Good day. Thank you for standing by. Welcome to the Nobina's Quarter 2 Report 2021 to 2022 conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question over the phone, please press star and one on your telephone keypad. Alternatively, you may type in your questions on the web screen. I must advise you that this telephone conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your first speaker today, Mr. Magnus Rosén. Thank you. Please go ahead. Thank you very much, and welcome, ladies and gentlemen, to this Q2 presentation by Nobina. We have a net sales in the second quarter, which for the second consecutive quarter exceeds SEK 3 billion. This specific Q2 quarter, it exceeds last year with 19%. EBITA SEK 333 million, EBT adjusted SEK 293 million, which is almost double of last year. We have a slightly negative cash flow in the quarter. If we look at the market, we have new contracts in [non-English content], that's a defense of contracts that we have been running before. They are worth SEK 1.7 billion over 10 years. We have started in the quarter 244 buses in Skåne, in Helsinki, in Turku, in the north of Sweden and Copenhagen. Out of these 244 buses, 190 have been electric buses, meaning that we are a clear market leader in the Nordics when it comes to electric buses. Specifically for this quarter, we have a massive start in Skåne and also in Turku with electric buses. Telepass that we acquired a quarter ago or so, or signed the contract, is now consolidated into the group from the 1st of July. After the period, we have also won contracts with Movia in Copenhagen over 10 years, and they are worth about SEK 780 million. That's also a defense apart from a slightly extended contract or enlarged contract with some four or five buses or something. We are also accelerating our sustainability ambitions by joining the Science Based Targets initiative, SBTi, to establish an emission target in line with the Paris Agreement. We change slide. We see that there has been an announcement so far this year for the first two quarters of 970 buses, where we have, or Nobina have won 367 buses, meaning that we've had a win rate of 38% so far this year. We can also see that we have had 394 buses that have been exposed, meaning that we have a renewal rate of 93 buses. We have won so far 367 and there has been 394 of our buses announced out of the total 970. Still we have 561 contracts, or not contracts, but buses pending, where we have already turned in the tenders, and they are mainly the Stockholm Southern contracts and the Oslo City Traffic. Apart from that, we expect that we have about 750 buses remaining for the rest of the year, where we are at the moment working on the tenders, and they are to be turned in the coming two quarters. We have so far this year ended 244 buses, and we have started the exact same amount of buses. Our average weighted contract length is now 8.8, and the weighted contract age is 5.4, giving a maturity rate of 61%. The average age of the bus fleet is 6.3 years. If we look for this year, we can see that we have actually for the coming 12 months, we can see that we have 452 buses that are ending and up until this point, we have 337 buses that we know that we will start. There are still tenders in movement here, of course. Out of the 337 buses that we know that we will start in the coming 12 months, we also know that out of those we have 177 new buses, and out of those, 130 electric buses, which is a rate of about 75% on the new buses. The second quarter was strong, and Nobina noted the highest quarterly earnings in the group's history. We reported a net sales growth of 18.6% for the second quarter, corresponding to an organic growth of 14.8%. This was primarily a result of a continued strong performance for the Samtrans COVID-19 related business, pandemic-adopted agreement in place to a higher extent in comparison to the same quarter last year, and positive index effect. In addition to this, acquisition added 4% to the growth in the quarter, and this relates to the company's Telepass, Göteborgs Buss and Koiviston Auto. EBITDA increased SEK 143 million in the second quarter in comparison with last year, and the drivers to this were, again, the performance of Samtrans, positive index effect, and pandemic-adopted incentive agreement. When we look at the segments, Sweden was the main driver to the increased EBITDA, while an impairment of buses had a negative impact on the result in the quarter. If we then turn to go into the segment. Sweden increased its net sales significantly in the second quarter compared with the prior year period. This was primarily a result of strong growth for Samtrans, driven by the COVID-19 related business continuing at a relatively high level also in the second quarter. We have positive index effects and pandemic-adopted agreements in place at a higher level compared with last year. We had the acquisition. The EBITDA in Sweden was also significantly higher than last year. This was also driven by Samtrans' COVID-19 related business, index effect, pandemic-adopted agreements, and also increased extra traffic. When looking at Denmark, net sales was in line with last year. EBITDA in Denmark was significantly above last year, the main driver for this were a combination of positive index effects, an increase within extra traffic, and underlying efficiency improvements. Net sales in Finland was lower than last year, but when adjusting for currency effects, we saw a small sales increase in the quarter, mainly from positive index effects. The reduction in EBITDA in comparison with last year is primarily a result of negative contract migration effects onto traffic starts during the quarter, last year's number was also impacted by positive contract migration effects. In Norway, net sales increased slightly in the quarter, impacted by positive currency effects. In local currency, sales were slightly down attributable to lower volumes within replacement traffic, this was also the reason for the lower EBITDA. If we turn to page 12. If we look at the different items in the bridge, price and volume is the main driver to boost the increase in net sales and EBT adjusted. This is primarily driven by the strong performance within Samtrans, where the testing station has continued at a high capacity also in Q2. In addition to this, we saw positive contribution from having pandemic-adopted contracts and acquisitions. When looking at contract migration in the quarter in comparison to last year, we have a positive effect on net sales, but negative on EBT adjusted. This was primarily from contracts started last year in Sweden. In other, is the impairment of buses of SEK 72 million included. If we turn to the cash flow. Cash flow from operations significantly strengthened due to increased earnings. Total cash flow for the quarter is weaker than Q2 last year, and that is mainly due to reintroduced dividends. We have paid for the Telepass acquisition during the quarter. We have higher amortization on loans following increased investment in buses, and we have a negative working capital swing. We have a high level of total CapEx that relates to electrical bus investments, and out of the total bus investment in the quarter, 100% relates to electrical buses. We have a strong cash position. It has increased to almost SEK 1.1 billion. We have an equity ratio of 16.6%, and we have a net debt EBITDA of 2.4, which is below the lower range of the leverage target. Over to you again, Magnus. As we said, we have the highest quarterly earnings in the group's history of SEK 293 million, That is despite bus impairment of SEK 72 million. Of course, we have a strong performance in the testing results and related businesses that we are doing within the testing. We expect that also to continue into Q3 at the moment. It's not only testing as Pernilla has been pointing out. We also have pandemic agreements that are on a higher level than last year. We have extra traffic that is giving more this year compared to last year. We have a positive index effect. The continued positive trend in ridership, we expect to continue. All the recommendations for not traveling with public transport is now taken out, There will definitely be an increased amount of people. I've said before that I believe that this will take between six and 12 months before we are back on levels that we were in 2019, providing that nothing unexpected happens going forward. We are also confirming a leading position in the e-bus segment, where we started 190 buses only during the last quarter. We accelerate our sustainability ambitions through the commitment to SBTi, with the goal to set a new carbon emission target starting here at the beginning of next year. Now, operator, we are finished, and we are ready with the presentation, and we are ready for questions. Thank you. We will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star and one on your telephone keypad. Once again, if you wish to ask a question, please press star and one on your telephone keypad. Your first question comes to the line of Johan Sundén from Carnegie. Your line is now open. Yes. Thank you. Thank you for taking my question. I have a few questions. I can start off with the first one related to Samtrans, and just to get a feeling for how big the effect of Samtrans is in the quarter. You earlier commented that if one look at the other revenue part on your sales bridge in your report, you can see that earlier at least, the kind of year-over-year delta has been related to the COVID testing business. We see that other revenue is almost on SEK 250 million, up from SEK 70 million last year. I guess that there should also be a little bit of improvement in the underlying Samtrans business as the kind of transport of elderly people should maybe have been higher this year compared to last year. How big part of the SEK 177 million delta in revenue is related to COVID testing, and how much is the other kind of ordinary Samtrans business? Before, we have recommended you to look at this other item, other revenue, but we also have other revenue connected to Samtrans reported as production revenue. Also in this other, we also have revenues connected to our bus business. I think that this quarter it's a bit tricky to look at that figure in the same way that we have asked you to do before. It's reported a bit differently. We have changed that a bit. To ballpark the growth year-over-year in Samtrans, then it should be lower than this kind of SEK 170 million-SEK 180 million that one can see? We have not yet revealed the development for Samtrans, but we will do that going forward. In this quarter, we will not reveal that information. Going forward, we will report Samtrans as a separate business segment. That is with the aim that from the beginning of next year, that we will have other verticals than we have today. It's not very difficult then to guess that Samtrans and the care business will be its separate vertical, and we will become a bit more transparent around that in due time. That will be very helpful. Okay, a few other questions. The second one is related to the impairment that you take in this quarter, and you're following up this impairment or the revaluation of asset for sales last quarter. Should we start to be worried that there's a new pattern that you start to make bigger impairments in the quarter as kind of the legacy bus fleet? No, you don't need to be worried about that. We are scrutinizing a bit now, and we can see that we have some buses that won't be as easy to optimize as we have thought before. We also have a specific problem with one specific brand, where a specific factory is closed. Those type of buses, we foresee that it will be very difficult to get spare parts, and that's why we have down-valued those buses when they're coming out of the contract and so on. It will be difficult to optimize those buses going forward. At the best of your knowledge, we shouldn't expect any additional impairments or revaluations in next quarter or after? From the knowledge that we have today, of course, you should not expect anything more. Yeah. Great. A question on CapEx. I guess it's best for Pernilla to ask the answer. Mm-hmm. Yeah. Year to date, you have CapEx of a little bit north of SEK 1 billion. Earlier you have guided that the CapEx of this year should be somewhere around SEK 1 billion. You still have some 40 bus routes to start up this year. Yeah. Where should we expect CapEx to end this year now? How come the increase? We said approximately SEK 1 billion. It will be approximately SEK 1 billion, maybe SEK 1.1 billion. It's somewhere there. It will be probably SEK 1.2 billion. Previously. Yeah. Previously, maybe. Okay. Mm-hmm. Because you're already year to date at 1.1. [audio distortion] 1.2. Is the kind of mix of the coming buses that you are going to start different to the kind of buses you started in the beginning of the year? Lower proportion of electric buses? No. I think I think if you look at the forecast 12 months ahead, and you look at the coming two quarters, you can see that there aren't that many new buses that will be started up. We have a number of buses that will be optimized within the bus fleet. Our initial guidance of SEK 1.2 billion as total CapEx for the year is not very off. Okay, perfect. Sorry, the service traffic is June 2022. I thought it was chronological order in the table. Okay That makes sense. Thank you for clarifying that. The amortization is also a bit higher now than it had been historically. Is it the Telepass that makes the difference? Is this the new normal level that we should expect? I think you could expect that level. We also started some electrical. We started some contracts during the summer and so on. I think that's reasonable to assume going forward. Perfect. That was all my questions. Thank you for answering. Thank you. Your next question comes from the line of Johan Dahl from Danske Bank. Your line is now open. Yes. Thank you. A question on these bus write-downs. Hypothetically, if you're running a bus that you have either on lease or as a fixed asset on your balance sheet in an incentive contract, and you for various odd reasons would expect lower passengers on that bus, I presume you make a fair value assessment of that book value in your balance sheet. Is that a correct understanding of what the methodology is of those assets? There is a depreciation time depending on what kind of bus it is and so on, and it varies a little bit. I didn't read you fully what that implies with the incentive contracts. No, I understand, when you get a fixed remuneration for running an eight-year contract, there isn't much, Revenue is going to be what it is. I guess in an incentive contract, there might be the net present value of running that bus is going to be. Yeah if you have the lower number of passengers. My question is, do you make a fair value assessment in your balance sheet of the value of that asset, whether it's a right of use asset or whether it's a fixed asset in your incentive schemes? We have depreciation time for a bus, and then the bus run in a contract. We handle that in the same way independently of if it's a production contract or an incentive contract. Then, of course, that bus could be used in another contract after the first contract has expired. Okay. Just a question on the renewal rate, you state 93%. Is that also a fair approximation if we would look at the situation today? There were a couple of contracts announced, a couple of awards announced after the end of the period. It's a little bit higher if you count that win that we had outside, and then I need to check if there were any other decisions made where we didn't win, and that we haven't calculated now. It's material higher? No, no, it shouldn't be material higher. It should be around where we are today with this 93% or so. I think it would actually be a little bit higher than 93%, actually, as we're just one month into the new quarter. We know that we won this Movia contract outside of that. Okay. Also, just a final question. You explained very detailed what drove the earnings improvement in the quarter. Yes. Could you possibly elaborate a bit on, firstly, what's the contribution to your results from acquisitions in a year-on-year perspective? Secondly, the indexation which you referred to, what is roughly the number on that individual item compared to last year-over-year? If I give you, I don't know if I have to look at Pernilla higher so that we are giving you the same information and so on. If we just roughly look at the index and let's say the extra traffic that I'm referring to, then we have a difference in index for this quarter compared to last quarter of about SEK 25 million in the results, and about as much in extra traffic. Just to give you two numbers that you are asking for. Excellent. I presume that SEK 25 million, you can also regard as on a year-on-year perspective as the earnings contribution. Yeah. Index is something that happens with the inflation and with the numbers that we get, of course. The extra traffic is something that we influence a lot more on, definitely. We can in general see that we have had index shortages up until more or less now where we have been losing on the index. The index seems to be turning around now, and that needs to be another judgment than mine on that also. If you believe in inflation and so on, then the index of course should increase. Got you. On acquisitions, would you be able to give any sort of ballpark number there, how much acquisitions contributed year-over-year to earnings? I didn't really have that figure in my head. I don't think we have really released that figure yet either, and not the other two that I gave you either. I think we'll pass on that one now because we're not really prepared for it either. All right. Thank you so much. Thank you. Thank you once again, if you wish to ask a question, please press star and one on your telephone keypad. There are no further question at this time. Please continue. Okay. That means that we are coming to an end with this Q2 report, and we thank you very much for your interest, and we'll see you before Christmas again with the Q3 report. Thank you very much. Thank you. That does conclude our conference for today. Thank you all for participating. You may now disconnect. Speakers, please stand by.