Now it is 4:00 A.M. Welcome shareholders, ladies, and gentlemen. I wish you a warm welcome to this AGM of FLSmidth & Co. A/S. My name is Tom Knutzen, I'm the Chairman of this board. I have one task today. In addition to welcoming you, I'm also going to welcome everybody watching the online transmission, I can welcome you in pursuance of section or article 7 of the articles of association. We have the right to appoint the Chairman of this general meeting. I'm pleased to be able to once again, because it's a long tradition, I appoint to Klaus Søgaard. He is a Partner of law firm of Gorrissen Federspiel. He has assumed the task of being the Chairman of this general meeting. I'll pass the floor to Mr. Søgaard.. Thank you so much. First, I can ascertain that this AGM has been lawfully convened. I checked that beforehand, this was my conclusion that I will draw shortly. Well, we started on time, even at the second 4:00 P.M. There are some requirements pursuant to the articles and also the legislation. It must be held in Greater Copenhagen before the end of April and must be summoned before and those are three to five weeks. It was convened on the third of March and also by email to those requested, as well as notice to the stock exchange. This means that this meeting is lawful. As regards the voting procedures, there's one agenda item relating to an amendment to the articles of association. We want to change a date. That is not complicated, but it takes a majority of two-thirds, both of the votes present and also the capital represented. All other proposals can be adopted by a simple majority. As regards shareholders' presence, 133 shareholders had taken out an admission card, and 99 had recorded. 44 had come just a few minutes before we started, and 33 of them had the voting rights by proxy. We have also had a number of shareholders have inserted proxies, a little more than 52% altogether are represented today, and more than 75% of all the votes represented have voted in favor of the agenda items. I think we will not end up in a situation that we will have to have detailed written votes, but this does not prevent us from having a good discussion. The chair of the board will make a presentation of the annual report together with the annual report and also the board's recommendations as to the individual items, and afterwards you can ask questions and make comments. I already have the names of three different people who want to make statements. If anybody else wants to take the floor, then you can just advise me when you reach that point. I'll now pass the floor to Tom Knutzen. Thank you. Looking back at my first year as the Chair of FLSmidth, I dare say that it's been both a busy and eventful year. We're very proud, and I'm speaking on behalf of the board and management, of the effort and dedication of our employees, which has led to FLSmidth delivering a solid result for 2022, in spite of us, like so many others, have had to navigate through a challenging macro environment as well as several changes to our business. Strategy is something which develops over time, and in that connection, well then, during the past year, particularly two things are at the forefront to me. Firstly, it's completely clear to us that the future will bring an increased need for increased investments within Mining generally, as well as in the green transition within the Mining and Cement industries. Secondly, we must acknowledge that the implementation of our strategy has previously not been fully satisfactory. Prompted by the change in our top management, led by our new group CEO, Mikko Keto, who joined us on the 1st of January of 2022, we have experienced a significant change in decisiveness and drive. Among others, this has resulted in FLSmidth in 2022 starting a, what I would call, extensive transformation journey. A transformation journey which gives me and the board a strengthened view on where we can take FLSmidth in the long run and a strengthened faith in us once and for all being able to ensure a stronger implementation. Naturally, there will still be bumps in the road, as this is the nature of our business, but the journey has begun, and it's an interesting journey which I both believe in and support fully. As a part of this transformation journey, we have in 2022 implemented new pure-play strategies for our Mining and Cement businesses. This is an important component in being able to trigger our full potential within both Mining and Cement, where the markets, customers, and possibilities differ widely. In that way, the two businesses must also be handled differently. This has resulted in there being activities and services that we will, in the future, stop delivering and performing. In that connection, we have had to say goodbye to a lot of good colleagues, both within Mining and Cement. It's always a serious matter to go through, but it has been a necessary step which we've had to take in order to create a stronger, more resistant, and more profitable FLSmidth to the advantage of, yeah, our employees, our customers, and of course, also you and the company shareholders. We're grateful for the support which we have so far received from our shareholders in connection with our transformation journey. Here, I would like to particularly welcome our new major shareholder, Altor Fund Manager. Altor brings solid experience with strategy development and creation of value, and comes with a wish of contributing actively to our journey with the participation of the board, the support for our new pure-play strategies from both of our major shareholders. Well, we see that as a vote of confidence for us being on the right track. In a moment, I'm going to touch upon some of the other core elements in our transformation journey, as well as other highlights in 2022. Before then, I'd like to touch upon something which has affected, and still affects, all of us. When we were gathered at last year's AGM, the war in Europe had broken out briefly before then. Something most of us, I imagine, never had imagined would happen in our lifetime. We're deeply sorry for the tragic development in Ukraine, Our thoughts go to all the people, no matter where, who have been affected by this tragic development. As a result, we immediately decided to suspend all new business in Russia and Belarus. During 2022, we have left Russia. Because of the costs related to the liquidation of this, our activities in Russia and Belarus have resulted in a net loss in 2022. With this, I'd like to touch upon some of the highlights from the previous year. We've already seen positive effects from some of the implemented changes which were made during 2022. During the course of all of the year, our old FLSmidth Mining business, that means exclusive Thyssenkrupp's Mining business, I'm going to call it Mining Technologies from now on to keep it simple. That has shown a continued strong growth in both the incoming orders, revenue, and profitability, which has particularly been driven by our service business. In the fall, we implemented one of our largest acquisitions in our history, namely the acquisition of Mining Technologies, a part of Thyssenkrupp group. With this acquisition, FLSmidth is now positioned even better than ever before to be able to offer the customers and the best and most complete technologies from service solutions, from Mining to processing plants, and as well, support a more sustainable production. Additional to the acquisition, having strengthened our position as a leading supplier for the Mining industry, there are also considerable cost synergies connected with the acquisition. During 2022, we have seen that we've been able to increase the size of these synergies, and we've accelerated the time it takes to achieve them. Hence, we now expect that the cost synergies will annually come to approximately DKK 560 million, and will come fully into effect, according to our plans, in 2024 and onwards. At the same time, very importantly, our Cement business has shown a stable development and continued a positive trend with increased profitability, and has now returned to a positive profitability. That has been driven also by a better service business, as well as the simplification of the operating model of Cement during the fourth quarter of 22. Of course, we're continuing to work on that. As mentioned, in 22, we began a big transformation journey. This is due to our business environment changing, in that connection it's been important to FLSmidth to renew itself and develop in order to sustain and expand our competitive position, as well as our long-term potential earnings. From a past, no matter its glory, but from a past characterized by engineer services and large construction projects, FLSmidth is today mainly a supplier of technology, products, service which supports a more sustainable production within the Mining and Cement industry. Our pure-play strategies within Mining and Cement play an important role in this. As previously mentioned, this also involves that there are activities and services that we will, in the future, stop performing and delivering. This is something we've chosen on the basis of a planned strategic evaluation of our combined mine product portfolio. That means including the products that we had, but also the ones that we acquired during the acquisition of Mining Technologies. As a result of this, we have, from the beginning of the fourth quarter of 2022, divided our Mining business into two segments. A continued strategic core business, a no longer strategic segment, which we also in good Danish call non-core activities. Half of the activities in these non-core activities come from FLSmidth's old mine business. The other part comes from Mining Technologies, that is what we've purchased. Over the coming 3 years, we intend to liquidate these or sell parts of them if possible. The activities we will no longer perform are, in general, characterized by offering limited service potential. They're actually unprofitable. They have a big implementation risk, and generally, they don't contribute to our sustainability agenda. We expect the total loss on liquidation of the non-core activities to be approximately DKK 1.2 billion, divided over the period from the fourth quarter of 2022 until the end of 2025. This new division is a part of ensuring a clear focus and a stronger implementation in our strategic core activities in Mining, which is the key to increasing our long-term earnings. Additional to having established pure-play strategies and established the non-core activity segment, well, during 22, we've also made many other decisions that support our transformation journey. This, amongst other, involves transparency, both internally and externally, and we've made considerable progress in order to lessen the risk in our business by implementing so-called risk quotas, a stringent risk management surrounding our product portfolio. This is a part of ensuring that the possibilities we pursue and the contracts we accept, in general, comprise lesser risk. They're reduced regarding complexity and scope, and they're more profitable and are in compliance with our long-term strategic priorities. Last but not least, of course, we are aware that the implementation of our transformation journey is deeply dependent on our employees and our culture. We have a large focus on ensuring that we have the right competencies as well as the right set of values at FLSmidth. Where this transformation journey that we're on will bring us, well, we presented that officially at our Capital Markets Day on the 18th of January 2023. Here, for the first time, management presented the summary of our new pure-play strategies as well as our new long-term financial goals. Our previous midterm and long-term financial targets, well, they were withdrawn in connection with the publication of the annual report for 2020 when there was insecurity regarding the coronavirus pandemic and other structural changes. Our new long-term financial goals have a core focus on ensuring the quality of our profitability as well as reducing fluctuations in our profitability. The pure-play strategy in Mining is called CORE'26. For the total year of 2026, we expect that our Mining business can deliver an EBITA margin, that's before interest and taxes, et cetera, coming to 13%-15%. In Cement, we call the pure-play strategy GREEN'26. For the full year of 2026, we expect that our Cement business can deliver an EBITA margin of approximately 8%. Sustainability or in present day terms, the ESG agenda is and will remain an integrated part of our culture and business model. This covers both our responsibility towards our employees, society, customers, and for our planet. Minerals are necessary in the green transition, and the supply of critical minerals like copper, lithium, nickel, and cobalt face a large pressure in order to be able to meet the ever-increasing demand. Similarly, Cement is crucial to infrastructure and renewable energy projects. As Cement is still one of the most carbon intensive industries in the world, it is crucial that the environmental impact from the Cement production is reduced. To solve these crucial challenges is what drives us at FLSmidth. It's both a possibility, but also our responsibility. With our MissionZero technologies and solutions, we are uniquely positioned for significantly reducing our customers' environmental footprint and at the same time, improving their productivity and profitability. We have a target, and that's validated by what one calls Science-Based Targets, that our own operating activities, what we call Scope 1 and 2, must be CO₂ neutral no later than in 2030, and that our financial effect on the supply chain, also called Scope 3, must be reduced by 56% compared to a starting point, which is 2019. During 2022, we've made good progress on the majority of our own Science-Based Targets. This includes that we have increased the share of our total purchases from suppliers that also have Science-Based Targets. We have also significantly reduced the CO₂ emissions and the use of our sold products as a consequence of less sale of products that impact the climate, particularly within Cement. We have also in 2022 seen a small increase in the CO₂ emissions from own operating activities as a consequence of increased activity and a lesser use of green energy, something we have to look at. It's very important that we don't look at these numbers isolated based on the absolute CO₂ numbers from any given year, but that we look at them over a longer period of time as there will be fluctuations year by year, particularly in the CO₂ emissions from the use of our sold products. In 2022, we've also seen progress in our ratings among some of the large ESG rating bureaus, which also gives us faith in us being on the right road regarding our sustainability effort. We do recognize that there are parts of our long-term ESG agenda where we haven't reached our target yet, and we have a way to go. Among others, this goes for our diversity agenda, where in 2022, we unfortunately did not see any progress compared to last year regarding the share of female managers. In spite of progress compared to last year, we also didn't reach our targets for safety measured on the Total Recordable Incident Rate in 2022. The levels are not poor, but we'd like to do better. There's still a need for additional improvements in order to reach our long-term targets, both in the long run, but also up until 2030. Let me turn towards the Mining market. In spite of global macroeconomic and geopolitical unrest, the long-term demand for mineral remains strong, driven by financial growth, including a growing middle class and the green transition. In 2022, the industry was challenged by volatile commodity prices, logistic limitations, inflation, which is still there, the threat of global recession, et cetera. Conversely, possibilities arose from the increasing need for a green energy transition. The order intake in Mining grew 20% organic and 34% reported organic, respectively to a total of DKK 17.8 billion in 2022, driven among others, 37% in the growth of the service business. Mining had seven large product orders coming to DKK 2.8 billion, up against four large orders in 2021, coming to a value of DKK 950 million. Service orders and product orders came to 59 and 41%, respectively, of the total new orders in Mining. If you look at the revenue in Mining, the organic grew 14% and 29% reported and came to DKK 15.1 billion in 2022. The service and product revenue increased by 32% and 23% respectively. The Adjusted Mining EBITDA increased to DKK 1.6 billion, which corresponds to an Adjusted EBITDA margin of 10.6%. The adjustment includes the costs of DKK 250 million for the integration Mining Technologies and a loss of DKK 200 million related to the liquidation of activities in Russia. When you include these costs, the EBITDA margin for Mining in 2022 came to 7.6%. Like in most other industries, the Cement industry has had to navigate through the macroeconomic insecurities and geopolitical political unrest in 2022. In the short term, the Cement industry is expected to a larger degree, be affected by the macroeconomic fluctuations than the Mining industry. The high energy prices, the inflation pressure, has also contributed to an increased focus on productivity and sustainability among Cement producers. In the long term, we see good possibilities, particularly driven by the necessary green transition of the Cement production. The order intake in Cement increased by 5% organic and 11% reported to DKK 6.6 billion in 2022 as a consequence of better market conditions compared to the previous year. In 2022, we included one large product order at a value of more than DKK 400 million, up against two large product orders in 2021 at a joint value of DKK 400 million. Service and product orders came to or constituted 57% and 43% respectively of the total new orders in Cement in 2022. The revenue increased by 2% organic and 7% reported and ended at DKK 6.3 billion, primarily driven by a 12% growth in the service business and the product revenue increased by 1%. That also importantly, Cement's EBITDA increased to DKK 204 million positive compared to the year before, corresponding to an EBITDA margin at 3.3%. That is a significant improvement compared to 2021, where Cement was unprofitable. That reflects an improved service business and a simplification of Cement's operating model during the course of the fourth quarter. Let me just look at non-core activities and how they developed in 2022, the part of the business that we wish to liquidate. In the last quarter of 2022, non-core activities had a revenue of DKK 503 million and a loss of DKK 407 million, out of which DKK 270 million are related to individual shutdown costs. This was in line with our expectations and what we had told the share market. By the end of 2022, non-core activities had a remaining order backlog of DKK 2.9 billion, up against a beginning order backlog of DKK 3.6 billion as non-core activities segment was established back by the end of the third quarter of 2022. When we add all of that together and look at the consolidated financial performance in 2022, then the results in both Mining and Cement is primarily driven by our service business, where we delivered an improved result. Compared to the year before. The new orders received increased 16% organic and 28% reported. As a consequence of better market conditions compared to 2021, the new orders received in service alone, and let me put a line under that, increased by 30%. The product order or new orders received within products increased by 26%. Book-to-bill for the year was 130%. In spite of the shutting down of the Russian activities in 2022, revenue increased organic by 11% and 24% reported, which is mainly driven by the service business in Mining in 2022. Service made up 59% of the revenue and product 41%. The gross result increased by 21% and the Adjusted EBITDA margin for 2022 came to 6.4%. When you include the previously mentioned DKK 452, those were integration costs for the acquisition and as well as the liquidation in Russia. The reported EBITDA margin comes to 4.3%. In spite of the significant cost to liquidate activities in Russia and the cost related to integration Mining Technologies, we delivered a positive financial flow on the operation coming to almost DKK 968 million. We have a constant focus, as I say, when I say we, it's management particularly. We have a constant focus on financial flow and in order to ensure a healthy balance in our net work capital and net debt. Our financial gearing increased from being - 0.6 to 0.6 as a consequence of the acquisition Mining Technologies, which is expected. The financial gearing is still lower than the group's target, which is a max of two times the net interest-bearing debt compared to the EBITDA. The board suggests that a dividend of DKK 3 per share is paid out, which comes to total dividend amount of DKK 173 million and a dividend yield of 1.2%. This corresponds to a payout ratio of 49%, which is completely aligned with our target, which is a payout of between 30%-50% of the net profit. Let me look forward. We expect that the market growth within the mining industry in 2023 will remain practically stable compared to the market in 2022. Hence, we expect a revenue in Mining coming to between DKK 16 billion and DKK 17 billion, where Mining Technologies are expected to contribute within less than DKK 3 billion to the revenue in 2023. We expect to adjust the Mining EBITDA in the interval of 9%-10%, which includes an expected diluting effect on the Mining Technologies at approximately 2% for 2023. That number does not include the integration costs of DKK 550 million for all of 2023. In Cement, in the long term, we expect that the Cement industry will still be marked by over capacity and that the potential recession, and that means how much building would be set into motion, will expectedly have a negative effect on market demand. We expect a revenue of DKK 6 billion-DKK 6.5 billion in 2023. That means a flat development up against 2022 and EBITDA margin, which is slightly better in the interval between 4%-5%. That progress reflects an increase in Cement profitability, which reflects the positive effect of the strategic initiatives that I mentioned from 2022. The expectations with non-core activities in 2023 reflect our work liquidating the remaining order backlog, as well as a general non-profitable nature of the activities in this segment. We expect a revenue of between DKK 0.8 billion and DKK 1 billion and an operational loss of between DKK 250-DKK 350 in 2023. As a consequence of all this, we expect a revenue of DKK 23 billion-DKK 24.5 billion and an Adjusted EBITDA margin of 6%-7% for the whole group in 2023. If we include the integration costs in Mining coming to DKK 550, we expect 4%-5% in the EBITDA margin. That's what we communicated when we sent out our annual report just recently. For good order, as always, I must add that profit forecasts are always connected with insecurity as a consequence of global supply conditions, potential recession, and geopolitical unrest. That has also been said. As recommended by the Committee on Corporate Governance and with reference to the publicized report, I'd like to go over and make some remarks to the remuneration of the board and management. Let me tell you that compared to 2022, there have been no deviations regarding the general guidelines for remuneration, which have been approved by the annual meeting. The collected remuneration for the group executive management, which consists of the CEO and the CFO, was DKK 25.8 million in 2022, up against DKK 39 million in 2021. In 2019, it was high because of reference package agreed with the former CEO. Low incentive payments. Payouts are based on the targets, based on reaching or us reaching the financial KPIs and individual targets. In 2022, the board did not receive any payout for the long-term incentive program for the performance periods of 2019 until 2021. The board received a total remuneration of DKK 6.6 million in 2022, again, DKK 6.5 million in 2021. The board proposes that the fees for the board of directors for 2023 remains unchanged. In connection of the annual report for 2022, and like in previous years, the board has decided to award restricted shares to a limited number of persons, including management and key employees. In the long-term incentive program, the targets for 2023, which cover the period from 2023 to 2025, would be the same as for the program for 2022, which covers the vesting period from 2022 to 2024. Vesting and granting will be subject to fulfillment of the targets for EBITDA margin, the total return for shareholders, as well as the KPI related to sustainability. Furthermore, the board annually does a self-assessment in order to assess the individual member's contribution, commitment, and competencies, and also our ability to cooperate. As chair, I'm responsible for carrying out the assessment. I believe that we have a transparent process, and after a good and open discussion, we've identified some matters that we can most likely better, and we have determined our priorities for the coming year's board work. Let me also add that the general conclusions of the board assessment in 2022 was satisfactory without the big issues or matters. I'm reaching the end. In 2022, we at FLSmidth celebrated our 140 year anniversary. Even though many things have changed since 1882, our passion to discover and innovate, our commitment towards our customers and most importantly, the dedication talent of our employees, have been the core of everything we have achieved since day one. FLSmidth is on an interesting journey. We recognize the current macroeconomic insecurities and geopolitical unrest, we do believe that these challenges are manageable and are compensated for significantly by our fundamental long-term growth possibilities, driven by, I've said it many times, green transition, financial growth, and specific industry challenges within both the Mining asset and industries. In the past year, it's been crucial to us to renew ourselves, at the same time give a clear strategic direction, thereby build a foundation for increased trust. Focus is now on implementation, we have already come a long way in 2022. In 2023, we look forward to even more progress when we continue driving our transformation journey and implementing our pure-play strategies. I'm certain that we have the right team, the right strategies, they're in place, together we will deliver even larger results onwards. In closing, of course, I'd like to thank both the board and management executive committee and the board for an open and good cooperation over the past year. I'd also like to thank our shareholders for the support, and also take the opportunity to say welcome to new major investors that we have got in the past year. Welcome to FLS. I'd also like to send a special thanks to our outgoing board member, Rob Smith, who is not running for re-election. Since 2016, Rob has provided a dedicated and valuable effort for the company, among others, as the chair of our technology committee. However, the largest thank you goes to all of our employees who have yet again shown a large ability to adapt in an uncertain business environment. We look forward to continuing the journey with you over the course of 2023. I thank you for your attention. Now you have the chance to ask questions and comments. As I mentioned before, there are three people who have already asked for the floor. I'll ask those three people to come forward, and then you can make These comments, and then the chair of the board can ask the questions first, and then we can comment on base together. The first one is Leif Gundtoft, the chairman of Staff Association and representative of LD and Mr. Brandmark. Thank you for giving me the floor. Dear colleagues, dear shareholders, dear board, and dear Chair, my name is Leif Gundtoft, and it's my privilege, and I'm speaking on behalf of the Staff Association. One year ago, very few of us had expected that we will still have a war in Ukraine. The horrifying images that we see from there. That makes it, and it also makes it very difficult for us to imagine this tremendous impact that this conflict has to our world. This has also had a huge impact on the people that we can collaborate with and who we are allowed to collaborate with. We had to tell goodbye to a number of good colleagues in Russia and other countries. I'm happy that we should not talk about corona at this AGM, and we can start getting used to an everyday life where we can meet with customers, even though that we still have many meetings on Teams. Travels and meeting with customers all over the world contributes to emphasizing the fact that FLSmidth is a global enterprise. Employees, we are proud to be working for FLSmidth. Last September, TK Mining became part of FLSmidth. After very few honeymoon, a short honeymoon, we decided to establish a division called Non-Core Activities, which were then intended not to be part of the future journey of FLS. This must have been a rude awakening for our German colleagues and also for us and our former colleagues at FLS. The management of the Cement activities has decided on a pure-play model, both Cement will now report results as independent business units. This gives Cement a more autonomy relative to the size of the organization and composition. This change means that you will... give our operates as to services and also the spare and wearing parts, this will value based on the canceled projects, product, projects that fit into the future pro-focus of the company. This means that we have significant changes to the structure of Cements, both in Denmark and globally. Unfortunately, we've had to tell goodbye to a number of dedicated colleagues who have worked for FLSmidth for more than 25 years. I want to thank good and loyal colleagues for their work for many years. Changes might be difficult and frustrating, but I find that we are on the right way, I look forward to seeing a stronger and best FLSmidth Cement. I find that we can always see some green strategy solutions. We are already working on this in the long term, we already have in the market. They'll become an essential part of solution to the greenhouse gas issues that we have at world level. When our colleagues of Mining will have adapted their organization, I'm sure that they will also have an efficient and profitable business area, I'm also sure that this journey will be difficult for many. We have seen a year with inflation that reminds me of the time when I was a child. That was a long time ago. Despite this situation, we're still doing well on the economy side, even though that it was predicted that the recession is waiting just around the corner. We still see an active job market. A lot happens around the world, and with also in terms of employee and pay conditions. For the management of FLS, it's necessary to make an extra effort to attract and retain good employees. As employees, we're having a dialogue with management about this. We look into many of these parameters that contribute to making FLS to a good and attractive workplace. It's essential for our self-perception and motivation, we can now see that we are contributing actively in many and interesting activities which may contribute to making our solutions for our customers greener and more environmentally friendly, both within Cement and Mining, which are also our GREEN'26. I don't know what they say in Danish or English, also CORE'26 programs. FLS is a Danish company. We have proud and strong traditions. In addition to the technical innovation and distinction that has characterized FLS for many years, we also have decency as a very significant element of our self-perception and values. We are expected to behave both as employees, as a company, as a part of this world's surrounding us. We do this by working together, by respecting differences, and be abreast of changes, both socially, financially, and technical-wise. We're happy to see that FLS works actively in these areas. It's still difficult to predict as to which way the world intends to go in future. But the new courageous initiative FLS has shown that the company can adapt to changes with optimism, creativity, and conviction. It bears witness to a strong culture as the mainstay and my dedicated and clever colleagues' support to solving the solutions or the support to solving the challenges that we're facing. We can be very proud about that. On behalf of the employees, I wish FLSmidth a strong, sustainable, and at least a prosperous year. Thank you so much. Thank you, Leif Gundtoft. As mentioned, I would let the first three speakers come to the stage before I would let the chair reply to this from the AkademikerPension, Troels Børrild. Thank you for the chair of the board for his presentation. My name is Troels Børrild. I'm speaking on behalf of LD and the AkademikerPension. Once another year has passed, we have again been in a situation of uncertainty. The war in Ukraine continues, it was not as short as we expected. On the contrary, we have seen huge tragedy, inflation, and historical pressure on values or value chains. Many companies have cut links to Russia, the company is also in Russia still. It's difficult time to work, it's difficult to separate business from politics. Together with this geopolitical uncertainty, you have started a transforming journey. The strategic focus has to be sharpened, while also you have to see a successful integration with TK Mining. We have many balls playing at the same time, the risk elements are abundant. We will see the results in the performance over the next quarters and years, we hope that it will be better than historical numbers. You had a good start, as you know, that's always halfway through. Still, that's still a long way to go, and we look forward to following further developments and also initiatives that you have taken throughout the organization. I'm also here to motivate the proposal made by LD and AkademikerPension. This proposal is intends to support FLS in expanding the communication relating to respect, human rights, and labor rights. We also suggest that FLS makes more details public about the challenges that FLS meet in the market when does they encounter human rights challenges. We've had a good dialogue with the board of directors of this proposal, the board of directors has decided to support our proposal. We are thankful because we also see this as a sign that the board takes this seriously and also wants to propose to help or support this in public. There's no doubt that the FLS is one of the best in this sector. We still know that the reporting on human rights is not exactly where it should be, but that also applies to most other major companies. As long-term investors, we want to support the long-term business success of FLS with this proposal. In this situation, I want to mention that we trust that FLS also works internally with human rights and also those that might impact the business. Our proposal is only a way to strengthen public communication about this subject, and we're sure that this will profit the company in the long term. Focus on human rights issues will only become more relevant in future, increasing political issues because of the invasion in Ukraine of Russia puts great pressure on global value chains. Also we focus on human rights issue all over the world. This cannot prevent the company from being affected by this, especially when they work in sectors like Mining, which is a high-risk area of human rights violations. It's also central to the green transition. Environmental legislation is also coming from the EU. It's due diligent initiative to strengthen this area already now. This is also why we see that when FLS takes the lead, when they make available their documentation of their efforts public. By showing their way to best practice in the, to the markets, they will take a competitive lead, we believe. This will also benefit investors and also the world around us and invest, and also the company. We will suggest that the other shareholders will support our proposal as also the board of directors has done. We look forward to seeing how this stronger communication will develop. Finally, I have an issue about the remuneration report. We often talk about this at AGMs. For AkademikerPension and LD, it's essential that reports on remuneration provide sufficient so that we can assess the connection between results and payments. Otherwise, the reporting is not as sufficient as we could want. Unfortunately, many companies do not have sufficient transparency. We would also suggest that FLS make their remuneration reports more transparent, especially in KPIs and peers. We voted against remuneration reports in more than half of our companies. The FLS is not alone, but otherwise, we suggest or support what FLS is doing. Thank you so much. I'll now pass the floor to Jonas Rennmark from ATP, then the chair of the board will have the floor, and then I'll afterwards, I'll ask whether anybody else wants the floor. I agreed with Jannick and his team that slow in English. Thank you for the floor, and my name is Jonas Rennmark, representing ATP. Thank you to the Chairman for the reports and presentation of the results for 2022. 2022 has been an eventful year for FLS. Closing of the TK Mining deal, presentation of the new strategy at the recent Capital Markets Day, and although to be fair, it kick-started during the last year. All this in a context of huge macroeconomic uncertainty and the war in Ukraine. We fully support the new strategy and its pure-play approach. In our view, representing a trustworthy and logic path towards profitable growth with simplification and de-risking of operations as key principles. When fully implemented, it is nothing else than a transformation of the way you run the business. Last year, I think it was Klaus Søgaard who was standing here and emphasized that it was really important with being transparent post the closing of the TK Mining deal. We understand that there is a lot of work to be done, integration of this new acquisition, and on top of that, a completely new corporate strategy. We are confident that you are on the right track, not least with the progress already achieved, and the transparency concerning your route forward, you delivered at the Capital Markets Day in January. We also noticed the upgraded cost synergies and the more speedy realization of these. With the risk of repeating what Klaus said last year, we cannot stress enough the importance of your continued work with your MissionZero strategy, and we welcome the focus you have on the commitment to Science-Based Targets throughout your supply chain. Both Mining and Cement, as we all know, are CO2-intensive industries, which is why it is important to continuously work towards reducing emissions. Gender diversity is a challenge for FLS, and we know it has been a focus area for the past couple of years, and we are pleased to see the progress made on the share of women employees in the total workforce. However, when looking at the share of women managers in FLS, things appears to be moving slower. The target for 2010— 2022 was not met. Looking from the outside, achieving the 2030 target of 25% women managers seems a little bit more difficult to achieve. On that note, the question for the management, are you still confident that you will be able to achieve your 2030 target for women managers? Would you be able to elaborate on potential new initiatives or processes that will enable you to achieve this? With these words, I would like to wish FLS and the employees all the best with the work ahead in 2023. Thank you for the attention. I'll now pass the floor to the Chair of the Board so he can comment on those three submissions. Thank you so much. First, Leif Gundtoft, with whom we have a good collaboration on the board because you also have employee representative on the board. I want to thank you for your message since we have to say goodbye to people who have served the company for many years, and they deserve respect. I also want to thank you for a good and constructive dialogue, also when we see changes, because we see changes in all aspects of life. I find that employees and colleagues of FLS and also you as representatives of your colleagues' life, when you make constructive contribution to this process, especially we have this underlying tone of willingness to change and also decent ways of doing it. I just want to thank you. Thank you for this contribution. Let us continue the journey that we have done of taken so far. To Tonsberg from LD Fonde AkademikerPension. It is so that we support the proposal that you've made. I want to add something, even though that the proposal is essential, because it is very fruitful to have this constructive dialogue, namely a discussion as to where is the world heading, namely what you're going to focus on, and also, it is so that the agenda is extremely wide. When you look at how that's developed over the past 5, 10, 15 years, I believe it is difficult to have a look at what we should have been working at today when we look back in, look ahead in those days. As a company, you need inspiration, you need dialogue, and I want to thank your contribution to suggest that we're going to strengthen our public communication about human rights. I know all of us focus on this on our daily work, we could be more transparent in this work, on this as our reporting on ESG develops. I also noted your request for more information about KPIs and goals for our future work. Finally, to Jonas Rennmark from ATP. You're representing a major vote in this world of owners and investors, I'm happy that you support this transformation and this journey that we're having at, and taking by FLS. I will not repeat what you said already. Thank you for saying so, also I want to emphasize once more that we are so committed to complete this transformation journey that we have started. I have trust in the fact that the current management will be able to lead us to the end. The subject about gender diversity. I think it will hardly be saying too much by saying that we discuss this at all board meetings. This is not an excuse, but it is not so that it is deliberate that we've ended where we are now. It doesn't mean that we're not ambitious. Today, it is not so that we have wished to change our ambition about reaching a target of 25% women managers in 2030. We only have little more than 15% today. That was also the case 1 year ago. We haven't improved. Management has started a number of initiatives. I want to mention four or three. We've started a program that we call the Aspiring Leaders Program. That's a program for those who want to aspire for being managers. We focus on individual contributions and those who want to be managers and want to focus especially on promoting even more women to become attracted by taking a management role in the future. At global level, we have started a Diversity, Equity, and Inclusion program. It's also a council. This council is going to have a more focus on ownership and diversity. This council comprises employees across the organization to discuss how do we do this. This is a collective task. It doesn't come just from top to down. We also have to include employees who... so that we can inspire especially women to go for management positions. We are looking for more relevant candidates, and about 30% of those we recruit for managerial positions. We hope that also over time, this will also lead us in the right direction. I cannot guarantee anything, but what I can promise is that the effort and the will to do something with this agenda, we have that. Thank you so much. We had somebody put up their hand down here. Please come up here and start by stating your name. My name is Lars H. Nielsen. Since 2011, I've written critically about increased top wages on Twitter. The Danish Parliament has changed the tax level for top management in Denmark. The question is: Has the board discussed the ever-increasing wages which have reached DKK 7.7 million? The CEO of the FLSmidth, Mikko Keto's wage is DKK 16.7 million, and you're not allowed to deduct taxes of more than DKK 7.7 million. How much has it increased after that law was implemented? How much does it cost in extra costs for payment? On the Danish Parliament's homepage, you can see this law, and you can see that it's been approved. Does FLSmidth have more employees with a salary of over DKK 7.7 million? If so, what is the total salary cost for the company? Parliament has set a moral law, a moral norm for how large wages or salary should be in order to not create polarization and inequality in Danish society. FLSmidth ought to take the consequence of this law by building in these numbers in the annual report. We should like to see the calculations of the tax level for top salaries. Could you please take this down for the minutes? Thank you. Yes. We'll take down the main contents of what was said and the response to the minutes. I'd like for the chair to respond to these very concrete questions. To Lars H. Nielsen, first I'd like to thank you for your statement. I can't do the calculations in my head because I don't have a concrete number, and I'm not able to do calculations in my head. The company tax in Denmark is 22%. In the concrete example, there was a compensation for DKK 16.7 million for Mikko Keto. There's a limit of DKK 9.9 million. I think that it comes to lasting DKK 1.8 million, give and take. I don't know if we should say what has been said with a smile. Luckily, we only have one CEO in this business, and there is a certain hierarchy. We've become very transparent regarding compensation in general compared to previously. Of course, there will be certain people in top management who are at the salary level when I look at our CFO and additional members. He's not the only one, but a rough estimate would, well, it can't be over DKK 6 million, DKK 8 million, DKK 10 million in total. Please take that as an indicative level. That would be my attempt at giving you a concrete answer. The other thing is that on the board, we have a compensation committee who works with compensation in general. What should the structure be between a base wage and short-term incentives and long-term? Regarding the taxation level on salaries in Denmark, well, we compete in a global industry. The Cement business is global. Mining is global. Cement is global, and it's important to us that we have the correct management, right competencies. Therefore, I can also say that we have top management consisting of a long line of nationalities, and they have moved to Denmark, they work here. If the consequence thereof is that because of tax regulations in Denmark, and they differ for each country, must pay more compared to earlier in order to have the right competencies, well, then we as a board and do handle the shareholders' interests, well, we have to take that not without a critical attitude towards it, but we also have to make critical decisions. That's possibly my second part of my response. We are aware of this, and we know that the board is working on this, or we prioritize making the correct decisions for the company, and that goes for all stakeholders on their behalf and also the shareholders. Would anybody else like to take the floor? That's not the case. I'd like to summarize where we are on the agenda. The first item was the board of directors report. There's no vote on that. When nobody wishes to take the floor, it has been accepted. The second item was the presentation of the annual report. I haven't noted any other speakers in that regard. I will consider that approved. The next item number three, approval of the board of directors fees. There are two items there. The first one is the final approval of fees for 2022. That is last year. Last year it was preliminarily approved based on a base fee of DKK 450,000, as described. We propose that it is finally adopted this year. If there are no remarks, it will be approved. As the Chair said, the board suggests that this is unaltered for 2023, so that is probably also undramatical and can be considered as being approved. The fourth item is distribution of profits or covering of losses, and this proposal is a dividend of DKK 3 per share. I take it that everybody's interested in that, so let's consider that as approved. The fifth item is presentation of the remuneration report for an advisory note. The law demands that there must be a separate remuneration report, and there must be an advisory vote. If it is not adopted, well, then next year the Board has to explain how it's taken suggestions into consideration, but it has already been adopted on the basis of the votes received. I also consider that as being approved. The sixth item is election of members of the Board of Directors, and here it appears from the articles of association that there must be at least five members, and currently there are six. As we already heard, Rob Smith is not seeking reelection for the Board of Directors. There's a proposal reelection of Tom Knutzen, Mads Nipper, Louise Eberhard, Gillian Dawn Winckler, and Thrasyvoulos Moraitis. There's a proposal of election of Daniel Reimann, who is present. Could you please stand up and show your face? Currently, there are no other candidates, and that would also be difficult based on the votes cast. I'd like to congratulate you on reelection and being elected. Additional to that, I can inform you that there are also employee elected Members of the board, it's Mr. Østergaard and Leif Gundtoft to our members of the board. The next item is item number seven, election of company auditor, we propose reelection of Ernst & Young. As stated, that is the proposal from the audit committee, they have not been affected by third parties in this proposal. There were rarely other candidates regarding this item, so I can also conclude that you've been reelected. Good luck in the coming year. Then we have item number 8.1, amendment of the articles. One, to give authorization to issue shares, that's in the interest of everyone in most cases, it can be extended for one year, so it only runs out on the 29th of March 2028. The proposal is that we change two years in the authorization. Given that it's not controversial, so I think I can conclude that it has been adopted with a two-thirds majority. Almost all nicely niche companies would like to ask permission to purchase their own shares up to. You can never at any given time own more than 10%, no matter what you may have to begin with. It cannot deviate from the exchange rate on the stock exchange by more than 10%. Are there any questions? You're standing up, Keld Beier. I also take it that we have notified you on this. Then we have item number nine, which is a shareholder proposal from AkademikerPension and LD Fonde, which has already been motivated by AkademikerPension and comments on by the Chair. The shareholder proposes that there should be communication with the board of directors regarding human rights and labor rights in accordance with the United Nations Guiding Principles on Business and Human Rights. The content of the proposal has been described in the notice to convene. Are there any questions for that? No. I will also consider that as being approved. That brings us to any other business, item number 10 here. Been given the chance to speak, but you can't decide anything. Yeah, Mina. My name is Keld Beier, and as you say, I normally say.dk, this website. What I want to say today is that initially you said we don't need to have any vote because we have already proxies. That seems very undemocratic to me because that means that you get this input from the other shareholders that might not have that many shares. It might be so that they wanted to vote against some of these proposals, this is striking out from the beginning because you're told already that it doesn't matter. This is what we see in society today, that nobody listens to us. Now you're complaining about all the things that you had to close down due to the Russians, have we ever been asked whether we want to go to war? It is something that the Prime Minister does because she sends weapons to the war, we cannot have nurses for our hospitals. There's something wrong with our democracy for the time being. I also believe that people don't realize that we experience so much censorship in Denmark. We've heard a lot about the COVID pandemic and football, but we don't hear much about the Russian leader because he has tried to remove. No. Sorry. Ukraine has censorship since 2014, and the war in Ukraine is because Russians living in Ukraine have asked Russia for help. We are on the wagon for World Economic Forum. Many people don't know what is World Economic Forum, but this forum has huge impacts on what happens at world level. Also MPs from Denmark, they also go there and get mandated by this forum. It is a very bad development. The World Economic Forum supports the war in Ukraine because they have interest in that country. I think you should know it. The last thing I want to mention is that we see a lot of human trafficking and crime at open sea, but that also relates both to the UN, WHO and Red Cross. We've been told you should know that things are happening that we don't like. This is outside the scope of democracy. Thank you for allowing me to take the floor. I will pass the floor to the chair. Well, technically from my position as the chair of this meeting, I will mention that the issue about that we have submitted votes beforehand, that is seen by most people as an expression of democratic development because those shareholders who cannot be present, they can vote beforehand just by telling the board that they can just vote on their behalf, but they can say yes or no whether they vote in favor of. I attempt to see actually that the most listed companies, they have so many proxies that they can. Most proposals will be adopted, but that does not prevent you from attending the AGM so that you can make yourself input. I actually find that the company is very transparent by telling what has been adopted beforehand, they don't need to have to take a vote in case it is already decided beforehand. I'll pass the floor to the chair who can comment. Well, thank you, Keld Beier. I want to focus on one issue, namely that my job as the chair of the board of FLS and representative of the shareholders, I need to focus on the agenda pursued by FLS and not the major political agendas. I don't focus on many of the elements that you mentioned. One thing I want to mention as regards democracy, to me, it's essential that at FLS, that we have an AGM. You can also follow this externally, and you can also be allowed to take the floor so that you can express all your views as to what the company is doing. I've also told the other people who have taken the floor that we appreciate the dialogue because that we believe that dialogue would contribute to a valuable impact for the company. Thank you, Kjell Bayer, for your contribution as well. This is any other bi-business. Any other who wants to take the floor? This is the last chance. If that's not the case, I will say formally thank you for this year and pass the floor to the chair of the board so that he can end this year's AGM. Thank you so much. I want to thank the AGM participants and for your presence, for the submissions you have made and for doing here in the proper order and also to the chair of this meeting for leading us through. Maybe we could meet again next year in the same row. Thank you for this event. Thank you for today. Use the time after to the AGM to talk to each other. I look forward to complete the transformation phase that we've started both on the board and also with our employees. Thank you for today, have a safe journey home.