Good afternoon, and welcome to the virtual annual meeting of Marel 2022. The nomination committee has suggested that Árni Sigurjónsson will preside over the meeting, so I will give the meeting over to him. Arni, take charge. Thank you, Arnar. Good afternoon, dear shareholders. The 2022 annual general meeting of Marel hf will please come to order. My name is Árni Sigurjónsson, and I'm the General Counsel of Marel. I will have the pleasure of chairing the meeting today. To begin with, I'm required to nominate the secretary of the meeting with the responsibility of writing the minutes. For that role, I would like to nominate Ms. Helga Grím Gunnarsdóttir, the Secretary to the Board of Directors, and ask her to start working on the minutes. Today we're holding a fully virtual annual general meeting, just as last year, which means shareholders can only attend the meeting from a distance. As well, we will again be using a digital voting platform today for all shareholders. This is in accordance with Articles 46 and 47 of Marel's Articles of Association. The Board of Directors has also approved rules for electronic voting, which have been accessible to shareholders leading up to this meeting. As instructed by Article 80a of the Icelandic Companies Act, a condition for the holding of an electronic shareholders meeting is that the company's Board of Directors see to it that the meeting may proceed in a secure manner. The equipment which is used shall be such that it ensures that legal conditions stipulated for a shareholders meeting be met, including the right of shareholders to attend a shareholders meeting, speak there, and cast votes. The technical outfit shall also render it possible to confirm in a secure manner which shareholders attend meeting and the votes they yield, as well as the conclusions of the castings of votes. In my capacity as the chairman of this meeting, I have reviewed the equipment and respective voting and registration solutions used here today and conclude that these conditions are met. You can ask a question or make comments by either sending it through the Lumi AGM webpage in Icelandic or English as suits you best, or by dialing one of the numbers provided on the information screen in the Lumi AGM platform. We will aim to answer all questions and therefore will moderate all digital questions and provide bundled answers as multiple questions might potentially overlap. Those of you sending questions and messages through the Lumi webpage, please make sure to refer to the agenda item which the question applies to. This will help us tremendously. Present at the meeting today at the panel are Arnar Þór Másson, Chairman of the Board of Directors of Marel, and Árni Oddur Thordarson, Chief Executive Officer of Marel. Linda Jónsdóttir, Chief Operating Officer of Marel, and Árni Sigurdsson, Marel's Chief Strategy Officer and EVP Strategic Business Units, are also with us in the room today. They will all be happy to answer any questions you might have during or at the end of the meeting. Now let me go through the voting process as quickly as I can to assure everyone can vote in time, and voting will be as smooth as possible. Let me shortly explain the process. Those of you attending the meeting with voting rights can vote during the live meeting. Shareholders that voted prior to the meeting can change their votes during the meeting if they so wish, and the latest votes cast will be the votes that count. You have the voting items lined up in the correct order and have three options, for, against, and abstain. All resolutions that require your approval are now open for voting, and it is advised to vote on all items whenever convenient, now or as the meeting progresses. There is no need to wait until the resolution is being presented, and you can change any or all your votes as long as the system is active. We will deal with each voting resolution at a time, and I will close the voting for that particular item shortly after the resolution is presented. Again, do not worry. I will guide you through each step of the process and as the agenda progresses. Once the voting is closed for each resolution, we need to give ample time, approximately 30 seconds, in order to consolidate the results before they are presented, and then we move on to the next agenda item. In the unlikely event of any technical difficulties occurring, I ask you to bear with us. My next formal task is to assess whether this AGM has been legally convened to constitute a quorum for the purpose of transacting business. According to Article 418, shareholder meetings shall be announced with a minimum of three weeks' notice. The AGM was called with lawful notice by advertisements in newspapers, radio, and online media. In the new systems of Nasdaq Iceland and Euronext Amsterdam on 11th February, on Marel website 11th February, Morgunblaðið newspaper 12th February, Fréttablaðið 12th February. Letters were sent out to known shareholders following the convocation, and further announcement was sent out in the new systems of both stock exchanges, Nasdaq Iceland and Euronext Amsterdam, on 2nd March with final agenda, final proposals, and director candidates. Additional advertisements have been broadcast in Ríkisútvarpið's radio station for the past few days. Thus, the condition of Article 411 of the articles that the shareholder meeting is lawful if the meeting has been lawfully convened is hereby satisfied, and that we have a quorum. The total number of shares in Marel hf is 771,007,619. Thereof, the company owns 14,946,082 treasury shares, which do not enjoy voting rights. Thus, the shares outstanding at the record date, which are entitled to vote at this meeting, consist of 756,061,537 shares. I have also noted that this meeting is held within the timeframe stipulated by Article 412 of the articles, which is within eight months from the end of the financial year. I declare this meeting to be duly convened for purposes of transacting such business as may properly come before it. We will now proceed with the formal business of the meeting. The agenda and all lawful proposals have been accessible both in English and in Icelandic on Marel's website since the meeting was called, with regular updates as deadlines have passed. Also available to you on the website are copies of Marel's consolidated financial statements for the year 2021, which were published on February 2, 2022. I do want to point your attention to other items on the AGM website, such as summary of ownership and voting rights, information of director candidates, and information on shareholder rights, among other things. As you may have noticed, the meeting is conducted in English, but I stress that questions and comments can, of course, be made in Icelandic. I ask those of you who already have the intention to ask questions or make comments regarding any of the agenda items to notify us and send comments through the Lumi AGM platform, so I can fit you into the business of the meeting. You also have the option to dial one of the numbers provided on the information screen in the Lumi AGM portals, as mentioned, and ask questions or make comments verbally. In accordance with Article 428 of Marel's Articles of Association, a majority vote determines outcomes of at shareholder meetings, unless otherwise stated in the same articles or by law. Proposals receiving an equal number of votes are rejected. A decision on amending the Articles of Association will only be valid if it has been approved by at least two-thirds of votes cast and approved by shareholders who control at least two-thirds of the shares represented at the shareholders meeting, as stipulated by Article 12.1. Now, to ensure good progress during the meeting, I propose any comments or questions related to agenda items two, three, and four are bundled together once all these items have been presented and discussed. The first order of business is the report of the Board of Directors on the activities of the company during the preceding year of operation, to be given by the Chairman of the Board, Mr. Arnar Þór Másson. Let's take a look at a company-wide challenge that we called Move the Globe. Whether it was a trail run in the green hills of Thailand, a bike ride to the office in Copenhagen, or a swim in the ice-cold Atlantic Ocean off the coast of Iceland, Marel colleagues around the world made every step count to collect enough kilometers to cover over four laps around the globe and raise a total of EUR 250,000 for the International Red Cross. Bringing together the expertise and knowledge of organization like Red Cross and the power of companies like Marel, we approached the Marel leadership with the idea that we could work together on various humanitarian issues through financing, awareness, volunteer contributions, and knowledge. We can do much more together to have a real positive impact on communities. Move the Globe was a company-wide challenge that united all 7,000 Marel employees in over 30 countries in a shared mission to raise funds for International Red Cross. We may sometimes feel like the global challenges we face, such as climate change and humanitarian crisis, are overwhelming. By working in partnership across sectors, those challenges become something we can tackle. It is important that companies think about actions like this. Marel already makes an impact through its food processing innovation and goes beyond that and extends knowledge, time, expertise, and financial resources to support people and the environment with projects like Move the Globe. I think that this kind of partnership, like we have now between Icelandic Red Cross and Marel, it helps and serve as a inspiration for individuals and companies who want to make difference. We can do it. We have been very proud working with Marel. I would like to give you an example what we've been doing. In Malawi, we built water wells. We have managed to improve food security in South Sudan, and we supported refugees in northern Brazil. It was great to participate and contribute to help people who are arriving in my country in a vulnerable situation. Taking part in Move the Globe raised a feeling of union with my colleagues across the world. Nice motivation and extra incentive and encouragement to find a way to add some activity to every single day and improve the health. All these projects have been very successful and as well needed. Everyone's contribution counts and can make an impact. Together we are stronger. Dear shareholders, I would start by stating our position on Russia's invasion of Ukraine on February 24. We are appalled by the military actions of the Russian government in Ukraine. Furthermore, we have taken the decision to pause all new projects in Russia. We express our deepest condolences to those affected by the violence. We have already donated EUR 250,000 to provide access to humanitarian aid, including food, water, and shelter in Ukraine. Our heartfelt thoughts are with the innocent people caught in the midst of this war. Let me now turn to 2021, a year when market conditions were challenging due to the COVID-19 pandemic that has now been with us for two years. This is longer than anyone could have thought when we started in early 2020. At the end of last year, the Omicron variant posed short-term challenges on operations, for example, with increased absenteeism at the end of last year and in the first months of this year. We are now hopeful that we're seeing the end of lockdown and restrictions that have impacted all our lives. I firmly believe that the post-pandemic world offers a real opportunity for Marel to carry on transforming the way food is processed. Our long-term prospects remain intact. We are on a mission to transform the way food is processed in partnership with our customers. The need for transformation is undiminished in the quest to feed the rapidly growing population of the world. The Board of directors of Marel are proud of how the Marel team has reacted to the challenges and demonstrated leadership and agility. At all times, the team has put the safety of our people at the forefront in our response to global and regional challenges. In 2021, we witnessed strong demand for Marel solutions, software, and services, as the need for automation and digitalization in food processing accelerated. This was intensified by labor shortages and dynamic shifts in consumer behavior. The shifts in consumer behavior calls for more flexibility and agility from the food industry to match consumer demand. On top of this, we saw increased focus from customers and regulators on sustainability in food production. These are all forces that are driving further transformation in our industry. Let me assure you, Marel is on top of these macro trends and has proven to be a reliable partner for our customers. Marel enjoys a balanced exposure to global economies and local markets through our global reach, innovative product portfolio, diversified business mix. This will enable us to push forward out of the pandemic and help us navigate the current geopolitical tensions. Our 2021 financial results were mixed, with orders coming in at record levels. We saw an increase in revenues but softer profitability. Continued strong cash flow supports investments in infrastructure, innovation, and our growth strategy. Our CEO will give more color on the financial statements and operational and new operations in his report later on. Marel's financial position remains strong, and in line with our capital allocation and dividend policy, the Board of Directors has proposed today that a dividend of EUR 0.0512 per outstanding share will be paid to shareholders, corresponding to approximately 40% of 2021 profits. The Board of Directors is committed to growing Marel in the years ahead and sees opportunities to do so in poultry, meat, and fish, and other foods as well. For the period 2017-2026, Marel has targeted 12% average annual increase in revenues through both organic growth and acquisitions. There is clearly work to be done. Compound annual growth rate 2017-2021 was 7%. Due to catch-up effect from the past years and strong tailwind in the market, we believe that the market growth in medium term will be at a level of 6%-8%. In the years ahead, we aim to grow faster than the market, and we will capitalize on our continuous investments in innovation of 6% of revenues, our global reach and regional structure, our cutting-edge digital solution, and strategic acquisitions. Speaking of acquisitions, since 2016, Marel has deployed EUR 620 million in high-quality acquisitions, and we aim to keep going. Our key rationale when acquiring companies is shared values and vision, strengthening line offering, improved quality product portfolio, and better market reach and customer engagement. Marel sees acquisition as means to enhance our strategic pillars that are customer focus, best-in-class product, and world-leading technology, and our people and culture. There is still consolidation opportunities in our market, and strategic acquisitions will help stimulate organic growth going forward. During 2021, Marel took strategic moves to gear up for growth. We developed new breakthrough innovation, we invested in our global reach and manufacturing facilities, and we completed bolt-on acquisitions. Long term, we see the need for Marel's innovative solutions, software, and services to continue to rise, and we will be there on the ground with our customers in all regions of the world. In Marel strategy, digitalization and sustainability are interlinked. Marel software and advanced solution enable Marel to transform the way food is processed for the benefit of the company's customers, consumers, and the environment. Our digital solutions help Marel evolve and grow by using more proactive and predictive services to help our customers on their sustainability journeys. Digital transformation and digital products are key for Marel to succeed in reaching our ambitious goals of 50% revenues in combined service, spares, and softwares in 2026. Marel's digital vision is to be the digital partner of choice for the food processing industry. By providing best-in-class digital products and platforms, we help our customers meet the increasing demands for quality food produced in a safe and sustainable way. In 2021, Marel invested in further developing the Innova software and other digital products. Marel is currently deploying new digital services in areas such as predictive maintenance, remote support, and performance management. Digital transformation is also a big part of making Marel leaner and smarter as a company, and we have been investing in digitizing our own operations. For example, Marel has accelerated plans to increase remote support using augmented reality, online demos, and online training. In 2021, we also continued on our sustainability journey. Sustainability is at the heart of what we do and is an integral part of product development and innovation. By creating impact through innovation, we are, with our products, services, and software, an enabler of change in the world of food processing. Marel has all the ingredients to be a key partner with its customers on their path to a net zero and a more sustainable food production. We are continuously focusing on creating new methods to improve yield and minimize waste. By doing this, we can help our customers reduce the use of scarce resources such as energy and water while promoting food quality and safety, traceability, and animal well-being. At the end of 2021, Marel published an ambitious sustainability program with environmental, social, and governance target. We also announced that the company has set the ambitious target of becoming net zero by 2040. I could go on and give you all so many more details around our global growth plans. Instead, let me point you to our website, where you will find our 360-degree mini-series of Capital Markets Day events, which were recorded in November and December last year. In these excellent bite-sized presentations from our key management leaders, we focus on our growth ambition, our global reach, our digitalization program, and sustainability. As a bonus, we also gave a tour of our headquarters here in Iceland. I am confident many of you will have followed these events at the time. If you haven't, then I would urge you to watch. All the material is available on our website, marel.com. Now please let me update you on the role of Marel Board and the work of it last year. The Board of Directors has convened 22 times since last AGM, and our three subcommittees were all active during the term. The Board has regular meetings without management, and I and Vice Chair Olafur S. Gudmundsson met with 18 shareholders and reported back to the Board on those meetings. These discussions with our shareholders are invaluable, as they give us real insights that make us better able to serve our growing owner base. During the past year, we have done some changes to the Board of Directors. In our recruitment of new members, the aim has been to ensure the right diversity and set of competencies are present at the Board level to meet future challenges of Marel. All directors, new and old, are expected to have some professional knowledge and experience and be able to actively contribute to the Board work. We had an external evaluation of the Board in 2021, and the result is that the Board works well together. Processes are good and that the work appears structured and targeted. Some improvements points were raised, which we will be addressing in our work in the coming months. We have seven Board Directors that are of four different nationalities, residing in six different countries, and the gender ratio is 43% female and 57% male. Last term, the board members were as follows, and you can see them on the slide here. It's Ton van der Laan, who is member of an Audit Committee. Ann Savage, who is also a member of the Audit Committee. Svafa Grönfeldt, she's the Chairman of the Audit Committee. Olafur Gudmundsson, who is the Vice Chair and member of the Remuneration Committee and the Nomination Committee. Lillie Li Valeur, who is the chairman of our nomination committee and also a member of remuneration committee. Ásthildur Otharsdottir, member of the Audit Committee. They have all decided to make themselves available for another term, and I am privileged to lead this diverse group of people committed to the well-being and future of Marel as a global leader in the food industry. Finally, on behalf of the Board of Directors, I would like to offer my sincere thanks to all Marel employees for their dedication and flexibility through a difficult period and overall contribution to our progress in 2021. The Board would also like to thank the CEO, Arni Oddur Thordarson, and his team for their leadership. Last but not least, I would like to thank you, our shareholders, for your continued support. Thank you. We want to be easy to do business with, responsive, reliable, and trustworthy. Our dedication to create and nurture the customer relationship has proven its case over and over again. We aim to be the maintenance partner of choice, and by establishing a strong relationship, we build trust to cross-sell and upsell. This is one of many things that we have focused on in China, a market in rapid development. Let's listen to Denver, our regional president in China, in terms of what we have done to prepare us for the future. Thank you, Ulrika. The Chinese food industry has been undergoing significant transformations in the last two years due to an increase in disposable income of the Chinese consumers, but also unexpected events such as ASF and COVID. We see a surge in industry consolidations and integrations, and also the emergence of new business models, processes, products, delivery methods, and dietary preferences, oftentimes empowered by e-commerce and digitalization. In China, animal proteins are more diverse, and for Marel, it is an attractive market for new species. China accounts for three-quarters of the global duck production, which is largely handled manually today, so the gains within automation and modern processing are very high. With the recent acquisition of PMJ, we now have first mover's advantage for this market. Location is also key for us in China, and we are very proud of our sales and demo center in Shanghai that just opened on 8th November. Our demo center serves two major purposes. First, to showcase our top-notch product and digital solutions in action to help our customers on decisions that are outcome based. Second, we also use this facility to co-create new food products together with customers, with emphasis on developing commercial solutions for traditional homemade Chinese cuisines. We also take pride in supporting our local customers to develop, sometimes in an extremely expeditious manner. Marel is well poised to make sure we continue to partner with the industry and support our customers in achieving this goal in an affordable, safe, and sustainable manner. Thank you, Arnar. We now move to items three and four on today's agenda, CEO's operational report and submissions of the annual accounts of the company for the preceding year. Mr. Arni Oddur Thordarson, CEO of Marel. Thank you, Árni, and good afternoon. Nice to be able to connect with you today, shareholders here. Arnar as well, thanks for the nice words toward the team, Marel, and I can echo them throughout. Very proud of the accomplishment, the unity, and excellence. We are as well guided every single day with a clear vision and strategic direction, and the cooperation has been great. Let's go through. Before I deep dive into how we align execution, so we can execute and crystallize our strategy and vision, recap the growth drivers. We are in the center point of pole position even in those growth drivers due to continuous innovation in the past. Then I will deep dive into, like, our global reach and our investment in last year because it's an operational report, and then I will go through the accounts. To recap, there are two mega trends: population growth, rising middle class. Additionally, at the moment, there are three key drivers that are accelerating the growth. Labor scarcity is at a level that we have never seen before here. If you look at mature markets like U.S. or developed markets like U.S., base salaries in the factories have increased by 25%. In three years' time, a turnover rate of employees has gone from 20%-40% on average. The need for automation is clear, more ergonomics, more safety, and et cetera, in the factories. What is maybe even more interesting, astonishing to see is how the market channels for food are changing. In recent two years, we have seen 100% increase in U.S., in U.K., and explosion in China in e-commerce, home deliveries of food, while as well requirements in shopping in the supermarket for constant quality, well-balanced diet, high nutrition, safe and sustainability has never been so high. We solve this with robotics, sensors, and seamless flow. Sustainability after the pandemic and current challenges, many thought that would slow down. What is sustainability? It is less resources to deliver the same or more. It has never been as important to reuse energy, reuse water, get the yield up or reduce the waste. Talking about as well green financing, green reporting and et cetera. I said, guided by clear vision every single day and strategy. We formulate our business approaches around three key pillars. The customer focus and effortless business. The demand is changing. For instant delivery of spare parts, you want to know it in a split second when it will arrive and when we will deliver it. We are building up as well the global network that is a key differentiator factor, continuous innovation, best-in-class products, being pioneers in the digital journey. Finally, but not least, our people and culture. I will touch on this as well in our acquisition story. It's not only about the organic growth. Let's deep dive into what Ulrika and David were talking about, being close to the customers. You saw we are led in China by a Chinese leader. Furthermore, the whole team is Chinese. We are doing the same in Latin America, all over the globe, the U.S., and so on. We took an operational special initiative that I would say was a very forward-thinking. In the middle of the pandemic, beginning of last year, we stepped up our global resources in sales and services, local services, with focus globally on consumer-ready products and special focus on Asia and China in ramp up closer to the customers. This was a key to be able to engage with the customers, more important to seal the contract, install, and the aftercare services. Global manufacturing is the mirror as well, or even global supply chain, delivery of spare part, our single biggest investment now, and as well the manufacturing footprint. To cast special light on, we are in Slovakia, China, and Brazil with our growth platforms. Important now for sourcing and delivering to be close to the customers in, while the logistic cost is as well delaying factor and as well the cost there. Best-in-class products. We will always be reliable and pioneers in what we do. 6% every single year, we want to do it through partnership with our customers, just like the foundation of Marel was in very beginning. Find out what is the critical pain points or acceleration points for our customers. We do as well strategic partnership, like with Tomra, when we are now announcing the Spectra, finding plastics in addition with the bones in line ESG center, and we have a proven track record in those fields. A little bit to deep dive into the digital journey. It's very important that we interconnect even before the processing steps and to delivery. If we focus on our arena post-farm to dispatch, its traceability, food security, reducing the CO2, and impact on nature, eliminating waste that is way too high still in the value chain, and change our industry into a demand-driven one, both for sustainability and as well to create higher value for our customers and reduce the waste. I was touching on what are the biggest and most important drivers for our organic growth, our people, our product, and our infrastructures, effortless business, and to capture the market opportunities, being close to the customers and understand what's going on. It is the same in acquisition. Our global reach and digital platforms are the key attractiveness for the counterpart that are discussing with Marel, in addition with our vision and shared values and so on. Those are the key factors. We are now intensifying our acquisition growth, and let's deep dive a little bit into how we see the acquisition growth. Last year, as many of you have said, when are you going for the large acquisition? We took on very important acquisition. Like Denver was talking about in China, 75% of the total duck market. To give you once again insight, the metric tons in the duck market is twice the Atlantic salmon. It is very immature in sophisticated solutions and services to it. Many of it was manually displayed due to the open-air markets on the farming side. It's moving on fast-forward, and here we are starting to deliver the first full lines into the duck markets and much more to come. I'm very pleased with the team. Thrive acquisition is maybe a typical acquisition where we are focusing on EUR 80 million in revenues, very good margins, and we achieved last year cross-selling, upselling, increasing the revenues, enhancing our margins. Now a little bit later on the beginning of this year, we are making a chain in the fish from the very beginning post-farm or from the sea to the delivery or to the shelf here, technically enhancing our roadmap and our solutions for our customers. Behind the scenes that we have not talked a lot about before, we are as well formulating our business areas or business units. We have established new retail and food service business unit that is both to enhance, speed up the sales and delivery of standard equipment, standard solutions out in the market, but it is as well our main acquisition platform. We can become a plug-and-play in the acquisitions going forward. Maybe we should get a video on an example of how we do acquisition and then I go to the formalities. It's the submission of the accounts. The Sulmaq integration has been very successful, where we've been able to drive 12% annual growth since the acquisition in 2017. Sulmaq's strong market presence in Latin America has really delivered. For example, we sold a big greenfield project to FRIMESA, which will be the largest and most advanced pork processing plant in Latin America. There, we really showed the full strength of Marel. Let's hear more from the Ross brothers, who are the former owners of Sulmaq and now current team members of Marel. Well, Sulmaq started its activities in 1971. Actually, Sulmaq was founded by my father. Of course, after some years, the process started to grow and Sulmaq was supplying everywhere in Brazil and later in Latin America. For me, it's proud to be part of this kind of company. As many colleagues already asked to me about my experience that came from to be a owner of the company, now executive, no regrets so far. It's a very amazing journey. Yes, very good. A lot of learnings. In my opinion, the chances to grow the career, chances to learn, to make courses, and to go deeply in some fields are much more higher right now being part of a multinational company that has a big drive to grow. In addition to what Fernando and Julio said, Marel I believe uses the most modern and techniques in order to train people, to make the people happy working here. We still keep the Sulmaq portfolio to like a base, but we complement a lot with all this portfolio that Marel brought. Everyone in this market, including us, recognize it, and knowing very well Marel is a strong company here in Brazil and Latin America. Back again after the nice video from the Ross brothers. It's amazing to see how people can adapt from being former owners into becoming part of our organization. This is what I was talking about, shared cultures and complementing offering. It's going really well, and I always enjoy visiting them and the team in Brazil. Back to the formality. Like I said, very strong growth drivers. You don't capture it if you don't have proximity with the customers. You are close to them. Order received up by 22%. It's above the market growth. We are in pole position with the right solutions at the right time and able to display it in front of the customers. Revenues are 10% up. They are a little bit behind in the ramp-up. Part of it is logistical challenges, but naturally, usually. Three to four quarters after order intake, it turns into revenue. It's due to our business model that greenfields take nine to 18 months to deliver. We turn this standard equipment faster and even faster in the spare part and the aftercare. Operation performance is not where we are used to. Our muscle memory is around 14%-15% EBIT. We are having 11% EBIT last year in our operation, and 13.5% the year before. 11% up to 15% of from 15% to 11% is mainly due to two main factors. The first one is what I like even more is our own decision, where we ramp up the sales and service coverage against lower revenue than the order intake. Then the order intake converts into revenue in the coming quarters. There is a clear path that we will cover the sales and marketing cost and other OPEX costs in line with our targets. The other factor is the logistics challenges out in the supply chain. The cost and inefficiency when our parts don't come at the right time, and we deliver at the right time to the customers. Not always, but in most of the cases. As well, the inflation in the market, and we admitted that we were a little bit too late to increase the prices last year. However, we moved now to more dynamic prices. In third quarter last year, we increased the prices on average 4%-6%. We increased it as we are used to in beginning of this year, in beginning of January, and we did it again in March. If we look at our downstream players, the supermarkets or other distribution channels, our customers, they have been either protecting or enhancing their margin in this situation. That is completely reverse with the situation in 2013 and 2018, and we believe we have the pricing power, and we simply need to be more dynamic here out in the market. We are as well sharpening our business, taking on many profit improvements that we could see as well with announcement and change of executive team last week, and we will move on with more initiatives here. To summarize, we are having EUR 1.4 billion in revenues last year, EUR 1.360 billion. I look more at the run rate of EUR 1.5 billion in order intake or EUR 400 million in order intake last quarter. This is a run rate of EUR 1.6 billion. We are well diversified geographically, and we are having 40% aftercare revenues. This is the nice thing about how we have been developing our model. To recap, 2005, 10% aftercare revenue, now 40%, we can get more. That's why we didn't only ramp up the front end in China, Asia. We are ramping up as well our service capability and investing in the back end. Proud to be part of 7,000 pioneers, as we call all of us here in Marel, and we are eager with passion and dedication to move forward. We have here the formal income statement, and I even like to color it more with our next sheet and compare our result with our targets. You see here our operating cost, excluding R&D, is 19.4%. R&D is 6% in line with targets. Our target is 18%. Our operating cost compared to order intake is below 18%. We will continue to be out in the market. We have opportunities to streamline and sharpen the focus for speed of scale in the back end that we are starting now. The gross profit is 36.6% compared to historic of 39% and target of 40%. This is a clear target for next year. If we compare the year 2023 with the years of 2017 and 2018, when we had 40%-50% EBIT, the quality of earning is much higher next year. Now we are taking the dynamic pricing, taking on many investments that go through the P&L when you are preparing it, and it converts then later on into higher investment. We don't adjust like many other companies for the reshaping initiatives or investments. You can best see it with our cash flow, where I will touch on later. While our EBIT is 11%, our operating cash flow is 15.5%. If we exclude for inventory buildup, it's even 17.5%, the operating cash flow. The balance sheet. There is increase in property, plant, and equipment of EUR 30 million. That will continue to increase. Now we are seeing a period of four years where we ask the customers are stepping up investments. I'm very pleased to get Linda Jónsdóttir as COO to synchronize those investment across the functions. Furthermore, welcome Stacey Katz into the team as a CFO with a lot of experience inside Marel. I simply wouldn't trust anyone else better for this journey, and it's very, very important when we are going from 2%-3% investment to 4%-5% in next four to five years, and you better do it right. Same as our customers are doing that you can see in the increased order intake. Another thing that is coloring the asset side in the balance sheet is the safety stock. It's up by EUR 70 million when you read the accounts. We increased it on purpose by EUR 60 million, and then we acquired companies that are EUR 10 million. Just to help you read a little bit our accounts. We as well added safety stock last year, both due to inflation in those stocks and availability. I'm very pleased that we utilized our financial to be able to deliver. On the right side, on the credit side of the balance sheet, I want to especially highlight our debt, our leverage. It is 1x EBITA, the leverage. Some companies talk about bank leverage, but that is the covenant. I can assure you that's way below 1x. This gives us, alongside the committed financing, quite a lot of firepower in the consolidation going forward. Simultaneously, I'm very pleased that we didn't use our firepower in recent two years when the financial markets were high, and even though interest rates were at zero, then the, in some cases, price expectations were going out of hand. It's excellent timing to go into horizontal and vertical acquisitions at this point in time. We are investing for growth using robust cash flow. Like I said, our operating cash flow is 15.5% of revenues, lower than we are used to, but cash conversion of operating cash flow compared to EBIT, as we reported, is a very nice ratio. Even when you take into account that we built up safety stock, you could justify that it was 70.5% underlying operating cash flow. Overall, operating cash flow EUR 212 million compared to EBIT of EUR 153 million. We are deploying this to pay dividend, like this will be proposed. We are deploying this to strengthen our infrastructure, and we were deploying it for our bolt-on acquisition last year that didn't move the needle in the leverage. Our targets remain unchanged. We are going for our growth avenue, reaching around EUR 3 billion in revenues in 2026. Bear in mind, that is not the most important number. The number is enough scale to grow with our customers. We grow with our customer. Simultaneously, we give our people opportunities to grow with us. To be able to be one-stop shop in Asia, in China, in LATAM, like we are in U.S., in Europe, delivering aftercare software solution in addition with the greenfields, we simply need this size. As well, there are opportunities in organic growth through our. As I have explained, there are immense opportunity in acquisition growth in companies that are typically EUR 30 million-EUR 250 million in revenues, many of them focusing on niche part of the consumer ready, but lacking our global reach and lacking our digital platforms. It stays intact. 2023 16% EBIT target. It's too soon to tell if we are talking about the whole year or the run rate in back end of the year. Bear in mind with us that we are having the Omicron now in January, February. Just like I told many of you I met you, after the first quarter, we were expecting a peak of the pandemic in December, January, February, and hopefully we would start to see less absenteeism in March. We asked our people to take care of themselves. Sudden events that are disturbing now as well the global market. We are well prepared. There are opportunities out in the market, but we will deep dive more in that in first quarter, and I believe it's more appropriate as well to go there. As you hear, we are having a great passionate team, and we are ready for the growth journey. It's not only enough to be financially ready. We believe the organization readiness is there, even though we go for refining, streamlining, more speed and scale than the overall business model, and our people is ready to support the acquisition journey. Acquisition is to speed the organic growth, serve the customers better, and make shareholders and other stakeholders happier. Let's go into video about the impact of innovation. I hope this gives a clear picture on the accounts. I like more to color what's behind the scenes in the accounts because everybody can read the accounts themselves and give a color and flavor how we think about it. We are obsessed with cash flow as well and future cash flow. As you can hear, I don't know how often I talked about cash flow and our people and our infrastructure, but that's our main metrics. How can we enhance the future growth in the cash flow? Thanks. Cranswick is a pioneering example of how vertical integration across the value chain goes hand -in -hand with the sustainable food production. Cranswick is a leading innovative British supplier of premium fresh pork and poultry products. The company was started by farmers in 1975. In the 1980s, Cranswick moved into food production, bringing the U.K. one of its first farm-to-fork offerings. A long-standing customer of Marel, Cranswick operates its own feed mills and farms, as well as pork and poultry processing plants that turn fresh ingredients into ready-to-eat products. Their state-of-the-art production facilities enable them to create exceptional food experiences that customers love and trust. Marel has been a strategic partner to Cranswick in building such facilities, fully equipped with automated digital solutions. In 2019, Cranswick opened its high-tech poultry facility, capable of processing 15,000 birds per hour. They set a new record in processing speed with fully integrated lines from Marel. Most recently, Cranswick built a world-class convenience factory that is equipped with all the latest technology from Marel designed to make products for the ready-to-eat and ready-to-cook markets. Through close partnership, Marel and Cranswick continue to set new standards in terms of quality, affordability, food safety, and sustainability. Thank you, Arnar. I would now like to call for any comments or discussion, points from you on the report of the board of directors, the operational report, and or the annual accounts. As I stated before, comments and questions can be made either in English or in Icelandic. You know the channels, it's either through the Lumi AGM app or through the phone lines. We don't have any comments or questions at this point in time. It is proposed that the audited annual financial statements of Marel for the year 2021 is confirmed. This is the first voting item on the agenda. As described earlier in the meeting, voting for all items are open. As each item will be dealt with, we will reduce open voting items one by one. There's a question from us whether anyone needs or requires technical assistance or assistance of other kind before we formally start the vote. Please alert us if that is the case. I just wanted to give you a quick update on that the total voting capital represented at the meeting is now approximately 70%. If you haven't already cast your vote on the items that I've mentioned, it's the voting item four, submission of the annual accounts of the company for the preceding year for confirmation. Please now press the appropriate option. You have 30 seconds remaining to cast your vote on agenda item four.