Good morning, and welcome to the presentation of the fourth quarter 2020 for Bakkafrost financial numbers. First, we will have a look at the summary of the fourth quarter, then we will go through market and sales, some segment information, and then Høgni Jakobsen, CFO, will take us through financial and ESG. Finally, I will look at the outlook for the company and the sector as a whole. In the fourth quarter, Bakkafrost harvested in the Faroe Islands 15,957 tons of salmon, compared with 17,930 tons last year. In Scotland, we harvested 9,305 tons compared with 7,925 tons. The feed sale in the quarter were 30,885 tons compared with 28,398 tons the quarter the year before. The raw material sourcing were 71,887 tons compared with 35,180 tons. In general, there was in the feed an increase of operations and in the farming a slight reduction. Yeah, the feed itself was slightly up as well. The revenues were DKK 1,183,000,000 compared with DKK 1,605,000,000 in the fourth quarter 2019. The operational EBIT were DKK 89 million compared with DKK 415 million the year before. The cash flow from operations amounted to DKK -107 million compared with DKK -150 million. Bakkafrost had positive operational EBIT for the Faroese segments, but negative for the Scottish segments. The board of directors will propose a dividend of DKK 3.65 per share for 2020 at the annual general meeting that's upcoming. If you go to the summary of the quarter, the operational EBIT for the full year was DKK 621 million compared with DKK 1,325,000,000 for the full year 2019. For the quarter, DKK 89 million compared with DKK 415. If you look at the margin, for the full year, the margin is 13.2% compared with 29%. If you look at the farming operation, the margin came down from 25% to 12.69% for the full year. When we do the combined Faroese operation in farming and VAP, the margin came down from 27% to 16.65% for the full year. If you look at the quarterly margins, in the Faroe Islands from NOK 28 to NOK 13 or NOK 12.92 per kg, and in Scotland from NOK 3.09 down to -NOK 8.41 per kg. The VAP contributed purely with a margin on NOK 17.05 per kg compared with NOK 11.72 per kg. The FOF segment had a margin on 13.4% compared with 17.1% one year earlier. If you go to the market and sales, we see that in the fourth quarter, in general, there is a huge increase of sales to Europe. For the company as a whole, the increase is from 59% the year before to 74% this quarter. If you look at the Faroese operation, the sales goes from 49% of the revenues up to 59% to the Western European market. North America is normally also a strong market for us. The combined sale in the fourth quarter for the group was 14%, for the Faroe Islands, 20% compared with 23 the year before, slightly down. Asia had the biggest drop on the Faroese operation from 22% to 8%. For the combined sales from 15% down to 5%, that's a huge drop in the quarter. For the full year, we see also a big drop from 21% to 7%, or for the Faroese operation from 23% to 12%. There is increased sale in Eastern Europe again. For the Faroese operation, 12% of the sales in the quarter compared with 12% the year before as well, so it's steady. Year to date, or for the full year, it was 8% compared with 9% the year before, more or less on the same level. If you look at the fresh sales purely, we see that the majority of the sales is to Western Europe, but more or less this is from Faroe Islands, and 32% is to North America. Those two markets are very important for the fresh sales from Faroes. From Scotland, we see that the majority of the fresh sales is to Western Europe, and that is EU and U.K. combined. We see also increased VAP proportion of the sales in the fourth quarter, 43% compared with 24% the year before. For the full year, 47% of the volume was sold through VAP, so value-added products. On the next page, we have an overview on the global markets, the salmon price. We see that in the fourth quarter, the salmon price stayed quite low. Actually, the starting point in the fourth quarter 2020 was more or less the same as the starting point the year before, but there was a very big difference in the development. There were more or less no Christmas sales, or at least in the prices this year. Last year we saw a huge increase in prices, but not this year. On average, the price dropped NOK 14 per kg in the quarter compared with the year before, NOK 58.28 the year before, down to NOK 44.23 in this quarter. Quarter-on-quarter, we see also a drop on DKK 4.20 from the third quarter into the fourth quarter. The prices were low, but as we see on the graph below, there was a huge increase in the harvest, 11% more salmon sold in the fourth quarter 2020 compared with the year before. That's a huge volume increase in a difficult market. On the next page, there's an overview on the origin of the salmon in the quarter. We see a big increase both from Norway and Chile, which are the main suppliers. A global increase on 11%. Europe has an increase on 9%. Americas grew 16%, whereof the majority of that is, of course, from Chile. I can say about the average weight of the fish that Norway had an average weight of 4.3 or 4.27, which is more or less the same as the year before. The feed sales in Norway increased 16% in the quarter. In Scotland, the average weight was 4.4, which is up from 4.3 last year. The feed quantity is 10% also up in the quarter. In the Faroe Islands, the average weight is 5.4 compared with 5.8 the year before. The feed sales in the Faroe Islands was also 10% up. In Chile, the average weight was 5.3, big fish in Chile, compared with 4.7 the year before. Feed sales in Chile was 9% down compared with the year before. If you go to the markets, there is much more fish sold in the quarter, a record high volume in a single quarter, 10% up, but there is a big variation, especially China is taking the dip. EU combined with U.K. grew 13%. The U.S. market grew 10%. Greater China dropped 39%, and Latin America grew 20%. If you look at the full year, we see a similar development where China is dropping significantly. The Chinese market contracted from 134,000 tons in 2019 to 102,000 tons in 2020. Everyone knows that the main reason in 2020 is the COVID-19 development, and that has been very difficult. We saw the first wave hitting us in the first and second quarter, and the second wave in the third and fourth quarter. It seems to be a more optimistic scenario in 2021, where we see good opportunities for the vaccine to make a significant game changer in 2021 compared with last year. We see that the people are also optimistic when there is a revert of the situation that they are going out to eat. We expect that with a lot of new customers in the market, this will be a positive scenario for the salmon market. When we look at the global supply picture in salmon, we see a stable growth around 8% during 2021 from Europe. Around 8% in the first quarter, slightly up in the second, and then down again in the third and fourth. More or less a stable scenario in Europe. In Americas, it's completely different. We are coming from an increase of 15% in the fourth quarter, dropping down to a level of minus 5% in the first and second quarter, and then further down to around 12% in the third and fourth quarter. Combined, this means that the harvest volume in the second half of the year will be more or less no growth. There are some inventories around. We believe that the majority of those will be sold in the first half of the year. Therefore, we foresee a big gap on the supply side later in the year. Going to the segments, our harvested volumes in the Faroe Islands dropped 11%, from 17,930 tons down to 15,957 tons. This is 41% from the north area, 44% from the west, and 16% from the south. In the north, the fish came from Árnafjørður and Hvannasund norður at around 5.6, 5.7 kg on average. In west, the fish came from Gøtuvík, an average weight of around 5.1 kg, and in south from Fróðá, an average weight of 6.6 kg. Very big fish from the south. The cost of the Faroese operation came slightly down to around DKK 20 per kg whole fish at pen site, Danish kroner, versus DKK 18.33 in the fourth quarter 2019. In Scotland, the volumes increased from 7,925 to 9,305, 50/50 from the north and south region. The average weight, around 3.7 kg. The largest fish in the south was from East Tarbert, 4.5 kg, and in the north, the largest fish was from West Strone, with an average weight of 4.8 kg HOG. The cost of the farming in Scotland was flat from the third quarter to the fourth, slightly down from last year. This year it came out at GBP 4.5 per kg fish. The overall average weight in Faroes was 5.4 and in Scotland 3.7. We transferred 5.5 million smolt in the fourth quarter, compared with 5 million the year before, and in Scotland, 3.9 million compared with 5.7. The average weight of smolts in Faroes increased up to 343 g, compared with 196 g the year before, so a significant increase of smolt weights in Faroes. This development will continue in 2021 and also in 2022, where we hope to reach 500 g. In Scotland, there is no lift of smolt weights yet, but this is expected gradually to come, hopefully from next year, and then, of course, a further increase later. 96 g this quarter. The average temperature in the water was slightly up in the fourth quarter, 8.9 degrees Celsius. The farming revenues amounted to DKK 609 million. The operational EBIT from the pure farming margin was DKK 63 million compared with DKK 338. A 10% margin compared with 36% the year before. Of course, the big driver here is the salmon price, which came in all-time low. I believe the price has not been at this level since 2015. That is the main driver, both in Faroe Islands and in Scotland. Compared to Faroe Islands, Scotland has a lower operational EBIT and margin, mainly due to higher costs and lower productivity, which we hope to change over the coming years. On the next page, there is an overview of operational EBIT per kg, which came down from DKK 25.49 to DKK 5.66 in this quarter, so a drop on DKK 19.84 per kg in Faroe Islands. In Scotland, from DKK 3.09 down to DKK -8.41. The spread of the EBIT in Faroes is north at DKK 8.81, west at DKK 2.43, south at DKK 6.51, and in Scotland, DKK -8.41. One of the drivers for the increased cost is also transportation, especially intercontinental transport cost. This development has, however, been slightly positive over the last quarter, and we expect this drop of cost to continue during 2021. If you go to the value-added operation, the volumes increased from 4,219 tons up to 6,790. 2020 was the year so far with highest activity in VAP. The margin increased from 15% in the fourth quarter 2019 to 28% in this quarter. The revenue increased from DKK 249 million to DKK 287 million, and the operational EBIT from DKK 37 million to DKK 80 million. Per kilo, there is an increase from DKK 11.72 to DKK 17.05 on the volumes that went through this segment. The percentage of volumes that went through this segment increased from 24% up to 43% in this quarter. If you look at Fishmeal, Oil, and Feed, the EBITDA dropped from DKK 58 million to DKK 48 million. There is a big increase of inventories on around 17,000 tons, which is due to the situation with certification of blue whiting. The EBITDA margin dropped from 17% to 13%, and the external fish meal sold dropped significantly from 4,100 down to 1,500 tons. The sourcing of raw material was good, 71,800 compared with 35,000 the year before. All in all, for the full year, we were slightly above the sourcing volume compared with the year before. The raw materials for fish feed are mainly fish meal and fish oil, which are important for the cost of our operations, as feed is half of the farming cost. In the fourth quarter, we see a slight increase on fish meal price and a drop of fish oil price, which means that we expect more or less stable development in the first quarter on prices. Now Høgni will take us through the financial and the ESG numbers. Thank you, Regin. The operating revenue in this quarter was significantly lower than the same quarter last year and amounted to DKK 1,183 million, down from DKK 1,605 million in the same quarter last year. Operational EBIT dropped from DKK 415 million in Q4 last year to DKK 89 million in this quarter. Fair value adjustments were -DKK 22 million. The main reason is changes in the harvest profile of the biomass at sea. Revenue tax was reduced to -DKK 2 million, and this clearly also shows the effect of the downside protection that is built into the revenue tax scheme here in the Faroes, where tax rates can vary from 5%, if the salmon price is high, to 0.5%, if the salmon price is low. That is the reason why the revenue tax is lower. Taxes in this quarter were DKK -78 million, the profit after tax DKK -38 million, down from DKK 220 million in the same quarter last year. If we move on to the next slide here, we can see that this year, 2020, has been very different from the years before. If we look at the operational EBIT, it has been falling throughout the quarters, a clear consequence of the COVID pandemic. We end up with a total operational EBIT of DKK 622 million in 2020 and adjusted earnings per share of DKK 6.20. If we look at the balance sheet, intangible assets were roughly DKK 4.5 billion by the end of this quarter. Property, plant, and equipment increased with DKK 440 million and amounted to DKK 4.2 billion by the end of this quarter. Biological assets up DKK 215 million, amount to DKK 2.17 billion. Inventory increased significantly from DKK 549 million by the end of 2019, an increase with DKK 227 million to DKK 766 million by the end of Q4. I'll come back to inventories in a moment. Receivables dropped from DKK 626 million to DKK 490 million. The cash equivalent were significantly lower than in Q4 2019, and amount to DKK 467 million in this quarter. However, it's important to bear in mind that by the end of the fourth quarter last year, we had recently issued new shares. The repair issue that we did in December. That's part of the explanation why we had a significantly higher number in Q4 2019. Equity ratio by the end of this quarter was 66%. Back to the inventories. As mentioned, inventory increased by DKK 227 during 2020, DKK 227 million. In the fourth quarter alone, the increase is DKK 162 million. The majority of that comes from the Fishmeal, Oil, and Feed segment, which has increased inventories by DKK 150 million during 2020, and DKK 122 million in this quarter alone. The VAP segment has also increased inventories in the full year 2020 by DKK 65 million, and in the fourth quarter alone by DKK 42 million. It's perhaps worth noting that volumes are one of the drivers in both segments. We have increased volumes in inventory. Also worth noting that the average cost price of our inventories has decreased during Q4 as well as during 2020. A short glimpse at the cash flow. Cash flow in this quarter was minus DKK 107 million, compared to minus DKK 150 million in the same quarter last year. Cash flow from investments significantly lower than in Q4 last year, and now amounted to minus DKK 343 million. Again, the large number last in Q4 2019 has to do with the acquisition of the Scottish Salmon Company. The same goes for the cash flow from financing, which was also unusually high in Q4 2019, amounting to DKK 2.6 billion then. In this quarter, cash flow from financing was DKK 471 million. Cash by the end of the period also looks to have dropped significantly from DKK 1.3 billion to DKK 467 million, and that's also part of the same explanation with the acquisition of the Scottish Salmon Company and issuing the new shares that we did in December last year. We left the third quarter with a net interest-bearing debt of DKK 1,257,000,000. During the fourth quarter, we have made net investments amounting to DKK 343 million and paid taxes amounted to DKK 189 million. Working capital has increased by DKK 118 million, and operating activities has brought down the net interest-bearing debt by DKK 154 million. That leaves us, by the end of the fourth quarter of 2020, with a net interest-bearing debt of DKK 1,753,000,000. Our bank facilities are unchanged, so we still have EUR 463 million in total in bank facilities, and we have undrawn facilities amounting to DKK 1,677,000,000. In addition to that, we have access to an accordion option of EUR 150 million. A short update on ESG in this quarter in relation to our Healthy Living Plan and the five pillars that we have in the Healthy Living Plan: healthy business, salmon, communities, people, and environment. In the fourth quarter, we were pleased to be announced as one of the top three producer of sustainable protein by the Coller FAIRR Protein Producer Index, we're one of only three companies on that list to be ranked as low risk for investors. We also had a huge celebration internally here in Bakkafrost when we got our last farming site in the Faroes ASC certified, so that we got to a 100% ASC certification in the Faroes. In our healthy communities, we have continued contributing to local communities, so far in 2020, we have contributed with around DKK 3.5 million. Of course, during the pandemic, the health of our employees has been very much in focus. We decided to also give all of our employees in the Faroes access to free influenza vaccines in this quarter. In regards to our healthy environment, we are pleased to see that our biogas plant, FÖRKA, is now ramping up the production. During the fourth quarter, we have delivered 1.4 MWh of electricity to the national grid and 0.9 MWh of district heating excuse me, which is delivered to the citizens of Tórshavn. The green energy production of FÖRKA in the fourth quarter corresponds to 355,000 L of fuel oil, which is now saved. A quick math in my head, that would correspond to approximately 1,100 ton of saved CO2. That's very pleasing to see that we are increasing the activity in the biogas plant. I will leave it over to you, Regin. Our next Healthy Living report will be shared shortly when we call into the annual general meeting. The market in 2020 had a global harvest increase in the fourth quarter of 10.8%. In January alone, I saw that in Norway, 25% more volume was harvested. We expect a 4% global harvest increase in the first quarter, and during the year, for the whole year, for the full year, we expect 2%-3% global harvest increase. There are some inventories that will be sold, so that means that the supply increase is more likely to be around 5%-6%. That will especially be in the first half of the year. All in all, we expect a tight market, especially in the second half of the year. The biggest driver and game changer will of course be when restrictions will be lifted and the people will be allowed to go back to some kind of a new normal. In the Faroe Islands, we expect to harvest around 66,000 tons in this year, which is around 4,000 tons higher than previously guided. In Scotland, we expect to harvest around 40,000 tons, which is around 4,000 tons lower than previously guided. In the Faroe Islands, we see a very big impact on the big smolts and some of the fish that we have released over the last three months that were not released at the previous quarterly presentation will already be harvested before the end of this year. This is a new world that is coming. Some of the fish staying less than 12 months in the sea. We expect to release around 14.5 million this year and at an average weight of around 400 g. In Scotland, we expect to transfer around 11 million smolt this year. On the contracts, we have signed around 28% of the total volume for the year at the contracts. That price is more or less in line with previous contracts. Our strategy is to allocate around 40% of expected harvested volumes at commitments and contracts at any time. We expect feed sales to be around 120,000 tons this year. We expect slightly lower volumes in fish meal and fish oil than last year. On the business development, our focus is on developing the sustainable growth program, and we are in that extent we are going to have the Capital Markets Day. We have postponed this slightly, so we hope to see a lot of people here in the Faroes, and we think it's more likely that that would happen when we have delayed it into the 14th and 15th of September, instead of June as previously guided. At that event, we are going to go through the next five-year investment plan and growth program, both in the Faroe Islands and in Scotland. For the period 2020 to 2022, we have previously guided DKK 1.8 billion investments in the Faroe Islands, and we have also guided our investment level of around DKK 350 million-DKK 400 million per year in Scotland. We will come much more into that on the Capital Markets Day. However, I have some updates on this presentation about the land-based farming, which I call it. This is larger smolts. We have already, in Glyvradalur and Norðtoftir, signed contracts and have actually starting building process of these two hatcheries, which will, in Glyvradalur, have a capacity of 1,900 tons, which could be, for example, 3.8 million smolts at 500 g, and the Norðtoftir 2,800 tons, which will be around 5.3 million at 500 g. The Strond site is now in full operation. It's 10 unrelated departments, a building of 320 meters by 80, so it's a huge construction now in full operation, and we see very good development of the large smolt. As mentioned earlier, some of them are harvested within 10 to 11 months. In Applecross, we expect this operation to be in full operation in 2023, delivering 2,800 tons, which in the beginning, as we are scaling up in Scotland, we hope to reach 11 million smolt at this site at 250 g. At a later point, we will go up to 500 g. That we will come back to that much more in detail at the Capital Markets Day. In Scotland, we have appointed Ian Laister as new managing director as of 1st of March, and the board of directors in Bakkafrost will take over or will step in there. In Scotland, we will roll out a Fresh Approach Program where we will focus very much on simplification, people, and systems. We will focus on strengthening our operations with best practice, focus on cost control. We will also focus on growth. Of course, the sustainable growth program will be rolled out over the next four years, that will be much more about that on the Capital Markets Day. That's all from me now. If there are any questions, I am pleased to take these. Yes, please go ahead. Hlynur? Yes. Good morning. Hlynur from Pareto Securities. Just a quick question on the volume potential beyond 2021. I think you have previously guided something like 16 million smolt at 500 g in 2022. This is in the Faroe Islands. Is it natural to assume that this is probably will come a bit later, given what you said about these smolt facilities in the end here, and that 2023 may be more, let's say, a likely year for that highest smolt release number and that 2022 would be more like 2021? We have not yet seen the full effects of the Strond facility. There will be an ongoing increase of the smolt size, as mentioned, in 2021, 2022. This year, we hope to reach 400 g, and next year, we hope to reach 500 g, and that means that the production time in the sea will be reduced. That means that in 2022, the size will be larger, and we will see the full effect of the smolts, and that will have an impact on both on 2022 and 2023. There will be a gradual increase of volumes over the next coming years, and we have earlier mentioned a goal of 76,000 tons in 2023. Is it 2023? 2023. 2023. Sure? Yeah. Yeah, 2023. I think we are still on track to reach the goal that we put out in 2019 on our Capital Markets Day. Those plans are still, I think, quite good. Okay, thanks. Short one on the price achievements in Q4. Is it natural to assume that has been more in line with the Norwegian spot price, at least compared to the margin you have and what you said about cost? That seems like a fair assumption. Yeah. I believe that Bakkafrost have taken a hard hit on larger fish, and of course, also with high proportion of intercontinental transport cost. Our margin has reduced, or our premium has reduced significantly on that account. Yes. Very good. Yeah, please go ahead. Hi, good morning. Lars from Carnegie in Oslo. Could you maybe say something about the split of volumes over 2021, maybe especially with regard to the fact that biomass at sea is up 5%, 6% or so, if I remember correctly? Yeah. It will be back-end loaded. That means that we will have significantly higher share of the volume in the second half of the year. I think, just from the top of my head, that in the Faroe Islands, we have something like expected around 41,000 tons-43,000 tons in the second half of the year. Okay. Thank you. That is very helpful. Yes. There's another one. Please go ahead. Yeah, good morning. This is Martin Kaland from ABG Sundal Collier. You mentioned that you also see risk of biological challenges in Scotland in the second half of the year until you see effect of the larger smolt. Do you continue to expect a significant cost improvement in Scotland in 2021 compared to 2020? Is that now more uncertain given the challenges you now have seen in the second half of 2020? Yeah. We see that the risk is higher in the second half of the year than in the first half of the year. That has apparently been so for a very long time. 2020 was a extraordinarily difficult year. You remember the flooding and the big rain and the bad weather situation by the end of August. We are now taking some precaution to avoid some of the risk and to minimize some of the risks that we have seen this year. We are at least more focused on them. We have also implemented more freshwater bath capacity, which will be very much focused on this incidence, especially with the gill health of the fish. We expect that this risk will come slightly down. The full protection or the bigger protection will be with the larger smolt that will come in some years, which will be a game changer to our business in Scotland. With the precaution that we take now, with the measures that we take, we expect to take the risk down compared with last year. Okay. Any other question? Christian Nordby from Kepler Cheuvreux. I have a question regarding contract share. You say that you have around, I think, 28% was it, for 2021. Is that pretty evenly distributed between Scotland and the Faroes, or is it very Faroes tilted? How has the negotiations been so far? That is more or less even split between Faroes and Scotland. That's mainly rolling over of existing contracts. Thank you. Any other question? No. Thank you very much.