Thank you, very welcome all of you to our presentation of the Q4 today for NCAB. With me, I have Peter Kruk, our CEO, and Anders Forsén, our CFO. Please, Peter, start. Thank you, Gunilla. Moving into the fourth quarter, I think we ended the year in a very strong way. We could see a continued positive development of our markets that we saw already starting in Q3, which then continued very well into Q4. We've seen a continued market recovery in all of our segments, and we've seen especially strong growth in the electrical vehicle charging applications. Net sales have largely followed our development that we saw in Q3 with month-on-month improvements. In comparison with Q4 2019, the major contributors to the growth has come from our acquisitions that we made earlier in the year. Order intake in the quarter has been very strong. This has been a result of the market comeback, but also from good sales performance in our businesses. We've had high degrees of activities and also a large influx of new projects. We've also seen an additional boost to our orders from announced price increases that are coming into effect during quarter one, where some of our customers have placed early orders in order to mitigate some of that effect. Finally, we're exiting 2020 with a healthy balance sheet and a strong cash flow, which also support us taking continued active roles in consolidation of the market. By that, we can move to the next page. We're moving to the announcement we made yesterday where we have acquired PreventPCB, who are a leading PCB supplier in Italy, serving customers both in Italy but also in Switzerland. The profile of PreventPCB is very well-aligned with NCAB. It has the same focus on delivering quality products to demanding customers in the high-mix, low-volume segment. Within NCAB, the Prevent business will get access to a broader range of factories and new technologies, which will further improve the opportunities for growth. The turnover for PreventPCB in 2019 was SEK 210 million, and their EBITDA was a little over SEK 30 million. With the company comes 22 employees. 12 of these are located in Italy and 10 are located in China. We are paying for the company SEK 185 million, which is an equivalent of six times EBITDA before potential synergies. There is a potential earn-out of an additional 25 million SEK that can be achieved throughout the first-year performance. A few slides describing NCAB Group. This is an overview of who we are. We are today 17 companies. We are 474 specialists. We are serving some 45 markets, and we are having a portfolio of some main 27 factories. Our mission is very clear. It's supplying PCBs for demanding customers on time with zero defects, produce sustainability at the lowest total cost for our customers. Our vision is to be number one PCB producer wherever we are. We are already the leading producer globally, but our aim is to be that in every market where we operate. If we move to next page, we can then see what is PCBs. PCBs are the boards upon which our customers mount their electronic components to create a PCBA. These are, of course, core components in almost any product today which has intelligence to it. Our market is really focused on the high-mix, low-volume and on demanding customers in this area. These are typically applications where there's a quite high product value, especially in relationship to the PCB itself. There are very high quality demands on the product typically. That also means that there's less price pressure on a product like the PCB, which is a core component in order to ensure quality. Also the fact that we're working with the high-mix, low-volume customers means that these customers generally have a hard time buying directly from the larger factories or from the leading factories, whereby we can consolidate volumes from many customers and get access to the leading factories. If we look upon our history, the company started in 1993. It was founded by three Swedish gentlemen. It expanded from Sweden into the Nordic countries and then into more of Central Europe and China. We got the additional ownership as the original founders sold the company. We have then expanded further into more of continental Europe and also U.S., both through strong organic growth, but also from a number of acquisitions over the past few years. When in fact, we've been growing every single year, bar 2009, which then, of course, was followed by a year of very strong growth to compensate. Yeah. Then if we summarize our Q4 performance. Quite strong growth of 22%, reaching SEK 550 million in net sales. If we look in U.S. dollars, which are our primary currency of sales, our growth is even better. We're growing by 32%. Our EBITDA amounted to SEK 52.2 million, an improvement by 27%, and we're reaching an EBITDA margin of 10.1%, which is an improvement over the prior year by 0.4% as a result of continued cost focus, but also from continuing improving margins on the residual business. I move to you, Anders. Okay, Anders Forsén here. I go in for the full year number of 2020. We're also happy to see that we have been growing 19% compared to 2019, and in terms of revenue, SEK 2.1 billion. Corresponding to $230 million, which was actually a 22% growth. Of course, we're very happy to show a growth despite this turbulence we had during the corona pandemic, et cetera. As I said, the growth are coming from acquisitions, but even the comparable companies was only 1% behind measured in U.S. dollar, which we think is very strong. We also managed to increase the EBITDA margin and the EBITDA profit to SEK 191. The result includes some transaction costs for the acquisitions, meaning that the actual EBITDA margin was 9.7%, which is better than 2019. We are very happy with the full year results as well. Going into the next slide, we can see the different segments. We see in Nordic, where we have about 5% lower revenue than 2019. I think we had a good start in Nordic, we saw a rather slow activity during summer and also during the autumn. We see the orders picking up right now, but still the revenue was rather weak the second half of the year. Still, we did a very strong, healthy EBITDA margin of 16%. We have been in line with that for the last couple of years. Europe had a good growth together with the acquisition of Flatfield. Take away the acquisition, it was 6% below last year. Here also we saw a very negative development in the transporting sector in the spring. We had very weak revenue in South Europe in the summer, but also can see a strong recovery during the last quarter, which is really good. North America, also big growth connected to the acquisition of Bare Board Group, which we did in April. Here we can say excluding the acquisitions, we did a flat revenue development, which is also good, we think. EBITDA margin in both Europe and North America around 6%, which is in line with we had expected, and also that means that we are investing for future growth in these markets. East were of course hit by the corona pandemic, both in China and in Russia. I would say Russia has been hit the most, maybe, with a lot of low activities during the whole year. China also partly impacted by the U.S.-China trade war. Revenue was down 12% during the quarter, but flat in U.S. dollar. We had anyhow, very strong gross margin and good results, so we're happy for that. Next slide, we see that we continue to grow and we continue to grow with good profitability. We can see that gross margin has gone down a little bit compared to 2019, but that is also connected to lower gross margin in acquired companies and especially in Bare Board Group in the U.S. If we exclude the acquired companies, gross margin ends up being 31.8%, which is a small improvement compared to last year. Going into the quarter then, as we said, net sales for the quarter increased by 6% in U.S. dollar, but in SEK, 5% lower. What we also said was the order intake was really good, and we had 57% increase the last quarter, measured in U.S. dollar. We saw, as Peter said, a lot of recovery in most markets, and there are also, of course, a part of that is connected to the pre-ordering before the price increases. EBITDA continued to develop also very good. We ended up in SEK 52.2 million, which is SEK 11 million better than last year, and an EBITDA margin of 10.1%. We have got a little bit of state support during this quarter. We got about SEK 400,000 from Italy. We did get some more support during second and third quarter from countries in South Europe. In this last quarter, it only was a small part from Italy. Operating cost is still much lower due to travel restrictions and so on. Going into the different segments. We can see that net sales in Nordic grew 5% in U.S. dollar, but measured in SEK, it was a bit down. Order intake increased a lot here, 36%, and it was especially in Norway you had a fantastic ending. There was a lot of projects and projects for electric vehicle charging. EBITDA increased to 21%, to SEK 19 million, and EBITDA margin to 16%. We have been able to run the Nordic operation for a couple of years now on a very high profit level. Segment Europe, where we see the strongest position right now, I would say. We increased revenue by 53% in U.S. dollar and 38% in SEK. Also here, of course, it is the acquisition who drives the growth. Looking in the market in general and see all the order intake, in U.S. dollar, we increased 77%, and that is a big part even for the organic growth here. We see a very strong recovery in almost all markets. U.K., which we have a lot of transport industries, going well. Germany is going well. The company in Flatfield in Netherlands we acquired also have very strong order intake. We see that the countries in Southern Europe are back to a more normal situation again. Very positive signals from our customers in Europe. The integration of Flatfield has been more or less finalized, and we're very happy with that. That works well. North America, also here, connected to the acquisition, we see a strong growth in net sales over 100%, measured in U.S. dollar. Excluding acquisitions, we were flat. EBITDA increased compared to last year, the EBITDA margin went down. The reason for that is that the margin was lower in the acquired company of Bare Board Group. On the other hand, for the future, we see potential to increase the gross margin and the profitability in that part. Order intake, even here, increased a lot compared to last year, that's also good. It's a positive sign. Going into East, finally. We had a flat revenue development, measured in USD, and 12% down, measured in SEK. Here we can say that Russia is struggling a little bit from the corona effect. We see those positive signs in China, but we also have had some weaker second half of the year connected to both corona and a little bit to the trade war between China and the U.S. On the other hand, we managed to do a very healthy profit with good results both in Russia and in China, and especially the gross margin in China was very good the last quarter. Finally, looking into some of the KPIs. Return on equity 24% compared to 40% last year. The main reason is that we made a share issue, and that we have a very high equity, so it's not to do with profitability. We still have a very healthy balance sheet. We have a net cash position by end of December, and we have a solvency of 47%. Net working capital is still very lean. We are below 8% of last 12-month revenue, so that is also very good. Available cash at year-end was 660 million SEK. Of course, now we have paid close to SEK 200 million for the acquisition in Prevent, but we still have a very healthy balance sheet and a strong balance sheet for further acquisitions and activities. Peter, some of the financial targets? Yeah. Sorry. One more thing also. We have proposed a dividend of SEK 5 per share. Thank you, Anders. If we look from where we are in comparison to our financial targets, you can see that we have an average growth target before acquisitions of 8%, and we are delivering 5% in 2020 overall. Our EBITDA margin is better than our target. We're delivering 9%. Also on the net debt side, we have a net cash position, as Anders mentioned, and we're proposing an increase to dividend above our target of 50%, a minimum dividend. Still maintaining a strong position on the profit side, where it's not quite on the target on growth as we reported in the previous quarter. Looking on our strategy, we are continuing with the strategic plan where our focus is on increasing market share in Europe, USA and East, where we still see a lot of opportunities for increased penetration in the market. We are also working on deepening our collaboration with existing customers, where we can provide increasing values to our customers. We're also looking to see how we can expand geographically, and this can be both into new markets, but also within regions in markets, like say parts of U.S., which maybe we are still not covering to the fullest extent. We also want to take an active role in consolidating the market. It is still a very fragmented market. Even though that we are in number one position, we still have single-digit market shares overall. Okay. Thank you very much. I just wanted to remind you that our next quarterly report is on May 7th. Very welcome then. Thank you very much. Thank you. Thank you.
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