Welcome to this presentation, where I will walk you through our first half year financial performance. I will also give you a business update and outlook in the last part of the presentation. First, who we are. We are a technology provider helping our clients to eliminate pollution, to enhance a circular economy, and in the broader picture, to mitigate climate change. We have unique patented technology to convert biomass and waste into CO2 neutral energy, decarbonized energy, low carbon fuels, and biocarbon. On the right side, you see the brands in Vow Group and the brands that we are very proud of. Financial and operational highlights. Key takeaways. We deliver our revenues in the period of NOK 201 million. We deliver EBITDA at NOK 20.3 million and a record high order backlog that including options takes us to a level of more than NOK 1.8 billion. The revenue year-on-year is a bit lower. That is due to the pandemic effect on our after-sales business area. That is year-on-year NOK 21 million lower. Project Cruise continues to deliver strongly. We in the first half year of this year, we deliver an EBITDA margin of 26%. That's very strong. Land-based, we continue to invest in our organization. We are working on a lot, starting off demonstrating new technology. We're working with new industry partners. I have a separate slide to talk more about these things that we're doing within that business area. I will also talk about the successful spinoff and listing of Vow Green Metals that we now did in July. Looking at our trends over the last years. You see on the left side the revenues, and you see that how the average, the latest three half years, you see the average activity level of the volume of revenues within Cruise Projects. That's the backbone of our business, and as I said, we deliver a very strong EBITDA margin of 26% in that business area. You do see the negative impact on the pandemic on their after-sales. NOK 66 million we had on the second half of 2019 compared to NOK 18 million now in the first half. Most of that revenue was actually now in the second quarter, and we see clear signs of the after-sales area coming back again. Of course, also the land-based part of our business. EBITDA margins, we are consistent delivering good double-digit EBITDA margin for the entire business at 10%. On the right side, you see a very nice development on our order intake and our growth on the order backlog with options. Overall, it's a very nice development for our business. Business update and outlook. The cruise industry. Cruise industry rebounds. In the last half year, we have been busy delivering projects, but we also have awarded very important contracts. We have a total order intake within Project Cruise of around NOK 200 million year to date, with additionally NOK 135 million of optional contracts. We're busy as ever within this area. As I said, we see clear signs of cruise industry resuming operations, putting more ships back into operations. A very interesting illustration here on the left side, the number of ships re-entering service, going from 220 ships up to 200 ships now the latest months, and the total industry fleet is around 350. This industry is definitely now returning with now a large share of vaccinations among the population and the cruise industry passengers. This will also be positive for our after-sales in the coming months. Land-based. We're building land-based step by step. We experience a strong demand across a wide range of industries and applications. It just demonstrates the versatility and the relevance of our technology. I've highlighted some projects, some contract awards, and some industry partnerships that we have entered into lately on this slide. Recent contract awards in the U.S. with Wakefield, a contract for more than $5 million, where we are helping that client to convert biomass into valuable biochar. It's part of the Wakefield business today, working a lot with soil enrichment and carbon capture and storage. They again have interesting clients at the table. We do see a potential for expansion through the cooperation we have with Wakefield in the U.S. Safesteril within food safety, we have entered into lately 5 new contracts for our food safety product lines. That business area is really developing nicely. Project execution, these three projects are among other projects as well here. I've highlighted Circular Carbon, NSR, and Philip Morris International. Circular Carbon and Philip Morris, these are our industry decarbonization projects where we are actually helping them to utilize waste as a source to produce climate neutral energy in order for them to replace their consumption of fossil gas in their production. In that way, we are helping them with their ambitions to lower their carbon footprint and to become CO2 neutral. NSR in Sweden is a project where we are converting green waste into valuable biochar for soil enrichment and carbon capture and storage. These projects will be important for us. We're demonstrating the robustness of our technology, and we truly believe that this will be important to be attractive also for other clients in these industry segments. Business development within the metal industry, working with the largest player in this space, ArcelorMittal. We talked about that earlier. We announced the potential project now in Luxembourg that we are developing together with ArcelorMittal for the Rodange site, where our pyrolysis technology will be utilized to produce climate neutral energy to replace gas at that site. We're working with the energy company Repsol to help them decarbonize their operations. Now also you see the cement industry being interested in our technology, helping them to electrify a high temperature heating process in the calcination part of their business to produce cement, and where our technology is relevant. A lot of exciting things within land-based, and not only are we starting up new exciting projects, but we are also signing up new contracts, and we're very happy with that nice development. As said, we're also very happy with the demerger and the listing of Vow Green Metals that we did in July. The first day of trading of Vow Green Metals when it was demerged out from Vow was the 12th of July. Cecilie, our new CEO for Vow Green Metals, she boarded last week. She comes in with vast experience from the forestry industry and pulp and paper industry. That is important for the development of the infrastructure around Vow Green Metals in their industrial plan in the coming years. We are now working with Vow Green Metals for the Follum site. The Follum site will be Europe's largest biocarbon production going live during the fall of next year, where we in Vow will deliver a substantial amount of process equipment to that facility. We expect now Vow Green Metals to execute the order where we will start producing equipment for the Follum project. This will be a significant share of our land-based revenue in the coming months, and it will clearly have a very positive impact on our land-based activities and the revenue streams in that segment during the second half of this year. Another important effect we do see in our business, everybody's talking about EU Green Deal and the EU taxonomy now kicking in. We have demonstrated our relevance in relation to this. We did a successful private placement in March where we raised proceeds of NOK 230 million from new investors coming in, clearly investing towards these greenish initiatives and renewables, found us relevant in that sense. The bank is finding us relevant in terms of the taxonomy that they are to be complying with, DNB secured NOK 320 million of long-term green financing for us. Lastly, but not least, the Enova that confirmed the state grant of up to NOK 80.7 million for the Follum project. We are getting access to green capital to fuel our growth going forward. As concluding remarks, still COVID-19 impact on our aftersales part of our business, that explains our top revenue line for the period. We see the cruise industry recovering, but in this period, we have been busy delivering strongly within cruise new builds and retrofits, and we now see aftersales gradually returning. Robust order backlog, NOK 1.1 billion of firm orders. Additionally, with the optional contracts, before we are receiving the order for Vow Green Metals, we are already at NOK 1.8 billion. Very nice and strong part of our business, the way we are increasing our order book and providing a very good visibility for our business going forward. The demerger and listing of Vow Green Metals will be very important, and the industrial development of Vow Green Metals will be very important for Vow in the coming years, where we will deliver a lot of technology to that venture. High activity in land-based. We see so many clients that now are really targeting industry decarbonization where Vow has relevant technology. I really look forward to presenting our numbers also going forward. With these concluding remarks, I thank you so much for the attention. Thank you, Henrik. Thank you for another very interesting presentation, and thank you for joining Cecilie and me here in the studio. To you, our online audience, welcome to you as well. We are very happy to have you with us. We will, over the next 10, 15 minutes, take questions from you, so you're free to ask questions in the chat on your screen. We'll try to answer as many of those as we can. Some questions have already been logged, and you may continue to log during the entire session. We will get back to you, Henrik, in a little while, but I'd like to ask some questions to you first, Cecilie, new CEO in Vow Green Metals. You only started one week ago. How has the first week been? It's been great. It's not a huge transition since I come from a renewable company already, Norske Skog, and have been working with renewable resources for quite some time. Of course, I'm going to start a new industry that is decarbonizing another industry and using biomass for that. We're getting a message that we have some problems with the sound. We will try to fix that as soon as possible. Just a few minutes. Just a few minutes and we'll be back. Sorry about that. We're testing again. Do we have sound? Apparently, we now have sound. If someone in the audience can give us a nod in the chat that you now can hear us, that would be nice. I get a note here we can still hear you, so that's, I guess, a good sign. Okay, where were we, guys? I think I asked you, Cecilie. You just started in your new job in Vow Green Metals. How has the first week been? It's been great. I come from Norske Skog, so I've been working with biomass and renewable resources for a long time. Now I'm going to be a part of a new industry. We're building a new industry based also on renewable resources and biomass and making biocarbon for the metallurgical industry and helping them decarbonize. What exactly is this product, the biocarbon that you're producing? Well- What does it do? Biocarbon is what you get when Simplified, you heat up biomass, and you end up getting a product that has a high carbon content. This biocarbon can then replace fossil coal in the production of metals. It will be as a reduction agent in the metallurgical industry. Was that good enough? That's good enough. Who would you say are the typical customers for this kind of product? The typical customers like Elkem, which is producing silicones, and also manganese producers. Those are our typical customers. I got a question right from the audience right up front here. They ask, "You're not presenting numbers this time. When will you present your first quarterly or half-year report? That will be next year. We have the plan for next year already. That's on our webpage. Yeah. The financial calendar is on your website. Yeah. First will be the fourth quarter next year, right? Yep. Yeah. Okay, cool. What other sort of short-term priorities do you have? It's follow-up of the Follum project, getting that up and running, and see how we could speed up the project. Also, of course, as Vow is delivering the technology, they're not only delivering the technology with the biocarbon production, they're really actually building an entire concept for us. They're building a factory concept, which means that we can scale up. We're going to use quite some time on that in addition to actually starting to build at Follum. Maybe, Henrik, you can explain a little bit more about this because this is really the core of the competence of Vow as far as I have understood. Understanding technology and also delivering the technology as we've been doing in the cruise industry for so many years. Yeah. This is the same sort of role that you now have with Vow Green Metals as your customer. Is that right? Yeah, exactly. Of course, we're delivering process technology here, combining technology that we have deployed on other types of applications. When it comes to Vow Green Metals and the metallurgic industry, we're talking about large capacities. We need to scale up on an industrial scale to meet the demand we see in that industry space. As Cecilie is clearly saying, is that now it's a matter of getting that system up and running to meet the demand of the industry. High carbon content, as you said, on the biocarbon, but also the high capacities. We have a long experience in deploying technology, developing technology together with clients, I think that is a good, let's say, experience, competence we have within the group that Vow Green Metals really will leverage on. Of course, on the long term, that means that we are going to make biocarbon, and we'll also produce syngas to Vardar Varme at Follum. In addition to that, on long term, we will also, with Vow, develop other products. That's on the longer term, of course, but now our short term, Follum is the focus. Yeah, that's an important part of this. It's so easy to think about Vow Green Metals as sort of a project-type company with just one plant up at Follum. That's not the case, right? You see a much wider sort of horizon than just Follum. Yeah. We have that stage 1 at Follum, but of course there are several stages, so it can be tenfold of what we actually start up, which is 10,000 tons at Follum. In addition to that, when we are building this factory concept together with Vow, that means that we can easily scale up on other sites. Other industries as well? Yeah. What do you think about that? When you see what we do at Follum, we are utilizing the existing infrastructure, which is quite fun, actually. We get in there, and we take the raw material that Vardar Varme is using now for the district heating. We take that material, and we are actually adding more value to it and supplying the energy to Vardar Varme. We are getting into that cycle and increasing the value. If I may comment also, Vow Green Metals will definitely work towards the metallurgy industry, helping that industry to replace fossil-based coal with biocarbon. Of course, the production, the conversion of biomass into biocarbon will provide also climate neutral energy that, for example, in this particular case, it will be used at Vardar for the district heating, but there will also be other types of products coming out. This is basically a business model, where we can produce specific products that the metallurgy industry needs, but also other industries will utilize the energy coming out of that plant and these valuable commodities that could be used for other industrial processes. Interesting. Henrik, we've got a few questions to your presentation, so I'd like to turn to that. First, listening to your presentation, I hear three things. First of all, cruise projects, very strong, stable business, very strong margins, cruise after sales, very much hit by the pandemic, and then thirdly, land-based, strong potential, a growth company of its own, more or less. Would you agree with that simplification? Yeah, that pretty much nails it nicely down. Okay. Thank you. I've been listening to you then. A question too on after sales. We're now well into the third quarter. Yeah. I think you indicated in the presentation that second quarter was better than the first. Is this a trend that you now see continuing in the third quarter, and when should we expect positive numbers? The after-sales for us is supplying consumables, service, operational assistance to the installed base, basically. We have now more than 130 cruise ships with our technology on board. Once these ships are getting back into operations, of course, revenue streams will return. In the presentation you saw that on the second half of 2019, we had NOK 66 million of revenues. In this period, we only have NOK 18 million, and of course, that is because ships haven't been in operations. There have been some kind of service preparing for startup, but now ships are moving into operations, and of course, that will turn into revenue for us going forward. You see that in third quarter. Yeah just continuing. This business area has been growing month by month because more and more ships are coming out in operations delivered as new build from shipyards. If you look at the numbers two years back, we had a small install base. Now you also have to take into consideration that we have delivered equipment and more cruise ships have been delivered now over the last two years. The potential to grow the after sales is larger. It means that we're not getting only back to the 2019 numbers. We have a larger installed base to grow even faster. Okay. Going forward, we can think about after sales as an even bigger area than it used to be pre-pandemic. Yes, definitely. Interesting. With an increasing- With increasing fleet increasing fleet with our systems on board. Cruise projects seems to have been relatively stable, even during this pandemic situation. It hasn't. 300, NOK 320. As we communicated before, no major postponement. We're delivering on a planned schedule. This is a huge area for us. If you look at our order backlog of nearly NOK 1 billion of revenues, that's to a scheduled delivery in the coming years. When we get a contract in the cruise industry space, as we did now during the first half year, we signed up NOK 200 millions of cruise contracts. The new build projects, they are main deliveries two years from now. The revenue we have this year, next year, and in 2023, those are our revenues from contracts we have signed up earlier. It's a very good visibility for us. We can plan, we're scaling, and that pretty much explains also the high margins we are delivering in that segment. We should expect about the same level in the Cruise Project segment going forward, more or less. Is that what you're saying? Yeah. On an annual basis, around NOK 300 million is what we have delivered in the past. What will make a variation to that is if we're able to get some more slots a year, meaning that there will be more cruise ships coming out, and of course, the size of the contracts. It's the backbone of our business. It's a stable revenue. It's a high margin part of our business, so it's a very good part of our business. Got a couple of questions on land-based as well, I guess more to Vow about other industry verticals. How do you think In a sense, Vow has acted as an accelerator in the metallurgical industry? Yeah with the launch of Vow Green Metals. Do you see the same approach being applied in other verticals? You're working with end-of-life tires. You've said you're working in the cement industry. Is this a concept where you will see going forward? It is. In some of these industry verticals, we deliver technology based not only on environmental sustainability. We're delivering on economical sustainability. It's a business model. It means that when you invest in our technologies, because you can turn waste into profits or you can produce renewables from biomass. In some of these industries, there are not necessarily anybody to take that first-mover position. We have, and we show that, we demonstrate that within Vow Green Metals in that spin-off, that we're taking a first-mover position. It's attractive for the capital market. We can raise capital for it. To really speed up the green transition, having the capital market with us, the banks with us, the funding that we can get from the governmental funding, it makes sense to move fast, and that's what we do towards the metallurgical industry. We will definitely do that towards other industry segments. Of course, we will also look at partnerships. We will continue on our traditional delivery model as well, delivering technology. In some spaces, in some verticals, it makes sense to move fast on our own or in partnership with others. Cecilie and Vow Green Metals is a first mover. Yeah A fast mover. Interesting question in that regard from the audience is there enough biomass to actually fuel or drive this transition? Of course there is. On volume, we're based on waste materials. Those are streams that it's not used today, because they're used only as energy. What we are going to do is give value to those waste streams. There are quite a lot of material available for us. Just to make a comment from my side as well. Yeah, for sure. Let's say we've been working with that business case for a long time. Definitely the 1 million tons of fossil-based reducing agents, fossil coke. There are enough biomass in Norway combining some of the forestry residues and the demolition wood to fully replace. Of course, on the world consumption of fossil-based reducing agents, and the metallurgical industry uses 1 billion tons annually, of course, there will be restrictions on the available biomass, that type of biomass. Of course, we're looking at other types of organic waste streams that could be converted towards this application. That's a very interesting development. Of course, we are focusing on the industry and the producers that does not have other alternatives to decarbonize, so that needs coal in their process, that needs the carbon in their process. That will be our focus area. There is no real alternative at present. At present, but also in some years, you have the fossil coke, but really not something that can, on an industrial scale, deliver on the short term. Short term being a couple of years. That's a very good point. The industry, the processes needs carbon. here we're producing the carbon by reusing the carbon that is already in the CO2 cycle. from biomass, from waste. We're moving into industries that today are high-temperature industries and dependent on coal, and processes that cannot be electrified. I think that from the political point of view, you see that the politicians, the regulations are positive, utilizing this type of biomass towards industries that cannot be electrified. Today, these type of waste streams or biomass streams could go towards processes that. There's another solution. You can electrify the process, et cetera. I think that the right to use the biomass, the right to use waste in this direction, I think it's a good political sound around that. It's political, but I would say it's also economical or in terms of finance. Yeah, for sure. As you pointed out in the presentation. Yeah with the tax and everything moving. Those incentives are now in place. Access to capital and the taxonomy is really pushing this, giving this a nice push for us. It makes sense to use materials where you can't really substitute them with other things than biocarbon, you need those materials there, as you said. When you can't electrify the process, then you need to put your material and use that in the correct industry and in the correct way. Of course, there are, let's say, looking at just the metallurgy industry, there are several options. Of course, if you look at hydrogen as a way to reduce the oxygen from the melting processes, it also needs to be combined with carbon. It means that biocarbon is relevant for a lot of these new ways to decarbonize the metallurgy industry. It sort of sets the ground very well for Vow Green Metals going forward. I think we should round off soon. We'll take a couple of more questions from the audience, actually, on the same topic. Yeah. For Vow Green Metals, question about the high carbon prices this year and high coal prices? How do you see that impacting the clients' interest in your solutions? Is that something you've seen? Yeah, definitely. It's the carbon, the CO2, the cost to emit, the cost to pollute, the cost of carbon, fossil-based carbon, is really sort of making the financial models better, and the appetite to invest for our clients. You have to look at it as a risk for the industry not to move in this direction. It's, I think, to use the saying of the license to operate. A lot of industries see now that they need to find ways to decarbonize, to produce energy from renewables, and to produce carbon from renewables, because the cost of not doing it will skyrocket. It has skyrocketed when you look at the allowance price in the EU. It's not that many years ago, it was down at EUR 15 per ton. Now it's EUR 60. The Norwegian government is predicting that to pass, come up to EUR 200 a ton. This just makes our financial models, our clients' financial models, even better, and it creates a demand for our technology going forward. This is definitely good news for the green shift and companies working here in this space. One final question. Oh, sorry. Go ahead. Just a comment. I would say that our customers are cheering for us because we are doing what they also are doing. We have a letter of intent with Elkem, they are also looking into producing biocarbon. They have a pilot that they're building in Canada, they are supporting us and think that there is a need for make it a relevant product. They need more than 10,000 tons. I think that with the increase in carbon prices, that they see that they need a solution, and they need it fast. Only in Norway, it's a large opportunity to really scale up with a lot of production capacity. That's as good for Vow Green Metals' business plan, and definitely we really look forward to work closely with Vow Green Metals to deliver our technology to your factories going forward. There's one question I need to ask, which I think is to the engineering part of you, Cecilie. Oh. What do you consider the most challenging or difficult part of building your industry or building the business? Oh, you shouldn't ask an engineer about that. We would probably say that it's a lot of challenges, but it is also, I'd say getting everything to fit together and getting the perfect yield out and delivering what the customer needs. Getting the process as flexible as possible. That means that we can adjust and, especially at volume, where we are starting up making industrial scale production. That means that we need to be able to change the output, and making that and still keeping the business model atop, I would say. That was partly not only the engineer, but also the CEO speaking, so. Well, I think it is. I think in a way it also describes why you guys are a perfect partnership in that respect, because this is what you've been doing, isn't it? For many years in the different industries you have been working, especially in cruise. I mean, this delivering complex technology, flexible solutions. Sounds like this is going to be a great partnership going forward. Yeah. We are really looking forward to that voyage, and we have a huge opportunity here to deliver on. Excellent. Thank you so much. I think it's time to round off. I think we have actually answered most of the questions that have come in during the session. If you want to follow up directly with the company, please don't hesitate. Send an email or call. Contact details are on the web and on the press release that was sent out earlier today. The press release, the half year report, presentation material is available on the company's website, and a recording of this session will be available later today. Thank you for listening. Thank you for all the good questions, and thank you, Cecilie and Henrik. Thank you. Thank you.