Thank you so much. Also, Peter Åsberg, CEO, is present, and we can turn to the second page of the presentation. I will start by presenting the highlights of the fourth quarter, and then Max will go into the financial details. Max is the new CFO since the beginning of this month, since the beginning of January, and I'm very happy to have him here by my side. Let's turn to page number three, and the key developments in quarter four. I must say that we are very proud about the development in quarter four. We think that we have indeed a very strong quarter. We record both record net sales and EBITDA. This surpasses the SEK 1 billion hurdle for the first time for a single quarter in net sales, and also a strong development for EBITDA. Something that we're particularly proud of this quarter is the organic sales growth. We have an organic sales growth of above 10%, very much driven by a successful rollout of key brands in the grocery trade in Europe. I will come back to the details on this. On top of that, we also have acquisition-driven growth from System Frugt, which we took control of at the beginning of the fourth quarter. We turn to page number four. Here we see the quarter four highlights in terms of the numbers, and I think that they pretty much speak for themselves. A few comments. As said earlier, we are growing the sales both by M&A growth and strong organic growth for our prioritized brands. This then percolates well above SEK 1 billion for the first time in a single quarter. One key metric of ours is that we always want to grow EBITDA ahead of net sales to show that we're actually reaping synergies also. In the quarter, net sales is up 31% and EBITDA is up 41%. Indeed, we see good growth on both those important metrics. We turn to page number five, which is a summary of the revenue development. We have growth, M&A pro forma, which is growth from the acquired company, System Frugt. System Frugt had a very strong first quarter in the group. It's their prime season, the Christmas season, and it turned out very well in terms of sale. Very happy with that acquisition. We are growing our prioritized brands at healthy rates, and also the rest of the portfolio has been growing quite significantly in the quarter. It's mainly very strong development for private label in mainland Europe. We turn to page number six, which is a summary of the year then. It has, of course, been a very special year, very volatile due to the pandemic. First quarter, heavy hoarding of products. Second quarter, still some pent-up demand. Quite weak in the third quarter. Then I would say that the fourth quarter is actually the most normal in 2020. We did not see any hoarding effects. We also did not see cautious spending from the consumers. I think it was quite normal. Maybe we had a little bit upside due to restrictions in the different European countries due to the pandemic. We are growing net sales by 20% for the year and EBITDA by 34%. Also here, we are growing EBITDA significantly ahead of net sales, and that signifies the work that we have done in terms of increasing our efficiency, getting the benefits from increased scale in the business, and synergies from the acquisitions that we have done. We are proposing a dividend of SEK 1.25, which is the same as last year. This is, of course, a balancing act for us. We think it's very important to give a good dividend, but we also see good opportunity to continue our focus on consolidating the European markets for health and well-being products. We are focused on acquisitions also in 2021, and we would like to give as much financial room and muscle to that as possible. We turn to page number seven. I've been the CEO of Midsona since 2007, and I've always seen us as Midsona journey as something of a marathon race, or maybe even several marathon races after each other. The first year of my tenure was very much about restructuring the company, and then 2012, the Midsona focus on health and wellbeing was created. We have had some spectacular growth since then. On average, compounded average growth rate, we have been growing net sales by a solid 20%. That's both growth from our prioritized brands, organic growth, but also a lot of M&A-driven growth. EBITDA at 29% compounded average growth rate. We think that we do have a very good working model in terms of how to grow the business both by improving the performance of our own brand, but also being a consolidator, first in the Nordics, and then lately also out in Europe. This is also very much the strategy that we're employing looking forward to continue our strong growth focus both from our own brands and from M&A. We turn to page number eight. One major part of our strategy is to roll out our organic brands in the grocery trade across Europe. A lot of the sales in the organic trade is still done in specialty stores, but to really make organic mainstream in Europe, we think that it's very important to offer the product in the grocery trade simply because that's where most people are doing their shopping. We started the rollout of the Davert brand in the grocery trade in Germany in the second quarter. It came to a temporary halt in the third quarter, very much due to the pandemic and some execution issues that we had then. The rollout has continued at a very healthy pace in the fourth quarter. We've also been stepping up our marketing investment to increase consumer demand for the product. I would say by now it's no secret that the chain where we're launching the product, REWE, is one of the major retailers in Germany. It's a very big retailer across Germany. We have now the product out in about 70%-75% of the REWE stores across Germany. The same way, if you turn to the next page, we are working with the Happy Bio brand, which is our brand for the grocery trade in France and Spain. That's a brand that we're rolling out across both countries in the grocery trade. We have had some good success with major retailers. We have launched the product, and we see very strong growth for the brand in the fourth quarter now. If you go to page number 10. Another part that I would like to emphasize is our organic beauty care concept under the brand Urtekram. In the beginning of this year, beginning of 2020, we did a relaunch of the brand. We had new packaging for the brand and also upgraded the formulations for the brand. Step by step, we're now seeing increased growth for the brands in the home markets in the Nordics, but also we're seeing some export success in a number of European markets with the brand. This concludes my first part of the presentation. I will come back for summary at the end. As I said, we are very happy about the fourth quarter. We think that we have made some major progress, especially happy about the strong organic growth that we see across all markets. Max will come back to that, how it looks by division. I leave the brief to you, Max, and the financial review. Thank you, Peter. I would like you to go to page number 12, the financial executive summary slide. As you can see in the slide, we had a small improvement in the gross margin during the quarter. I would like to emphasize that during this period, the underlying business demonstrated a strong improvement, and I will come back to that later. The quarterly EBITDA was a record and 41% higher than last year. This was driven by record sales and also continued positive synergy effects. The quarterly cash flow was on a similar level as last year, please note that operating working capital ended on a slightly better level than last year, and this despite us including System Frugt. I now ask you to move to page number 13. On this page, you see the sales growth divided into structural effects, currency effects, and organic growth. I also already highlighted we had a strong organic growth for the fourth quarter at 10.4%. For the full year, the growth landed on 3.9%. Now I ask you to move to page number 14. On this page, we present the organic development by our sales channels. As you can see in the graph to the left, the growth during Q4 comes mainly from our deliveries into grocery trades, or here called fast-moving consumer good retailers. Where the organic growth was as strong as 16.7%. This proves that the strategy to focus and grow our prioritized brands deliver results. Both North Europe and South Europe had significant growth in this channel. North Europe by launching the Davert product, as already mentioned, at retailer REWE. South Europe, as also already mentioned, by deploying Happy Bio, the brand for the FMCG channel. I now ask you to move to page number 15. This is the page I referred to in the beginning, where I will try to explain the gross margin development. I would like you to start on the graph and look at the graph on the top. As you can see, we have a material positive effect on our EBITDA from Sustainfood. It should, however, be mentioned that Q4 is the seasonal strongest quarter for Sustainfood. I now ask you to look at the graph below. Sustainfood has a lower gross margin than average group, resulting in a diluting effect on the overall gross margin. As you can conclude, System Frugt are compensating the lower gross margin with lower indirect costs. Finally, on this slide, I would like you to note the underlying business have had a very strong improvement in the quarter, and this is driven by organic growth, favorable mix, positive effects from our synergy or structural projects. I now ask you to move to slide number 16. In this slide, I want you to note that the structural effects for the full year includes, on top of Sustainfood, also the full division South Europe and Eisblümerl within division North Europe that was acquired during 2019. There is a similar pattern for these additions that they have a slightly lower gross margin when they join Midsona. However, they are compensating that with lower costs and overall improve the EBITDA for the group. In this context, I also would like to mention that we are systematically working with continuous improvements to improve gross margin, and this will, of course, also help our newcomers. On this slide, you can see that during the year for the underlying business, we have improved EBITDA. We have, though, struggled with the gross margin, and this is mainly within North Europe, where we have had negative effects from higher prices of raw materials and transports. Due to timing difference, these extra costs have not been able to fully be passed on to customers. I now ask you to move over to page 17. This is the page where I would like to show some key highlights for division Nordic. Similar pages will follow for North and South Europe. Nordic had a record sales for the quarter, and this thanks to acquired System Frugt that added SEK 203 million in the quarter. As you can see in the chart to the left, the organic growth at FMCG retailers was as high as 11.8%. This is compensating for weaker development in the other channels, where we can see a tendency of slight effect from COVID-19 still. On full year, synergies from One Nordic program and good cost control have continued to contribute and improved EBITDA throughout the year. I now ask you to move to slide number 18. The overall organic growth from North Europe landed on 19%. This is the strongest growth we have within the group among the divisions. As already highlighted, North Europe has successfully deployed the Davert products at the FMCG retailer REWE during Q4, enabling a total growth within this channel at astonishing 32.6%. As Peter said before, REWE is a large player in Germany and have in total 3,000 stores, and we are present at more than 2,000 at the moment. Regarding the profitability at 7.4% for the quarter, as already mentioned, this is impacted by slightly higher costs than they have been able to pass on to customers. I now ask you to move to page 19. Within South Europe, we also see a very strong growth within FMCG retailers, and here landing on 35.7%. This is also driven by successful deployment of our own brands and the Happy Bio brand, especially here. Regarding the profitability comparison for South Europe, it needs to be highlighted that when the division was acquired in Q4 2019, the organization did not have all the necessary functions required for a division within the group. The division neither had the growth expenses on the level needed to generate long-term profitable growth. This has successfully been built up during the year and is affecting the profitability comparability. Now I ask you to move to my final page, number 20. As already mentioned, the quarter four cash flow was at similar level as last year. This partly due to a strong cash generation already in Q3. On the full year, the cash flow improved with 63%. On top of already mentioned good working capital developments, we have a positive comparison effect by spending less on CapEx during this year due to the cautiousness during COVID-19. With that, I would like to hand back to you, Peter. Thank you so much, Max. We go to page number 21, which is the summary and outlook. As you have understood, we are very happy about the development in quarter four. We are well above SEK 1 billion for the first time in Net-Net in a quarter, and also have a record EBITDA. We're especially proud of the organic double-digit growth. It's very strong and shows that the strategies that we're employing are working and that it resonates with consumers and customers across Europe. We haven't talked so much about COVID-19 and the pandemic, but of course, there still is major uncertainty looking ahead, but we think that we are well-positioned to actually tackle this crisis and the situation, and I think that we have proved that during 2020. A key focus in quarter one will be to continue the relevant grocery trade in Germany, France, and Spain. As you have seen, we see some very promising results. We're very happy about them and also see that we are getting repurchase from consumers. It seems like we are on the right track there, really. Integration System Frugt, we are very happy so far with what we have achieved. The integration continues in quarter one and we will gradually start to reap the benefits from the synergy program that was announced in connection with the acquisition of the company. The underlying business is strong. Still, we need to mention that we do cycle some pretty high comparative figures for current quarter due to the hoarding that we saw in especially March last year, which was some sort of an extraordinary situation. The message is that we are very happy about where we are. We do have the strategy and the plans to also excel in the future. Thereby, I go to page number 22, and I open up for questions and answers. Thank you. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name has been announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero two to cancel. We have one question in the queue so far. That's from the line of Johan Dahl of Danske Bank. Please go ahead. Your line is open. Yes. Thank you. Hello, Peter Åsberg. Hello, Max. First of all, I just have to say that it was great with this increased disclosure in the presentation that you provided today. It provides much better insight into the company, in my view at least. Just a couple of questions. Firstly, if you look on the full year, you talked about organic growth in the grocery trade of 7% to 8%. If you try to distinguish what is pipeline filling of that growth in grocery trade due to launches that have occurred here during 2020? Just to understand what's some sort of underlying growth from our sell-through to consumers. Yes, I would say that the majority of the pipeline filling, almost all of it, was done in quarter two. In quarter two, you have a pipeline filling effect. In quarter three, we got somewhat of a halt in the buildup. What we see now in quarter four, it's mainly repurchase that we see. The majority of the buildup was done quite early in quarter four. I would say that there isn't that much pipeline in the figures in quarter four. You talked about the Davert that launched here in Germany was temporarily halted in Q3, then it sort of came back in Q4. That should be read as a sell-through then on Davert in Q4. Mostly it was sell-through because the pipeline filling was done in quarter two, and then the retailer where we are launching had some executional issues due to the pandemic. They didn't have the operational ability to launch in all their stores during quarter three. Yes, the majority of it is for sure sell-through, yes. Okay. On the bridge you provided on earnings development here, Q4 versus Q4 last year, System Frugt seem to have contributed almost SEK 20 million, I guess, to EBITDA. I think when you announced this acquisition, I don't know, we talked about some SEK 40 million possibly earnings full year. What's your updated forecast for System Frugt and how heavily tilted its earnings in the fourth quarter in System Frugt? We don't have an updated forecast, but you're correct in the sense that the fourth quarter is by far the strongest for System Frugt. That's their main season due to strong Christmas sales of dried fruit and nuts. It should also be said that they did have a very good fourth quarter, so we are very happy about how they actually managed to sell into the customer, but also sell out of the stores. It was a strong season that they had. There for sure is a tilt, but the tilt is not that they would do 50% of profits in quarter four, so they have performed better than we expected in quarter four. I understand. Okay. The flip side of that is, of course, the organic earnings development. Can you just talk about why operating leverage on those organic sales increases is so low? You talked about further investment into driving volumes, i.e. marketing, et cetera. How does that look for 2021 in terms of cost increases? If I start by the quarter four, we have stepped up marketing investment significantly, especially in divisions North and South, but also to some extent in the Nordics. It relates to the launches that we have done, Davert in Germany and Happy Bio in France and Spain, and to some extent also the Nordics with brands like Urtekram, the rollout of the new Beauty Care lineup. From our point of view, we think that we have a fantastic opportunity now to establish strong positions across major retailers in Europe. That, of course, also requires that we see sales to the consumer, and that's what we have done. I think that you can expect that you have slightly higher than normal marketing expense also in quarter one and quarter two of 2021 as a way to solidify our position with those major retailers across Europe. How much money are we talking about roughly if you look on the fourth quarter compared to previously an increased spend? That's a figure that I cannot give you because we are not usually giving out those type of figures for competitive reasons. There are some major investments that we haven't done before. You saw on the Davert page we did a major outdoor campaign across Germany. There have been some other campaigns as well, and also campaigning in the stores. It's quite significant, but we think it's an investment well worth doing, as said, because it will really solidify our long-term position with those retailers and then something that we then should be able to reap the benefits of for years and years. Thank you. Thank you. Once again, if there are any further questions, please dial zero one on your telephone keypads now. Okay, as there seem to be no further questions coming through on the phone, so I'll hand back to our speakers. I would like to thank you so much for your attendance, and we will talk to you again in the next quarter. Thank you so much. Thank you.
Loading workspace