Good morning, everyone. My name is Ivan Vindheim, and I'm the CEO of Mowi. It is with great pleasure I wish you all welcome to Mowi's Capital Markets Day of 2021, this time around digitally. Ideally, we would like to have you out on one of our many farms or in one of our many factories, but under the prevailing circumstances, I think this is a good compromise. The disclaimer, I think we leave for self-study. With me today to present and answer questions, I have our entire group management team. A very complementary team, if I may say so, composed of highly skilled and very experienced executives. We have a rich agenda today. I start off at 8:00 A.M.- 8:25 A.M. with the business and strategy update. Our CFO, Kristian Ellingsen, takes us through cost and financials. We have Sales & Marketing with our COO Sales, Ola Brattvoll, before COO Farming Norway, Øyvind Oaland, rounds it up with Farming Norway. We have a short five-minute technical break at 9:20 A.M. before Ben Hadfield, direct from Fort William in Scotland via Teams, will take us through Farming Scotland, Ireland, and the Faroes, and Fernando Villarroel from Puerto Montt, Chile, who will take us through Farming Americas. Atle Kvist will walk us through feed before our CSO and CTO, Catarina Martins, will address important topics as ESG and R&D. I conclude it all before we finish things off with our Q&A session facilitated by our IRO, Kim Døsvig, hopefully at 10:30 A.M. The first section, business and strategy update. Mowi is one of the world's absolute leading seafood companies, number one measured in both market capitalization and sustainability. We are also the world's by far largest producer of Atlantic salmon with 440,000 tons in 2020 or 440,000,000 kg, equivalent to 2.5 billion meals per year. We do not only make a difference in people's everyday life, we also play a role in global food supply. That is something we are immensely proud of. We have a fully integrated value chain. We are listed on the Oslo Stock Exchange, and we are headquartered in Bergen, the city we like to perceive as the capital of the salmon aquaculture industry. Mowi's vision is to lead the blue revolution with all that entails. You could say this role follows naturally from our size. As this graph shows, we have already a clear number one position in Atlantic salmon, and our clear aim is to maintain and further strengthen this position in the years to come. Another takeaway from this graph is also how fragmented this industry still is. There is no clear number two or number three player in salmon, so it wouldn't surprise me if you see further consolidation of the industry as it evolves. As already said, Mowi has a fully integrated value chain from feed to plate. We produce our own environmentally certified feed, especially designed for the Mowi salmon strain. Contrary to our competitors, 100% of the Mowi salmon is from our own breed with the opportunities that bring about. The seawater phase takes place in more than 160 farms all around the world. We harvest fish and filleting fish in 12 primary processing plants and produce elaborate products in additional 21 value-added factories. Further to that, we have an extensive sales network physically present in 25 countries, selling our products all across the world. We have organized our value chain in three divisions: Feed, Farming, and Consumer products/Sales & Marketing. In volume terms, we are, as already said, number one in Farming. We are also number one in Sales & Marketing and number four in our latest addition to the Mowi family, Feed. Our two feed mills in Norway and Scotland have made us self-sufficient for feed in Europe with our 2020 production of 540,000 tons. Capacity is 640,000 tons. In the short term, we have satisfactory room for growth. We are the only true global farmer in the salmon universe with our 440,000 tons in 2020 from six farming regions, Norway, Scotland, the Faroes, Ireland, Canada, and Chile. As already said, 440,000 tons, of which 330,000 tons or 75% were originated in Europe, where Norway stands out as far as our largest farming region, with its 262,000 tons or 60% of Mowi's total farming volumes. Americas, for their part, accounted for 110,000 tons in 2020, or 25% of the volumes. They are also the only true global player in Sales & Marketing, with our 21 value-added factories and 28 sales offices in 25 countries. In 2020, we produced as much as 239,000 tons per year. By farming, our main footprint is in Europe, by far the largest salmon market, with 75% of our volumes. Reminder of the volumes are equally distributed between Americas and Asia. Why all this talk about volumes? Well, first, the driver of market capitalization in this industry is to large extent, volumes and volume growth. The truth is that for various reasons, neither Mowi nor the industry have managed to meet the strong demand for the Atlantic salmon for the last 10 years. Demand is partly driven by supportive megatrends like population growth, growing health consciousness, while fisheries at its maximum level, a growing middle class with increased purchase power, an aging population, and climate change. Demand is also strongly driven by the product itself. Salmon is scientifically proven natural superfood. It is nutritionally dense and great for one's health. It is abundant in omega-3, vitamins, high-quality proteins, potassium, and antioxidants. It has top appetizing taste, look, texture, and color. It is versatile for traditional and evolving food occasions, both raw, grilled, cooked, and smoked. It's appealing to all people of all ages. Last but not least, farmed Atlantic salmon is the most sustainably produced animal protein. We have a lot to thank the salmon for. It ticks off all the boxes. This is indeed a very powerful slide. The blue line is demand, the red line is supply. The graph demonstrates how demand has clearly exceeded supply in the previous 10 years. We strongly believe that that will be the case also in the coming five years. Alternative farming technologies will not change that. Mowi Farming is working along three main pillars: volume, cost, and sustainability. On sustainability, we are number one in the animal protein universe, cemented by Mowi yet again being ranked as the world's most sustainable animal protein producer in the 2020 Coller FAIRR Protein Producer Index. The prestigious Coller FAIRR Index assesses the world's 60 largest listed animal protein producers against 10 ESG-related criteria, including, among others, greenhouse gas emissions, water use, animal welfare, and working conditions for employees. However, we are not satisfied with just being a frontrunner in this. We can and we will do more. Our CSO, Catarina Martins, will go in depth on this under her sustainability session later today. On cost, we have been consistently number one and number two in the regions in which we operate. However, it is a fact that cost is still too high in absolute terms, particularly in some of the regions outside Norway. The cost spread between the regions is also too high. Personally, I think it is more important than ever that conventional farming strengthen its competitive edge on cost as alternative farming technologies mushroom much closer to the markets with the logistic advantages that bring about. We will address further cost initiatives in the CFO session and under the various farming regions. On volumes and volume growth, we are not satisfied with our relative performance over the past few years. Despite having harvested record high volumes in 2020, we have been clearly lagging behind industry growth. As already said, that is not satisfactory, and our clear goal is to grow our farming volumes at least in line with the industry going forward. Therefore, we will address several growth initiatives today and even more as we go along. Sorry. In Sales & Marketing, we put the customer at the core of everything we do through three key elements. The product itself, our Mowi branding strategy, and through operational excellence. The ultimate goal is to create customer value. We have a fantastic raw material, the salmon itself, that we must take care of and protect. We must also continue to develop new, innovative, high-quality products that are easily accessible to our customers to keep pace with constantly evolving food habits. Further to this, we will continue our long-term strive for de-commoditizing the salmon category through our Mowi branding strategy. Both the salmon and our customers deserve more than consuming the salmon like any other commodity. At the same time, I think we must acknowledge that the lion's share of the salmon today is sold as a commodity under fierce competition, particularly in Europe. Therefore, it is key to be a cost leader in this part of the value chain too, so we can make a reasonable profit on our sales. In terms of growth, we also have a clear growth ambition in Sales & Marketing, albeit with focus on selected segments and markets. After having dabbled with the idea for some time, we decided to go ahead with our feed plans in 2013, partly to break up the prevailing feed oligopoly and its steadily increasing margins. In 2014, we delivered our first feed pellets from our feed factory or feed mill in Bjugn, Norway, and from our second feed mill in Kyleakin, Scotland in 2019. It has truly been a challenging, but at the same time, very encouraging journey. Although we recruited some of the best individuals in the industry, we started, in practice, from scratch. With all the challenges that entailed. In all honesty, it has not been a journey without bumps in the road. That being said, we have overcome them all one by one, and we now have a world-class feed that performs well at a reasonable cost. The strategy from here is to grow Mowi Feed with Mowi Farming Europe. We have unutilized capacity in our feed mill in Scotland, and in Norway, we can easily add on a new production line if needed with limited capital expenditure. The competition in the external market is currently too high to justify a general broadening of our strategy through going externally. We are opportunistic, and we will continue to cherry-pick from case to case. In other words, the focus in Mowi Feed going forward is to streamline our feed operations, working on costs, and continue to produce high-performing quality feed, specially designed for our Mowi breed. Mowi 4.0. This is perhaps one of the most exciting slides on the entire Capital Markets Day. The Fourth Industrial Revolution is upon us and gives us unimaginable opportunities. My tip is that this will completely change our industry in just a few years' time. Therefore, in order to leverage the opportunities Industry 4.0 technology offers and will offer, we have developed our own Mowi 4.0 strategy to facilitate a digital transformation of our value chain from raw to plate. The aim is to make it much more efficient than today. In farming, we introduce the concept Smart Farming, which you may already know from agriculture, whereby we use new technologies to increase productivity and fish welfare and minimize our environmental impact. In Norway, we are testing out three applications as we speak. By means of advanced imaging technology and intelligent sensors, we perform real-time monitoring of biomass, digital lice counting, and autonomous feeding. A tsunami of data, combined with machine learning, will enable us to grow the fish much more efficiently than today and in an even more sustainable way. By tracking the fish's behavior and monitoring the seawater constantly, we can be proactive instead of reactive when it comes to acting on biological issues. My tip is also that Industry 4.0 technologies will offer much clearer scale advantages in the seawater phase than what we have seen to date. Finally, you could add to this. Bear in mind that even after 50 years, we are still feeding our fish manually, though with a camera and a mouse click and not the hand bailer. In Norwegian, [Non-English content]. We believe feeding may be the most important component in our value chain will be 100% autonomous in the future. Artificial intelligence and machine learning will outcompete the craftsmanship. In order to secure the desired progress on this, we have set a target to have Mowi Farming Norway, our largest farming entity, fully digitalized by 2025. It's definitely a hairy goal, because of its importance, we need a push on this. Say it out loud doesn't reduce our commitment either. Øyvind will elaborate more on this under his section. Digitalization and automation offer, of course, also huge opportunities in our more than 30 factories. As we all know, fish processing today is in many ways extremely labor-intensive. Often we are talking about just replacing manpower with existing machines. Advanced available scanning technology also opens up for a much more efficient production and sophisticated product differentiation than what we have today. We will also use blockchain solutions for selected customers. Ola will talk more about this under his section. To give you a further teaser of the Mowi 4.0 Farming concept, we have prepared a short movie. Mowi is at the forefront of technological advancements in agriculture and is leading the way in sustainable salmon farming and food production. We're introducing Smart Farming. By implementing new and advanced smart technologies throughout our integrated value chain, we will make our operations even more efficient and improve our sustainability. We are collecting, analyzing, and utilizing vast amounts of data that will automate processes and help our experts make better decisions. Our systems use machine learning and machine perception to help us understand what is happening under the water's surface so that we can best care for our fish. Real-time sea lice counting. We are moving from manual sea lice counting to stress-free machine-based counting. Precise monitoring of fish biomass and weight distribution, automated feeding that provides for the needs of each fish, and animal welfare tracking that alerts our experts should extra care be required. All data is collected in a single cloud-based platform and monitored from our remote operation centers. Precise real-time information about our fish's quality and size helps our sales teams decide when and to whom products will be sold. Digitalization is truly transforming our integrated value chain and the way we care for our salmon. From the egg to the individual fillets, we can continually monitor fish development and control quality. To help us accelerate our innovation and achieve success, Mowi chooses to partner with industry leaders. We have already started to implement these solutions into our value chain and have set the ambitious target to have fully implemented Smart Farming in Norway by 2025. These actions will improve fish quality, increase our efficiency, decrease cost, and further reduce our environmental footprint. These advancements in technology will be key to realize our vision for the future of salmon farming at sea. We are Mowi, and we are proud to be leading the Blue Revolution. Exciting things, I must say. Kristian, the floor is all yours, and you can walk us through the final section. Thank you. Thank you very much, Ivan. Good morning, everybody. Hope everybody is doing well. My name is Kristian Ellingsen. I always get a bit hungry when I see such nice pictures of salmon, such as we see here in the presentation. I hope that you're also having some appetite for some numbers. We'll start with some exciting numbers, showing that we are doing well. Today, the different business areas of Mowi will present their plans for the coming years, including how to grow their business, including how to improve our performance. No, at the beginning of my presentation, I will be a little bit backward-looking, look into the recent historical performance since 2015. This is a benchmarking of EBIT per kilo versus our listed peers. Over time, this benchmarking shows that we are consistently number one or number two in the different regions. This benchmarking captures the differences in operations and cost because price differences, they tend to even out when looking at this over several years. The overall conclusion is that Mowi is consistently number one or number two in the different regions, and that is a strong achievement. Remember that Mowi is the only global company in our industry, and we are measured against companies that can focus their entire resources on just one or two farming countries. Mowi is performing well in the different regions, and this is a good starting point for further improvements. We know that conditions vary between the farming countries, both with regard to environmental conditions, legal framework, the supplier industry, culture, and other factors. Therefore, the measurement must be fair and it must be performed region by region. We start with our largest farming region, Norway. In Norway, we are number two in the total. If you take the most recent year, 2020, as an example, Mowi Norway performs well. We are number one in Region North. We are number one in Region South. We are a little bit behind in Region Mid, which for Mowi is a large region encompassing three production areas with differences in performance. The 2020 figures are adjusted for the currency effect on price from the weakening of the NOK. This is important when we are comparing Mowi, which is a euro company, with our NOK peers. Again, this is a proxy for cost and operational benchmarking, and we do not want that to be disturbed by the FX price effect. If we move on and look to Scotland, we are number two, but closer to number one than number three. In Canada, we are number one. In Chile, we are number two, but note that in 2019 and 2020 we have been a clear number one. In the Faroes, we are in line with number one, and for the other regions, we are a clear number one in Ireland compared with the other regions. If you move on to the cost graph here, the first graph we see up to the right, we see that the blended farming cost for Mowi has been relatively stable for the past five years, with an annual increase of approximately 2% or an inflationary increase. If you look at the graph below, we see that our costs in Norway are our most important farming unit. They have increased less than the industry. This overview includes the total industry in Norway, not just the listed peers. Also some smaller high-performing farmers are included here, and they can often be hard to beat on cost. As Ivan also mentioned, while costs are relatively stable and we have a good cost position as the number one or the number two in the different regions, the cost level is still too high. For many years, there has been an underlying cost pressure in the industry, also for Mowi, cost-cut initiatives are important to address this underlying cost pressure. We have succeeded so far in keeping costs under control due to cost focus and cost-cut initiatives. With these cost drivers, more challenging biology, increasing feed prices, more complex regulations, it is a battle to manage a 2% annual cost increase in total. We have been able to offset much of the increase through our work on cost. The main driver for the cost pressure is biology. More specifically, the change to more costly mechanical treatments. Health cost has increased approximately 6% annually during this period. In addition to biology, the feed price is a cost driver. Feed prices have increased approximately 3% annually. Also, stricter regulations represent a cost driver. There are many forces working in the opposite direction of our cost-cut initiatives. In addition to cost-cut programs, we are working on many initiatives in farming which are addressing biology, and we will hear more about that from our COOs today. Our aim is to reduce costs. This goes hand in hand with our work on growing volumes in a sustainable way [audio distortion]. This slide shows the cost-cut programs since 2018. We see that they represent in practice over 800 different initiatives throughout our business. We see that the effect was the largest in the beginning when there were low-hanging fruits. Then the focus has moved more over towards procurement and other types of cost work. Cost savings in the years 2018- 2020, they amount to EUR 137 million, and the farming represents the largest part of our cost base and also of our savings. Each initiative represents a verified permanent saving. Many are related to renegotiation of contracts, procurement savings due to improved coordinations between departments and units, entering into frame agreements, volume discounts, tailoring of contracts to our needs, fee cuts, reductions on numbers of suppliers, cuts on external services, and in general, a careful review of our spend in all areas of the company. The graph below indicates how the savings are split on different categories, such as boats and treatment capacity, nets and net cleaning, vaccines and other health items, procurement savings, and other initiatives. Through these cost initiatives and this work, we have improved what we call our cost culture. We now have an organization which is more cost-aware, and in the end, we are dependent on our organization to work in the right direction when it comes to cost. The target for the 2021 program is EUR 25 million in annualized savings. This includes the productivity program, where we are also addressing our second-largest cost item in the group, which is the salary and personnel expenses. Increase the productivity by working smarter, utilizing technology, automation, what we call Mowi 4.0, is an expectation not just from ourselves, but also from society in general. The volumes we produce today, we must produce with 10% less FTEs by 2024. In 2020, we demonstrated that it is possible to set new volume records with less FTEs. We produced all-time high volumes with 2% less FTEs than in 2019. 2020 was the first year with somewhat less employees than the previous year. Further FTE reductions will, to a large extent, be solved through natural turnover, retirement, reduced overtime, reduced contracted labor. Our expectation is, of course, not to stay at today's volumes. Growth is one of the key pillars we are working along in farming. In fact, we expect to be a net job creator in the coming years. Our cost-cut program also includes procurement initiatives. We have a long-term program to systematically address the entire cost base to achieve lasting savings through a lean organization, coordination, standardization, and working as one company, what we call One Mowi. IT and automation initiatives are important parts of our work on cost. In order to realize our plans, we need a solid financing. We have EUR 2 billion in committed financing. The bank syndicate of EUR 1.4 billion is the backbone of our financing, and we expect that also to be the strategy going forward. We have a solid balance sheet with 52% covenant equity ratio. This is comfortably within the covenant requirement of 35%, and there is no earnings covenant. We have a robust cash position. The year-end 2020 figure indicated here has increased due to the proceeds from the sale of Stolt Aqua in January. Currently, 10% of our financing is green, and we expect this to increase to over 80% by 2022 and 100% by 2026. Speaking of the green financing, we successfully issued the first Green Bond in the industry in 2020. CICERO signed off on a Green Bond framework, and the first bond was issued at very attractive terms. The total book ended almost five times the issued amount. The bond has been admitted to Euronext ESG bond section, and the proceeds from the Green Bond, they are financing green projects across the different categories in the company. The first Green Bond was very well-received in the market, and we see that there is an excellent fit between Mowi's sustainability strategy and the ESG investor community. We believe in being transparent, accurate, and consistent in our communication. Trust is an important value in the capital markets. We will issue our first green impact report next week, on March 24th, the same date we will release our annual report. Backed by a solid financing, we will continue to grow in a profitable manner. This brings us over to the next topic, Sales & Marketing. It is my pleasure to introduce Ola Brattvoll, COO Sales & Marketing. Thank you very much, Kristian. My name is Ola Brattvoll. I'm the COO for Sales & Marketing. I would like to take you through the Sales & Marketing division. As Ivan already mentioned, in Sales & Marketing, our main focus is customer value. Through our geographical footprint, we have the ability to serve customers all over the globe. As you can see to the right on this screen, we have sales offices across the entire planet, and we also have processing capacity in all main markets for salmon. Our main footprint is in Europe, the biggest market for Atlantic salmon, we have grown our footprint in Asia and in the U.S. over the last few years, as we have seen demand growing faster there than what it has done in Europe. In Europe, we have been working on restructuring of our processing footprint. Today we have a footprint which is adapted to the current market. In putting the customer at the core in everything we do, we work along three main areas. First of all, the product itself. Salmon has intrinsic value as a raw material. Our role in Sales & Marketing is to value add to that and to bring the quality of the raw materials to customers and consumers in the best way possible. Focusing on category management, customer intimacy, product development, is key in order to bring more value to the salmon market. Our branding efforts was launched in 2018. The first products were in the market in 2019. Our aim with the branding project is to decommoditize the salmon category. Having that in mind, we know that still private label is dominating the salmon market. In private label, you need to be cost-efficient. Focusing on operational excellence and making sure that we have efficient operations also in the downstream part of our business is key. We see further growth opportunities in value-added products. We will focus on selected segments and markets to grow our value-added volume in the years to come. As you can see from the bottom figure, we have grown our value-added volumes from 110,000 tons product weight in 2015 to 239,000 tons in 2020. We will continue to focus on growth in selected segments and bring more value to our customers going forward. Ivan already talked about the intrinsic qualities of salmon as a raw material. We believe that there are few proteins, few food products on the planet meeting the global megatrends better than what salmon does. We think that salmon will continue to gain popularity among consumers all over the planet. We are brave enough to say that we believe salmon will be the food icon of the 21st century. It has already had a fantastic growth, more than most other proteins, and we believe that will continue as the megatrends are evolving in a direction supporting salmon even more in the future than what it has done previously. You can see that also when you look at per capita consumption and market size in the most important salmon markets. As you can see here, there is huge variation in terms of how much salmon each individual are eating in the different markets. Norway ranking at the top with 8.2 kg per capita. You can look at big markets such as the U.S. with only 1.7 kg per capita, and China with only 100 g per capita consumption. Looking to a market like the U.S., we have seen over the last few years a tremendous growth in the U.S. market, with more consumer-friendly products being introduced, pre-packed fresh products across national retailers in the U.S. market. That has increased the consumption in the U.S. from 1.4 kg only a few years back to 1.7 kg last year. We believe this trend is going to continue in the U.S. market. You see also growth in most other markets across Europe and of course, in Asia. The global food trends, combined with more products being made available to modern consumers, will fuel growth and demand for the years to come as well. We in Mowi are well-positioned to capitalize on these trends. We have a global processing and sales presence with six value-added factories in Asia and seven sales offices, 11 value-added factories in Europe, 15 sales offices, and four value-added factories in the Americas with six sales offices. This processing and sales presence makes us able to have relationship with all the key clients for salmon across the globe. We have worked on adapting our processing capacity to the current market, and we have done footprint restructuring in Europe, taking down the number of factories and focusing more volumes into fewer factories, reducing cost by that restructuring. We are also focusing on growth in especially Asia and the U.S., and we are, as you saw from our previous slide, increasing our share of value-added salmon. Our global customer networks makes us able to have a dialogue on category growth with all the key retailers across the planet. We have product knowledge, and we have innovation capacity, which is something we are working closely with our partners on to bring more consumer-friendly products to the market. Working with the full category and making sure that the category is presented to consumers in a way which meets their expectations is key part of the partnership that we establish with our retail customers. It's not only about the customers. We believe that salmon as a category are lacking someone who can talk directly to the consumer. Our branding strategy is very important in that sense. It's a long-term strategy, and it is a venture that we just have started and that we will continue to focus hard on going forward. We believe that the brand will leverage our category leadership role with the key customers. Bringing a brand to the category adds value to the category. It makes the category speak. It makes us able to speak with consumers, and to fuel demand with better information about the products available in the stores. This will help us accelerate the value of the market, and ultimately de-commoditize the salmon market. We have built the brand based on our integrated value chain, and we believe that we can bring something special to consumers by the way we are organized. The brand promise is caring, this is based on the fact that as an integrated supplier, we care about the best salmon, bringing the best quality, the best product to the consumers. We care about the environment, which you will hear much more of later from Catarina. We care about our consumers and making sure that we meet demand in a better way than anyone else. The tagline for the brand, "Salmon is good, Mowi is goodness," is taking the category responsibility for salmon by saying that salmon is good, and also differentiating ourselves through everything we do throughout the whole value chain by saying that Mowi is goodness. I will show you a short video from the TV commercial that we aired in France last year. [Non-English content] Salmon is good, Mowi is goodness. As I said, we launched the brand in 2019. At the Capital Markets Day in 2018, we said that our long-term target is to grow sales to EUR 1 billion with a 10% EBIT margin. This is still the long-term target. Last year was a challenging year for all of us. COVID-19 significantly impacted the launch of the Mowi brand. It is delayed as a result, as we didn't get access to all the channels that we were planning to get access to. We were not able to execute all the brand support activities that we had planned to do. What we see is that in the markets where we were able to launch and in the channels that we did launch, we have had a very good sales development. We maintain our target of EUR 1 billion in turnover and a 10% EBIT margin. Currently, we are selling the brand as smoked and fresh in Poland, France, and the U.S. In Poland, we are in retail and food service, in France, in retail, and in the U.S. currently in e-commerce only. We see a very good sales development in the e-commerce channels, both in Europe and in the U.S. We are continuing to roll out the brand, and we will focus on key European markets in 2021, and we will continue to grow with new clients in the U.S. in 2021. We will focus more on Asia and Americas in the years to come. As I said, in our part of the value chain, cost efficiency is extremely important. As the largest value-added producer, we will focus on yield improvements, labor efficiencies, overhead and fixed cost reduction to improve our competitiveness. Yield is extremely important. 80% of the cost of our final products is raw material. By focusing on yield, we can improve cost performance significantly. This has been a very important area for us previously and will continue to be so in the future. We established last year our processing excellence team, who will take a global approach to processing excellence, establish benchmark and best practice, focus on yield and efficiency across our global factory footprint, introduce lean manufacturing and automation and new technology in our downstream business. They will have a full value chain perspective from primary to secondary processing, establish best practice, focus on yield, efficiency, and cost reductions. We think this will gain a lot of benefits in the years to come. On top of that, we, as already mentioned by Ivan, will focus more on automation and digitalization to cut cost and build value to consumers. We have a labor-intensive process, which gives a high potential for automation, and our full value chain control gives digitalization opportunities. By knowing more about the raw materials produced from farming, we can tailor this to the end products that we produce, increasing our yield and improving our efficiency. We can also link raw materials to end products in a better way and securing differentiation in a better way than what we can today. We also see that consumers are becoming more and more aware and interested in the origin of the products that they buy, and digital tools can help us communicate that in a better way in the future. Our part of the Mowi 4.0 strategy is along three areas. It's about cost-cutting with raw material scanning and grading. Scanning the raw materials at the primary processing and directing the raw materials to the right factories for the right end products, we think can improve yield and efficiency in our very good way. It's about automation and robotization inside the factory, replacing labor with machines, and it is about better planning and logistics, warehousing, digital tools. On top of that, we can increase our value from differentiation by making sure that we produce the right product to the right customers, and by allocating the right raw material quality for the best end product quality. That will give us differentiation opportunities which are better than what they are today. The third part is consumer and customer communication, where we will use digital tools in a different way, both for end customer and consumer communication, but also for customer communication. I would like to end my presentation with showing you a short video on how we communicate with our customers in the U.S. Hi. Welcome to the first Mowi Virtual Trade Show of 2021. Today, I will walk you through some quick tips to navigate our 3D outlook space. This year, we are bringing a custom, safe environment to the convenience of your home or office. This digital platform was developed for you to discover all that Mowi has to offer. Let's get to the fun part. From pre-packed fish to frozen indulgence, smoked seafood, bites, and much more. Discover today how we can help you expand the seafood offerings to your customers. You are currently in the virtual lobby of the show, where you will find three main areas to navigate to. The Exhibit Hall, the Auditorium, and the Information Desk. In the Exhibit Hall, don't miss any of the brands and product lines featured in each of the virtual exhibition booths. Click here to learn more about each booth. Now we have entered one of the Mowi brand booths. To get started, simply click on the banner that has a click here hand, and a pop-up screen will appear to watch the clip. You can access additional content by scrolling a little lower where the description, videos, and documents tabs are found. If you find any document useful, you can save it to your swag bag. In the gray area, we have various features to use. The chat box brings up the chat interface, where you can initiate conversation in real time with a Mowi member. There are three ways of engagement. Chat text in the bottom bar, give a ring by through the phone icon, or initiate a video chat. Another great feature is the reserve a chat slot, where you can plan a virtual meeting with a Mowi team member. Once you've entered the auditorium, click on the screen to find all the webinars listed and their play times. Throughout your virtual attendance, you'll receive push notifications as reminders. Great work for listening to my guided tour of this virtual experience. This Virtual Trade Show we held this week, and this was the first time for us to do this kind of communication with our customers, and it proved very efficient and very beneficial to us. We were able to communicate with our customers in ways which we didn't do before. To sum it up, we believe global demand for salmon will continue to grow. We think that the trends are even more strongly working in the favor of salmon going forward than what they have in the past. We believe that we have a very good starting point to bring more value to our customers and benefit from this demand growth by developing and producing products in line with consumer demand, by transforming the salmon category through branding, and by increasing value on reducing cost in our part of the value chain. Thank you very much. With that, I would like to introduce the next speaker, COO Farming Norway, Øyvind Oaland. Good morning, everyone. My name is Øyvind Oaland, and I've been COO for Farming Norway since April last year. I will, during the next 20 minutes or so, update you on the strategic direction that we take in Mowi Norway in order to provide even more of the healthy, sustainable, and fantastic products that you just saw in the presentation from Ola. Mowi Norway, as been said, represents 60% of the total harvest volume of the Mowi group. We organized in three different regions with activity along the whole coast from Agder in the south to Nordland in the north. We have the full value chain from freshwater, seawater, and primary processing. We have 20 smokehouse facilities and more than 140 farms and five processing plants along the coast. We are producing and harvesting approximately 260,000 tons HOG in Norway. We are back on track on volume performance that is reasonable given the number of licenses that we control. In my presentation, I will also share some highlights on our growth and profitability strategy as we do have an untapped potential for further growth that we will realize going forward. In Mowi Norway, we are on our way in realizing a strategy that will take us up to a volume above 300,000 tons HOG by the next six years. We are continuing our investments in freshwater capacity, realizing several smolt expansion projects. We are also currently embarking on a considerable post-smolt extension. In seawater, we will enable a productivity increase through digitalization and automation with Mowi's Smart Farming concept. Our cost-saving initiatives and productivity program continues. This is about preparing for increased competition and maximizing our earnings. We are addressing our cost control both by cost cut, productivity initiatives, as well as growth initiatives. Farming animals is all about biological control. Good biosecurity practices are key and important, both for animal welfare, sustainability, and performance. Maintaining, and in some areas, further strengthened biosecurity practices in Mowi and in the industry is an area we give high attention, both from a strategic perspective as well and in our day-to-day operations. Before I move into some more details on the above-mentioned elements, I will also give a short presentation of the three farming regions in Norway. Mowi South consists of five freshwater sites and 27 seawater farms in production area one to three, with activity in Flekkefjord in Agder to Sotra outside Bergen. South operates one processing plant, Ryfisk in Hjelmeland, Rogaland, and South produce and harvest approximately 57,000 tons HOG and represents 19% of the Mowi Norway volume. After a dip in harvest volumes the last years, Region South is now on a good track. We have potential for and will realize further improved license utilization over the next couple of years. Site availability is a bottleneck in South, and better utilization of existing farms and also seeking extension and access to new farms and farm MAB is a priority area. We also realizing several smolt expansion projects, which both increase the number of smolt stocking, as well as increasing smolt size. We will significantly increase the post-smolt availability for South through our post-smolt strategy, which will mitigate both biological risks, as well as ensuring a higher turnover per license and per farm in the sea phase. Mowi Mid is by far our largest region, with operations in production area four to six, with more than 120,000 tons HOG last year. We are running nine freshwater sites and 54 seawater farms. We have two processing plants in the region, Ulvøya at Hitra in Trøndelag and Eggesbønes in the Ålesund area. Mowi Mid represents 47% of Mowi Norway's production. Over the last five years, we have seen a reduction in production volume and site utilization in Mid. The southern production areas in Mid face similar challenges as Region South, with a more challenging biological situation evolving. Therefore, significant investments have been made in smolt expansion projects. We also have several underway. That means our post-smolt strategy is also central part of increasing our production volumes in Region Mid going forward. Region Mid is also operating our most advanced remote operation center, an important part of the Smart Farming concept. Our North region is defined by production area 7-12, where we operating six freshwater sites and 59 seawater farms. We have two processing plants in the region, Herøy in the Sandnessjøen area in Nordland and Jøkelfjord in Troms. Mowi North represents 34% of Mowi Norway's production. North is by far our best performing region, also in Mowi globally, with a very good cost control, good site availability, and favorable biological conditions. We have been able to grow our production year-on-year during the last couple of years by increasing site availability and smolt output, and we are obtaining a very good license utilization. Focus in the region is to maintain the good growth and favorable biological conditions, which is also about attention to good biosecurity practices. We believe we still have potential to further increase the production volume also in Region North. We have invested in freshwater capacity in Region North. Going forward, we will take out the potential from these smolt expansion projects, among other, the most recently completed greenfield project at Sandøra in Skjervøy in Troms. Apart from purchasing capacity, optimized and increased utilization of our current license portfolio gives opportunities for growth, as well as reduced production costs. In Mowi Norway, we harvested 1,080 tons gutted weight per license in 2020, which is good and above industry average. However, if we break down and look at our utilization compared with our peers in the various regions, it is clear that we have a potential, particularly in Region South and Mid. North performs at more than 1,160 tons per license, well above average and ranking as top two in industry benchmark. In Mid and South, however, we are below industry average and ranking as number three and six respectively. As mentioned on the regions slides, we have invested significant amounts into freshwater in Norway in the past years, amounting to approximately NOK 1.6 billion, which has given a steady increase in average smolt size and biomass release. We do see significant volume, cost, and environmental benefits of larger smolts. Our proportion of smolt stocked above 250 g have increased significantly and ended at 17% of our total smolt stocking in 2020. From a volume perspective, big post-smolt facilitates growth through two main mechanisms. One is obviously the additional volume and maybe effect through biomass growth on land, and the other is reduced production time in sea, which in turn improves biological performance and growth, as well as better site utilization. We will enable growth in Mowi Norway by further accelerating our investments into freshwater. During the next six years, we will expand our post-smolt capacity to deliver 100% of our smolts in Region South and Mid at 700 g. In addition, Mowi aims to grow further by application of new farming technologies, purchase of additional capacity, and potentially M&A opportunities. Further into our post-smolt strategy, our plan is to include up to 10 sites in total, where our main strategy is to expand existing facilities. This is both due to its cost effectiveness, but also as the ability to move relatively fast. In Mowi Region South, we are looking into expansion of four to five existing freshwater sites. In Mowi Region Mid, we will expand four existing sites plus one greenfield project. The expansion will increase freshwater production of approximately 27,000 tons. Realizing the post-smolt strategy is organized by a central project team with in-house RAS and freshwater expertise. We will also secure strategic partners for our portfolio going forward. The total CapEx for our post-smolt strategy amounts to NOK 4 billion for the period 2021- 2026. We expect first harvest from the post-smolt strategy in 2024 with approximately 10,000 tons gutted weight. The post-smolt expansion in total will contribute to an increase in harvest volume of approximately 40,000 tons with a full run rate in 2027. Post-smolt expansion opportunities in Mowi Region North will also represent additional potential, which we're also evaluating going forward. We are already well into realization of our strategy, and the first approved expansion project is at our existing facility in Norheim, in Mowi Region Mid. Norheim is already a well-run RAS facility producing 2,100 tons smolt. The freshwater capacity at Norheim will be increased by another 3,500 tons up to a total of 5,600 tons. This gives eight million smolts, produced at 700 g, and the CapEx for the project is approximately NOK 450 million, with a CapEx per kilo at NOK 115. The estimated contribution to increased harvest volume from the Norheim project will be approximately 5,300 tons gutted weight. Groundwork has started at Norheim, and we expect post-smolt from the new department to be released during Q2, Q3 in 2023, and we will see harvest during Q2 and Q3 in 2024. Smart Farming was covered by Ivan in his introductory talk. Mowi 4.0 and Smart Farming is an important concept for Mowi Norway going forward. Smart Farming in Norway means managing our farms more efficiently by using modern information and communication technologies to enable further productivity increase at our farms. This is about enabling remote operations of our sea sites, taking into use advanced underwater sensing and software analysis platform based on machine learning, focused on automation and simplification, as well as full value chain data capture and real-time analysis for better practices and value creation through our MOWInsight platform that are currently in development. We are in advanced stages of innovative projects that will enable productivity increase through our Smart Farming. We will work towards having all our farms connected and operated as smart farms by 2025. One of the key elements of Smart Farming is to take out the full effect of remote operations. From our remote operation centers, our trained personnel will manage feeding, monitor fish welfare, health, and performance, and communicate with our staff, performing service and maintenance operations on our infrastructure, and also operations involving fish transfer, movement, treatment, and harvest. Eight farms are currently connected to our operation center in Herøy in Region North, and 20 farms to our center at Techniparken in Molde in Region Mid. By 2021, all our farms in production area four and five will be connected. The infrastructure and setup at Techniparken will be a model center for further rollout in the regions, including expansion of the Region North center, as well as establishing a center in South. By end of the year, we will have more than 30% of our farms connected to a remote operation center. Our goal is to have 100% of our farms connected and operated by 2025. As part of Smart Farming in Mowi, we're also implementing an advanced underwater sensing and analysis platform. Our R&D department have been testing a new intelligent sensing system based on machine learning that gathers intelligence about how our fish grow, how they feed, their behavior, health, and their living environment. This is an all-in-one system for real-time growth, weight distribution, autonomous feeding, fish welfare surveillance, and automatic lice counting. We are currently well into the commercial validation phase with 13 farms in Mowi Norway involved in testing and documenting the performance at different phases of our production in different geographical areas and gaining operational experience from the field as we speak. Gathering value chain data combined with machine learning and artificial intelligence will enable us to grow the fish much more efficiently than today, and in an even more sustainable way. By constantly tracking fish behavior, fish health, and fish performance, we can be proactive instead of reactive when it comes to acting on biological issues. We will be able to better understand and implement optimal practices, and we will reduce risks in the sea phase. Smart Farming by 2025 and realizing our post-smolt strategy set out for the next six years are key tools to facilitate organic growth beyond the 300,000 tons gutted weight in Mowi Norway. In parallel, we will continue our systematic and hard work of all our highly skilled employees to optimize growth and manage the biological situation for improved harvest weights and survival rate. We are organizing Mowi Norway with strength and focus on utilizing our vast knowledge and experience across the regions by a stronger coordination. We have established cross-regional strategy teams for better utilization of resources, capacity, and best practices within several key areas, as listed here. We also recently rejoined Sjømat Norge, the largest seafood industry federation in Norway. We strongly believe in the need for sector-coordinated efforts, especially within the area of maintaining, and in some areas, further strengthened biosecurity measures to allow for a continued growth. Farming salmon is about biological control. It's about attention to details and daily control. With this, summarize the highlights for Mowi Norway and how we are working strategically and targeted to accelerate growth going forward. In our program, a little bit ahead of schedule, but for a short break. In five minutes' time, we will continue with farming Scotland, Ireland, and the Faroes by CEO Ben Hadfield, who will present from Fort William in Scotland. Thank you very much. [Break] Yes. I think we are ready for the next section, Farming Scotland, Ireland, and the Faroes, with Ben Hadfield, direct from Fort William via Teams. Can you hear me, Ben? Yeah, I can hear you fine. Good. Thank you, Ivan. Good morning, everybody. It's my pleasure to present the business units in Scotland, Ireland, and Faroes. I'll just share the presentation now. Okay, thank you. As Ivan said, I'm Ben Hadfield. I'm the COO for Farming Scotland, Ireland, and Faroes. The highlights of the business unit, starting with Scotland. We've been farming in Scotland since 1965. We have two modern RAS facilities. We have one flow-through hatchery where we produce organic smolts now. We have 47 sea-water sites. I'm speaking to you today from Fort William, where we have a primary processing plant. What we see in Scotland is that we have had growth. It's not been even growth. We've had 3% per annum over the past few years. We've been able to access and develop a number of new sites through an application process here in Scotland. We've had seven new sites since 2015, and that makes us very confident that we can rise over the coming years to more than 80,000 tons gutted weight. Productivity is an issue in Scotland, and it's one that we must address. One of the big boosts that we'll have, and I'll come onto this in some more detail, is the change from 120 m to 160 pens. Significant step forward for Scotland. It's double the size of the pens and allows us to reduce the units. We'll also talk to you today about the post-smolt strategy. We have enough smolts to grow organically going forward, but we would like them to be at a much higher average weight to reduce the time in the sea. Cost initiatives. Productivity is key, as Ivan said previously, and we expect that to rise significantly in Scotland going forward. We also plan to expand and de-bottleneck our existing processing plant with a compelling capital investment going forward. We would point out that we're the U.K.'s largest food exporter, and in Scotland, the industry is subject to good regulation on a science-based footing. We have made significant advances in oceanographic modeling to allow larger pens and a consolidated farming base. It's a significant reduction in pen numbers and allows us access to deeper waters in more exposed locations. We've been successful in removing the 2,500-ton cap which existed in the Scottish industry until last year, and we were the first company to expand and have size of 3,000-4,000 tons. The significant benefits of reducing the number of pens and reducing the cost base through that, we expect to achieve in the next few years. We expect that this contribute an increase of organic growth in excess of 15,000 tons, and about 50% of our sites are in scope for this change. Significant cost saving exists between FTE reduction and centralized feeding, and we also expect to see improved sustainability benefits through increased predator control, access of deeper water, and more similar capacity in the oceans that we farm in. We plan to reuse the equipment in Ireland. Many of the pens are not that old, in good condition, sanitized. They will transfer to Ireland and used to improve our operations there. One of the areas that we've succeeded in over the last few years is expanding into new locations and developing new farming biomass. Over the last five years, we've had 17,500 tons, and these are in very good biological areas, but they're also areas that are challenging from an exposure point of view. We strive to do these developments in partnerships with local communities, providing a lot of employment and providing significant infrastructure improvements. We expect to develop five new farms by 2025, and two of these sites will be determined by the authorities in this year. In addition to this, we plan a series of semi-closed containment operations in Scotland. This is expansionary biomass, and it's aimed at increasing our post-smolt potential. We do this because we want to reduce the farming cycle, and improve harvest volume, and it also improves biology in the sea with increased fouling and better fish welfare. Like Norway, we plan to have post-smolt facilities, and here we have the opportunity to transfer fish from our current recirculation systems into a post-smolt plant, and we're consulting with the authorities to site this at Kyleakin. The aim, like in Faroes, which I'll come onto shortly, is to increase in smolt or post-smolt stocking weight up to 800 g. We're confident that with the temperatures we have in Scotland, that this will allow us to farm and harvest fish within 12 months. It is accretive biomass development. The consultation that has taken place now is for a 3,000 ton post-smolt facility in Kyleakin, which is on 182 acres that we own, and it's next to our feed mill, which was commissioned in 2019. Screening applications will be submitted for both the post-smolt plant and for the closed containment or semi-closed containment at sea. We do expect this to improve our ESG criteria forward, as I said previously, with increased fallowing, increased harvest volume, reduced time at sea, and reduced human intervention because of shorter farming cycle. We have significant potential for cost reduction in Scotland, but we must also see here that we have a differentiation strategy with higher cost feeds where we produce organic Label Rouge and specially grown ranges of salmon for key customers in the U.K. market. We’ve had a period of exceptional product quality and improving harvest weights. We do expect the progress seen from the reduced number of pens and being able to select the best farming locations to improve our cost base going forward. We've also made significant expansions in our treatment capacity, particularly this year in 2021, where we have a new thermolicer with high capacity, which arrives in July, and a second well boat for immediate gill disease treatment is essential in Scotland. We're also quite pleased with the performance of our cleaner fish operation, which is based in Anglesey in Wales. We have now raised 3.4 million lumpsuckers, and we've had exceptional success so far with our ballan wrasse, which will be ready for deployment in July this year. We expect that these, when they're cohabiting with our salmon, will improve sea lice control and provide us with a further reduction in medicinal treatment. Moving on to Ireland. In Ireland, we have a high-quality ova production business. We also take eggs from Ireland to Scotland. We have three freshwater sites and eight seawater sites, and a processing plant at Rinmore. Ireland produces exceptionally high-quality salmon, and there's huge demand for the organic salmon that's produced in Ireland. It's a smaller volume, and it was focused on customer service and flexibility in volumes. Capacity. We have a capacity of 10,000 tons in Ireland, but there has been a reduction from that in previous years. This we intend to reverse, working in partnership with local communities and working with the regulators. We expect to leverage on significant synergies with Scotland, utilizing cleaner fish bio-ovals, both lumpsuckers and ballan wrasse, and we expect to be able to use the treatment resources that we have in Scotland in a biosecure way with Ireland. I mentioned previously the reuse of equipment from Scotland. The smaller pens which are made available from Scotland will be sanitized, and they're going to use environmental net systems, which is essentially two nets sewn together, and instead of net cleaning, the net is simply passed underneath the fish. It provides a very high-quality farming environment and removes any requirement for antifoulants. I'll just move on to the Faroes. The Faroes is the first region in Norway to demonstrate Sorry, the first region to demonstrate the improvement of post-smolts. We have now a number of smolts here which are stocked at 500 g. We expect that to rise to 800 g, and that will help us make incremental improvements towards 10,000 tons production HOG weight in Faroes. We also expect to use passive grading techniques here to make further minor improvements to growth, and we expect to be able to continue to access the Russian market and the premium U.S. market. Mowi Faroes has a high average weight with exceptional quality and focuses on high color of the fish. Okay. With that, I'll hand you over to Fernando Villarroel, who is in Puerto Montt, Chile. Can you please unmute Fernando? Okay. Thank you for the introduction. I am Fernando Villarroel, COO of Farming Americas, and also the MD for Mowi Chile. I am connected from Chile now, in the other side of the world. I am four hour behind. It was a fairly early start. Let's hope the connection work well. I will put the presentation up now. I hope it's there already. Well, I have the pleasure to be presenting today our farming business in Americas, in Canada and Chile. Farming Americas represent about 25% of the harvest volume for Mowi Group, with 110,000 tons in 2020, where about 90% of the volume was sold within Americas, being U.S. our largest market, followed by Brazil. The main focus of the presentation today seeks to explain what are we doing in the region to secure an efficient production at low cost, while we try to, of course, grow the business in a sustainable way. I will try to cover some particular aspect of our Canadian operation. I will start for Chile first. Our operations in Chile harvested 65,000 tons in 2020, with a forecast of close to 70,000 tons for 2021. All this is HOG equivalents. We have two production regions, Chile, region 10 and region 11, and these two region are fully integrated from egg to processing, and with more or less the same infrastructure in each region. We operated 26 sites per year out of the 180 licenses that we own. As you may know, in Chile, one license is equal to one site. In that regard, it means that we have a large unused license capacity, also means that the licenses in operation can be strategically located in our best production areas. In terms of growth, our strategy seeks to maximize the stocking within the existing regulatory regime, which should give us, in Chile, a 3%-4% annual growth. I will come back to that point in the next slide. To achieve such growth, we are concentrated in developing our existing capacity. At this time, we have no plans to enter into new production regions in Chile. As our focus is having an efficient production at low cost, for the last few years, we have been focusing on building and developing a very competitive saltwater operation, both in terms of cost and biology. For competing, we don't necessarily focus on Chile, but we aim to beat our best performing area in Norway, and this has been a very successful move to improve our operations in Chile. In addition, now, we're focusing on building freshwater capacity and improving our productivity in harvest and processing by adding more automation and technology. I will go more in detail on those two ideas in the presentation. The current regulatory regime in Chile use future smolt stocking to control the industry sanitary situation, but also consider certain incentives to grow for those farmers that have a good sanitary performance. It is a sort of a traffic light system, which is based on low mortality, good lice management, and minimal medicine use. As mentioned previously, our strategy is to maximize the stocking within that framework, which should give us a 3% growth per year. In terms of freshwater, we're building internal capacity to reduce the dependence on third-party supply. Because after we finished the production of the smolts in the lakes, the volcano eruption in 2015 destroyed one of our hatcheries. Up to 60% of the smolt were produced in the external hatcheries. The goal is to reach 80% internal production within 2021. The remaining is in a long-term contract with a local company that has been producing, or growing, actually, our smolt for the last six, seven years. In the seawater, we are focusing on larger and fewer sites, trying to use the best licenses in terms of biosecurity, biological performance, and environmental impact. This will allow to optimize the utilization of the new tools we are incorporating for non-medical treatments to manage sea lice, like flushers or use of other options being considered. In addition, this will facilitate the utilization of new technology, like centralized feeding system, real-time, or artificial intelligence, for instance, in order to increase efficiencies and productivity in our farms. In term of SRS, which is a particular issue for Chile, the strategy is simple, but also complex to execute. The use of vaccine, reduce the stress, like having a low prevalence of Caligus as one of the main stress factors, and a close monitoring for an early detection of the disease. In the area of harvesting and processing, we're adding well capacity with two new vessels on hire, and adding more new technology in the processing plants in order to increase the capacity and improve productivity. The two main areas we're investing in adding capacity and improving productivity are freshwater and processing. We just recently expanded one of our facility in Region XI, and we are halfway in the construction to adding more capacity in the other hatchery in Chile in Region X. All this investment will significantly reduce the cost of our smolts in addition to make the operation more efficient. The other area that we're focusing in freshwater is advancing our internal genetic program by incorporating the latest genomic technology for broodstock selection. For this year, we have the plans to commence the construction of a Mowi facility that will consolidate our broodstock genetic program, which will result in considerable reduction in cost and improving productivity, but also will bring our genetic program to the next level. The addition of new technologies and automation of certain processes has been the latest investment in harvesting and processing. The increase of harvesting capacity in both plants will allow better utilization of the larger vessels we added, and to substantially reduce the wellboat cost, which is an important cost here in Chile. On repetitive and labor-intensive processes in the plant, we are incorporating more automation that will improve capacity and productivity. In that respect, we are using the knowledge that we can access within the Mowi Process and Excellence team that was mentioned by Ola Brattvoll earlier in his presentation. What I have to say to Chile, he explained, or trying to explain in summary, a focus on our core business and how we aim to have an efficient production with low cost. I am moving now to farming Canada. Our business activities in Canada are located at the door of one of the largest market as is U.S., a market that probably has the largest growth potential in term of consumption of salmon. Our Canada West operation are in British Columbia on the Pacific Ocean side. Here we operate 30 sites in five cluster areas. BC as a province itself has a coastline larger than Norway, but historically, have had a challenging political environment toward salmon farming. Our strategy in the region is to maintain and establish production of 30,000 ton or higher. In the other side of the country, in the Atlantic Ocean side, is our Canada East operation, located within three provinces, Newfoundland, New Brunswick, and Prince Edward Island, where we operated 40 licenses, and 29 of those are in Newfoundland, a region where we have a significant growth potential. On this course, the provincial government, who are the primary regulator of the industry, are very supportive of developing a strong salmon farming industry. Our strategy in this region is to reach a stable production of 25,000 tons per year. Unfortunately, in both of our operations in Canada, we have faced a significant environmental, sanitary, and political challenges that require a structuration of the operation. As you probably have heard, on December 2020, the federal government announced the decision to phase out salmon farming licenses in the Discovery Islands area by June 2022. The announcement also mandated that no new smolts can be stocked in the Discovery Islands licenses during this time, allowing existing buyers to end its production cycle. In consideration of the decision, a structuration plan was necessary to be implemented. Such plan conceived within other important points, the closure and decommissioning of the site in Canadian, a new production plan, to maintain a harvest volume at or above 30,000 tons, and establish a new organization that will reflect the new company size. The decision made by the government will have an estimated impact of a reduction of up to 200 employees by the time of this site are out of operation in 2022. Going forward, a priority on the political side will be to secure business certainty through key relationships and agreement with local groups of interest. This in order to support an advocacy plan with both provincial and federal government that can bring security to our investment in the region. In term of operation, the optimization and reduction of expenses related to sea lice and net management, net cleaning, is a key priority in the short term to reduce costs to a more sustainable level. This is in addition to continue with the high focus on gill health prevention and Tenacibaculum infection, the two most important fish health challenges in BC after sea lice, of course. The rightsizing and streamlining of the operation in the west side of Canada with a strong focus on biology and cost can make this operation a very profitable business, consider its competitive advantage given by the proximity to the U.S. market. The operation on the East Coast has been badly impacted by biological environmental events since its acquisition in 2018, resulting in falling behind in our growth plan. A turnaround/restructuring plan has been defined, including the change in management, with appointment of a new MD with extensive farming experience in this area. Our aim is to return to profitability and its growth path as soon as possible. The execution plan has changed. The initial plan was a bit too ambitious in terms of growth pace, considering the challenge on this region, particularly in Newfoundland. One key success factor on the strategy is obviously improving the biological performance. On that component, we're focusing the two most important issues there, ISA and lice management. ISA has been the most difficult biological challenge that we have encountered, as did hit us on a fast growth plan. Consider a long production cycle in this region, it will take longer to record expected harvest volume in the short term. ISA has been an issue in all the production region. In all of them, it has been successfully managed. We're confident that the recipe exists and will be implemented in the East Coast. In the other hand, now we're much better equipped in term of treatment capacity for sea lice. We will be more efficiently manage the sea lice levels in our farms. In term of operation, the priority right now is right-size the organization to an appropriate scale, including the rationalization in the use of resources, considering the new timeline to achieve the expected production volumes. An important point is that Canada is, particularly Newfoundland, is one of the few farming region with a significant potential for growth, and Mowi has the fundamentals already in place to capture such potential. Like having established breeding program of a local strain and a freshwater capacity to do so. Well, I am coming to an end of my presentation for Americas, I will leave you now with Atle Kvist, COO Feed, to present our Feed division. Thank you very much. No separation. Thank you, Fernando. Good morning, everyone. My name is Atle Kvist, and I'm the CEO of Feed. We have, as mentioned earlier, two feed mills in Europe, one in Norway and one in Scotland. Our daily focus is on making efficient, high-performing feed at a low cost. We are turning every stone in our value chain to identify and attack cost drivers going forward. Going forward, our production growth will, as Ivan mentioned, be in line with volume growth in Europe. Our current capacity is approximately 640,000 tons, which is sufficient to supply internal demand, and in addition, some external sales. The development since our first year of operation has been, I must say, both fantastic and impressive. 2019, production-wise, was more or less all about bringing the new feed mill in Scotland into operation. That we did with success. 2020, we produced 540,000 tons of well-performing feed, the two feed mills combined, an all-time high for us. This also achieved with less FTEs than in 2019. Our modern facilities, combined with efficient logistics and supply chain, gives us a good basis for low-cost operation. We have a high focus on sourcing sustainable raw materials, widening our raw material basket, and last but not least, to develop new sustainable feed ingredients. Zooming in a little bit on our feed mill in Norway. The picture shows our first feed mill at Valsneset that opened in June 2014. It has two high-capacity production lines for production of seawater grower feed. The feed mill has a premium coastal location in mid-Norway with deep water access. We can handle up to three vessels efficiently at the same time. At the picture, you can see two of our state-of-the-art feed vessels, LNG-powered, being loaded, and one raw material vessel getting ready for unloading. In 2020, the feed mill set a new production record of 390,000 tons of feed, which is really close to full capacity utilization. Mowi's Norwegian Farming operations were 95% supplied with Mowi's own feed in 2020. This with feed from both two feed mills. The picture shows our second feed mill in Kyleakin, at the Isle of Skye. We opened the feed mill in May 2019. It's a highly flexible feed mill with two production lines, one high-capacity line and one medium-capacity line, set up to produce the smallest feed sizes. Also, at Kyleakin, we can handle three vessels at the same time. It's no secret that starting up a new feed mill can be challenging, but the startup has been really good. Well supported by transfer of knowledge from our feed mill in Norway. From Kyleakin, we deliver freshwater, seawater, and organic feed to our operation in Scotland, Ireland, the Faroes, and Norway. Our location and our own deepwater pier allow for efficient bulk transportation of raw materials to the feed mill and feed out to the farms by larger vessels. Our calculation shows that on an annual basis, we save more than 3,000 tons of CO2 compared with transportation by road and smaller, less efficient vessels. Mowi 4.0 has been mentioned several times by my colleagues earlier today. Going forward, we are convinced that 4.0 will make our interaction with farming even better. In short, we see 4.0 as a fantastic tool in making high-performing feed, specially designed for the Mowi salmon strain. We will see productivity increases through smart operations. Progress in data collection, sensors, robotics, automation, and AI technologies will help us improve going forward. There's no doubt that the 4.0 will give established methods a new edge. It will drive change through the entire value chain. It will reduce manufacturing and supply chain cost. Last but not least, it will increase sustainability by increasing energy efficiency and improve raw material utilization. A small example of how we use 4.0 technology today can be shown on the picture. We use sensors to monitor status of critical bearings. Earlier, we changed bearings when we had a breakdown or in a planned maintenance stop. Today, monitoring them by sensors, we can run them longer and change them in due time before a breakdown occur, thus securing production uptime and reducing cost. Our product range satisfied farming's feed requirements. The portfolio includes feed for all life stages in seawater, both organic and conventional. The portfolio also includes feed for freshwater prawn and fish larger than 2 g. As can be seen on the pie charts, Scotland has a higher product complexity than the Norwegian one. It produces more feed types and more of the smaller sizes. With its highly flexible setup, the feed mill in Scotland is designed to handle this complexity. We tailor our feed to match the changing requirements of the fish through the life cycle. The pie chart gives an overview of the main ingredients in our feed. Fish meal and fish oil accounts for about 26% of the ingredients. Modern feed formulas and feeding skills makes us a net producer of fish, with a fish-in, fish-out ratio of 0.68. With the continued investment in feed R&D, we continue to pursue alternative feed ingredients that provide the necessary nutrients for state-of-the-art feed. We are testing a lot of novel feed raw materials. Novel feed raw materials that have a low carbon footprint, that have the required nutrient value, that are available in sufficient volumes, and that are cost competitive, will be a part of our raw material basket going forward. Our feed good for the fish and good for the environment. We are sourcing feed raw materials globally with a clear target on sourcing as local as possible. We have and we follow a strict policy on sourcing of sustainable feed raw materials. All ingredients we use shall have a traceability system in place. Marine raw materials we source from suppliers who adhere to responsible fishery and that are certified as sustainable. The soy used in our feed is 100% deforestation free. We have also a zero tolerance approach to modern slavery. The Mowi Code of Conduct for suppliers shall be followed. Thank you very much. Then I hand over the floor to Catarina, presenting ESG and R&D. Thank you, Atle. Good morning. It's a pleasure to be here and introduce you sustainability strategy and the R&D work we are doing at Mowi. I would like to start with really taking a helicopter view and ask ourselves a key question, which drives the passion we bring to work every day. That is: What is the contribution of Mowi to making the world a better place? In fact, if we think that we have to feed nine billion people in the future, we actually will need to produce about 50% more food than what we do today. Now, it's not only about producing more food. That food has to be produced in a way that does not add to the problem of large environmental issues that our planet is facing, like climate change. In fact, seafood and salmon has a proven record of low carbon footprint as compared to land animal proteins. Not only seafood is a climate-friendly alternative, but it's actually an excellent combination of nutrients like vitamins, omega-3 fatty acids, potassium, which are important to keep a good health status for human population. If we actually think on a big picture, food from the ocean is very important for people because it's healthy. It's very important for the planet because it's climate friendly, and it's also important for business because in the end of the day, it supports both local and global economies. Food from the ocean is really a triple win, and Mowi is very well-positioned to have a significant contribution to make the world a better place, because the core of what we do, which is producing seafood, which is sustainable and healthy, is part of the solution to both climate change and food security. Ocean-based Atlantic salmon farming is on the right side of sustainability. I have to say that biology is really on our side here, because fish, if we compare it with mammals, for example, with pork and beef, they do not need to spend energy on keeping their body temperature, just like as we humans have to. In the end of the day, that is reflected in a much more resource efficiency use, basically. Every kilo of feed that we give to a fish is then very easily converted in kilo of weight gain, which is not happening in the other land animal proteins. That is also reflected in a lower carbon footprint, as you can see here, the figures on this slide. In addition to carbon footprint, water consumption, fresh water use in our production is also much lower, 2,000 L/ kg of edible meat, as compared to, for example, almost 16,000 L/kg in the case of beef. This is actually a very interesting slide, which I would like to spend a few seconds. The message here is really important, because it talks about the avoided carbon emissions from our business. Basically, if we think that 440,000 tons of salmon production would have actually been produced by a mix of animal proteins, being poultry, pork, and beef, we would have ended up with 44 million tons of CO2 being released, as compared with the two million tons of CO2 that Mowi has released in 2020, considering the combination of all our scopes, Scope 1, 2, and 3. The difference of these two actually gives us what we call the net avoided CO2 emissions, which is close to two million tons of CO2. Converting these numbers into a figure that all of us will connect to, this represents 380,000 cars removed from the road every year. That's a significant impact. Mowi, as we have heard already several times across this presentation, has been ranked number one on sustainability among food producers. We are very happy that if we take, for example, the FAIRR index, FAIRR stands for Farm Animal Investment Risk and Return, even as mentioned in the beginning of these sections, it ranks the 60 largest animal protein producers in the world in important ESG metrics, covering environmental aspects like deforestation, water use, antibiotic use, climate footprint, but also other very important aspects such as food safety and also working conditions for our employees. Meaning that the social pillar of sustainability is also considered in these ratings. In addition to FAIRR, I also would like to mention CDP. We have been rated in the A leadership category, both on climate action and also in our supplier engagement ratings, which is really important for the Scope 3 activities we are doing connected with our climate footprint. In addition to the FAIRR and the CDP ratings and several others that you have seen on that slide, I also would like to point out a number of other sustainability highlights. 100% of our harvest volumes in 2020 were, and still are, certified sustainably accordingly to GSSI recognized standards, which means either ASC, BAP, or GLOBALG.A.P. We have also seen for the first time in 2020 a reduction by 2.7% of our greenhouse gas emissions, which is the sum up of all the scopes, including Scope 3. 100% compliance with our sustainable sourcing on feeds policy, as you have heard Atle mentioning about. The majority of our sites, 93% of our marine sites, they have a minimum benthic impact, and that is really an important element for us as well, in terms of the seabed biodiversity which we monitor, and the results here show that the impact is at the minimum level. A further reduction in dependency of medicines to manage sea lice, that is really as a result of all the integrated sea lice management approach that we have been taking over the last years. Now, when it comes to sustainability certification, I have mentioned the 100% harvested volumes being certified. Because we are a fully vertically integrated company, it becomes quite important that our sustainability credentials are strong along the value chain. Therefore, both in feed, we have heard GLOBALG.A.P., we have also heard about our soy being 100% deforestation free certified using the ProTerra certification. We also are very strong on marine raw material certifications using, for example, the MarinTrust or equivalent certification schemes out there. Then on more the downstream side of it, on the processing side, we follow the ASC Chain of Custody certification, and on the food safety, the GFSI recognized standards. I would really like to welcome you, everyone who is watching this presentation, to dive into our sustainability strategy, which we call Leading the Blue Revolution Plan. You will be able to find it publicly available at mowi.com, and there you will be able to find all the details and all the commitments that we have set in our sustainability strategy. These are targets that are smart targets. They are specific, and they are time-bound, and they cover elements on the planet section, as you can see here, on being part of the solution to global challenges. There we have set science-based targets on greenhouse gas emissions reduction. We have also targets on both our plastic packaging and also the farming equipment that we use. We aim to run an eco-efficient value chain. There we cover both waste and circular economy and also freshwater use. We farm in harmony with nature, and there we cover elements of sustainable certification that we have heard about. Also escapes, sea lice, fish health and welfare, and sustainable feed. Sustainability wouldn't be complete if we wouldn't also look at the people side, and that's really an important element for Mowi as well. We live our vision, values, and leadership principles every day. We run an operational excellence program, which really drives the purpose that we have in our company of Leading the Blue Revolution. We comply and make our suppliers also follow our Code of Conduct across the group. We promote a safe and meaningful work, focusing on absence rates, reduction on LTIs, but also a culture of diversity where gender, racial equality is also important, both in the operations but also at management level. Finally, when it comes to communities, this is really an important part. We operate locally in coastal communities, and we create a very positive ripple effect there as well. Transparency and communication about our sustainability progress. I've mentioned already our sustainability strategy, Leading the Blue Revolution Plan. You will be able to find all the sustainability metrics being reported in our annual report, which will be released next week, but also the industry handbook, which is really an important piece of work, and as well our CDP reporting, our United Nations Global Compact report, our impact report of the Green Bond, which will also be released for the first time next week. The way we report, we follow standard guidelines when it comes to sustainability reporting. We follow the Global Reporting Initiative and also the Sustainability Accounting Standards Board. For the first time, we will be releasing together with our annual reports, our Task Force on Climate-related Financial Disclosures, the TCFD report, where you will be able to read more about the risks and opportunities to our business connected with climate change. I would like to spend a little bit of time on our low carbon transition plan. We have talked about the opportunity it represents to our business. That doesn't mean we are on a standstill and do not act to make our business even more sustainable. We have a plan. That plan covers our three business areas. If I start with feeds, the focus to achieve an improved carbon footprint to the group is operating energy efficiency feed plants and optimizing logistics. You have heard the examples from Atle, how many trucks we have been managing to pull out of the road because of the strategically well-located feed plant in Scotland. We are also designing feeds for an optimal FCR. Meaning that in the end of the day, with lower FCRs, a lower amount of feed raw materials need to be used, and also purchasing only deforestation-free soy. When it comes to farming, reducing the dependency of diesel to run our farming sites by connecting them to land power. This is significant. In farming Norway, more than 60% of our sites are already connected to land power. In locations where it's difficult to do that, then we will install hybrid generators where we know we can reduce the diesel dependency by up to 60%. Increasing the share of renewable electricity at our freshwater plants and processing plants is also an important action we are taking. On Sales & Marketing, optimizing logistics, working with our suppliers to promote the climate-friendly supply chain, and also running more energy-efficient processing plants. When it comes to plastics, it is a hot topic these days, and we take a big responsibility on having a responsible plastic use. We do that really through three main actions: reducing the amount of plastic used in packaging, reusing plastic equipment, and recycling packaging and farming equipment. A few interesting examples I would like to share with you. For example, in 2020, we were able to reduce by 2,000 tons the amounts of virgin plastic use by a number of win-win solutions, as we call them. For example, light weighting our packaging. For example, redesigning, making it more simple. We don't need double layers of packaging, and also using recycled PET in our Mowi packaging. We also reduce plastic equipment. For example, in Scotland, some nice examples, 124 tons of returnable crates instead of disposable boxes have been implemented. Also in the recyclability dimension, close to 16,000 tons of packaging and farming equipment, and that includes both nets and feeding pipes have been recycled in 2020. Here are some really interesting pictures. We actually recycled the nylon of our nets into materials that you might well come across in your daily lives, like for example, carpets, swimwear, socks, and even those beautiful green chairs that you see there on the picture. Next time you see a green chair, maybe you can think about these recyclability actions that we are taking at Mowi. Talking about recyclability, it connects very nicely with our circular economy approach. As we know, avoiding waste is crucial, also on the fight against climate change. I think Mowi has excellent examples of how we are addressing circularity. We have mentioned already the examples on our farming equipment, but I also would like to show you some examples across our value chain. If we think about our fresh water plants, in 2020, we were actually able to use 14,000 tons of sludge as compost in agriculture. This is not waste. It's actually a valuable raw material for other purposes. Then if we think about downstream, we have the beautiful example of Mowi Nutrition. Actually what we do there is approximately 40,000 tons of by-products, like trimmings and offcuts, they have been upcycled to fish meal and fish oil used in non-salmon aquaculture, pet foods, and even human oil capsules. You see how what the traditional term of waste is by far waste. These are valuable raw materials for other sectors, and we are making sure that we do that. So going from planetary aspects and environmental sustainability, I would like to touch base on the human aspects again. This brings me actually to put this together into a concept that maybe some of you have heard, which is called the planetary health diet. Salmon is extremely well-positioned to be, and it is already considered an emphasized food together with fruits and vegetables. That is really obvious if we look at this beautiful combination of nutrients that the salmon has and the proven effect that it has been shown by health authorities and experts all around the world on promoting cognitive development on children, on preventing cardiovascular diseases in elderly people. It is really a proven record on health benefits. Going back to the social dimensions of sustainability, we create a positive impact on local communities. The ripple effect through local suppliers, through local employment is significant. In addition to that, we really want to promote a safe culture within our organization, which focus on develop our people and also on promoting diversity. I will change hats now from my sustainability health hat to the R&D aspects, and I have two slides to share with you. The first one really illustrates our global focus when it comes to R&D. These are examples of our R&D and innovation hubs all around the world. We have R&D hubs that support innovation and technology development in our farming business areas in Norway, in Chile, and also in Scotland. Feeds as well, we have our R&D feed centers in Norway and Scotland. In the business area of Sales & Marketing, we have in the U.S., Poland, and Asia, several new product development centers. From farm to fork, innovating for the future and making sure that Mowi is well-positioned to bring value to our stakeholders and shareholders. I think it is really important. This slide as well puts together again the Mowi 4.0 that we have been hearing about and Smart Farming into the context of all our value chain and from breeding and genetics, where we focus on using the best genomic tools to enhance fish robustness and product quality, to feed production, where we maintain the raw material flexibility and focus on ensuring an optimum nutrient composition to our freshwater plants, making sure that our RAS systems are operating in the best way possible, and where we optimize our smolt and post-smolt production. In seawater, we have heard about these really well examples of how we aim to have our eyes in the water in a way that I've never seen before with our Smart Farming concepts. Processing with our processing excellence team, focused on online scanning and capitalizing on all these data that we are collecting as well at the end with product sustainable packaging and new product development. Thank you very much. I'm very happy to bring our CEO back on stage to wrap up our Capital Markets Day. Thank you. Thank you, Catarina, and thanks for a very convincing presentation. If anyone still wonders out there, salmon is on the right side of sustainability. Salmon is part of the solution. To each and everyone out there, eat more salmon. We have come to the summary of this Capital Markets Day. As already duly stated, Mowi Farming is working along three main pillars, volume, cost, and sustainability. They are all equally important. However, contrary to sustainability and cost, that we are very competitive, we have been lagging behind on farming volume growth compared to the industry. Therefore, we will particularly focus on addressing growth initiatives in farming going forward. That being said, to put all doubt aside, our main focus is conventional farming. We strongly believe in the future of conventional farming, particularly with the phasing in of Industry 4.0 technologies and opportunities that they entail, especially for the large farmers like ourselves. We think this will transform the way we operate today, increase our productivity, reducing our costs, and make our operations even more sustainable. We believe the lion's share of both volumes and volume growth will come from conventional farming in the coming five years. For Mowi's parts, with the right measures, we believe we have an intrinsic growth capacity from our current licenses to go well beyond 500,000 tons. In addition, we will pursue accretive, acquisitive growth opportunities when it fits with our operational strategy. That being said, we also monitor alternative technologies closely and may introduce it when and if it's timely and profitable. For all its sake, we do not see alternative farming technologies as a threat, but as a potential opportunity for Mowi. So far, neither Mowi nor the industry have managed to keep pace with the demand growth we have seen. We think that will be the case also in the coming years. We will continue to build Sales & Marketing through product innovation, operational excellence, and branding, with focus on growth in elaborated products. In Mowi Feed, we will focus on feed performance and costs, and grow it in line with farming Europe. If we need extra capacity down the road, we will just add on new lines into existing feed mills. Last but not least, we will deliver on the Mowi 4.0 digital strategy in every element of our value chain, from feed to plate. New technologies offer huge opportunities that we want to take advantage of. Further to this, Smart Farming shall be rolled out in Farming Norway, our by far largest entity, by 2025. With this, Kim, I think we are ready for the Q&A session. Yes, very good. That completes the presentations. We move on to the Q&A session, scheduled to last approximately 30 minutes. We have received a range of questions from analysts, investors. The first one is from DNB, Alexander Aukner. He's asking, what will the Mowi 4.0 digitalization cost CapEx be, and what cost savings can be expected? Thank you, Alexander. I think our CFO, Kristian Ellingsen, shall answer this question. Please, Kristian. Thank you for that. Yes, this is a very exciting project, of course. We believe that there will be a split between CapEx and OpEx for the smart operations, for the Smart Farming. For Smart Farming, there will be some data subscription costs, and some licenses, and there will be some CapEx. Remember that we have already built one operation center. This is something we have done within the CapEx already used. We will continue to do this within the farming expansionary CapEx in the coming years in Norway. We don't foresee any major additional CapEx beyond the levels we have included in the CapEx estimates so far. This is something we will do within the framework we have. When it comes to the OpEx costs, we will, of course, see that the aim here is to substantially reduce the health and the lives related costs. In total, this will be a net cost saving for sure. Okay, his second question is regarding Norway Farming volumes. He's asking, organic Norway Farming volumes of 300,000 tons in the next six years, will the growth be evenly spread during the years, or back-end loaded? Øyvind, I think this one is for you. The major contribution for the organic growth will be, first and foremost, from the post-smolt strategy. That will be a gradual phasing on expansion projects. We will see the first volumes, as I indicated, in 2024 from our first post-smolt projects. We'll have a phasing gradually year by year on towards the full effect in 2027. It will be a gradual increase from 2024. Christian Nordby Kepler Cheuvreux. How should we think about your overall CapEx profile for the coming years relative to the past two to three years? Given the NOK 4.04 billion post-smolt CapEx in Norway, will you skew more CapEx towards the farming division and reduce CapEx in other parts of the value chain? Kristian, I think this one is for you. Yes. The CapEx for the coming years. In general, we will come back to the CapEx guiding for each year. We have guided for the CapEx for this year, EUR 265 million. As we have indicated in the guiding, we have approximately EUR 10 million for expansion CapEx in consumer products related to automation. This is something we also will have to do in the coming years in order to support the digitalization and automation in our factories. When it comes to feed, we have two brand-new factories, so we don't estimate any major investments in those factories. That means that the rest of the CapEx is allocated to farming and will support the growth in farming in the coming years. When it comes to the post-smolt project, this will be something that will now be invested in over the coming five years. Accordingly, split over several years. That is also, of course, the case for Smart Farming. The focus, I think it's fair to say based on what I said, an increased focus on farming and on farming cutbacks in order to support the volume growth in farming. Carl-Emil Johannessen from Pareto, who is asking, can you say something about the timeline to reach the capacity of 80,000 tons in Scotland and the 55,000 tons in Canada? Right. I think we start with Scotland then. Can you hear me? Yeah, I can hear you fine. In Scotland, we have potential to increase smolt stocking from the existing units that we have at Lochailort and Inchmore. The post-smolt plans, if they're approved, will obviously give us a significant boost in volume, but that won't be until another three to four years. The main improvement that we have is of the new locations and the extra biomass, which will kick in over the next two to three years. You will see an increase in Scottish volume this year and going forward. Fernando, the second part of the question goes to you. Can you hear me from Puerto Montt, Chile? Hello, everyone. Yes, I can hear you well. Well, the answer about the 50,000 tons for the operations in Americas, particularly Canada. In Canada West, we're already 30,000 tons or a little bit over. In the case of the Canada East, we will be there around end of 2024, more probably, due to the length of the cycles in Canada East. The stocking is already in this coming year will be in the seven million smolts. Thank you. Not sure you can hear me or not? I think that was a good answer. Kim is nodding. I expect it's okay. Okay. The second question from Carl-Emil from Pareto. In terms of post-smolt strategy, do you see 700 g-800 g smolts to be the optimal size to produce on land related to CapEx per kilo of increased production in sea? Can you increase production in sea even at the same CapEx per kilo by producing even larger smolts? A tricky one, I must say. Øyvind, can you please elaborate a little bit on our thinking on this? We have spent a lot of time on maximizing the size of the smolt. Yeah. We do have a lot of experience on increasing sizes of post-smolt. The 700 g target is predominantly related to the utilization of the seawater farms. We see that when you get towards 700 g, you reach a one-year cycle in sea, then different from today's up to two years between the fouling periods. The biggest effect then and why we have targeted 700 g is the turnover in sea and the utilization of the capacities of our seawater farms. Yeah. In short, we think that is the ideal size of the smolt. A question from the investor community about land-based salmon farming. What's your view on land-based grow-out facilities and the viability of project companies we see in the market today? Should we expect that Mowi will move into this market? Well, I guess I can take this one. First of all, I would like to say that salmon is on the right side of sustainability. The competition is not between the various farming technologies. The competition or the competitors are actually other animal protein producers. To Mowi, as we said in the presentation here, we regard land-based farming as a potential opportunity for us. That being said, it's very much about the right timing. We also have to be convinced about the profitability. I know maybe this is not the answer everyone wants. At least according to me, the jury is still out. Let's see. We really hope this succeeds. When we find the time right, if we get there, then we will use this technology as we do with the other technologies today. I think we just have to be patient and wait. When we decide this, if we decide it, then we will report it to the market. Let's see. Very good. Changing topic to HR. People can be a key differentiator between corporations. What does Mowi do to attract and retain the best people? Yeah. I guess this goes to you, Anne Lorgen-Riise. She is our Chief HR Officer, for those who do not know her. Please, Anne. Thank you, Ivan. We see that especially young people take a great interest in sustainability, in climate-friendly food production, and in new technology. In recruitment, we are focusing highly towards these future opportunities in our company, in the possibility of taking part in the future of food production and working with new technologies that we believe will change the business, already mentioned here today on AI, for instance. This will open new and interesting career opportunities for really a wider group of talents. When it comes to the retention of people, the fight for talent is real, and it's going to get tougher in the time to come. We will continue to enhance our strong messaging on our purpose, on our culture, to continue to develop our leaders to the highest standard. We have recently just launched an executive program to develop our future leaders in the company. We will continue to fight to retain people in the company with an interest in and a passion for seafood, for sustainable food production, for making a difference in the world, and people who are adaptable to fast-paced change. We believe that we will also have to, a greater extent, reskill and upskill the people, the workforce internally in the company, and will continue our relationship with great academic institutions around the world and the regions where we operate to provide education and learning in-house, and to continue to build our strong learning culture. Thank you, Anne. Never underestimate the value of good people. Over time, that's more or less the only component that distinguishes good companies versus less good companies. Kim? Okay, moving on to Sales & Marketing. A question from Holberg Fondene, Jann Molnes, also combining this with a different investor question. The sales of the Mowi brand in the U.S., is that related to Norwegian fish or Chilean fish? The second question is, can you update us on Mowi's branding strategy for the U.S. market in general? I guess this one goes without saying. Ola, please. Thank you. When it comes to the origin of the raw materials on the Mowi brand in the U.S., we have a product range with two different set of products. We have what we call the Mowi Pure range, which is a high-end part of the brand portfolio. There we use Norwegian origin fish. We have what we call the Mowi Essential range, which is more an everyday meal component of the brand. For that, we use Chilean ASC-approved fish. Actually, we use both origins in the brand in the U.S. market. The brand itself is not specified towards any of the origin. It is a set of criterias to quality of raw materials, and we are indifferent in a way in which raw materials we use. When it's suitable, we use Norwegian, and when it's better for us, we use Chilean. To the second question on the rollout plans of the U.S. market, as I said in my presentation, we are currently selling, and I have to say selling very well in e-commerce with Amazon as our key client in the U.S. market. You can go to the Amazon portal and see our products there and see what range we have presently available. We just recently launched with one bricks and mortar retailer in the U.S., and we have plans to continue the rollout in bricks and mortar in U.S. this year. This was very much hampered by the COVID-19 pandemic last year, and it prohibited us from going to bricks and mortar in the scale we wanted to. That we are reinitiating this year, and we are going to launch in several bricks and mortar retailers in the U.S. market this year. Thank you. Thank you, Ola. Alex Sloane from Barclays Capital. He's got a question about feed. Can algae omega-3 oil become a much bigger part of salmon feed, replacing wild fish oil, given significant sustainability advantages and key algae oil suppliers claiming yield improvement in 2020? A very important topic. Atle, maybe you can elaborate a little bit on this. Yeah. As mentioned in my presentation, we continually look at alternative feed ingredients. We have over the years carried out an extensive R&D to enable us to incorporate new raw materials when it's required. However, by comparison to more traditional commodity-derived ingredients, they do not typically represent good value in terms of nutritional value per unit cost. As I said earlier, we will widen our raw material basket going forward. Again, condition that they have a low carbon footprint, nutritional value is okay. Last but not least, they are available in sufficient quantities, and of course, that they are cost competitive. Thank you, Atle. Next one, Kim. On ESG and the taxonomy, do you think Mowi will become taxonomy compliant? If so, what are the biggest pros and cons, in your view, to achieve that? Catarina, I think this goes directly into your expertise. Please enlighten us. Good question. We are following, of course, very closely the developments on the EU Taxonomy. We welcome the EU decision to classify sectors from a sustainability perspective. Far, we haven't seen aquaculture included yet, and that's actually a positive signal because what has been covered so far has been sectors or industries which have a high climate footprint impact. 93.5%, actually, of those companies and sectors that have been included, they are assumed to have 93.5% direct greenhouse gas emissions in Europe. These two environmental categories, climate change mitigation and adaptation, which are covered now, they focus, let's say, more on the negative sides of climate. As we have heard before, we are really a solution to climate challenge. That's why aquaculture hasn't been included yet. Yeah. Thank you, Catarina, and very good to hear. Next one, Kim. A question from Nils Thommesen at Fearnley. He's got a question about volumes in Chile. Is the 3%-4% growth in harvest volumes based on 2020 harvest or 2021 harvest? Do you expect improvements in KPIs, like harvest weights and mortalities, to achieve this goal? Will the increase come from increased smolt stocking? Fernando, are you still there? Can you hear me? Yes, I can hear you. I think this one- Basically, on the question, the framework where we refer to is the smolt stocking. Base is every year you can get, of course, from zero, but in our target is 3%-4% growth based on the smolt stocking. The 2021, we are seeing already some of it obtained in 2020. Good. Thanks. Moving on to Sebastian Bray from Berenberg. He has a few questions. The expansion of Mowi's feed capacities seem to have gone well. Could the same logic of backward integration also apply to the Americas? If so, what's the timescale? I think this one I can take. Right now we are fine with being self-sufficient for feed in Europe. We will grow more feed going forward in line with the growth initiatives we take in Mowi Farming Europe. In terms of Americas, in the short term, I think we are okay with the current situation. In the longer term, that's something completely else. Today, I think we stick to the short-term part of that answer. Sorry, question. A second question on CO2 emissions. I assume the CO2 emissions figure on slide 78 include CO2 cost of air freight. What is the impact on carbon footprint of removing air freight? Put another way, what's the percentage of total carbon footprint is typically linked to air freight transport for salmon? Catarina? I think this one is for you. Thank you for that question. The answer is 10%, actually, of the total Scope 3 emissions. Since 2018, we have a good overview of our Scope 3 emissions. This is publicly available in our annual reports. You will be able to see it next week already, the 2020 figures. It's 10% of the Scope 3. For the total scope emission of the group is even less than that. It's quite important to have that number into perspective, which maybe a lot of people think it has a huge contribution. In the end of the day, the majority of our Scope 3 emissions come from feed raw materials. That is the most important action we are taking to reduce the Scope 3 emissions. Yeah. Thank you, Catarina. Two questions from Alexander Jones, Bank of America. Smart Farming. I appreciate this is an early stage, but are you able to give any indication of the magnitude of cost savings you expect to see from these digitalization initiatives in farming? Or what you have seen so far in the farms using this technology. Cost, Kristian. I think this is your field. Yes. We, of course, believe that the ability to be more proactive when it comes to acting on biological challenges will have a very positive impact on cost. We prefer not to quantify it. We don't generally guide on costs. Of course, this is something we believe in very much, and we think that this will have a net positive effect on health costs, on feed costs due to the feed conversion ratio, which has increased, and mortality costs, partly offset by some higher license costs and subscription costs for the data subscriptions. All in all, we believe this to be a positive effect in the coming years. On CapEx, given all of the optimization and growth initiatives you have discussed this morning, can you give us an idea of the organic CapEx budget over the next five years? It sounds like you have to come up again, Kristian. CapEx. A lot of CFO questions today. Interesting. I think I browsed upon it briefly also in a previous question. We have given a CapEx guiding for the coming year, 2021. We prefer to come back to the guiding for the individual years, as we usually do. We are not ready to give the full CapEx guiding for all of the coming years. In general, we have indicated a major initiative on post-smolt. We have indicated that farming growth is a priority. Farming will be a big part of the investment program in the company in the years to come. The NOK 4 billion indicated, those will be distributed over the coming five years. I don't think we have to or are able to go into all the specifics at this point. We will come further back to that in the CapEx guidings in the coming presentations. Thank you, Kristian. Okay, we are nearing the end of the Q&A session. A question from Arctic, Thomas Lock. He is asking about the brand strategy. Can you state any figures on revenues and EBIT for 2019 and 2020 versus the target revenues of EUR 1 billion and 10% EBIT margin? Yeah, it's about numbers, but I think you, Ola, can take this one. Thank you for that question. We do not make public the numbers of our sales. This we see as a competitive number for us to protect. What I can say, of course, as I said already, is that we are significantly delayed from the original plan. The branding strategy is a long-term strategy, and the billion target is a long-term target. What we have seen is that in the channels where we have been able to launch, we have had good progress, and sales have in large been very well, also compared to what we were expecting from the beginning. The issue has been to get access to the relevant channels and to activate the support programs in the channels which you normally do. This has been significantly hampered by the COVID-19 situation. As this ease up, we believe that we will have more access and that this will take a better turn in terms of speed. I would say that we are progressing. We are seeing good response from consumers and customers, but we are delayed compared to where we planned to be from what we said in 2018. Thank you, Ola. That concludes the questions we have received so far from the audience. Okay. I would like to say thanks for having us and thanks for listening to us. Stay safe. It's still difficult times, and take care. Thank you.