2020 has been a very strange. I've said it before, it's probably the strangest year I've ever been working. We started the year with a very full speed. We had a strong January, February, March, very good Q1. We saw that the pandemic was starting. There was a lot of disputes. What will happen? How soon will it pass over? So on. NOTE, we had very good speed in the first quarter. We had a strong second quarter. We are continuing to win new business, and we are growing with our existing customers. We were very pleased with the performance in the first half year. We were going into the Q3 with a very strong feeling, and in the middle of the quarter, we saw that we had something were happening. For those of you that have been with us for some years, we are often seeing what we call some kind of stock or inventory consolidation at our customers' end. We did not really see that the customer's demand was going down, but we saw that they were doing some customer or inventory consolidations. When that happens, they're not that open when they do this. We were hit by it in the third quarter, and we announced it in a guidance in the third quarter. When we presented a report for the third quarter, we also informed you all that we were seeing that the Q4 were going to be quite similar to the third quarter. All in all, what happened was that when we summarized this year, the Q4 came in, as we see it, quite well in line with our own expectations. The year in full, actually, we see record on all our KPIs. The strongest sales ever, plus 6%, up to almost SEK 1.9 billion. Operating profit up 20%, we're almost at SEK 150 million. Let's go back to 2017, we were at maybe SEK 70. We are more than twice as big in profit as we were just three years ago. I think that's amazing. Our margin, we have often talked in this forum that seven or seven and a half, is that the maximum we can do? We see that we did 8% this year, and we also had a quite weak Q1 when it came to profitability, and that has basically burdened us a bit for the full year. We're seeing that we're doing a bit better than 8% in run rate at this point. Some might say, okay, is this an effect of the pandemic? Do we have a lot of cost contributions and support? That is not the case, and what we also see that our profit after tax went up 25%, and we also reached a new record in profit per share at SEK 4.11. Also very, very good. We also saw a very strong cash flow. We ended 2019 with a very good cash flow, and we are very pleased to see that this trend is continuing, and that we can maintain such a strong cash flow, even though we have seen delays in several customer contracts. That has put some pressure on our inventory. In some cases, we are a bit overstocked, but still we manage to get the inventory and the cash flow in such a good shape that we manage to do a bit over 6 SEK per share in cash flow. I think that's very, very important for us going forward. If we look at the quarter as such, we had a slight reduction with 4% in sales when we measure in SEK. We had quite a big headwind when it comes to currency. The currency effects were quite big in the fourth quarter. The negative sales in SEK is balanced out with the negative currency effect. Our sales in local currency were quite spot on last year. What we also see is that our order backlog is up with 20% compared to last year. I think this is what really are pleasing me to see that we are now getting the order backlog up. We also see that the profit level, we were up 8%, despite that we were down 4% in sales. We see that the margin strengthened with 0.9%, up to 8.3%. Even though we see that the negative currency effect on sales, that often have a positive effect on our financial items. We see that our profit of the financial is a bit stronger than the OP margin. Also this quarter, we saw a very, very good cash flow and ended the year at SEK 170 million and SEK 44 million for the quarter. Everyone that were with us last year, we know that the second half of last year, we had an extraordinary strong cash flow, and we ended up with SEK 96 million in the fourth quarter. The comparing number for the Q4 was very strong at this point. All in all, I think that the fourth quarter, even though we are where we expected on sales, we are not where we want to be at sales, but still, we managed to do quite a good profit improvement. We managed to safeguard our cash flow. And I think the business continued as we expected for the quarter. I will come back to you and give you some insight on what we expect for the year. When we look at this year, we are not that disappointed, 6% overall, 20% in increased profit for the year. I think that is very good numbers for a pandemic year. We are quite happy with what we achieved this year. Looking at the margins, I think that we see the shift. I have talked about it before, we see the shift moving from low-cost manufacturing into more regional and local production. We see that we are growing significantly stronger in Western Europe, and we saw a reduction in the rest of the world. The reduction is basically in China because we saw some growth also in Estonia. The trend is very clear to us. We are seeing that the sales are much stronger in Sweden and Finland and Estonia. Estonia, the majority of the customers are Swedish and Finnish customers, so they are quite comparable to what we see in Sweden and Finland. We see that U.K. has been a burden. We will come back to you a bit about that. We also see that China has been a burden for us this year. China due to two reasons. First, we see that the trade tariffs has had a negative impact, of course, and we also sell quite a big part of the Chinese volumes to U.K. U.K. as such, has been a very weak country for us this year. But we have shown this before, that the operating profit is creeping up quite nicely in the Western Europe region, and we are closing in on the 10% in this region. But what is also pleasing to see is that we see that the rest of the world is also improving. We are up to 5.6%. For those of you that have been following NOTE for some years, it's not more than four years ago that 5.6 was the average for the group. Even though in the light of what we see here, it looks a bit weaker, it's still a fairly good level. We're not happy with it, just to be clear on that. We are seeing that we're getting closer to where we want to be. This is, in my opinion, very good numbers. The reason why we managed to come to this level is that we're very focused on keeping our promises. We are good at delivering on time. We have improved the quality into very strong levels. I will get back to you on that. What we also see is that we are investing in our production. We're increasing our automation, and through that, we are building us away from a lot of labor costs. Our internal cost is continuously going down in relation to our sales. That is why we are continuing to improve our operating profit. We expect that this trend will continue. We have not reached the final target, if you put it like that. We're seeing that the initiatives that we take and the increased investment speed that we have has enabled us to improve our profit quite significantly. We are only quite early in that journey, so we see a lot more to come from these initiatives. Moving over to our customer segments. We see that the trend that we are seeing for the year continues. We see that our industrial segment is continuing to grow fairly good. We see that we are 12% up in this segment for the year. To me, that is good. We have seen some customers in this segment going down, but we have also won a lot of new customers, and we see a few of the customers we have here doing fantastically. We have informed the market about the growth, for example, for as a customer. They are in the industrial field, and they have been growing extremely good for the year. We see Medtech continuing to grow very well. We are 48% up for the year. Medtech is now by far the second-largest segment. A year ago, it was not close to be that. We see that our defense has reduced a bit. Everyone that works with defense knows that it's a project-oriented business. If you get an order, you will have good sales, and then you can have a half year or a year where the sales is fairly low, and then suddenly it goes up again when our customers receives new orders that they are producing. That's the nature of defense. We are expecting that that will actually go back up a bit in the coming years. What we see is that our second-largest segment in 2019, communication, that is the area where we have been seeing the reductions for this year. This is not so surprising. It might look like that on the surface, but this is mainly telecommunication products. What we see is that when the economy is slowing down, when we have restrictions in how you move and how you can work in the field, we see that the installations of telecom equipment has been really suffering throughout this year. We also see that when you look at their reports. If you would have seen that the communication area would have been at the same level as last year, then we would have been above the 10% that is our annual target. For us, it's clear that this is an area that we have been seeing that this is why we have not been able to deliver on the 10% growth rate that we are planning for. The good thing is that even though this segment goes down quite quick, it goes up very quick because it's also installation business. As soon as the markets are opening up, we will see that this segment will increase fast in orders, and we already see some signs of that. This is just how it is. This is the area that we still see that we are quite much, how shall I say, we are suffering from a lower economy in this segment, but the rest is fairly strong, also in the lower economies as we see. It's going to be very interesting to see what we are delivering on in this segment going forward. If we look at this, we have also just announced a new win in the Medtech segment for this year. My expectation is that Medtech will continue to grow, say that it will grow with 50% 2021. I think that might be too much, but we will see very good numbers. That's my expectation. Industrial segment, we are winning new business and we have a lot of interesting new opportunities there. We are expecting that to continue to grow as well. We are expecting communication to bounce and get better in 2021. We are quite optimistic for the year to come. That is my feeling. Looking at some operation highlights, we still deliver very good at quality and delivery. We are hitting the 96% in delivery performance. We have reduced our PPM level, and we are down to just about 600 PPM, and in our industry, that is considered as world-class. We are very proud of that. We are also winning new customers, even though this year has been a bit tricky to do the customer acquisition. We are winning new customers, and the wins that we had in 2020 were basically at the same level as 2019, which was by far the strongest year ever in the group's history. We are expecting that we will benefit from those wins in 2021 and onwards. We are quite optimistic. Last year we announced two very big deals. We had one Medtech win that is in serial production. We also announced our biggest win ever that is in NPI, and we are expecting that to start in this year. We also see that many of our recently won corporations are growing very nicely. We have talked about Plejd before. Plaid is developing fantastically. You should follow their journey on their own webpage. They are a very good company, and we're proud to be their supplier. Charge Amps is another customer that are growing very nicely and also, Maven Wireless and others. All of those accounts are fairly new. We did not have them in production some three years ago, and those are one of the reasons why we are growing fairly good in our industry. We should also say that 2020, despite all the issues that we saw, we had record sales in Sweden, Finland and Estonia, and record sales by far in many of our sites. Going back to U.K., we know that our U.K. business went down with roughly 20% in 2020. That is the reason why we couldn't reach our 10% growth. U.K. as an economy has suffered quite extensively in the COVID-19. Now we are going into the Brexit year of U.K. What we expect from U.K. this year is that it will be on a lower level. We are also looking at the overall economic development in the country, the expectations are fairly low in U.K. for 2021. We are seeing some signs that we have at least reached the bottom, we are expecting the sales to be a bit higher in U.K. also in 2021 compared to where we have been the last three quarters in U.K. We're not going to see records in U.K. in 2021, we expect it to be slightly better than 2020 at least. It will not be a burden to our sales in 2021 as we see today. We have tried to estimate how much we have lost in sales due to the COVID-19, our best guess is that it's around SEK 200 million in sales that we have lost due to COVID-19. We have had some customers that have been increasing, but the overall number is a loss of SEK 200 million in net effect. We are expecting that to come back in 2021 and 2022. On top of that, we see that we are winning new accounts. We are looking quite optimistically on this year. Brexit, we did not put it up here as a bullet for us. Our customers in U.K. are mainly British. We are not selling so much outside of U.K., and we are buying most of the material within U.K. We're not getting hit by any tariffs or any increased delivery times that maybe other industries are seeing. We are expecting that our journey in the Brexit will be fairly smooth as we see it. We don't expect any major material disturbances. We don't expect that our customers will have any duty or customs issue when they export. We're expecting that it will be fairly much business as usual for us in Brexit. We don't know how much the Brexit in such will affect the U.K. economy. That is something that we cannot affect at all. We are not speculating in that, but the business as we see it will run fairly smooth, and we don't see any major disruptions around that. That's how we see upon it. We don't have any expats or any foreign people working in our sites, so we don't see any issues related to any changes in that. For us, it's pretty much business as usual. What we have seen is that we have also increased our CapEx level quite much. The reason why we do it is, of course, that we are growing and increased sales are needing more capacity. We are also growing, we don't want to build new factories, we want to increase the throughput in our facilities we have. If we do that, we will get a good fall-through, that means that we will continue to improve our margins. Despite that, we see that in some sites, we need to expand our footprint, we have started an expansion in Torsby, which is our largest site in Sweden. We're building out the production floor with roughly 50%, we are expecting that we can produce maybe 75% more after the expansion in the site. We are seeing that we would have outgrown the factory during 2021 as it looks. This was really important to get it done now. Very important is that we have doubled our clean room capacity in Norrtälje, and this is also for a Medtech customer that is growing very nicely, but it's also in our microelectronics field. It's something that is a bit more complex, and we see that we're one of the few that can do this in the Scandinavia for these types of customers. Now we have outgrown the capacity we had, it's also showing that we are winning more complex customers, which I think is very, very good. Yeah. Our return on operating capital, we reached 23%, also new record for us. Our long-term target is 20%. However, we are expecting that this number can also improve going forward, we have not reached the roof there either. We are up to 50% or 51% in equity. I think that's very good. We are almost debt-free if we exclude the right of use of assets, which is also something that we are very proud of in these kind of turbulent times that we see. We have proposed that we don't give dividend. We see that there is a lot of attractive opportunities out there. We see that there is some companies that are struggling a bit, and we are taking active part of that, and we are hoping that we can get back to you and show what we're doing in this area in the near future. For 2021, what do we expect? As I said, we are expecting that we have a good operational momentum. All our sites are active. We have adjusted our capacity and headcount in U.K. to the level where our demands are at the moment. This means that we have significant growth opportunities in U.K., of course. We have taken further initiatives in Estonia and China to strengthen the margins. As you saw before, we are growing the margins, but we are expecting more and we can do better. Therefore, we are trying to expedite those projects a bit so we can reach higher margins quicker. When I talk about higher margins, we are not increasing the prices or raising the prices. We are improving our internal operations, and that gives us better margins. If we would go the other way and start to raise prices, we would lose the customers, and this would be only a gain in the short timeframe. We are improving our internal business, and that is what is supporting our margin strengthening. What we also see is that we are continuing to win new customers. We are very proud of the new Medtech win we announced last week. This is a customer we have worked with for basically two years, and we have done maybe five, six different prototype runs. It's very complex production, so this is something that we are proud that we can actually achieve also in Estonia. This proves that our Estonian factory can deliver complex products at the same level as our more advanced Swedish sites, so very good. We are remaining and continuing very positive dialogues with several global OEMs. We have not yet signed a contract, so we cannot announce them, but we will when we can. We have also seen that we have been postponing several of our bigger projects, as we have talked about before. They are now in ramp-up phase, and we are expecting quite strong sales in those projects when they go into production. All in all, we can say that we are expecting that we will come back to our growth of minimum 10% for this year, and we are expecting to continue to strengthen the margin, both in real terms and also in percentage, of course. We are expecting that we will have some currency headwind on top line. We are expecting that the stronger Swedish krona will affect the sales with maybe 3%, 4%, but we still expect that we can be on top of the 10% for the year. We look quite optimistically. What we can say in general is that when our industry is slowing down, it goes a bit faster than we are expecting. We could have pushed out more business in the fourth quarter, and because that's in the contracts, we can basically force the customers to accept deliveries because they have forecasted an order. We would suffer from it the quarter that comes after, and it would also be pushing them a bit away from us. We are quite willing to go a bit beyond the contracts and support the customers when they see swings in demand. Therefore, we might go a bit more up and down. To have a flat quarter is, in my opinion, quite weak. We are not at all happy. What it means is that we will have a stronger, how shall I say? The recovery will be stronger than it would have been if we would have pushed out those volumes. This is a bit how this industry works. If you have, like we have today, a very strong financial position, we can allow this to happen because that means that the customers will rely more on us, and they will grow closer to us, and they will put more faith in us because we are supporting them when they have a bit of tougher times. For me, this is very important. This is a big strength in our business model, and I know that not all of our competitors out there are thinking in the same way. This might be one of the reasons why we are growing faster than the market. I don't know. This is something that many of the customers that I talk to are putting up as one of their references, that we don't try to push out the business if they don't need it. They are thinking that we do this in a way that they are happy and that we can help them also in their weaker times. For me, that is very important. My last slide is we are showing this, and this is the first time in three years that we are showing a slight reduction in sales in one quarter. I expect that it's going to be this quarter and not anymore. This reduction of one quarter will end at one quarter. We are saying that our annual growth has been 11%, and if we look at the last three years, we are actually growing 14% organically, including 2020. We are delivering quite substantially above our long-term target of 10%, and that's where we should be. Looking at the margin, we are now up to 8%. We are expecting that we will have to change the scale on the operating margin side going forward, so we are expecting that to continue to improve. We are not giving you a margin objective because sometimes we take customers with high volume but with lower margin, and that can put some limitations of how much we are improving the margin. Overall, we are expecting 2021 to continue the margin improvement trend that we have been seeing for the last six, seven years. That's basically what we are seeing. All in all, I would say that 2020, problematic year. I think we were very quick on adjusting to the new surroundings around us. We managed to get the costs out of our business in a good way. We managed to also work quite well with our inventories, so we've safeguarded a good cash flow throughout the year, and we are continuing to win customers who are well-positioned for the future. Even though we summarize this year as a bit below on our sales level, we see it as a strong year. We see it as a year where we continue to position us in a favorable position for the future. We are very happy where we stand, and we are proud of how we managed this year. With that, I leave the floor open for questions. Hello, can you hear me? Yes. This is Andreas from Summit Invest in Denmark. First of all, congrats on the good numbers once again. Two questions from me here. Just firstly, on the guidance, is it fair to assume that it will be a little back-end loaded now, with the better growth in the second half where the comparables are easier? Should we also expect good numbers in the first half, where you had a quite good first half this year or the last year? Naturally, I would say that it looks stronger comparable for the second half, of course, because the comparable numbers are lower. We are expecting to see decent growth also in the first half year. In percentage, I would say that the second half looks better in percentage. Okay, that makes sense. Just as another topic. It's something you talked about several quarters back, but how does the M&A landscape look now? You have a quite good equity and cash positions, and you did this in U.K. Yeah Has not turned out quite well now because of COVID and Brexit, but have you still appetite to do more M&A? Of course. I think that is one of the reasons why we are proposing that we are not giving dividends because we want to have the opportunities open, and we are keeping some dialogues in this area. It has been a bit problematic where we have not been able to travel around to visit these companies. We are hoping that we can speed up the process here. As I said before, we are also looking to buy quality companies, not just companies. That is something that we are keen on. We know that if we buy companies that need restructuring and so on, it will be one or two or three years where we are going to see that our margins will be a bit lower due to this. We're looking to buy quality companies. There are a few out there, and we are pursuing those dialogues, and we will increase the speed in this area. Okay, that makes sense. The last one for me. Can you maybe explain a little bit again the correlations between the backlog and the actual revenue numbers? As I understand, the backlog is both fixed orders and some forecasts that you are about to deliver in the coming six, 12 months, or how does it work? Yes, it's fixed orders, and then it's forecast for the coming three months. Three months. Okay. Yeah. Yeah. What I said before is that now we are saying that it's 20% higher than last year. That is part of fixed orders, and they are going up. Our customer have a tendency to over-forecast, and we have not really captured that. 20% on order normally means that we will hit the 10% increase or more. I say normally because this year has been quite far from normal in many ways, but we are expecting that it will pay out and materialize in a good way in the Q1 as well. Okay. Even on fixed orders, you are still ahead on last year. It is not only forecast, you are also a bit on fixed orders. It's actually more on fixed orders that we are ahead. Okay. That sounds good. Yeah. That was everything for me. Thank you. This is Thomas from. I have a couple of questions. Hello, Thomas. You very briefly in the report mentioned that you are actively participating in the green technology shift, and I also noticed one of your customer is a Swedish Charge Amps that makes chargers for electric vehicles. Maybe you could put a few more words on this area and what you expect from it? Yeah, of course. We have Charge Amps as a customer. They are growing fantastically, I would have to say. We are of course trying, as everyone else, to take an active part in winning customers in this segment. Our expectations is that we will, in one way or another, start to visualize how much of our sales that are going into this green tech area throughout 2021. We will get back to you on that. Of course, we are looking at how much can we get into our sales from this segment for two reasons. One is, of course, that it's good as a company for us to support the change from oil technologies into new green technologies, but also these customers have a tendency to outgrow the market and outgrow our growth by far. We want to win them so we can benefit on their fantastic journeys. This is a high focus area for us. And then do you have any specific thoughts on automotives in particular? I guess it's going to grow a lot, but typically if you are in the automotive industry, you have very low margins. I would say that automotive, if we have to divide it in a few different buckets, we're not doing much in the car industry. We are more in truck and off-the-road vehicles. We are seeing that the margins are climbing for every step you take away from the actual cars. If we are in the car manufacturing, we are often doing electronics for, how shall I say, for additional equipment. Not for the boards that are needed in any car. Maybe for like Bosch or someone of those, we could do some parts for their maybe high-end products in the vehicles, but not more than that today. When it comes to trucks and off-the-road vehicles, it's a bit different because there's another margins that you can reach there, but there's also bigger swings in demand. You have to take a bet there. If you want to go into the car electronics, then you have to design your factories in a way that we have not yet done. That is an area where we might go in there in a few cases, but it's not our target area. We like trucks and off-the-road vehicles. A couple of weeks ago, there was some news stories of shortages of semiconductors in car manufacturing that led to reductions in activity in car manufacturing plants. Are you experiencing any shortages of components? What we see is that the component market is getting a bit tougher. 2020 has been a very strange year. On the component side, it has been fairly easy. In the spring, there were some manufacturers that were closing sites due to restrictions from the governments in the countries where they were. If you exclude those, the market has been relatively good. Now we see that especially, as you say, semiconductors and programmable devices are getting a bit tougher on the market. We see lead times are increasing. We believe that we are quite well on top of this, but there is, of course, risks even for us to get delays. We have not seen that we have been forced to push out orders yet due to this, but we are following this very closely, of course. This is also a signal that the electronic industry will grow faster than it has been doing the last years. It's a mixed bag. It's more tricky, but it's also good because that tells us that our industry are growing. Two more questions. As far as I'm aware, any companies that receive support from the Swedish government, COVID-19 support is restricted on dividends and share buybacks and other payouts to shareholders. Are there any restrictions for NOTE or are you free to do as you see fit? We have been receiving some contributions. They are on a level that are very low. If we want to do this, we could easily pay that back, if you put it like that. It's less than half a million SEK, it's basically at the end that is insignificant. That is not the reason why we choose not to give dividend. All right. I would say that the period after you received it is six months, so we have not received it this year. In any cases, we would be free after the first half year. All right. A final question from me. Last year, you started giving quarterly revenue guidance, and now you've set some targets on the full year growth this year. Could you explain what your thoughts are about what kind of targets you set and why you have changed them over the last year? Basically, what we did last year was that we saw that it was a very problematic year, and we tried to give as good guidance as we could for the coming quarter. We basically started it last year to try to provide better information for a year that we expected to have a lot of swings. This year, we are going back to where we were before. We are guiding on a longer time period. It's more that we have moved back to where we were, not that we have taken away something that we have done in the long run. If I look at the first quarter, that is, of course, important. We are expecting to see decent growth. We are expecting to have a negative currency effect of at least 5%. That will, of course, be a bit problematic for us. In local currency, we are expecting us to hit the 10% or better, but how much it will be on SEK, it's very tricky to see due to the currency effects and all. We are seeing good growth, and we are seeing increasing orders and increasing forecast and all that. Normally, which is what I said before, is that the reductions are a bit deeper than we expect, and the increases are a bit faster than we are expecting, if we look back on the big swings that we have seen in the past. Today, we are seeing that we will see some fairly okay growth for the Q1 as well. Thank you.