Good morning, welcome to this presentation of the fourth quarter of 2020 for Norway Royal Salmon. My name is Charles Høstlund, together with me during this presentation, I have our CFO, Mr. Ola Loe. The agenda for the presentation is as follows. I will run through the highlights and the segment information. Ola will go through the finance and the markets, I will sum up with the projects and a summary. If we are summarizing the quarter, we could say that we have had low salmon price affected by the COVID-19 virus. We have had improvement in the production costs, it is still too high. In sum, we have to say that we have delivered too low margins in this quarter. Looking on the highlights, we had an operational EBIT of NOK 17 million. As I mentioned, the production cost has decreased slightly from last quarter, but lower than we expected. The salmon price has been low due to the COVID-19 situation. On the positive side, we have seen that we have had an increase in our biomass with 15% from one year ago, and we are almost fully utilizing our production licenses. We have strengthened our finance situation with a new sustainable funding of NOK 800 million. We have also successfully completed a private placement of NOK 600 million in the company Arctic Fish. In this private placement, we have a net positive cash flow to it with NOK 350 million that we will use on the growth of this company. As a consequence of this private placement, we are going above 50% - 51.3%. The board propose a dividend of NOK 3 per share. A little more into detail. We had operational EBIT per kilo of just above NOK 5. We harvested 7,100 tons, which is down 13% from last year. Sold volume of 23,200 tons, which is down 6% from Q4 last year. We have had an increase in the net interest-bearing debt with NOK 590 million due to the growth project. Looking into the segment, we had operational EBIT of NOK 36 million. We see a number that we achieved a weak operational EBIT on the operation, but we had a gain on the fixed price contracts in the quarter. The cost has decreased with just under NOK 1, but it is still too high, and it's higher than we expected when we reported the numbers in Q3. This is due to that we harvested fish from other sites than we planned to, and we also had a lower harvest weight from those sites that we harvested on. We have also higher wellboat and slaughter costs that affected the cost negatively. As I mentioned, the biomass is up with 15%, and we are fully utilizing the licenses at the end of the year. The cost will come down in this quarter, and we are also housing big size fish in this quarter. Looking into the associated companies, Arctic Fish is still a part of that. We also have three Norwegian farm companies, a processing plant, and a smolt facility. Looking on the numbers, we had a negative result on the share of NRS of NOK 46 million. It's high negative fair value adjustment after tax with NOK 27 million due to a lower forward price. Our share of the harvest volume is around 3,200 tons. Looking into the farming operation, looking first on the Norwegian activity, we had operational EBIT of NOK 10.9 million or an EBIT per kilo of NOK 227. The Arctic Fish operation on Iceland has a negative result where operational EBIT of NOK 12.9 million of a total harvest volume of 3,000 tons. Ola. Thank you, Charles, and good morning, everybody. We start up with the income statement. First, the operational revenues decreased by NOK 342 million compared with the fourth quarter in 2019. The main reason for that is a decrease in the salmon price, the Nasdaq salmon price, of NOK 12.9 per kilo. We have also sold 6% less volumes compared with the same quarter in 2019. The operational EBIT decreased by NOK 190 million in the quarter compared with the fourth quarter in 2019. Also here, the main reason is that we achieve a lower salmon price of NOK 13.62 per kilo. In addition, the production cost increased by NOK 3.25 per kilo. We also harvested 1,095 tons less than fourth quarter in 2019. We have a good profit on fixed price contracts in the quarter. Compared with the fourth quarter in 2019, it increased by NOK 1.56 per kilo in profit per sold volumes. The earnings per share was negative by NOK 0.6 per share. If you look at the balance sheet, we start with the biomass at cost. It increased by NOK 101 million in the quarter. The biomass in the sea increased by 30% in volumes in the quarter. Compared with the end of 2019, the biomass increased by 3,829 tons, which is 50% up compared with the end of 2019. Totally, the working capital, pre fair value adjustments, increased by NOK 148 million in the quarter. The equity decreased by NOK 181 million in the quarter, and the equity ratio is 54% at the end of the quarter. The capital employed is up by NOK 408 million, and we achieve a return of capital employed for 2020 of 8.5%. If you look at net interest-bearing debt, totally it increased by NOK 578 million, the total net interest-bearing debt at the end of 2020 was just about NOK 1.5 billion. If you look at net interest-bearing debt excluding IFRS 16 impact, the net interest-bearing debt was just below NOK 1.3 billion at the end of the year. If you look at the movement in net interest-bearing debt during the quarter, we have a positive EBITDA by NOK 43 million. The working capital increased by NOK 148 million, mainly due to the growth in the biomass in the sea. The main amount in the increase is related to investment in fixed asset, where we paid NOK 366 million in a quarter. The last years, we have had loans to Arctic Fish, the associated company on Iceland, for NOK 110 million, which we converted to share capital in the fourth quarter. This is also impacting the net interest-bearing debt by NOK 110 million and therefore totally NOK 1.5 billion in net interest-bearing debt at the end of the quarter. If you look at the CapEx totally for 2020, it ended just above NOK 1.5 billion. We expect CapEx for NOK 745 million in 2021, which is almost below the half of last year. It is the two growth project which is the main reason for this high CapEx amount. For 2022, we will not have any investment related to these two projects. Then we expect to take a huge step down in our CapEx. If you look at our credit facilities to the bank, it's totally of NOK 2.8 billion. We got this new term loan with the sustainability KPIs of NOK 1.2 billion in the quarter. It have an installment profile of eight and a half year, where the first installment is at the end of this year. It expires at the end of 2025. In addition, we have this revolving credit facility of NOK 1 billion, which is to the end of 2025. We have also the overdraft facility of NOK 600 million. The covenants to the banks is an equity ratio of at least 30%. The board proposed a dividend of NOK 3 per share for 2020. It's split in NOK 1 per share as cash, and the rest is dividend shares from our inventory of treasury shares. This dividend is representing 70% of earnings per share. It is above the policy, which is at least 60% dividends of earnings per share if the owned capital requirement have been satisfied. If you look at the market, the harvest volumes for the fourth quarter globally increased by 11%, and 9% from Norway, and 20% from Chile. This is a little higher volumes than we expected in the beginning of November when we released the third quarter report. If we look at the consumption of salmon in the quarter, it increased globally by 10%, 30% from the European Union, and 10% in the North America market. The Asia market increased by 8%. If you look at the volumes from Norway to the EU market, it increased by 12%, but it's decreased only by 1% to the Asia market. If you look at the estimates for volumes for 2021, Kontali is estimating a growth in global harvest volume of 2% for 2021, 7% growth from Norway, but a decrease of 12% from Chile. In the first quarter, Kontali is expecting a growth globally of 4%, and the second quarter, 5%. Charles, you can continue with our exciting projects. Thank you, Ola. We have three exciting projects that we have been working on and working on to ensure the development of the company. Arctic Offshore, our offshore project, which makes us possible to use new areas with new technology. The hatchery just outside Tromsø, which secure larger smolt and better utilization of our licenses. Also mentioned during this presentation, our company, Arctic Fish, in Iceland, which is a good growth case for NRS. Going a little bit into detail on the projects, starting up with Arctic Offshore Farming. With such a type of equipment, we can open up to new areas, which will provide good growth opportunities. As you see on the picture, the first cage is starting to get ready to be transported to Norway. We expect the first cage to be in the sea during the summer. We will harvest from the Arctic Offshore in the first half of next year. The hatchery, you could see on the pictures that the building is in place. It will be a extremely important facility for us to improve in many areas, such as utilizing the licenses better. It will reduce the cost. It will also reduce the biological risk for us. We expect to start up the production now during the spring. Arctic Fish, that we been mentioned already in the presentation. We have successfully done the private placement. We will, after this, have a ownership of 51.3% in the company. Arctic Fish will be consolidated into our figures from Q1 2021. We expect the company to be listed on the Friday this week, the 19th of February, on the Euronext Growth index. We have a positive view on Iceland and on Arctic Fish, we have seen a great development of the company since we entered into the company in 2016. We have a good management in place, it's a good opportunity for further growth. One of the key element as we see it, is that we have a state-of-the-art hatchery, which at the moment have a capacity of 3.5 million smolt. There is a significant possibility to growth the facility further with further investment. Arctic Fish is located on the Westfjords in Iceland. As you could see on the map, we could see that the smolt facility is in the south, and we have either sites or application for sites in all of the main fjords in the Westfjords, which gives us good flexibility when it comes to reducing the biological risk for our activity. Looking into the volume, we expect to harvest around 12,000 tons this and next year. We have a goal for reaching 24,000 tons by 2025, which is a good growth for the company. It is also positive that we see a solid cost performance. As you can see on the figure, the cost has gradually developed in the right direction. We have a target in the medium term to have a goal for €3.8 per kilo. Today, we have 11,800 tons of salmon licenses, and we have applied for transferring a trout license of 5,300 tons to salmon. Including our application, which we assume to have around 10,000 tons in MAB within the summer, we have a total goal or applications for the licenses of 31,900 tons. Going from today, 11,800 to capacity of 31,900 tons is our goal with existing sites and our applications for licenses. Looking into the number, this figure is a figure showing the historical and also our estimate of the harvest volume from the existing licenses that we have, both in Norway and in Iceland. The blue is Norway and red is Iceland. With the majority ownership in Arctic Fish, we've changed the figures from previous presentations. As a milestone, we have 50,000 tons in Norway and 12,000 tons in Iceland on existing licenses. Including the associated companies, we have done a milestone of 66,500 tons. On the outlook or summary, we harvested, as mentioned, 7,100 tons, which is down 2,000 tons compared to what we guided on in Q3 this year. The reason is that we were not allowed to use volume for Arctic Offshore Farming on ordinary licenses and had to harvest smaller fish. The mix between what we harvested and what we planned, causing the reduction of the volume in Q4. The harvest volume for 2021 is estimated to 52,000 tons, 40,000 in Norway, which is up 31% from last year, and 12,000 tons in Iceland, which is up 61% from what we had in 2020. We have 6% of the volume on the Norwegian volume heed. To summarize, we've seen a quarter with high production costs, also a low salmon price affected by the COVID-19. Looking a little further, we have a positive market view and it is important to look beyond this COVID-19 situation that we have today. We expect somewhat a reduction in the costs in the coming quarter. We have three exciting growth projects with the smolt facility, the Arctic offshore, and also Arctic Fish. It is a milestone that we have now in place ownership of 51.3% in Arctic Fish, and looking forward for the listing of the company. Bjørn Fleivik, we probably have some questions and Ola, you as well. Yes? Yes, we have some questions. The first one is, as you harvested the largest share of small fish than planned in the last quarter, will this affect the volume potential for 2021? As I mentioned during the presentation, we had to harvest smaller fish in this quarter, and we will harvest bigger fish in the coming quarter. It is a sort of a mix to fulfill or to utilize the licenses. We are guiding on a volume of 40,000 tons for this year. We will not affect the volume in 2021. That will be 40,000 tons. Okay, thank you. From what I can see, the CapEx on the Arctic Offshore Farming project increases by NOK 245. What's the total CapEx for the entire project now, and what's the planned annual harvested volume? If you compare what we estimated for 2020 in the last quarterly presentation, the CapEx for 2020 was below what we expected earlier. The reason for that is the delay in the project. The delay is impacting that increased CapEx in 2021. If you look totally at these two years, we have also increased the CapEx to this project by NOK 150 million. The reason for that is mainly delay and delay related to the COVID-19 situation. Okay. Thank you. What is the reason why you had to harvest other sites than originally planned during the fourth quarter? Can it also explain the low harvested volumes? Yeah, it could explain that we reduced the harvest volume by 2,000 tons in this quarter. We had to harvest smaller fish due to that we didn't have a possibility to use the Arctic Offshore licenses on the ordinary licenses. We can also add to that, due to the salmon price situation in the fourth quarter, we also delay harvesting as much as possible to push volumes into 2021. Okay, thank you. Can you give us some more details about this smolt facility and the pending approval for triploid fish there? Last week, we had a application rejected from the food authorities on this facility. It isn't very new or a new situation for us that originally the food authorities has rejected the applications. It is something that we are working on and that we are trying to find a solution on. Okay. The next one is about the winter wounds and the first month into 2021. Can you say something about the status and what you expect around downgrading for the first two quarters of 2021? We are in a challenging period of the year when it comes to winter wounds. It is important to let the fish be into the sea and not handle the fish. We had some problems with winter wounds last year. The situation today is better, but it's extremely important to be aware. It's now in mid of February, so it's still a long time to go. It's something that we have a high focus on to prevent winter wounds on the fish. Okay. Last one. During the last quarter, did you have to harvest fish that was initially planned to be moved over to the Arctic Offshore Farming in order not to break the MAB limit? Therefore, the volume was lower and the cost higher in the quarter. Yeah. You could say that's how we could sum up When you look on the cost for the quarter, it was higher than we expected when we presented the results in the Q3. Then after the presentation, we had to change what kind of sites that we harvested from and had to harvest smaller fish, which affected the cost, and also affecting the volume. We had to push a bigger size fish into this quarter. I also mentioned in the presentation, we said that we have almost full utilization of our licenses. This is probably one of the first time that we actually have had full utilization by end of a year. Okay. Thank you. Thank you. Thank you. Okay. Looking forward for the next presentation, and thank you for following. Bye.