Good morning, everybody, and warmly welcome to this presentation of Nordic Paper's Q4 and full year 2020 result. My name is Ingrid Östhols. I'm Investor Relations of Nordic Paper. Today, we will have the pleasure to listen to CEO, Anita Sjölander, who will guide us through the group's performance, and then Niclas Eriksson, CFO, will explain the figures more in detail. After that, we will open up for questions. Please, Anita, go ahead. Thank you, Ingrid. Thank you all for calling in today to listen to our report. We will begin to present the fourth quarter and the segments, and after that, present and comment on the full year results. What we want to report from quarter four as our key highlights are, first, that we have had a solid production. The market has been robust in general and not changed much since the previous quarter. Like what we reported for quarter three, we have seen some effects from COVID-19 in our segment, Natural Greaseproof, where the demand in the food industry has been lower due to implemented restrictions in, for example, restaurants and especially in countries with strict lockdowns. SEK prices have stabilized. Our cost for raw material, wood, has decreased as, according to our contract, normal negotiations of prices have taken place. Based on the full year results, we are proposing a dividend of SEK 2 per share. This is in line with our dividend policy, where we have a target of 50%-70% of the net profit. The underlying factors for the proposal are our stable cash flow, financial situation, the investment that we have in the expansion plan for Bäckhammar, and also the uncertainty regarding future development of the pandemic. The dividend amounts to SEK 134 million. Next slide, please. First of all, I would like to take the opportunity to remind you that during 2019, we deviated from our normal pattern and performed the annual maintenance stop in Bäckhammar in quarter four. We have to keep this in mind throughout the presentation when comparing Q4 2020 with Q4 2019. Good volumes and stable market during this quarter resulted in net sales of SEK 670 million, 9% lower than Q4 2019. Earned EBITDA of SEK 144 million, where the slower ramp-up in Bäckhammar affected negatively by SEK 9 million and IPO cost by SEK 2 million. Lower sales prices are offset by lower costs, and the EBITDA margin is 21.4%. Next slide, please. Sales volumes in quarter four are up 5% versus 2019. Natural Greaseproof has had slightly lower sales volumes, but are offset by the increased sales volumes in Kraft Paper. We can also see the effect from the slower ramp-up of the production in Bäckhammar 2020, which affected both Q3 and Q4. The distribution of net sales per geography has not changed and is very stable. Next slide, please. We pass over to our segment and start with the Kraft Paper segment. In this Kraft Paper segment, we have seen a good market situation with good demand for our products. Prices are lower than last year, but they have also been stable during the second half of the year. Positive changes are that, for one, the increased competition that we have experienced in our main market, Europe, has started to weaken as the Asian market is recovering and calling for increasing volumes. Secondly, we are benefiting from the lower fiber cost when sourcing wood. Next slide, please. During second half of 2020, COVID-19 has had some effect on the market for our segment, Natural Greaseproof. It is the demand from the professional food sector and especially from countries with tough restrictions and lockdowns where the demand has been lower. Instead, we have increased our volumes to retail business, and we also experienced an increased interest for our unbleached paper grades. This has, to some part, compensated the decline due to COVID-19. We are very happy to report an all-time high full year EBITDA result of SEK 205 million with a full year EBITDA margin of 15.4% for this segment. Next slide, please. We take a look back at the full year 2020 and the key highlights for the year. As we are all extremely well aware of, 2020 was not a year like any other. Despite all the tragic pandemic and trouble around the world, the market of Nordic Paper's products have been, in general, robust. There has been some swing in quarters between different product groups, which is also part of our strength and balance since we're serving different end users, manufacturing industry, food industry. We're also grateful for the long and good customer relations we have. Throughout both good times and bad times, we deliver paper to them. During times like this adds to our resilience. To some part, but not significantly, like I previously said, we have seen some effect also in Nordic Paper from the pandemic in our segment Natural Greaseproof. The market situation for Kraft Paper has meant significantly lower prices in the market. During second half of the year, they have been stable. During 2020, we have seen our fiber costs coming down and the energy prices have also been favorable. Our products are part of the solution when replacing plastic material with renewable, recyclable, and biodegradable products. We are happy to see how this interest is growing. We are contacted with more interesting questions and see increased interest in developing new possibilities. One of the most recent examples of realization from interest to a product on the market is a customer that wanted to replace their plastic packaging for grapes with a paper bag produced from our Kraft Paper. Of course, looking back at this year, we will always remember the milestone, October 22nd, when we became part of the Nasdaq family. Next slide, please. Full year 2020. A stable market with limited effect from COVID-19. We are proud to present a full year result on this level during a year with challenging and completely new circumstances, and it shows the underlying strength of the company. Full year net sales ended at a total of SEK 2.9 billion, down 10% versus 2019. We have kept our volumes, but with the general tougher market situation, we've had to adjust also our pricing during the year. As a total, this ends with an EBITDA of SEK 458 million and the EBITDA margin of 15.8%. If we then adjust for IPO cost, we would have reached an EBITDA of SEK 482 million. Also to remember, we have had a stable financial situation and not experienced any credit losses during the year. Next slide, please. Stable volumes and market split. Despite COVID-19 and the limitations in Bäckhammar, we reached a total sales volume of 267 kilotons in 2020, which is the same level as 2018 and 5,000 tons lower than 2019. The Natural Greaseproof sales volumes are on almost the exact same level as 2019. In Kraft Paper, we mainly have lower volumes due to the two unplanned reductions in production output in Bäckhammar. Also, the market split has been stable throughout the year. Americas, approximately down 2% versus 2019. Europe up with the same number. To offset some of the lower volumes in Americas for Natural Greaseproof paper, there has been an increase for Kraft Paper. I would like to hand over to Niclas for more details in the comparisons. Thank you, Anita. We go over to the net sales and the EBITDA in the next slide. Looking at the net sales comparing to Q4 2019, we had in 2019 net sales of SEK 738 million. The prices had started to decline on the market, net sales were still supported by the strong market. Volume and product mix is +SEK 20 million during this quarter compared to last year's Q4. Kraft Paper have sold a higher volume, Greaseproof is slightly less compared to 2019 if we look at volumes. The price effect is -SEK 46 million, most of this effect come from Kraft Paper. Currency gives a negative effect of SEK 42 million, this effect increased to the end of the quarter since the Swedish krona got stronger during November. Next slide, please. Looking at the EBITDA compared to Q4 2019, we had EBITDA in 2019 of SEK 65. In comparing, we see in this quarter that we have a small volume and product mix effect of SEK 6 million. We have price effects that is - SEK 44, the raw material effect is +SEK 75 million, and there the energy and the fiber costs are the items that gives this positive effect. Fixed costs are SEK 59 million lower in this quarter compared to last year. The reason is, of course, the maintenance stop in Bäckhammar that was carried out in Q4 2019, had an effect of SEK 57 million. This year, we have also had dissolutions of reserves affecting personnel costs + SEK 6 million. Currency gives a total negative effect of SEK 5 million, we have IPO cost of -SEK 2 in this quarter and other effects of -SEK 9. We end up with an EBITDA of SEK 144 million for this quarter. If we look at the net sales for the full year, we had in 2019 net sales of SEK 3.2 billion. This year, we have seen a large effect coming from price, a negative effect of SEK 250 million, most of this coming from Kraft Paper. We have had a negative volume and product mix of SEK 45, and a currency effect that was - SEK 33. We come to the disclosed net sales for 2020 of SEK 2.9 billion. EBITDA for the full year compared to 2019, there we had EBITDA in 2019 of SEK 629. This year, we can see a small negative effect from volume and product mix of SEK 32 million. The deviation in the volume itself was 5,000 tons. We have a negative effect of price of SEK 250 million. Raw material, fiber, pulp, and energy have been on a lower level, that gives a positive effect to the EBITDA of SEK 149 million. Fixed costs are SEK 32 million higher for the total year. The main part of that comes from planned higher maintenance stop costs during the year. Currency amounts to +SEK 2 million on a total level, the IPO costs for the year was SEK 24 million. We have some other effects of SEK 16 million. Undisclosed EBITDA is then SEK 458 million. Cash flow, there we can see the normal pattern as we used to have during the year, with the higher cash flow in Q2 and Q3. CapEx is normally handed out in the Q3 and Q4 during the year, that affects the cash flow during those quarters. We have also lower deliveries to the end of December during the Christmas holidays due to lack of transportation to Europe. That increases the inventory during the end of the year as well, affecting the cash flow negatively. We can also see that we have normal situation regarding accounts receivables and no credit losses during the year. That have also been a normal effect in the cash flow. Working capital, there we have the normal pattern. We have inventory increases, as I mentioned, in Q4 due to lower deliveries to the end of December. At the year end, we can see that we have almost exactly the same level of working capital as in 2019. CapEx have also developed this year the same way as in 2019, and we end up with a CapEx of SEK 102 million compared to SEK 100 million last year. Financing, there we have a net debt at the end of the year of SEK 718 million after we had the new loan of SEK 950 million in October financing the dividend. Cash is SEK 415 million, the net debt to EBITDA, the leverage, is SEK 1.6, which is with a good margin below the target of SEK 2.5. We also have available unutilized credit facilities of SEK 800 million. I hand over to Anita again. Thank you, Niclas. I would like to give an update on the progress in our important expansion program in Bäckhammar, where we want to increase the production to meet the increasing demand for Kraft Paper. The program has three major areas, the first one being cost-efficient wood and energy sourcing. This is a part that is not depending on a new production permit. We aim to reduce our fiber cost through replacing the existing wood room with a new one with higher capacity. We are in the pre-project phase. We expect to present an investment proposal to the board of directors during this year. According to plan, the next part contains a new production permit and what we estimate will be the required process improvements. We filed the application in second half of 2020, and the process is according to plan, where we on request are sending in complementing technical information to the authorities. The third part is the capacity expansion. First, the increased pulp production and then paper production. This is planned according to our best estimates of receiving a new permit and to start to ramp up the capacity when the prerequisites for a new production permit is in operation. The organization for this program is in a build-up phase at the moment. Next slide, please. To summarize the quarter as well as the year. The market has been on a total level, stable, and prices have been on a lower stable level. We are happy to present a good financial performance in this special year. COVID-19 has, during the second half of the year, to some extent, affected Natural Greaseproof. We have increasing interest from customers for applications where our paper can substitute plastics. Based on the full year result, we are proposing a dividend in line with our policy, SEK 2 per share, corresponding to 52% of the net profit and a total sum of SEK 134 million. Next slide, please. New year, new focus, and our outlook for the first quarter of this year. Short-term, going forward, we expect the market to continue to be in line with what we have seen the last quarter. The effects from COVID-19 are, of course, still difficult to be sure about, but we believe that it is likely that we continue to see some effect on the Greaseproof market. The lower wood prices that we have benefited from during Q4 will also be favorable in this quarter. You will also see some guidance in this picture on some of the financials for 2021. Long-term, we are positive that the market will pick up and continue to grow. The market drivers are there, with sustainability as the strongest trend, and also regulations on materials and chemicals, for example, chemicals. We are providing a product based on renewable raw material that is recyclable and that is also biodegradable. We see a strong interest from our existing and also from potential new customers to grow with existing products and in new applications replacing plastics. Thank you. Thank you, Anita. We will start the Q&A session. Operator, do we have any questions? Yes, we have questions that came through, ma'am. Once again, for those who want to ask a question over the phone lines, just press star and one on your telephone keypad. We do have a question that came through. The first one comes from Martin Melbye from ABG. Your line is now open. Please go ahead. Yes, good morning. Of the SEK 75 million of lower raw materials, how much of that was wood? Is, say, the wood cost for you going to be on that level or another step down, being positive for you in Q1? That's the first question. The SEK 75 million, that's quite evenly split between pulp, wood, and energy. What we have seen during 2020 is a decreasing wood cost by approximately 10%. I talk about the wood to Bäckhammar, where we have this mix of wood and sawmill chips. We expect that the level that we have had in Q4 to be maybe a little lower, but continue on that level, to stabilize on that level. Okay. Just to understand the contract, if the spot price on wood now drops in Q1, is that then positive for you in two or three quarters, or is it taken out in the first quarter? If the spot prices go down, well, we have our situation with the agreement with the local forest owners around the plant in Bäckhammar, and there we continue with our way of working with 30 to 40 suppliers and making contracts for three or six months ahead. It's hard to say how that will develop exactly. Okay. Can you give some more comments around the price outlook in the first half, both on Kraft and Greaseproof? I noted that Greaseproof prices were back up again in Q4, at least realized prices, while Kraft seemed to be still down. What you foresee, I guess, in these semiannual Kraft Paper negotiations? What we do see on the Kraft Paper market is some positive signals. In our European market, we see that it's not so tough competition since the Asian market is now asking for volumes again. We see that the pressure there is getting reduced. Also we see other kind of Kraft Paper types also from competitors that the price increases are out there on the market, that our competitors are also signaling for a price increase. Okay. Have you announced the price increase? We won't do an announcement like that. We do negotiations customer by customer. We don't do the announcements. Okay. Greaseproof, stable or any comments? Stable market situation. I think there we need to also take the COVID-19 effects and see what happens going forward, if there will be even tougher restrictions in countries or not. That is maybe the more difficult market to understand at the moment. Okay. Last question from me. On page five in the report around FX hedging, the table says the contracts are worth SEK 34 million. Is that a number that is very relevant for Q1? Those derivatives are the total amount that we have had at the end of the year, and those are relevant for the full year since we have the policy to how we do the hedging. We do a monthly hedging, and we have also derivatives that are due monthly. Those are exchanged continuously during the year. Yeah. Okay. We shouldn't put it into just one quarter? I just saw that in the previous quarter it was over SEK 10 million and turned out to be SEK 10 million. No, they are always related to the coming 12 months, but with a lower amount of derivatives due to the second half of the year. Okay. Excellent. Thank you. Thank you. We have another question, and this comes from Christian Kopfer from Nordea. Your line is now open. Please go ahead. Okay. Thanks operator. Good morning, everyone. Had some difficulties on the line. Apologies if you have already answered this. First of all, on Greaseproof, we see that the pulp prices are coming up heavily, especially in Asia, but they are also rising very strongly here in Europe. That should be quite good for you, I guess, since you're integrated. On the Greaseproof market, do you see over time if pulp price come up, do you see that should impact Greaseproof prices positively? Well, what we normally see on the Greaseproof market is stable prices. We, as a market leader, increased the prices two years ago with 4% or 5%, something like that. Now the prices have come down again with around that number. We see only small movements on the prices on Greaseproof market. They are not related to the pulp prices like that. I think because when you raised prices a couple of years ago, that was quite much due to the strong pulp market, yeah? Yeah. Since the pulp is the raw material cost, the large raw material cost in the Grease proof business, that's the situation there. Yes. On Kraft Paper price, if you see that what we hear obviously, is that they are starting to come up now. If they are coming up, would that come with a lag for you, and impact more further on in the years Q2 and Q3, or should we see some impact on that already in Q1 if prices are coming up? We do the agreements for three or six months ahead. If that will pick up like that, it will be a effect we will see further on. Right. Then on maintenance, I'm a little bit surprised to see the maintenance cost, especially on Kraft Paper for 2021 at SEK 90 million. Can you just elaborate a little bit on that? Because if I remember, the expected maintenance cost originally when we were in the IPO process, were supposed to be much lower than that for 2020, right? Then you run into some problems and so on. Just trying to understand a little bit why our maintenance costs are so much higher now in Kraft Paper than they were expected to be previously. The plans for the maintenance stop, they are individual for each year, and some years there are some more expensive machinery or equipment that has to be exchanged, and that is the situation this year. Okay. Can you just remind me, Niclas, what was the previously expected maintenance cost for 2020 before it was raised? On total level, 70 for Kraft Paper, or was it? 70 for Kraft Paper, yes. Yeah. Okay. Mm-hmm. Yes. Is that more a reasonable figure if you look in the longer term? Yeah. That could be the situation, yes. It varies from year to year. Right. Yeah. If I missed that question, on the pulpwood price, should that have a positive impact on Q1 versus Q4, Q1 2021 versus Q4 2020? Sorry, the pulp price? No, the wood price. The wood price. The wood price. Yes. Sure. Is that coming down on sequential basis, or is it year-over-year? Slightly, we expect a positive effect also in Q1, but we see more that the prices are stabilizing. Slightly bit lower cost on sequential basis. Is that what you're saying? Yes. Okay. That's what we expect. Perfect. Thank you very much. Thank you. We have another question on the line, and this comes from Jimmy Aletonen from DNB Markets. Your line's now open, please go ahead. Thank you. Just, is there anything you want to update us in terms of the Säffle process and decision, and what's the thinking there? We are continuing to work on the plant in Säffle. We are working with the product, and also together with customers, COVID-19 has been a challenge for us there because we cannot come out to the customers to be part of trials and so on. We are planning, and we are continuing working on it during 2021. When we see that we can finalize the work together with the customers, we are ready to put a proposal to the board of directors. Right. It sounds like, I think last time you updated us, you mentioned that you are able to produce, I guess, most of the paper qualities you need to produce with this new pulp. I guess you still have some work to do in that regard. Yes. Correct. How do you see it? Your outlook was maybe a little bit vague. Markets are going to be rather stable. How would you expect your business to respond to actual sort of reopening, let's say, as vaccine is distributed? Your volumes haven't been down that much, but clearly you've had some negative impact from lockdowns and COVID-19, and pricing has certainly suffered. Can you just give us your thoughts in terms of what would a proper reopening of the economy look like for Nordic Paper? Of course, the first change would be that we would see the professional sector of the Natural Greaseproof segment coming back, and that the product mix would change a bit in that segment again, going more back to professional sector. We would pick up the volumes a bit, if the market gets stronger in Natural Greaseproof. That's what we're hoping for. Absolutely. Possibly, I missed this, but is there sort of guidance you want to, or were giving in terms of FX impact, going into next year, including hedges and such? Yes. You can see the values of the hedges that we have in the report, the SEK 34 million. The FX effect except for that, if we compare Q1 2020 with the exchange rates that we had at the start of this year, we can estimate the effect on the net sales of around -SEK 60 million. On the EBITDA level, slightly more than half that figure since we have a lot of costs in currency as well. I'm sorry, that was for what time? Q1? For Q1, yes. Comparing Q1 2020 with the currency rates at the end of the year. Right. Exactly. Yeah. Was there another thing that sort of probably isn't that visible in the numbers yet, but given that there seems to be pulp price movements and such, you did have Let's say divisional imbalances in terms of what you sell and what you buy. Can you just remind us what those were? The overall net position was slightly positive, but how much was that again? Net, we buy approximately 30,000 to 40,000 tons of pulp to the group. Right. Yeah, just wondering how in the grand scheme, I suppose it doesn't matter, but how the divisional imbalances work out. Balances. All right. I think that's all for me. Thank you very much. Okay. Thank you. We have a follow-up question that just came through, and this comes from Martin Melbye from ABG. The line is now open. Please go ahead. Martin, your line is now open. You may go ahead. Yes. The last number you gave that was interesting around the FX. Given that we don't have full quarterly reports for, say, at the start of last year, what was the FX hedging effect in Q1 2020? If you include FX hedging, what would that number of SEK 30 million be like? I don't have that on hand. Sorry. Okay. Yeah. Maybe we can come back to that. Yeah. Okay. Thank you. No further questions that came through at this time. Please continue. Okay. Thank you everybody for participating and listen to our presentation, and we hope to speak to you again, when we have released our Q1 report 2021 in April. Thank you and goodbye