Good morning everyone, and welcome to today's telephone conference where Ratos CEO Jonas Wiström and CFO Jonas Ågrup will present Ratos report for 2020. After the presentation, a Q&A session will follow. A recorded version of the telephone conference will also be published on our website after the call. With that said, I leave the word over to Jonas. Thank you, Helene, and thank you everyone for joining this call. Welcome. Before we present our development in the fourth quarter and for the full year, I would like to start with a few comments on who we are for new attendance, and most importantly, put this report into the context of our three-year journey, going into a new and quite different Ratos in the future. With that, let's move over to slide two. This is a picture of Ratos today. We have some 12,500 employees in the group before the divestment of Bisnode. A total sales of SEK 37 billion. Our EBITDA is SEK 1.9 billion, and we like to have our companies headquartered in the Nordics. We are solely focusing on long-term and very active ownership. Down to the left, you can see our EBITDA rolling 12 months since Q4 2018. During this period, both EBITDA and profitability has more than doubled. This EBITDA comes from profitability growth and not acquired growth. This is an organic journey. 10 out of the 11 companies we have today in our company group have improved their EBITDA. Companies to the right is now in order of EBITDA size. Plantasjen is the largest EBITDA contributor, followed by Diab, HL, Aibel, and onwards. Bisnode is down to the right because Bisnode will no longer be with us in 2021. Let's move over to slide number three. As from the start of 2018, we decided to stop all acquisition activities and focus shifted into stability, profitability, and organic growth. We decided to leave the PE conglomerate idea, which some actually still refers to, with a vision of building a company group of larger companies with an eternal ownership horizon. Necessary divestments of companies that are not qualified to be a member of the future company group have been made, and we also have increased ownership in TFS. Now when we have achieved most of our goals regarding stability and profitability, we are ready to take on also acquisitional growth in some of our companies, and also new platform acquisitions in branches where we do have industrial knowledge and experience. Regarding structural changes, you see there is one box not ticked. We can't exclude that there will be some more changes to the existing group. The important message is that we're now starting add-on acquisitions in our group companies and also new platform acquisitions. If we go to slide four, I just want to underline that our focus is EBITDA growth. We will stop reporting book values, we will not introduce NAV values, et cetera. EBITDA growth is our ambition. We have detailed plans for all our companies in the future company group. Above you just see a few examples. With that, I wanted to move to slide five and also have a look at our new financial target that was launched today. We aim to have an EBITDA in the company group of at least SEK 3 billion. This means a 14% annual EBITDA growth in the next five years. I can tell you already by now, since I have some experience from acquisitions and growth through acquisitions, that it will not be 14% every year. Some year we will have a much higher EBITDA growth. Some years we will have a much lower EBITDA growth. You can't plan when acquisitions should happen. If we go into our leverage goal, we want to have an efficient capital structure. We want to be a net debt company, although we're not that at the moment. We think a target of a net debt over EBITDA between 1.5-2.5 over time is a sound and good leverage. We also have restated our dividend to say that we exclude capital gains and losses from our dividend policy. We aim to pay out a ratio of 30%-50%. With that, we move over to talk about the current quarter and the full year and move to slide number six. The quarter and the year is quite affected by currency effects and COVID-19, of course. Sales declined 9%. Again, currency effect 6% in the quarter make us to have an organic sales decline of 3%, and that is COVID-19, and it's Aibel. We're coming back to Aibel, who are dependent on a very low number of very big projects and a big number of smaller projects. The phasing of these projects make turnover and EBITDA to vary from quarter to quarter and year by year. We have strong growth in Plantasjen, airteam, and Diab, in that order, in this quarter. The EBITDA is negatively impacted by currency of some SEK 8 million in the fourth quarter. To that number, of course, individual currency impact for some companies is upon this number. The EBITDA is up SEK 244 million compared to Q4 last year. One should remember that in Q4 2019, we had some SEK 70 million in extraordinary costs for increasing profitability in TFS. That was SEK 40 million or SEK 41 million, and in Plantasjen, it was some SEK 30 million. 10 of the existing companies in the Business Group increased EBITDA. It was Aibel who didn't do it this quarter, although the profit margin was higher. We have higher EBITDA margin in all companies except Bisnode, who is leaving us or who has left us. Cash flow continues to be stronger through improved earnings and increased or focus on working capital. We have a further improved financial position driven by increased earnings and cash flow. Let's go to page seven. Here we can see the development for the full year 2020. Sales declined 2%. Currency effect was 5% for the full year. Organic sales was up 4% for the full year. If we look at the strongest organic growth performer during the year in Swedish currency was actually airteam, 7%, Diab, 13%, and Plantasjen, 6% over the year. We have actually six companies showing negative organic growth due to the pandemic and Aibel's project phasing. The EBITDA is affected by currency negatively with SEK 84 million. Plantasjen, HENT, and Diab had the highest increase of EBITDA compared to 2019. 10 of the existing companies in the Business Group increased EBITDA. Again, all except for Aibel and LEDiL. EBITDA margin improved in all companies except for Aibel, and cash flow improved by 86%. This sums up all in all with an earnings per share increase with almost four times. Last year, you remember, we divested our headquarter and had a capital gain which is excluded from the four times increase. Our board of directors have suggested to increase the dividend with some 46% compared to last year. I want you to move to slide eight, and I at the same time leave the word over to my dear CFO, Jonas Ågrup, to comment on leverage. Thank you, Jonas. We are at page number eight now. We saw the leverage coming down by 58% in the end of last year. We were at 1.1x in leverage compared to 2.6x in the same quarter as the year before. EBITDA improved by 55%. Net debt decreased by some SEK 1.1 billion. We saw strong cash flows in both Q4 and for the full year 2020. If you look at the net cash position in Ratos AB, we had in the end of the year SEK 1.2 billion in net cash, roughly. Ratos AB has also a loan facility, which was unutilized and is unutilized of SEK 1 billion. After the closing of Bisnode and the divestment of that business, if we adjust for the Bisnode numbers and include the cash that we received from the divestment, the leverage in the end of last year was -0.9x. Net cash position in Ratos AB is approximately SEK 4 billion. Out of the total SEK 3.9 billion that we received from the divestment, we invested SEK 1 billion in Dun & Bradstreet shares, corresponding to roughly 1% of the shares outstanding. Also in Q4 last year, we received a dividend from Bisnode amounting to SEK 175 million. Back to you, Jonas. Thank you, Jonas. Let's move to slide number nine, where we're trying to summarize the COVID-19 impact 2020. We had negative impact on net sales in all companies except Plantasjen and Oase Outdoors. We are coming back to these companies later. The fourth quarter, we had a little bit less negative impact from COVID-19 than before. During the year, we have received government support, tax reductions, et cetera, in all countries or most of the countries we are active in, and it amounted to some SEK 79 million. In Sweden, we also have received contributions on SEK 6 million for furloughs and be able to leave the company for a temporary time. That amount we have paid back to the government. All contributions that is possible to pay back, we have paid back. Our priorities during the year has been, of course, our employees' health and safety, but also a big focus on liquidity and after that, EBITDA. I think that has further helped us to improve our cash flow, actually. Now, we are continuing to focusing on mitigating risks and negative impacts of the pandemic. Actually, I view the first quarter as much more challenging from COVID-19 than the fourth quarter. We have more restrictions now in Europe, and we have actually had some lockdowns in China with the new virus spread, which we hope they will handle very efficient as they've done before. COVID-19 is not over, and it will continue to affect us for the first half year. Let's take a look into the business areas and move over to slide 10. EBITDA is up 13% for construction services in the quarter, for the year, EBITDA is up 27%. The organic sales were down 9% due to the project phasing in Aibel, also Aibel and HENT were affected by the COVID-19 pandemic. We had to stop some projects in HENT during Q4 just due to the pandemic. Aibel has increased their EBITDA during the year, quarter- by- quarter, also the EBITDA margin continued to stabilize during the year. Aibel's profit margin in Q4 were actually higher than last year. In fact, in local currency, Aibel had a record year in sales. The backlog of orders at the end of the third quarter was roughly NOK 11 billion, of which now as much as 45% is in wind and electrification of offshore platforms. Airteam, a really great year for the company, growing 11% in the quarter, 15% for the year, record high order book covering a big part of our business going forward. EBITDA is up 34% in the quarter and 39% for the year. A good and increasing profitability in both Denmark, where they are the number one player, but also in Sweden. Great year for airteam. HENT commented on the organic sales, which is down in the fourth quarter. Some project has been postponed and even temporarily closed due to COVID. EBITDA is continued to improving due to more stable project portfolio. Speed Group, you remember the great turnaround program we had in Q2 2019, and since then, we have seen further improvements by the new management in this company that has a good future to look forward to. Now in slide 11, if we move to that slide, I just want to say that not only Ratos is transforming, Aibel is transforming from platforms and services to the oil industry into sustainable energy. Platforms in offshore wind farms and electrification of existing oil platforms is growing. Offshore wind is a rapidly growing market, the goal for the European Union is to fivefold capacity within this decade. That is offshore wind. It's really a good market trend for Aibel because we have six years of experiences from working with offshore wind converter stations. We also see efforts from the Norwegian government to reduce carbon footprint, which is a boost for the electrification of offshore production facilities. Again, the green share of the order book is continued to increasing and is up to 45% in the quarter. Let's move into slide 12, where we have our business area, consumer and technology. EBITDA up SEK 160 million in the quarter, 86% during the year. Organic sales development, 7%+ with strong sales in Plantasjen with 12%. The organic number for Plantasjen's growth is 18%. I'm not going to comment so much on Bisnode, who had a lower EBITDA in the fourth quarter due to the lower sales, again affected by COVID-19. There was higher EBIT and EBITDA margin for the full year. KVD sales decreased in the quarter due to lower sales in Kvdpro. Cars is growing. EBIT and EBITDA margin increased during the quarter and full year. KVD is continuing to gain market share in the rapidly transforming used car market in the Nordics. Oase Outdoors had a very tough start of the year since their shops and camping sites were closed. If we look into the Q4, it's a very small quarter. It's normally 2%-3% of annual sales, the quarter itself is not very interesting. What is interesting is that the EBITDA and margins from the summer when camping sites open up and shops open up was very strong, a positive effect from the COVID-19 pandemic. More people spending time in outdoor activities. The order book for 2021 is higher than ever, and it covers more than one year of normal sales. Plantasjen finishing a very strong year with a very strong Q4. Sales is up in the quarter, of course, and even for the full year. We had last year, the first three quarters, Spira in our businesses, which contributed with sales, but strong negative impact from Spira last year of EBITDA. EBITDA increase in the quarter and full year due to higher sales, increased gross margins, higher efficiency, and so on. I think everyone wants to know how large is the EBITDA effect from COVID-19. It's difficult even for us to put an exact number on this because many things have happened. During Q4, loss-making [Xeria] was divested, as I said. In June 2020, we had a new CEO who very rapidly took a number of measures, put in a new management team with some new members on key position, was created, I think, within one month or so. This has resulted, together with the better sales, with a profitability increase from 3.6%- 12.4%. We have better gross margins, higher efficiency in store, lower costs for logistics, better customer offering, better customer satisfaction. The new management team is really focusing on reducing seasonality. How big was the EBITDA impact from COVID? Our best guess today is around SEK 150 million for the year. We expect a gradual decrease of COVID-19 effects during 2021. There was a survey performed in Sweden from Handelns Utredningsinstitut, whatever that is in English, where they interviewed customers, and almost 50% claimed that they will spend more time with gardens than before the pandemic, also after the pandemic is gone. We will, of course, follow this very closely. One should remember that Plantasjen also is dependent on weather, especially on the few spring and summer months, and the weather was rather okay during 2020. Let's move to slide 13, which is also about Plantasjen. Plantasjen is the number one player in the Nordics. This market, even before COVID, was actually growing. We do have a favorable mega-trend around green living, and it goes for all generations, young people as well as older people. It's a big market. We estimate it to EUR 3.5 billion only in the Nordics. It's quite resilient and non-cyclical in terms of business cyclical. It's a non-cyclical consumption demand. Of course, again, we had positive effects from what they called staycations in 2020. The key success factors going forward here is to really be the most inspiring Nordic garden center, and also to have sales growth through new channels like online, click and collect, and services that our customers really like. I just want to tell you once again how great job I think the new management team in Plantasjen has done during the year in gross margins and so on. With that, let's move to slide 14 and business area Industry. If we look at the EBITDA growth here, we're up 161% in the quarter and for the year, 49%. We had an organic growth increase in the fourth quarter, and this comes very much from Diab, who had strong growth in spite of quite negative currency effects. In fact, Diab grew 15% in the fourth quarter. Good demand, also increased production capacity. The wind segment in China, which is Diab's largest market, is growing, and we have gained market shares in also new products made from the material PET. The marine segment was down during the year, we saw signs of recovery during the last quarter. EBITDA increased 37% due to higher operational efficiency. We have not just invested in production capacity, but also in automation to be competitive in the future. EBITDA and sales development is strong for the full year, in spite again of significant negative currency effects for Diab. HL Display has been affected by COVID-19. Net sales was down in the quarter and in the year, but actually up organically in the quarter by 2%. It's impressive to see how both the EBITDA and the EBITDA margin were strengthened through good efficiency in production, logistics, favorable product mix, and ending the full year very strong. I think best profit margin ever in spite of the negative sales, which was down 5% for the year. Diab was negatively affected by COVID-19. Net sales continued to decline in the quarter, although we saw a recovery of the order intake in Q4. EBITDA increased compared with last year due to much lower costs, higher operational efficiency, both in the quarter and for the full year. Last not least, TFS. TFS is very dependent on being able to do clinical trials in hospitals, which have other priorities today. We had a negative impact throughout the year, but I'm impressed to see the strong EBITDA development in the fourth quarter and for the year, driven of course by last year's restructuring program that took place in Q4, where we reduced the staff and we changed the CEO. We will see TFS earnings improve as the pandemic gradually decreases. Let's move to slide 15. Just to comment a little bit further on Diab, which I really think is a ESG company, well-positioned to take on an important part in the increasing demand for renewable energy and wind power. The fact that the turbines are getting larger is really a good thing for Diab's capabilities in lightweight material and design. Again, I just want to mention that the Chinese market has been affected of new spread of virus, which may affect the first quarter of Diab. If we look at China, they in September stated that they will have zero carbon footprint. Now I forgot which year it was. Expected to fuel market further. Again, it is our largest market, and it represents about one third. Now let's try to summarize this year. Well, all in all, it feels very good that we have delivered on our three-year plan. We are now ready for our next step in the journey to the quite different Ratos, which is a company group. In these three years, all companies have stabilized. 10 out of 11 companies have a better EBITDA. The EBITDA margin and the EBITDA growth has more than doubled. Our earnings per share is up almost four times, and the dividend is up 46%, is the proposal from the board of directors. Our leverage is going down. We launched new financial targets, and we have had a very good EBITDA growth. With that, I want to thank you for listening, and maybe there is a few questions, Helene? Yes, let's open up for questions, please. Thank you. If you have a question for the speakers, please press 01 on your telephone keypad now. Our first question comes from the line of Derek Laliberté from ABG. Please go ahead. Yes, good morning. Congratulations on a strong Q4 and full year. Good to hear that things are going in the right direction. I was wondering about this EBITDA target of minimum SEK 3 billion in 2025. How have you come up with this target? How much of the growth here is to be driven by the current portfolio? How much by new acquisitions and how much by bolt-on acquisitions in the current holdings? Thank you. Good morning, Derek. Yes, we have actually a quite detailed plan for this, which I'm not going to tell you all the details. You could say that acquisitions is around SEK 1 billion during these five years to come. All right. Thank you. Plantasjen, I know you mentioned a few things, but I'm just trying to get a sense of what's been done here. We know it's been a great year boosted by not least the pandemic, but as you're right, you've also done some substantial improvements, especially with the new management teams. In the stores, the customer offering gross margin improvement, et cetera. I'm wondering, is this a result of a longer process? Because it seems like these improvements are more of an immediate type. I was just wondering if you could give some details, what's been done exactly and why this couldn't be identified before, because it seems like some of these things are almost overnight. I don't know if that's clear or not. Well, I think overnight is maybe to put it far. They have been working very hard, actually, since end of May. Of course, the management before also did a good job when it comes to better customer offering, better assortment, et cetera. I'm impressed of the new management, again, working with gross margins and logistics. I think we will see not a new brand, but a brand meaning something different in the future. That, of course, takes longer time. I urge everyone to look on how much the EBITDA is growing in millions and how much the sales is growing in millions. You can see there is some efficiency there also made. Got you. Thank you. That's all from me. The next question comes from the line of Hjalmar Ahlberg from Kepler Cheuvreux. Please go ahead. Thank you. Just a question first on this margin improvement that we've seen during 2020 and 2021 as well. Going into 2021/22, we might see some top line growth as well. Do you see continued operating leverage here as well, or do you think profitability has come to a good level, or you see more potential there? Good morning, Hjalmar. I think that is a good question also. Good profitability for us is if the profitability is better than the peers, than the peer group for the companies. We will never have plus 10% profit margin in pure construction companies. As an example, and we watch to see more, that level is a good result in other companies. We benchmark each company versus their peers, and we want to be the most profitable company in our sector because that's the ultimate proof that you're doing something good for your client. You create value for your client, you have a staff that is developing and feeling fairly happy going to the job in the morning, and you have an efficient operation. We will not focus less on profitability increases. Some of the companies, yes, they have achieved that, but we have many companies that have not achieved that, and this work will continue. If we talk about add-on acquisitions for companies, we think it's important that you have a profitability level that is good. That's my experience from acquiring more than 60 companies in my previous job, and it's a culture thing. We want the company not only to be stable, but also have a profitability that can create a good culture together with acquired company. Got it. Since you mentioned acquisitions here, and you also said that your target included around SEK 1 billion acquisitions, do you think it's challenging to achieve this, or is it a lot of acquisitions out there, so it's more about execution rather than finding the right companies? No. It's always challenging to acquire a company. You can't rush it. It's very important that the companies we are going to acquire really will add value also by synergies. Well, the COVID-19 also affects the M&A market right now. It's quite difficult to arrange management meetings, which I consider to be very important part of the acquisition process, et cetera. Valuations are high, and COVID is making it a little bit more difficult here the first half year, I think. We have been working for this for some months now, and I feel confident that we will make this journey until 2025. Got it. How about the organic growth? I guess there is a lot of difference between different companies, but is this underlying market growth? You mentioned Diab, of course, that there is a good market growth, but is it also that you are taking market share in other companies or anything to add there? Yeah. Organic growth will always be the most value-adding growth. We will not shift focus there. Organic growth will continue to be important for all our companies. Okay. That was it for me. Thank you. Thank you. Just as a final reminder, if you do wish to ask a question, please press 01 on your telephone keypad now. Our next question comes from the line of Mathias Lundberg from SEB. Please go ahead. Thank you. Good morning. Can you hear me? Yes. We can hear you, Mathias. Good morning. Good morning. Sorry to be a bit repetitive here, I also have a question regarding the EBITDA target and relating to acquisitions. Just to clarify, that relates to the current state of the portfolio, and should you do a platform acquisition, would that mean that it could be a bigger scope? Is that how we should see it? I think, again, we can't share every detail with you because there will be changes. This is both add-on acquisitions and new platforms. Exactly what the share will be between them, both will be significant, I think. It is depending on some other activities, so I can't answer the question more specific than this. Great. I am happy with that. I have a couple of more questions. Another technical question. On the state of the balance sheet of the mother company, I saw in the presentation that the Ratos parent company had a 1 billion credit facility, do I understand that correct, that it is not yet utilized, it is an unutilized credit facility? It's not utilized, and maybe Jonas Ågrup, if you want to comment on this. Yeah. No, it's unutilized, we have had that sort of as a safety measure in the past. What we're looking into now is to centralize the financing for all the Ratos companies. We have to look over and see if this facility will be needed in the future. Most likely it will not be, but it will be changed into some other central financing facilities. The plan is to finance all the portfolio companies from Ratos centrally. Most likely it will disappear going forward, but we will have some other forms of financing. Right. We aim to be a net debt group. Yes. So Yes. Great. Just two, then, questions on the different holdings here. I have one relating to Aibel. Yes. Yes, something that kind of picks my interest is that the order book has been in a decline over the past two quarters. Is this something that is worrisome for future growth, or do you feel that it's quite all right still? I think it's quite all right. We have a very large project, JSP2, who is now in the second half, and so we have worked up the order book. The market is very good, actually, for new projects, et cetera. We just have to continue to win a fair share of these, and I'm not worried for that. In all businesses, you need to win new projects. The situation is, I think, better than it was last year at the same time. Great. Thank you. The last one from me here, it concerns Diab. I read in the report that the reallocation of wind volumes in China is expected to affect the next quarter. I come to think then the New Year in China should then be every year. Isn't this in the comparable, or is it that the exposure to the Chinese wind market is bigger now, and because of that, we should be aware of this when looking at this sequentially? How should we view that comment? Yeah. The exposure to China is growing. You're correct there. I also mentioned the spread of virus here in January in China. I'm happy to provide a direct contact with the management of Diab so you can ask more detailed questions about how they view the Chinese market. Okay, great. Well, thank you very much for all the answers. That's all from me. Thank you, Mathias. Thank you. As there are no further questions, I'll hand it back to the speakers for closing remarks. Thank you, and thank you for attending and all the good questions. I'm looking forward to see you all again after the first quarter. Helene? Yes, thank you very much, and don't hesitate to get into contact with any of us if you have any further questions.