Good morning, everyone. My name is Ivan Vindheim, and I'm the CEO of Mowi. It's with great pleasure I wish you all welcome to the presentation of Mowi's second quarter results of 2021. This time around, 100% digitally. With me today to walk us through our financial figures and fundamentals, I have, as usual, our CFO, Kristian Ellingsen, and after the presentation, our IRO, Kim Døsvig, will facilitate a Q&A session via email where you can submit your questions in advance or as we go along. Please refer to our website at mowi.com for the necessary details. The disclaimer, I think we leave for self-study. Highlights. Overall, I would say the second quarter turned out to become a reasonably good quarter for Mowi, both operationally and financially. Despite the still ongoing pandemic, we have, with minor exceptions, managed to keep our more than 200 farms and 35 factories in 25 countries running normally by means of maintaining the strictest biosecurity measures all across our operations. At the same time, we have also managed to keep our people safe. Yet again, a big thank you to all of our 12,000 employees who have made that happen. It's much appreciated. Last time we met, we said we were expecting increasing prices in the second quarter on lower seasonal supply and strong demand, partly driven by easing of COVID-19 restrictions in many markets. This scenario unfolded, it's therefore encouraging to record the highest operational EBIT since the start of the pandemic of EUR 137 million. Particularly taking into consideration a global supply growth year-over-year of as high as 9% when we factor in release of frozen inventory in Chile. That's evidently a clear indication of a very strong underlying salmon market, notwithstanding the still ongoing pandemic and the market disruptions it brings about. For what it's worth, the operational EBIT of EUR 137 million is also in line with the trading update of the 14th of July. The increase in profit year-over-year from EUR 99 million is, as already indicated, mainly explained by higher spot prices year-over-year, up by 18% in Europe and close to 50% in the Americas. Farming volumes of 108,000 tons were stable. The same goes for a blended farming cost of EUR 4.50 per kilo. However, adjusted for extraordinary costs in Canada East related to harvesting out ISA fish in Newfoundland, blended cost is actually down by EUR 0.15 year-over-year to EUR 4.35 per kilo. Other than that, I would describe biology as generally good in the quarter, with good growth conditions and thereby good growth. It's no secret that we, over time, have not been satisfied with our financial and operational performance in our by far largest farming unit, Norway Region Mid, and this year has been no exception in that regard. To address this, we have decided to split Region Mid into two new regions, West and Mid. The purpose of the split is to strengthen focus and leadership resources and adopt an even more hands-on approach than previously. One cannot ignore the fact that fish farming still is very much about the details and craftsmanship that call for a great deal of micromanagement, particularly in the more biologically challenging areas. New Region West will cover production Area 4 and 5 in Norway, and new Region Mid will cover production Area 6. Harvest volumes in 2021 are approximately equally distributed between the two regions. So much about farming for now. For Consumer Products' part, we had yet another good quarter with record-high volumes for a second quarter of 58,000 tons product weight. Earnings were reasonably good in the quarter as well, although increasing raw material costs owing to the soaring spot prices resulted in lower operational EBIT year-over-year, though still the second best second quarter for Consumer Products to date. Feed and feed numbers, on the other hand, were impacted by low season in the second quarter with reduced volumes and reduced earnings. That said, the feed itself performed very well in the quarter, which is maybe the most important factor for the Mowi group. Another important factor for Mowi is sound and good financing. It's with great pleasure we have recently entered into a new green five-year, EUR 1.8 billion facility with our bank consortium at very attractive terms. Sustainability is deeply ingrained in the Mowi culture and at the heart of everything we do. It's very encouraging to have reached 85% green financing with this facility. Last but not least, the Board of Directors has declared an ordinary quarterly dividend of NOK 0.96 per share, equivalent to 50% of underlying earnings per share. In addition, the Board of D irectors has decided to pay out an extraordinary quarterly dividend this time around of NOK 1 per share, supported by a strong financial position and a favorable outlook. In other words, in total, NOK 1.96 in quarterly dividend to be paid out after the second quarter. Over to key financials. Kristian will go in depth on financial figures under his session, so to not disrupt the course of events, we will just touch briefly upon the most important ones now. Turnover of EUR 1 billion was the highest recorded second quarter turnover ever for Mowi, equivalent to 10% increase year-over-year. This is explained by, as already said, first and foremost, higher spot prices year-over-year. Volumes were quite stable. Operational EBIT of EUR 137 million, we have already commented on. Underlying earnings per share in the quarter was EUR 0.19, and annualized return on capital employed was 13.6%, above the long-term target of 12%. In terms of regional margins through the value chain, they were reasonably good in the quarter, apart from Canada, and more precisely Canada East, which was yet again loss-making. We will revert to Canada and Canada East shortly when we address the various business entities. First, prices. As already said, it was as expected, an encouraging second quarter price-wise, with soaring spot prices in all markets on lower season supply and strong demand, partly driven by less restrictive COVID-19 measures in many markets. We also expect good prices going forward, adjusted for normal seasonal patterns, and I guess I should add, provided that the pandemic does not make a U-turn. Kristian will elaborate more on prices and supply demand under his session. Over to our own relative price performance. Overall, it was 4% below the spot price in the quarter, largely explained by contract prices lower than the soaring spot prices in the quarter. For salmon of Norwegian origin, knock-on effects from issues with winter sores earlier this year and resultant downgrading played an additional role, which resulted in a price achievement of 8% below the spot price in the quarter. In Scotland, it was the other way around, with price achievement 5% above the spot price, driven by good contracts. Relative price performance for salmon of Chilean origin was 4% below the spot price, driven by a mix of soaring spot prices versus contracts, sales to Brazil, and quality issues after a troublesome summer and fall season this year. Price achievement for fish of Canadian origin was also below the spot price, with 5% for their part, heavily impacted by harvesting out ISA fish in Newfoundland. Price achievement in Canada West was actually 3% above the spot price in the quarter. Briefly about the EBIT waterfall. Overall, operational EBIT increased from EUR 99 million to EUR 137 million year-over-year. This was in its entirety driven by increased earnings in farming as a result of the already mentioned higher spot prices. Both farming volumes and farming production cost were stable year-over-year. The other business entities, on the other hand, contributed with EUR 16 million less in the quarter. It's time to address the various business entities, and as usual, we start with the largest and most important one, Mowi Norway. Operational EBIT was EUR 93 million in the quarter, up from EUR 60 million in the comparable quarter last year. EBIT margin was EUR 1.66 versus EUR 1.06 last year, i.e. an improvement of 57% year-over-year. As the graph clearly demonstrates, this is caused by both higher prices and lower costs, two third and one third respectively. Volumes of 56,000 tons in the quarter were stable. As already said, under the walkthrough of the relative price achievement for Norway, it was negatively impacted by contracts and knock-on effects from downgrading related to winter sores earlier this year. In terms of biology and growth, they were reasonably good in the quarter. The different regions in Norway. Margin-wise, it was a mixed bag also this time around. Region North stands yet again out as the margin winner, with EUR 2.26 per kilo on very low cost. Region South achieved a margin of EUR 1.37 per kilo, which is substantially up from last year on higher volumes and a better performing year class. Region Mid's margin, however, of EUR 1.07 per kilo, was highly impacted by very low volumes. We have deliberately chosen to prioritize biomass growth over harvesting in Region Mid in the quarter, following our troublesome first quarter with respect to gill issues and winter sores that heavily weighed on standing biomass. On that note, and as already said, Region Mid's financial and operational performance have over time not been satisfactory. The split we have decided to do of Region Mid into two new regions will hopefully enable us and equip us to improve our performance in this very important farming area for Mowi in the future. Our Norwegian sales contract portfolio. Due to our positive market view last fall, we decided to have relatively low contract share for Norwegian volumes this year, i.e., 67,000 tons on a full year basis, or approximately 26% of our total volumes as we speak, of which 27% is in the second half. In the second quarter, the contract share was 29%. So far, this has truly been a successful strategy, but for order's sake, we reserve the right to change this if we find it opportune. In terms of prices for the remainder of the volumes of 2021, they are in line with recognized contract prices in the second quarter. So much about Norway. Over to Scotland. Mowi Scotland had yet another great quarter with an operational EBIT of EUR 30 million versus EUR 14 million last year, and EBIT per kilo of EUR 1.56 versus EUR 0.98. The more than doubling of profit in absolute terms was driven by both higher prices and volumes, in addition to improved cost year-over-year. Both production and biology were good in the quarter. Other than that, there is not much to say about Mowi Scotland this time around. The numbers, they speak for themselves. For the third quarter, we expect somewhat higher costs on lower volumes and harvesting from sites with a higher cost level. Chile. Mowi Chile turned a profit of EUR 15 million in the second quarter versus EUR 12 million in the comparable quarter last year. EBIT per kilo was EUR 0.98 in the second quarter this year versus EUR 0.82 last year. This was driven by higher prices. Volumes were quite stable. Cost was up as a result of knock-on effects from an unusual warm and dry summer/fall, I would say, this year in Chile, which led to more challenges than normal with oxygen levels and algae. Now it's wintertime in Chile, with reasonably good biology and growth for our part. For Mowi Canada's part, the second quarter was a mixed bag, to put it mildly. Canada West turned a profit of EUR 8 million or EUR 1 per kilogram, which is a huge improvement from last year's loss of EUR 5 million. Canada East, on the other hand, made a loss of EUR 15 million in the second quarter, mainly related to harvesting out ISA fish in Newfoundland, which impacted both price, not to mention cost. The fish is now harvested out. Will not impact our third-quarter results of any significance. To avoid further ISA issues in Newfoundland, we have started to screen all our broodstock for HPR0, which under appropriate conditions, can mutate to the pathogenic ISA virus. All broodstock used for the 2021 year class was 100% free of HPR0. We are also preparing to start ISA vaccination as from 2022 stocking. On top of this, we have introduced stricter biosecurity measures all across our operations, including collaboration with neighboring companies. Canada East has been unfortunately riddled with biological challenges since we took over the reign in 2018. With a turn-around plan ongoing and all the measures taken and to be taken, we hope and believe that financial and operational performance for this region will improve going forward. The time has come for Mowi Ireland and Mowi Faroes. For salmon of Irish origin, we made an operational EBIT of EUR 3 million. This is substantially down from the EUR 50 million we made in the record-high second quarter last year, driven mainly by significantly lower volumes by Irish standards, close to 2,000 tons this year versus 4,000 tons last year. Margin-wise, it was also lower, EUR 1.84 per kilo versus EUR 3.83 due to lower price achievements and higher cost. In the Faroes, operational EBIT was slightly down year-over-year from EUR 7 million to EUR 5 million due to lower volumes. Margin-wise, it was quite stable, EUR 1.91 per kilo versus EUR 1.89. Higher prices were offset by higher cost as we harvested from Haldarsvík this year and our best-performing sites last year in the fjord. So much about farming. Consumer products. As touched upon initially, the second quarter was a good quarter for Consumer Products, with record-high volumes for a second quarter of 58,000 tons product weight and a resultant operational EBIT of EUR 16 million. However, increasing raw material costs owing to soaring spot prices year-over-year resulted in EUR 7 million less earnings quarter-over-quarter. We saw a very good development in demand in almost all markets in the quarter, partly driven by, as already said a few times, easing of COVID-19 restrictions, aggregated 10% higher year-over-year. Provided that the pandemic does not take a U-turn, we expect this positive development to continue. Building markets and developing products are essential in growing demand and our branding efforts continue unabated with the launch of the Mowi brand in three new countries in the second quarter. Belgium, Italy, and Spain. You can now find the Mowi brand in the shelf in eight countries, the U.S., U.K., France, Poland, Belgium, Italy, Spain, and Japan. Our latest addition to the Mowi family, Mowi Feed. The second quarter is characterized by low season for Mowi Feed with all that entails. The second quarter this year was no exception in that regards. Operational EBIT of EUR 3 million was somewhat down compared to the EUR 6 million we made last year on lower volumes due to, among others, less third-party sales. Rough quarterly volumes of 96,000 tons versus 110,000 tons. Overall, feed production has been satisfactory in the quarter, and the feed performance itself has been the very best. The latter is maybe the most important part for the Mowi group. In the second quarter, we enter into the salmon's main growth season in the northern hemisphere, and as such, production and sales for Mowi Feed will increase accordingly. Kristian, the floor is all yours for walking us through our financial figures and fundamentals. Thank you so far. Thank you for that, Ivan. Good morning, everybody. Hope everybody is doing well. We start, as usual, with the profit and loss statement where we see good figures. It demonstrates that we have improved our performance from last year. The top line shows revenue of EUR 1 billion, which is up 10% from Q2 last year on higher prices. Operational EBIT EUR 137 million, up by 39%. This was EUR 38 million higher than Q2 2020 on higher farming prices, partly offset by lower results in sales and marketing. A few comments to the items between operational EBIT and financial EBIT. Net fair value adjustment, positive, EUR 67 million this time around on higher salmon prices. We have non-cash impairment losses of EUR 40 million related to the turnaround of Canada East, and then the sum of the other items are zero. Income from associated companies, that's mainly related to our associated company, Nova Sea, where we own 48.7% of the shares, and they had a good operational result of EUR 2.12 per kilo, although somewhat lower than Mowi Region North in Norway. This operational result translates into a return on capital employed of 13.6% above the 12% target and increased from Q2 2020 on higher results, partly offset by a somewhat higher balance sheet. Underlying earnings per share was EUR 0.19, and the net cash flow per share, EUR 0.31, positively impacted by higher earnings and also a release of working capital in the second quarter. We move on to the balance sheet. We see that from end year 2020, that was relatively stable. Adjusted for IFRS 16 leasing, the balance sheet is up EUR 60 million, 50/50 between fixed assets and current assets. We see that the covenant equity ratio is very strong, 58.1%, and the net interest-bearing debt at EUR 1.152 billion, which is below the target level. We have a very healthy financial position in Mowi. We move on to the cash flow statement. Cash flow from operations of EUR 236 million. Change in working capital was mainly related to release of accounts receivable and inventory in sales and marketing. Now we expect to tie up working capital for the remainder of the year. Tax payments were low last year, we see. That was due to postponement of payments related to these COVID-19 aid packages from the authorities. A more normal level this year. All in all, there was a positive cash flow of EUR 122 million. The other items are more or less as expected. When it comes to the cash flow guidance, that's kept unchanged from the previous quarter, so we will not go into further details there this time around. A few words about cost and cost development. Cost was stable Q2 2021 versus Q2 2020, but it would have been reduced by EUR 0.15 had it not been for Canada East and the ISA issues. We see from the graph here that we have been able to keep costs relatively stable in the period from 2016 to 2021 year-to-date. The annual cost growth measured as CAGR, compounded annual growth rate, is 1.8%, which is less than the annual inflation in the period of 2.3%. That means that for Mowi farming in this period, we have actually decreased cost in real terms. However, the cost is higher than we would like. There has been an underlying cost pressure for many years, first and foremost related to biology. We see that the health cost has a CAGR of 6%, mortality cost 2.9%. These items are dragging in the wrong direction. Other cost items such as equipment, boats, also impacted. Biology is being addressed through a wide range of initiatives, which we discussed in detail in the Capital Markets Day, so we will not go further into that here. In any case, it's clear to me that cost initiatives and cost-cutting measures, they matter. These initiatives have contributed to the fact that we have had a stable cost development despite this underlying cost pressure. When also speaking about cost, it's worth mentioning that we are, in Mowi, the number one or number two performer in the various regions. We currently see a strong cost pressure in the industry, and I guess in many industries, not just in salmon farming, including feed raw materials, boxes, packaging, equipment, salary pressures in many regions. There is still very much an underlying cost pressure. That means that it's very important to have a continued cost focus, which we do. It's necessary to combat the increasing feed prices, more challenging biology, more complex regulations. We are on track to deliver on the 2021 Cost Cut Program. We have realized EUR 18 million year to date, June, versus the target of EUR 25 million for the year. This means that we have cut costs amounting to EUR 155 million annualized since 2018, where the largest contribution naturally is from farming. This is over 1,000 different initiatives throughout our business. Each initiative represents a verified permanent saving for the group. Many are related to renegotiations of contracts, procurement savings related to improved coordination between departments and units, entering into frame agreements, and achieving volume discounts, tailoring contracts to our needs, fee cuts, reducing the number of suppliers, cuts on external services, and in general, really a careful review of our spend in all areas. This graph down here to the right also indicates how the cost savings are distributed amongst the various categories. We see that we have savings in many items, boats, treatment capacity, nets, net cleaning, vaccines, other health items, procurement savings, and other initiatives. Through these initiatives and through this work on cost, we have improved what we call our cost culture. We now have an organization which is more cost aware. In the end, we are of course dependent on everybody in the organization working in the same direction when it comes to working on cost. one year ago, we announced the productivity program, and that's part of the overall cost-cutting program. We note that salary and personnel expenses, they represent the second-largest cost item after feed cost for the group. There are of course opportunities here as in all other cost items. That was demonstrated in 2020. We managed to reduce the number of FTEs for the first time, 353 down versus 2019, despite record high volumes. That represents a 3% productivity increase, and we are on track to deliver on this target we have, 10% FTE reduction productivity improvement by 2024 on as is volumes. The FTE reductions will, to a large extent, be solved through natural turnover, retirement, reduced overtime, reduced contracted labor. Our expectation is, of course, to grow our business, grow the volumes. We expect, in fact, to be a net job creator, as we have also communicated before. Much about the cost update, cost status, and Productivity Program, where we are on track with our initiatives. That's of course also important because of the underlying cost pressure. Moving on to financing. In June, we entered into a term sheet for a five-year sustainability-linked EUR 1.8 billion facility in order to refinance the existing EUR 1.4 billion facility we have. In addition, there is a EUR 300 million accordion option. We are very satisfied with the terms, and I wish to thank the banks for constructive conversations. The lenders are DNB, Nordea, ABN AMRO, Rabobank, Danske Bank, SEB, and Crédit Agricole. The latter is new from the existing facility. Interest on the facility is linked to Mowi's performance against sustainability KPIs, which are consistent with our overall ESG strategy. A sustainability-linked facility is of course a significant step towards our aim of 100% green or sustainable financing. With this, we are up to 85%. As with the existing facility, the financial covenant is an equity ratio of minimum 35%, so no changes there. That is to be adjusted for the effects of IFRS 16 as today. We move on to the market fundamentals. We see from this table here that the supply increased from the various farming regions in the quarter for the industry by 1%. As we will see from the next slide, consumption in the market increased by 9%. The difference is related to inventory effects. In Q2 2021, there was a release of frozen inventory, mainly in Chile. Total supply growth of 9%. The increase in supply from the farmers, that was somewhat higher than expected, mainly due to harvesting more individuals in Chile. The supply growth in Norway, 6%, was in line with guidance. Good growth conditions in sea, as Ivan also commented upon for Mowi's sake. Scotland supply growth 17% in line with the guidance, increased biomass, improved harvest weights. In Chile, supply reduction 14%, less reduction in guidance as more individuals were harvested. Still a big contraction. Yeah. algal bloom in Q1 impacting also Q2. Higher mortality in the industry, lower biomass in Chile, a negative growth is expected now for Chile for the remainder of 2021. Total frozen inventory in Chile is now expected to be at a normal level. Yeah, then we see the various markets for the salmon. The table shows this consumption growth of 9%, we see here. Despite 9% more volumes, we had a price increase. Spot prices increased by 25%. This indicates a really strong demand, good demand growth year-over-year, estimated to 10%. Food service increased 50% year-over-year on gradual reopening, retail decreased slightly 4%, holding up at high levels. We remember that Q2 last year, retail was very strong, including the effect of promotional activity. Further progress in the vaccination rollout has, of course, led to a general easing of restrictions. Gradual recovery in the food service segment, also continued high activity in retail. We see the consumption in E.U. and U.K. increased by 2.1%. Retail volumes remain good, while the food service segment is still in a recovery phase in Europe. According to our information, some domestic food service frozen inventory was also released in Europe, which comes then in addition to the 2.1% shown here. We see that especially the U.S. and Brazil, they stand out, 22% consumption growth in Americas. We see a very strong retail demand still in the U.S., a strong recovery in out-of-home consumption on the top of that. The U.S. has come the furthest with the reopening, and the figures are very encouraging from the U.S. Asia with a more mixed picture. China, Hong Kong decreased by 25% from a high base, I might add, in 2020, in the second quarter, when the market was open, before we saw tightening of COVID-19 restrictions. We see that China, Hong Kong increased by 37% from Q1. Japan, relatively stable. Korea, Other Asia showed a good development. Here we see the spot price increases in the different markets, up to 8% in Europe, close to 50% in America. Also we note that the air freight cost is still higher than before the pandemic. That means that for Chile, which is, as we know, dependent on air freight to their main market in the U.S., there is still a difference between the spot price and the realized price in farming, which is larger than normal. When it comes to industry supply growth for 2021, we expect a global supply contraction of 2%-3% for the second half of the year. For the next 12 months, we expect a global supply contraction of 2%. This, of course, indicates a tight market in the time ahead. I think that's strongly supported by these numbers. When it comes to Mowi's own volume guidance, that has been increased slightly to 450,000 tons from 445, the increase is in Scotland by 5,000 tons. I will leave it at that for now. It's over to Ivan for the outlook statement. Thank you, Kristian. Much appreciated. It's time to conclude with some closing remarks before we wrap it all up with a Q&A session facilitated by our IRO, Kim Døsvig. As said a few times already, excuse me, we are optimistic about the market prospects going forward. The market is the way we see it on the road to full recovery. Concurrently, we have built new markets gradually during the pandemic, and the recovery of the food service segment we think will only bolster an already strong demand for the Atlantic salmon. Combined with our global supply outlook for the coming 12 months of -2%, we think that bodes well for prices going forward. With Mowi's low contract share and integrated value chain, we think we are in a good position to capitalize on this. In terms of harvest volumes and guidance, we have, as Kristian just showed us, upped it slightly from 445,000 tons to 450,000 tons on a full year basis. Lastly, as already stated, the Board of Directors has declared an ordinary quarterly dividend of NOK 0.96 per share, equivalent to 50% of underlying earnings per share, and an extraordinary quarterly dividend of NOK 1 per share, supported by our strong financial position and our favorable outlook. In other words, in total, NOK 1.96 per share in quarterly dividend to be paid out after the second quarter. I think we are ready for the Q&A session, Kim. Okay. Thanks for that, Ivan. Just a friendly reminder to everyone, if you have any questions, please send those to me on my email address, and then I will ask Ivan and Kristian. The first question is from Nils Thommesen in Fearnleys. How has biology in the different regions in Norway developed so far in the third quarter with regards to higher seawater temperatures and increased sea lice pressure? Thank you, Nils. A very good question. So far so good, I would say, but at the same time, knock on wood, as you indicate yourself, this is the most troublesome part of the year. We are okay as per date or as of to date. Today, sorry. Okay. A question from Carl-Emil Johannessen, Pareto. What is your view on the potential new closed system licenses in Norway? At what prices per license are these licenses attractive? Thank you, Carl- Emil. Another good question. This was announced yesterday, on behalf of the rest of the administration and the board, we haven't spent so much time on this so far and the consequences it can have for us. We take the news as very interesting and this is a potential opportunity for us. When it comes to pricing and the way this is allocated, that we haven't a clear opinion on yet. You have to bear with us. This we can, I guess, discuss in depth next time we meet. The next question from Alexander Aukner, DNB. When do you expect Canada East to be back to a normal cost level? Yeah. Maybe we should start with the last part, normal cost level. This is a tricky part of the salmon universe. Canada East has the lowest seawater temperatures in the winter season and the highest in the summer season. Cost level in Canada East will always be at a relatively high level compared to the best farming regions. That doesn't say that it's not possible to run Canada East profitable, because it is, and that was absolutely the case until we were riddled with biological challenges over the last two years. We are targeting first now breakeven going forward, and then the idea is to start to make money here. As you all know, it takes some time to grow a year class or a generation in salmon farming. We have the long production cycle. For the generation we have in sea now, the shape is much better, and with the ISA measures we have taken, we have faith in a better year next year with regard to disease, and the latter is actually crucial. With ISA and the significance of ISA issues we had this year, that's really devastating for not only financial figures but also the operational performance. Okay. His second question is in relation to Norway. Price achievement was weak in Norway in Q2 due to downgrades contracts. What should we expect in the second half of this year? Well, quality is increasing. In terms of that discount, I think you will see improved numbers going forward. When it comes to contracts, losing money on contracts is always a good thing. That means that the spot prices are high and higher than what you expected. That part we hope will go on, but we don't know. Normally, we have seasonal patterns in salmon, and we think that we will see that this year. Higher pressure on prices and an increased volatility in the third quarter, and then increased prices towards the year. Overall, with a -2% global supply growth the coming 12 months, it looks good. We are positive. Martin Kaland in ABG, he is asking, "Do you expect the challenging summer conditions in Chile to continue to weigh on costs going forward, or have the improved biology during the winter had a positive effect? Unfortunately, there are some knock-on effects from biological problems. The standing biomass is, of course, impacted by what happened this summer. With good biology and good growth going forward, some of this could be mitigated. I think we shall expect quite stable cost levels for Chile going forward, at least in the short term. I'm thinking of the next quarter and maybe the quarter thereafter. Okay, a question from Christian Nordby, Kepler Cheuvreux. He's got more of a strategic question on the new licensing proposal yesterday. What are your thoughts on closed systems in general versus offshore or complete land-based solutions? That's really a big question, which we have to spend more time on than what we have available today, Christian. I'm happy to have this discussion with you, but I think we take it in a different forum. Okay. A question from Alexander Jones, Bank of America, on demand. "Demand into Q3. Can you discuss what you have seen in the evolution of demand at the start of the third quarter, particularly considering the Delta variant and new restrictions in some Asian economies?" The second part is, "Had food service demand continued to recover, or have you seen any temporary setback? Thank you for the question, Alexander. This was a very short period, so it's really hard to talk about demand when we apply weeks. So far, the demand has been at a good level, and we haven't seen any setbacks from the Delta variant in terms of the consumption of Atlantic salmon, maybe with the exception of China. I think so far we are okay. Of course, if the pandemic, for some reason, take a U-turn, then it will hit us as well. So far, I would argue it hasn't. That's at least my personal view. Okay. Question from Lars Konrad Johnsen, Carnegie. "Could you elaborate on the issues and expected improvements in Region West and Mid now as you separate the two regions? Do you expect any extraordinary costs following the split? We do not expect any extraordinary costs due to the split. Nothing is for sure in this industry, but that part, I think we can rule out. It takes 1.5 year in sea, and then you have production on land. For this generation and next generation, I don't think we shall expect much. This will enable us and equip us to be even more hands-on in this farming area than what we have been previously. That, I really think we can take for sure, and this will give us improvements. We strongly believe in the new organization model. With the two new MDs at the helm, we also have a very experienced and talented management, particularly with the newcomer in Region Mid. This we will follow with eagle eyes going forward. We have to be reasonable. We cannot expect much for the generation already in sea. From there onwards, I think we must both expect and deliver better results than what we have done in this very important farming region for Mowi Norway. As we said during the presentation, we have not been happy with it up to now. A question from the investor market on dividends. "The board decided to pay an extraordinary dividend this time around. Can you elaborate on that decision to pay an extraordinary dividend and some of the thinking behind the extraordinary dividend? Yes. We have recently introduced a new dividend policy in Mowi, and this is 100% in line with that policy. We have decided to separate our dividend with the qualifying, we're naming it ordinary and extraordinary. The ordinary part we can take for granted under normal circumstances, and the extraordinary part is at the Board of Directors' full discretion. The explanation this time around is, as we said during the presentation, it's based upon a very solid financial position. We have a net interest-bearing debt target of NOK 1.4 billion, and we are far below that as of today. In addition, we have a favorable outlook. With that backdrop, the Board of Directors found it appropriate to pay out an extraordinary dividend this time around. I guess you also remember that we sold off our wellboat company just a few months ago, so that has also impacted our financial situation positively. Again, this is at the Board of Directors' full discretion. You cannot put any automatic into this. Okay. Very good. That concludes the questions from the webcast. Thank you, Kim. I would like to say thank you for the attention. Take care.