Good morning. My name is Björn Lyngfelt. Welcome to this press conference where our Chief Executive Officer, Ulf Larsson, and Chief Financial Officer, Toby Lawton, will present our year-end report. After the presentation, there will be an opportunity to get answers to questions. Ulf, please, the floor is yours. Thank you, Björn, and also from my side, good morning, and a warm welcome to this year-end presentation of SCA's result of 2020. The year of 2020 can be summarized as a year of transformation and change, and SCA has for a long period aimed to reduce and also finally close the exposure to publication paper. In August last year, we informed that negotiations to close the remaining three paper machines at Ortviken would take place. This closure will now take place during the first quarter this year. At the same time, we did announce that we, in line with our stated strategy, will invest 1.45 billion SEK to increase our pulp production, and this investment will be located at Ortviken's industrial site just in order to obtain a capital-efficient investment by using existing equipment in the new project. The investment cost in this project will be around SEK 5,000 per ton, and if we compare that with the greenfield project, it would have been up to SEK 20,000 per ton. We have our ongoing investment to build the world's largest kraftliner machine in Obbola, and that one is progressing according to time and budget despite challenging times. Last but not least, we also announced last year that growth in our forest is higher than earlier estimated, and we will gradually increase the harvesting level in our own forest by slightly more than 1 million cubic meters annually during the coming 5 years. This will give us a step-up increase in cash flow from our own forest of about SEK three to 400 million per year from 2025. The ongoing pandemic influenced sales and earnings negatively last year, and especially in publication paper. Otherwise, production and also distribution were, in principle, unaffected. Sales declined 6% compared to 2019. That was mainly due to price and product mix. During the same period, EBITDA declined 17%. When it comes to cost, we have successfully managed our cost position during 2020. After a strong fourth quarter, EBITDA for the full year 2020 reached SEK 4.44 billion. Our EBITDA margin during the fourth quarter reached 30% and thus reached an average of 24% EBITDA margin for 2020. If we take a look at our industrial return on capital employed, calculated as a 12-months rolling average, that one amounted to 5% because of a lower EBITDA level for the industry. At the same time, it can be noted that the EBITDA level for SCA Forest was at record high during the same period. Thanks to a strong focus on cash flow and reduced net debt of 600 million SEK compared to the previous quarter, our leverage arrived at 1.7 despite the pandemic and despite the ongoing investment program. We're happy about that. Today, we are more confident with the conditions for dealing with the ongoing pandemic and will therefore propose a dividend of 2 SEK per share. This also corresponds with our policy of a stable and increasing dividend level. When I reflect on the outcome of the fourth quarter, I can state again that we see an increased stability despite the fact that the pandemic and its effects are far from over. The sales during the fourth quarter 2020 has, compared to the corresponding quarter 2019, increased by 7%. This is entirely the result of an increase in volume. Prices, currencies, and our divestment of SCA Wood Supply UK have gone in the other direction. Our EBITDA has increased by just over 30% in the fourth quarter, as mentioned. This is due to a lower cost, mainly lower raw material cost, lower maintenance stop cost, but also, last but not least, lower other costs. They have also decreased considerably. On top of this, we have the positive effect of the forest revaluation. During the fourth quarter, we also completed the acquisition of 20,000 hectares of land in Latvia, and our total holdings today amount to just under 50,000 hectares. As you know, we have a long-term target to reach 100,000 hectares in five years, and we have, in a rather short time, reached almost 50% out of that. In the wood business, we also divested Wood Supply UK at the end of last year. We delivered SEK 1.31 billion on EBITDA level during the fourth quarter 2020. The improvement versus the corresponding period 2019 was, as earlier mentioned, lower cost and a positive effect of the forest revaluation. At the same time, we've had a negative effect on the result from unfavorable currency development. Our EBITDA margin of 30% in the fourth quarter means that we are back on the level we could see at the end of 2018 and at the beginning of 2019. I like to make some comments for each segment, starting with Forest. We've had a stable supply of wood to our industries. Sales was slightly lower when comparing quarter-on-quarter, mainly due to lower pulpwood prices and also somewhat lower volumes. EBITDA was up 23% due to high level of harvesting from our own forest this quarter, and also higher earnings from revaluation of biological assets. On the other hand, we could see substantially lower pulpwood prices during this period, and that you can also see today in the bottom left in the graph. In wood, we have had a continued high demand in all markets during Q4, maybe with an exception for China. Nevertheless, the Chinese market has also recovered and is back on track again. When I presented the Q3 report, I estimated the price increase for Q4 versus Q3 to be between 3% and 4%. We can see now that the outcome for SCA was 3.5%. With today's strong market situation for wood, I estimate we will see a further price increase of more than 10% during the first quarter 2021 compared with the fourth quarter in 2020. During the fourth quarter 2020, we divested SCA Wood Supply UK. This business, which largely builds on trading, has a turnover of approximately SEK 1.4 billion and a normal EBITDA level of about SEK 25 million. We will continue to sell solid wood products to our industrial customers in the UK also after the divestment, and UK will continue to be one of our core markets for solid wood products. Otherwise, sales was rather flat when we compare quarter-on-quarter, but EBITDA was up as much as 82%, mainly though then thanks to price and volume. We turn over to pulp. A planned maintenance stop was carried out during October, and this gave a negative impact on the result of approximately SEK 130 million for the fourth quarter. After the maintenance stop, the production has been stable on a very high level, which we are happy for, of course. Sales and EBITDA were up substantially in the fourth quarter 2020 compared to the fourth quarter 2019, and this relates entirely to high volumes and also lower costs as prices, including the effects of currency changes and increase in discounts, remained essentially unchanged quarter on quarter. Another positive effect is that as the production stabilizes on a high level, the yield when it comes to wood consumption, when it comes to chemical consumption, energy generation, and so on, improves in all areas, resulting in a lower cost per ton. The pulp deliveries went down during the autumn of 2020. This was mainly due to limited supply. I mentioned last quarter that many producers had to move their planned maintenance stops from the spring to the autumn the same year just due to the pandemic. This has led to both softwood pulp as well as hardwood pulp inventories now are down to normal levels. What you can see in this slide is the level for November. I expect that we see even lower inventory levels in December and also in January. The price increase from autumn 2020 from $840 per ton to $910 per ton has been counteracted by a weakened U.S. dollar. From January also from increasing discounts. The price announcement of $960 for January will take effect from 1st of February. We now see additional announcements of increases up to $1,030 per ton from 1st of March. At the same time, we see a price rally going on into China. The spot prices today is in the field of $800-$850 per ton. That corresponds to more than $1,200 per ton European peaks. We saw also that prices in China went up approximately $120 per ton in one month. I can't remember really that I've seen that before. A strong pulp market for the moment being. If we then turn over to paper, as you know, we have decided to leave publication paper in September 2020, and this announcement has partly squeezed our prices in relation to our competitors during the second half of 2020. Since the start of the pandemic in Q2, we have also seen 30% lower demand for publication paper generally. In Q4, we have produced some volumes against advanced payment for delivery during the first half of 2021, and this has increased our capacity utilization and thus benefited our result for Q4 2020. When we compare sales quarter-on-quarter, we can note that due to lower prices and lower publication paper volumes, sales has declined 6% during the fourth quarter 2020 compared to the fourth quarter 2019. EBITDA has declined 10% due to lower prices and despite lower wood costs and increased volumes within kraftliner. The kraftliner deliveries from Europe globally during the year have increased by 6% if we include increased exports. The prices for unbleached kraftliner have stabilized and increased by 30 EUR per ton during the fourth quarter, the effect of which we should see first in Q1 2021 due to the time lag. We have also seen another price announcement of 50 EUR per ton. That one has been made, and that one will be effective from 1st of February. We can also conclude that the demand for boxes has been very strong during the fourth quarter 2020, and the demand is back on a level above the trend line before the outbreak of the pandemic. This has led to stocks being on a low level for kraftliner. Again, this slide show the situation for November here. By that, I think I hand over to Toby. Thank you, Ulf. Good morning, everybody. I will start with this slide just showing that we've updated our forest valuation at the end of 2020 with the latest market prices. The transaction prices in our region have increased. Here you can see on the left-hand bars that our price is now 291 SEK per cubic meter, which is the average weighted price that we use in the region where we have our forest, and based on an average over three years as well. The market prices have increased, and we've applied the new market price level to our forest. We've also had a net growth. In the middle there, we have 5 million cubic meters more forest now, so there's a net growth of some 3 million cubic meters, and then we've acquired some forest in the Baltics. We have 5 million more cubic meters. Those two factors together mean now that the value of our forest has increased by 5 billion SEK and is now valued totally in our balance sheet to 75 billion SEK. We've had a significant impact during 2020 from the decision to exit publication paper, and I just show here the impact of those effects. We took a restructuring provision and have written down fixed assets related to the exit, and the total effect on EBITDA is just over 1 billion SEK for the full year and 1.7 billion SEK on EBIT, including then the write-down of fixed assets. We reduced the levels slightly in quarter four, so this has a slight positive impact of some 70 million SEK on EBITDA in Q4. That's because we've basically finalized the provisions and finalized the negotiations that we need in place to exit publication paper. You can see the impact on EBITDA on the right-hand side for the full year. We had an underlying EBITDA of SEK 4.4 billion, but the total EBITDA, including the one-time effects then, is SEK 3.39 billion. All the figures we then present and go through in the report are excluding this one-off item in the other slides. Here you see the income statement, again, excluding the one-off item. You can see, firstly, for the full year on the right-hand side, we ended with net sales of SEK 18.4 billion. As Ulf mentioned, some 6% down on 2019, primarily due to lower average prices. In the quarter, we then had a net sales of SEK 4.59 billion, which is a significant growth versus the fourth quarter of 2019, and that's primarily due to that we had strong volumes in the fourth quarter. You should also note that in 2019, we had a significant positive impact on EBITDA from the revaluation that we've also excluded, and that was a one-off item in 2019, but that's also excluded from the figures we present here, the underlying figures. We had an EBITDA margin for the full year of 24%, and in the fourth quarter, a strong EBITDA margin at 30%. When you look further down, financial items, we ended the year with the financial items of 117 million SEK, slightly lower than last year, and a tax of 483 million SEK, lower than last year due to the lower profit before tax also. Earnings per share ended the year on SEK 3.19 underlying versus SEK 4.05 in 2019. If I go to the next slide to show the bridge on net sales for the full year, we ended up with 6% decline in net sales for the full year. This was really driven by lower prices in all segments when averaged across the year. Volume was slightly positive. We had a significant negative effect on publication paper, of course, from the lower demand in publication paper, some 15% lower volumes in publication paper. That was more than offset with increased volumes from the other segments, particularly pulp, where we had a 13% increase in volume. Currency, a small positive for the full year. We had the effect of the divestment, a small negative, minus 1%. If I take the same bridge for EBITDA, you can see here the significant effect of price on the left-hand side had nearly 1.8 billion SEK impact. The lower average prices, we had a small positive benefit from the net volume growth. Then you can see on raw material, we had a significant benefit offsetting a significant part of the price impact of 1.1 billion SEK. Here we had basically lower cost for externally sourced wood raw material. We had more wood sourced from our own forest due to a higher harvesting level from our own forest. We also had an effect from increased revaluation, which comes in this line as well. We had a higher energy cost due to higher energy prices. We had a positive benefit on currency in EBITDA. Then in the other, you can see the impact 300 million SEK here, which is two things. It's the impact from the lower capacity utilization in publication paper, but also we had two divestments in France and Rotterdam in 2019, which had a positive impact of around SEK 150 million for the full year. If you then here show the trend over a number of years, and you can see by segment, and if I start off on the left-hand side in Forest, you can see the top line has grown since the last couple of years, mainly due to the ramp-up of Östrand. It is this year down versus 2019 slightly, which is really the effect of mainly of price and a bit lower volume in publication paper. On the bottom line, we have the impact of EBITDA in the Forest division, which has increased significantly. Here we have the positive benefit from a higher revaluation effect, but we have a negative impact from the lower average prices, which is offset also by the fact that we are harvesting more of our own forest this year due to the increased net growth in the forest. The wood, the top line, pretty stable. The bottom line, we're now at 10% EBITDA margin for the full year down a bit versus 2019, which is really the effect of lower average prices. In the pulp segment, the same, you can see sales is flat despite a significant volume increase of some 13% volume increase, but lower average prices again, which also then impacts the bottom line. That's why the margin declined in pulp between 2019 and 2020. Into paper, where we have the significant effect of publication paper, but we also have lower average prices in both publication paper and kraftliner this year versus 2019. The significant impact from the lower volumes and the lower capacity utilization in publication paper during the year. If I then turn to the quarter, so the fourth quarter, here we had sales growth. We still had a negative impact on price versus the fourth quarter last year, and particularly, kraftliner and publication paper prices were lower than they were in the fourth quarter last year, even though, as Ulf mentioned, there's a more positive trend going to the first quarter, but we're still lower than we were the fourth quarter last year. We have higher pulp and kraftliner volumes, particularly, strong deliveries this quarter. That's really what's driving the growth in net sales. Currency is now negative, so we have seen a strengthening Swedish crown, which is impacting, of course, negatively. Then we had a small effect from the divestment of Wood Supply UK, which only came in December, so there's only one month's effect from that divestment in quarter four. When it comes to EBITDA, here we had a 30% growth in EBITDA versus the fourth quarter. We had a negative impact from the lower prices, which I presented. The volume growth has impacts positively, and we have a significant positive impact also from the raw material cost, which again is lower externally sourced, lower cost for externally sourced wood raw material, but also especially now in quarter four, we have a strong level of harvesting from our own forest, which is really a seasonal effect that we usually have in the fourth quarter of the year. We have small effect on energy. Currency is now negative, as I said. Yeah, a positive impact on other, which is the cost performance that Ulf mentioned in the fourth quarter. Just showing the trend by quarter as well. Here you can see on the left, you can see the strong result in SCA Forest, which is really driven versus previous quarters this year by the higher level of harvesting own forest in the fourth quarter. You can see also the fourth quarter last year was stronger. It's the same seasonal effect, but particularly strong this year. In SCA Wood, you can see that the margin is increasing versus quarter three. Here it's the impact of wood prices increasing, which is coming through to the bottom line. Top line slightly down, which is mainly seasonal, you should remember here we have the impact of the sale of Wood Supply UK going forward, which on an annual basis has a turnover of around SEK 1.4 billion. In pulp, you can see the volumes have increased, and that's why the sales have increased. The bottom line is impacted a lot by the maintenance stop, which costs some SEK 130 million in the quarter. If you adjust for that, then it is better than it was in the third quarter. Not driven by price, because even though the headline prices have increased, we have a weaker currency situation or a stronger Swedish crown. The higher volumes, if you adjust for the maintenance stop, would have led to an increased margin versus the third quarter. In paper, you can see the top line has increased versus quarter two and quarter three. We did have strong volumes in kraftliner in quarter four, but we also had a better capacity utilization in publication paper, and that's what's really driven in the bottom line. You can see we ended up some SEK 100 million better than quarter three. Here, the impact of the fact that we brought forward orders on advanced payment before the closure of the machines has meant that we've had the better capacity utilization in publication paper, and we've really cut the cost to an absolute minimum before the closure. Rather than previous quarters where we had a loss of around SEK 40 million-SEK 50 million in publication paper, this quarter, we've actually had a positive SEK 40 million-SEK 50 million. That's a swing that impacts the paper division that we won't have going forward. That's, if you like, a one-time effect, but driven by the closure. A few words on cash flow. You can see here on the operating cash flow on the left-hand side in the quarter, at the bottom, you can see 957 million SEK of operating cash flow come in this quarter. That's on top of 1 billion SEK in the third quarter. A very strong cash flow performance in the second half year, which is really driving a de-leveraging, which Ulf also mentioned. You can see then for the full year, on the right-hand side, we generated SEK 2.7 billion of operating cash flow, which means that we're more than funding our strategic CapEx from own cash flow. This is driven really by a strong control of working capital, where we've had extra focus, particularly during the uncertain environment, to keep a tight control on working capital. Here, just a bridge to show the impact on net debt versus the quarter before. We had SEK 8.3 billion of net debt at the end of Q3. We've had a strong operating cash flow, and then we've funded our strategic CapEx in the quarter and the acquisition of the forest land in the Baltics from within operating cash flow. We also have a positive impact from basically net pension position, which is the other column here on the right-hand side, of SEK 271 million, which benefits. We've actually reduced then down to SEK 7.7 billion in net debt at the end of the year or 1.7x EBITDA, which is 0.3 less than we had at the end of the third quarter. A positive deleveraging effect. Finally, on the balance sheet, where we ended up at the end of 2020, we had forest assets of SEK 75 billion in the balance sheet valued at the market price, SEK 291 per cubic meter. Working capital, here you can see the strong effect of the focus on working capital and cash flow with a SEK 1 billion reduction in working capital at the end of 2020, which really helps the cash flow. Total capital employed further down is now just short of SEK 80 billion, and net debt then here versus the end of last year is now SEK 7.7 billion. We had SEK 8.6 billion at the end of last year, so we're nearly SEK 1 billion lower now and 1.7 times EBITDA. Finally, our net equity then is now SEK 72.2 billion. Yeah. With that, I hand back to Ulf. Yes. Thank you. Yeah. Just to summarize, it's been a special year for us, a year of transformation and change. We have decided now to finally leave publication paper, which I think is absolutely the right thing to do. We will be focused on growth areas and our growth projects in right segments, so we are happy for that. We are on time, on budget in the big project in Obbola. Even we have had some challenges with the pandemic, but so far so good. We will gradually increase the harvesting level in our own forest by slightly more than 1 million cubic meters annually during the coming five years with a positive cash effect of SEK 300 million-SEK 400 million annually from 2025. We have also been successful when it comes to manage our cost position during this year and also when it comes to focus on our cash flow. We also deliver a strong Q4 with an EBITDA margin a little bit more than 30%. By that, I think that we can open up for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. Please stand by while we compile the Q&A queue. This will only take few moments. If you wish to cancel your request, please press the hash key. Once again, it's star one if you wish to ask a question. Thank you. Our first question comes from the line of Robin Santavirta from Carnegie. Please ask your question. Your line is open. Yes. Hello, it's Robin from Carnegie. I was wondering, related to the pulp division, obviously the pulp market dynamics have improved quite clearly and prices are soaring in China and moving up in Europe as well. A couple of questions related to that. What is it what you are seeing now? Among your customers, the price increases in China are quite spectacular. You operate in this market. Is this some kind of bubble, or is it based on fundamentals? As you say, it seems as producer inventories are now below normal levels, where in January is that the driving force? Is it demand? What are you seeing among your customers? Secondly, just a sales bit. I guess you sell most of your pulp in Europe. Is that still the case? Do you have flexibility to change the location, for example, to China or Americas in the pulp? Finally, just on pulp, the capacity utilization for 2021, what should we expect for you guys now after a couple of years with basically sub-normal capacity utilization in Östrand? Also there, these are my questions. Yeah. Okay. If we start with China, if it's a bubble or not, what we can see is that we really need this price increase to start with. We have had a currency effect with a strong Swedish krona. That have had, as always, increasing discounts from 1st of January, a negative impact on the net price. Fundamentally, we feel that we have a strong market just now. We don't look too much at China because you have maybe more speculation when it comes to futures and things like that in the Chinese market. It is a super strong market there. As I said, if we translate spot prices in China today from when we are on the level of $800-$850 per ton, that is corresponding to EUR 1,200 in European peaks. We see now that prices will increase quite fast in Europe. 1,030 is announced now, and yeah, I expect that will continue for a while. It's a stable consumption out there. When it comes to flexibility, of course, Europe is our main market, our first market. U.S. maybe is our second biggest market, we, of course, do sales to Asia. We have the flexibility. We have our own distribution company and so on, but still we have a strong customer base in Europe and we will, of course, stay loyal with that customer base. On the other hand, we have seen an increase in volume, and that volume has to be placed somewhere. Asia is one of several options for us, that is good. Capacity-wise, you should expect that we are, as always, you can have a bad week or you can have some trouble in the production, but now we are on the level of very close to full capacity in Östrand. Now we have started more or less. We always work with production and production creep and things like that, so you always have bottlenecks and other things. It's more or less business as usual now in Östrand. As I said, we are very happy with what we've seen in December. I think it was more or less on record level. I think we have the same situation in January. It's a stable production now. All right. Thanks. Just two short ones, if I may. First of all, pulpwood prices in Sweden have declined to quite low levels now at the end of last year. What is the outlook for 2021? If you look historically, actually, pulpwood cost or prices move along with pulp prices with a lag. Should we expect that to happen now in 2021 as well? Secondly, for Toby, any chance you could give some kind of indication about the FX impact on earnings net of hedges with the current rates we have now for 2021? Roughly, what would that be? Those two ones. Thanks. We then start with the pulpwood, you know the market as good as we do. As it is just now, I would say at least in the northern part of Sweden, we have quite a lot of pulpwood, and we have it ourselves, and we also see that our colleagues in the surroundings, they also have good access to pulpwood for the moment being. Again, if we have a strong market and if that continues, that will probably have an effect on pulpwood prices sometime in the future. Just now it's a rather balanced situation, at least for us in SCA. Then when it comes to currency, we do give some information basically in our annual report on the exposure and in the quarterly report. As you see, we have some 60% of the currency hedged for the first half-year, then we ramp down for the last two quarters of the year. We've offset some of the impact, and you can see the rates in there. We expect it to be negative. We will also have a slightly lower currency exposure due to the closure of Publication Paper. That will take away some 20%-30% of the currency exposure, and that's more of a EUR exposure. I think you can look at the average rates in 2020 and where you think 2021 will be, Robin, and make some calculations based on that. Sure. Thank you very much. Thanks. Thank you. Our next question comes from the line of Alexander Berglund from Bank of America. Thank you very much. I hope you're all doing well. It's actually a specific question on some other cost inputs, given that we seem to be in some kind of inflationary environment here. I was just going to ask specifically if you have seen any kind of cost inflation or expect to see anything on the chemical side? I noted Kemira is trying to raise prices, and then also if there's been anything that you've seen on freight or other logistic costs that have been going up, or if you expect that to be going up. Thank you. I think nothing significant at this stage. We have seen also in 2020 as the Swedish crown weakened, the chemicals that are priced in other currencies, of course, we've had a sort of currency inflationary effect, which is now the flip side when the Swedish crown strengthens, which offsets then some of that. We do see a sort of inflationary trend, but nothing significant at the moment or in the fourth quarter. Okay, thanks. Just a bit of another question, different topic, more about kind of what's happening in the EU and the EU taxonomy. It seems like there is a bit of a different approach, how they are thinking about the sustainable forest management and how you are doing. If you could just give an update on how those kind of conversations are going, and how you are trying to inform the European Union on the benefits of sustainable forest management. First of all, you have an ongoing process just now. I think they had close to 50,000 notes on what's said. Yeah. Before Christmas, yeah. The forest is one big thing, and the Swedish government has made one note, and we, from the industry, we are talking directly to people in Brussels, but also through our Swedish Forest Industries Federation, but also through the European organization, CEPI, and so on. A lot of work is going on, and it's too early to judge, but it is much more balanced discussion now than I felt at least before Christmas. I'm quite positive for the moment being. Great. Thank you very much. Thank you. Our next question comes from the line of Martin Melbye from ABG. Please ask your question. Your line is open. Yes, good morning. You gave us the price change on some goods for Q1. What could be the realized price change on containerboard and pulp to think about for Q1? I think, normally I do some forecast for solid wood products because that's not so easy to find. As I said, when it comes to containerboard, we had a price increase in the fourth quarter. That will be valid. You will see it in the result from the first quarter 2021, I would say. We will have another price increase, at least another price increase is announced. I think that will come through from 1st of February. You have the time lags. You will see the effect from that one in March, maybe. In pulp, as I said, we've gone from $840 in the middle of last summer up to $910. That has been eaten up by the strong SEK and also by an increased discount from 1st of January. The next step that will come now, $960, that we will see in the result again with the time lag, and also the announcement to $1,030, I'm convinced that that one will also come through. You will see gradually prices will increase, and gradually you will have a positive impact in the result. As always, you have a time lag. Sure. Regarding the forest, very high EBITDA in the quarter, both very high harvesting and a bit higher revaluation again than normal. How should we bridge that into Q1, which is usually seasonally down? Yeah, I think we expect basically the full year revaluation effect to be relatively flat, stable at this level. We had just over SEK 1.2 billion in 2020, we expect more or less the same in, excuse me, in 2021, then that to be evenly spread through the year. That shouldn't be a significant effect. We then have the effect in Q4 that we had basically from the harvesting own Forest, which has a significant positive impact. Forest is not normally as strong in Q1 as it is in Q4, I think you'll see that effect again. Okay. Say the last remaining effect from closing the paper mill, does that have a number we could think about for Q1? Yeah, I can give a bit of guidance there. Like I said before, we had a loss in publication paper in Q2 and Q3 of some SEK 40 million-SEK 50 million per quarter. That's turned to a positive profit this quarter because we've taken orders in advance of some SEK 40 million-SEK 50 million. We expect that to be back to the negative SEK 40 million-SEK 50 million in Q1. There will be a negative swing until in Q1, we've closed publication paper at the end of Q1, that effect will stop. I should inform that we're keeping the Ortviken site running until we have the CTMP project up and running. There we will have a cost for maintaining the site and keeping the site active, which will be around SEK 20 million-SEK 30 million per quarter, which we will take then until we start up CTMP at the beginning of 2023. You have to factor that in. Okay. That should be like SEK 90 million negative then in Q1 on paper. No, this 20-30 I mentioned will not start in Q1. That will start in Q2. I was just referring to you said you had +40% in Q4. Yeah. Okay. Yeah. I see what you mean. Yeah, you'll have a negative effect, a negative swing from Q4 to Q1 of around SEK 90. We expect. We don't know precisely yet, but that's what we expect. Thank you. Thank you. Your next question comes from the line of Linus Larsson from SEB. Please ask your question. Your line is open. Yes, thank you very much, and a good day to everyone. Just a couple of follow-ups. On the forest, which had very strong EBITDA, like discussed in the quarter. When it comes to the harvesting levels, I think it was up, well, it was up quite dramatically year-on-year in own forest. Do you have a number for that for the full year? How much of harvesting we should expect for the full year 2021 compared to 2020? Yeah. We have, as Ulf mentioned, we're increasing the harvesting from the previous level was around 4.3 million cubic meters per year up to 5.3. That will be successively up to 2025. In one given year, we do vary depending on planning and so it can be a bit more one year, a bit less one year than the plan development. We expect over the five years up until 2025 to be on that track from 4.3 up to 5.3. In 2020, we actually did have a strong level of harvesting own forest, some of it due to planning and so on, which we had 4.8 million cubic meters. We don't actually plan an increase in own forest harvesting because we were above plan in 2020. We don't see a significant increase just in 2021, but. That's very helpful. Your best guess at this stage is the same harvesting level 2021 compared to 2020? I think we don't give a forecast at this stage, but I think it's unlikely to be higher than we had in 2020, if I put it like that. Okay. We do want to keep this over the five-year period, then we follow the plan, but individual years can be higher or lower. That's very helpful. Then just one more question. On CapEx, what's your guidance for 2021 CapEx, including Obbola and Ortviken? The current CapEx, basically, I can start there. We have our level of, say, SEK 1.2 billion-SEK 1.3 billion, which we expect as a current CapEx level. We have, on top of that, the strategic projects, which is mainly Obbola, but also CTMP as the two main ones. We expect some SEK 3 billion-SEK 4 billion of CapEx on Obbola and CTMP in 2021. Great. That's helpful. Thank you. Yeah. Thank you. Your next question comes from the line of Oskar Lindström from DNB. Yes. Good morning, everyone. Or I guess it's still morning. Two questions really from my side. The first one is on the forest values. You increase now your book value based on the higher average transaction prices over the past three years. On this topic, can you say anything about how prices developed specifically during last year? I know that we saw some big transactions in the market at very high prices. Would you generally say that prices have been tilting upwards, so to speak, in the past three years? Then a follow-up also on that. Does the transaction data that you base your forest revaluation on, does that include the full 12 months for last year? I think previously you've commented on that you've not gotten the last one or two months in there. Is that still the case? If so, does it have any material impact? Finally on the forest side, I believe you earlier talked about large tracts of company-owned forest land being priced at a premium by buyers compared to smaller privately held lands. How large do you believe this premium is? If it is material, is that in any way reflected in your book valuation of your forest land? That was my first question, which is actually three questions on forest land. Sorry. No, that's fine. It's usually three questions, Oskar. Basically, the market prices have increased just in 2020, if you see the statistics. Two main suppliers, you have Svefa and Ludvig & Co who publish the statistics, so you can follow them fairly easily for yourselves anyway. You do see a significant increase in 2020 versus 2019, and as you know, we take an average over three years, so that's how we come with the value we apply in our balance sheet and our valuation of the forest. I think you also asked, we basically include all data up until end of November 2020. Because we have to close the books, the data for December doesn't come out in time. We get nearly everything for the year, but we're still missing the last month, if you like. You'll see then a slight difference maybe when the full year data come out. Essentially, we're getting nearly all the transactions for the year. The second part, I think the data we use is from these public sources, such as Ludvig & Co and Svefa, and they largely include private transactions. The transactions where the price is not public, they normally cannot include. They are definitely missing, and we believe they're missing some of these larger legal entity transactions which you refer to, which have happened recently. They're not fully reflected in the statistics, we believe. That's for the Svefa and Ludvig & Co to talk how they put together their statistics. If we look into these transactions, I believe that what we've seen now is a premium of about 50%. That's my best guess. For legal entities of the size that we've seen now. If that is a market price or not, I don't know really, but that's the case just now. Would you say that that's the premium that these transactions have been happening in at sort of during 2020, or? That's my best guess. Yeah. I just have a second but shorter question on sawn timber, which has been very strong, quite surprisingly, I would say, given the pandemic and everything, and it seems to be strong right now as well, even though we're in the middle of winter. What's your outlook for how this market will be when the season opens up in the spring? Do you see it as just a cyclical recovery, or is there a structural component to this with increasing building in wood, or is there something else that's happening in this market other than just a cyclical recovery? Fundamentally, I think you don't have enough raw material for the need in the markets. Long term, I think that you have a positive momentum for solid wood products. It will still be a cyclical market, definitely so, and just now for the moment being, U.S. is the biggest driver in the system just now. Also the money that is just now put into the system in U.S. in order to mitigate a little bit of the negative effects from the pandemic, that helps, of course. If we talk about $190 billion, that will have a positive impact on the demand of wood. When you have the situation you have just now in U.S., that of course will give space also in other markets. We are ourselves, maybe we do 50,000 to 100,000 cubic meter per year to U.S. We will have better space in Europe, we will have it in Asia and in all other markets. That is what we see just now. For the moment being, it is a very strong situation in all geographical areas. Inventories are on a low level, but still it's a cyclical business, and how long will this last? It's hard to say. It will definitely last the first part of next year. That we already know. Do you have any expansion projects going on or in the pipeline in this segment that we could know about? Nothing at least that you should know about. What we are doing just now is we are investing close to SEK 1 billion in Bollsta, which is one of, if not the biggest, one of the biggest sawmills in Sweden, producing close to 500,000 cubic meters of pine, redwood. Long term, we like to have a balance between what we have in our own forest and in the region where we act, and the sawmill capacity. I think that is wise because 70%, 75% of the cost is related to the raw material in the sawmill business. If you don't control the log supply, then you might have a much more cyclical business than if you control it. We are doing a lot of good things in our five sawmills that we have today, and the status technically and so on is very good in our mills. that is the focus- All right. for the moment being. Yeah. Good to hear. Thank you. Those were my two questions. Thanks, Oskar. Thank you. Your next question comes from the line of Cole Hathorn from Jefferies. Please ask your question. Your line is open. Morning. Thank you for taking my question. Just to follow up on kraftliner, could you give a little bit of color of which areas you're seeing strong demand in kraftliner? Then also with read-across to the U.S. players, obviously export prices from the U.S. globally are rising. I know WestRock's had some IT problems as well with a malware attack. What are you seeing on the export markets to help support pushing through the kraftliner price increase is the first question? Thank you. We are not in the end segment of kraftliner. We deliver our kraftliner to box producers, and there we can see, and you saw it on the slide, that the consumption is not only back, it's above the trend line before the pandemic. It's hard to speculate in the reasons why it's so, but I think we see a lot more of e-commerce and things like that, and that might structurally help the business long term. It's also maybe a question of substitution, where we replace plastics and things like that with paper, and that might also help, of course. The balance just now it's really good, but then we have to keep in mind in kraftliner, we will see a new mill on stream from, I believe, maybe in the first quarter this year, and that will, of course, for a short while at least, have an impact on the balance in the market. Export markets, just now we see small volumes coming in from U.S., smaller than normal, and we saw that quite a big volume went out from Europe to other markets during 2020. I believe that will continue, and the export market has been quite good for many players during last year, and I think that will remain also this year. Thank you. Then on pulp, if you think about the wider market and inventory levels in softwood pulp, do you think the average inventory days number needs to move a little bit higher? Because there's going to be more shipments from Europe to China versus North America to China, and the chain's longer, as well as shipping disruptions. Do you think there's a demand for higher average shipping days as the market statistic? Is the first part. The second part is, you mentioned a higher discount to, or rebate versus the European index price. Could you just give a little bit of color why the reason for the higher rebate or discount price in 2021? Yeah. If we start with rebate, that's more to ask our customers. It's been the trend for many, many years, and if you're in U.S., the discount rate is much over 40%, and in Europe it's much over 30% today. That will, of course, have an impact on the peak price. The most important thing is the net price, and then you have another factor, which is the currency developments. You have to bring all these three together. The trend is, and what we see now in the European market is maybe 1%-2% higher discount for 2021 in comparison with 2020. That you have to take into consideration. Yes, the other question, yes, I think you're right. The normal level should be a little bit higher than we thought was normal in the past. That is due to, you mentioned Asia, yes. Also, you have a step-by-step increase in demand, and that will also, of course, have an impact. I think what was normal a couple of years ago, that is on a low level today. Definitely so. Thank you. Thank you. Our next question comes from the line of Mikael Doepel from UBS. Please ask your question. Your line is open. Thank you. Just one question from my side, and sorry, and you touched upon this already a bit earlier. I was wondering about the overall cost outlook for 2021 as you see it? I think you mentioned chemicals may be moving in some direction, but of course, then we have the whole wood cost part and other cost items there as well. I was wondering if you could give some color on that, what you expect overall for your wood cost and variable costs into 2021. What kind of a trend should we expect in total? Is it going to be a deflationary or an inflationary trend? Thank you. In general, I think you will have a small inflation. Nothing special. We discussed freight prices for 2021 is quite stable. You see an increase for containers over to Asia, of course, as it is just now. That will have an impact for a while. Wood prices, raw material, if the strong market that we see is coming in just now, if that will continue, I might expect that we will see somewhat higher raw material prices maybe in the spring and in the autumn and so on. For us, nothing big. When it comes to raw material and wood, we have around 50% in our own forests. In that perspective, we have a strong position, I would say. I'd add something to that. We also have a relatively long time delay, especially with raw material prices coming through to our result, as you know, with the structure we have with our own forest and our sourcing. You saw in the bridges the lower raw material cost we have now, whereas in the market, raw material cost has been flat for six months, pretty much. We're now getting the effects after the time lag from reductions earlier last year. Now going forward, basically, we don't see any more of those reductions coming through, at least. Then, as always, it depends what happens in the market going forward. Okay. That's helpful. Thank you very much. Thank you. Our last question comes from the line of Alexander Berglund from Bank of America. Please ask your question. Your line is open. Thank you very much for taking my follow-up. I was just thinking a bit on your slide 12 on the containerboard market and looking at the box demand, which definitely seems like it's booming. If I think about it from your customer's perspective, and if I'm a box maker who's not integrated into containerboard, so I buy kraftliner from SCA, for example. I must be quite happy about the volume situation, but how am I thinking about the margins? Really, the question for you, I guess, is have you felt any kind of pressure from your customers saying, "Okay, take it a little bit easy with these hikes. Let us get our box prices up before we can accept this"? Is that something that you have seen historically in up cycles, that you need to sometimes wait for your non-integrated customers to push that on to their end customers to higher box prices? That discussion we always have, I have to say. We always negotiate, and very seldom we have the same view on price. That is one thing. Many of our customers, they are integrated players. They are both producing testliner and, in many times, also kraftliner, and then they also do boxes. For that kind of customers, maybe it doesn't matter too much where they take out the profit. If you're an unintegrated player just doing boxes, then, of course, that might be tough. If you look at kraftliner or containerboard prices in the long perspective, I think we are not on a very high level where we are just now. It always depends on what you compare with, but I think we are on a rather low level as it is just now. You can see that on the slide, Alex, on the top left graph on the slide you're referring to, slide 12. If you compare with 2018, for example. The kraftliner price today is below trend level and below where it needs to be. I think. Yeah, fair. I guess also on that slide, even if I look at the up cycle there in 2017, it was quite rapid, and you were still able to get that up cycle if the demand dynamics were there. Thanks. Perfect. Thank you. Thank you for the interest you have shown in our year-end report. We will come back and present the first quarter on the 30th of April. Before then, you can learn some more about SCA as we publish our annual report in March. Until we hear from you again, take care, and have a good winter. Thank you.