Nokian Tyres Plc

and welcome to the Nikon Racket Q4 2020 Interim Report. Throughout the call, participants will be in listen mode only, and afterwards, there will be a question and answer session. Today, I'm pleased to present Pavi Antola. Please go ahead with your meeting.

Thank you. Good afternoon from Helsinki, and welcome to Nokia and Tire's Q4 and full year 2020 results conference call. My name is Pavi Antola. I'm the head of Investor Relations, in Nokian Tyres, and together with me in the call, I have Jukka Moistio, the president and CEO, and Teemu Kangaskärki, the CFO of Nokian Tyres. In this call, we will go through Q4 and full year results, followed by a Q&A, but before going to the results more in detail, Jukka, 2020, it was an interesting year. How would you summarize it?

Thank you, Päivi, and good afternoon on my behalf as well and welcome. Yes, indeed, I think that interesting is maybe one way to characterize or eventful or unprecedented, as we say in our presentation. Nevertheless, obviously, towards the end of the year, things started to become clearer and also actions and policies policies, et cetera, by the governments, they're not so much on the quick reaction mode, but more consistent what to do with the COVID and how to get out of the COVID situation with vaccination and lockdowns, selected lockdowns and so on. And I have to say that, of course, during this demanding year, when we first reacted to COVID, I believe that we said that we will focus on cost. We will make sure that we maximize the cash flow and also that we will not increase our inventories and we will make sure that the company will be in a good shape by the end of the year. I think that in many ways that was achieved. Our dean did well. We paid attention to safety, operated all factories quite well. also in terms of LTIF, accident frequency, we reduced that quite significantly, achieved a good cash position, made sure that the costs were under control, and so on. This in many ways shows the resilience of our team and the company, and I'm very, very pleased and proud that we achieved all those targets that we set out in the early part and the virus hit us and hit the economies throughout the world. We ended the year with a strong balance. It's quite important in terms of net debt, in terms of inventories, etc. So we did achieve all those targets we set out to do. And also, meanwhile, we advanced many actions to build the company for 2021 and beyond. One is data ramp-up, so we hired the second shift and started to ramp up the production. Also now we announced in the early part of this year, we announced the third and fourth shifts so that the ramp up in Dayton continues consistently. Also in Nokia, we agreed the direction and took actions accordingly, and also launched a number of new products during the course of 2020, but also in the beginning of 2021. I come later to our flagship product, Nokia Hakapelli 10, which was announced in early January, and we gave a peak information already in December about the product. So, very pleased. Ended well. Eventful year, interesting year. I think I deemed it well. So, I'm quite proud. I'm very proud of it.