enough containers, but there is a logistic challenge of getting the containers back to China that is influencing the lead time and could have an impact on stock levels. When I talk about mid-2021, that's based on the production schedule that we see. Exactly when it lands on the market, I think it's very difficult to speculate on. Okay. Sounds pretty promising. A question on Moto. Regarding the new regulation, have you seen any brands developing in-house solutions to meet the requirements, or do you expect to take a large share of that market yourself? Yeah. a couple of years back, for example. Yeah. When it comes to motorcycle, the first level of the standard is quite low, and you will see some helmets passing that standard or a lot of helmets also without having any rotational motion protection. I think for us it's more long-term. To develop a motorcycle helmet can easily be two, three years. Of course, what the brands are getting concerned about is how will they pass the next improvement of the standard. Of course, that's the dialogue we have. It's not about passing that standard, it's about what we can do to pass the coming standards, which will be significantly harder, most likely, and difficult to pass without a well-functioning rotational system. There, of course, we play an important role. To pass this standard, you can do that also without the rotational motion protection. Long-term, it's a very important step in a category which haven't been that safety conscious before. Okay. I see. Yeah. Regarding snow, Q2 is a large snow helmet production quarter for you. When do you think you will have visibility into your production pipeline in Q2? I guess that you have some orders now, but they are pretty uncertain both upwards and downwards. When do you think you'll have a clearer picture? Yeah. What we are still seeing now is, of course, a lot of impacts of the bicycle. That's actually pushing the snow orders a bit forward. Of course, we can't say the whole impact on the situation. We have long-term strategic plans with all our key brands. They are still positive on the season, but I think in the end, you probably need to wait until probably March, April, when you know exactly how the season played out. Snow is, of course, not our biggest category. Of course, bike is the dominating category. Even if there is a decrease of 10%-20% in snow, we could still offset that by a positive impact in bike. Okay. I see. That's good. The final one. You have had a tremendous performance in the last four years. I think share is up more than 10x since we started with IPO. In 2020, to be frank, you actually missed your sales target of SEK 400 million by some 10%. If we're looking for the next target now, SEK 1 billion in 2025, what is really your confidence and the visibility in reaching, meeting, exceeding, potentially missing that target, given that we actually missed the 2021? Of course, I am normally a guy that you can probably hold quite accountable. I think missing the SEK 400 million, of course, it's disappointing for us. We were cruising ahead of that target when we started the year. We had a 5% decrease in the first six months. I think it's very difficult as a growth company to meet your target. If you look at the last six months, we actually delivered 73% growth. I think we actually recovered the situation quite well. I think when you look at the SEK 400 million numbers, you probably need to look at rolling quarters ahead, you will probably see that that number is not that far out. When it comes to our longer objective, which is, of course, the SEK 1 billion target. In order to reach that, we need to deliver a CAGR coming years of slightly below 23%. We have a plan. We have good visibility. I'm very confident on reaching that plan. If we see any deviation upwards or downwards, we will communicate that to the market in an appropriate way. Excellent. Thanks. As a final reminder, if you would like to ask a question, please press zero one on your telephone keypad now. We have a question from the line of Fredrik Moregård from Pareto Securities. Please go ahead. Thank you. A follow-up on the bike and the snow seasonality. I was hoping maybe you could tell us something or give an indication of the seasonality of bike production. Obviously, in a normal season, that would be heavily weighted to Q3 and Q4, with less production in Q1 and Q2. Is that 90-10 shift, or could you give some indication of what that split looks like? Yes. In Q3 and Q4, you are right. The dominating production is normally bicycling, and it has been to a large extent also the same thing this year. If you look at Q1 and Q2, Q1 has been the quarter normally when you start producing ski helmets to next year. Given that you had quite a large carryover of bicycle helmets that haven't been produced in Q4, you see still that bike is actually the dominating production also in Q1. I think in Q2, then you probably see a mix of both of them, depending on how the season will play out. I think we have a good demand in bike. I think it will take some time to fully recover the stock. It's all the factories in China at the moment. They are full at least to mid-2021. If there will not be snow helmets being produced, I'm sure they will fill it up with bike helmets. It's not so much about what will be what, it's more on what is the capacity or total capacity of the factory in China. Okay. Are you seeing some additional capacity coming on board anytime soon in the industry? Yeah, there is two new bigger helmet factories being opened actually this month in China. There will be slightly more capacity being added to the network in China. Not our factories, but of course, helmet factories. Okay. Thank you. Our next question is a follow-up question from Carlos Capiadamian from Berenberg. Please go ahead. Hi, Max. Just a follow-up for me. What's the point of no return for the helmet OEMs if we go now and we see severe lockdowns, we see another boom of a coronavirus and your lockdown measures being imposed? What is the cancellation policy with the helmet OEMs for if there's no helmet or in general? How should we think about that? Yeah. Cancellation policy, normally, if the season doesn't come, they will not place the orders. Normally, we have a lead time of 45 days, so we will probably know 45 days. With the bigger brands, they would normally indicate, say, "We are seeing a soft season ahead of us. Please be aware and make sure that you adjust your capacity to manage that situation." I haven't had that call yet. Okay, thank you. There are no further questions at this time. Please go ahead, speakers. Yeah. We also have some questions online. We had a question on the accounts receivable that they were quite high in the end of 2020, and you're right, we did grow quite quickly in the end of Q4, and therefore, of course, you see a big impact also on the accounts receivable. There is also a question on what we do expect in terms of working capital for 2021. As we have said before, we do not give any guidance on working capital. We have a strong balance sheet. We have a good cash flow generation. That's what we steer the business on. At one point, we will probably install a working capital target, but it's still early days for that. We also got a question. Can you give us an insight on what your market share is in each of the categories and what the main competition is? We do not normally share that granularity on numbers. Like we said, we have 6% of our addressable market. If you take the total amount of competition, it's still below 10% of our total sales. Of course, we have quite a nice headstart versus our competitor. If no other questions, thank you for listening in, and I welcome you all to the next session. Stay safe. Thank you.