Kaldvik AS (KLDVK) Earnings Call Transcript & Summary

Thank you, Heidrun. Ladies and gentlemen, to start off congratulations with the new name, sounds promising. As Heidrun said, I'm going to speak to the registration in Iceland currently, but mainly focus on the policy reforms that have been ongoing within the ministry and the bill she mentioned as well, that's now before Parliament. Before I get into this, I need to underline that what I'm going through here is based on the bill -- Parliament is in session. Hopefully, until the mid of June, end of June. So we are hoping that this progresses, but politics is something that you can't predict, especially in Iceland in the current climate. So let's go. When the new government was -- came into play in 2021, there was one of their aim to set up a clear set of rules for the industry. As Heidrun said as well, the main goal has to be that an industry that's growing, an industry that's supposed to work, an industry that is supposed to gain balance has a clear set of rules to play by. When I came to office in '21, my evaluation of the situation was that, that was not the case. That's the current legislation. So a need -- a change was needed, and that's what we have been trying to do for the past 3 years. In addition to that, our governmental functioning such as surveillance, monitoring and research were extremely weak, and that's also something the government is responsible for. And that's something we've aimed at strengthening in the past years. The aim of this whole thing is to create an industry that's sustainable in a broader strength, economically sustainable, environmentally sustainable and socially sustainable. What it says here is that we're trying to balance the environment and the industry's vision I don't think these are conflicting things. These are completely aligned issues. There is nobody I would dare to say that has more interest in remaining environmentally sound than those that are relying on the environment to actually do the business. So we don't see this as opposing things but completely aligned things. So what have we done? We try to approach this in a professional manner. We got the National Audit Office to review the situation as was no surprise to those that had stepped into the industry at that point in time, there was a lot of room for improvement. 21 notes that the National Audit Office said we could actually fix and those were both on the legislative field but also on the practical field with monitoring and surveillance. We got then Boston Consulting Group to do an analysis of what was the potential of agriculture in Iceland and what were the ways to achieve that potential. And in 2023, Boston Consulting issued their report. And on these 2 documents, we have based our policy framework that I referred to earlier and the bill that's now before Parliament. So what is analyzing the impact of aquaculture in Iceland? As you can see, from an environmental, economic and social standpoint, most of the impacts are positive. Dark green is extremely positive, light green positive, but we have 2 things that we need to flag. We need to be aware of, need to take care of. That's biodiversity and ecosystems and then conflict of economic interest and ideologies. That's exactly what we are facing -- ideologies, economic interest, but also the environmental impact of the industry. So what do we need to balance these things Boston Consulting was clear, and that's once more underlining the importance of clear rules, effective governance ensuring that an industry had the incentives to actually invest into a relatively fast-growing industry and the level of predictability and effectiveness of governance is something that will then govern how comfortable people are to invest into the industry. So our job as a government is to ensure that these -- sufficient enough to get you guys to actually show -- developing an industry that is sustainable from all the 3 perspectives that I discussed earlier. Now Guomundur went through the potential growth with respect to the already issued licenses. We have 2 main functions in managing the capacity or the production in Iceland from the government standpoint, from a scientific standpoint, the marine research institute issues #1, a carrying capacity number, which is the environmental load, each single fort can take. And the maximum number in Iceland is 144,000 tonnes. We then have a risk assessment that is supposed to control the risk to the wild salmon stocks, and that is now at the number of 106,000 tonnes. What has actually hampered us to get to the 106,000 tonnes is what Guomundur referred to earlier, and that is capacity of the industry. It's not that we need more licenses, smolt capacity, access to skill and labor, access to funding is what help us from growing to the production of 40,000 tonnes that we have today to the 106,000 tonnes. We can also see that this is not a risk-free industry because we haven't grown for the past 3 years. When I came into office, I thought we were almost at the 19,000 tonnes at today's level. But we had the ice outbreak here. We've had a lice catastrophe in the West. We've had lack of infrastructure, both on the smolt capacity side, but also on the production side, on the other hand, that has prohibited us from actually putting out viable smolts and reacting sensibly to the challenges that we have met. So growth has not been to the level that we had hoped. But as music to my ears, I listened to Guomundur talking about the new facilities. We see the same happening in the West, that we are buying capacity. We're funding the industry. Hopefully, we can see this happen in the next years. And I think this is very much in line with the predictions that Guomundur went through earlier. I would like to underline, though, that the columns are all representing fertile salmon, and there is a potential to actually go up to 150,000 tonnes without any new licenses if there is the scientific development we are hoping for and production of unfertile salmon can be achieved. So the possibility to grow is enormous. Now what are we doing to achieve this? Number one, this would not be done to achieve growth. This would be done to achieve production of the wild salmon. There is a suggestion in the bill to actually legislate conservation zones in Iceland that would prohibit salmon farming in the biggest part of the cost line. So the only areas that would be open are those that are open now in the Westfjords and here in the Eastfjords . We have the biggest bulk of this already in conservation areas, but those are not done by legislation, and we are adding to the consideration areas. [indiscernible] that are named up there. So we are adding to this. So we are limited to, number one, the Westfjords and number two, what we're discussing here, the Eastfjords. How do we think we can actually get to terms with managing the company is making sure that they are actually achieving sustainability on the environmental side, simple, assigning individual responsibility. What Norway has learned, what the Faroes have learned is that mixed or joint responsibilities lead to a race to the bottom. What we want to do is to set up a role that makes 1 farmer responsible for 1 fjords, 1 [indiscernible]. The new company is lucky enough to be alone in the Eastfjords and responsible enough to already set up the biosecurity zones by themselves following the ice [indiscernible]. So the new rules are already enforced here voluntarily, makes our job a lot easier. When we assign the responsibility, it comes with a stick, and it comes with a current. We put in a limit on mortality and we put in a limit on lice. If you exceed this limit on either mortality or , your license will be lowered. So you can get up to 3% to 5% reduction in your license if you exceed these milestones. If you, however, are under a certain limit, your production limits can increase. So you are the master of your face. You can actually, if you do well, get added production licenses and you can increase your production. This also applies in an area like this when it comes to carrying capacity as you are controlling the environmental impact of your operations. So better operations, lesser pollution, more licensing production -- more production of licenses. Again, in the Eastfjords, when we talk about risk assessment, that is the risk of salmon escaping mixing with the world population -- this company is very much the master of its own destination because the risk assessment, as the marine research institute issues today, it's split into 2 to the Westfjords and to the Eastfjords. And if your history is as good as it's been. And your escapes are slow as they have been going into the future in all likelihood, the risk assessment can grow. But again, it's up to you guys because your risk is created in the north and east part of Iceland. And if there is no pollution of farm salmon there, there's no reason for you must be able to actually exceed what you're doing now. These are the things that we do to [indiscernible] or actually awarding you with something new. What we're trying to do as well is to create operational flexibility, which is new from what we're doing today. Today, you have a license for a certain production and that's limited to a site. We are scratching that, and your risk assessment is now transferable between fjords, so you can maximize the utilization of that risk assessment by managing the production cycle within the fjords. And this should open up for a capacity increase again within the licenses that have already been issued. So planning of the utilization can be -- can achieve bigger numbers already. Now for the fun part of discussing taxes. That is an internal debate within the industry between government and industry, whether that's here or in the Faroes or in Norway. We have done quite a lot of comparison with our neighboring countries. We have been trying to develop this to take into account the status of the industry. We have put forward a system that is supposed to measure the revenue of the companies, the average revenue, I have to admit. So we are setting a production cost an average production cost, which we now set at the production cost in Northern Norway, which is something we think can be achieved here in Iceland. We then create an index for that production cost to develop and it's a simple index. It takes into account mostly salary cost and feed prices. So it's a simple formulation. So if that cost increases, the -- then brackets for tax move along with it. So if revenue is equal to or lower to the cost, there will only be minimum taxes, but the taxation will increase as the profits get bigger. 7 brackets from 1% to 11% depending on then the price of salmon in the international markets. We got wind of a new approach in the Faroe Islands only a week old and we did a comparison to that, and that's what we see here. Taxes in Iceland should be lower when profits are lower, but they will get higher as profits increase. In addition to this, we are introducing incentive schemes where you will get discounts of taxes if you invest into environmentally sound ways of doing your business, closed farming unfertile fish, bigger smolt, shorter time in sea. So at least from what I heard in the earlier presentations, this company will hit at least some of these discounts even if they just continue on the path that they are on. So we are increasing -- we are encouraging environmentally sound methods of doing business. Now if we do this and do this well, Boston Consulting says the sky is the limit. We are now at the [indiscernible] at the 2021 level still with even a bit below it. We can, as I said earlier, grow to 100,000 tonnes in traditional agriculture on the basis of the licenses that we have now. If we use the technology, if we better utilize what we have we can grow up to almost 150,000 tonnes without issuing any new licenses. And if we are progressive, we can almost go up to 250,000 tonnes. So we have an industry that can grow. But if we fall on our face, do this in a wrong manner, we can also remain where we are and I would claim we can also actually go even further down than that. So it's up to us as a government to set a set of rules, it's up to us as a government to create the environment and framework to do this, fund the research, fund the surveillance. And it's up to you guys to then achieve this growth because this can be the fourth pillar under the Icelandic economy, and I would claim it has all the potential to actually do so. Thank you.

Thank you, Kolbeinn. I didn't expect anything less than an excellent and informative presentation from him. We can only hope that the bill now being discussed in the Icelandic Parliament will conclude -- let me rephrase that. We'll have some adjustments and then will be concluded in a sensible and predictable legislation. Now let's move on to our next presentation. Despite aquaculture being a fairly new industry in Iceland, individual agriculture companies are already an important backbone in the communities where they operate. Not only do they create good and well-paid jobs and contribute to society with taxes and fees but they are also essential for the growth and prosperity of other local businesses, such as those providing services to agriculture. And you certainly don't need to trust my word on this matter. Next up is Jóna Árný Þórðardóttir, the mayor of Fjarðabyggð, the main municipality where Kaldvik operates. Jona, the floor is yours.

Thank you, Heidrun, for the nice introduction. Good morning, ladies and gentlemen. Welcome to our home in Kaldvik and congratulations on a beautiful and insightful Capital Market Day for Kaldvik here in Eskifjörður. We are just over halfway into our today's program and already have so much good and interesting information that will benefit us all. I want to use this opportunity to tell you a little bit about our community and our ambitions for the future. Some of you flew in and drove here this morning, you saw that our communities are in our pictures nature, featuring steep mountains, deep fjords and lush valleys. Now spring is coming, and fields and wild lives are coming out of hibernation. Spring is actually my favorite season having been raised as a farmer's daughter here in the valley on the other side of the mountain here behind us. On the farm, spring is the lambing season, which is always time of hard work, joy for new life and anticipation for a beautiful and bright summer nights. That is what I hope you feel today, joy and anticipation. As many of you already know, our communities here in the East are driven by diverse economy, one of the strongest in Iceland. As Jens mentioned before, our routes are intertwined with nature, where our inhabitants have for centuries, made a living by using natural resources responsibly. We fish sustainably, raise our livestock and other products with care and produce valuable metal for modern equipment worldwide with green energy. We invite our guests to become part of our community as our friends while they stay with us, and we encourage them to think outside the circle when they plan their travel. We have actually built a remarkably resilient economy in [indiscernible] and in East Iceland with product exports valued about 10x more per capita than the national average. More than [ 1/5 ] of the value of exported marine products, both from the fishing and fish farming industries, comes from the east of Iceland based on the '22 numbers. We know we are still increasing our production based on the presentations here before in the region. So you can see where we're headed. Over 1/3 of our aluminum production comes from the region. This amounts to almost 1/4 of Iceland's total product exports. Thus, this part of Iceland, which only has about 3% of the population accounts for about 1/4 of the country's product exports. When we look at services and focus on the tourism industry, we can see that because we're far away from the main flight gate to Iceland, Kaldvik, we get fewer visitors during the winter season. Therefore, a lot of capacity is already available for greeting guests, which is the reason why we have been promoting our international airport in [indiscernible] direct flights. When we get the right airline to commit, I truly believe we will increase the attractiveness for new residents, which will benefit our whole economy. As an island nation in the middle of the Atlantic, our welfare relies on being able to create value in a sustainable way where the communities thrive. This resilience is the testament to our community strength and potential for sustainable growth. We have often been the first for many things here in the East. We're far away from the capital region. And have often needed to find our way with a focus on the welfare of our inhabitants. We live from nature, but also with the nature and have had our fair share of natural disasters. But we are a resilient bunch of people who face nature head-on by building defenses and preparing for the unexpected. We have been here for overall millennium and will continue to be here in the future. This is our home and [indiscernible] 4 municipalities of East Iceland approved their first regional plan for the area from [indiscernible] in the South to [indiscernible] in the North. This area accounts for about 50 [indiscernible] Icelanders realize that this is quite an accomplishment. The battle with nature through the centuries entries have generally developed [indiscernible] wasn't always our strong suit. You can see this mentality in our Icelandic phrase [indiscernible] or it will be fine, which guests often described as the country's model. It might be interesting for you to know that we managed to use the time during COVID-19 when everybody was in and out of lockdown to make, discuss and improve this regional plan. We used COVID-19 to prepare for the future. When we did, in fact, not know what the future will hold. We plowed through various policies, both at a global level, national level and regional level and health meeting and consultations online and teams to come to a conclusion on our regional policy. I think actually the term and mentality of [indiscernible] helped us make this plan, which is, in fact, a little bit upside down. As I said, the municipalities approved the original plan for 2022 to 2044 in October '22. This plan emphasizes our vision for a development of the communities and the economic and fiscal environment. in the region. At the same time, the state finalized the coastal zone planning for the region, which was confirmed in March '23. Again, we're the first region in Iceland to have both approved regional plan and approved coastal plan to guide us. The vision in the plant is that private communities are best based on sustainability, and everybody has a role to play for that future vision to come to fruition. As we heard before from [indiscernible], the state is working on new legislation framework and the necessary infrastructure monitoring. The companies are investing their infrastructure, developing their employee base, producing quality products for the market and participating in various ways to strengthen the community in which they operate in, as we heard from [indiscernible] such as encouraging the housing market with various measures, building new service buildings, as we can see here in Eskifjörður at the kindergarten, renovating older service buildings -- and so on and so. Our vision for 2044 is ambitious, but we know we have the right bones at a unique way to become an economic powerhouse with the -- we already excel in key sectors, attract investments and have good foundation to drive innovation. To make our vision actionable -- area of opportunities, strong society and -- so sustainability connect each category to other. We transformed the classic third social pillar into 2, emphasizing the value of culture and community in our regions sustainability. We connected to United Nations Sustainable Development goals with our local strategy, which is based in part on the national policy acknowledging that there are many dimensions to successfully developing a strong community. Outstanding home is about our ambitions for both the built and natural environment. How we see our infrastructure development where our core strengths are and opportunities for future development. The area of opportunities for a framework for our economic drivers. Our core industries are cornerstones of our communities. New industries introduced to the region, help diversify and strengthen our core and provide an additional base for innovation, knowledge and research for future economic development. Our strong society is about building a cohesive and diverse community of people who have the opportunity to develop their knowledge and lead the healthy lives and health promoting environment. Lifelong adventure promotes flourishing cultural life and good conditions for us to artistic creation and sports so that the region will continue to be an exciting place to live, work and visit. I want to dwell a little bit on the area of opportunities and our regional food production and value creation policies since it connects directly to today's topic. Before we move on, it's really important to recognize, like on my sheep farm in [indiscernible], those who keep animals for food production must prioritize the animals welfare, implement best practices to minimize stress and promote optimal growth. Furthermore, our [indiscernible] are ecosystems and are not just a resource for salmon farming, but also a part of our heritage and the lifeblood of our communities in so many ways as Jens went through before. We emphasize that all operate with responsible stewardship and minimize environmental impact. We want to strive to strike a balance between economic prosperity and ecological responsibility. With everybody practicing their role, we can ensure that our [indiscernible] remain vibrant. Now back to our policy. The core of it is that the cultivation and now -- boost in a sustainable and responsible manner. I want to go over some raw materials from the sea, water and land should be based on knowledge about the respective ecosystem and function depending on its condition. We already -- fish farming will be limited to fjords where we have settlements. We have fjords in East Iceland where there is no settlement such as [indiscernible]. This emphasis amongst other things is also included in our approved coastal zone planning. We encourage organic fish farming with [indiscernible] used on the biosphere. Responsible management and efficient monitoring are the characteristics of fish farming in the East of Iceland, which ensures the quality of the products and prevents possible negative effects on the biosphere. Jobs related to the production, processing, monitoring and research should be local so that the value creation supports other regional developments. The local communities should get directly part of the state's proceeds from the fish farming to strengthen their infrastructure. Coastal planning and master plan will coordinate the land. We have formed a unique and progressive framework for working together. As a community, we face the same global challenges and trends as everybody else. But we must act locally to strengthen our community in the long run. To do that, we must continue working on every level and continue to think progressively. But why does this matter and how does it relate to Kaldvik? The company has been a part of our community from the start. The cooperation with the community to produce a valuable sought after product. With this new industry growing here in Iceland, new investments and service industries are emerging. I want to take a few examples of that, [indiscernible] with more products being produced in region. The region has the fastest shipping connections to Europe and the whole of Iceland. [indiscernible] is the largest import export harbor outside of the capital region, and we also have a weekly service from [indiscernible]. We see an opportunity, hopefully, in the near future for [ Isavia ] to extend the runway of our international airport in [indiscernible] by 400 meters so we could actually fly our products directly with cargo planes from the region, similar to the development of [indiscernible] in Faroe Islands. [indiscernible] has also grown with investments in new net lots. Our new service center is being developed for fish farming bags, our local companies are offering various technical services at sea and on land. Various maintenance and repair services are rendered by local companies and the new of the aluminum fishing and tourism industries. Amongst other things, one company is now developing a specific area where net cages can be assembled and repaired. Just a small example of local companies seeing the -- there's a lot of technology related to salmon farm management, such as monitoring the net cages, feeding barges and other facilities with camera -- service companies in the area offer setup and maintenance of equipment and related software and connections. We have a diving company here in [indiscernible], which we did not have before. In addition to serving the salmon industry, we now have the service available for other diving work, which is valuable to our community with this many harbors and large fishing fleet. With increased numbers of surge spots related to the industry, there is a greater need for both the safety equipment. One exciting new development is that a study program in navigation will be offered for the first time in our local high school this fall. Further education developments are being worked on and hopefully will come to fruition soon. We have more research in [indiscernible] positions in the region with -- through environment assessment connected to the industry. These positions are really valuable to us to have in our community. They strengthen our ambition for innovation and development across industries as a base for further regional business development. Kaldvik has also participated in discussions developing other opportunities in the region that are part of -- fuel in East Iceland. The byproducts from that production could -- yes, there are truly [indiscernible]. As you can see from these few examples, introducing a new industry committed to sustainable and responsible farming practices that cares about the environment and the community strengthens our social -- participates in viewing a stronger community for us all. The potential for further economic growth in [indiscernible] is substantial. Further investments in our economy and infrastructure, particularly in transport and connectivity will unlock new opportunities in all sectors. Iceland's robust economic activities and potential for future growth, make it a cornerstone in Iceland's economy. [indiscernible] is Iceland's economic powerhouse for the local community and Iceland as a whole. Thank you, and let's continue [indiscernible].

Thank you very much, Jóna, for a highly engaging presentation. It's so rewarding actually to see the energy and foresight present in this closed niche agriculture are doing bring things right and sensibly. Now on to the [indiscernible], but we also have the skeptics. And it's only natural to have skeptics when building an industry that the public has little knowledge about. For those of us working in this industry, it should therefore be welcomed that there are people that want to engage in dialogue with us. And on -- and benefit from the development of agriculture here in Iceland. This, of course, is not true. Icelandic entities have increasingly become -- Icelandic Investors is next up. Einar Sigurðsson is a Board member of Kaldvik as well as the Chair -- Chairman of the Board of Ísfélag. One of the -- industry, his whole career and is also the CEO of the family holding company. Einar, the floor is yours.

Thank you, and it's good to be here with you guys -- operating founded 1901, I didn't start my career at [indiscernible]. Just a little bit about the Isfelag, for those that don't know us very well. We are operating in 3 areas in Iceland. We have 4 pelagic vessels. We have 4 regular trollers, one [indiscernible] -- over the last few years, both on land and sea. And I think it's fair to say that we very diversified seafood company here in Iceland, and we went through public listing in the last December, been great success. Now there are 3 listed companies in the... Just for the key numbers for Ísfélag for '23. We have a revenue of around USD 230 million, EBITDA around $80 million, and net interest-bearing debt around $100 million and profit was around $45 million. And I think diversified as of the seafood companies. We looked into the salmon farming industry for a while before we invested. We think this pricing [indiscernible] and it will be a pillar to local communities and it already is and also in Iceland. I took those numbers from that was done for the Ministry of the [ SMS ] where they were mapping up what potential lies ahead if we are [indiscernible]. If we look at the -- somebody smaller than me was here before me. Might be Heidrun. So I think we are going to take the production from minimum 40,000 tonnes to 100,000 tonnes. And I think even 100,000 tonnes will create 3 very strong companies. After all, eventually, there will only be one in the west. Those companies will be among biggest companies in Icelandic countryside [indiscernible]. But we need to aim high [indiscernible] those pictures in his presentation. And this is all true. These are the potential of the industry in the future. But there is one thing that Kolbeinn and has people in the ministry, need to keep in mind. That is to make sure at this time that we don't get in the same trough that we had in the energy center in Iceland, where we have endless of opportunities for renewable energy but somehow the regulation framework had made it difficult to reach those potentials. We need to have a regulation environment that supports these pictures in this future. [indiscernible] for Iceland to seek and get those numbers in the next 10 years. And I think after that, we are able to start looking at something that we call base case, and we should look at the progressive. We should always look at the progressive that is how you build a society with a vibrant economy and strong tax base. But why Kaldvik? just to go to this one, it is easier. We think all these -- good companies and has a great value. We looked at all 3 of them. What we saw in Kaldvik was that it is the only rodeo in town. This is the only company here in Eastfjords. There is a great fast full utilization of the licenses. And if we compare because it's all in the numbers, it's not only that the industry has to -- we as a bright future, the companies in the industry also have to have it. If you compare it to the Norwegian salmon farmers that I also think they are relatively cheap also, if you want to buy shares in Norway, the sum of farming companies. But I think when you look at the underlying potential in the Icelandic listed companies and especially this one, we were not out when we invested in this process. And we will continue to support the company. And I guess, in the future, we will invest even more. Of course, that has been felt by this industry for in a few cases, both in the West and also here in the East, but we are the early stages of the industry. We have to keep in mind that -- so we are behind Faroe Island and Norway. And we cannot adjust our regulations or the tax system to what we have seen there because the heavy investment lies ahead. In those challenges, this industry needs time to build up. We have looked at this industry. It's a young industry. Even though if you look at the year 2022, [indiscernible] investors was bigger in revenues than the both 2 biggest traditional seafood company there. You can just imagine what will lie ahead of us if the industry is able to be allowed to grow and invest. The industry is also -- have to put in -- much as we can. We need to be transparent. We need to actively participate in discussion about the industry. And we also need to fight [indiscernible] what is possible. And it would be -- it's an everyday task for the management of this company and all of those that operate in the industry. We are [indiscernible] heavy criticism. And the bad thing about that is that it is mostly factless critics based on field science. And this is the job ahead to present the industry as it is an asset can't be and fight emotions with facts and science. I think in that perspective, everybody has to participate, not only those that are operating in the daily jobs, also the local politicians, the people living in the areas and also those that support the general building of an investment in Iceland and want to see further growth in our Icelandic economy and more diverse economy. This is a start of our journey. It will not be, like I said, without challenges. We have all seen the news when this mishaps happened. And they will possibly happen again in some ways to address that. We need to address it right away, with facts, the transparency and explaining what we are doing and the impact of what we are doing, both for the Icelandic countryside and the Icelandic economy. To those that have to put a regulatory framework around this industry and all others. We have to state the importance that the regulatory is not too heavy on a young industry -- are going to be investments. There are going to be quite a few years until compared to the nation around us. That has to be taken into account when those that sit in the Parliament make a framework for this industry, like every other industry. And I compare the discussion about the salmon farming to -- for years and compare that to other industries like technical industries and so on, it's a little bit surprising that jobs on the country side don't count as much as the jobs in [indiscernible]. That is something that we need to change. First of all, and final, I want to thank you guys for being all here. I think it's a great -- we have a great company here. There's a strong shareholder base, 2 of finest Icelandic seafood companies, [indiscernible] investors. The founder, Guomundur, and his family are our investors here. And [indiscernible] that is our experienced salmon farmer in Norway has given the company a great support, especially in difficult times with the Icelandic environment, with this area here and the people and the know-how here, I think the future is bright. Thank you.

It was heavy. I always need my reading glasses now. Well thank you -- and showing us the advantages of having a diverse group of shareholders, both foreign and local. Now dear attendees and friends. We've reached the end of our session today. I hope the meeting has provided you with some insight into the opportunities that we, as Icelanders and of course, Kaldvik, have at our disposal. The company's mission, along with that of all its stakeholders is to ensure prosper -- and society. Now I may not be unbiased, but I can confidently say that there's little doubt in my mind that we will succeed in our efforts. Well, on behalf of Kaldvik, thank you for joining us here in -- online for joining us here. We hope to see you all in the near future in sunny Eskifjörður one day. Have a wonderful day. Thank you.