Thank you for joining me in this second half and full year 2020 presentation. I will talk about three things in this presentation. First, the financial performance of 2020. I will talk about new contracts we have entered into lately and strategic partnerships we have entered into lately. The last section, I will talk about Vow Green Metals as a new potential spin-off. Starting off with just give an introduction of who we are. We are a provider of world-leading technologies to eliminate pollution, to enhance a circular economy, and to mitigate climate change. We are offering patented, unique solutions to turn waste and biomass into CO2 neutral energy. We have a technology ready for industry today. It integrates easily to industrial processes, and it doesn't depend on large, complicated infrastructure for industry to use our technology. We have, over the years, demonstrated that we have a proven and scalable delivery model. We have delivered technology to the marine industry for many years, and we have a record high order backlog and a large install base with large industry players in a wide range of industries. That provides recurring business for us. We have an international footprint, headquartered in Norway with subsidiaries in France, in U.S., and in Poland. That's the short introduction of who we are. Going into the first part of the presentation, the financial and operational headlines 2020. Here are the key takeaways. This is the fifth consecutive year of growth, and we deliver record high performance within cruise projects. Our top revenue line ends at NOK 460 million for the group, and this is a 21% growth year-on-year. We continue our strong performance within the cruise industry newbuild side. EBITDA from that business area is NOK 71 million, and this is 100% increase compared to 2019. That explains how well we are doing. When we say that we're scalable and we have standardized, we see the benefit now that we are able to deliver so strongly within that industry segment. Aftersales is, of course, affected by the pandemic. No EBITDA contribution from that business area in 2020. Looking at 2019, this would have been more than NOK 20 million stronger EBITDA. Still, we deliver a double-digit EBITDA and within acceptable levels in this period. Gross margin and land-based are on par with what we do within the cruise industry space, but we're growing that part of our business. We are adding more resources on to meet the demand we see in many new industry sectors, that's why in this period, it has a negative contribution on the EBITDA side. Order backlog, very strong. When we leave 2020, NOK 952 million of firm orders with additionally optional contracts for NOK 584 million. This provides revenue for us well into 2024, 2025, and creating a good visibility for our business. Very important, we deliver NOK 28 million on pre-tax result, the profit before tax. This is NOK 34 million better than we did in 2019, where we had a NOK -7.3 million. We are definitely profitable in this business in 2020. Of course, this slide is just summarizing what I said on the previous slide, 21% top revenue line growth. We have a double-digit EBITDA level, and you see the order backlog. Just here to illustrate, I've added on the cruise contracts we have entered into now in the first period of 2021, and also what the first deliveries to the plant at Follum that we plan to build. These two activities on top of what we had on the order backlog when we left 2020 gives a visibility into our order book around NOK 1.8 billion, and that's very good. We're very satisfied with that position. Looking at the segments, as I said, our strongest segment today is the cruise industry new building space. 31% growth on the top revenue line, total NOK 309 million of revenues. That's 67% of the group's revenue in 2020. Look, we deliver an EBITDA at 23%. We have never delivered so strong numbers, and it just demonstrates again that we have a successful delivery model towards the marine activities that we also have the plan to replicate and use when we now are moving onshore. Looking at after sales, it is for us NOK 53 million. It's a break-even operation last year. We're down from NOK 126 million, and of course, evidently, this is due to the fact that the cruise industry voluntarily did shut down their operations in March last year. Still, it's a break-even. It's 12% of our group revenue. In a normal year, this is more than 1/3 of our revenues. As I said, we had an EBITDA contribution in 2019 of NOK 22.5 million, and this year is no contribution. You could only imagine how strong we would have delivered for the group if this was not a year of pandemic. Landbased. We see growing demand for Vow technology already, of course, reflected in our numbers. In 2020, we have nearly NOK 100 million of revenues. We are increasing our capacity towards Landbased. We are adding more resources. We are structuring that business, standardizing it to become scalable as we are in cruise. We have some one-offs in this period around NOK 8 million. The overall EBITDA is NOK - 10 million in the period. The total share of revenue is 21% within Landbased, but this is definitely an area we will grow going forward. As I said, we're very satisfied and pleased with the contract awards we have had in 2020 within Landbased. We have entered into several milestone contracts within waste valorization and industry decarbonization. This brings me to the next part of the presentation, the recent deal flow. This illustrates the five latest contracts and deals we have entered into for the business of large impact for us. On the 11th of February, we entered into an LOI with Betula Energy to deliver technology for their planned production to produce biofuel, biocarbon, and CO2 neutral gas from forestry waste. We're showing that we are relevant for these type of companies that wants to take a position to produce this CO2 neutral energy. In the 3rd of February, we entered into a cruise contract. We're all excited that we are getting cruise contracts in this period. It's a NOK 60 million contract for Vow to deliver our clean tech to two cruise ships to be produced in Europe. It just demonstrates that the cruise industry are very focused on the post-pandemic growth. They have maintained their large order book. We are signing up new orders as we speak. The 2nd of February, the 28th of January, and the 3rd of October are milestones for us, where we are entering into contracts with Elkem, with ArcelorMittal, and with Repsol. I will explain more about these three contracts on the next slide. These are large players in industries. These are players that have committed with a CO2 neutral ambition to become CO2 neutral within a certain time. Repsol, an energy company in Europe, ArcelorMittal, the world's largest steel producer, and Elkem, one of the big players within the silicon business. For these clients, Repsol in the oil and petrochemical industry side, ArcelorMittal in representing high-temperature industries that today have problems to electrify their processes, they need heat, hence they are using a substantial amount of fossil-based gas. Elkem is using biocarbon to produce their silicon. It explains where we are coming in. With Repsol, we will develop applications to produce CO2 neutral gas from waste and biomass in their infrastructure, where they can replace their consumption today of natural gas. ArcelorMittal, the same on their facility in Rodange, Luxembourg, where we together will build a plant to produce CO2 neutral gas from waste and biomass. Elkem with the biocarbon and the agreement that is connected to our startup of the Follum plant where we will produce biocarbon to the metallurgical industry. The last part here is, of course, looking at our forward strategy and forward outlook. I would say that what we as a team are focused on is to position us in relation to two large trends we see in the market, being circular economy and industry decarbonization. Circular economy, to enhance circular economy by using our technology to convert waste and biomass into valuable commodities. If we can use those valuable commodities to hit the other trend, decarbonizing industries. Industries that today are using fossil-based energy, using fossil-based carbon, that are using fossil-based gas because they have processes that they cannot be electrified. On the other side, we have the strong drivers. We see the drivers, our clients see the drivers, policies, the economical ones, and technology policies. For example, EU Green Deal makes a change for the industry. It's the Green Deal of EU to make the European economy CO2 neutral by 2050 means a lot. It pushes the industry towards green transition on the economical side with taxonomy now kicking in, where companies sees the rationality and an incentive to move towards the green transition. They get access to capital at a lower cost, and of course they will mitigate the risk of increased CO2 taxation. Of course last but not least, technology. Technology are today available, are becoming more and more available for the industry to decarbonize. This is where Vow is really positioning ourselves and with this sort of having Repsol at the table, having Elkem at the table, having ArcelorMittal at the table is really an evidence that we are successful in trying now to position Vow technology within this space. What are we doing actually? Why have we created Vow Industries that we announced some weeks ago? Vow Industries will be the incubator for Vow to roll out Vow technology. We see in new markets that we're entering that there are available biomass, there are available waste streams. There are clients in that space that are looking for ways to valorize these volumes. On the other side, there are off-takers. There are industry, big industries seeking to decarbonize their operations, finding products renewable, having a demand for renewable products. In these spaces, in these industries, we see that we can take a position by building, owning, operating plants with Vow technology and to turn these volumes into valuable commodities and renewables for industries. The first plan within Vow Industries is to move towards the metallurgical industry. I would say we are also considering other industries where this build own operate model will work. Of course, the first step we're taking now towards the metallurgical industry, underneath Vow, we have decided to spin off one Vow Green Metals. This company we're planning for a separate listing, so meaning that we are spinning that off and distributing the shares to all the existing shareholders of Vow. Vow Green Metals, the business plan is they will produce biocarbon towards the metallurgical industry, CO2 neutral gas and biofuels, helping that industry vertical to decarbonize. By doing that, just to see how the value creation will be is that Vow as a group will deliver technology to Vow Green Metals. Just looking at the Follum plant alone, Vow Group will deliver technologies in the range of NOK 200 million- NOK 250 million during 2021, 2022. On the other side, Vow Green Metals will have the revenue streams from operating these plants, selling the commodities that these facilities will produce. Vow Industries will remain within Vow and be the incubator, as I said on the previous slide, for other initiatives build own operate models for new industry verticals. Vow Green Metals, the first project for Vow Green Metals, the Follum plant, we have talked about that earlier. We're now waiting for the final investment decision on that. It's a process with Enova. We expect to get some positive feedback from Enova in the next months to come. This plant at Follum in Norway, the first step of this will be to produce 10,000 tons annually of biocarbon towards the metallurgical industry. The facility will allow us to scale up that substantially up to perhaps 100,000 tons of biocarbon annually. We have agreements in place to scale up the business at Follum. We have agreements with Viken and Lindum on the intake of biomass and demolition wood. On the offtake, as I said earlier, we have the agreement now with Elkem. We have also an agreement made with Vardar to utilize the CO2 neutral gas from the facility that will be used for district heating at Hønefoss. Also we're now working to explore opportunities to deliver biofuels to the petrochemical industry. Important contracts are in place to accelerate this. There's a strong industrial rationale behind it. The metallurgical market is big consumers of fossil-based reductants, such as met coke and petcoke. What we are actually doing here is that we're producing renewable coke, that is the CO2 neutral solution for them to decarbonize. Only in Norway, there's an expected demand for biocarbon around 400,000 tons annually up to 2030. The Nordic market is perhaps four to five times larger. We're talking up to 2 million tons of biocarbon to be produced to replace 40% of the Nordic consumption of fossil-based coke. These markets, we are tapping into a large market, and we are taking a position in this market, to scale up production capacity to meet the demand we definitely see. This is profitable. We're showing on the illustration on the right side here, you saw that the first production stage at Follum will provide an EBITDA around NOK 20 million-NOK 30 million. You see it makes sense to scale up rapidly, because of the economics in this. Of course, this is the future concept of Vow Green Metals. With this, I would like to conclude. Concluding remarks. We deliver a strong year, strong performance, despite that one of our most important market has been very affected by the pandemic. We still deliver strong growth, and we're delivering a profitable growth. We are well. We are about to well position us towards the global trends we see within circular economy and industry decarbonization. This is creating a strong interest for our technology. Today we have, I would say, a low-hanging fruit for the industry in terms of having available technology that easily can integrate, helping big industry to decarbonize. Now with the launch of Vow Green Metals, we are expanding, driving growth with a new delivery model, either alone or together with partners and basically gearing up for decarbonization as a service. Spinning of Vow Green Metals, we will accelerate this. We will accelerate the growth for both this new entity and for Vow. On top of that, we will definitely create more shareholder value. Thank you so much. Hello, Henrik. Welcome. Please take a seat. Thank you for sharing with us this very interesting presentation with quite a few bits of news. Looking forward to hear you talk more about that. Thank you. We will now spend the next 10, 15 minutes together answering questions from our audience. You've probably seen it already, but you can type in your questions under this screen. Then we'll try and answer as many questions as we can within the timeframe we have. Some questions have already been logged, and you can continue to post during the entire session. I think what I'd like to do, Henrik, is to start with an observation on my behalf really, is that this, I think is the first presentation I've seen from Vow with absolutely no pictures of a cruise ship. What should we read into that? Don't be fooled by that. It's an important part of our business, definitely, also going forward. We're delivering very strongly within the cruise industry space. It is definitely a large market for us also going forward. Of course, we see a lot of demand from new industries, and that also sets a new focus, and the presentation also reflects this, for sure. We must talk about the numbers a little bit. As you say, the cruise industry, and especially cruise projects, seems to be delivering a large portion of your EBITDA. You have two business areas that seems to be lagging a little bit. When do you think we will see black numbers for Landbased and Aftersales? Mm-hmm. The Aftersales, of course, we see strong signs of things coming back. We have a lot of discussions with ship owners preparing for the startup lately. You see the market is expecting the cruise industry to return. You see how the Royal Caribbean, Carnival, and Norwegian Cruise Line shares have increased on the stock exchange just in the recent two weeks. Strong signs of a soon recovery. We also see that on requests in our business. On the other side, I wouldn't say that the Landbased is definitely not lagging. It's high activities. We are working now with large players at the table. We are delivering on the projects we have entered into within this space. Just looking at our forward plan and the initiatives we have to accelerate growth on land, we will definitely push the activities forward within Landbased and eventually also the positive numbers. I think in the presentation you highlighted agreements with three large industrial players, Elkem, ArcelorMittal, and Repsol. What are the common denominators in your relation to this? These technologies, these companies have committed to decarbonize, that's sort of a pathway they have decided to pursue. Of course, they need technology to meet that ambition. It's of course that we have a relevant technology. Also what's important here is to see that they came to us. They came to us because they saw that we had relevant technology. That's an exciting situation to be in. You're also discussing very concrete projects. We heard about the ArcelorMittal recently announcing plans in Luxembourg. Yeah, this is a concrete project. Yeah. It aims to be started up in 2022 at Rodange, one of their large facilities in Europe. This large company has more than 70 facilities only in Europe producing crude steel and processing steel, and the concrete project means that. Of course, ArcelorMittal themselves announced in January a timeline for this project. It means that it's very active discussions. Of course, we're discussing with ArcelorMittal in a larger picture as well, because they have committed to decarbonize their operations with 30% within 2030. That's a tangible target. This single project will not make it for them. They need more, right? Is that what you're saying? For the Rodange plant in Luxembourg, we're talking about this syngas that we will produce for them will represent a 30% decarbonization at that facility. Again, they have more than 70 facilities in Europe, and of course they're working on several projects there, but they need to look at the deployment of this type of technology in a larger scale. I think we need to talk about Vow Industries and Vow Green Metals. We have a couple of questions actually already on that topic from the audience. I think you describe a situation where you see Vow sort of connecting those industries that have the waste and biomass with those who need sort of products to decarbonize. Yeah, the renewable products. Yes. Yeah. What makes Vow perfect to bridge that? Why Vow? I would say it's manifolded in a way. It's the technology, of course, and we have the process skills. We have a culture in our business, the yes we can culture, I would say, that helps us in this direction. We have an entrepreneurial mindset. How to put it? We're thinking as a ship builder in a way, because when you think as a ship builder, you need to think in standardized. You have to standardize your supplies. You have to scale up. With that sort of competence, and we have demonstrated that within the cruise industry space, we see that we're capable of taking such position. Such position needs to be taken in that industry because the industry have huge demand to go renewable, and that's why we have said this is a strategic choice for us, and we are capable of moving in that direction very fast. You're saying the replicability or the flexibility to build many projects and to execute many projects like this delivers systems and technology to many. That's what we're- Plants is basically one of the core elements of what you offer? Yeah, that's what we have successfully now done for many years. Everything we do within the marine side is standardized process plants, and that's the same type of methodology and thinking you need to apply when you move towards a large industry. Because these are large industries with huge demand, and you have to think standardized to move that in that direction. Well, it's interesting to hear you reflect on this synergy between the shipbuilding or the marine business or the cruise industry and what you now do on land. You mentioned this before, but it's interesting to hear you put other words on that. How far have you come now in preparations for the full launch of Vow Green Metals? Of course, the Follum plant is important part of this. That's a tight timeline. We have to make the final investment decision on that project very soon. In parallel, we are detail engineering that project. As we said, we have all the agreements in place to move forward from an industrial point of view. That is high activities on that side. We are, of course, boarding, working to board a new management to work for Vow Green Metals. We need to board people coming from the industry that knows this type of business because this type of business is different from what we do within Vow. Yeah. Well, there's a question from the audience here. How fast, how quickly do you think you will scale up activity at Follum? The reason why we picked Follum is that biomass is available at that location. We have large plans to move swiftly forward there. As I said, to increase the capacity every 5-10 times, that we are capable of doing at the facility. The market itself needs, as we said, more than 400,000 tons annually by 2030. That means that we need to be there in two, three, four years from now. That's the ambitions we have. We don't see that we have restrictions in having such an ambitious target. We are capable of moving forward. You say you plan to spin off and share Vow Green Metals with your shareholders. How will that be achieved? We're working on that structure. I think that the most important thing around it is that it's having shares in Vow today, you will have shares in Vow Green Metals. There's another question here. Where do you intend to list Vow Green Metals? Is this a Euronext Growth company, and will there be a private placement in connection with the listing? If so, what do you expect that to be? We said that we aim to list the company before the summer. We haven't decided the structure of it and at what list we should do the listing on. There's still some things to be sorted out in that respect? Yeah, that's the ongoing discussions of course, and preparation for that. We will, of course, when time is right, we will communicate on that. There's one viewer who's asked us, or you, to elaborate a little bit on the difference between Vow Industries and Vow Green Metals. How would you explain who is doing what and the split between the two? The Vow Industries remains the incubator in Vow to work on these type of opportunities because it's not only the metallurgical industry we see this opportunity for build, own, and operate. Vow Green Metals will work with build, own, operate within the metallurgical industry. That's, as I said, a different type of business. Vow will be the technology provider to Vow Green Metals, but Vow Green Metals will need to be structured as a company that operates process plants and deliver products that meets the quality requirements of the metallurgical industry, whether it's recycled biocarbon or it's gas that that industry would need, gas for high temperature heating or even gas as reductant. Many opportunities with our technology towards the metallurgical industry. That will be the focus for Vow Green Metals. Vow Green Metals, it now has to work on the plan that we have launched to look at how we could scale up the activities in that company. Because here it's important to ensure that Vow Green Metals will be a significant player in the space, meaning that it has sort of a large part of the demand for biocarbon. I think that a question is why not keep Vow Green Metals under the same roof, so to speak. From what I understand, you see these two companies in quite different in terms of culture. One being a technology, Vow and Vow Industries is technology provider and solutions provider, whereas Green Metals is more like a process industry. Is that a way to sort of conceptualize this? That's a way to see it, yes. Vow Green Metals will be a production plant, production plants, that needs sort of industrial thinking to be a commodity player or a player in the renewable space within the metallurgical industry. That's definitely a different business model. Of course, it requires another capital structure. It's an asset heavy sort of way to operate as different from what we do in Vow, definitely. Seems like we're having just one more question. I think that goes to one of the cliffhangers in your presentation, really. You mentioned that there might be other spinoffs coming later. What should we think is next? We will, of course, communicate these things as we go forward. We see markets that we are in today where there are such opportunities to take a position with build own operate. It's the uniqueness of our technology that we can sort of create value with our technology and producing commodities and energy that is relevant for big industry seeking to decarbonize, and metallurgical industry is one, but there are a lot of other industries that we today are working in, and we have communicated of being working in, and where we see that there's an opportunity also too for this type of similar market approach. There is actually one very specific question in this regard, and that is: Does Vow Industries consider developing or marketing, rather, smaller scale technology for city community waste, smaller sites or smaller plants, and pursue that as a separate market? What we definitely see, the driver here is good, strong financial models, bankable cases. When we see these type of opportunities where you could roll out technology and establish build own operate that are profitable. You have the support from the banks as we see that we have. That is, of course, where the focus will be. Looking at especially the European market now with the Green Deal, you see how the taxation system, the taxonomy kicks in. You see that it makes sort of, from a financial point of view, it's the right step to go towards renewables. You have the incentives to go to the renewables. That alone creates sort of bankable cases, strong business models, and it makes sense for us to move in that direction with this type of build own operate concept. Thank you very much, Henrik. It sounds like you have a lot on your plate. Flexible, versatile technology- Yeah A lot of good business development thinking going on. Yeah, it's a great period we're in. The teams are all excited and we really look forward to announce more of these exciting things as we go forward. We look forward to hearing about that. With that, we are ready to round off. It's been very interesting to listen to your further elaboration from the presentation this morning. We will be back with the next interim report later this spring. Thank you so much for listening.