Thank you very much. My name is Brjánn Sigurgeirsson. I'm the CEO of Thunderful Group, and I'm here with our CFO, Anders Maiqvist, to present the year-end report. Next slide, please. Go to slide two. First, about Thunderful Group. Thunderful Group is primarily a pan-Nordic gaming group of companies, and we're active in two segments. We're active in one segment called Thunderful Games, where we do game development and game publishing, and Thunderful Distribution. These two segments operate on different markets. The Thunderful Games segment develops and publishes games for the global market, whereas Thunderful Distribution operates on primarily the Nordic market. The group was recently strengthened in the fourth quarter through the acquisition of Coatsink Limited and Station Interactive AB. Today, we're also happy to announce the acquisition of Headup, which is a German game publisher and game developer. The largest shareholders in Thunderful Group are Bergsala Holding, after that, it's Swedbank Robur, it's Brjánn Sigurgeirsson, myself, and Klaus Lyngeled, our head of games. The main office is located here in sunny, beautiful Gothenburg, Sweden. We have additional offices in the Nordic countries, in the U.K., in Germany, and in Hong Kong. If we look on the right side of this slide here, the financial highlights for 2020 are that we have a revenue of roughly SEK 3 billion, with an adjusted EBIT margin of eight point eight percent and an adjusted EBIT of SEK 271 million. Operational highlights are that we are now 350 employees in Thunderful Group. We've had 25 game releases of our own IPs. We've had a unique Nintendo partnership since 1981. We currently have 12 games in development. Among Thunderful Games and Thunderful Distribution, we own or oversee around 100 brands or IPs. Next slide, please. One thing, let me talk briefly about the group business strategy. Our business is IP-centric. IP and brands are very central to us. It follows that we take good care of our existing IP portfolio, both the ones that we develop in the games segment, but also the IPs and brands that we manage for clients on the distribution side. That means that we're very good at managing the existing contracts and partnerships that we have. When it comes to being IP-centric on the gaming side, we are in a very good position to do platform deals with platform owners such as Nintendo, Microsoft, Sony, Google, et cetera, since we can always talk about the IPs directly and that we own the IPs. That means that our games are optimally suited for subscription and streaming-based gaming, also because the way the games are set up. The games do not contain any in-app purchases. You pay upfront, and then you're not disturbed anymore during your gaming experience. On the IP-centric side, we are expanding the number of private labels for the distribution segment, meaning that we have a growing part of our portfolio there is our IPs or brands that we own ourselves. That means better margins for us. Finally, the core of the group's business strategy is that we can take the great cash flows from the distribution side and invest heavily in the games segment. That means that we can make bigger and more profitable investments in games, and we can also focus on making acquisitions in the gaming space. Next slide, please. I'm going to hand it over to our CFO to talk about the group financial developments. We're moving into slide four. The group financial development in terms of revenues for the fourth quarter, we're up 28% in the Q4 2020 compared to Q4 2019. We're reaching SEK 1,288 million in revenues in the fourth quarter. For the full year 2020 compared to the full year 2019, we're up 46% reaching more than SEK 3 billion in group revenue. The adjusted EBIT for Q4 is decreasing with 21%, now SEK 97 million compared to SEK 122 million in Q4 2019. For the full year, we're up 30%, reaching an adjusted EBIT of SEK 271 million. The adjustments in EBIT for Q4 2020 and full year 2020, they are excluding depreciations from the non-cash item and also from intangible assets from the acquisitions that we made during the year. They're also excluding acquisition transaction costs of SEK 14.7 million in the fourth quarter. Even though the revenue development has been good for both the fourth quarter and the full year, we see a hit in EBIT in the fourth quarter. That it's basically coming from Thunderful Distribution, where we see two different reasons. The first one is the mix effects, where we've sold game consoles and game accessories, has been generating a large portion of the increase in revenues, while toys has been decreasing. We do have mix effects where toys have higher gross margin than game consoles and also higher than gaming accessories. Also, it's a fact that for the Nintendo distribution in Bergsala, most of the revenue increase has been in hardware, which is typically lower margins than games. There hasn't been so many AAA games released in the fourth quarter. In addition to that, we see the COVID-19 effect. We had the second wave of the pandemic in the fourth quarter, meaning that physical stores in the Nordics, especially in the neighboring countries to Sweden, closed, and we've seen a different order structure in the toy distribution company. We are selling more smaller orders, and that's generating higher logistics costs, and also decreasing revenues overall in the toy distribution segment. On the other hand, for the gaming segment, we've tripled the number of game developers during the year. We started the year with less than 70 game developers, and at the end of the year, we have more than 220 game developers in the company group. We are scaling up our game development, and we are growing both organically, but also through add-on acquisitions and complementary acquisitions. If we switch over to the next slide number five. Yeah, excellent. Thank you. In the fourth quarter, we did two acquisitions. One is called Coatsink Software Limited. It's a company that operates out of Sunderland in the northeast of England, close to Newcastle. They are both a game developer, a co-developer, where they co-develop with other developers on games, and they're also a third-party publisher. They publish both their own games and other developers' games. They are around 100 full-time employees, and we acquired them at the beginning of October 2020. With that acquisition of 100 full-time employees, that was certainly a transformative acquisition in the sense that we were suddenly twice as many developers as we were before. It's been really interesting to follow. In November, we did an asset acquisition of Station Interactive, which is a studio in Karlshamn in Sweden. They work primarily on other people's IPs. For example, they've been working perennially on the LittleBigPlanet franchise, and they're fantastically talented. 35 full-time employees in Karlshamn were then incorporated into Thunderful Development. Today, we're very happy to announce our new colleagues at Headup, which is a game publisher and developer and distributor that is operating out of Düren which is next to Cologne in Germany. They're 15 full-time employees. They've been going about their business since 2009, and we believe that together we are going to achieve great things, not the least when it comes to M&A, because I think as we're expanding into other countries, we will be in touch with a lot of developers that we weren't in touch with before. I think you could sum it up by saying that add-on acquisitions are and will remain an important enabler of Thunderful's strategy and future growth. This is something that we are going to continue to do vigorously. Next slide, please. Let's go to slide six. Anders, do you want to do this? Yes. Slide six is a short case in point for one of the acquisitions that we did in the fourth quarter, the acquisition of Coatsink Software Limited in the U.K. We did the acquisition on the 2nd of October. We paid an upfront consideration of GBP 23 million. 50% of that was in newly issued Thunderful shares, and 50% was in cash. We also have an earn-out consideration of up to GBP 42.5 million. There's some different splits on this. The first earn-out payment scheduled for August 2021 is 100% in cash, and the two remaining ones for the full year 2021 or the second half of 2021 and the full year of 2022 is up to 50% in shares at our discretion. That is the buyer's discretion. The key financials for Coatsink when we did the acquisition, that is until the third quarter of 2020, indicated that that will double up the Thunderful Games segment in terms of revenues and in terms of EBIT. We will look at that in the next slide to analyze the fourth quarter. Just what Brjann said is that we're doubling up also in the number of employees. We're doubling up in the number of games in development, and the pipeline for both publishing projects and development projects are nearly doubling up from the situation before the acquisitions. If we're switching to slide seven, we have a snapshot of Thunderful Games in the fourth quarter and the full-year numbers. You see net sales in the fourth quarter of almost SEK 65 million, up from SEK 32 million in the same quarter last year. That's doubling up more than 100%. For the full year 2020, that's SEK 156 million in revenue, which is up 55% compared to the full year 2019. On an EBIT and EBITDA measurement, we're reaching SEK 19.2 million in the fourth quarter of 2020, up from SEK 2.2 million in the same quarter 2019. For the full year 2020, we're reaching SEK 53.1 million in EBIT, EBITDA. Should also mention that since we did the acquisition of Coatsink in the fourth quarter of 2020, we're now moving to the measurements EBITDA, where we are adjusting for acquisition-related depreciations in the games segment. We can move over to the next slide, number eight. Great. Here are a couple of examples of games that we have in development right now. Those two games that you see on this slide are both developed in Gothenburg. The one on the left is "Lost in Random," where we are the developer and EA, Electronic Arts, is the publisher. It's coming out on all platforms, and it's coming out now in 2021. On the right side, you see something that is similar. It's a game called "The Gunk," where we are the developer. We are also the publisher, and this is an exclusive partnership with Microsoft for the game to be exclusive on the Xbox Series X, the Xbox One, and Windows PC. That is also coming out in 2021. Can we go to the next slide nine, please? Here on the left side, these are examples of what our colleagues at Coatsink are doing. Coatsink, in the fourth quarter, released a game called "Jurassic World Aftermath: Part One." It's a VR game where they are teaming up with Universal to bring the fabulous Jurassic IP to the Oculus platforms. They are hard at work on the sequel to that, the Part Two, that is coming out during 2021 as well. On the right side is something that is codenamed Project Ambition. It's an internal title that is developed and will be published by Coatsink, and it's coming out on all platforms, and that is coming out in 2022. I think one good thing to take away from these slides is that we have, for the last year or so, moved from the indie space into a distinct AA space where production values are higher, game budgets are bigger, and play times are longer, and so on. Meaning that we are moving up the chain when it comes to game development. We are making bigger games where we can expect better profits from the games overall. If we go on to the next slide 10, I'm just going to show one example of a game that we are publishing. This game is called "Onward," it's developed by Downpour Interactive and published by Coatsink. This game is also a VR game, it was initially released in July 2020, until year-end, it has grossed around $10 million in six months on Meta Quest. It means that not only can we work with good games, it also means that I think we are where we need to be in terms of interesting platforms when it happens. Let's go to the next slide 11, please. This is just a short summary of the number of titles that we have in development and lined up for publishing. The first-party development releases are 12 in total as of now for 2021, 2022, and 2023. When it comes to the publishing of third-party titles, we have 12 titles lined up for 2021, seven titles lined up for 2022, and four titles for 2023 so far. Like Anders said, it's a great expansion going on in Thunderful Games. As of December 2020, there were 225 developers in Thunderful Group, and that is tripling up from around 70 people in December 2019. We are definitely expanding rapidly and forward-leaning there. Can we move on to slide 12, please? We're now moving over to Thunderful Distribution, a snapshot of net sales and EBITDA numbers. Thunderful Distribution is the majority part of the net sales in the company group. The development you see in the fourth quarter and in the full year is up 25% for the fourth quarter in net sales and up 46% for the full year 2020. Again, we're seeing a hit in margins in EBITDA in the fourth quarter. For the full year, we're up 27%, reaching SEK 230 million in EBITDA in Thunderful Distribution. In the fourth quarter, we're decreasing with 36% compared to the same quarter last year, reaching SEK 77 million in EBITDA in Q4 2020. This is based on two reasons. Let me first try to explain the three different distribution companies that we have. We have mixed effects among those three distribution companies where Amo Toys, the toy distribution company, has the highest EBITDA margins. Bergsala, the Nintendo distribution company, is in the middle of those three, and Nordic Game Supply has the lowest EBITDA margins. What we're seeing in the fourth quarter is basically that a large portion of the net sales growth is coming from Nordic Game Supply with the game accessories product portfolio, and also from the hardware sales in Bergsala. Within Bergsala, hardware sales has a lower gross margin than, for example, games. One of the key reasons is that we see a lower gross margin in the fourth quarter based on the mix effects among those three distribution companies. Again, we're also hit by the fact that the toy distribution company is decreasing its revenues, and it's largely based on the second wave of the pandemic hitting the Nordic countries now in the fourth quarter, where we've seen lower revenue, but also a different order structure, meaning that our logistics cost has increased quite much, while we are at the same time decreasing the revenue within the toy distribution business. If we move over to the next slide 13, this is a little snapshot of Bergsala revenue over time, over the recent 20 years. Bergsala has been a Nordic Nintendo distribution company for a very long time, since 1981. What we see now in the recent slides here is that we are reaching a yearly revenue which is higher than what we've seen for many, many years. It's similar to the period with Nintendo Wii. Even if we are on a nearly all-time high basis, we are still quite confident that Nintendo Switch has a strong market position. We've seen that in the fourth quarter, there are also very positive signals from Nintendo with a recent Nintendo Direct show just a couple of weeks ago, where they are indicating that they will continue to provide new AAA titles also for 2021. Moving over to the next slide, 14. Thank you. The outlook for 2021, sort of on a high level, is that we know that Thunderful Games is releasing four AA games in 2021, and there is a continued strong demand for Thunderful Distribution products within consoles, games, and game accessories. The high-margin segments within Thunderful Distribution have been most affected by COVID-19. We also think that this should improve with vaccination and as restrictions ease. Finally, about M&A, we have a strong pipeline. We are working on multiple tracks, and we have an active agenda to further strengthen Thunderful Games through add-on acquisitions via the cash flows from Thunderful Distribution, as mentioned. If we go to the next slide 15, then I'm going to just run through the key investment highlights. Thunderful Games is operating on a huge and growing gaming market. Our gaming studios are focused on high quality. We're able to do accelerated investments, which support larger publishing deals, both for first-party and third-party titles In the segments where we're active, we are leading in the Nordic distribution market. We have a diversified business with unified purpose as the key strategy, and that is to reiterate, to use the strong cash flows from Thunderful Distribution and invest heavily in Thunderful Games, both in game development and game publishing. As mentioned, we have a strong cash flow generation. Finally, the management team is us. It's the entrepreneurs that lead this company forward. We sit tight with significant skin in the game also in the future. Thank you. Thank you. Answer question. If you wish to ask an please do so by pressing zero one on your telephone keypad. If you wish to withdraw from your question, please do so by pressing zero two to cancel. Once again, please press zero one on your telephone keypad if you wish to ask audio question. There will be a brief pause while we wait for questions to be heard. Our first question comes from Oskar Eriksson from Carnegie. Please go ahead. Thank you. Good morning. Quite a lot of questions for me actually after this report. First of all, in quite a weak or very weak report in both segments really, starting with distribution and Bergsala which is clearly selling quite well in Q4. How did the hardware and software sales mix change in Bergsala from Q3 to Q4? Did this come as a surprise to you? Is that the main explanation for the very low margin in distribution? Thank you, Oskar. This is Anders. Yes, you can say that within Bergsala, the share of revenue coming from hardware has increased quite much in the fourth quarter compared to the previous quarters. I wouldn't say that this was coming as a surprise for us since we have sold more games per sold console in the second quarter and third quarter, quite much based on the fact that Nintendo has released really good titles in the previous quarters. In the fourth quarter, there were no real AAA releases, no major releases from Nintendo, which is quite unusual, to be honest. The normal situation is that they release AAA titles in November or December. We didn't see the number of AAA releases as we used to do. On the other hand, we sold quite much hardware, partly because of the effect that it was very difficult in the Nordic countries to get a hold of the PlayStation 5 or the new Xbox. The Switch console has had a really good market position also in the fourth quarter. Okay, great. On Amo Toys, you write a little bit about that in the report as well. It is a major driver of the weakness in Q4. Sales were weak year-on-year already in Q3, but margins held up quite well, and Q4 is seasonally strong for all segments. Is there any special effect in Q4? Is it anything that can sort of reverse in the coming quarters? If you can explain sort of the main elements of the weak report here in distribution. Yes. Fourth quarter 2019 for Amo Toys was really good. A high EBITDA percentage and very good sales numbers. Fourth quarter in 2020 for Amo Toys, the sales numbers wasn't as good as expected. We saw a major lockdown in especially our neighboring countries, and that was decreasing sales. Amo Toys is also the distribution company with the highest overhead cost, sort of the highest fixed overhead cost within the three distribution companies. When we see an unexpected hit in terms of revenues, that is affecting EBITDA quite fast and it's more difficult to do anything about it compared to Bergsala and Nordic Game Supply. There's also the fact that the logistics costs has been affected quite much based on the fact that we've had more order lines in the fourth quarter 2020 than what we had in the fourth quarter 2019, even though the revenue has been decreasing. I'd say that one of the key drivers is that the customers, the small toy stores in the Nordics, they are a little bit reluctant to place big orders when they are not sure whether there's a new lockdown next week or next month. We need to deliver more frequently, and that's really increasing our logistics costs within Amo Toys. Okay, understood. Is this something that you can fix, so demand larger orders given that it impacts profitability this much? Yes, I'd say that in the long run, this will be fixed by the fact that vaccination has started in the Nordics, and people are hopefully starting to visit stores in another manner than what they have done in the fourth quarter. Bergsala and Nintendo and Nordic Game Supply has not been affected by this because we have a large portion of the distribution to e-commerce. In the toy segments, most of the distribution is still going to traditional physical stores. This is something that we see in other industries as well. If it will be affected directly in the first quarter, it's difficult to say, but based on the situation with the vaccination right now, I'd say that we will probably not see a fix, as you call it, until the second quarter. Understood. These two things are the main explanation to the weak distribution margin. Is that correct, or is it anything else? Those are the two reasons. We see mix effects affecting gross margin based on the fact that Nordic Game Supply and hardware sales within Bergsala is generating most of the growth in net sales. On EBITDA level, it's really Amo Toys contributing to the lower EBITDA margin compared to previous periods. Understood. Just finally on distribution before heading over to games. What do you think, given this hardware sales mix now in Q4, what do you see ahead for Bergsala primarily, starting with Bergsala, regarding the pipeline of AAA games? Obviously, they spent on quite major titles now in Q1, but also announced for later quarters. Talk us through how you see the mix and the margin throughout the year. Yes. You can say that historically, the fourth quarter has always been the quarter where we are selling new consoles to new Nintendo Switch owners, meaning that is generating what we call the installation base of Nintendo consoles so that we get new customers who can buy new games throughout the year. Typically what we see is that when Nintendo is releasing AAA titles in the first quarter, which they typically tend to do in March every year, but this year we've had a Super Mario release already in February. What we typically see is the first few AAA titles being sold after a fourth quarter when we have sold quite many new hardware consoles. We have a very high attachment rate on the new AAA titles coming in the first half of the year following a good hardware sales fourth quarter. That could be something that you can estimate that if and when Nintendo is releasing AAA titles, and one of them was released now in February, then we have a much bigger installation base now in the first half of 2021 than what we had in the first half of 2020 since we've had great console sales in the fourth quarter of 2020. Can you also comment on that? Has it performed well? It seems to have been well-received. Are you seeing the high installation base delivering now in Q1? For the AAA title that was released in February, the Mario title, the reception of that game has been very positive all over the world, especially in Europe, but also in the Nordics. Great. Then I will leave you for other questions. Games, what is the main explanation here? Also here, you should have a relatively predictable business given large milestone payments. What explains the relatively weak sales, in my view, and also the relatively weak margin? Is it any milestone that hasn't come in? Is it increased cost? Is it driven by acquisitions? Take us through it a bit deeper, please. Yeah, I will. For the net sales to start with, yes, there is some predictability in terms of net sales when it comes to the contracts that we are doing for other publishers and platform holders. It's also so that these milestones payments, they are not exactly scheduled to a specific date, even though we work on them on a day-to-day basis. There's milestones that has to be approved. We get payments when there is a milestone achievement from us to the publisher. That means that I would say that in comparison to our budget, we are seeing a decreased net sales out of these contracts of about SEK 7.5 million. That's revenues that will be generated in the future. We haven't been able to book them in the fourth quarter of 2020. That's in terms of the predictability. For the other portion is now we've included Coatsink into the numbers. That's something that we haven't really predicted before. That's also a fact that the Jurassic World game that was released in December, that was one of the installments. Then we're launching the second part of that game later on, so we will continue to get milestones for that program. Again, the revenue hit in the fourth quarter isn't really something that we can base on the forecast that we had because we believe that the Coatsink has more or less performed according to our budget. All right. It's mainly explained by Thunderful Games and Thunderful Publishing, the weakness here. Yeah, the SEK 7.5 in net sales that was not accounted for in the fourth quarter, that is directly driven by Thunderful Development in Sweden, yes. Understood. Yeah. Yeah, understood. I will leave over if there are any other questions, but I might come back with more. Thank you, Anders. Thank you very much. Our next question comes from Jesper Birch-Jensen from ABG. Please go ahead. Good morning, Brjánn and Anders. Thank you for taking my questions. Good morning. some of the answers already from Oskar's good questions, but I have a couple from me. Just also on the distribution business, can you help to understand how has the revenue shifted within the segment? I've heard what you've said so far, but historically we've seen Bergsala is about 50% and the other two segments are about 25% each. What types of changes have we been seeing here in Q4? Any indication on that? I think if you compare our Q4 compared to previous periods that you have been analyzing, the really big effect here that you haven't been able to forecast or see any trends on previously in terms of net sales is that Nordic Game Supply has been generating a much larger portion of the revenue in the fourth quarter compared to any previous quarter, I would say. The fourth quarter for Nordic Game Supply has been really, really good. Nordic Game Supply has a lower gross margin and also lower EBITDA margin than the other two companies. Yes. Thank you. I'm just looking at the margins at the NGS here over time. We've seen them creep up to almost six percent EBITDA and margin. Now if you're saying that they've shown very strong growth, I'd imagine they'd pick up even more, whereas they'd always almost reach the levels which you reported for the whole segment in Q4. I guess I'm asking about the scalability within the business model and the long-term growth potential here. Yeah whatnot. Yeah. Thank you. Understood. From an EBITDA perspective, it is not really so that Bergsala or Nordic Game Supply is hit severely in terms of the normal operations. Meaning that if you look at the EBITDA percentages historically in Bergsala and Nordic Game Supply and compare them to the fourth quarter for Nordic Game Supply, that is not the reason. It is rather the reason that Nordic Game Supply is then contributing to a larger portion of the net sales, which is generating a mix effect. For Bergsala, we are seeing a slight decrease in EBITDA percentage margin based on the fact that we are selling more consoles in relation to games than what we did in the previous quarters in 2020. Once again, then the big hit on EBITDA is generated by Amo Toys in the fourth quarter. Thank you. Just on Bergsala, has the shift towards hardware sales ever been this strong in the past? I'm just looking at the historicals we have access to. Is this the first time? You can say that we've reached an all-time high now in 2020 full year. We've never had this high revenue in the Nintendo, the Bergsala business ever in the Nordics. Of course, hardware is always generating the larger portion, the larger share of their total revenues. The console sales in the fourth quarter has been tremendously good from an historical Bergsala perspective. In addition to that, there hasn't been so many AAA title releases in the fourth quarter, but there were releases in the previous quarters, so to speak. That is sort of generating a bit of an unfair comparison if you're comparing the fourth quarter to the previous quarters. Once again, looking forward, the fourth quarter installation base increase is getting us so many new customers, and that is really building up a phenomenal situation for the 2021 potential to sell new additional games. It's rather a fact that we will need to sit and wait if Nintendo's game development is as good as it used to be now during the pandemic, so that we don't see any sort of delays in the game pipeline. Thank you. On the toys, you mentioned that or we know that it's a relatively low share of e-commerce sales on the toys. Perhaps if the COVID-19 situation stabilizes, this will stabilize as well. Are you working to try and transform the sales to more of an e-commerce tilt, or is that not a priority? As a B2B distribution company, that is a little bit difficult to do. We are trying to sell all of our products in all distribution companies to as many customers as possible. We are spot on the digital side of things. We have connected to the new marketplaces and the new customers coming to Sweden. That is Amazon's new platform and Amazon's marketplaces and the new marketplaces from CDON and Elkjöp and Bilka and the other customers. We do have our products available where they could be available in terms of digital sales. It's still a fact that in general, customers in the Nordics, they tend to buy their toys in physical stores and not online in the same share as they do with any type of consoles or game accessories. Our products are available at the big e-commerce sites. If the market trends in another direction, we are there, and we are ready to sell our products where the customers want to buy them. Got you. Thank you. Last question on the game segment. We've seen a lot of delays from other publishers and developers here recently and through the last few months. I'm just wondering about the progression of your development. Are you worried about delays or the development progressing as planned for now? Yeah, very good. Game development I think you see it all over the world during these times that everybody's talking about delaying their game projects. We've worked really hard not to delay our games. I would say that we are more or less on target with the publishing plans that we have. Just to reiterate that, delays in game development, you can see it everywhere. We are trying really hard to stay on track. You can see one effect there is that rather than delaying game projects because we don't think that's a good thing to do either to ourselves or to our business partners. We are sort of stretching ourselves, meaning that we are working harder. We are putting more people on the projects. That means that our margins for the game development projects take a little bit of a hit, but that is something that we would rather stay on course than having to talk about delaying our games. Thank you. Those are all the questions from me for now. I'll leave the line for other questions. Thank you. Thank you. Thank you. If you wish to ask an audio question, please press zero one on your telephone keypad. Once again, please press zero one on your telephone keypad if you wish to ask an audio question. Our next question comes from Jon Hyltner from Enter Fonder. Please go ahead with your question. Hi. First to just clarify that I got the numbers right here. Your gross income both for Q4 2019 and Q3 2020 and this Q4 2020, which leaves the gross margin of around 22%. Is that without any adjustments or do I need to adjust that, or is that a clear figure? The gross revenue, is that on the group financial development? That is on the segment. No, the gross result, the gross income. Are there any one-offs in that result? For the fourth quarter, in the presentation that I presented, there was an adjusted EBIT of SEK 97. There are two different adjustments based on that one. The first one is affecting also EBITDA. That's 14.7 million SEK in acquisition transaction costs. The second one is only affecting depreciation. That's 41.4 million SEK in depreciation of the non-cash item when we restructured the group in late December 2019, but also from the acquisitions, meaning depreciation of intangible assets that we have been doing the fourth quarter. Okay. The gross result at SEK 283 million is not affected by any extra costs. That's a clean result? I'd say that if it's SEK 283, you should probably adjust that with the external cost from acquisitions, the SEK 14.7, right? That is from other external costs. I have the Swedish report. You have the number 100 smaller, and I guess your gross result. Sorry. It's the gross profit you're talking about. That shouldn't be adjusted. Yes. The gross profit is correct. Yeah, sorry. Good. Your gross margin has been more or less flat at 22% Q4 2019, Q3 2020, and Q4 2020. Your gross result increased by 28% in the quarter year-over-year, and 70% or 69% versus Q3. All those figures are without any adjustments. Just to be clear on that part. Yes, correct. Good. Your EBIT was SEK 97 million. It went down SEK 21 million. Your OpEx increased year-over-year, SEK 90 million and almost SEK 100 million versus Q3 2020. Could you explain how OpEx can increase that much when mix mainly affect the gross result, I guess? Yes. Two answers on that one. The first one where you're talking about the gross profit, we do see a decrease in gross profit in the main segment in terms of revenue, that is Thunderful Distribution. When you look at the consolidated group gross profit, then you have a very big mix between Thunderful Games and Thunderful Distribution, where the gross margin in Thunderful Games is very much higher than what it is in Thunderful Distribution. Thunderful Games has been growing quite much in terms of EBIT during 2020 compared to 2019. Just looking at the gross profit on a group level, if you do that, then you really have to adjust for the mix effect between the two segments, games and distribution. On the other hand, it's really affected that OpEx is increasing, and that is something that we are aiming to do on a group basis. We were less than 70 game developers in the company group in December 2019, and we are more than 220 game developers in the company group as of December 2020. The fact that we are employing more and more game developers, meaning that the overhead costs, the fixed costs, especially within Thunderful Games, should be increasing on a year-by-year basis going forward. Okay. How much did the gross margin decrease in distribution then? We haven't presented that number. The gross profit do have an effect in 2020 compared to the gross profit in 2019. I can see if I can run a quick calculation for you. Within Thunderful Distribution, if you compare the full year 2020 with the full year 2019, we see a hit from approximately 21% to 19% in gross profit. Is that mainly coming from Q4? That's mainly coming from the fourth quarter. Yes, correct. The drop in the fourth quarter, how much was that? I was under the impression that the distribution business was a fairly stable business except for seasonality, but it appears not to be that way. I'd still say that it is, but the effect you see on EBITDA level is generated by Amo Toys, which is affected by a new sort of order structure from the customers based on the COVID-19, the second pandemic. Looking just at the fourth quarter, the difference is 18% versus 21% in the fourth quarter of 2019 in gross profit in distribution. Okay. On the cost side, you increased your revenues year-over-year in Distribution by SEK 240 million or SEK 241 million. I don't have the gross result here in front of me, but your OpEx, if I just take away EBIT, the difference between EBIT and your sales increases by SEK 294 million. How on earth is that possible to increase your costs more than your revenues? It can't be explained by mix or logistics. Something must have happened in the quarter. In Distribution, this is not where you invest in growth, really. I assume that's in the Games part. It's much easier to understand that for Games, but for Distribution, I don't get it. Yeah. Understood. In general, in distribution, if you look at it from an historical perspective, there's one company having much higher EBITDA margins than the other two companies, there's one company having much lower EBITDA margins than the other companies. First of all, the company that is taking the big portion of the growth in the fourth quarter is the company that's having the historically lowest EBITDA percentage. The company that's really decreasing in the fourth quarter is the company with a high EBITDA margin from an historical perspective. The toy distribution company is also the company with the highest fixed costs, meaning that they are not in the same way as Bergsala or Nordic Game Supply, they are not as flexible as they are in those two companies because in Bergsala and Nordic Game Supply, a large portion of the costs of the OpEx is related to the marketing, which is basically a percentage of the revenue. In Amo Toys, it's more fixed costs with personnel and logistics and some warehousing costs. Okay. Is the drop then in EBIT for Q4 due to that L.O.L. toys that probably then sold very good before, didn't sell at all in the quarter? That's a very good question. I'd say that we do not see a specific brand structure. It's not that the share of the different brands being sold in the fourth quarter in Amo Toys has not seen a big change compared to the previous quarters. It's more so that the overall revenue has been decreasing quite a bit in the fourth quarter. How much did the revenues decrease in the high margin business, roughly? In distribution. Yeah. The numbers we are reporting is only the Bergsala numbers. I'm not really sure I can go into those details. Maybe I can. It is a big hit. If you compare it with the fourth quarter of 2019, it's a really big decrease in Amo Toys net sales in the fourth quarter of 2020 compared to the fourth quarter of 2019 in revenues and in all the measurements below that. Okay. If you look at the 12% margin that you had Q4 2019, that was then mainly driven by the super good development in toys. If I understand this correctly, perhaps you have 20plus margins in toys and three, four percent margins on EBIT level in the other segments. If it's that type of difference in margin between the segments. Yeah, there is a clear EBITDA percentage difference between the three segments, but it's not as much as you were estimating there. Something must have happened on the cost as well. Did the logistics hurt you very much due to lower shipments, or have you hired more people, or taken on other types of costs? Yeah, as I said, within Amo Toys, there is a huge portion of fixed costs. When we see a big hit in net sales, that will follow through the gross profit. Also since a large portion of the OpEx is fixed and the ones that are not fixed, meaning, for example, logistics, which is typically the freight cost, is a percentage of net sales. The key problem, as I said before, is that we've actually shipped even more order lines in the fourth quarter of 2020 compared to the fourth quarter of 2019, even though we've seen a big hit in net sales. That means that the average value of an individual order is much lower in 2020 fourth quarter than what it was in the fourth quarter of 2019. It seems I'm not going to understand it on this call. It's very hard to see growing 25% and growing toward SEK 241 million, and then your costs grow even more, and your results go down on that good top-line development. Perhaps you could clarify at another event than this call. Yes. Yep. All right. Thank you. Thank you. Our next question comes from Oskar Eriksson from Carnegie. Please go ahead. Thank you. It's actually for me. No more questions. Thank you. Thank you. There appears to be no further questions registered, I'll hand back to the speakers for any other remarks. Well, we'd just like to thank everyone who's listened in today and also for your questions, and hope to speak to you all soon.