Well, thank you very much. Good morning, ladies and gentlemen. Thank you for joining us for this interim report for the second quarter of our fiscal year 2021. I will start by providing you the overview for the quarter, followed by Magnus, who will take you through more details related to our financials. After that, as you heard, the operator will, as usual, facilitate the Q&A session for us. As always, you can follow our presentation online, and we'll also try to guide you to the pages that we talk to. Let's start and flip to the first page with the title Highlights of Q2. As you know, we continue to be heavily impacted by the pandemic. There are still strict travel restrictions in place in all our main markets. As a result, the second quarter of the fiscal year 2021 was more negatively affected by COVID-19 than the first quarter of the year, or in fact, actually more affected than any previous quarter during the pandemic. The numbers on the right side of this chart show this pretty clear. We had fewer passengers than the same quarter last year, but also fewer passengers than the first quarter of this year. Therefore, we have continued to adapt our capacity and our cost base. On a year-to-year basis, we have managed to reduce our cost by SEK 4.6 billion compared to Q2 last year, and this is more than the SEK 3.3 billion lower revenue that we have compared to the same quarter. We will come back to this on the following pages. It's worth noting that this is the first time during the pandemic that we post an EBIT result that is improved on a year-to-year basis. That's driven by a strict cost focus. With that said, though, a loss of SEK 2.4 billion is not the result we are happy with. However, we are rather satisfied with SAS's ability to adapt to a very difficult and unique situation. Liquidity is, of course, key. Both myself and Magnus will come back to that within short. Moving on to the next slide, please. I will focus my part of the presentation on four areas that we have worked hard with during the second quarter. The first area is adapting our commercial offering to the current situation. The second one is to continue to reduce our cost and secure additional financing to maintain liquidity. The third one is to prepare for increased demand during the important summer season ahead of us. Finally, the fourth one is planning for the future and ensuring progress on our transformational plan. I will just use a couple of slides to give some more flavor on those areas. If we start and flip to the next page. Starting with the first area, as mentioned, we have been more affected by the ongoing pandemic this quarter than the quarters before. The strict travel restrictions that were imposed during the first quarter have remained in place during the second quarter, and this has led to low demand across our main markets. This is seen in our passenger numbers, as you see on the bars on the left side of this slide. The total number of passengers during the quarter was 858,000, down 14% from the 1 million passengers that we had in the first quarter. This is also seen in our revenue, which is 50% lower in the second quarter than in the first one. To quickly adapt to this reality, we have reduced our seat capacity, as you see on the right side of the slide. In the quarter, we have reduced our seat capacity by 28% compared to the first quarter, and this has allowed us to reduce our costs. Cargo continues to develop better than the passenger demand and is the reason why we have increased the number of long-haul flights during the second quarter. As you see in the report, freight revenue is actually higher in the second quarter than both the same quarter last year, but also compared to the first quarter of this year. To conclude, being flexible and constantly adapting to changing external factors have been key in the quarter. Next slide, please. In addition to adapting variable costs through right-sizing our production, SAS has, since the start of the pandemic, worked hard to reduce our fixed costs. Part of this was the redundancy process that was completed during the first quarter, but also many other measures, such as utilizing furlough schemes and implementing changes to CBA. Those are tough and painful measures, but necessary, and have reduced our personnel costs by approximately 35% compared to Q2 last year. We have also drastically reduced our overall spend, phased out old aircraft, and renegotiated with suppliers in order to reduce the fixed costs. Many of these measures take some time before full effectiveness, and therefore we have seen a gradual improvement in our cost base on a quarterly basis, as you see on the left side on the slide. This also translates into an improved result. Despite the significant drop in revenue, as mentioned earlier, we have, for the first time during the pandemic, seen that we post the EBIT result that is improved on a year-over-year basis, but also compared to the previous quarters. I think this demonstrates our ability to adapt the business to the demand and the challenging situation that we face. We are not satisfied with a significant loss, but as mentioned, we are all satisfied with our ability to adapt to this very difficult situation. If we move on to the next slide. As mentioned in the beginning, liquidity is, of course, key and has continued to be a focus area during the quarter. You are going to hear more from Magnus shortly. Our efforts to reduce our costs, in combination with fewer refunds and hard work to secure additional financing, have allowed us to reduce our cash burn during the quarter. We end the quarter with a cash balance SEK of 4.4 billion, which means that during the second quarter, the cash and cash equivalents were reduced by only SEK 0.3 billion. A couple of things to highlight. The cash flow from operating activities amounted to SEK - 1.4 billion compared to SEK - 4.9 billion in the previous quarter. The main reason for the reduced cash burn is both fewer refunds during the quarter, but also due to the cost improvements. In terms of investing activities, we have taken delivery of one Airbus A350 and also paid $55 million pre-delivery payment for Airbus A320neo. Finally, we have a large positive contribution from our financing activities. I'm going to allow Magnus to speak more about that later, but worth noting are $270 million in aircraft financing and EUR 59 million in financing connected to emission rights. In total, this amounts to financial preparedness of 38% at the end of the quarter. While this is higher than our financial target of 25%, we think it's prudent to improve the financial preparedness due to the high uncertainty in our environment. We have therefore secured support from our largest shareholders, the governments of Denmark and Sweden, for access to a credit facility of SEK 3 billion. As mentioned during the previous quarter, the most important driver of liquidity is increased bookings. Therefore, we move on to describe the output for the summer and our activities to stimulate the bookings going forward. The main driver for an increased demand is released travel restrictions. The vaccination process and development of infection rates are decisive for when governments will remove restrictions. Therefore, of course, we follow this very closely. We are encouraged by the vaccination schemes that are now rolled out. It's positive to see that more countries have announced reopening plans. It's also good to see that EU has decided on a COVID certificate from the 1st of July that will enable travel between countries. We see that there is a built-up desire to travel. We have experienced an increased number of bookings for the summer and the fall. Of course, still, the bookings are on a very low level compared to a normal year. As mentioned in Q1, we do not expect a normal summer, but a gradual increase of demand from a low level to approximately 50% of normal demand during the second part of the summer season. Our customers' booking behavior has changed during this pandemic. Travel restrictions change on very short notice, which gives uncertainty. On the right side of this slide, you see an illustration of this. A normal year, we have sold approximately 60% of July's volume by the beginning of June. Last year, bookings came substantially later, and as you see in the chart, only 30% of the revenue we've flown in July was sold before the beginning of June last year. This later booking pattern means that we have lower visibility than normal and that the uncertainty of how the summer will develop remains. Next slide, please. We are ready to welcome our passengers aboard again as restrictions are released. We are gradually increasing our capacity and will offer 180 routes to almost 100 different destinations this summer, where we will offer more non-stop routes between Scandinavia and Europe. In addition, we are adding capacity on our domestic markets to support increased demand. We know that flexibility is a key word for our customers these days. They need to feel secure that they have the freedom to rebook or cancel tickets, and therefore, we have increased flexibility. For all international travel, our customers may rebook their tickets up to three days before departure. For domestic travelers, we have a Go Flex product where you can rebook until one hour before departure. EuroBonus remains an important cornerstone in our customer offering. In addition to extend tier levels for our members, we also give four times as many qualifying points for every trip made during April to June. We've also implemented several measures to ensure that our customers' safety and wellbeing on board, such as updated boarding procedure, face mask requirements, and so on. To make it easier to travel, we have established an SAS Travel Ready Center. This is a digital tool where our customers can both inform themselves about current travel restrictions and prepare for their travel. By using this tool, our customers will be ready to travel before they get to the airport, and there's no need for manual check-in or special document control at the airport. With those measures, departures to attractive destinations during the summer, increased flexibility, and initiatives to make it easier to travel, we are prepared to welcome more passengers during the important summer season. We also need to focus longer term, and we need to continue to adapt to an ever-changing market dynamic. If we move to the next slide, please. When we announced our recapitalization last year, we also presented the new business plan that rests on four pillars: continuing to be the preferred airline for Scandinavian travelers, accelerating the transition to a modern, single-aisle Airbus fleet, maintaining our position as the global leader in sustainable aviation, and ensuring that we have a fully competitive and efficient operating model. Our commitment to the business plan remains firm, and during the quarter, we have continued to demonstrate progress across all four pillars of the business plan. In terms of our customer offering and customer experience, I have mentioned what we have done when it comes to flexibility, safe travel routes, and so on. SAS has also continued to be the largest airline to, from, and within Scandinavia in the quarter, and I'm glad to see that we also have achieved high customer satisfaction also during this pandemic. We are moving forward on our journey towards a modern fleet and have accelerated our transition to a single-aisle Airbus fleet. During the quarter, we phased out eight Boeing 737s while phasing in one Airbus A320neo and one Airbus A350. Again, proof points that the journey is ongoing. This fleet transition is also important to reach our sustainability targets. The share of new fuel-efficient aircraft is increasing quickly, and this is also seen in our emission reporting. Our CO2 emission per ASK has been reduced by 10% compared to the same period last year. During the quarter, we have also signed an agreement with Gevo that will secure up to 20% of our sustainable aviation fuel needs in 2025. Finally, we have also made progress on delivering on our transformation plan, which I will describe on the next slide, please. Prior to the COVID-19 pandemic, SAS' operating model has been successful in safeguarding our position as the leading carrier in Scandinavia. We are now continuing that journey by further adapting our capabilities to meet the new realities post-COVID-19. The new reality is defined by an increased emphasis on leisure travel and tough competition, with new players entering our home market. This requires changes in how we operate and further adjustments to our operating model to ensure that SAS remains as the number one carrier in Scandinavia. During the pandemic, we have made efficiency improvements within all parts of the business. We have reduced the number of employees. We have negotiated and implemented changes to the CBA, as mentioned. We have also implemented measures to improve productivity in our network and renegotiated agreements with suppliers, all to stay competitive and continue to evolve our business. As part of this, SAS has decided to establish a new additional Danish crew base in Copenhagen, and we have entered into a new collective agreement with the Danish Union FPU for cabin and flight crew. The main benefits with the new agreements are, one, that it's an agreement until November 2025, which gives improved predictability, and two, that it secures at least 15% productivity improvements to improve flexibility and increase the ability to do seasonal adaptations. SAS will, through these agreements, secure Scandinavian aviation jobs at good market-based terms and conditions. As a first step, we intend to create more jobs in Denmark instead of reopening the Malaga base that was closed due to the pandemic. The new crew base will be operated under a separate existing European operator's license using local Danish employment, and it's expected to open in the summer/winter season, depending on the market development. Overall, with this move, together with all the other measures that we take throughout the company, will enable SAS to continue to be the preferred choice for Scandinavian travelers while continuing to be a cornerstone in the Scandinavian infrastructure. Our determination to secure profitable and sustainable aviation will benefit all stakeholders, our customers, employees, owners, and the broader society in general. With that, I stop this overview part of the presentation and hand over to Magnus to take you through the financials for the quarter. Thank you, Karl. I will, as usual, start to give a high-level summary of the quarter. Let's move into the next slide, please. I start from the left side, going through some traffic numbers. Of course, the pandemic continues to heavily impact our demand, and we are continuing to adapt, as Karl said, the capacity, and we are now some offered seat capacity some 57% lower. The reduced capacity and also lower demand is, of course, also reflected in our revenue passenger kilometers, which are down some 78%. unit revenue has declined by some 32%, driven by also lower cabin factor. Even though we are mitigating this revenue drop through cost reductions, we see a unit cost increase of some 15%, probably the lowest we've seen during the pandemic, but still it is an increase. This weak market is, of course, also reflected in our financial numbers and developments. Revenue dropped some SEK 3.3 billion in the quarter. We have mitigated a lot of that in our cost activities. I'll go through that in a minute. Earnings have improved in the quarter with some SEK 1.4 billion, but still, of course, a large negative result of some SEK 2.4 billion. The result impact is, of course, also impacting our cash flow from operating activities, SEK -1.4 billion, even though this is an improvement from the same quarter last year and also an improvement from the quarter earlier, as Karl also went through. I'll go through more in detail comments that when I talk about the financing activities. Let's dig into a little on the revenue developments where we see a decrease, as I said, of some SEK 3.3 billion. Currency impact is SEK 230 million, which is more the Norwegian krone against the Swedish krona. Of course, the main impact in the quarter is the passenger revenue, mainly driven by the capacity and the lower load factor. A slight pick-up on the passenger yield on the flights that we are actually doing. Happy to report back on cargo contributed positive year-on-year with some SEK 130 million. Of course, driven by high demand, this is reflected by higher yields and higher fill rates. The other traffic revenues and other operating revenues are also lower. Those are very much volume-driven. This is handling charges and luggage handling, et cetera. This is reflecting the lower production level. We're ending up at SEK 1.9 billion, which is then the lowest quarter, basically, during this pandemic. Let's look into the EBT development in the quarter. We had a SEK -3.7 billion last year. This year, we ended up at SEK -2.4 billion. Of course, we had a large impact on the revenue, SEK 3 billion less, and we have worked hard to mitigate that lower revenue. I will comment on some of the cost items. The fuel cost contributed positively in the quarter with SEK 1.9 billion. We should take note, however, that last year we made a SEK 1.2 billion charge. We took a hedge loss due to the low volume last year. On top of that, we have also lower consumption and some positive hedge effects this quarter. We took significant actions to reduce our staff last year, and that is impacting, of course, the personnel cost positively now, and we see some impact of some SEK 638 million in the quarter. On top of that, both services is less, some SEK 460 million. This is wet lease or handling charges. Some of that is volume-driven, but it's also renegotiated costs and contracts. The same with charges, some SEK 300 million lower, also volume-driven and also some renegotiation. In this quarter, we see a slightly higher positive impact also from government support. This is more of a timing issue, and we book those based on the decisions done by the various states. This quarter, it's some SEK +265 [million]. Apart from that, we are working broadly on managing our costs, and we see impact on all areas of the company now, where we basically are focusing on spending the cost on our sort of critical areas and basically mainly on areas which are directly connected with our production and operations. All in all, SEK 1.4 billion improved results, and it is a combination of working hard on managing the variable costs and the semi-variable costs, and also on the fixed costs. On the next slide, I also want to highlight the development quarter over the previous quarter, and it shows a lowering of results with some SEK 400 million. However, if we take into account the currency impact that we saw in Q1, also that we now have lower revenue in this quarter, we can see an improvement of some SEK 600 million. Again, the government support is helping us in this quarter, but also lower fuel consumption and also personnel expenses and other. We are continuing to improve our efficiency over time. Next slide. I want to highlight a bit on the financing activities, which have been our focus number one. We have worked intensively to safeguard and secure additional liquidity this quarter. Part of the actions have been to intensify the aircraft financing. We have closed a deal on five pre-delivery payments to finance that. We have also done one sale and leaseback activity of some of our A350, and we have also finalized aircraft refinancing as well. Total amount of some SEK 230 million. We've also engaged in engine financing of some spare engines, SEK 40 million, and also finally doing an emission rights financing, basically trading security of around SEK 60 million. All in all, this has significantly supported our liquidity position at the end of April, almost by some SEK 3 billion. I'm happy to report back that we are seen as an attractive partner in the financing market, and the agreements have been entered on competitive terms supporting SAS in the long run. I want to highlight here also on the operational cash flow, which Karl went through. We have commented earlier that our burn rate, operational cash burn rate, has been around SEK 700 million per month in Q4 last year and also Q1 this year, excluding the refunds. With these numbers that we report now on Q2, the cash burn has been reduced to then around SEK 400 million. This has been achieved basically to continue the decrease of the cost, of course, but also that we start to see an increased level of sale of tickets. Our unearned transportation revenue has, for the first time during the pandemic, now increased and supported liquidity with some SEK 300 million in the quarter. Going forward, we are working hard to continue to safeguard liquidity and cost levels. Of course, the main action right now is aligning our capacity to demand, and with the low visibility that Karl talked about, it is a challenge. I think we have done that in a good way in the last quarters, and of course, plan to continue to do that. We are also implementing our transformation, continue to implement our SEK 4 billion transformation program, with a target of increasing productivity with some 15%-20%. We will seek to engage in more aircraft financing in Q3, for sale of aircraft as well. We made a number of agreements of deferred payments to suppliers in Q1, and the effect of that will continue to reduce the cash out in the near term. We will also focus on selective and targeted campaigns or marketing activities to secure the demand that is out there. Of course, we will also continue to seek the government support packages when those are approved and planned, and also the furlough schemes that are available in Sweden, Norway, and Denmark. Yesterday, due to the uncertainties in the market and also that liquidity is crucial for us, like any company, we have happy to report back that we have secured support from our major shareholders, the government of Denmark and Sweden, for access to a credit facility of some SEK 3 billion. The aim of this facility is to create a liquidity buffer and is to be seen as a complement to other ongoing activities that we do to reduce costs or strengthen liquidity. We expect to set up this facility in Q3. Moving on. With all these financing activities, we have also, of course, updated our maturity profile of our loans. I can say that some SEK 1.4 billion of those new financing measures have maturity 2022, roughly SEK 1.1 billion in 2026, and around SEK 0.4 billion in the year beyond 2027. As Karl said, we took delivery of one A320neo in the quarter and one A350 as planned. The remaining plan that we have is unchanged from last quarter. What is not seen in the slide is the intense work that we are doing with our fleet conversion, and we have increased the speed. I think it's probably the quarter where we have phased out most old aircraft. Eight Boeing 737 have been phased out during this quarter. Of course, this also reduces the spend on future maintenance and leasing costs. Next slide on the hedges. We have an uncertainty of demand and production, of course, that is making the forecasting of financial exposures more uncertain. Significant and rapid changes in consumption capacity can, of course, have effects on our hedge levels. However, as you know, regarding fuel, we have changed the policy and thus can have between 0% and 80% hedged, and now we are hedging on a very low level, so some 5%. This is, of course, reflecting that no new hedges have been done in the last few quarters. On the currency side, 64% of the exposure of Norwegian krone cash flow surplus have been hedged. Around 41% of the expected U.S. dollar cash flow deficit has been hedged. Of course, then the sensitivity analysis is now lower than normal. This is, of course, depending very much on the lower volume that we have seen and see in the near term. There are no hedges beyond 12 months. My final slide, we'll go through the financial targets, which remain. The return on invested capital is to be higher than the WACC. We are now at, of course, a large negative number due to the significant low EBIT, - 25%. Slight improve from previous quarter due to an improved equity position this quarter. On our leverage metrics remains that we have a target of having financial assets less than 3.5x EBITDA. With a negative EBITDA, of course, this measure is difficult to measure, but our long-term target on this target remains. Financial preparedness, also important for us. We are working hard to keep that above our target of 25%. We are reporting back on 38% this quarter, slightly lower than last quarter due to a lower cash position, but also lower unutilized credit facility. We have been able to partly mitigate this by lower fixed costs over the last 12 months. By that, I finalize my quarter presentation and hand over to Karl to summarize the quarter before we open up for the Q&A. Well, thank you, Magnus. To summarize, this has been a quarter that has been more affected by the pandemic than the previous quarter or any quarter before it, and this is seen in our passenger numbers. To adapt, we have worked hard to reduce our costs. The cost is down by more than 50% in the quarter compared to last year, and this focus has led to an EBIT result that is better than the quarter before. Another focus area has been to maintain liquidity, both by improving the operational cash flow, but also by securing additional financing, as you heard. There are some positive signs ahead of the summer, driven by increased vaccination, but also still high uncertainties due to low visibility we have had, driven by late booking behavior among our customers. Looking further on, we continue our transformation journey by efficiency improvements within all parts of our business, and this will enable SAS to continue to be the preferred choice for Scandinavian travelers while being a cornerstone in Scandinavian infrastructure. Before we move on to the Q&A session, I would like, on behalf of the Board and all employees in SAS, to thank Rickard Gustafson, who has led SAS as President and CEO during the past 10 years. Rickard has made a decisive contribution to our company, and during his time as CEO, the company's results have been turned around, and SAS showed five consecutive years of positive results before the pandemic. Rickard has also been instrumental in the important work to lead the transition towards sustainable aviation in the future, and we wish him the best of luck in his future assignments. I would also like to wish Anko van der Werff welcome to SAS as our new CEO from mid-July. Finally, I would like to thank all my colleagues at SAS for your hard work and commitment and engagement. As the leading airline in Scandinavia, we are really looking forward to welcome our passengers on board soon again. With that, I thank you for this part of the presentation, and I'm going to ask the operator to help us with the Q&A session. Thank you. If you wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw from your question, you may do so by pressing zero two to cancel. Once again, please press zero one on your telephone keypad if you wish to ask an audio question. There'll be a brief pause as we wait for questions to be registered. Our first question comes from Jacob Pedersen from Sydbank. Please go ahead. Yeah. Hi, guys. Congratulations on a fine quarter, all the circumstances taken into consideration. I have a couple of questions. First of all, regarding the jet fuel cost. As I can see it, you lower your expectation for this year's jet fuel cost by SEK 2 billion-SEK 3 billion. That's quite a substantial amount. Can you talk a bit more about what is behind this lower? Is it hedge positions and positives from hedges? Is it lower volume or what has happened? Yeah, I'll take this one. I think you should see this in the light of basically low hedge levels, meaning you don't see those deviations based on that. The other one is, of course, the expected much lower volume. Basically you can say now that our fuel cost will be very much reflected based on the current market price. Everything will depend on the production level. Yeah. In your estimate, is that still a projection of the ramp-up that you presented last quarter? 30% in June, 50% July, August, and 50%-60% September and October. Is that still your capacity plan? This is still our capacity plan, and we have not made any changes to the previous quarter's estimation from that side. I think you should see those numbers more of a reflection of how much we have sort of committed already and not the reflection of any changed demand numbers. Yeah. Just to understand it, because I am left a bit in the dark, still, should we expect your fuel cost to be higher because you haven't hedged very much for the next quarters? Or does the matrix that you present today, does that represent where we should expect your fuel cost for the full year to end up? I think you should see that as a more of a sensitivity analysis on sort of the current hedges and how the market price for the fuel will develop and should not be seen as a reflection of sort of changed volume expectation or the demand expectation. Okay, bottom line, I should expect a jet fuel cost when this year is over that is substantially higher than what you project here? Yeah. If you ask it like that, yes. Yes. Okay. That was good for clarity. Coming to your Danish base, I think very good news. Does this mean that your future growth will come on higher productivity agreements? Yeah, that would be the first question regarding this. Well, thank you, Jacob. I think you should remember that prior to COVID-19 situation, SAS operating model has been successful in safeguarding our position as the leading carriers in Scandinavia. We have five consecutive years of profit also driven by this model. We are now seeing a reality defined by an increased emphasis on leisure travel and even tougher competition. This requires also us for changing and develop the operating model to ensure that we remain at the position that we have today. As one part of this puzzle, we have decided to establish a new additional base in Copenhagen. With a new agreement, Danish agreement with the Danish Union FPU. As I mentioned, those agreements have two major benefits. One, that they are long-term. They are until November 2025, so we have stability and predictability, and also gives them a higher flexibility when it comes to seasonal adaptations and improved productivity and so on. We can continue to safeguard Scandinavian jobs within the aviation sector. As a first step, we intend to create jobs in Denmark instead of reopening the Malaga base that we closed due to the pandemic. Okay. Coming on to your current employees, where are you on more efficiencies in the current collective agreement and SK agreements? Yeah. Within the transformation program, we are working hard within all parts of the company to make sure that we have higher efficiency, thereby increase productivity and flexibility in every part of the company. We have an existing agreement that will last for at least one year when it comes to the existing flight crew that was to focus on, which we, of course, will honor during this year. No new efficiencies regarding this very large portion of your employee base? Yeah. I can comment in general. Our SEK 4 billion plan is substantial, and we have come far into that one during this year. We will continue to execute on that. This is one portion of it, and what we are presenting today is an additional sort of action and to reach these targets. We have more work to do in several areas of the company for sure, and we will continue to work on that. Okay. Last question, then I'll let you go. You're building quite a substantial debt position at the moment. Are you also, on the medium term, comfortable with the level of debt concerning the very limited earnings and view you have at the moment? Yeah. No, we are comfortable with it. We are very happy with the work that we have been doing in this quarter when securing liquidity. We are also appreciative of the support now from the main shareholders to substantially support our liquidity and as a backup facility for this uncertainty or low visibility that we see in the market. Obviously, we are monitoring, of course, the debt situation, seeing what is the sort of optimal level. We see now through the plan that we made now last year with the recapitalization, we see that this sort of fits within that plan in that sense. Of course, our target is to continue to improve our efficiency so that we can start to have positive results. That is, of course, what we need to have in the years to come in order to service the debt, of course. This is our target to deliver on that plan. Okay. Thanks so much, guys. Thank you. Thank you. Our next question comes from Achal Kumar from HSBC. Please go ahead. Yeah. Hi. Thank you, guys, for taking my question. First of all, what I wanted to understand in terms of competitive landscape. Previously, of course, we were expecting Norwegian probably to go out. Now Norwegian is coming out with a smaller structure, but more focused. Then you have a new airline. How does the competitive landscape look like for you if we discuss that? Thank you. I think that the market is going to be very competitive also in the future. One should remember that the European aviation industry has been highly competitive during the last 10, 20 years, with strong capacity growth and increased LCC competition, new players coming, and so on. We have proven before that we can live in such highly competitive markets. Before COVID, we had five consecutive years of positive results, and we increased our market shares. Of course, we need to continue to adapt both our customer offering to attract and speak with travelers. We will continue to drive the sustainability agenda, and we will continue to adapt and change and enhance our operating model. We are improving efficiency, as Magnus just said, throughout the company. We are increasing flexibility to stay competitive, and our ambition is to continue to be the preferred airline in Scandinavia. This determination to ensure profitable and sustainable aviation will benefit all stakeholders. Okay. Fair enough. The other thing I also wanted to understand about the refund. Of course, last time, I think you clarified that you're done with most of the refunds. Of course, I can see you have some reservation due to EU 261 ruling. Are you still facing some challenges in terms of refunds or to compensate against the flight delays? Also, what sort of financial implications you are expecting due that? Yeah. I'll try to answer the question fully, but we had, of course, a large refund, as you said, in Q1. This quarter, it is significantly less. I think we have some SEK 200 million there. When it comes to the EU 261, we have taken the charge, and our estimation is around SEK 150 million on this verdict, and that we have included in our predictions, of course. That is included in our estimation and, of course, we need to sort of monitor this as we go on. They are all included, yes, in the numbers. Okay. Other thing on the cost side, you highlighted, of course, you've done a lot of work on the cost, cutting down cost by almost 54%, you cut employee cost significantly. What I wanted to understand is that going forward, of course, once you increase the operations, how the costs would evolve as you increase the size of the operation. I believe some of the costs would definitely come back to the business. Basically what I want to understand is that this SEK 4 billion of sustainable transformation plan phase, how would you achieve that? I believe that we are not talking about the cost cuts due to the current situation, of course, that's a kind of a permanent cost cut you're talking about, right? How would you achieve that, and how do you see the cost evolving over the next 12 months as you increase the size of operations and all? Yeah, thank you very much for the question. We are very happy to see the development on the cost level in the last 12 months. Of course, in the early part of the pandemic, we had a large negative result. We have over time now improved that. I would say that since somehow December or something, we have very much aligned now, where we see any further revenue drop, we can, to a very large extent, meet with further cost reductions. We have also been able to transform fixed and semi-fixed costs into more variable. Therefore, we see a very good alignment now on the volume. Of course, we are lacking volume, of course, to match the cost level. We see now over time a development on that. Of course, this is going to be one of the biggest challenges when we start to ramp up, that we have to make sure now that we do not increase the cost in the same sort of pace as we are increasing the volume. I see this as an opportunity, though. A challenge, yes, but it's an opportunity to make sure that we are coming out as a sort of a stronger airline in that sense. I think some of the renegotiated contracts and also change processes that we now see should support this going forward. I think the whole productivity program, as you bring up, and I ask Karl to comment also, the SEK 4 billion is super essential for us. I think it will support us at least in three ways. One, to mitigate cost increases over time because you have inflation and so on. You will also see giving us the chance to be more competitive in the market, of course, should also support our profitability improvement, because in the end of the day, we need to move into profitable territory and start to increase the margins, basically. I ask Karl to comment also on the actions. Well, just to build on what Magnus just said, that the cost focus is our number one priority. As you have seen in the quarter, we have managed to reduce the total cost by more than 50% compared to the same quarter last year. Of course, as we ramp up the business, the variable cost will increase in line with the production, but the transformation program and other productivity measures will ensure, and we will focus a lot on that too, to be able to increase capacity without increasing the fixed cost. This will be, of course, the focus also going forward. Okay. Right. Final one from me. I also wanted to understand a bit about your liquidity. You said the liquidity cash burn has reduced to SEK 400 million. On the other side, of course, you also highlighted that this quarter was even more challenged versus any other quarter. In the last quarter, you had a SEK 700 million of cash burn excluding your refund. How have you reduced the cost? I believe the cost cuts were happening in the previous quarter also, and in the previous quarter, you cut 11% cost further. How the cash burn has reduced, and if you could please also suggest how you managed to limit your liquidity burn only SEK 300 quarter versus last quarter, given that, of course, you didn't have the refunds, which were SEK 2.1 billion, but last quarter, I think you burned a cash of almost SEK 5.5 billion. How did you manage that? If you could please share that on that. Thank you. Thank you for the question. I think the main activity that we are doing is to, as we call it, focusing on cost. I think one of the most important actions for us to do that is to align our production levels or spend to the demand. I think we are doing that in a better and better way now, I think even better this quarter, meaning that we are having a good way to adjust and focus on which sort of routes to fly and to manage that on a much more agile and flexible way than I think what we have ever been doing. I think that helps a lot. On top of that, we are working with our internal efficiency. We see the effects of the redundancy program we did last year starting to impact, and that helps us. We are working with our supplier base and coming to agreements which support us in terms of cost and also liquidity. all of these things is helping us on the cost side. I also mentioned in my presentation that we have also increased the positive, meaning we have sold more tickets in this last quarter than what we did in the previous quarter. This item, what we call unearned transportation revenue, which is basically a balance sheet item which supports the liquidity, has increased for the first time since I started last year in September, and I'm very happy to see that now. That means that we have sold more tickets than what we have flown. That, of course, helps the liquidity as well. Of course, the main issue, and all what I've talked to now is, of course, helping us to reduce operational cash burn. What we have been working diligently on in this quarter is, of course, also to secure a number of financing deals, as I talked about, the eco-financing, engine financing, et cetera. That has, of course, supported us to almost have the same liquidity when we now ended the quarter as when we went into it. We are happy with that, and that is almost better than I planned, I would say. We have a good position going now into the next quarter. Of course, if I top that now with the decision, which was done yesterday, from our main shareholders to further support with a liquidity buffer of SEK 3 billion, that gives us ample liquidity going forward to plan and do the right things going forward to take us through this period. This is going to be a very interesting next three to six months to start to ramp up and see the new normal volume in demand. Okay. Perfect. Thank you so much. Thank you. Just as a quick reminder, if you wish to ask an audio question, please press zero one on your telephone keypad. Once again, that's zero one on your telephone keypad if you wish to ask an audio question. Okay, t here appears to be no further questions registered, so I'll hand over back to the speakers for any other remarks. Well, thank you a lot for listening in to this presentation of our Q2 report for 2021. I hand over to Michel Fischier for the rest of the presentation. I will answer the questions which have come in on the web after the end of this call. Thank you very much for today. Thank you very much. Thank you, Mark. Thank you [crosstalk]. This now concludes our conference call. Thank you for attending. You may now disconnect your lines.