Ladies and gentlemen, good morning and very much welcome to the Q4 presentation of AKVA group. The agenda for this morning is that I will do the highlights and the outlook. Ronny Meinkøhn, the CFO, will do the financial performance, and then we will have a Q&A session. I kindly invite you to post any questions you might have during the session. First of all, highlights for the Q4, high market activity, and we saw limited impact from the COVID-19 restrictions. Also, as earlier announced, we completed a private placement of NOK 321.7 million back in October. We are now issuing a dividend of 1 NOK per share to be paid later in the quarter. We are making considerable progress on our innovation and digital agenda, and I will make some more details later on. Starting with the high level numbers for Q4, revenue came in at NOK 831, which is representing a pretty high activity level. I'm also glad to say that we see a pretty positive momentum on the back of that also into 2022. EBITDA came in at NOK 61 million against NOK 54 million last quarter a year ago, and EBIT NOK 19 million versus NOK 9 million. There are some specifics for the quarter to be provided, and the CFO will give you an update on that one. The full year numbers, turnover of NOK 3.1 billion, pretty much in line with last two years. Please bear in mind that we had a very soft start of the year and a strong closing when it comes to the quality of the revenue. EBITDA for the year, excluding the cyber attack cost of approx. NOK 50 million, came in at NOK 302 million versus NOK 338 million a year ago. The EBIT of NOK 120 million, still excluding the cyber attack cost, versus NOK 147 million a year ago. As we have reported throughout the year, there have been quite some headwinds and negatively impacting and affecting our EBIT as such. I have to make the statement that certainly we are not pleased with this performance, but I am pleased with the commitment and engagement demonstrated by all our employees. We expect 2022 to be more like back to normal and once again with a very strong momentum into the year. Part of the background for the strong momentum is certainly the very strong salmon price. Our business is a kind of at high level and at trend level somehow correlated with the salmon price. Demand is higher over time when salmon price is a strong one. That's something we have seen. Currently we have a very positive trading environment there. Salmon price is really north of EUR 70. People are even starting to talk about EUR 80. This is fueling the activity level and demand within our sector, the technology sector. Part of the picture is that HORECA, hotel, restaurants, catering is coming back again. Also that the consensus between analysts is that there will be a very low supply growth for 2022, even down to 0% the growth the people are talking about. Expectations for a strong salmon price for the year is really there, and that is giving a positive momentum for us as well. Solid order intake for the quarter 20 versus a year ago, because there are some seasonality in it, 15% higher. However, no new land-based contract for the quarter. In that context, I have to say that we have a number of final offers within the post-smolt segment in Norway, which we expect to be concluded during first quarter. The order backlog is still a healthy one at around NOK 3 billion. Sea-based is pretty stable. Land-based is a strong one, also including AquaCon, which is pending financing. Spending some time on a more strategic update, how we see the trends, based on recent development. Starting with the long-term trends, how we see the salmon world into the year 2030. First, looking in the back mirror, the industry did grow with 1.1 million in the last 10 years, which is representing a CAGR of 6% year-over-year. One thing is percentages, another thing is tonnages. We believe that conventional salmon production, sea-based production, will max grow with the same tonnages, around 1.1 million tons. That is representing a CAGR of 3%. However, if you look at the demand potential, that is more like a 5% CAGR without impacting the salmon price negatively on EUR 6+. What you see between what we think is a realistic supply on conventional versus the demand potential, you see a potential supply gap there on almost 1 million tons. Another way of seeing the same thing is this picture. First of all, the demand expectation on top, the 5% CAGR, and then conventional in the middle, and conventional here is excluding offshore and also certainly land-based. There we believe that 3.2% is in with the volume increase as such. The interesting piece is the post-smolt. Here we have an updated, we have updated overview on what the market is gonna look like. Recently, we have been talking about a post-smolt of a high scenario, like 400 gram. 400 gram, to get to 400 gram, you need to invest roughly in 160,000 ton in new smolt capacity. Now we have the view that the post-smolt market and the size of post-smolt will more grow in direction of one kg over the next 10 years. Then the market behind that is more like 300,000 ton. Why do we believe that? Because we believe that the post-smolt concept as such is a very proven one. Over the recent years, we have been seeing the first investments, and now also now very recently, in last one or two years, we have been seeing biological results coming out of those investments. They are very impressive, generally speaking. One reference here is the customer we have in south of Norway, in Rogaland, Tytlandsvik. Tytlandsvik Aqua, they produced 3,000 ton of post-smolt last year. That's based on AKVA RAS technology. They produced on average a fish of 750 gram, and they had less than 1% mortality and a FCR of 0.87. Those are compared with the sea phase; they are very impressive numbers. That's why we believe that a proof of concept is really there. The most realistic way to volume growth for Norwegian salmon farmers will be to exercise a post-smolt strategy. That's why we have then upgraded our view on a very strong post-smolt market. We will certainly give this segment much higher attention in the coming months and years. Finally on the growth here either that is in North America, Middle East, or Asia or in Europe we believe that the fundamentals are still the same. There is a supply gap to come over the years. Our view on growth is certainly unchanged. We believe that's gonna be part of the solution to close the supply gap. The AKVA strategy for land-based is unchanged, but I can report. I'm glad to report on some very good and nice progress. The starting point is box number one here. That's our base technology, our market leading Zero Water Concept, RAS technology. We are still making steps there to further develop and optimize that one. Maybe in particular in box number two, which is all the kind of surrounding systems like feeding the fish tanks, the fish handling, the cameras and the lights and the sensors and the control systems, I have to say that we have been kind of under-invested there when it comes to driving the innovation agenda. We have really been investing there in the last 12 months. We have built a first-class R&D department with 10 people. What that has brought to us is a considerable progress when it comes to new feeding fit for purpose feeding systems for growing big salmon. The same with the fish handling and also the sensors, et cetera. There we are really making good progress, and we are going to the marketplace in the next few months with new concepts and new solutions. Box number three, we also have a very solid digital team. We have built a lot there during 2021. The visionary perspective of precision farming, now I'm talking still about land-based farming, either post-smolt or big fish. The visionary perspective of precision farming and to completely automate and digitalize the farming of fish in tanks, and that is very much possible, and we are putting a lot of resources into that one. Box number four, also that is well established now. We have three PhDs, which are there to bridge between our technology and the practical farming. They are specialists in fish biology, fish health, and also the RAS technology. They are there to support the farmer in the practical field. We have been investing a lot, and we are making good progress there. That means that we have typically been running our land-based business on a turnover between NOK 400-NOK 500 million in the last years. We expect to see a pretty solid step up already in 2022 and more to be added on in the next few years. Nordic Aqua Partners is mentioned here, and I can report that that project is doing fine. It's on schedule. The egg inlay in the factory in China will take place in the next few weeks. That means that they will get into production. Once again, we will focus even more on the RAS, which is the current post-smolt, with still keeping a good eye on growing. Sea-based technology, that is really our core business. That's the majority of our business. Also there we have installed in place a very solid innovation program. It's basically based on four building blocks. It's about marine infrastructure, and you can see in blue here the different kind of products and value propositions being there. It's about precision feeding to optimize feed conversion and growth. Also here in blue you see the products and concepts we have in place, and it's about digital to support the farming and operation. It's also about fish health and lice solution. I will give one more detailed example on the next page here. We have spent quite some time and resources on what we call a deep-sea farming concept, and there are considerable benefits, we believe, from bringing the fish below, let's say the sea lice belt or the first 10-15 meters. We bring the fish down 15-20 meters in different concepts we have. You see three examples there to the right. The purpose of the whole thing is to avoid or reduce unwanted surface influences like, for instance, the sea lice, the algae and the currents and during summer could be high temperatures. It provides better fish health and reduced mortality and also improved fish welfare and reduced frequency and cost of reactive and lice treatment. At the end of my part, I like to spend some few minutes to explain about our digital strategy, because we have been making a kind of strategic review there over the last six months, and we have concluded that we will invest a lot more compared with what we did in the recent years in the space of digital. This is gonna be a vital part of AKVA strategy going forward. Fundamentally, if you look to the left, the future is gonna be digital and radical changes is truly needed to meet the supply demand with more sustainable solutions. That's the starting point. We have built a new team, I come back to some more details there, and we are now investing both in the space of land-based and, of course, also sea-based. We see three mega trends, here to the right, when it comes to digital for aquaculture. It's about remote operations, precision fish farming, and also business ecosystem. Business ecosystem is about unlocking information throughout the entire value chain. Basically what we have concluded is that, and what we have approved by our board is a three-year plan to invest ballpark NOK 30 million-NOK 40 million annually to accelerate our digital agenda. The reason we do that is because we believe this is gonna be vital for our business. It's strategically important, but it's also gonna provide very attractive returns a little bit into the future. Of course, the investment phase is coming first. A part of this strategy is also to build a top team, a first-class team to drive this development. That's basically what we have been able to do during 2021. We are really stepping up there. It comes also, of course, with higher costs, but also with higher capabilities. The capabilities are truly strengthened. Few examples. We have an entire new digital leadership team. We have been able to recruit the top people from within the industry and also some outside the industry. Also product management is significantly strengthened with new hires. Bottom here, we also have kind of established some kind of specialist resources. Those are the AI people, artificial intelligence, machine learning people. We did not find them in our area, so we have invested 33.67% of the shares in a London-based AI company, and they are working exclusively for AKVA on the AKVA Observe product, which I will explain in a minute. I will just flip over the three key product areas we have. First is about Fishtalk. Fishtalk is about planning, control, and finance. It's a key system for our fish farmers, and I'm also happy to say that of the global salmon production being produced in farms, we have a unique market position there with around 60%. 60% of the salmon being farmed in the world is on the Fishtalk system. It consists of three modules. It's about the production planning, biological control, and also the financial module. The recent development we have had there is now cloud-enabled, is we moved from data silos, which was, of course, considered very old-fashioned by our customers, to open data exchange. We have upgraded a number of solutions. We are doing quite a lot in the coming months and the coming years to improve the solutions. The second one is AKVA Connect, which is basically about enabling precision feeding. It's basically a control and steering system bringing hardware and software, and hardware and systems together, I should better say, and it's based on open data as well. AKVA Connect will enable both, also, I should say, also remote management from multiple locations. There, we have just released a new version. We have very recently entered into the first contract on that basis. That's one of the larger salmon farmers in Norway. The contract is based on a license arrangement providing recurring revenue, and there are 23 sites behind that contract. For us, that is representing a breakthrough when it comes to business model. Then finally, about Observe. Observe is aquaculture powered by artificial intelligence. It's basically a fully automated feeding process utilizing artificial intelligence and machine learning. It's not a pilot. It's not even a PowerPoint, because we have it installed already physically in 30 different sites in different countries, so it's working. Here, a little bit of busy slide, but if you look to the left, just a couple of examples and case studies based on Observe, the automated feeding. One example from Chile was that when we implemented that automated solution, FCR came down with 10% in a site, from 1.18 FCR, feed conversion rate, to 1.06. In another example, we did see some nice growth increase based on this automated solution. That brings me to the very end, the core of our strategy and our strategic guidance. First of all, it's about organic top-line growth. We are investing in operational excellence and have operational excellence programs in place. To the right, as already mentioned, quite considerable investments and step up there in innovation spend, both on the product side, the technology side, but also on the digital side. We maintain our guidance to step up our EBIT 25% year-on-year, and with regards to ROACE, to have a minimum of 15% by 2023. That is very much my part, and I'd like to hand over to Ronny Meinkøhn, our CFO. Please, Ronny. Good morning everyone. I will give an overview of the financial performance to AKVA Group in Q4, and I will start with the consolidated income statement for the quarter and for 2021. The activity level was high in Q4, both with regards to revenue level and market activity. The revenue in the quarter was NOK 74 million higher than Q4 2020 and ended at NOK 831 million. For the full year 2021, the revenue is just about NOK 3.1 billion, a slight decrease compared to 2020. As Knut stated, we had a really soft start into 2021 and a strong Q4, and a good momentum into 2022. EBITDA and EBIT was NOK 61 million and NOK 19 million in the fourth quarter, and the increased profit margin compared to Q4 2020 is mainly related to increased activity level within our sea-based segment and also reduced quality costs. On the other hand, there are some specifics related to the Q4 and the P&L was impacted by costs related to the transaction we had with this new investor completed in October. We also see some costs on wrapping up our digital organization compared to Q4 2020. Last, we also experienced some supply chain restrictions and cost inflations in our sea-based segment, which I will comment in more details later in the presentation. For the full year 2021, the adjusted EBIT is NOK 120 million, which is NOK 27 million below 2020. Please note that the EBIT of NOK 120 million is adjusted for the costs related to the cyber attack of NOK 49.7 million. The higher financial costs in Q4 2021 compared to Q4 2020 is mainly related to unrealized currency loss of NOK 13 million and also reduced share price on our investment in Nordic Aqua Partners of NOK 5 million. The accumulated losses on the investment in Nordic Aqua Partners is now NOK 2.1 million. Overall, we are of course not satisfied with the financial performance in 2021. It was a really challenging year with severe headwinds and significant negative impact, both from the cyber attack and the COVID-19 restrictions. The book-to-bill ratio the last 12 months is 135% with an order intake of NOK 4.2 billion and a revenue just north of NOK 3.1 billion. Please note that NOK 1.3 billion of the order intake is related to the AquaCon project that is still subject to financing. High activity during the quarter and 10% increase compared to Q4 2020, a strong increase within our sea-based segment, but we also see a positive development with increased revenue in both land-based and digital business segments. Looking at the various markets where in which we have operations, the revenue in the Nordic market was close to the same level in Q4 2021 as Q4 2020. The high activity in the Australasia market, that's related to the full grower contract with Nordic Aqua Partners in China, which shows an increased activity in Q4 compared to previous quarters. Also, as we have seen throughout 2021, we have a strong momentum in the market in Europe and Middle East with an increase in revenue of 24% quarter on quarter. Slight increase in Americas. Revenue increased by 2% in Q4 2021 compared to 2020. Please note that this market had a really slow start to 2021, but we saw a gradual increase in both revenue and order intake during the year. On the segments, the sea-based business still represents the major part of the revenue with a share of 78% in Q4 2021, the same level as 2020. EBITDA ended at NOK 61 million, 7.3% in Q4 2021, which is an increase of NOK 7 million compared to 2020, while EBIT was NOK 19 million compared to NOK 9 million Q4 2020, an increase of NOK 10 million. As already stated, the increased profit margin in Q4 2021, that's mainly related to increased activity level and reduced quality costs within our sea-based business segment. However, despite this improvement, we still think that the earnings in the quarter was soft due to costs of NOK 12 million-NOK 15 million related to three specifics. We incurred some legal and financial costs related to the transaction with this new investor that came in in October, Israel Corp. As Knut mentioned, we have invested quite significantly in our digital agenda and capabilities during 2021, including a strong ramp-up of the organization, and of course, this also comes with a cost that have an impact in Q4. Last, we have also experienced some supply chain restrictions and cost inflations in certain products within our sea-based business. Examples include higher freight rates and also cost increases on important components that we use in our production and product assembly. In the short term, these supply chain restrictions, cost inflations make our operations more expensive and also had somewhat negative impact in the Q4 profit. The financial position in AKVA Group is strong at the end of Q4 with available cash of NOK 603 million. Adjusted for the capital increase back in October of NOK 322 million, the available cash was reduced by 30 million in the quarter. The reduction is related to ordinary CapEx activities of NOK 21 million, interests of NOK 8 million, and also payment of finance lease installments of NOK 20 million. Net working capital is close to the same level as in Q3, ended at 11.6% compared to 12.1%. We are still not satisfied with the current net working capital levels and still believe that there is room for improvements. The NIBD EBITDA ratio was reduced from 4.1 - 3.1 at the end of Q4, and the reduction is mainly related to the capital increase of NOK 322 million. Please note that EBITDA is adjusted for the costs related to the cyberattack in agreement with our bank. We have just started the refinancing process of our credit facility with Danske Bank, and expect this process to be completed by the end of Q1. Since we were faced with quite some headwinds with regards to our profitability during 2021, the return on capital employed remains low and was 5.6% at the end of Q4. Despite this slow development, we still think that the ROACE of a minimum 15% by the end of 2023 is achievable, and the target remains unchanged. Dividend, the company has decided to pay NOK 1 per share in accordance with our dividend policy, and the payment will be done in Q1. Then some more details on the financial performance in the various business segments, and starting with the cage-based technology. Overall, revenue and order intake increased by 12% and 15% in Q4 2021 compared to 2020, while EBITDA came in at 7.6% compared to 6.6% in Q4 2020. As already stated, the positive effect we have from increased activity level and reduced quality costs were somewhat offset against by supply chain restrictions and in cost inflations on certain components and materials. The Nordic region experienced both increased revenue of 4% in the quarter and an increase in order intake of 13%. In general, the market and tender activity was high in Q4, and this has also continued into 2022. In Americas, the revenues increased by 13% in the quarter, while the order intake was reduced by 31% compared to Q4 2020. Despite this reduction in order intake, we still see a strong momentum in this region, and this is confirmed by the order backlog that is 20% higher at the end of Q4 2021 compared to Q4 2020. In the Europe and Middle East, they continue a positive trend with an increase in revenue of 28% quarter-on-quarter, and this is mainly driven by high activity in our company in Turkey, and also very strong increase in order intake of 85%. The main part of our OPEX-based or recurring revenue is related to our service stations in Norway. As we communicated in Q1 and Q2, this activity was influenced by the COVID-19 restrictions on importation of labor. The activity has increased in the H2 year and the recurring revenue amounted to NOK 204 million in Q4 2020, a slight reduction compared to Q4 2020. In land-based technology, low order intake in the quarter of NOK 21 million. However, we have now several tenders out in the market and we expect a conclusion on some of them during Q1. Slight increase in revenue by 2% in the quarter and the full grow-out contract with Nordic Aqua Partners is progressing according to plan with good activity during the quarter. EBITDA of NOK 8.5 million, 5.3% compared to NOK 7.5 million Q4 2020. Please note that the profit margin in this business segment is still impacted by costs related to ramp up of the organization, both the innovation organization and the project organization, as we get prepared to take on a higher activity level going forward. Last, digital. Activity level in Q4 2021 at the same level as in 2020. However, we see a significant reduction in EBITDA margin from the high 38.5% in 2020 to 13.1% in 2021. The reduced profitability is a direct consequence of the increased investments in our digital organization and capabilities. We have done a thorough review and these investments are based on a solid business case, and we expect this to have a strong return in the long run. However, in the short term, and also in the medium term, there will be soft earnings in this business segment until we see a positive shift in activity level. Okay. Thank you for your attention. Knut will now continue with the outlook. Thank you very much, Ronny. Just concluding the presentation. First of all, salmon price, as already mentioned, is expected to remain strong, driven by reduced supply, also the opening of the HORECA segment, at least in Europe. The balance here is that we see some more uncertainty related to supply chain restrictions and some kind of cost inflations in different areas. Certainly we have a lot of measures in place there in order to manage and mitigate it as much as possible. In some situations we see more extreme pricing, freight one example, than we have ever seen before. Order backlog is solid and forms a good foundation to execute our organic growth strategy. As already mentioned, long-term fundamentals remains unchanged as presented in our capital market day back in November 2020. The private placement of NOK 321.7 million is accelerating our strategic agenda within all the three business segments. I put some emphasis on the digital solution, and that's really and truly an important part of AKVA Group's total product offering. The company will certainly invest a lot there in order to improve our digital solution, both within sea-based and the land-based technology. That brings me very much to the end of the presentation, and we are now ready for the Q&A session. Please post and our moderator will read the questions. Good. We have some questions. The first one is from Nils Thomassen. Can you share any biological KPIs on how the generations in Atlantis Subsea have performed versus the Norwegian average of conventional farming? I don't have the details in front of me, but generally that fish group went well. We had lower sea lice than in a kind of, let's say normal population for that area. We are closing the project now, but there is quite some, I would call it spin-off technology from the Atlantis project, and that is what we call Nautilus. Nautilus is a concept which is also providing deep-sea farming. Our partner, Sinkaberg-Hansen, they have commercially bought a number of Nautilus solutions from us, sorry, because of the results they did see from Atlantis. The spin-off technology from Atlantis called Nautilus, providing deep-sea farming, is now a commercially viable product. We are selling that in the first place to Synnevåg, just to give some comfort, yeah. Just one more detail on the Atlantis, since that is now a closed project. We have now applied for converting that development license into a permanent license, just for information. Good. The next question comes from Alex Økner. How are you positioning yourself for the potential growth in offshore farming? When it comes to let's say the massive constructions and those large constructions, we don't have that as part of our strategy. Our strategy is to participate. Our core products like feeding, nets if relevant, and also digital solutions. That's what we are aiming for. We are not aiming for being a player in the constructions as such. We think that's a specialist business more suitable for offshore service-related companies. What is our core is feeding and digital concepts and there we are participating. Thank you. We have some question from Carl-Emil Kjølås Johannessen. Perhaps we can take the two first ones in one. What is the reason for the lower D&A in Cage-Based? Should we expect Q4 levels going forward? How do you expect margins in land-based to develop in 2022? Are you being conservative in booking revenues in the startup of the NOAP project? Can you take the first part first? Yes, I can. Go on. What is the reason for the lower D&A in Cage-Based? Should we expect Q4 levels going forward? The D&A in Cage-Based was lower in 2021 compared to previous years. It's three effects, I would say. One is that we have not, if you look into 2019 and 2020, we built some new service stations, so it's not comparable with 2019 and 2020. Also we decided this year we have not put a lot of our. Technical hiccup. Just a second here. Okay. I will start all over again. The question was why the D&A was lower in Cage-Based. I started my answer by saying that if you look into the numbers in 2019 and 2020, they were quite influenced by new investments in service stations along the coast in Norway. We did not have that effect so much in 2021. On top of that, if you look into the innovation, the costs, we have done some less capitalization of the costs compared to previous years. We don't see that the Q4 level will increase significantly going forward. Yes. Thank you. The next question was how do you expect margins in land-based to develop in 2022? Are you being conservative in booking revenues in the start-up to the NOAP project? I can do the first part and you answer the NOAP part. We will see a gradual uptake in the margins with uptake in the turnover. We expect a significantly higher turnover in land-based for 2022 versus 2021. The flip side to the thing is that we are also investing considerably because we really believe in the segment. We have hired a lot more people during 2021 to run our innovation agenda and also strengthen project management at site and contract management. In order to go to the, let's say 10% EBIT target, which has been mentioned earlier, I think that you need a turnover in direction of NOK 1 billion with the current overhead and our investment level. You need to go in that direction in order to get to the 10%. You will see a good step-up in 2022. We hope to see a good step-up in 2022. The last question. The booking of NOAP. The NOAP, whether that was conservative. Conservative. No, it's not conservative. If you look at the somewhat lower EBIT margin, that's more related to the ramp-up of the organization and the revenue recognition on the NOAP project, that's normal like we do with other projects. By the book. By the book, yep. Good. Thank you. We have two more questions from Carl-Emil Kjølås Johannessen. Do you see activity in Chile picking up with record high salmon prices? Any interest in land-based project there yet? In Chile there is a good activity level on, let's call it the normal core products we have. We still see more like bigger infrastructure investments. That is still behind. We can speculate on the reason for that, but there are more political turmoil in Chile than we have seen in the last years. That could be one reason. I don't really know. The larger infrastructure investments, including post-smolt, et cetera, we see that still moving slowly. On the core products, it's a normal good activity. Thank you. Carl-Emil Kjølås Johannessen also asks, when will the equity contribution to AquaCon be paid, and what is the status on the fund that will invest in land-based projects? We have invested $2.5 million. That's already paid. The same, our new owner ILCO did the same thing. Then we have some commitments of stepping up to $10 million each. That's depending on financing of the main round. With regards to this investment vehicle, we have started to see potential investors there, but it's hard for me to give guidance on timing on the thing. Okay. Christian Haugenes has some questions. He, first of all, asks, you state that order backlog is strong, but close to 50% of it relates to one single project. How confident are you that the project ever gets financing? Yeah. I think the stress test question will be whether it's more likely than not. Since we keep it in our view, we are still underlining that subject to financing. Since we keep it, we think it's more likely than not. What is your market share on new post-smolt projects in Norway? When did AKVA last win a post-smolt project in Norway? No, I don't have a hard market share. We are pretty busy these days with a few projects. It's Lerøy, and it's Svarberg, which is under execution. We also are busy with a number of tenders, and we expect those to come to conclusion now over the next one or two months. Yeah, sorry. The question was, when is your market share? Oh. No, I don't have a specific market share. Yeah. Got you. Got you. Christian Haugenes also has one final question. We are already in 2022. How realistic is the target of reaching ROACE of 15% by end 2023? That is still in our planning. Of course, you are punished a lot within the ROACE calculation last year when EBIT is not working like it should. We expect a good step up in 2022, and a further step up in 2023. Then based on our own planning, we will get to the target. We have two questions from Mr. Xavier Checaubart. First of all, while there are no end-to-end suppliers to the aquaculture industry globally like you, but I would appreciate if you could highlight a few competitors across each of your key markets that you are keeping a close eye on. We see different competition in the different segments. In the Cage-Based, the largest player there is ScaleAQ, but there are also more specific players within the net business, but ScaleAQ is a more complete player there. Within RAS or land-based, you see other players there. The name we see a number of places is, of course, Billund, but there are also others. The name and the type of competition is very different from one product segment to another one. Thank you. We also have one more question from Mr. Checaubart. With expected investments in Norwegian land-based farming facilities over the next decade in the range of NOK 12 billion-NOK 33 billion, as you highlighted, how much of it could be a potential revenue opportunity for you? Could you outline your current and future expansion plans to cater to it? Okay. The 12-3 3 was our old view on the market. Behind the max there, if you take that as an example, the 33, it was 160,000 tons. Now we have changed our view to 300,000 tons. The 33 becomes then NOK 60 billion as a total CapEx for investing in 300,000 tons of post-smolt capacity. What is the addressable market for us is ballpark half of that's NOK 30 billion. That is the scope of RAS. The addressable market for us in post-smolt in Norway over the next 10 years, we believe is NOK 30 billion. If you do it quick and dirty and believe it will happen some over the years, then the total market is NOK 3 billion a year. Yes, we have a target internally for what market share we are looking for. That's not something we are guiding on, but we are planning and want to have a fair share of that one, and that's also why we have invested quite a lot in order to improve our capabilities, including our offering within that space. We have much more to offer today rather than just a year ago. Mm. We believe we are really prepared for playing that market now. Good. Thank you. Nils Thomassen has a final question. What is the lead time for you to transfer price increases driven by inflation to customers in sea-based? Yeah. We have different type of products there. Typically, if you take things like feeding equipment, cameras, nets, et cetera, typically we should be able to do back to back. Typically, the lead time is three to six months. Of course, we do not have mechanism to do inflation adjustment on the contract. We sell fixed prices on those kind of products. As a general rule, we are back to back there when we place the order. We have seen a few unwanted surprises there because there are some extremes when it comes to technical components, specifics, within electronics where all of a sudden prices are spiking. We are trying to manage that, and we will probably build more stocks in order to in or. Mm In order to be more in control of the situation. We have also seen some extreme scenarios on freights in a few examples. Generally speaking, we are back to back. On the new land-based contracts we are making, we typically have some adjustment mechanism. Yeah. That’s fine. You can see from the net working capital that we have increased the inventory level somewhat lately. That’s related to this situation to secure the supply. Yeah. Thank you. I don’t think we have any further questions. Okay. I like to say thank you very much for all the questions. More than normal, and that was very inspirational for us. Thank you very much for. Thank you. Thank you for your active participation, and have a nice weekend.