Good afternoon, welcome to the presentation of Nolato's fourth quarter 2020. This is Christer Wahlquist talking. I suppose you all have the presentation in front of you, and I would like you to turn to page two. On page two, we have a short introduction to the fourth quarter for the group. In the fourth quarter, sales total to just below SEK 2.5 billion. That is if we adjust that for currency and acquisition, it was a decrease of 2%. The GW Plastics acquisition was consolidated from the 1st of September, and the integration is proceeding according to plan. Our operating profit, EBITDA, rose to SEK 283 million in comparison to SEK 249 million for Q4 2019. That created a margin of 11.4%, and that's a strong margin for the group. During the fourth quarter, we had cash flow after investments of SEK 211 million, and it should be compared to the exceptional strong comparison in Q4 2019 of SEK 601 million. If you look on the graph on the right-hand side of the page, you've seen our development over the last 20 years. During this period of time, we have been able to create a global solution provider established on three continents, with the emphasis now on our latest acquisition, creating that position. If we turn to page three, summarizing up 2020 as a total, this is our best year so far in our history. Our earnings per share was just above SEK 30 per share. We have a strong financial position after the acquisition of GW with net financial liabilities of SEK 298 million, creating an equity ratio of 43%. The board of directors have proposed a dividend of SEK 16, that is according to our policy, a little bit more than 50% of net profit, adding up to 53% of the profit. One former Nolato share will turn into 10. If we turn to page four, creating the total group consisting of three business areas with strong synergies between them. In the base of all three business areas, we have the same responsible business ethic, same kind of material technology, and working as a solution-oriented development partner. That creates a lot of synergies for the group. Jumping into page five on the Medical business area. The sales in the quarter was SEK 950 million. During the 20-year period, we have been on a journey, a global expansion journey, and an offering journey, and we have had a good growth year by year, both organic and inorganic growth in this business area. It's been growing from rather small to a substantial part of the business. If we turn to page six, we are here highlighting our focused product areas within the Medical. It's six areas that we are mainly focusing on: drug delivery, In vitro diagnostics, endoscopy and general surgery, cardiology, continence care, and pharma. During the pandemic, we have seen strong business within the In vitro diagnostics, but somewhat slower in endoscopy and general surgery due to the postponed surgeries in these areas. The other areas have been less affected by the pandemic. If we turn to page seven, and jumping into the details of the Medical Solutions business area. During the fourth quarter, we have 52% increase in sales, but if we adjust that for currency and acquisitions, this was a 5% increase. We have had good integration of GW Plastics, and we see that it will result in significant market synergies over time. Due to this being medical, everything takes a long time. We have seen high demands in segments such as diagnostics and respiratory aids, of course, increased as a result of the pandemic. On the other hand, we have seen weak demands in the surgical segment, especially in the U.S. business as a result of the postponed operations due to the pandemic. The EBITDA margin ended up at 11.8%, and its high capacity utilization and favorable sales mix had a positive impact. On the other hand, we have a dilutive effect from the acquired business affecting the margin negative. We are expanding production capacity in Switzerland, Hungary, and Sweden. As I mentioned, the sales was SEK 951 million in the quarter, and the operating profits was SEK 112 million. Turning to page eight and looking into the Integrated Solutions business area. Here we have, over a period of time, expanded our business into new market segments very successfully, and we ended up in this quarter with sales of SEK 907 million. If we turn to page nine, we see two parts to this business area. We have what we call consumer electronics, consisting of VHP, connected Wi-Fi systems, wearables, and mobile phones. The other part of the business area is electromagnetic shielding and thermal solutions. It's a different type of shielding solutions for handling influences between different electronic components and handling heat distribution away from electronics. If we turn to page 10, jumping into details of the Integrated Solutions. During the fourth quarter, we saw a decrease of sales, adjusted for currency and acquisitions of 10%. We have, together with our customers, made cost reductions in the supply chain. We have seen slightly lower VHP volumes during the quarter, and we expect this business area to exceed SEK 1 billion in sales over the first quarter 2021. For the EMC business, we saw solid sales and continued low mobile phone volumes. The margin ended up at 12.2% in comparison to a high comparison number of 13.4% for 2019 Q4. Last year's was boosted by the VHP product mix and high capacity utilization within the mobile phones. Operating profit, the EBITDA, was SEK 111 million during the quarter. Turning to page 11, focusing on Industrial Solutions. For the business area Industrial Solutions, we are on the technology and geographical expansion journey, and during this quarter, we saw a sales of SEK 629 million. Turning to page 12, Industrial Solutions also have two parts to the business area. The larger portion is general industry, which is components and systems for large industrial players. The second part is automotive, where we do system solutions for mainly the Scandinavian automotive industry, both the large vehicles such as trucks and buses, but also personal vehicles. Turning to page 13. During the fourth quarter for Industrial Solutions, we saw an increase of 4% if we adjust the sales for currency and acquisition. We saw an increased demand both in general industry and the automotive sector. The margin ended up at 9.9% in comparison to 8.2% in Q4 2019. That is due to high volumes and greater efficiency within our factories. The sales for the quarter ended up at SEK 629 with an operating profit of SEK 62, creating the 9.9% EBITDA margin. Good afternoon. Per-Ola Holmström speaking. On page 14, some group financial highlights. You see the quarterly numbers in the left column, and then you have some full year numbers on the right-hand side. The quarter ended up with almost SEK 2.5 billion in sales, an operating profit, EBITDA, of SEK 283 million, which ended up in a margin of 11.4%. Sales profit and margin was higher than the comparison quarter 2019. We had a tax rate this year, or 2020, of 20.5%. That was more than 2019 when we did have 18%. The increase is mainly because of the acquired GW business. We have a higher tax rate in that part. For 2021, we expect a tax rate around 22%. The cash flow after investments, when we exclude acquisitions and disposals, ended up with SEK 211 this quarter. It was a much higher number last year. It was mainly because of working capital, which decreased a lot quarter. I think it's more accurate to look at the full year number. We ended up with SEK 905 million this year, 2020, compared to SEK 800 million, 2019. The net investments affecting cash flow, if we exclude the acquisition, was SEK 347 million for the full year. That is a bit less than the previously expected number, which was about SEK 400 million. Mainly because of some payments have been delayed into 2021. If I look into 2021, we expect higher investments. Of course, we include investments in the newly acquired GW business. We have some postponements from 2020, and we expect investments in the range of SEK 600 million-SEK 650 million during 2021. Earning per share, SEK 36.24. We ended up with a solid financial situation of having an equity asset ratio of 43%, and we have net financial liabilities of SEK 298 million. If we include the pension liabilities and lease liabilities, that number is SEK 930 million. The cash flow of SEK 905, if we compare that number with our EBIT number, we ended up with a cash conversion percentage of 87%, very much in line with 2019 and above our target of 75%. A good cash flow in relation to our results level. If we turn then to page 15, some comments about the current situation for business area. If we start with the Medical Solutions, our maintained growth strategy remains. A lot of focus on innovation based on strong customer relationships, and with the achievements of synergies across markets. We see, as mentioned before, impact of the pandemic. If you look into the Integrated Solutions, we have established a position within the new product areas. We see continued strong position within EMC. We base all of our business on the Integrated Solutions on a flexible production structure. On the VHP, we see cost reduction throughout the supply chain together with the customer. On the Industrial Solutions, we have advanced our market positions. We see continual efficiency improvements. We have impact of the pandemic, especially earlier this year, and we emphasize on sustainable solutions. Thank you. We now open up for questions. 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. Our first question comes from the line of Erik Karlsson at ABG Sundal Collier. Please go ahead. Your line is open. Hello. Good afternoon Christer and Per-Ola. The relatively strong guidance for Integrated Solutions of more than SEK 1 billion in sales for Q1, could you go into that a bit more? Is that kind of the run rate we should expect for 2021 or do you expect further sequential improvements? We did see a quite slow quarter in the Q4, as expected, and that we communicated around when we reported the Q3 numbers. We have a relatively good view of the coming quarter, and that is what we're guiding about and when we say more than SEK 1 billion. The outlook for the coming quarters is not that good for us. Our visibility is more limited. We do see that the fourth quarter was relatively slow, as we said. We think long-term that this is a growth area for us, and hence the outlook is good for us. Okay, it's not some sort of temporary buildup here in Q1, more like increased demand? We don't see the Q1 as something un-normal because of building up inventory or other causes. Okay, thank you. Then is it possible to quantify and sort of split up the margin for the legacy Medical Solutions versus GW Plastics? Legacy Nolato margin in medical was good during the fourth quarter. I think that's natural coming from that in the old part of Nolato, so to say, we have, of course, the main business within IVD and those areas that has been progressing good during the fourth quarter. I think that's quite natural that we had a better margin in that area. On the other hand, in the GW area, we have a lot of surgery. As we explained, that part has been quite slow during the fourth quarter because of the pandemic. Hence, of course, the margin in that part was slower. Okay, thank you. You also mentioned in the call that synergies could take some time. When do you think we could see some initial synergies from the acquisition, and what's sort of the timeline for full synergies there? If we talk about market synergies, then we are talking about creating new business together by cross-selling to existing customers on new geographical markets. In the medical field, that takes a long time because there's development time and so on. We see the initial, how should I say, business creation of that, but it will take time before we see it in our P&Ls. On the other hand, we're also working on the measurements of improving the margin of GW from where we acquired it. That is also gradually coming. Okay, thank you. One last question from me. You are talking about expanding the capacity in some additional regions here in this report compared to last quarter. What sort of CapEx could we see here, and how much capacity increases are you planning to do? Do you have orders to fill this increased capacity already? I can start with the first part of that question. Medical business is long-term, and we have seen a good growth for the Medical business area. We continue to see growth for the Medical. Of course, we know which projects that we are sort of expanding, and we are expanding for some years ahead of time. We have the project, but of course, there's always the joker if when some of these development programs are closed before entering the market. That's a normal situation for us. That's the reason and the thinking behind expanding. I can add around the CapEx. When I mentioned the SEK 600 million-SEK 650 million of CapEx 2021, that is including payments for these expansions as well. Okay thank you. How much capacity was this in relation to sort of the capacity you have now? It's a little bit difficult to answer that question in a good way because we have a capacity. In order to utilize the facility in a good way, we need machinery and clean room space. Now we expand clean room space, and we always do that for some years ahead of time at the individual sites when we need them. It would be for a couple of years of expansion of these sites that we talk about. Okay. Thank you very much guys. That's all for me. Thank you. Thank you. Our next question comes from the line of Carl Ragnerstam of Nordea. Please go ahead. Hi, it's Carl here from Nordea. Regarding your Q1 guidance within Integrated Solutions, is it primarily driven by the tobacco or what you see in EMC going forward? It's a combination of those, of course, as VHP is the largest part, that is, of course, influencing a lot in that number. We do see a good situation for EMC as well. It's promising. It's actually both. Of course, VHP is the larger part. Yeah. I see. Okay perfect. In Medical Solutions, we saw a quite clear sequential slowdown in organic growth from 12% - 5%. Is it due to the tightening restrictions impacting the surgery side even worse compared to Q3? Or is it a sequential slowdown in IVD, or how should we look at that also when entering Q1? I think growth rates for individual quarters will vary over time as we have been talking about a long time. I would say that our ambition is to outgrow the market year by year on the Medical. We have done that for a long period of time, and we anticipate that we will continue that, but of course, growth targets or growth numbers for individual quarters will vary. Okay. You don't see a sequential slowdown in IVD here, basically then, I guess? No, we don't see a sequential slowdown. We don't see a sequential movement of growth rates. Okay perfect. Also in general, it might be quite a tough question, but in a scenario where we have a successful vaccination and we return to a more normal society, would you say that the pent-up demand in the surgery side is enough to offset the maybe more challenging comparison than maybe headwind from your IVD segment or how should we look at that? I think if surgical goes back to a normal steady state, that would help us, of course. I think there is a lot of postponed surgeries around the world, I don't think the healthcare systems are in a position where they can dramatically increase the number of surgeries from a normal state. I would anticipate a more normal to normal plus situation after the pandemic on the surgical side. Will that be enough then to offset maybe headwinds in IVD? I think IVD, if we look at that specifically, I think there will be a continuously high demand of testing. I think the world is moving in that direction and has been for a long period of time. Of course, during the pandemic every test you can get hold of is sold, but the possibility to dramatically overproduce in those times are limited due to the long-term investment needed for producing these type of products. Okay, perfect. In Industrial Solutions, looking historically, Q1 is often, at least margin-wise, a stronger quarter than Q4. Would you say that the 9.9% margin reported in Q4 is a clean number, meaning that it's probably driven by the efficiency measures that you have worked with since Q3 2018, or is it something we should acknowledge in or not extrapolate in that number? I think, as you say, the efficiency measurements we have taken has shown results in the fourth quarter. We don't see that it should continue in that way. We have been on that journey for quite some time. We ran into the pandemic in Q2 and had to stop our production during some months, of course, affecting the margin. Now in a more normal volume situation, we have shown that we are able to come back to a more normal margin situation. Okay perfect. The final one from my side. A year ago or so, you talked quite a lot about the auto-injectors. You talked about it on your capital markets day as well, and the potential within these types of devices. Could you give an update where you are now with incoming requests and R&D and so on? Thank you. I think it's progressing according to our plan. The auto-injectors and those kinds of things is something that we will see more of for the future. It's a change in behavior with the new bio-based drugs with larger molecules needing those kinds of devices. I think we're progressing according to plan. Okay. Thank you. Thank you. Thank you. The last question in the queue so far comes from the line of Mikael Laséen of Carnegie. Please go ahead. You're online sir. Okay. Hi. Three questions. Can you please repeat what you said about GW Plastics and the revenue being a bit low in the fourth quarter? It was some delay that you mentioned. Yeah. GW Plastics has, on the medical side, much into the surgical arena, and that is affected by the postponed surgeries. Okay. Nothing that is postponed into 2021? Do you mean that we will see less surgical even in Q1? Is that the question? The reason why it is below the run rate of SEK 400 or SEK 1.8 billion, if you look at Q4 alone. Do you mean that the postponement is postponed into Q1? Is that the question? No, maybe I missed something. That's why I asked if I missed something. Maybe not. I was just thinking about what revenue they had in Q4. It seemed like it was a bit below the SEK 1.8 billion annualized revenue that you talked about in connection with the transaction. Yes and that is correct. The less sales compared to the SEK 1.8 is due to the fact of the postponed surgeries. Okay, got it. Thanks. Just checking here if you have any exposure to vaccine production for COVID. We are not producing any vaccine. Okay. Nothing in syringes and things like that? Not of any that will affect any numbers. Okay. Good. I was also thinking about the EMC thermal components that you have and how they are exposed to the electric vehicle market. Can you say something there, how they are exposed to EVs? The value per car maybe compared to combustion engine cars and how you're positioned to capitalize on the EV market. Yes. Some years ago, we took the EMC business from a purely mobile network business to expanding it to other areas. One of those areas are the automotive industry. We are gradually building that up step by step. It's both for combustion engines, but also vehicles with, of course, electric vehicles. Okay. Is that a meaningful potential for you? Yes, definitely long term, we think this is a very interesting market, but the individual sales or projects are of less significance than the network. You have to build them step by step. Of course, the duration of the production is also longer than within the network. This is something that we build step by step and see a gradual increase by quarter to quarter. Okay. Just a final one for me. It's about the comment of for the Integrated Solutions segment to have revenue of more than SEK 1 billion. Just curious what you mean there. Is it just above or is it significantly above? I mean, SEK 1.1 billion or SEK 1.2 billion? We mean it's just above SEK 1 billion. If we would have said much more than we would have given more decimals into the numbers. We mean just above SEK 1 billion. Okay. Just checking. Thank you. Thank you. There seem to be no further questions on the line at this time, so I'll hand back to our speakers for the closing comments. Okay. Thank you for your interest in Nolato and our presentation of our fourth quarter, and I wish you a really good day. Thank you.