Dear shareholders, welcome to Novozymes 2021 annual shareholders meeting. This year, the format is different, of course, because of the COVID pandemic. To reduce the risk of spreading the virus, the board has decided to conduct this year's annual shareholders meeting as a fully virtual meeting. We will not meet physically this year, but we look forward to doing that at future meetings with you. This virtual shareholders meeting will be transmitted live, and you can participate as a shareholder electronically via the VP Securities shareholder platform. You can ask questions via the chat function. I've really been looking forward to talking to you about our progress in 2020 towards achieving our purpose and our goals. I'll also be talking to you about our plans to increase our positive impact on the world in 2021 and the following years, and our work to generate attractive returns for our investors and stakeholders. I'm Jørgen Buhl Rasmussen, and I chair the board of directors of Novozymes. The other board members are the following. Heine Dalsgaard is the Vice Chair. We have Heine Dalsgaard, Sharon James, Kasim Kutay, Kim Stratton, and Mathias Uhlén. Here are the seven board members elected by the AGM. As previously announced, the board is proposing today to reelect all our current shareholder elected members of the board. I will get back to that when we have elections for the board later this afternoon. Let me continue with the representatives elected by the employees. Lena Bech Holskov, Anders Hentze Knudsen, and Lars Bo Køppler. These are the three representatives elected by the employees. On the 2nd of February, the employees of Novozymes held elections for the board. Lena Bech Holskov and Lars Bo Køppler decided not to run for reelection to the board. Lene ran as an alternate, and she was elected for that position. We'll come back to announcing those that were elected. I'd like to take this opportunity to thank Lene and Lars Bo for many years of good cooperation on the board. I wish them both all the best going forward. Here we have the full board of directors. Here we have the executive leadership team. Those that are registered are Ester Baiget, she's the President and CEO. We have Lars Green, he's the CFO and Executive Vice President in charge of finance, legal, IT, and investor relations. Thomas Videbæk, EVP in charge of strategy and business transformation and people sustainability and brand. Ester and Lars are here with me today at the AGM. The other executive vice presidents are Tina Sejersgård Fanø, she is in charge of Agriculture & Industrial Biosolutions. Claus Crone Fuglsang is the CSO and the EVP for research and development. Anders Lund, the EVP in charge of Consumer Biosolutions, and Graziella Malucelli, COO and the EVP in charge of operations supply and quality. Here is the full Executive Leadership Team. In April 2021, Amy Byrick and Morten Enggaard Rasmussen will join us as EVP for strategy and business transformation and EVP for people sustainability and brand, respectively. After a transition period, Thomas Videbæk will be leaving Novozymes. I'd like to take this opportunity to thank you, Thomas, very much for your great contribution to Novozymes over the many years that you've been with the company. The executive leadership team will consist of eight members going forward. Ester Baiget will be talking to us a bit more about Amy Byrick and Morten Enggaard Rasmussen. The company's auditors are PricewaterhouseCoopers. In pursuance of Article seven (one) of the company's articles of association, we have again this year, the board has again appointed Niels Kornerup. He's an attorney at law, and he will take us through as the chair of the AGM. Over to you, Niels. Yeah, Jørgen. Thank you very much for appointing me chairman of this meeting, and I look forward to a good process with a good discussion. We are conducting this year's meeting in a special format. This has to do with the COVID-19 situation, as already referred to by the chairman. I hope for your understanding, given the circumstances. After all, it's the first time ever that Novozymes runs the AGM as a virtual event. Shareholders are attending the meeting today via the VP AGM portal. There's a special chat function. I'll come back to this shortly. You can attend both through the VP AGM portal and the webcast, which is available on the company's website. I would point out that shareholders wishing to attend the discussion has to log in and follow the discussions by means of the VP AGM portal. You cannot put questions electronically if, as a shareholder, you follow this on the webcast on the Novozymes website. I also wish to point out that there is a delay in the transmission between 20 and 40 seconds, depending on the internet connections, both here and in the location where you are. We take this into account during the meeting. I will make sure that there are breaks allowing you to put questions and make comments, but I'll come back to all this in a while. The webcast recording of the shareholders' meeting will be kept on file and will be available on the company's website, and I believe as early as tomorrow it will be available to you. My first task is, as always, to ensure that the meeting is lawfully and legally competent to transact business. If there are any objections to me establishing this, you're more than welcome to tell us so. I believe that by referring to Article seven (five) of the Articles of Association, we see that a notice convening the meeting shall be published on the company's website no more than five weeks and no less than three weeks in advance, and this was done on the 11th of February 2021. On that same date, the convening notice was sent directly to registered shareholders who had requested such a notice to be sent to them, and there were also links to forms for registration, proxies, and postal votes. The agenda, the full proposals, and the audited annual report have been made available to shareholders on the company's website, also since the 11th of February this year. I find that this year's annual general meeting has been legally and lawfully convened, and in accordance with the company's Articles of Association, so that we are legally competent to transact the business on the agenda. If anyone wished to make objections to this finding on my part, now is the time to send such an objection. I have not received anything. I find that we are competent to transact the business. Thank you very much. We will have this entered in the records. Before we started the meeting, 82.88% of the votes were represented after deduction of treasury shares, and this means that 53.23% of the share capital is represented at the meeting, also after deduction of treasury shares. The board has received proxies and postal votes representing 95% of the votes at the meeting. The items 10,, and requires the support of minimum two-thirds of the votes being represented at the meeting. As I said, this is the case, more than 95% of the votes are represented at the meeting. Minimum two-thirds of the votes cast and two-thirds of the capital with voting rights represented at the meeting must vote in favor. All this follows from the Articles of Association. Approvals, adoptions, and elections are otherwise by simple majority. At previous annual shareholders meetings, I've mentioned the provision in Section 101, paragraph five of the Danish Companies Act, according to which there must be a full account of the voting to be provided for each resolution at the meeting, specifying how many shares voted for, against, or abstained. Even if the outcome of the voting is reasonably clear. This may be waived with the shareholders' agreement, and I suggest that we do this also this year, as we have done in previous years. If you do not agree, please send me something via the chat function as soon as possible. If you agree with me, we will proceed as we've done in previous years, so we will dispense with the need to provide a full account of the voting result. Only if there is doubt will we have a ballot, and I hope that you agree with me that we will do as we have done in previous years, so that we will not have a full report for each individual decision or resolution passed. Again, here, there may be a slight delay in the process, so I try to allow some time to run before I proceed. Okay. We have decided not to use the provision about the full report. Let me explain how this will work electronically. Everything will run through the VP Portal, which can be accessed on Novozymes website. Shareholders attending via the VP Portal will be able to follow the meeting live and may submit questions to the management, and thus participate actively in the debate. Through the portal, it's possible to submit questions to the items on the agenda when I invite comments for each individual agenda item. If you wish to submit a question, you press Send Message, which you find in the upper left-hand corner of the screen. When you've done that, a dialog box will open, and you can then check the agenda item that your question relates to. You will then draw up your question and topic, and then you send it by pressing Send. I hope that this is going to prove a good written process with all of us, but I ask you to keep your questions brief and concise, because in this way we can have a good flow as we process the written questions. The procedure will be that I will read out the questions that arrive, and I will read them out, and the questions will then be answered by the panel. As I also said in my introduction, there will be a delay between you and us of between 20 and 40 seconds. We know about this, and we will make sure that we take account of this as we move along. Sometimes I will reduce speed in order for us to be able to synchronize what happens here and what happens where you are so that we have a good synchronization. What I'm trying to say is that there will be breaks, and sometimes I will be a bit slow. It's not because I'm dumbstruck or don't know where I arrived at. It's simply just to allow everything to get together. We know that it takes time to phrase a question, and that's why we will also allow for the necessary time to do that. If you have a fairly comprehensive question, I ask you to give us notice in advance. Tell us that you are phrasing perhaps a fairly long text, and then we will make sure to take account of that. I hope that we will have a good and smooth process. If you have any questions concerning the technical aspects, for instance, how to send your question, you can contact VP directly. They have a number of competent staff ready to answer your questions, and the phone number is on the screen now, but I'll read it out just to be on the safe side. It is four three five eight double eight nine four. Four three five eight double eight nine four. If you are outside Denmark, you will, of course, have to enter the country code for Denmark, which is 0045 or +45, and then the eight digits on the screen. The phone number is also mentioned in the notice convening the meeting. Those were my words of introduction. Let's look at the agenda. The agenda is unchanged from the version sent out, and it's on the screen now. First of all, we have the report from the board of directors. Two is presentation and approval of the audited annual report. Three is resolution on the distribution of profit in accordance with the approved annual report. Four is approval of the remuneration report for 2020. Five is approval of remuneration of the board of directors for 2020 and the level for 2021. Six is election of chair. Seven, election of vice chair. Eight is election of the rest of the board members. The last item where we have an election, sorry, is election of auditor. Under 10, we have six proposals from the board of directors. 10A has to do with renewal of authorization to the board of directors to implement capital increases. 10B is a reduction of the share capital. 10C is authorization to acquire treasury shares. 10D is an amendment of Article seven of the Articles of Association, has to do with having an electronic shareholders meeting. 10E is approval of amendment of the remuneration policy, the last, 10F, has to do with authorizing the chair of the meeting. Then 11, any other business. Let's embark on the agenda. We will transact the business on it as follows. Items one to four will be dealt with in one go. I will first give the floor to the Chair, Mr. Jørgen Buhl Rasmussen, who will deliver his report, and then the CEO, Ester Baiget, who will deal with the results from 2020 and the guidance or the expectations of 2021. Ester Baiget will be speaking in English, and her presentation will be interpreted simultaneous into Danish. Do not forget to choose the language you wish to listen to on your screen. I will now hand over to the Chairman of the Board. You have the floor, sir. Thank you, Niels. 2020. Well, we will forever remember it as the year of COVID-19. The pandemic has affected us all, some more than others. We've practiced social distancing. We've cut down on social gatherings and travel. We've missed things we normally take for granted, like shaking a person's hand, visiting friends and family, or just having a meal at a local restaurant. Some of us have been working more from home for quite a long time, and others have had to show up at the work site, all for the greater good of society. COVID-19 has also impacted Novozymes sales in 2020 in different ways, depending on the category. Organic sales were flat at 0% for the year. Of course, we can never be pleased with not increasing our sales, but still, we can take pride in the way we've been able to deliver under these challenging circumstances. I'll get back to how we have coped with the pandemic in a minute. In 2020, household care delivered organic sales growth of 5%. Food, beverages, and human health, organic sales were up by 1%, whereas sales in bioenergy, grain, and tech processing declined by 9%. In agriculture, animal health, and nutrition, organic sales grew slightly. Ester, in a little while, will give you more details on the performance in the different business areas. Our EBIT margin is a case in point. It shows the strong foundation we have as a company. In 2020, our EBIT margin came in at a solid 26.1%. The underlying EBIT margin was roughly one percentage point higher when adjusting for currency developments and M&A activities. This is actually in line with our expectations at the beginning of the year, before we knew anything about the challenges of the pandemic. Delivering such solid earnings, that is really a great accomplishment, especially when you look at the development in organic sales growth. We have used our strong foundation to take Novozymes through the pandemic in 2020. Ester Baiget joined us as our new CEO in February 2020, just as the pandemic was increasing in intensity across the world. And I must say that Ester has come to us with a fresh perspective on things, a willingness to adapt and to deliver under these new circumstances. Throughout the COVID-19 crisis, Novozymes has shown true resilience. We haven't missed a beat when it came to the needs of customers or our society, and we were able to do more than just handle the COVID-19 situation. Obviously, our first priority was to safeguard the health and well-being of our employees. We have managed to keep our Zymers safe all over the world. All our plants have been running. We have delivered to customers throughout the pandemic. Customer responses have shown that we met their needs. We were there for them. Some of our technologies play a part in the fight against the COVID-19 pandemic as an active ingredient in testing kits or keeping the world going via inputs to sanitation and cleaning products, as well as foods. We've helped keep the world going. In addition to producing and supplying solutions to customers, we had an obligation to society. At the societal level, we worked with the Novo Nordisk Foundation to increase COVID-19 test capacity in Denmark. We partnered with other Danish companies to produce hand sanitizers. In other parts of the world, we made direct donations to NGOs and took part in various community outreach projects as part of our Inspire program. The way Novozymes has handled the pandemic has proven to me how resilient we are, how dedicated our employees are, how broad our foundation of science is. I'd like to take this opportunity to thank the executive leadership team and all Zymers throughout the world for the way they have coped with the pandemic. Together, you found new ways to reach out to customers. You've launched new and exciting solutions. You've upheld the tempo and quality of our production. You have also fast-tracked our way into a digital world. You've supported local communities and kept each other safe. Thank you ever so much, all of you. Even if the pandemic we are currently facing is an immediate and big crisis, we must not lose sight of the long-term needs of society. Our purpose as a company is more relevant now than ever before. We strive to help where we can, cooperate with partners all over the world, we also are trying to supply the next generation of biological innovations, because they will have a long-term impact and help solve some of the biggest challenges in the world in a more sustainable way. Let me give you a few examples of the challenges the world is facing. By 2050, the world population is expected to be around 10 billion. Today, we are about 7.8 billion people on the globe. That puts immense pressure on the already limited resources of the world. To meet the needs of a growing population, we need to produce 70% more food in 2050. In nutrition, there are new trends, increased demand for protein. The combination of the demand for food and the type of food can give us opportunities. We cannot take those opportunities simply by producing more beef from cattle. The world needs to limit global warming to 1.5 degrees above pre-industrial levels to avoid catastrophic, irreversible effects of climate change. As you may recall. This was a target in the climate agreement from Paris in 2015. 196 countries agreed to work to keep the average global temperature increase to well below two degrees. In 2018 that was updated. The target was updated to 1.5 degrees. At Novozymes, sustainability is at the root of our solutions. In over 30 industries and 113 countries, our enzymes and microbes help every day to reduce the use of energy, water, chemicals, and raw materials. They help improve performance of customer products, give people healthier and more sustainable choices for better living. By laying the foundation for a sound business and future growth, we are ensuring that we help give a more sustainable future for the world. A purpose-driven company like ours helps make a sustainable impact, and we are creating more sustainability every year. In 2020, Novozymes launched 18 new products across our business areas, 11 of those just in the last quarter. Our responsibility goes far beyond delivering innovative, sustainable solutions to customers. In our own production, we also continue to do everything we can to reduce the negative impact of our production processes. We are proud that in 2020, we ensured that 60% of our electricity globally came from renewable sources. 97% of our biomass was handled in a circular setup. We partnered with WWF to assess and address water risks at our sites to set up targets for sustainable management of water in our production. These achievements are steps on the way towards becoming even more sustainable, and we need to keep up our space and pace if we are to honor our commitments to customers, consumers, and the world. We are in a unique position to help address some of these global challenges. I mentioned our scientists, our innovators, use biotechnology to deliver solutions that enable our customers to deliver even more sustainable products to society. Our solutions can solve many different problems, not only covering enzymes. They span a range from bacteria that can replace antibiotics in animal feed, or it could be microorganisms that can capture nitrogen from the air, so it can be used by plants as nutrients, and then to enzymes used to extend the shelf life of bread. These are all just examples. In 2020, Novozymes continued our tradition of giving a return to shareholders through dividend payments and stock buybacks. Today, we are proposing a dividend of DKK 1.5 billion for 2020. This is DKK 5.25 per share and a payout ratio of about 52% of the net profit for the year. In 2020, Novozymes bought back shares worth DKK 1.5 billion. We completed the 2020 stock buyback program. All in all, Novozymes sent DKK 3 billion back to shareholders in the 2020 financial year. We will be starting a new stock buyback program for 2021, also for DKK 1.5 billion. This is all in keeping with the capital structure policy we announced at the Capital Markets Day in June 2019. This policy sets out to maintain our interest-bearing debt at EBITDA level. We want to return all free cash flow to shareholders after investments and possible mergers and acquisitions, through a combination of dividends with a payout ratio of about 50% and buyback of shares for the rest of the free cash flow. At the end of 2020, Novozymes had a market capitalization of about DKK 100 billion. Assuming that this price of A shares is the same as the price for the free float B shares. In 2020, Novozymes shareholders got a total return of 9%. There was the price of the share that increased by 7%, and then the dividend per share for the year. Our solutions and our actions show clearly that we deliver on for a larger purpose. We are healthy. We're a well-positioned company. We have a strong purpose and an impressive technology platform and innovation pipeline. However, our organic potential is not reflected in our organic sales growth. Together with the executive leadership team, the board is focused on fully unleashing the true potential of the company. We have a strong plan for that. Our strategy is called Better Business with Biology. In September 2020, we reorganized Novozymes to further steer the company in a direction that will enable us to better deliver on our priorities and promises. Ester will take you through our actions to accelerate our commercial capabilities and to streamline our innovation process. 2021 holds a lot of promise for Novozymes. Of course, there's still global macro uncertainty in the world, but we are on an exciting journey where we will deliver biological answers for better lives in a growing world. The world has never needed our solutions more than now. With the changes implemented in 2020, we are better positioned to bring the voice of the customer into the heart of what we do. Before I give Ester the floor, I would like once again to really thank all Zymers and the executive leadership team for their sterling efforts, for their passion for the company, for their huge contributions in 2020. It was a challenging year. It's really been wonderful to see the unwavering commitment from all Zymers to deliver to customers, even if times were difficult, and at the same time, we have improved our solutions and made our processes even more efficient. I'm confident that the solutions we deliver in 2020 will make a difference for our customers, for the world, and for Novozymes. Thank you ever so much to all of you. Now, Ester, please take us through the performance in 2020, and please share your insights concerning expectations for 2021. You have the floor. Thanks, Jørgen. Thank you all for joining us today. As Jørgen just concluded, 2020 was a satisfactory year for us, especially considering the COVID-19 implications. If not for the results, then for how we achieved them. Through the COVID-19 crisis, I have witnessed Novozymes' true resilience, and we have not missed a beat when it came to the needs of our customers and our society. I'm extremely proud of the way the Zymers have handled these very difficult circumstances. Our key focus has been to protect the safety of our employees, and we have successfully been able to do so. Our 2020 results are a clear testament to our employees' commitment and our ability to adapt to a changing environment, our strong purpose, our culture, and our very well-diversified business model and portfolio. Combining this with an increased customer focus also in the innovation cycle, I'm confident that we're setting the scene for a stronger future performance. Despite the challenging market conditions around the world triggered by the COVID-19 and the social distancing, our organic sales performance was flat for the year. This was all in line with our latest growth expectations and a slightly better development year on year than in 2019. Our earnings and cash flows were solid despite a flat organic top line and significantly current headwinds and one-off costs. The reported EBIT margin came in at 26.1% for the year in accordance to the 2020 outlook. Net profit was down by 10%, as we had significantly extraordinary income of a non-recurring nature in 2019. The free cash flow before acquisitions was very strong at DKK 3.4 billion. Three of our five business areas grew in 2020, demonstrating the resilience of a portfolio that spans many different segments and geographies. Household care performed well, delivering 5% organic growth in 2020. The growth was driven mainly by the continual rollout by our Freshness solution, increased sales in emerging markets, and higher consumer demand for detergents. Food and beverages and human health organic sales grew 1%. Sales benefitting from moderate growth in the food-related business areas with a total 10 was also set by declining sales in beverage segment. The COVID-19 related stay-at-home orders led to a significant decline in miles driven in U.S., our key market, and severely impacted our bioenergy business. That resulted in an organic sales decline of 9% compared to 2019. Grain and tech processing was negatively impacted by the pandemic, especially in the textile industry. Although grain performed well, the business area declined by 1% overall in 2019. Agricultural animal health and nutrition grew by 1% in 2020, with a mixed performance across the business. The growth was mainly driven by BioAg. You can learn much more about the performance of the individual business areas in the Novozymes 2020 report. At the beginning of the year 2020, I envisioned a year of traveling around the world, meeting Zymers, customers, investors, politicians, stakeholders, organizations. As the world responded to COVID-19, those travel itineraries were discarded. With that, my original path to lay out for my onboarding, I'm pleased to say and I'm pleased to report that those meetings still took place, but although digitally in a different format. As an organization, we also lifted our competencies to thrive under the new reality that has been triggered by the pandemic. We have found new ways to connect, not just within us, within our organization, but also with our customers, with our investors, with our stakeholders at large. Our fast adoption of new technologies has been extremely fruitful. We have seen high engagement from Zymers in the virtual meetings with the leadership. We have created digital platforms. We have participated in higher-level public speaking events, along with other international CEOs, including the United Nations General Assembly. By enhancing and by expanding the use of digital tools, we were able to further strengthen the customer relationships. We conducted webinars for existing and new potential customers, and we drive new leads in segments that previously maybe would have been a little bit harder to reach. From all this, it's very clear to me that despite the challenges, Novozymes has a strong platform for future success. We have built on the learnings. We have taken with us them to stay agile, efficient, and above all, responsive to our customers. We have a purpose that resonates well with all our stakeholders. In 2020, we delivered significant new innovations that lay a solid foundation for future growth. Our innovation pipeline is not only strong, and we're also commercializing products from our major innovation pipelines, responding to true unmet societal needs. Maybe let me give you a couple of concrete examples that illustrate that. We launched Microvia, which is a new solution into the area of using beneficial bacteria to provide superior and continuous deep cleaning on hard surfaces. It is a very exciting area where, in short, we are shaping the future of clean. In September, we introduced the Fiberex in bioenergy. It's a solution that we incorporated in our strong toolbox for bioethanol, that improves the conversion of corn into ethanol, but also brings in other high-value by-products. Thanks to these solutions, our customers, the ethanol producers, are able to diversify their business and make it even more sustainable. In agricultural, we launched Taegro in Europe and in Latin America in collaboration with Syngenta, providing our farmers a natural fungicide. Natural fungicide that protects fruit and vegetables from disease and does it in a sustainable way, while at the same time, it reduces waste in the food production cycle. Another significant milestone in the commercialization of our innovation was the launch of Freshness in Europe. Freshness takes laundry detergents to a whole new experience of new cleaner levels, as it targets the odors lurking deep down in textile and complex stains that build up over time, enabling a true clean experience for the end users, for eventually our final customers. We also launched Protana Prime, a biological solution that enhances the umami flavor of plant-based protein. With that, we are enabling our customers to accommodate consumer demand for tasty, greener alternatives for the meat-based foods. This is a strong and growing consumer trend where our solutions enable the production of sustainable alternatives to meat. Across all business areas, our innovation enables solutions that respond to society's most pressing needs, and they make the world more sustainable. That we do over 30 industries in 130 countries. That's something that we must all be very proud of. To strengthen the foundation of growth in the years ahead, we reorganized Novozymes, refocusing the company around our customers and the geographies. As we continue to execute in our strategy, Better Business with Biology, this new milestone sets new leads to reduce complexity, increase accountability, faster decision-making, and at the same time empowers the same as our employees to a greater degree. We now organize around two divisions, Consumer Biosolutions and Agriculture & Industrial Biosolutions. They're headed by Anders Lund and Tina Sejersgård Fanø, respectively. To better align with the very specific drivers and challenges influencing customers across the wide range of industries that we serve. For years, Novozymes has been associated mainly with the production of enzymes. We see ourself as a solution enabler for our customers and for societal needs within the biotech space. What our customer needs might be an enzyme, but might be a microbe, might be a yeast, might be a digital solution. Like for example, in bioenergy, we do not only supply customers enzymes for bioethanol production, we also supply them a yeast that makes the perfect matching possible partnership. Also we support them with digital tools and capabilities to ensure the optimum conditions at their facilities. In Novozymes, we take a holistic approach to the market needs, and we provide our customers the best solution or combination of solutions that will help them succeed. As part of the reorganization, we align our regional commercial setup and created new roles, especially in emerging geographies. We did that to get closer to our customers. We have also ensured inclusion and a stronger regional voice in the core competencies and core decision-making processes. As a global company, it is vital, it is critical that employees in all regions can accelerate decisions and offer tailored-made solutions to our customers. We brought new members to the executive leadership team, Claus Crone Fuglsang, our head of our research development organization, and Graziella Malucelli, head of operations, supply, and quality, were both appointed Executive Vice President and joined the executive leadership team this year. This created a stronger connection between the back and the front ends of our company. We also announced the appointment of Amy Byrick as Executive Vice President of Strategy and Business Transformation, and Morten Rasmussen as Executive Vice President of People, Sustainability, and Brand. They will both join Novozymes in April this year, and we look forward to seeing them make their mark on these very important areas for Novozymes' future. They will both succeed Thomas Videbæk, who will be leaving Novozymes later in 2021. We are immensely grateful to everything Thomas has contributed to Novozymes during his many years with the company, we wish him well in the future. Having grown up in different cultures and work around the world, I have learned that diversity and inclusion, it's very important for companies to develop. The more diversity they bring into the room, the better the team gets, the better the ideas, the stronger we become. I'm just not talking about the diversity in terms of gender. I'm also talking about nationality, about culture, about education, about age. In short, about different ways of thinking. Teams should just not be diverse. They should be inclusive. An inclusive team brings a diversity of thought, freshness of views, and with that, a strong competitive advantage. I am glad, I am proud, that we measure gender and national diversity representation at various professional levels around Novozymes. I'm pleased to report that we are making progress on our 2022 target in this area with an index score of 83 in 2020. I'm excited to sit in a more diverse executive leadership team, and I know that this will continue to permeate through the organization, where we're prioritizing both inclusion and diversity. We also have a very clear ambition in human health, where we aim to leverage Novozymes' strong scientific capabilities and ability to combine probiotics with enzymes to develop innovative, effective, and clinically proven solutions that improve human health and wellbeing. The area of biological solutions for human, oral, and gut health, it's one of our growth pillars in our strategy. This year, we have made significant milestones in that direction, setting a strong foundation for future growth in this business area. In June, we acquired PrecisionBiotics, bringing an advanced and novel innovation, as well as strong expertise within clinic and development and upscaling and commercialization. PrecisionBiotics holds a leading position with probiotics for human health, good health, and is well-positioned with several products already in the market. Before closing the year, we announced our acquisition of Microbiome Labs, a market leader in the microbiome in the consumer health industry. The company strong product portfolio and position with healthcare practitioners is a very good fit. It's an excellent fit with our strategy of winning through scientifically proven solutions with specific health benefits. These acquisitions, the acquisition of PrecisionBiotics and Microbiome Labs, give Novozymes broader access to the around DKK 40 billion global market for human probiotic supplements. We'll keep you updated on this exciting topic. There is definitely more to come here. Novozymes maintain a strong balance sheet in 2020. Net interest-bearing debt was close to DKK 3.9 billion at the year-end. The financial gearing, defined as the ratio of net debt to EBITDA, was flat at 0.8, close to the level of one. That we believe it's the one that we aim and the one appropriate for Novozymes. Cash generation was very strong in 2020, with free cash flow at around DKK 3.4 billion before acquisition. Cash flow from operation activities amounted to around DKK 4.4 billion. This was an increase of around DKK 1.2 billion compared to the corresponding periods of 2019. The improvement in operating cash flow was mainly due to better earnings quality, a settlement related to the former Biovax setup, and as well as positive changes in working capital and lower paid taxes. The return on invested capital, including goodwill, ended at 18.9 in 2020, which was 2.2 percentage points lower than in 2019. This decrease was due to both a higher average invested capital and lower net operating profit after tax. Let's turn our attention into 2021. In 2021, we expect to increase sales organically between 2% and 6%. The work we have done in 2020 builds a solid foundation to accelerate growth. I believe we are ready to start harvesting the fruits of our work. At the same time, the world is still very uncertain and volatile, and things we cannot see today may happen tomorrow and have potentially a significant impact on economies, societies, and businesses. These uncertainties, they are reflected in our guidance. At the same time, we do have a positive outlook for 2021 and beyond. We will sharpen our focus on ensuring that the products launched from our innovation pipeline translate into commercial success with even a greater impact. As we continue to bring the voice of the consumer and our customers in our company and explore further opportunities, we are planting the seeds of change. We're planting the seeds of growth, and we're planting the seeds of prosperity. Very few companies that can match the reach and impact of Novozymes solutions. In 2020, we reached close to four billion people with our products. We have the potential to continue to create significant impact together with our customers and together with our partners. We need to do more to make sure that our solutions also play a role in shaping the world of tomorrow. That's why we will continue to share the journey with you on how we execute on the solid foundation that we have created. As a few examples, we will be exploring digital solutions to reach even more customers with our biological solutions. We'll be engaging in new, exciting partnerships to develop new growth opportunities. We will use our voice as a unique biotech company to rally for the world's ever-increasing needs for sustainable solutions. I would like to finish by thanking all Zymers for the results achieved in 2020, despite the unforeseen challenges. Zymers are eager to constantly improve our solutions, do better for the world and for our customers, and make our processes more efficient. I'm very proud. I'm proud of the way we stood up for each other in 2020 and the solutions we launched together in 2020. I'm sure it will make a difference both to the world and to Novozymes. For that, I thank you. Since joining Novozymes, I have seen firsthand that it's an extraordinary, healthy, and purpose-driven company using science and especially biological solutions to make the world a better place. There is a need for Novozymes sustainable solutions out there. We made significant changes to capture that growth, coupled with a stronger foundation in customer and market needs, becoming even more strategic in how we connect with customer needs with biological solutions. We have so much potential. Much of it is untapped. Rest assures that you can count my commitment, together with a talented group of Zymers, to unlock this potential. Thank you for your attention. Now I'll hand back to Jørgen Rasmussen. The next item on the agenda is the review of the remuneration of the executive management and the board of directors, as well as corporate governance at Novozymes. The remuneration of the executive management is set by the board of directors within the framework approved by the 2020 AGM. Novozymes' remuneration policy for the executive management is designed to attract and retain qualified members of the executive management and to provide a simple performance-based remuneration package that supports sustainable value creation for shareholders. The components are structured to strongly align the interests of executives and shareholders, focusing on delivering on Novozymes' key strategic objectives. Executives receive a fixed remuneration consisting of a base salary, pension, and other benefits. In addition, significant proportions of their remuneration packages are based on performance-related pay through short and long-term incentives. The majority of the variable remuneration is weighted towards the long-term value creation in line with Novozymes' strategic focus and mirroring the long-term nature of Novozymes' investments in the business. As you can see from Novozymes' 2020 remuneration report, the remuneration of the executive management in 2020 reflects a year in which Novozymes delivered a resilient performance despite the corona pandemic. All Zymers have worked hard to handle these very difficult circumstances. This is also reflected in the payout ratio of the short-term incentive program for the executive management. Members of the executive management received 80%, 76%, and 71% of the maximum cash bonus respectively. In accordance with the new remuneration policy, we have established a new long-term incentive program for the executive management with the performance period covering the years 2020 to 2022. Going forward, the Board of Directors will, as part of the long-term incentive program, issue annual grants with overlapping three-year performance periods. This allows the Board of Directors to reassess targets for each annual grant cycle to ensure they're both sufficiently demanding and at the same time aligned with the strategy. In 2020, the new long-term incentive program for the executive management began covering the performance period 2020 to 2022. This is a program that has 50% shares and 50% share options. Compared with the previous long-term incentive program from 2017 to 2019, the new program reflects increased weight on organic sales growth, now weighing at 40% of the program. A lower but still prominent weight on economic profit generation, it now weighs in at 40% of the program. At the same time, there is now an explicit weight on sustainability, now weighing 20% of the program. These targets have been aligned with the updated strategy and the measures of business success for the period 2020 to 2022. In accordance with the updated strategy, we have defined sustainability targets for four parameters: climate, water and circular, workplace, and Zymers. The annual long-term incentive program cannot exceed 19 months base salary, which is the value at conditional grant. In addition, the program includes a maximum value clause allowing the board of directors to limit the total allocation of stock options and stock if the intrinsic value exceeds twice the annual conditional grant. The total remuneration of the board of directors in 2020 was DKK 8.2 million, compared with DKK 7 million in 2019. The increase was due to the fact that we now have seven board members elected by the AGM, and also we now have an innovation committee. The fact is that the board of directors established an innovation committee in August 2020, and the board decided that the chair of the innovation committee will receive a base fee adjusted pro rata for 2020, and that the other members of the innovation committee will receive half a base fee, also adjusted pro rata for the year under review. Fees for the innovation committee members are aligned with the fees of the other committees that we have. Like in a number of other Danish companies, the board has the right to grant an additional fee to individual board members for extraordinary board work or for work on new board committees established by the board of directors. Apart from the fees for the members of the new innovation committee, no such supplementary fees were paid in 2020. It is proposed that the basic fee for each board member will increase by 2% from the 2020 level. This is in line with the wage increases and salary increases of Novozymes employees. The fee for board members, I must mention, has not changed since 2015. In line with prior year evaluations, the 2020 assessment of the board and management efficiency and collaboration indicated a high level of satisfaction with the open dialogue between the executive leadership team and the board of directors, and the way in which meetings are conducted. Based on this evaluation, the executive leadership team and the board of directors have agreed to continue to strongly focus on profitable sales growth as a primary driver of shareholder value, as well as on capital allocation. In 2020, Novozymes was in compliance with 46 out of the 47 corporate governance recommendations, and you can check out all of these on the website. With this, I give the floor back to Niels Kornerup. Thank you very much to Jørgen Buhl Rasmussen and Ester Baiget. We've now heard the reports on the past year and the outlook for 2021. We've also seen a presentation of the audited annual report. The company has also prepared a remuneration report for 2020. This is in pursuance of Section 139B of the Danish Companies Act. The board of directors recommends the remuneration report for adoption by the AGM. I refer to the chair's review of the remuneration of the executive leadership team and of the board of directors, and to the remuneration report, which has been available on the company's website since the 2nd of February 2021. Before I open for the debate, I would point out the following. The annual report has been signed by the board of directors and the executive leadership team and certified by the company's auditors without any qualifications or endorsements. I wish to point out that the board of directors proposes the payment of a dividend for 2020 of DKK 5.25 per share of DKK 2, which is unchanged from last year. This takes the dividend payout to 51.9% of the profit for the year, or DKK 1.466 billion. It is proposed that the remaining profit, DKK 1.360 billion, be taken to retained earnings. Now the debate is open to shareholders. I will now allow a short break to make up for the delay in the webcast, and I will now make it possible for shareholders that attend electronically to submit questions. It's a good idea to give a heads up to us if there is a long question in the pipeline. We have already received one from the Danish Shareholders Association. It runs as follows. My name is Jens Skouby. I represent the Danish Association of Shareholders. The Danish Association of Shareholders looks after the interests of small, private shareholders. We work to develop a healthy shareholder culture in Denmark. We attend every year the AGMs in a number of Danish companies in order to pursue the interests of our shareholders. I'd like to thank the company for the annual report and the verbal report. There's reorganization and other initiatives taken. An internationally active company can easily be affected by a pandemic, but it's fine to see how well Novozymes has done in 2020. There are four specific questions. The first one is, Novozymes, in the report, gives a review of its international importance and the activities broken down by geographical region. What will happen to these activities, measured against the activities of competitors? Two, it's a pleasure to see that Novozymes has a number of competent international employees. Are they all employed under the special research job arrangement? Question number three, as a shareholder, it's fine to see that the share price of Novozymes has gone up. The Novo Foundation has a very dominant position in strategic decisions in relation to Novozymes. It might be interesting for the board to tell us about the foundation's strategies and actions in relation to the Novozymes share. What is the Novo Foundation's and other major shareholders' strategy for Novozymes going forward? The last question, in 2021, it is important to find out where you think the biggest IT challenges are, both to allow national and international communication, and this measured against the problems of cybersecurity. To round off, we are satisfied with the development in the share price of 2020 and the proposal of DKK 5.25 in dividend per DKK two share shows us that the financial gearing is sensible. By way of conclusion, I'd like to thank management and employees for a good effort in 2020, and I wish you all the best for 2021. There were four specific questions, and I will now hand over to the chairman of the board. First of all, thank you to the Danish Association of Shareholders and Jens Skouby, who wrote the questions, and thank you for the nice comments on Novozymes and its leadership. I'll try and give a reply as best I can in this virtual setup that we now have of the AGM this year. Obviously, it's different from what we're used to. Anyway, the first question, Novozymes and our internationalization. I'm not going to comment so much on competitors and their setup, but we at Novozymes, we are leading in enzymes and microbes globally, internationally, and that is also our strategy. We operate in more than 130 countries. Our strategy is also to be as close to customers as possible where it makes sense, and that also applies to production, where we do have a setup that will allow production where it makes sense in the world. About one-third of our revenue comes from what is called emerging countries, and two-thirds in more sort of developed markets. Our investments going forward will also be in both places, both in the emerging markets and in the developed markets. We also focus on cooperating with various partners across categories. Not long ago, we came out with this press release, Sipoda, the Swiss company we are cooperating with now. That's also part of our strategy. Across the globe, we are present where we think it's best for us to be and where we can be close to our customers. I hope that answers question one. The second question had to do with our international employees and how many have the special researcher scheme. It's a specific thing concerning a researcher tax scheme in Denmark. If you look at our employees in Denmark, we have 2,700 people working in Denmark at the offices, in laboratories, and in production. About 10% are not Danes. That's fine. We like to see that. Ester talked about it. Diversification is a good thing, a diverse workforce that can bring new perspectives to discussions and solutions. It's quite natural for us to have employees that are not Danish. Out of the 10% that are not Danes, a very small percentage, about 10% of them, are working on the researcher tax scheme. When that scheme expires, they're not going to leave Novozymes, certainly not. We do believe many of them will stay with Novozymes, even after the researcher scheme has been discontinued. Personally, and as Novozymes, we believe the researcher tax scheme is important for Danish companies to be able to attract talent and international employees to Denmark. We do need that scheme, we believe. Question three had to do with the Novo Foundation and Novo Holdings. Of course, they're a big shareholder in Novozymes, and what their role is and how that works in Novozymes. It's important for me to say, first of all, that Novozymes, the board and management of Novozymes, we develop, we prepare, we decide our strategy and how we want to work in this company, not Novo or other big shareholders. They do not dictate our strategy. Obviously, we listen, but we listen to all our shareholders, whatever input that they may have to our business and business models. Novo Holdings is on an equal footing with other shareholders in that connection. We, board and management, we run the company. Novo Holdings has what is called a controlling influence in Novozymes, and therefore, they have asked to have two members of the board that they appoint out of the seven that are appointed by the AGM. Kasim Kutay is the CEO of Novo Holdings, and Heine Dalsgaard is the CFO of Carlsberg. They have been appointed by Novo Holdings, but their role is the same as all other board members. They must focus on long-term value creation. This is also what Novo Holdings wants as a big shareholder in Novozymes. That agenda is the very same for all board members and all shareholders, I believe. The last question had to do with IT challenges. Yes, we invest a lot in that. We focus a lot on that for many years now. It certainly accelerated in 2020, but for many years now, we have focused on the digitalization agenda, trying to make us even more digital internally, but also vis-à-vis customers. In the way we cooperate with customers and in order to give better customer service to our customers, but also in order to work better internally through digitalization. Many of our investments have focused on that. In 2020, obviously, we had to make an extra effort concerning all communication tools to ensure they worked efficiently. There's been a need for a lot of virtual communication, like today with this AGM. I think we're all sort of tired of sitting in front of a screen, aren't we? The system has worked extremely well, and that is why, as Ester described it, we have been able to work with customers concerning new products, concerning deliveries, everything our customers wanted in 2020, we have been able to deal with. There was also talk here about cyber security. Obviously, this is an area, it is a worry for all of us. We focus on it, that's for sure. As to avoid it as best possible, we invest in that. In our annual report, page 26, you can see we have identified it as one of the risks in the business. It's always going to be there, we do as much as we can to protect against that kind of thing. We can never say you're 100% protected, but we certainly focus on it. I hope that answers the questions from the Danish Shareholders Association. If not, please come back to us afterwards. Thank you to the chairman of the board for his answers to the questions put by the Danish Association of Shareholders. It is still possible to send questions and comments to us in relation to the report, the proposal for a distribution of profit and the remuneration report, but there seems to be nothing in the pipeline. I hope that you have had time enough to phrase your questions or comments. I still see nothing, so I think I will now conclude that we have taken note of the annual report. We have adopted the proposal concerning a distribution of profit and also approved the remuneration report. Also, I can tell you that the postal votes and the proxies given in advance more than cover the requirement concerning support to these four items. They account for more than 98% taken together. I will now go on to the next item on the agenda, which is first approval of remuneration of the board of directors for 2020 and the remuneration level for 2021. I would refer you to page 47 in the audited annual report and page five of the remuneration report. The actual remuneration level for 2020 corresponds to the level that was approved at last year's AGM for the financial year 2020. The item also contains approval of the remuneration of the board of directors for this year, i.e. for 2021. As the chairman said, the proposal is to increase the base fee from DKK 500,000 to DKK 510,000 for ordinary board members. It is proposed that the fee for the chair and the vice chair and supplementary fees for the chair and other members of the audit committee, the nomination committee, the remuneration committee, and the innovation committee, be set on the basis of the base fee, namely at three, two, one, and 0.5 times the base fee, respectively. This is in line with the principles applied in previous years. The chair and vice chair of the board of directors will not receive a supplementary payment if they are elected to the nomination and remuneration committees. I will now invite shareholders to send us questions or comments to this item on the agenda, item five. I hope that you have had time enough to phrase questions or comments. This was also touched upon by the chairman in his report. I have received no indication that there is something in the pipeline for us. I conclude that item five on the agenda has been approved by the AGM, and I also see that more than 99% of the votes cast in proxies and postal votes provide sufficient support. Item six is election of chair of the board of directors. The proposal is for the re-election of Jørgen Buhl Rasmussen as chair. I refer you to the convening notice where Mr. Buhl Rasmussen's management positions, et cetera, are listed. I'd like to hear if there are any other candidates for this position. I will now have a small break in order for potential candidates to announce themselves. We are talking about a delay of between 20 and 40 seconds, as has been said before, but there seems to be no other candidates for the position of chair of the Board of Directors. I find that Jørgen Buhl Rasmussen has been re-elected to the company's Board for a period of one year. Congratulations. Also, there is an overwhelming majority, more than 98% of the votes cast by postal votes and proxies that are in support of the re-election of Mr. Buhl Rasmussen. The next item is item seven, election of vice chair of the Board of Directors. The Board proposes the re-election of Cees de Jo ng. His management positions, et cetera, are also listed in the convening notice, and again, I'd like to hear if there are any other candidates out there that wish to run for this position. If you have any comments, questions, contributions as a shareholder, you are kindly invited to submit them now. There seems to be nothing. I find that C.ess de Jo ng has been re-elected to Vice Chair of the Board for a one-year term. Congratulations to you, too. Just as what I did with the chairman, I can say that more than 99% of the postal votes and the proxies are in favor of his election. That is okay. Item eight, the election of other board members. If there are any other candidates, please prepare now so we can get through this item in a good fashion. The board is proposing re-election of Heine Dalsgaard, Sharon James, Kasim Kutay, Kim Stratton, and Mathias Uhlén. All the candidates' management positions and other positions are listed in the notice convening the meeting. Are there any other candidates or anybody who wishes to speak here? People have had time, despite the delay, I believe, to voice an opinion if they wanted to. I have not received anything, I hereby confirm that these candidates, those that ran, have been elected for a one-year term. Congratulations and best wishes to you all. The members elected by the AGM are Jørgen Buhl Rasmussen as the chair, Ake C. Young as the vice chair, and as ordinary board members, Heine Dalsgaard, Sharon James, Kasim Kutay, Kim Stratton, and Mathias Uhlén. As previously mentioned, employee elections were held this year. The board now consists of seven members, so this means that four employee representatives had to be elected to the board. Two of the existing employee elected representatives did not wish to run again. They are employee elected representatives elected for a four-year term. The newly elected members are Anne Breum, Anna Hinse Knudsen, Preben Nielsen, and Jens Øbro. Also, congratulations to you. Here on the slide, we now have the full Board of Directors. The final election on the agenda is the election of auditor. The Board of Directors proposes re-election of PricewaterhouseCoopers. If there are other candidates or anybody wishes to speak under this item, please let me know. I am obliged to inform you that the proposal is based on a recommendation from the audit committee, and it has not been influenced by any third parties or subject to any agreement where any third party that would restrict the election of auditor by the AGM. Again, I have to check if there are any other candidates. Does anyone wish to speak on the election of auditor? That is not the case. PricewaterhouseCoopers has been duly re-elected as the auditor of the company. That will be entered in the minutes. That brings us to item 10. This is proposals from the board of directors. There are six proposals under this item. They're referred to as 10.a to 10.f. The first one is 10.a, concerns renewal of the authorization to the board to implement capital increases. Article five of the Articles of Association contains several different authorizations to the board to implement capital increases, and they all expire this year. I refer you to the notice convening the meeting. The board is proposing that these authorizations be renewed and extended for one year until the 1st of April next year. Article five of the Articles of Association will be amended as specified in the meeting notice. Does anyone wish to speak or comment on this proposal? While I wait for that, I can tell you that this is a proposal that requires a specified majority under Article 9.2 of the Articles of Association. We do need two-thirds majority of the votes cast and the represented capital. Again, I'm asking if anyone has any comments on this proposal. That would not seem to be the case. The proposal to extend the authorization to the board of directors to implement capital increases has been duly adopted, and more than 99% of the personal votes and proxies are in favor. That brings us to the second proposal, 10.b. It concerns reduction of share capital by cancellation of treasury shares. On the 10th of February 2020, Novozymes initiated a stock buyback program. As first announced in the company announcements number one of the 23rd of January 2020. In pursuance of the stock buyback program, Novozymes bought back a total of 4,278,090 B shares with a transaction value of DKK 1.8 billion. In this connection, Novozymes announced that the bought back shares will be used primarily to reduce the share capital and to honor obligations relating to the company's various incentive programs. The board of directors thus proposes that the company's share capital be reduced by canceling a proportion of the company's holding of treasury shares. Again, I'm checking if anyone has comments to this proposal. I refer you to the meeting notice, I will briefly mention that the board of directors proposes canceling three million B shares of DKK two each, that is six million DKK B shares, at a price equivalent to an average price of DKK 350.62 per B share. As nominally a DKK two share. In addition to the nominal capital reduction, which means that 1,045,860,000 DKK have been paid out to shareholders corresponding to that, so that the total share capital following this will be 564 million DKK. If there are any comments or proposals, while I'm checking that, I can tell you that the capital reduction has the support of more than 99% of the postal votes and proxies given. I have not received any wishes. There are no comments at this point, so the proposal has been duly adopted. Thank you. The third proposal is 10.c. It concerns authorizations to acquire treasury shares. This is an issue that the AGM is familiar with from previous years' AGMs. Ongoing purchase and sale of treasury shares is a useful tool enabling a company to regulate or adjust its capital structure so as to achieve the right balance between the company's own resources and its loan capital. Again, I can add that, again, I welcome any questions or queries. Current authorization, which was used in connection with the share buyback program in 2020, will expire after this AGM. Therefore, the board of directors wishes to request authorization until the 1st of April 2022 for the company to acquire treasury shares up to a total nominal amount of DKK 556.4 million, corresponding to 10% of the share capital, subject to a holding limit of 10% of the total share capital. Can't have more than 10% of its share capital, and the purchase price must not deviate by more than 10% from the price quoted at the stock exchange. Are there any comments or questions? This is an authorization that is necessary in order to carry out the new stock buyback program. I hope that if anybody wishes to comment, they have had enough time to do it. I've not received any indication that anyone wishes to comment. Against that background, I find that the proposal has been duly adopted. That authorization has been granted to acquire treasury shares. The fourth proposal, that is an amendment of Article seven regarding an electronic AGM. This is going to be Article 7.9 in the articles of association. It will mean that the AGM can be held electronically without shareholders being able to attend. This is in accordance with Section 77, subsection two of the Danish Companies Act. This is the AGM we are carrying out today that will be enabled by this. Any comments on that? While people are considering that, I can tell you that this also requires a two-thirds majority, two-thirds of the votes cast, and two-thirds of the represented share capital. I have not received any indication that anybody wishes to speak, and I can tell you that the postal votes and proxies, it is more than 96% of the votes that are in favor of the proposal. Against that background, I find that the proposal has been duly adopted. The fifth proposal, 10E, has to do with the approval of the updated remuneration policy. The board of directors proposes to amend the remuneration policy so that the remuneration of members and the chair of the Innovation Committee is specifically stated in the remuneration policy. The amended remuneration policy has been attached to the notice as an annex. Does anyone have comments to this? I haven't received anything, and I can inform you that more than 99% of the votes cast by means of postal votes and proxies support this proposal, and I have received no objections from anyone. I find that this proposal has been approved. Which brings us to the last item. Not the last item, but the last proposal, 10F, which concerns authorization to the meeting chair, which is me, to ensure that amendments to the articles of association just adopted are duly registered. More details are found in the notice convening the meeting. This requires a simple majority. Any contributions? That doesn't seem to be the case. I can tell you that from the postal votes and the proxies already received, there is 100% support to this. That's apparently very popular. There seems no interest in contributing, so I find that this, too, has been approved. Thank you. We've now arrived at item 11, which is any other business. This is where shareholders have a possibility of putting questions or tabling comments. You cannot bring up anything that you would like to have adopted in any way, but the floor is open for anyone who wishes to contribute. Last call. Oh. Last call. We would like to give everyone out there the opportunity to contribute. I think you've had time enough now. I take the liberty of concluding our discussions of this item on the agenda. There are no further requests or comments or contributions from the shareholders. Thank you very much for a good and orderly conduct. This leaves me with one job only, and that is to resign as chair of the meeting and hand back to the chairman of the board, who will now close the meeting formally. With that from Niels, we have now completed the annual shareholders meeting. On behalf of Novozymes, I'd like to thank you ever so much for joining us, and thank you to you, Niels Kornerup, for taking us effectively and efficiently through this, our first electronic AGM. I hereby declare that the annual shareholders meeting is hereby concluded. On behalf of the board of directors, I'd like to thank you, all our shareholders, for your support and your great interest in Novozymes in 2020. I really look forward to seeing all of you at next year's annual shareholders meeting. Thank you very much. The meeting is closed.