Thank you very much. Good morning, ladies and gentlemen, and thank you for joining us for this interim report for the first quarter of our fiscal year. As you heard, we're going to follow the normal procedures where I will start by providing an overview of the quarter, and then will be followed by Magnus, who will take you through some more details related to our numbers. After that, the operator will help facilitate the Q&A session. As always, I hope you can follow our presentation online, and we're going to try to guide you to the pages that we talk to. With no further ado, I think we'll dig into it, and I ask you then to flip to the first page with the title Highlights for Q1 2021. I guess it's no surprise for all of you on this call that we are heavily impacted by the ongoing pandemic, that we have seen a significant worsening in terms of travel restrictions that has been imposed across the world and also across Scandinavia, which has had a significant negative impact on our numbers and our traffic during the quarter. I think the numbers on the right-hand side of this chart, they tell that story loud and clear. As you may notice, we had 1 million passengers, which is down from 6.2 million the same quarter last year. We had a rather limited revenue, only SEK 2.3 billion, compared to close to SEK 10 billion the same quarter last year, which equates to a reported loss before tax of SEK 1.9 billion, which is some SEK 800 million worse than the same quarter last year. In those numbers, I think there is also a hidden strength that is demonstrated in this quarter, because our revenues are down by north of SEK 7.5 billion, while our result is actually reduced by some SEK 800 million. I think that's an indication that SAS has done a decent job in the quarter to adapt our capacity and cost base to the demand environment that we have to live with. I think, even though, of course, I'm not satisfied with the reported significant loss, but I am rather satisfied with SAS' ability to adapt to a very difficult situation. Liquidity is, of course, key, and you will hear me and also Magnus speak more to that shortly. I will come back to the liquidity. Moving on to the next page. I'm going to focus my presentation today around four areas. Four areas which we have worked quite significantly within during the quarter. One, of course, to adapt not just our capacity, but also our commercial offering towards the new situation. What we have done to reduce cost and manage liquidity has been a significant part of our efforts. We are also doing what we can to plan for the future, both in terms of the ramp-up that will come, and we are encouraged by the vaccination schemes that are now being rolled out. Of course, also that we are going to secure our competitiveness for the future, i.e. delivering our SEK 4 billion transformation program. I'm going to use a few slides in all four categories to give you some more flavor to what we have been up to. If I flip to the next page, I just want to give you some sort of illustration of the ongoing pandemic and the situation that we have been through in this quarter, where the travel restrictions has been imposed on a very frequent basis and all to the negative side. This is across Europe, across Scandinavia, and in December and in January and February, we have seen a constant increase in travel restrictions. Of course, accordingly, it has impacted demand. Quite honestly, it also confuses customers quite significantly because it's extremely hard, close to impossible, to predict what's going to happen and know what's going to be required to travel because things change with a very short notice period, and that's a problem in itself. How this equates then to our situation is shown clearly on the next page, where I now move to, rather than compare to the same quarter previous year, I refer to the previous quarter to see how things have evolved during this rather short period of time. The travel restrictions, they've really shown in the number of passengers. In our fourth quarter, on average, we had 600,000 passengers per month. That is now cut in half and roughly 300,000 passengers per month, there or thereabout, as you can see on this chart. In the quarter, traffic revenue is down by 28% in this quarter, and that's a number that you should put in back of your head because I will come back to that shortly. In order to not stand still, but to constantly try to capture demand that is out there and also build for the future, we have done a number of things in order to adapt our offering to this situation. Firstly, we know that flexibility is a key word for our customers. In order to dare to book tickets, you need to feel secure that you have the freedom and flexibility to rebook or cancel your tickets. Therefore, we have launched new products or ticket rules, if you want to use that word, that provide that security to customers today for all European traffic, can actually either cancel the ticket or change the ticket with a three days notice period. For domestic travel, you can actually do it up to the day before travel. Those are some things. We are also deploying a network where we believe that there is demand right now. We're also building for the future and planning for a rather broad offering also when the summer comes that we're also out there communicating. We also tried a number of campaigns during the quarter that has proven to be successful. We have done campaigns during Christmas, during New Year's. We also did a Valentine offering. The response has been rather good, actually. However, though, I do have to admit from very low levels. The total number of bookings are far from what they normally are. We can see when we're out there connecting with our customers, we do get a response. We do know that it's a significant built-up desire to travel that we try to tap into. We also use our cargo capacity, primarily on long haul, has been a significant contributor during the quarter. Quite honestly, the only reason why we can maintain some of our long-haul operation is due to the cargo business that we fill in the belly that enable us to operate that without significant losses, but rather to at least cover our variable costs. We have also seen an interest from some large corporates that has a need to secure their own logistics flows, and they have reached out to us and asked for our assistance to establish air bridges to secure components to production centers. Actually operated an A330 from Birmingham to Brussels for one corporate client of ours, and we also operate the A350 from Copenhagen to São Paulo for another corporate client of ours. There are some new business streams as well that we are tapping into. EuroBonus remains an important cornerstone in our glue and our loyalty, and we build connection with our customers, and we constantly evolve that too. We also have relaxed and retained the tier levels for our customers, given that they struggle to travel as given the circumstances as of now. Moving on to the next page and looking into how we have been, and Magnus then, capacity in line with what I have described in terms of demand. Here I think you see the capacity. This time it's expressed in this bar chart as the number of seats that we have offered. You can see we have rapidly reduced capacity in the first quarter compared to the previous quarter, our fourth quarter. At end of October and versus end of January, it's actually down 42%. Over the period, over the quarter, the number of seats are down 27%. Now, I want you to pick up that number that I gave on the previous chart, that revenues were down 28% and our capacity is down 27%. To me, that's a decent correlation between capacity and demand that we've been able to establish. I think that also shows in some of the other comparisons that you have on this slide on the cost base versus how the cost base has evolved in the quarter, where we have reduced our variable cost by 25%. Personnel cost is down 15% in a quarter, and other fixed OPEX is down 32% quarter-over-quarter. Again, I think that demonstrates our ability to actually adopt our business to the demand and the situation. On the next page, liquidity is strained, and it's a challenging situation. We believe that it's under control, and you're going to hear more from Magnus shortly. At a glance, of course, the starting point in the quarter of SEK 10.2 billion of liquidity dropping to SEK 4.7 billion at the end of the quarter is, of course, drastic. There are a rather significant set of one-offs in those numbers. As we described and as we have planned for, we have done everything in our power to clear the backlog of refunds. In the quarter, we have paid back SEK 2.1 billion of refunds, which means that we now have reached 99.99% of the total backlog has now been cleared. We have dealt with more than two and a half million customers. I think this is, to me, a one-off, and this will not be repeated in the quarters to come, and I think that's an important message. Furthermore, now I'm going to allow Magnus to speak more about that, we have also had some other provisions that are also treated as one-offs that impacted this quarter that will not be repeated going forward. Even though we are where we are, but we are also working hard, which you also will hear more of from Magnus on other measures to further strengthen liquidity. There are a number of activities, financing activities connected to our fleet that is ongoing, also related to discussions with our vendors and so forth. We still believe that we have sufficient liquidity. However, though, of course, the most important factor now is how will demand ramp up and what can we expect in demand. That's going to dictate the future here. Speaking about future demand, I then take you into how we see the future or the rest of this year in terms of demand, and I use this chart as an illustration. The bar charts indicate an index in demand versus the same month in 2019. These are the assumptions that we have baked into our planning cycles or our planning activities at the moment. The key metric that we follow to determine how we think demand will evolve and why we have ended up with these assumptions is the vaccination rollout across our core markets. That's the key metric that we follow on a daily basis, more or less now, and that dictates when we believe that governments will dare to relax some of the travel restrictions, and thereby allow for travel to rebound again. As you can see, we do not believe that we're going to have a significant shift in the next few months to come. February, March, and April will remain at these low levels, 10%-20%, as we have experienced over the first quarter. That's not going to change, and that's what we plan for. We believe when we get into late spring, early summer, that vaccination will have been spread and covered a significant part of the population, and thereby there will be some relaxation, but not complete, but some relaxation in travel restrictions that will allow for traffic to come up to maybe 30% or thereabout of normal demand. We'll get into late summer and the high season in July, August. We believe that there will be more relaxation as the vaccination continues to spread among the populations, and thereby we'll reach something close to 50% of demand. Again, we are not naive. We do not plan for a normal summer, but we do plan for somewhat of a pickup when we get to the summer season. Based on these assumptions on demand, and based on the ongoing activities that we have related to strengthening our liquidity, we believe that we have the liquidity that is sufficient to take us through this pandemic crisis. We also need to prepare for a life after the pandemic, and that's the fourth area that I wanted to take you through. If you move to the next chart. We believe that when we get through this pandemic, we're going to face a different market dynamic. We know for sure that during the pandemic, most corporates have used this time wisely and accelerated their digitalization efforts, and they have become used to and proven to themselves that a number of business activities and meetings that previously required a physical meeting now can be done effectively using digital means. That's not going to disappear once we're through the pandemic. We also believe that leisure travel will be still high on the agenda among our citizens. Everyone I talk to and when I interact with customers, I meet a significant desire to travel again. People are eager to get out to the sun, explore the world again, meet relatives and loved ones that may happen to live elsewhere that they haven't seen. The need to go out there is high. We know that before the pandemic, we had a situation where a flat growth in terms of business travel and a rather significant growth in leisure travel. We believe that post-pandemic, we're going to have a somewhat shrinking leisure travel. It's not going to disappear, and don't misunderstand me here or misquote me. Business travel will be a vital part of our business going forward, but that will not be a growing segment going forward. The growing segment will continue to be the leisure segment. Over time, that means that the shift and power shift of the total customer portfolio will tilt more towards leisure over time than business, and we need to plan for that. We also know that competition is not standing still during this pandemic, and we already have seen announcements from new entrants into the market. We know that some other players are going through significant restructuring and that they may or they may not come out on the other end with a blank sheet of paper and restart their business, and we need to deal with that as well. That's why we're still confident that our operating model that we've built over the last few years, existing and built up by different components, all with a specific purpose to fulfill, where each of them will serve a specific segment, and that we have access to different size aircraft so that we can operate effectively our network also into the regions. That we can also use this as we rebound and rebuild our traffic, where we can use the smaller aircraft and deploy them once we try to rebuild demand in a destination, and when demand has returned, we swap that aircraft out for a larger aircraft and move that smaller aircraft to rebuild the next destination. I think this can prove to be a cost-effective way for us to rebuild our business, and that's a competitive advantage of ours. We are firm that this structure is the right structure going forward, and we have the intention to further evolve and develop all components of this operating model. Don't forget that we have demonstrated five consecutive years of profitability and a growing market share and an ability to hire more people in all platforms over the five-year period before the pandemic. We intend to continue that journey also post the pandemic. We also need to stay competitive and continue to evolve our business, and that's what we're about to do. When we announced our recapitalization effort, we also talked about the business plan that rested on four main pillars. On maintaining the position among the frequent travelers in Scandinavia, transition our company towards a one type, single type fleet, create the fully operating model, and then maintain our emphasis on moving towards a more sustainable future. That agenda is still intact, and I think that we can demonstrate some proof points that we moved forward in all four areas in the quarter. In terms of our customer offering and customer experience, I mentioned what we've done with ticket rules and so forth, and that we maintain our network. I'm also pleased about the announcement with Apollo that we announced a few weeks ago that will serve as a good backbone for our bookings going forward. It's important and a significant contract that we are very happy with. We are moving forward and towards our fleet transition and in the quarter in isolation, we have retired five older 737s and taken delivery of three brand new A320neos. Again, as a proof point that journey is ongoing. In terms of cost and productivity efforts in our operating structures, again, I refer to one key achievement, which is that we have now completed the significant redundancy that we have been through 5,000 positions. A painful and regretful but necessary process that we have been through. If you read our P&L, you will notice that the personnel cost line is down 45% Q1 2021 versus Q1 2020. It's clear now that you can see that in our numbers. We have also signed new collective bargaining agreements with some of our unions, for example, our cabin crew in Norway. We have also reached agreement with other unions about a salary freeze for the next few years to come. We're not through with all, and we have not completed signed new deals with everyone, and that work will continue in the quarter to come. Finally, sustainability. I personally take a lot of joy here and pride that we have the capacity and that we continue to move forward in that important area. Today, in this quarter, we announced that we have signed an agreement with a U.S.-based producer of sustainable fuels called Gevo, where we have entered into an off-take agreement with them from 2024 and onwards. That will secure that we get access to 20% of the anticipated sustainable fuel that we will need in 2025 to reach our goal of reducing our total emissions by 25% by 2025. A significant step forward and proof point that we are determined to deliver on that objective. With that, I stop this overview part of the presentation and hand the baton over to Magnus to take you through the numbers for the quarter. Magnus, please. Thank you, Rickard, for that. I will run down some of the financial numbers and dig a little bit deeper on some. I might repeat a few things as well to get us through this. I start on the next page and a high-level summary that we usually start on. Obviously we have a number of quite significant changes on the traffic numbers. Of course, the demand and the travel restrictions are impacting the volumes, and we have continued to adapt capacity, as also Rickard talked about. Our offered seat capacity is now down almost 75%. For sure, the reduced capacity and also the lower demand impacts our revenue passenger kilometers down almost 90%. As also the cabin factor under 30%, unit revenue down about 40%. Although we have been doing a good job in mitigating the cost, I come back on that, the unit cost due to the lower demand is doubled or actually a little bit more. This tough reality of course is reflected in our financial development, SEK 2.3 billion on revenue versus SEK 9.7 billion one year ago. The result, SEK 1.9 billion. I will dig a little bit deeper into that one. Down some SEK 800 million-SEK 900 million in the quarter. The cash from operations, including also changes in working capital, SEK -4.9 billion. I start with that one. I dig straight into the cash flow on the next slide. Reiterating a bit on what Rickard talked about, we had of course the impact on the cash development started with the negative earnings, of course, that is impacting cash. Of course, the big point there is that we have accelerated the pace of refunds, and we have now cleared that backlog. To put it in our mental mind frame, basically this was cost or cash that should have been more attributed to Q3 than Q4, but they were paid out now during Q1. Other one-offs for spillovers from previous quarters are also payables, which we have agreed with some suppliers in Q3 and Q4 to defer payment, sometimes six months, sometimes nine months, but they were basically now paid out during Q1. On top of this, we also had one-offs, which is a little bit also an effect of our redundancy program, even though most of the costs were taken earlier, the payout of cash on some items there came in Q1. We are estimating that we have a little bit like SEK 2.8 billion or so, which are really attributable to previous quarters. Also on top of this, we see fewer new bookings, and this is of course in line with the uncertainty now and the restrictions in the market, and also that bookings tend to be made closer to the time of travel. That is also impacting the working capital. Investing activities, around SEK 500 million in the quarter, and this is mainly the prepayment of aircraft already on order. We have mitigated part of that by our sale of three 737s, plus one smaller building actually also. On the financing activities, cash neutral in the quarter. We did sign up and draw on a NOK 1.5 billion term loan guaranteed by the Norwegian Export Credit Guarantee Agency. We have also repaid one credit facility, a EUR 35 million medium-term loan, and also ended a aircraft financing of SEK 12 million. We have normal amortization in the quarter, which is basically according to the schedule, roughly SEK 900 million. That takes us to a cash position of some SEK 4.7 billion, and if we adjust for those one-offs and take that into account, the operating cash flow is roughly in line with how it was in Q4, or around SEK 700 million per month. A lot of actions in the quarter. We have aligned demand. We have signed up for the NOK facility. We have sold 737s. We have introduced discussions with our suppliers, and we have secured that we are utilizing furloughs. Going forward, we are now working hard on coming up with new agreements with suppliers, postponing payments further, trying to share the burden of the cash throughout the value chain. We believe that right now some SEK 700 million is agreed, and we will work more in the next few weeks as well. We are also in the final terms and discussion on sale and leaseback solutions and also utilizing additional headroom in existing aircraft facilities. We will continue to divest additional aircraft according to our plan or the phase-out plan of 737. We are utilizing, of course, the postponement of tax and also government subsidies as applicable. As Rickard mentioned, we are monitoring and making sure that we're catching the demand that is out there, either by stimulating with targeted campaigns or really measuring almost on a daily basis how we should plan the production. I think that's important. Finally, we are in final discussions on financing on aircraft that are due to be delivered as well. That also shows that we are able to utilize financial markets as we speak. A lot of action on the cash behind these numbers and also which are part of our assumptions going forward. Let me go into next slide, which is the revenue development. We've seen that it goes from SEK 9.7 last year to SEK 2.3. What has happened in the quarter? We have roughly SEK 465 million impact in currency, which is mainly the weak Norwegian krone versus the SEK. Of course, the big impact in the quarter is the passenger revenue down some SEK 5.9, which is mainly capacity driven and also load factor and a little bit uptick on the yield. Rickard mentioned cargo. We have positive impacts on the cargo operation now and seeing higher revenue in the last portion of the quarter, both in terms of supporting our long-haul operations, as Rickard said, but also some cargo-only flights. Of course, if you compare to one year ago, it is lower, and that has to do with the reduced long-haul traffic. On top of that, we have other traffic revenue and other operating revenue, which is more volume-driven, and this could be charter revenue, this could be airport services revenue, for instance, and that is down roughly SEK 1 billion. Let's go a little bit into the cost side, because that's, apart from the cash, another area which we are working heavily on to mitigate the lower revenue, and that's the full focus on that. You can see that we reduced until Q4 last year some 45% of the cost. Now we have continued another 23% then in the quarter. Almost 60% year-on-year down. We are not stopping at last quarter's level. We're continuing. Of course, a lot of this is variable cost, fuel, airport charges, selling and distribution costs, et cetera. We're also focusing on fixed and semi-fixed cost. For example, personnel costs, we were down some 35% until Q4, but we are now continuing with another 15% in this quarter. That is partly due to the redundancy are now getting almost full effect, and also that the furlough schemes we are of course utilizing and managing that and planning that very actively so that we can balance the demand. Another item is maintenance cost, down over 50%. Of course, lower aircraft utilization is impacting, but also the renewal of the fleet. Just as a third example, I want to highlight the costs that are normally very fixed, the premises costs, which is down some 35%. There we work on reducing square meters. We are discussing with suppliers and getting support also on cost there. It is a lot of work behind this quarter's numbers. Of course, we will continue to work on that going forward to balance the demand. Let's look into the EBT a bit and see how that developed. We had roughly SEK 1 billion, a little bit more than SEK 1 billion- one year ago, and we ended up then at SEK -1.9 billion now. We got a little help in the quarter of the currencies, SEK 600 million, and that is of course due to the stronger SEK versus the U.S. dollar. Of course the big impact on the quarter is the lowering of the revenue from this crisis period and impacting significantly the result. We have some positive also coming from infrastructure support, which we call revenue here, and lower fuel costs. The cost level has been lower in Q1. Managing to keep them, the results only SEK 849 million less than previous year, when we have reduced revenues by more than SEK 7 billion. I'm positive and appreciative of all the efforts done to deliver this one. Let me take you a little bit through our fuel and currency hedges. Of course, the current situation with reduction in demand and production in this speed is of course making it difficult to judge the exposure. It's more uncertain than before. We have changed in the quarter our policy on fuel hedging. Instead of having 40%- 80%, we have now said it between 0%- 80%. Coming to the fuel hedge, we are now at 20% of the estimated or anticipated 12 months consumption. We have not done any new fuel hedges in the quarter. On the currency side, on the Norwegian krone, where we have a surplus, we are hedged at some 54%, and US dollar, where we have a deficit, we are hedged at some 40%, and no hedges beyond 12 months. The next slide, the debt maturity, not so much changes this quarter. We have added, of course, the Norwegian term loan which as you can see now are maturing in 2024. Otherwise, no changes there. On the aircraft orders, we have taken some deliveries of A320 in the quarter, but also deferred one A350 delivery from financial year 2022 into financial year 2023. We have a continued dialogue with Airbus on the delivery schedule to better meet the expected demand going forward. Not shown in this picture, but we have mentioned it, three Boeing 737 divested and also two 737 phased out. This of course reduces lease costs and lowering maintenance costs as well. My final slide, financial targets. All metrics are 12 months rolling, but of course in these times, they come out challenging. Return on invested capital - 30%, of course, due to the low EBIT. Here, of course, we have to come back when we start to see turnaround of the company and also on the leverage metrics where financial net debt to EBITDA, of course, comes out as a negative number with a negative EBITDA. Also there we need to, of course, secure that going forward when we turn around the company. We are, of course, following the gross debt as we speak. Financial preparedness target of more than 25%. We are at 44% right now, down from previous quarter due to the lower liquidity, of course. Here we are, of course, monitoring that on a daily, weekly basis. Full focus on that. With that, I hand over to Rickard for summary of the quarter. Thank you. I will be very brief. The key messages are summarized on this final page, where again, travel restrictions are impacting us significantly, led to a significant revenue shortfall that we've been able to mitigate to a large extent with cost activities. We are working actively around liquidity to secure that, and we are aware of that. We had a large drain during the quarter, but to a large extent planned for as such. As we look ahead, vaccinations will be key for the world to dare to reopen, and we follow that closely. Again, we are not naive. We know that we also need to transform our business to stay competitive in an environment post-COVID-19. With that, I thank you. We end the formal part of the presentation, and I'm going to ask the operator to help us now facilitate the Q&A session. Operator, please. Thank you. If you wish to ask a question, please dial zero one on your telephone keypad now to enter the queue. Once your name is announced, you can ask your question. If you find your question has been answered before it's your turn to speak, you can dial zero two to cancel. So once again, that's zero one to ask a question, or zero two if you need to cancel. There'll be a brief pause now whilst we register your questions. We have one question in the queue so far. That's from the line of Jacob Pedersen of Sydbank. Please go ahead. Your line is open. Hi, guys. I have a couple of questions. First of all, if the ramp-up looking into 2021 is slower than what you anticipate, what are your options? Could you go for more divestments, or will you need to address the capital markets? Well, hi, Jacob. Of course, it's key that the world reopens again. Otherwise we don't have a business. If we don't see that happening, I don't think that just SAS will have a problem, but the whole entire aviation industry and the broader societies in general as well. Let's all hope for the vaccines. To be honest, we don't have an enormous safety net in this. We can cope with some delays and adjustments in the ramp-up versus what we announced today. If there is a major shift and that the ramp-up doesn't exist, or if it's pushed far into end of 2021 and into 2022, yeah, we will have a very difficult situation to face. As I said, we are not alone. I'm rather convinced if that's going to be the case. Okay. Also some thoughts on the ticket pricing over the summer when ramp-up hopefully begins. What are your thoughts on this? Well, it's always difficult to guide on ticket prices, as you know. What I foresee, as I mentioned, I foresee a shift towards more leisure traffic, and we know that there's a different kind of willingness to pay in that segment than in the corporate segment. I also note that it seems that when we come out of this crisis, we're going to face even severe competition than we did before the crisis, especially in the important Norwegian market. That seems to be rather crowded with us, Norwegian, with Flyr and Widerøe. Again, I see that sounds like there will be a lot of capacity deployed in the market, and the question if it's going to be more than or surpass demand, and then we know that that's going to have a negative impact on yield. I'm not sure. We will constantly try, of course, to find the sweet spot and the price point in the market where we get as much yield as possible while still being perceived from our customers that it's a good balance between quality and price. That's what we always do. I don't dare to predict, but I can't guarantee that there will be room for price increases given the market dynamics. Okay. Last question from my side. Looking at the SEK 4 billion savings program, how far would you say that you are in having finalized negotiations and other things and how is that overall progressing? In general terms, it's progressing very well. We have done a number of things and completed a number of things, and we have line of sight of the SEK 4 billion. With that said, though, there are still some components remaining. For example, we need to reach an agreement with our four pilot unions, for example. That's going to happen in this spring. We need to enter into those discussions and find solutions. There are also some other union groups in SAS that we still have pending discussions, and that we need to find both short-term measures and long-term measures together in a constructive manner. I'm sure there will be intense dialogue, as it always is. Given the circumstances and given the fact that I think we all fight for the same end goal, that we want to do whatever we can to create as competitive SAS as possible and thereby secure as many jobs as possible is a good foundation for a constructive dialogue. Okay, thanks so much, and best of luck in the coming months. Thank you, Jacob. Thank you. Much appreciated. Okay. Thank you. Our next question comes from the line of Achal Kumar of HSBC. Please go ahead. Your line is open. Yeah. Hi. Thank you for taking my questions. First of all, what I wanted to understand is based on the liquidity. Your liquidity shrunk very rapidly from the end of last financial year to this Q1, and now you have got SEK 4.7 billion of liquidity. While that is the liquidity you have, on the cash burn side, previously you guided SEK 500 million to SEK 700 million of cash burn per month. Other than that, you have a debt repayment of SEK 1.6 billion. Looks like SEK 4.7 billion might not be enough to strive through this crisis. How do you see, in case the liquidity is not sufficient, what are the sources you have to raise for the liquidity? Are you expecting to go to capital market? How do you see the overall equation looks like? Thank you. Magnus here. I take that, it's a good question, and of course, something we are working on very hard. Our judgment is that this is sufficient. Why do I say that? We basically have, apart from the operating cash flow, we are working very hard also to look at some financing activities. We have a number of activities now on sale and leaseback solutions. We are also working on some credit facilities and utilizing those that we already have. We are working on divestment of aircraft. Of course, we are also working on managing the demand. That is important, and we have to get that also in. If you look at the situation as of end of January, we are probably at the lowest level when it comes to sold tickets. That is something, of course, that we now see that with an improvement going forward, we should also have some support there. Our judgment is that this should reduce the cash burn. We are not giving predictions short term, but over the long term, we believe that we should take us through this one. Okay. Fair enough. Secondly, I wanted to understand a bit more about the employees' status at the moment. You have already cut 5,000 jobs, and you're still negotiating for more temporary layoffs. Exactly what is the status? Are you planning to cut some of the permanent job and then keep some of them on the furlough scheme? Where are we in terms of negotiation with the unions? How do you see the overall situation ramping up, and then where do you expect yourself to at the end of the year in terms of your employees? Well, if I take this then. This is Rickard. I'm very pleased that we were early on, that we took that regrettable decision and painful decision to let go of 5,000 of our employees or 40% of our workforce. That is now completed. If you look into the forecast of demand that I went through, I foresee, or we foresee that demand by the end of this fiscal year will reach 40, 50% of normal levels. That implies that we should be roughly in good balance. We have reduced our capacity 40%. We have 60% of our work capacity here, and that's where demand might end up. To answer your question, we don't foresee any rehiring at this stage. I think we have the resources that we need. We also are going after additional productivity measures that will further create flexibility and our ability to adopt and don't have to rehire to some same extent as demand rebound. I think that's important. As I mentioned in terms of where we are with our unions, I'm not going through any negotiation tactics here in the public call. We have signed new agreements with a number of our union representatives, and most recently in Norway, we signed with our cabin unions. We still have some large groups pending, for example, the pilots and some of our technicians as well. Those dialogues and those conversations are ongoing, and we are eager to come to conclusion as fast as possible. Right. Fine. The other thing I also wanted to know a bit more about the competitive landscape. Of course, Norwegian is shrinking, the new competitor is coming in. As you mentioned, that the competition could rise. How do you see the overall competitive landscape for SAS going ahead? I think it's going to maintain very competitive. Short term, it will continue to increase. How it will play out longer term, I don't know. It's going to be a tough competition. We believe that we have the overall structure, access to the right type fleet on different sizes and operating model that is actually fit for this task that we're ahead of us. We are not naive. We know that we need to continue to further enhance our customer experience. We need to drive further efficiencies. We're on that. We are actively working with that. We're using this crisis also to prepare for the future. Again, I respect competition, but I don't fear competition. We've proven before that we can win also in a highly competitive environment. Again, I like to remind everyone that we have reported five consecutive years of profits in a highly competitive environment. The intent is to redo that trick also beyond this crisis. Right. Thank you so much for that. If you could also talk about a kind of a structure. It's a bit of a difficult question, but what I want to understand is that what kind of structural changes do you expect following the pandemic? I mean, as you rightly said, the corporate demand would be slower, and then the industry demand would be dominated by the leisure traffic. Due to that, what kind of changes do you expect? Do you think it'll be more, probably you'll have more seats on board. How do you see the industry changing structurally post-pandemic? If you could please share your thoughts. I think we're all going to face, at least in Europe, that situation where leisure travel will be more and more important. That will require that you adapt to that and that you have ability to cope with more seasonality. All European carriers, to the large extent, I say not all, but to a large extent, always have a situation where we make big losses during the winter half, and then we regain that during a strong summer season, and hopefully net the full year is okay. I don't think that that's a sustainable structure, that you need to find a way to reduce the negative impact from seasonality during the winter season and be even better at capturing and reaping the demand during summer season. Again, that's going to require changes to employment structures, changes to if you have utilizing partners and the setup. Again, to me, we're on that path with our operating model, and I think that needs to further evolve, and we need to build all parts of our operating model to stay competitive. I expect that that's going to be the track they're going to see across Europe because the seasonality is something that we all have to face, and it's going to be more and more severe. Okay, fair enough. Thank you so much. My last question is, of course I know you can't talk about the guidance, it's too uncertain environment, but if you need to put your best guess in terms of what kind of capacity declines this year could be year-over-year, do you think it will be in the range of 10%? Do you think it is 50%? What will be your best guess in terms of FY 2021 capacity? I'm sorry, the best guess is what I provided on that demand chart, where we believe that demand will remain at very low levels throughout the winter and spring, slowly build up in late spring, early summer, and may that best reach 50% level for the remainder of the year. That's my best guess. Okay. Thank you so much, and wish you good luck. Thank you so much. Thank you. Thank you. Our next question comes from the line of Andrew Lobbenberg of HSBC. Please go ahead. Your line is open. Oh, hi there. Thanks for taking the call. Can I just build on what my colleague Achal was asking, and perhaps more bluntly with regard to the competitive landscape. I mean, looked at from this distance, what plays out in Norway looks surreal to be honest. The fact that pre-pandemic, that market supported two airlines plus Widerøe. We're looking at the idea that post-pandemic it should support four. I mean, It's madness. Yet, the airlines are seeking either fresh capital from private investors, and many of the airlines have taken money from governments. Yet, this level of competition looks wholly unsustainable and is going to waste government money and individual investors' money. How can you shape the public debate to try and get a more rational outcome? I appreciate we're a liberalized market and we embrace the competition of capitalism, but this looks ridiculous. What can you do to help shape the public debate? Well- Sorry if that's a bit blunt. I'm struggling to see how I can answer that one. We have a free market, and I agree with you. The Norwegian situation looks very challenging. If it's smart or unwise, I think that question goes to those who enter the market. We have been there since 1946, and it's an important part of our market and our network. We have a large set of significant corporate customers, including the Norwegian Defense, that we serve to connect them throughout the entire Norway, and we need to do that also going forward. Again, we have a liberalized market, and then to change that is a political discussion, and I refrain to go down that path, Andrew. I pause on that one. No. Fair enough. Just looks absolutely bananas from here. Yeah. What would you say, or what can you comment on your succession process, Rickard? In terms of timing or in terms of what the board are looking for? I can't say much, quite honestly. I'm absolutely convinced that the board is actively engaged in this question, of course, and working towards it. I have a six-month notice period in my contract. Far, the board has asked me to serve during that period, and that's what I do. I don't know if that's going to last for the whole six months or a shorter period, but as of now, that's the marching order I got from the board, and that's what I'm going to do. Fair enough. Yeah. Good luck, guys. Crazy times. Thank you so much. Thank you. Thank you. We have one final question in the queue that comes from the line of Hans Jørgen Elnæs of Winair AS. Please go ahead. Your line is open. Good morning, Rickard. Morning. I have a couple of questions for you in the end here. Okay Hopefully you can answer. First of all, you can put some flavor on the cash burn that we see SAS experienced now in Q1, which is net after the extraordinary expenses during the quarter is around SEK 900 million per month, quite above the guidance you have given earlier on SEK 500 million- SEK 750 million. I would like that when SAS presenting their quarterly results that you put more pressure on showing on the cash burn as most other airlines do, because that's an important KPI for us who follows the market to see how the situation is. Can you tell me a little bit about that, and how do you see the cash burn going forward in Q2 and Q3? Do you have control with 60% cost reduction and 70%+ on the operational expenses? Well, thank you for that question. I'm not sure when you joined this call, but I think that we have done quite a lot on this call trying to explain exactly the cash situation. I went through it, Magnus went through it in depth. The short executive summary on this is that we still believe if you take the look of the cash burn that we had in the first quarter and take out some of what we call one-offs, the completion of the refunds of SEK 2.1 million and another SEK 700 million of one-offs related activities that Magnus went through. We are close to the same cash burn as in Q4, around SEK 700 million a month. That in a situation where we have significant lower revenues in Q1 versus Q4. I think we’ve done a fairly decent job in managing our liquidity and also our cost position, and we intend to do that going forward. I hope that you find us very transparent on this in this report and in this presentation. We can take a one-by-one conversation with Magnus or Michel if you want to have more details if you missed the highlights on this call. Okay. Thank you. I came in late in the call, so I'm sorry if you already discussed that. Secondly, it's more into Norway, and I understand that previous questions were about the increased competition in the market. I think also there might be more competition than we already know about. Norway is the butter on the bread for SAS. How will SAS really work on securing that position in Norway? I see that the Vice Chairman, Dag Mejdell, is leaving the board, and he has changed with a person from Toronto. You don't have a really a strong Norwegian person in the board anymore. What does this tell the market? Well, when it comes to the board composition, I think you need to redirect that question to the nomination committee and not to me. Our commitment to the Norwegian market is as strong as ever before. Throughout this pandemic, we have provided the broadest network, the most frequencies. We have stood by our commitments. We have stood up to defend our position in Norway. We continue to do that. We have not gone and invested unwisely historically, but rather said that let's focus on the areas where we have our core markets. That includes Norway. I believe that the decision we took a few years back to also get access to A321 long range so that we can operate long haul with the narrow-body aircraft will serve us well, especially during the ramp-up and also when Norwegian are leaving the long-haul market. That gives other opportunities that we can deploy, and I'm sure Norway is going to benefit from that. I think you should expect to see an SAS that will continue to move forward in the Norwegian market and make sure that we provide the backbone of the infrastructure in Norway as we've done since 1946, and we're going to do the same in Sweden and Denmark. Okay. Thank you very much, Rickard. Would that also implement that you will increase the SAS sales and administration organization in Norway, or as it has been reduced for years on, or you'll maintain the present size? Time will tell. It will depend on how demand evolves and how things emerge. To say one thing, we're not backing down from our desire to drive further cost efficiency and productivity. I'm not sure that spreading ourselves thin across the geography is the right answer. We will, of course, try to adopt our structure to the best of our ability in line with how the market evolves. Okay. Thank you very much, Rickard. Thanks. Bye. Bye-bye. I think we have to close now because we are a bit over time, and I do appreciate all your questions and your taking time to join us for this call. I think we end now, and I wish you all a very good day, and thank you.