Good morning, welcome to this presentation for our full year 2020. I think it is timely to say proper thank you to all our stakeholders for 2020. It's been challenging, but also rewarding for our future journey, and not least also for the growth of renewables. With that, a warm welcome to our presentation here. As it is the full year, we will also do a strategy update as part of our presentation. I will now have Forward looking here. To the key highlights. If we look at the key highlights for the year, we met our full year revised guidance that we met on all parameters by our 2020 result. We delivered more than 17 GW in what was a very challenging COVID-19 environment. That's up 34% compared to 2019, and it is up 59% compared to 2018. We spoke earlier about evidence, and this, I think, is basically an evidence to ourselves of how we have done this year. EBIT margin before special items of 5.1%, clearly impacted by the higher warranty provision earlier in the year and also the execution challenges due to COVID-19. We had a 10% revenue growth in service and a 28% EBIT margin in service, so another stellar performance from the service business. Probably really important here, we had a strong safety performance in the year. We had total recordable injury rate down 15%. We'll talk more about it, but it's a very important one in a year where we scaled to so much a higher activity. Lastly here, we had a 33% reduction in our own CO2 emissions for the year. Again here, we continue being a leader of displacing CO2 emissions, because we displaced 186 million in 2020 from our installed base. When we then also look at 2020, it was also a fairly busy year in terms of strategy, execution, and looking ahead. We acquired full control of the offshore wind activities, and as of today, you will also see, and we'll talk more about that, we have now launched a new platform to also look ahead into the offshore activities. We expanded, and we have expanded our development activities, and we formed the strategic partnership with the Copenhagen Infrastructure Partners, announced in December and closed here in February 2021. We are clearly on track with our sustainability strategy. It works both as a strategy and also on the operational level. We'll talk a lot more about that. Again here, thank you to the finance and treasury team. We had the assignment of a Baa1 rating from Moody's. Again, it's just an illustration of how Marika and the rest of the team work with their prudent thinking of how also to look ahead to have the finance supporting our strategy journey ahead. When we then look into where we are in Q4, this chart you have seen a number of times. I think it is fair saying here we have shown the evidence of how to perform. We can also say we confidently came through 2020. We did that without taking any state aid at any point. We also here have performed, first of all, with the health and safety of our colleagues as a top priority, but secondly, business continuity throughout the whole year. It is fair saying that has stood us in good shape, and when we look at it right now, we are probably at the max of the lockdowns we have been. I think in most countries we hear about, we are having the furthest and the strongest strict lockdowns we have seen. It's in Europe, Americas, and India, where we still see some of those impacts. Generally, thanks to all our partners and suppliers, we are generally running, even though we also see and accept that transport and logistics right now are seeing certain bottlenecks, and we thank our partners for that understanding and also making sure that we have the priority in dealing with that. I will say also here, 2020 was 17 GW of delivered to customers in 2020. That is up 34% compared to 2019, but it is a testament of what it meant throughout the year of saying business continuity. For that, couldn't be done without now 29,400 colleagues of ours, including the offshore. This has really been one of the evidence to the year. In terms of how we did in terms of order intake in fourth quarter, we had an order intake of 5.6 GW in order intake in Q4. Average selling price was EUR 0.71. As you can see, it's up 25% compared to Q4 last year. Especially U.S., Brazil, Australia, and Colombia were large contributors to the Q4 result. Again, they are very pleasing for us to see. When we look at the ASP, it ended at EUR 0.71 for Q4. That means it remains stable considering what we know in terms of both geography and scope, and of course, also the individual offerings of it. Without the FX, the full year ASP would have been 0.77, so we are satisfied with that. That also leads to that when we look at the backlog, we have an all-time high order backlog. Of course, there's two things to say about that. First of all, the positive development of the ongoing activities from onshore, and also the inclusion of offshore. Wind turbines now, EUR 19 billion in backlog. Onshore, EUR 15 billion, offshore EUR 4 billion. In total, up EUR 4.3 billion compared to year-end 2019. In terms of service, incredibly good year in terms of this. Shy of EUR 24 billion in backlog. Onshore, a bit more than EUR 20 billion, and offshore now comes in with EUR 3.4 billion in offshore. That's up EUR 6.1 billion compared to year-end 2019. When we talk about the Power Solution, Power Solution had a really good year. What we see here also, I think the Power Solution, again here from a highlight point of view, we have had a second half of the year where basically EU, South Korea, Japan, China, and now also the new administration from the U.S. There we have seen all those countries making changes to how they look at the carbon and carbon neutrality. Some of the countries putting up targets for 2050, other countries putting up targets for 2060. I think it is fair saying we have seen a number of initiatives from the new administration in the U.S. that only sort of talks and support the same underlying macro trend that is, let's do the transition towards renewable energy in the decades to come. When we then look at it, we have had increasing deliveries in Americas, not surprisingly with the PTC in 2020 and also in Asia Pacific. Strong orders secured across U.S., Brazil, China, and Poland. When you look at the numbers below, really, really encouraging year from all our regional setup, and a thanks to all of the regions for doing so. When we come to the service, 2020 was the year where we passed the 100-GW milestone, and we also here looking at how run one service business, including the offshore activities looking forward. We also now look after 113 GW on onshore. That means in a year where we passed 100 GW, we are already now at 113 GW as such. The 2020 highlights goes without saying, we are now running as one team. We are getting colleagues to sit as one team and also across locations. That gives us a good start to leverage the global supply chain and also the scalability, not only on onshore, but also now on offshore, and the best practices in between. In 2020, we had more than three GW of wind turbines that were added to the multi-brand operations of us, and that's now spanning across more than 24 countries and servicing seven different turbine brands. We also had a new market entry. It was in Colombia with more than 500 MW of service agreement, plus 12 years in duration. I think most impressively below you will see the growth is across all the regions, and we are really here, positive and also thankful to everyone that are keep working so diligently through this 2020. When we look at the offshore, and I think we will talk more about the offshore later on also as part of the strategy review. I will just say here as the key highlight, we have now welcomed more than 3,000 employees, new colleagues, some of them even former colleagues, into how to be one team Vestas. We are integrating onshore and offshore. It started, we have the operating model and the new organization being announced 1st of February, and we are working diligently through that. That means in 2021 will be a settling in, but we have done everything possible to make some of the quick integration we can do to make the team execute on what seems to be a very busy year looking ahead. We also completed the installation of Borssele in the Netherlands in 2020. Below you can see the projects we have in progress in Q4 2020. With that, I will hand over to Marika. Thank you, Henrik. If we have a look at the income statement for the full year, and I think it's pretty clear what Henrik has said, we have had a record high activity level, so obviously impacting the revenue line positively despite a COVID environment, so we saw a positive change of 22%. Gross margin is down, 4.1 percentage points, and primarily impacted by the increased warranty provision that you saw in Q2, but also the logistical challenges and the supply chain bottlenecks, due to the high activity level, and that has just been further amplified by the COVID-19. EBIT margin, for obvious reasons, also took a step down due to the lower gross profit, and also higher depreciations. SG&A, I will comment on later on, obviously having a positive development, in particular, due to the COVID situation. Income from investments in JVs and associate is primarily driven by the revaluation of the 50% ownership in MHI Vestas, and that is resulting in a positive contribution and obviously a positive impact on the net profit. If we have a look at the Q4, still very busy quarter here in Q4, but as you can see, equally busy last year. A slight decrease on the overall revenue line here in Q4 of 2020. I would say overall, a good performance in the quarter, but the gross margins here as well took a step down, and that is driven also by the higher warranty provision and COVID-19 related challenges. We saw actually a step up in terms of COVID related cost in Q4. EBIT, as a consequence, decreased slightly here in the quarter. Obviously the same reasoning due to lower gross margins and also high depreciations. SG&A costs, as you can see here, well under control. If you look at the activity level of the company, which we are measuring, we are now at 5.3 percentage points. The absolute number increase has been to cater for the higher activity level. The depreciation and amortization increased EUR 84 million in 2020, compared to 2019, that is primarily due to the introduction of new products that we have been referring to earlier. Relative, as I said earlier, we are now at 5.3%, really good performance on the SG&A side. Service business, really good service performance, also said by Henrik. You see that the revenue increased compared to 2019 by 10%, obviously driven by the higher activity level and also very good margin for the full year, 27.6% approaching 28%. You see a corresponding margin here in Q4 of 2020. If we have a look at the MHI Vestas Offshore, I would say pretty stable activity level year-over-year. We delivered a revenue of close to EUR 1.4 billion. Somewhat down, but pretty slightly. Net loss of EUR 92 million, and that is driven by the changes in our assessment of the need of warranty provision. Without the warranty provision, you would see an EBIT margin of 4%, that we have been indicating. That gives an absolute number, a net profit of EUR 45 million. Changes in net working capital, it continues to be negative. Here you see that the increased level of inventory is primarily driven by offshore, but also catering for our own activity level anticipated in 2021. Down in milestone payments to a certain extent offset the increase in inventory, but not to the full extent. Cash flow. You see free cash flow, EUR 84 million, more or less in line with 2019 of EUR 94 million. You can see here that cash flow from operating activities is increasing, so very good, but also the change in net working capital obviously impacting negatively on the free cash flow. Net interest bearing position is solid, around the EUR 2 billion range. You see the impact from MVOW's net debt of EUR 198 million. Total investments, we are within the range that we have guided for. We're slightly down to EUR 659 million. The main reason for a lower investment in 2020 is the optimization of the product portfolio that took place at the beginning of the year. The acquisition of MHI's 50% share in MVOW were paid by issuing 2.5% new Vestas shares to MHI. Warranty provision and lost production factor. You see here that we consume less than what we provide for. Obviously, also mirroring what we expect ahead of us. Provision made in 2021 is expected around the 3% revenue. The lost production factor has gone up during 2020, that is as a consequence of the extraordinary repair and upgrade level, especially in Q2. Capital structure. Net debt to EBITDA well below threshold. Our liquidity position remains strong with close to EUR 2 billion cash at hand. We also were assigned, as Henrik was saying, a Baa1 credit rating from Moody's, obviously to further strengthening our position towards the banks. The dividend of DKK 8.45 per share is proposed, that would equal a payout ratio on the maximum side. That is 30%. By that, Henrik. Thank you so much, Marika. We will now do a few overview and strategy slides just to put where we are by end of 2020 and also look a little bit further ahead. I think it's fair saying 2020 was a year of evidence. It was a year of evidence towards our customers. It was also a year of evidence to the wider society and countries we operate in. It was clearly a statement of that we can be trusted on the challenging conditions, and we can also be trusted as one of the most competitive sources of energy, both as of today and also looking ahead. I just want to share with you on the left side that actually in 2000, we were 12 GW of installed wind capacity. Today, that has come to more than 700 GW of wind and of course, more than 70% of the capacity is installed in the last decade. To the right, it comes actually for a reason. If you look at it, this is sort of the levelized cost of energy ranges. There are ranges depending on where you are in the world, and this is the late 2020 update. As you can see, when we look at the onshore wind, and we also look at the renewable, generally, it is favorable comparing to any fossil-based electricity source when we look at the levelized cost of energy. I also think it's fair saying here that when we look at the levelized cost of energy of onshore wind, it has come down with around 2/3 of the cost over the last decade due to technology, due to the scalability, and also due to that we are closer to where it needs to be put up when we enter the projects with our customers. Where are we and what do we have ahead of us? I think there's still significant decarbonization to be done. I would probably even say some will say probably the best is still to come. If we look at it, the energy consumption for 2019, when we look at the wind, it accounts for 70% of the electricity consumption, and we look at the overall energy sort of generation across the world, we are still only 1%. That means we have a lot to go. We have come a long way, but we have even further to go. We believe very much, not surprising when you look to the right side here, we talk well about three pillars of where it's happening. We see right now that it's an increasing deployment of renewable energy. It's in the replaced fossil around industry, it's in heating, and it's in transport. We all see, feel that whenever we look at, for instance, new things to either heating or transporting or in our own factories. When we also look at it, clearly, we are to replace fossil power plants. That goes for fossil, it goes for coal across, and it's happening. Those two pillars are happening, and it's happening with increasing speed and increasing commitment from countries and customers across the world. Thirdly, I will say here, we are talking about something that's to come. We see that there are new industrial solutions being talked about. We talk about the Power-to-X. Power-to-X and the hydrogen are out there and it's coming, but still also a lot of the projects are here to develop that scalability and also that lower levelized cost of energy when we look towards potentially the next decade as well. That is also a very good sort of track to talk about what have we done when it comes to our sustainability. We launched our sustainability strategy in 2020 as of 1st of January, and we had the strapline of saying, "Sustainability in everything we do." We have authorized that, and we have made it executable across our operations in the world. We have four buckets, big buckets of what we operate in. We want to be carbon neutral by 2030. That means we look at all our carbon footprint, across all our own operations and also how we run our activities across the world. Circularity. When we look at the wind turbine, how can we get to a zero waste wind turbine by 2040? We talked about it before. It gives a little sense of nervousness when you announce a target like that because it involves technologies we don't have readily at hand. You have seen in the last quarter of 2020, we have included and we have embarked in a number of those projects, various places in the world, to actually also see how we can recirculate and reuse the blades as part of it. This is about how we decomponize our components in the blades, and that, of course, is a journey ahead. When we look at our employees, our colleagues around the world, we aspire to have the safest, most inclusive, and also most socially responsible company environment to work in. That is an aspiration and drives us every day. I think we don't benchmark up against industry. We benchmark across all industries. We like to compare us with that. Last but not least, in the energy transition, we want to take part of that, but we also say some of those initiatives will come as we also launch the Vestas Venture in 2020. There we will invest in some of the early, probably also leading technologies that are coming and how can that drive the energy transition further on. By the way, in here, you will also see a number of our partners working closely with us to develop some of those new concepts to be worked with in the next decade to come. When you have two slides and you try to say that much about how much progress we have made, I think the most important we can say to everyone listening in here, this is how Vestas moves. This is how we also walk and execute on our long-term ambition. It is good evidence of how it is when you walk the talk. The carbon footprint for 2019, we reduced it with 33%. That overall comes in combination with that we displaced 186 million tons of CO2 every year from the installed fleet we had by the end of 2020. That is an amazing number and probably a number that can't be recorded from any other company. We also, therefore, invite all our key suppliers and partners to start measuring, taking part, and also accelerate that journey ahead together with us. We look at the other side, I will say one of the very important one was the recordable injury rate. It is now at an all-time low of 3.3. 3.3 is still too much, but 3.3 and at 15% reduction from 2019 to 2020, onboarding so many new colleagues and scaling up the activities in such a dramatic way, I just want to say thank you for everyone to take good part of each other, but it's not done yet. We look at the diversity and inclusion, I think it's fair saying we are faced with the same challenges. How do we do more in diversity, and how do we become more inclusive? We're working on that one, and we strongly believe that part of it is already happening when you onboard and recruit, and at the same time, we invest in how are we doing when we are investors, as a team Vestas. I will also say on the other side here, we are mentioning that we have the science-based targets approved. This is actually something that is a vital and a material step in our journey ahead. Here you talk about how you're going to do it. We look forward to follow that in the years to come. As you can hear, we work diligently with it. It's an important first step. There are so many more examples of that, so if I could just ask you as a follower and a reader to have the time, download the sustainability report as a separate document. It's small, 50 pages. It comes as a good readable PDF file. Do that because that gives you a lot more tangible examples of how we work also on the communities around in the world. Let me just then say, and you're not surprised by this, we have three big legs of how we run our strategy and the strategy progress. Onshore, very much still believe in that. We have seen the onshore. We have seen countries, both existing countries, but also new countries coming in and supporting further interest into the offshore market. We believe that that will trigger new installations to still have a positive compounded average growth rate of 1% to 3% in the period here towards 2025. When we look at the service, it goes without saying, we have now 113 GW in the onshore and another 4 GW in offshore. We have more to do in service in general. We run, we have a global scale, and we invest in a team, and we now have well in excess of 10,000 engineers that are going around. We believe on the growth. We believe on the growth together with our customers and see a compounded average growth rate of 8% to 10% when we look towards 2025. Of course, not surprisingly, we are looking at offshore, and as you would expect us to now, we are at Team 1 Vestas, and this is all about now to get offshore as included in our operations as we have had with the onshore in a very long time to that. We also see offshore, and you have some of the forecast, and I won't challenge neither the forecast, but some talk about 30 GW annually in 2030. Others will talk about 25. Whatever the number is, it is quite a high compounded average growth rate. I think whatever we see from trends, from announcements in countries and areas across the world, it seems we are all leaning both towards onshore, but definitely also now to have a much-accelerated journey ahead in offshore. That, of course, is a strong one because we then have a supportive one from our now fully integrated activities from the offshore, which we will work in and will comment more on. One of the conditions to be an active player and a leading player in offshore comes, of course, on this slide. We know and we've talked about it, we said in 29th of October that we were going to do an imminent announcement on the technology. Imminent means 10th of February. Today we have announced that we will introduce the V236 15-megawatt turbine, and for us, that also underlines both our commitment to return full to the offshore wind. It also remind all our customers about our commitment and also will as an active player and partner in the coming offshore tenders, and also how we built activities and the access to renewable offshore energy across the world. This turbine, of course, based on all our modular approaches, both from the onshore but also from the existing offshore. We know that because the technology has been very much driven, and also the experience has come through several decades of our design. When we look at it is clear that we are going to take best advantage of that. Not surprisingly, in here, some will say we have evaluated throughout this time what was most for us and the attractiveness of the various things. This one, to avoid all the questions that otherwise will come, I'll just say upfront, it does include a gearbox and not a direct drive, so at least please take that question away when we come to the Q&A. I think also here it is leaning into a technology now that, of course, we see that there is a higher technology, but there is also now things to be considered when you talk about the things that are 236, 15 MW. That also comes with weight. It has also how do we build it, how do we run it, and how do we operate that? Weight becomes an important one for customers. We work closely with customers, and certain partners on this, and I think right now the best thing to say is that that will go into the competitive landscape as of today and probably has been in there for a little bit of time with some of our closest customers to be discussed with that. Just one little interesting thing, if we compare to our existing V174-9.5 MW, just the swept area of this new turbine is 84% higher. I just want to there illustrate that this is going to give a completely different calculation and also performance for the customers we're going to talk to in some of the tenders. This is also the place where I have to just extend a big thank you. Thank you to the technology and development team inside Vestas. I'm pretty much aware of that we in Vestas by announcing it 29th of October, probably increased a little bit the pressure and performance expectations on how we can do the technology side of this. It hasn't been developed since 29th of October, so it has been an ongoing one. To everyone here today, congratulations with that. This is part of your day as well, so enjoy the day, and I'm sure we will have some of the very, very exciting discussions with customers going forward. When that also means that was the introduction of a turbine and technology, I will also just here do a little bit of where are we with the integration of offshore. It is fair saying we have worked very, very focused and very concentrated since we got the final completion mid of December. We also know between mid of December and basically end of January, we had to go through the tough part of the integration, which was who are going to be on the teams when we come to 1st of February. We did that. We did that diligently. I think most new colleagues also appreciated that it had to be done, and therefore it was easier to remove the uncertainty at the shortest possible time. We are focusing on the synergies, both the soft and also the hard ones, and therefore we run a pretty strict and also disciplined integration program, and I think here now that program goes into normal operations, and we cannot wait to get going with running the business as a normal business inside us as Team Vestas. Just to give you a little bit of steer of where do we then look towards 2025. This is what we also talked about, that when we look at 2021 and 2022, we will run a backlog order from the offshore of around EUR 2 billion-EUR 2.5 billion in revenue both years. When we come to 2023 and 2024, it is the backlog that also reflects that we, for a period of time, especially in 2019 and 2020, had a less competitive technology, as such, we also run with a lower revenue in those two years. Unless something else happens, that is the backlog that creates EUR 1 billion-EUR 2 billion in each of the years. From 2025 and onwards, previous slides taking into consideration, that is where we establish ourselves as one of the leading offshore OEM again, and of course, there we have just given a hint of where we expect to be as a minimum. When we look at also the EBIT margin reflecting on this, we are going to spend quite a lot of time in 2021 to get it up and running full as all the activities here. That is not done within 90 days, and for somebody believing that you move 3,000 employees across just by announcing it, then it's not right. Therefore, we will work with 2021 and 2022. We will have an EBIT margin that is in the low single digit in those two years, and then in 2023 and 2024, it will be a business activity that runs around breakeven. In beyond 2024, we see the offshore activities being on average Vestas group margins. We don't see any reason why it shouldn't be. We don't see any reason why it shouldn't return that when you do the technology and the capital investments into it, and I'm pretty sure also customers recognize that technology also has a price when we look in building the offshore wind parks going forward. When we look at CapEx, and don't forget, CapEx here is not only technology, it is also the whole supply chain and manufacturing. That also means when we look towards 2025, there is a technology investment, and there is also the investment into how we localize part of this manufacturing and supply chain. That is too early to say for part of the manufacturing and supply chain because as you would all appreciate, some of these things depends on where you built your backlog and how it all going to be delivered in certain parts of the world. There will be a localization, we just don't say specifically on where that is. From a CapEx point of view, we estimate that there will be an average around EUR 250 million in CapEx annually in this period up to 2025. We said it all along, it requires some investments here in the short term to become that leading player in the long term. For sure, from a strategy and the long-term ambitions here, we wouldn't be without it. That goes without saying. That also leads us to a look at what are our long-term financial ambitions when we look towards the combined of the onshore, offshore, and of course, the service. When we look at onshore, we still see stable pricing to continue. We see that we're now in a global scalability where new countries can come in, and we will also scale existing countries to the same. We have a rollout of new technology combined with existing known technology, and we build more and more on the modular approach into the technology platforms we run. We still see offshore wind being very much in favor in many countries around the world. There's plenty of both land and room for it, and as you saw from my previous slides, when only 1% of the energy generation comes from wind, I think there is still a lot to come, also on the onshore and also towards the Power-to-X. When we look at service, it is definitely growth and investments also into how we can scale that to even higher what we have seen so far. It grows faster than the market. We expect it to keep growing faster than the market. We are investing in it to support both the digitization and also the scale. We also do that to drive out efficiencies, both on our own behalf but also on behalf of the customers. This will be still a competitive edge, and we expect to have best-in-class margins of around 25% in the coming years. Of course, offshore coming in, not having the scale yet, there we will see that it has initially a dilutive effect in the service, but we work, of course, diligently with both building the scale and also sharing the best practices. When it comes to offshore, as we just talked about, we are about now leveraging the scale from the Vestas onshore global, both sales, commercial, customer, but also the supply chain footprint. I think one of the imminent advantages here is we can now talk across everyone on exactly the same things with one voice, and that, of course, gives an advantage into the offshore supply chain and also across any other functions at Vestas. We also launched today the V236, and I'm sure that will get a fair attraction today, and I'm sure we are ready to start talking about that, and we won't hold back on taking orders in that when we also look towards 2024 and 2025. It is an area where investments are required. I don't think we have said anything else in the last year or two, but we also said that the technology was out of the range of what was available elsewhere. I think we are investing in that, and we'll keep investing in that because, as you saw, it goes from 5 GW, 6 GW a year currently to probably 30 GW a year when we look towards 2030. This is the attractiveness of offshore. Therefore, that leads us to review our long-term financial ambitions, and yes, it is a happy déjà vu for many of you. We are the market leader, and we want to remain the market leader in revenue. That means we grow faster than the market generally. We have a free cash flow every year. We work diligently with it. In years where we build up, we might use some of that free cash flow, but we also put it to you, and we share how we do that with you. The return on capital employed is minimum 20%. That is how it should be in our business. We believe that. We also have the handles and also the tools to get to that, and then that also results in that we, in the long term, will have a best-in-class EBIT margin of minimum 10%. We have looked at that, and we have also discussed that, and we are not in doubt that we also stick to the 10% EBIT margin because there are all reasons to see that we can get to the 10% for what we can do as a Vestas, as a consolidated business with the three areas here, plus the development activities we have done recently. With that, I would just like to take the last slide before we go to Q&A, and that's the outlook for 2021. The outlook for 2021, revenue is between EUR 16 billion-EUR 17 billion. Service is expected to grow by approximately 15%. Don't forget here, of course, that includes now both on and offshore activities consolidated for the first full year. We expect to have an EBIT margin before special items of 6%-8%. The service margin is expected to be approximately 24%, all consolidated, both on and offshore. We expect to have a total investment in the year of EUR 1 billion, and that, of course, includes both the on and offshore. We also here say that the warranty provision are expected to be at a level around 3% in the coming year, including both the on and offshore. The special items are expected to amount to approximate EUR 100 million. We don't have anything specifically under that yet, but it is clear to us that when we integrate the business and we scale it globally, there will be a review of how we have the manufacturing footprint across our globe to also support the growth aspirations and not least also the profit aspirations we have going forward. Last but not least, we have to mention here the COVID is out here, and it's probably worse than it has been ever in terms of lockdown. We just have to also say here the guidance comes with at least a degree of more uncertainty than it normally would do under the circumstances, considering where we are in the cycle. With that, I just want to again thank you again for the support throughout 2020. As said here, we are full into 2021. With that, over to the Q&A. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypads. We ask you to kindly limit your questions to two at a time. Our first question comes from the line of Kristian Johansen of Danske Bank. Please go ahead. Yes, thank you. My first question is around the margin guidance. Looking at your 2020 margin and adjusting for that extraordinary one, basically it was a little more than 6%. At the lower end, you're guiding for an unchanged margin and roughly 2% improvement in the upper end. Can you just elaborate a bit on the key components in the margin bridge from 2020 to your guidance in both the lower and upper end? What headwinds and tailwinds are you including in your forecast? My second question is regarding your slide 29, and primarily a clarification question. These numbers and guidance you provide here, is that both service and turbines within offshore, or is it only the turbine segment? Secondly, the revenue guidance for 2023 to 2024, did you say that is already covered by your current backlog, so these EUR 1 billion-EUR 2 billion in revenue? Thank you. Thank you, Kristian. If I start with the margin guidance, the 6%-8%, I think it's pretty clear what Henrik said at the end of his presentation, going through the overall guidance for the company, is that the COVID-19, call it situation or pandemic or headwind, is continuing. If I look at the Q4 of last year, if anything, increasing the pressure. It for sure hasn't loosened the grip, and that's why we have a guidance of 6%-8%. Obviously no one knows how that will pan out, but that is clearly one of the bottlenecks that we see for next year. We also see an increase in cost, both for steel as well as transportation. Having said that, I would say on the steel side, we have been pretty good, if not okay-ish, to secure a lot of the volume for 2021, but it could still be a headwind for us. Transportation and the lack of containers, for sure, when it comes to the inbound and the production capabilities, can definitely hit us. Obviously also the integration of offshore will have a slightly dilutive effect on the margins in 2021. Yep. Thanks, Marika. On the slide 29, it does include all activities as the offshore coming in. That's the indication here, Kristian. Secondly, the EUR 1 billion-EUR 2 billion are covered by the existing backlog. My comment is, as much as the longer you come out to 2024, you still have some of the opening and order discussions going on. If something changes here, not from a negative point, but probably more from a positive point, there can be adjustments in there, then some of it might have an effect there. That's the assumption we work with, and that's the backlog we have. On your nice question about tailwinds, I still think I have a few tailwinds to find since I joined the 1st of August 2019. That's just a point here to make. I don't think we find a lot of the tailwinds right now, because it is what it is. On that, so to get to the 8%, because you primarily mentioned headwinds, what is it that you see could increase the margin substantially? The fourth quarter has been a good quarter. Our own means and execution and the handles we have are working diligently towards another level of the margin. We don't do anything that here sets us to lower the margins at all, Kristian. It's our own means and our own discipline and our own execution that does that. Therefore, we also have put quite a lot of effort on the stable market conditions and the relationship we have with customers. We have a couple of things, and one of the things is we have to address our quality issues internally. I think, Kristian, not to dwell on your question, but one thing that is important to say is really what Henrik has mentioned. If you look at the underlying run rate for Q4, I would also point to the fact unless we had a lot of improvement effects in Q4, and that is primarily taking place in Q4. Obviously if that works as anticipated, that will definitely give us a better opportunity to get into the higher range. Understood. Thank you so much. Thank you. Our next question comes from the line of Gael De Bray of Deutsche Bank. Please go ahead. Thanks. Thanks very much. Good morning, everybody. I have two questions, please. The first one is about the characteristics of this new 15 MW offshore machine. You said it's not a direct drive turbine. How do you judge the serviceability of this turbine, the maintenance cost of this turbine versus others in the market? Also, what sort of market share do you expect to grab now, and what kind of market share is actually embedded in the offshore revenue guidance of EUR 3 billion for 2025? The second question is on the long-term 10% margin target you have. What are basically the steps needed to get to this 10% mark? What do you see changing, going forward in terms of supply chain, pricing, mix, or other things that will help you get to this 10% print? Thank you. First of all, Gael, thank you for your questions. I think on the offshore here, when you launch a new technology like this, a very important part of designing and launching the technology is, of course, we look heavily on how we can maintain and service the turbine. That goes without saying. Why is that? It leans straight between the two activities of putting the solution in place and servicing. It has been considered. It has also been considered what are the split between the initial investment and what are the split into also the ongoing OpEx to the solution. There we have been close to a number of the customers, and here we talk from both the legacy of now more than four decades and a number of decades having it both on and offshore. I think we are confident in the choice we have taken here. Having said that, before, we did consider all available alternatives here, and has ended in this one, and that has other advantages compared to where we are. We are confident that's the right thing and that's the technology we are backing. In terms of your 10% EBIT, I will say here, when we look at that, we are fairly confident of that we have the available tools and also handles to get to the 10% EBIT target we have, not only as a one a year, but actually on a more sustainable path. It is also when we look at that, we have to just say what we did a year ago, we scaled to a new level of activities. That level of activities you can probably also see confirmed and evidenced a little bit with the order intake in 2020. It is a level of activity that is now going to be sustained because we're scaling towards. Don't forget when you then talk about a year where we didn't come out of 2020 and now everything is settled down. We grew 59% in deliveries in 2020 compared to 2018, and we are 46% higher in turnover. I will just sort of say it takes a little bit of time to settle in in a new area. At the same time, we are just integrating 3,000 new employees and colleagues into the offshore. I think we got the handles, and we can see that, but as you will appreciate, it doesn't happen within a quarter as such. Thank you. What about the market share that you implicitly assumed in the EUR 3 billion revenue guidance for offshore? That is probably something I will keep together with my customers. I think here there is a little plus ahead of it. We just say we'll go for a minimum EUR 3 billion, and then we will see how much, when we get closer, both in 2021 and 2022, of how that pans out in terms of pipeline. Right now it doesn't seem to be the lack of new coming projects and tender interest for it. Okay. Thank you very much. Our next question comes on the line of Claus Almer of Nordea. Please go ahead. Also a few questions from my side. The first question goes to the lost production factor. You also mentioned this in, or was it Marika in the presentation? It has been increasing for quite a while now. Is the increase only due to the reported quality issue? If you strip that out, you are back to the 2% level? That would be the first question. Yeah. Claus, that is a correct assumption. This extra provision in Q4, but that is linked to these 150 turbines where you had some issues from a sub-supplier? Yeah. That's correct. No, it's not additional turbines, it's the same 150 turbines. It's the 150, and obviously it costs something to close them down, and we are addressing those turbines in the first half of this year. Okay. The second question goes to the 2021 guidance. If we try to do the implicit revenue guidance for the onshore division, then it might be slightly disappointing compared to consensus. How should we think about in and out orders in 2021? I think we have given guidance here. If it's slightly concerning, of course, I can't help you that in so much. We are very transparent in the order and how we look at it. We are well covered. There are still some in/outs to be done in 2021. As we would say here, with the range of 16-17, it's also a fairly good indication of that we feel comfortable of the backlog we are executing on. Also when walking into that year, Claus, we see that as a pretty positive one. Then as you have seen, you have gotten an indication of where offshore comes in, and I think that's mainly confirming what we also have said all along, that it's the new level of activities we are aiming for. Okay. Regarding the service margin, once again you are guiding a, let's just say low EBIT margin for the service division at year start, and then the year performs, and then we are all positive surprised. The 24% in 2021, is that diluted by the offshore business, or is it the normal, let's just call it cautiousness, when the year starts? I won't comment on a degree of cautiousness, but I think you have a very successful team of service and a team service in here, and it includes both. As we said on the slide as well, on slide 29, the service activities in offshore comes in with a dilutive effect from the beginning because they don't have the scale yet. In the service division also? Exactly. That's why it's a consolidated 24%, as said in the guidance slide. Okay, thanks. Thank you. Our next question comes from the line of Supriya Subramanian of UBS. Please go ahead. Yes. Hi, good morning. Thank you for taking my question. I had one question just specifically on the warranty provisions again, just to clarify. In the fourth quarter, you booked around EUR 194 million of provisioning. Would it be fair to assume that the normalized rate would have been 3%, so the additional around 1.5% is the, let's say, relatively extraordinary impact in Q4? Given that your guidance just continues sort of 3% into 2021 as well, does that mean that all of the provisions relating to this latest warranty issue has already been provided for? That's part one. Second is more around the onshore market outlook. If you could just share your thoughts on what could be the potential opportunities coming up from recovering, especially in the European and U.S. markets, over the next few years. Thank you. Okay, Supriya, if I start with the warranty provision, you are right in your assumptions that it's related to the inserts on the blades, primarily here in Q4. That also means that we have taken a hit for the cost of addressing the 150 turbines. As I said, that will be dealt with here in the first half of 2021. Good. Supriya, if I take your question on onshore, it has been clear for us when we look at it, and I think also when you look at both the order intake and also deliveries, we have had deliveries in close to 40 countries on the onshore side. We have taken orders in 30 countries plus in the past year. I think even in that list of countries, we see new countries coming in. We see a general trend of existing countries still doing pretty well. I think what you just probably saw in the U.S. is that you also saw the U.S. now, not going away. It's one of the points we have discussed and said all along in the last couple of years, that we believe that it will be a lower level of activities at a point with the PTC being phased out from 100%. Still, it's also now an indication of that there will happen things both on and offshore going forward. When we then look into the EU, it's obvious for all of us that announcing an EU Green Deal with a lot of financing and a very positive framework for renewable energy transition, it now comes down to what are the individual countries going to do under that framework. Even in the EU, you have seen countries suddenly emerging again. You have seen Poland going both on and offshore. You have seen Spain going onshore. In that, I think it's fairly obvious that we haven't really seen a movement from, for instance, a known country like Germany and how they're going to move. I'm pretty sure that's also one of the things we can do. The truth of it is, in the order intake we had north of 17 GW in 2020, there isn't particularly any volume from, for instance, Germany and India in there. India is another country which we have talked about for a long time, and I'm sure we will keep talking for a long time as well, but hopefully more positively also to see that some of the projects are actually getting a higher traction. I think right now it's fair saying, if you look at the various continents, we haven't found a continent that is actually talking about going backwards, not neither in onshore, as well. We are well-positioned from the supply chain. As we said here, still positive for continuing the order intake. I think again, 2020 has been a good year as an evidence to say that the onshore continues both with, and to some extent, with a less degree of U.S. Thank you very much. Our next question comes from the line of Dan Togo of Carnegie. Please go ahead. Yes, thank you. Just a few questions here on the offshore side. Much appreciated with the slide where you give some indication of how you see this develop in the coming years. Do you, in the activity here, give any or include any projects that still have preferred supplier status, or is it all firm orders? That is the one question. The other question I have is where you have your margin for offshore to be on par with group average in 2025. That would indicate that offshore margin is above onshore. Can you give some flavor on why that should be? Thanks. I will just here say we work with a confirmed backlog then. Of course, the numbers we are giving here with the ranges we are having is the backlog we are executing on of confirmed order. In terms of your interpretation of what says average Vestas group margin implying that you think offshore should be well above, that is not what it says. It says average Vestas group margin. Can I say to the last decimal that that will be the same? No, but it will be part of it, and there will be around the average of the Vestas group margin. If we were in the guidance territory as we are today, that means it would have been between 6%-8%, and at that point in time, if we are at 10%, then it will probably be around 10%. We don't aim to build a business unit that sits with different margins to what we have in the existing Vestas business. Okay. I understand it, but when you say average group margin, you include service here, right? Sure. We will also say here when you look at that, as you can see, up until 2024, it could have a or will have a dilutive effect, and that's just what we are saying from 2025 and onwards. It's not necessarily a dilutive effect. It's an average effect, which is positive. Okay. Thank you. Our next question comes from the line of Akash Gupta of JP Morgan. Please go ahead. Hi. Good morning, Henrik and Marika. Maybe just starting with the clarification, because on slide number seven, you show offshore equipment backlog at EUR 4 billion, service backlog at EUR 3.4 billion, so that would give me EUR 7.4 billion as firm backlog for offshore. Your revenue guidance for 2021, 2022, 2023, 2024 would imply a range of EUR 6 billion-EUR 9 billion. Just to double-check, this EUR 6 billion-EUR 9 billion is all coming from firm, or does that include some of these preferred supply agreements that you have in place? Yes, it does. Therefore, it's both implied the turbine and the service as well. Thank you. I have two as well. My first one is on impact of COVID-19 on project development activity of your customers in the course of 2020, and also in early 2021, given all sort of travel restrictions we had. Maybe if you can highlight, has there been any headwind on project development activity of your customers, and could that be something we should watch out for 2021 orders? I don't think you can say that as a general trend. I hope you also take a bit of positive sentiment and evidence away from the presentation here, because if we look at the second half of the year, under the circumstances, the truth of it is, when you and I probably came back from a well-deserved summer vacation, the activity level for us picked up, but actually the COVID-19 lockdown increased and restrictions increased. I think when we came into Q4, there were more restrictions than we probably had the whole year. There I would just say, from an individual project, an individual site, an individual country perspective, we are just diligently there. I think we are very pleased and very positive over that we are able to have that, and we don't leave a natural big backlog that we didn't get executed. Some of the projects that then didn't get executed in 2020, of course, they will roll into 2021, and those are probably some of the ones that are more difficult to execute on, either for accessibility point of view or have had some transport or logistic challenges. Those we are executing on, which also therefore is a good indication of when you look at the facing of 2021, we will start with having a low activity, but also probably some of the, I will sort of say, challenges into the Q1. Please don't do what we had tense discussion around last year, that all four quarters will be the same in EBIT, because it won't. It will start low, and then it will ramp in to a better facing for the remaining quarters. Thank you. My second- Take it. Yeah Yeah question is on project development. Yeah. Yeah, go on. Second question is on project development, where I was expecting more updates, but maybe if you can add. In the recent years, we have seen development space becoming a bit more crowded with not just EVs, but also oil companies are also entering in development market. If I may ask, what are your plans with this dedicated development unit and also taking in one of your customers, and where are the red lines so you don't end up with competing with your customers? Thank you. I think in terms of development, what we are just saying here, we are continuing doing the same. I think the last quarter has been very positively with the customer conversation that we develop projects, we develop some of the early stages projects. We help customers generally have access to projects around the world. We see that as a facilitation of moving more renewable projects into countries and also territories where it would otherwise be difficult. Of course, we are present in more than 80 countries. We are one of the ones that have most local people working. Therefore, as a customer to Vestas. We work diligently with our customers to develop some of those projects, and some of them will have both three and four years lead time. We are doing that, but we are also fully aware, as you have seen, we don't have it on our balance sheet, and therefore we trade and develop the projects with customers, and then we sell them to customers, of course, with the right technology agreement on those projects. CIP doesn't change that, but of course it also leans towards that, of course, if there are areas and there are projects coming up, then of course we can do that, but that will have a normal decision-making in Copenhagen Infrastructure Partners. They will decide if it's attractive to them for the individual projects. Similar, it's also for us to make an individual decision. There isn't exclusivity on the technology from their side, and neither do we have an exclusivity on the project side with CIP. Having said that, we think it's a good partnership, and we will also lean towards that in various parts of the world, but it comes as increasing the activities. I will just say, you sort of say, would we compete with our customers? No, I don't think so, but it is also fair saying should we really succeed in doing the transition from all of the fossil energy towards the renewable, then we also rely heavily on that we can all take a more active part. Some of our customers do part of the activities we do today. Do we consider them, for that reason, a competitor? No. We are still active members and partners in that transition that is happening right now. Thank you, Henrik. Our next question comes from the line of Martin Wilkie of Citi. Please go ahead. Yeah, thanks. Good morning. It's Martin from Citi. Just a couple of questions. The first one on onshore, just to come back to the pricing and the steel costs and transportation and so forth. Marika, you mentioned that you've been pretty good at steel supply agreements and so forth. Is it fair to say, given the stability of pricing that we saw in Q4, that the gross margins in the backlog for onshore have been protected by the pricing plus the steel supply costs? That was the first question. The second question was just coming back to the offshore business. You've given some timing on the prototype and then the production. Obviously, this year there's a lot of projects being awarded. We've seen some capacity rights being awarded in the U.S. We've got the U.K. Round 4 later this year. Just to clarify, is your new 15 MW, is that able to be included in these projects that are seeing the initial capacity rights being awarded this year? Just give some sort of sense as to when the turbine can be involved in those tenders? Thank you. Okay, Martin. If I start with the onshore pricing, yes, of course, the stable pricing is an enabler. I would also say that when I'm referring to some of the activities to further improve on the execution side, that is what you see in Q4, and obviously that has a positive impact on the margin because of the main sort of discrepancy you see is that if you have deviations from the pre and post calc. It is really a lot of activities to further strengthening our execution preciseness, if you can call it that, with the high activity level that you see here in 2020. Yeah. I think in terms of including in tenders, Martin, we'll work closely with customers on tender for tender and also the conditions around that. We have a timeline put forward, I think for most customers and the tenders, it is about choosing both the partner and the technology for doing that, and to some extent also how you can support the localization of supply chain for winning some of those tenders. We are cautiously optimistic about that we will take advantage of that in most of the tenders coming up, if we can find the right consortium partners to work with. Great. Thank you very much. Thank you. Our next question comes from the line of Sean McLoughlin of HSBC. Please go ahead. Thank you, and good morning. Firstly, on SG&A, Marika, if I understood correctly, you said that COVID-19 has actually helped decrease overall SG&A costs, and we've obviously seen that for many companies. What is your view on this coming back through 2021 as, let's say, things normalize? I suppose a broader question on are there any practices that have effectively changed as a result of COVID-19, i.e. more digital, more remote, that may actually structurally contribute to improved costs going forward? My second question is on offshore. Just wondering, given the size of the rotor of this machine, what is the scope for a rating upgrade from an initial 15 megawatts? Thank you. If I start with the SG&A, Sean, I would say that the level we are hovering around 5.3%. If anything, it's extremely low. Absolute numbers, a slight increase. We have had some travel impact overall, but also remember that we haven't had any aid on the SG&A side in terms of paying our employees. We have been doing this with our own effort. More digital or not, I think that is hard to say. It's going to be a big speculation. Will there be more flexibility going forward? Potentially. I think it's very hard to see how that will pan out going forward. I think the combination of COVID is obviously, I think the positives in terms of less spend is eaten by more cost on the COVID. I don't think you can say that you save, you're probably mitigating some of the headwinds with the lower spend on, in particular, traveling. Yeah. Just to give you a good example of that, I had a CEO of one of our customers just two days ago, and sitting there with him and having that, we probably said we wouldn't have done that if we didn't come into the digital world, as most of our kids have come. Therefore, we actually spent that without traveling to each other. Then on the offshore, it's fair saying, before we start talking about where is it going and what is going, take a note of the especially emphasis on modularization, because of course that is part of how we will work with this going forward. I think it is also fair in here, with having both 12 MW, 13 MW, 14 MW, and now a 15 MW out there, it is also about taking a proper technology in so that we have time to work with the technology with customers, and also work with that throughout a full cycle of projects. This is going to be the interesting one. Then, of course, we now work closely with customers about the rating of the turbine, both today and also in the future. Thank you. Our next question comes from the line of Katie Self of Morgan Stanley. Please go ahead. Hi, good morning. Just one question. Then one quick clarification. On offshore, I was wondering if you could just discuss with us how you consider the pricing dynamics in that industry. Obviously, just kind of less mature than the onshore, and you gave a helpful slide on levelized cost of energy. Just how we should see that going forward. Should we think about similar annual declines to the pre-auction onshore markets, around that 2%-3% per year? Then my second question was just a quick one on the special item, the EUR 100 million related to the offshore integration. Is that cash or non-cash? How should we think about that? Thanks. Okay. Do you want to go on the cash first, Marika? The EUR 100 million that we are referring to is obviously people, but it's also the industrial platform. It will be a cash, and also to a certain extent non-cash, but it will be a mix of the two. I think on the pricing side, we see this as a general trend. The levelized cost of energy is going down. We have also seen that, and you can also see some of the technology advancement here will of course add to that. You can probably work with an annualized average, of course, then you will also see that if we go from one technology, with having now different technologies available both on the offshore and nearshore, then I think you will see that there are clearly advancements that comes outside a 1%-3% on an annual basis when you introduce something like this. We expect to see some of that, and the positive really here is that it has truly become competitive against most of the other things. Don't forget, offshore, you can work with different parameters than you can, of course, onshore, where you have to take other permitting issues up. Great. Thank you. Our next question comes from the line of Ben Heelan of Bank of America. Please go ahead. Yes, morning. Thanks for taking the question. Firstly, on offshore margin, there seems to be quite a hockey stick from 2023, 2024 into 2025. Could you maybe flesh that out a little bit? Talk about what the key driving force behind that. Secondly, on warranty, we're at 3%, but how should we think about the timeline of moving from 3% back down into the 2% range? Thirdly, on the timeline for your long-term target of 10% margins for the group, how should we think about that? Is that a 2025 target when offshore margins start to improve? Any color around that would be great. Thank you. Okay. If I start with the warranty provision, because that's probably the shorter one. I would say we start now with 2021, and there we are at the 3%. Obviously, as you have seen during the last few years, we've been in between 1.5% and 3%. When it's time to get down to a different level, we will of course inform the market, but for now we're happy with the 3%. I think here, Ben, if we look at the offshore margins, I think it's fair saying we talked about that when we announced it in end of October, and we spoke more about it later in Q4 as well, and here you will also have an insight on that. If the business operates at an activity level less scale, then it will operate with challenging margins. What you see here between now and 2024 is basically building the scalability and therefore also getting the synergies right between what is the current platform of Vestas and also the other business. That very much connects to what is in the making with the technology introduction as well. Technology, the whole supply chain connected with it, and then it is building a higher activity level. I think we used the expression, we now can see if you try to run a company as a mid-sized in a business that becomes with global requirements from customers, then you will have a margin dilution, and you will potentially end up with a margin that is close to the break even, as we are indicating here. That was also one of the strategic reasons why we did what we did. In terms of your 10% question around 2025, you shouldn't read into that it's a 2025 thing, because if you do that calculation, math works both with and against you. The dilutive effect of an offshore is not that material to that extent. This is very much our own internal handles and others, and then probably, as I mentioned before, not always having one or two headwinds coming towards us. If one or two tailwinds also come one day, then it might come a bit earlier than we otherwise plan. I will much talk about the midterm again. That means we are leaning towards something earlier than 2025. Okay, great. Thank you. Our next question comes from the line of Rajesh Singla of Societe Generale. Please go ahead. Yeah. Hi, thanks for taking my question. On slide number 13, you have mentioned that your gross margin was impacted by 0.5 percentage points due to higher warranty provisions and COVID-19 related challenges. Can you provide us a breakup of between how much were the warranty provisions during the fourth quarter, and how much was the COVID-19 related challenges? If you look at the overall market environment, we expect the COVID-19 related challenges to ease out in 2021, and probably the worst is behind us. What makes you a bit more cautious on that front? I would like to ask a couple of more question after this. Okay. If I start with why we think that the COVID-19 limitations will have an impact here in 2021 as well. I have a very hard time seeing they ease up, if anything. If I compare with Q4, where we certainly saw a step up in COVID-19 related challenges, and I would say that from a cost perspective, we have been pretty prudent in not allowing COVID-19 to be an obstacle for us delivering. It's clear that it's coming more and more lockdowns. It's more and more challenging to travel in between countries. I think all of us have experienced that. For sure, if I look at the overall guidance, that will have an impact depending on how it pans out throughout 2021. In Q4, we're talking about a EUR 40 million impact from the COVID-19. Yeah, then the warranty provision figures around EUR 60 million on top of what you normally see in Q4. Relating to the inserts that we have been discussing. Sure. With respect to your warranty issues, what you have been facing in some of the turbines, are these design-related challenges? I believe you have 100% of your blades outsourced to subcontractors. Are these design-related challenges which you could not share or pass on to your subcontractors? What gives you the confidence that these issues will not occur in the future? This is the second time we had issues with the turbine blades in 2020. Rajesh, first of all, I have to correct you. We don't have our blades totally outsourced, therefore, there is partners that works with us, and we have fairly much of that also as part of the inside the value chain of both design and manufacturing at Vestas as well. I think there's a little bit adjustment required there. I say here, listen, come on, it's painful. It's painful for anyone of our history and legacy to sit here and have two related warranty and quality issues in one year. It is two disconnected items. One was we talked about mid-year 2020, the specific one here in Q4 is a specific root-related thing and a component into the rooting of the blades. Of course, there it's a component failure, which we just have to address, and we are addressing that. We have stopped the turbines. We will do the replacement and repair, both of the component and also on the blades in H1 of 2021. I just ask you there to work with the facts on this one. Sure. Maybe one more question on your new offshore turbine. If you look at the historical trend, we have seen that the direct drive technology has been gaining traction and market share from the gearbox-based offshore turbine. What gives you confidence that you would be able to gain good market share in the offshore market with the gearbox-based turbine? I think probably we work closely with the same customers for now more than four decades. I think we don't come out with something that customers probably see as a surprise from our side. Let's work with that one, and that one, I would probably, as an answer, refer and reserve a little the conversations with our customers, and then we will talk about those results, and also hopefully the partnership of that in the coming quarters. Rajesh, I'm fully aware of that this market has only a few players. We have chosen this one. We think there are very good reasons for doing that, and also some of the weight balances and also the construction of offshore is very fairly much supported by either/or. We got good technology support for taking that choice. Maybe I could now just ask for the last question. Our last question comes from the line of Henry Tarr from Berenberg. Please go ahead. Hi there. Thanks for taking my question. I think the majority of my questions have now been answered. I will just ask one quick one just on the sustainability slides that you included, the circularity part of that slide. Just what you're doing at this point in order to try and help on the blade recycling angle which we sometimes get asked by clients. Yeah. How is the outlook for blade recycling as we look forward? As I said here, it's one of those things, Henry. Thanks for that, and try and also raising it from a sustainability point of view. It's the one where I don't have the answer to say this is exactly the technology that will sort exactly that point. We are working diligently with it because you can either go, can it be used to something else, or can it go into concrete, or can it go into some of these things? That we are working with a number of different projects. There is now, in Q4, you saw probably, that there's now launched a project which has industry-wide participants, both from a customer and also from other OEMs. We will invest in those projects, and we will invest in those technologies. Rest assured that it will be solved. I'm not so nervous. Of course, it always makes you a bit nervous when you put up a goal for something that is longer out. We said that all along. We were not sure we could do that in 2030. Therefore, there is the difference between having a carbon neutrality for Vestas' own operations in 2030 and finding the full recyclability of the turbine. Having said that, besides that, it's a lot more else than also just the blade. Also the offshore, we look also how are we using in this, what are we and how are we using less of the precious metals and components in there. We also can have that as a comparison in the discussion with our customers. Everything that can be done to talk also the sustainability throughout the full supply chain is being done. Thank you very much, Henrik. Thank you. With that, last question. Thank you so much for that, and we look forward to speak and to see you again in the virtual room over the coming days and weeks. Thank you so much. Thank you. Bye.