Good morning, and welcome to this presentation of the Q1 2021 for Norway Royal Salmon. I will go through this agenda together with Ola Loe. I will start up with the highlights for the period, then the segment info, and Ola will go through the group financial and markets, and I will sum up with the projects and the outlook. Looking into the highlights of the quarter, it's important to say that Arctic Fish is consolidated into NRS from the 1st of January, after we increased our ownership after the listing process. We have now a share of 51.3% in Arctic Fish. As a group, we had an operational EBIT of NOK 60 million. The farming operation in Norway had a EBIT per kilo on NOK 6.64, and the farming operation on Iceland had the operational EBIT of NOK 5.67. The production cost at the farming Iceland has developed very well, but in Norway the cost is still way too high. If you'll look on the salmon price, we've had the big variation on the price during the quarter. We had a clear increase in the later part of the quarter. We harvested 15,400 tonne, increase for both Iceland and Norway. I will come back to the number later on. We also had an important clarification from the Ministry of Trade, Industry and Fisheries, that we are allowed to release non-sterile fish on our green licenses. I will come back to that later on into the presentation. Friday, Arctic Fish announced that they have been awarded a new license of 6,000 tonne MAB in their operation. The segment info will consist of the farming in Norway, which is the NRS operation, and farming Iceland, which is Arctic Fish, and also a brief information on our associated companies. Shown on the figure on this side, we see that there have been changes from what we had in Q1 2020 till this quarter. The biggest variation comes to the changes in the price picture. We harvested 11,600 tonne, which is up 6,200 tonne from a year ago. We have had in place two important factors for the future development of the company. It will provide better flexibility in our production. First, already mentioned, that we have permission to produce non-sterile fish on our green licenses, and also that we are granted individual MAB between our production area in Norway. This will give us better flexibility and also better production and a lower cost in the future. Continue to Norway, we have had a weak production cost of NOK 44 per kilo. We signal a little down last quarter, the reason why we haven't done that is that we have harvested from a site with triploid fish with poor performance, and high cost related to winter wounds. We are expecting approximately the same cost level in the coming quarter before we expect a reduction in production cost. We reduced the biomass during the quarter related to how we harvested, and have around 9% lower biomass than at the same time last year. Comparing the S, we have, of course, harvested significant more than a year ago. We also culled two cages with triploid fish due to fish welfare, and we had to cull it due to winter wounds. We also, during the winter, had a communication of suspicion of ISA on a site. This has not been confirmed by the food safety authorities, and there's still some uncertainties on the site. The longer frost we could produce, the better it is. We are following up the site compared to the suspicion of ISA. Say some words about that we are allowed to produce triploid fish on the green licenses after agreement with the Ministry of Trade, Industry and Fisheries. We had a good dialogue with the authorities. It's important to say that this gives us more flexibility, and the decision applies until there is a decision from the Ministry of Trade on whether the triploid production is good fish welfare or not. We believe that this gives us a lower cost. We have, over the years, seen that we have had more winter wounds, and recently we have also had a clear indication of more ISA outbreaks on our triploid fish. Although we see a positive process in several areas, we then see that the triploid fish is more exposed to bacterial and virus diseases. This decision gives us greater predictability, and expect to improve the production in several areas in the future. Looking on the operation, the farming Iceland, we achieved an EBIT per kilo of NOK 5.67. The quality of the fish has been good, but we have had a negative price achievement on the size of the fish. We harvest big fish. Also the timing that we mainly harvest the fish in February. Harvest volume is shifting up from this quarter compared to a year ago. We believe that good smolt quality is a key figure for improving the operation. That is why we are planning to expand our smolt facility, and we are aiming to expand it by producing up to 5 million smolts. It is important both on Iceland and in Norway to have the right timing and the right size to optimize the production. We have been awarded, as mentioned, new licenses, 6,000 tonne in MAB on Iceland. With more volumes, and developing of the smolt facility, we are on a good track for our growth plan towards 24,000 tonne in 2025. Further on Iceland, we see that the production cost is very good. We are achieving a production cost just below NOK 39. Keeping in mind that we still have high wellboat and harvesting costs, we have had a very positive development in the production cost. We expect some increase in the cost in the coming quarter, due to that we are harvesting from a new site in the coming quarter. If we are looking into the associated companies, up to now we have had three farming companies and still have. We have announced a sale of one of the companies. We also have a harvesting station and smolt facility. Our share of the profit after tax was NOK 10.7 million from the associate, and our share of the harvest volume was around 660 tonne. Ola. Thank you, Charles. First, look at the profit and loss statement. Consolidation of Arctic Fish from 1st of January this year impacted the figures for the quarter. Operational EBIT of NOK 60 million and operational EBIT per kilo of NOK 6.40 in the quarter. If you look at the figure down to the right, you see that increased harvesting volumes have a positive effect on the EBIT achievement, but the lower price this quarter compared with Q1 last year have the opposite impact. The cost saw a slightly positive impact. If you look at the overhead cost on non-recurring cost, it has increased in the quarter to NOK 39 million for Q1. The reason for that is that we have culled some small sterile fish due to winter wounds that cost us NOK 90 million in the quarter. Arctic Fish is included with their overhead cost and including the listing cost of Arctic Fish. We have also some startup costs related to our investment project, this new smolt plant and Arctic Offshore Farming. This cost will cease when the project came into operation, partly in second and third quarter. We have a positive fair value adjustment of NOK 110 million in the quarter due to increased forward price for salmon. This is the first quarter with the production tax in profit and loss statement and have a cost of NOK 6 million in a quarter that is related both to Norway and to Iceland. Net financial items of NOK 181 million as income. When Arctic Fish ceased as an associated company, it gave us profit of NOK 175 million. We have also NOK 23 million in gain on change in exchange rates in the quarter. If you look at the balance sheet, it has increased in the quarter due to consolidation of Arctic Fish and ended at NOK 7.7 billion at the end of the quarter. We have a very solid financial position. The equity increased almost by NOK 1 billion in the quarter and gives us an equity ratio of 53% at the end of the quarter. If we look at the net interest-bearing debt, it increased by NOK 542 million in the quarter and ended at just above NOK 2 billion. The net interest-bearing debt, according to the bank covenants, is just below NOK 1.8 billion. The group have total credit facilities of almost NOK 3.5 billion and at the end of the quarter, we have unused credit facilities of NOK 1.3 billion and bank deposit of almost NOK 400 million. You look at the figure down to the right, the movement of net interest-bearing debt in the quarter, we see that consolidating Arctic Fish at the start of the quarter increased the net interest-bearing debt by NOK 544 million. Arctic Fish have a private placement which give the group cash inflows of NOK 144 million. We have paid CapEx for NOK 304 million in the quarter. You look at the CapEx for a quarter, it ended just above NOK 400 million, mainly related to the Arctic Offshore Farming. We expect CapEx for the total year of NOK 1 billion, half of them is related to Arctic Offshore Farming, NOK 200 million to our new smolt plant in Norway, and NOK 175 million in Iceland. In Iceland, a significant part of the CapEx is related to the extension of the smolt plant. If you look at the market, the global harvest volume increased by 14% in the quarter, 16% in Norway and 8% from Chile. That is significant above what we estimated for one quarter ago. If you look at the salmon price, it decreased by 23%, both in NOK and in EUR compared with the same quarter last year. The salmon price increased significant in March and have been at a higher level afterwards. The consumption of salmon in the first quarter increased by 15%. If you look at the volumes from Norway, the main volumes go to the European market but the volumes to the Asian market increased by 27% from Norway in the first quarter, compared with the increase of the consumption in Asia totally of 6%. That indicating that the Norwegian salmon have increased the market share in Asia market in the quarter. If you look at what we estimate as harvest volume for this year, Kontali is estimating a growth of harvest volume of 2% totally for the year but a decrease of 2% both in the second and third quarter. The negative growth in global harvest volumes for the rest of the year provides a basis for optimism about the salmon price. The COVID-19 is still a risk. It's time to talk about our growth project. Charles. Thank you, Ola. We have three exciting growth projects that we are working on to ensure the development of the company. Arctic Offshore Farming, our offshore projects, which will ensure that we can use new areas with new technology. The first cage has now arrived in Norway. We are planning to launch the cage into the sea in Q3. We have received approval to move the fish that we have now in the sea into the Arctic Offshore when the cages are on place on the site that we are operating Arctic Offshore on. The hatchery will ensure a larger smolt. It is important to have the smolt out at the right time. It will give us a better utilization of our licenses. We are actually starting the production today, that we are now putting the eggs into the hatchery. This will be the smolt for the output in the spring 2022. It is challenging to work with such large projects that we are working on, but it's good to see that it coming to an end and that we are now starting up the biology. It is extremely important milestone for the project. It's good to see that the hatchery now is up to start up with the production. I will go through the Arctic Fish into more of a detail. If you look on the overview, we are, as already mentioned, planning to expand the smolt facility, both then in Norway, we're saying that it's important with a good smolt quality and also on Iceland. We see that one of the reason that we are delivering good biology development on the production is that we have had a good smolt. That is together with that, we are on a road to increase our production. We are expanding the plant. As the map shows, we have applications or production in all the significant areas on the West Fjords, which provide a good opportunity for Arctic Fish for growth and sustainable development. Looking more into the harvest volume. We are expecting to harvest around 12,000 tonne both this year and next year, and have a goal to reach 24,000 tonne in 2025. Operational, we are very satisfied with the cost development in the sea in Arctic Fish. The cost, as you see on the figure, has moved down nicely and has been a great development and a very good work by the management operating Arctic Fish. Looking into the split of the bottom figure, we see that Arctic Fish are actually delivering a cost under NOK 30 in sea, which shows the potential for the operation. Looking more into the volume, we currently have just under 18,000 tonne of salmon licenses, and we are in a process to apply the trout license of 5,300 tonne and convert that to a salmon license. We also have two applications, which in total, there is application of 8,800 tonne. As I mentioned in beginning of the presentation, we last week received a new volume of 6,000 tonne in one of the fjords that we are already operating in. In total, Arctic Fish has a goal of a license capacity of just under 32,000 tonne. If you look on the operation in total and the growth potential on the existing licenses, this figure shows the historical and expected harvest volume on the existing sites. On the 16 licenses. The blue is Norway, the red Iceland, and the green the associated companies. As you see on the milestone figure, we are expecting or have a milestone of 50,000 tonne in Norway, 18,000 tonne in Iceland. With our associates, it gives us a total milestone of 72,500 tonne. Summing up with the outlook and summary. Looking into the harvest volume, we are estimating a total volume of 52,000 tonnes for 2021. 40,000 tonne in Norway, which is up 31% from last year, and 12,000 tonne in Iceland, which is up 61%. We have still a low volume secured on contracts, and we have 5% of the Norwegian volume contracted for the rest of the year. The summary. If you look on the production and the production cost on Iceland, that has developed very well, but the production cost in Norway is still too high. As Ola Loe has mentioned, we have a positive view on the market. It's also interesting seeing the price development recently, the fact that we also have the COVID situation still. We've had two important clarifications, both with the green licenses, which we predict will improve the production and will lower the production cost. The clarification with the green licenses together with the interregional MAB will gives us more flexibility. We have an organic growth potential. We need to utilize our MAB or the licenses better than we are doing today in Norway. We are starting up the smolt facility. We are in the summer or in the Q3 expecting to put the cage of Arctic Fish into the sea, and we have had a great development of Arctic Fish. There is a good growth potential for the company. Some questions. Is there any questions, Bjorn Fleivig? Yes, there is. The first one is regarding the triploid production. How will you phase out the triploid production going forward? If you're looking into the production that we are planning this year, it will go according to the plans. We are starting to release the smolt now in the spring. It will go according to our plans. There will be a small output in the spring 2022, which will be the last output until the Ministry of Trade has concluded for the welfare of the triploid fish. All triploid fish will be harvested by the end or latest by the end of 2023. Okay. The next one relates to our biomass. The biomass in the sea in Norway is 2,000 tonnes lower than last year. You will harvest 13% more fish. What does the composition of the biomass look like? Are you comfortable with your guiding? Yes. The starting point is that we have harvested 6,200 tonne more this year compared with last year. We also have a guiding, quite low guiding for harvest volumes for the second quarter. We will expect to increase the biomass in the sea during the second quarter and have a quite further increase the biomass in the sea in the third quarter. To predict biological performance is quite complex. We cannot give a strict confirmation on that. Up to now, the seawater temperature is quite low in Norway, so the production, the first three, four months in the year is quite low. The main production is in the third quarter and the fourth quarter. It's still a lot of production before we are at the end of the year. Okay, thank you. Regarding the production tax, will this be reported outside the operational EBIT in the future quarter as well? Yes, we expect that. We have discussed it with the other listed fish farming companies in Norway, and most of them have the same specification as we have this quarter. This is also clarified with the auditor for the listed companies. Okay, on to the last one. Can you quantify the potential annual cost savings by switching to diploid salmon on the green licenses? It isn't a straightforward answer to that. We know that the production cost on the triploid is higher. We mentioned the smolt production, both the smolt and the egg. The feed cost is higher, and also some up to the operation. This improvement gives us, and the most important thing is it gives us flexibility. It's much easier to plan the production that we are having. It gives us hopefully a better biology. We have seen that even though we have had a good development from when we started the production, we see that, as mentioned, that we have more bacterial and virus diseases on the fish. A better production and lower mortality will also lower the cost. To give an exact number on it would be difficult. As we see, it gives us more flexibility, increase the production, and lower the cost. Any further questions? No. Then. Thank you. Thank you for the attention, and we have a new presentation of the Q2 numbers in the end of August. Thank you very much.