Good morning, ladies and gentlemen. My name is Louise Bergström, and I'm Vice President of Investor Relations here at SAS. Today, I would like to welcome you to Scandinavian Airlines Q4 and year-end results presentation of 2021, which will be presented by our President and CEO, Mr. Anko van der Werff, together with our CFO, Mr. Magnus Örnberg. Before we start, I would like to highlight that the information being given to you in this presentation today is a summary and should not be considered as advice or recommendations to investors or potential investors in relation to purchasing or selling securities. Forward-looking statements presented to you today by Anko or Magnus do not guarantee future results or developments, and the actual outcome could differ materially from the forward-looking statements. For further information, please read our financial and annual reports on our website. With that, I hand over to you, Anko, to start the presentation. The floor is yours. Thank you, Louise. Thank you, and good morning to all of you, ladies and gentlemen. Thank you for joining us here today. This is our year-end report for 2021, and my name is indeed Anko van der Werff, President and CEO of Scandinavian Airlines. I'll start by providing you with the quarterly overview, and then Magnus, our CFO, will take you through our financial figures in more detail. After that, of course, when the presentation is finished, we will then open up for Q&A. As always, I think you can follow our presentation online, and we will try to guide you to the pages that we are talking about. With that, let's immediately flip to the first slide, and I will highlight some of the key takeaways from the quarter. The financial performance, of course, burdened by the pandemic, right? Once again, we highlight that we continue to be impacted by the pandemic, no surprise there. During the last quarter, we have actually seen an encouraging pickup in demand and ticket sales, both from leisure as well as from business travelers with a pent-up demand for personal meetings. More passengers were flying with us, which is great to see, and this has resulted in the strongest quarter since the Q4 of 2019. Looking at the numbers on the right-hand side, you can see they look quite encouraging, with double-digit green increases across the line. It's important to remember that last year was, off a very low base, right? Certainly not anything like what we were used to in pre-pandemic years. The increased amount of sold tickets means that we have significantly increased revenues, both in comparison with the Q3 this year, as well as in comparison with the Q4 of last year. At the same time that revenue has increased, we have managed to retain costs through operational agility and efficiency, which is something that we will be concentrating on very much also in the future. This combination has led to the fact that we now have had positive operating cash flow for two consecutive quarters, which at least means that we're moving in the right direction. Simultaneously, the work to preserve liquidity continues, and at the end of the quarter, the cash position was at SEK 4.3 billion, which is similar to the cash position at the end of Q3 when it stood at SEK 4.4 billion. With that said, a loss of almost SEK 1 billion is clearly not a result we're happy with, and therefore it is vital that we ramp up to work really hard throughout the organization to adapt SAS to a new market reality. The ramp-up in demand is indeed encouraging, as I said before. Routes are being reopened, and we adjust our product offering to make sure that we stay competitive and that we will be able to do so in the future. I will get back to you about this later on in the presentation. Another thing that we launched and that we're excited about is the cooperation that we've announced with Vattenfall, Shell, and LanzaTech, where we together will explore a large-scale production of synthetic sustainable aviation fuel in Sweden. The SAF will be produced from fossil-free electricity and recycled carbon dioxide. This project will be a milestone on our way to reduce the carbon emissions created by the aviation industry. Research done on this project so far looks promising. Looking ahead, we are once again, unfortunately, seeing increased infection spread, but of course, we're monitoring the development of Omicron closely. We are seeing that the types of passengers have changed during the pandemic over the last year, and currently, we're seeing a larger number of leisure travelers. The timing when people are booking their travels have been varying during the cycles, and we follow these developments, of course, closely as well. For the future, we are expecting to see an increased industry capacity with tougher competition. Furlough schemes and government support packages no longer exist, so it is therefore extremely important that we adapt SAS to the new market reality in the best possible way in order to be competitive also in the future as Scandinavia's prime airline. We need to develop the current customer offering, and we also need to maintain a continuous flexibility to adapt our network in the best possible way. With that, let's move to slide two. All in all, solid ramp up that we saw in the summer continued into the Q4. Looking at the graph on the right-hand side, you can clearly see that the total number of passengers has actually increased during the Q4 significantly. We're almost up 75% versus the Q3. Corporate travel has also started to pick up, which was really great to see. Currently, however, most of the increased demand is coming from the leisure travel segment. We are expecting to see continued capacity growth throughout the market. Looking at where we are flying, we offer an attractive network with 150 operating routes to 90 different destinations. Factors having driven demand, of course, are easing travel restrictions in our core markets, the increased vaccination rates that we see across the world, but we are also confident that the earlier introduced digital COVID passports have had and will continue to have a positive impact on our customers. Moving on to slide number three, please. With the increase in demand during the last quarter, it is pleasing to see that we simultaneously have been able to adapt production by being flexible. The number of departures has increased with almost 60% compared with the earlier quarter. It's great to see that we are better at filling our airplanes that we flew and that the load factor therefore increased and reached call it 60%. On a more negative side, we did not manage to increase the arrival punctuality, and we have also seen an increased number of cancellations during the quarter, which clearly is frustrating for those of our customers who have been affected. This, of course, is something that we regret and that we work on, and we will improve those numbers in the future and already have taken mitigation plans. Being able to adjust production and the capacity that we put in and remain flexible is something we believe is important also in the future, and this is helping us to become more efficient. Efficiency means that the regularity and the punctuality is a key focus of ours to improve going forward, which in itself should make us even more appreciated for our customers as well as drive costs down. It's a challenging environment out there that make it hard. I think in most of the cases our passengers do understand, and yet we of course have to make sure that improvements in this area are prioritized, which is important for the company and certainly our customers. Slide number four. With all that said, let's talk about some high-level numbers here. Like you've seen on the earlier slide, demand increased quite significantly since the beginning of the summer, and we've been able to adjust production accordingly, even if, let's be honest here, the demand increase was not as high as what we were used to pre-pandemic, right? Here yet again, you will see that we demonstrate that we've been able to increase the revenues while actually having managed to keep the increased cost under control. Now as you see, revenue over the year, the revenue has increased more than 150%, and cost rose by about 40%, right? 153% on the revenue side and 38% on the cost side, to be precise. That is good to see an ongoing cost focus and of course, resulting in some further benefits that we will talk about in a second. As you know, and I've mentioned this earlier, we have seen ramp up in demand during an attractive time for leisure travel, where many people have been flying to go on vacation. We have utilized targeted marketing campaigns, and those have resulted in increased demand, which in turn resulted in increased revenue. Switching to cost. Well, keeping those costs controlled in an increasing production environment was a key takeaway for us over the last quarter. I would still like to highlight that this is the second consecutive quarter since Q4 of 2019, so two years ago, that we're actually seeing a positive operating cash flow result of just above SEK 1 billion in total. That is, I think, for us, one of the key takeaways for this quarter. It is the result of all the hard work all of our teams, of course, are putting in. We managed to get more revenues in, on the back of stronger sales, and we did manage to control the cost, and we therefore also very clearly managed our cash position. We maintained a liquidity position of SEK 4.3 billion. Magnus will talk to you about the positive details of all of that in a few minutes. Flipping to slide five. To prepare for future demand with more leisure travelers, we are enhancing the SAS operational model. The objective of advancing the operating model is to make sure that SAS has the possibility to profitably expand operations as the market is reopening. It is a model that contributes to our adaptation to the new market competition, creating value for our customers. The main components of the operating model, the SAS operating model consists of four production platforms, SAS Scandinavia, SAS Connect, SAS Link, and the external production. Each platform is responsible for delivering full-scale airline services to SAS. The external production platform sources corresponding services from other operators. The operating model will provide further flexibility while reducing complexity and increase accountability in each independent platform with an increased cost and efficiency focus. Above all, it really is the necessary change in order to secure the future of SAS in a role as Scandinavia's leading airline. We're starting operations of SAS Connect out of Copenhagen in early 2022, and are currently evaluating possibilities to expand SAS Connect to open additional bases in Stockholm and Oslo during the year. Operations of SAS Link are also planned starting beginning of 2022 out of the crew base in Copenhagen. We have an exciting, promising, and an eventful year ahead as all of us at SAS are committed to that journey. Moving over to slide number six. What else is happening at SAS? Before again, I hand over in a few slides to Magnus. Well, we are committed, and for us, it's extremely important that we do our fair share when it comes to sustainability. We have a very clear goal for 2025, and that is to reduce the total carbon emissions by 25% in comparison with 2005. We have been working continuously on renewing our fleet. We are replacing our old aircraft with new, more fuel-efficient ones such as the A320neos, and they have about 15%-18% less carbon emissions. Also, other aircraft are being replaced by the A350s that have 30% less carbon emissions in comparison with the aircraft they are replacing. Just after the quarter closed, we announced a very exciting project and cooperation that we're doing together with Vattenfall, Shell, and LanzaTech to explore the large-scale production of synthetic sustainable aviation fuel, as I mentioned at the beginning. It's an initiative to explore power to liquid at large scale production of sustainable aviation fuel. It will be produced from fossil-free electricity and also by using recycled or captured carbon dioxide. Research has been successful so far, and we believe that this will be an important milestone for the future to minimize the carbon footprint of the aviation industry. You'll hear me come out with further initiatives on this over the next few weeks, one to two months. Like you've seen over the past few slides, we have seen a strong quarter with both demand and ticket sales rising. However, it's important to remember that 2021 was one of the most challenging years in the history of aviation industry, and the future still remains very difficult to predict, primarily due to the challenges connected to the ongoing pandemic. Future visibility remains low and uncertainty remains as we currently once again are seeing an increasing spread of the virus. No doubt in the Q&A, we'll also come back to that. We are constantly reviewing and adjusting capacity and as you see, it's still extremely important that we continue to do so. The enhanced operating model will allow us to remain flexible also in the future. We do remain fairly positive for the future as conditions are slowly but surely improving on the ticket sales side while demand is stabilizing. We still have quite an optimistic view for the summer of 2022, and we are, of course, hoping that market conditions will get back to where they were within the next coming years. Again, we can talk about the latest developments more closely in the Q&A. Our comments were primarily, of course, also for quarter and what we see going forward. With that, I'll hand over to Magnus, who will take you through the financials. Magnus. Thank you, Anko. Let's run through that and then we open up for the Q&A, as you said. I'll start with page nine then, I guess, or 10, I don't know. 10? Nine. Nine. Thank you. We see, of course, the demand increase, as we have talked about, and we have also then increased our capacity with some 74%. Obviously, also the revenue passenger kilometers with that has increased some 150%. I know we are comparing to a quarter where we were deep in the pandemic. Of course, also then unit revenue increased by some 26% this quarter. With the focus of cost that we have seen in, we have done now and for the last 18 months, we see now an improvement also on the unit costs, and this is now lowered by some 38%. These numbers are of course, the percentages, of course, large now when we are in this ramp up phase. Also these tough numbers are impacting the financials. First revenue growing from SEK 3 billion to some SEK 5.8 billion, so that's a large increase from one year back. Also, we are able to convert a large portion of that increased revenue into improved result. We have improved the result by some more than SEK 2 billion, and coming out now with some -SEK 900 million. Even better, I would say, is the cash from operating activities, which we now see, as Anko talked about, +SEK 1 billion for the quarter, and that is double what we actually had in Q3, so another positive quarter. I will talk more in detail on what we did to that. We can go to the next slide, where we dig into a little bit more on the revenue, and here it's more clear that we were at some SEK 3 billion one year ago and ended up at some SEK 5.8 billion. Of course, the main change is the passenger revenue, and this is both coming from capacity, but also from the improved load factor. It's also positive to see that we continue to see positive contribution from our cargo operation as well. Let's dig into the results. We had one year ago, of course, a very low result of some -SEK 3.2 billion. With the improved revenue that we now saw of some SEK 2.7 billion and in combination with managing the cost and also we have managed actually a relatively high increase in fuel prices, we are able to reduce the negative result by some SEK 2 billion. It is basically all over the place where we see the improvements, and I think that is a little bit how we are targeting to work. If we go to the next slide, I think it's even more important to look now on sequential quarters. If we look at the Q3 report, we have something like -SEK 1.5 billion as a result if we adjust it for currency. In this quarter, through the improved revenues, but also continue to work hard on our cost and keep that focus high, we are able to improve results by SEK 500 million. Then looking a little bit on the sequential quarters, what is important here is of course that we continue to grow our revenue, but also to show that we are closing the gap between the revenue and cost. We have come relatively close now in Q4, but of course, we need to continue to that and to move it in, of course, then continue to be having a positive deviation, of course, going forward. We continue to work hard on that, I think sequential quarters is important to look at the business in this environment. Moving on to the cash and liquidity, of course, top priority to manage the cash. We started with a cash of some SEK 4.4 billion going into the Q4, and as I said, we managed to have around SEK 1 billion from operating cash flow positive. It's partly that we're working on the cost and the better result, but also that we have seen a good ramp-up from ticket sale starting somewhere sort of middle of the quarter and then keeping throughout that quarter. We saw a good contribution from sale of tickets and that is very positive, of course, for the liquidity. On the investing activities, we continue to balance phase out of aircraft with investing in our new fleet, but also in sale and leaseback activities. We completed the aircraft and engines sale and leaseback as we started in Q3. On the financing activities, yes, we saw an initial drawdown on a pre-delivery financing that we initiated in Q4, but also we're able to repay debt and also on some final maturity, we repaid debt on some JOLCOs, and this is of course in line with the phasing out of our 737. It's good that we're able to generate the cash that we need to manage this. In the end, we ended up with a liquidity of around SEK 4.3 billion, which is more or less the same as we started the quarter with. Let me dig into a little bit more on the activities. I mentioned that we are working on pre-delivery payment financing on the next slide. We did an initial drawdown in the quarter. We completed the eight aircraft engines, as I said, which is good. Of course, activities going forward is to continue to work active on balancing the capacity and demand. I think that's gonna be the most important action to get that right and really be agile and flexible in managing that. We are continuing to implement our SEK 4 billion improvements project with which includes some 15%-25% productivity improvements throughout the company. We will target additional spare engine financing going forward. Of course, we are making sure that we are securing the demand from through campaigns and really whatever demand is out there, we that we can catch that one. This is important to work on all parameters. On the financial preparedness, yes, liquidity is key for us and crucial. I can note here that we have not drawn on our SEK 3 billion facility that is in place since this summer. On the debt maturity, similar picture as earlier, no large changes. I can comment on that, the maturity in for the financial year 2022, most of that will either be rolled over in the new. These are mainly aircraft leases or financing. Most will be rolled over and/or refinanced throughout the year. No change on the hybrids. They are still there. On the aircraft orders, we're now moving into financial year 2022, where we will start to see the delivery of the second phase of our A320neo order. Some 13 to be delivered in 2022 and no change since earlier. What is not in the picture is that we are at the same time working hard on phasing out our 737 aircraft, which is really supporting us with the sort of lower lease cost and also lower maintenance cost, and also mainly this will be done by the end of 2022. We will basically have phased out all of that fleet. It's moving fast now. You can go to the next slide. Look into the hedges, and also again, no significant change from previous quarter. We have no hedges for the fuel, similar as end of Q3. And also on the currencies, we are around 40%-50% hedged, both on the US dollar and the euro. Final slide from my side is to look on our financial targets. Obviously difficult to measure when you have a negative result of course. Our target is to have a return on investment capital of more than our WACC. We can see that we are improving, and then of course, we have less losses now, the last quarters. Of course, it's on the wrong sign, of course, and the target remains. On the financial preparedness, we wanna be having more than 25% of our fixed cost in liquidity or cash equivalent. We are now, right now at around 60% after we close the Q4. On the financial net debt, our long-term target is to have less than 3.5 times of EBITDA, and that target remains. Obviously difficult to calculate with a negative E. With that, I hand over to Anko van der Werff to super summarize sort of the quarter before we open up for Q&A. Yep. Thanks, Magnus. Key takeaways. You saw that throughout the quarter, results really did improve, encouragingly. No surprise, we continue of course to be impacted by the pandemic as a whole. Encouraging pickup in demand, ticket sales, both from leisure as well as from business travel. We are now once again, unfortunately, seeing increased infection spread, which of course we are monitoring very closely. Overall, I think demand for winter was stabilizing, right, in a more positive way. Now we of course need to figure out what the new variant may mean, and we'll come back in the Q&A. During times of challenge, it's extremely important to be prudent with our liquidity. Of course therefore, discretionary spending is off. Efforts during the quarter are reflected in the numbers, and we now see a second consecutive quarter with positive operational cash flow, which is pleasing. We have also been able to maintain our liquidity position, and it is at a similar level as the closing of Q3, which again also is encouraging to see. Now, the bigger discussion is of course that we need to adapt SAS to a new market reality, right? We are seeing that increased competition. The mix and style of passengers is changing. Demand is ramped up during times when we see travel restrictions being eased, for example, right? When there's no restrictions in place, really we see healthy demand. We are operating in a seasonal business, meaning that during times of peak, we will be needing to be able to ramp up, and at other times, we still need to be able to ramp down quickly, right, in both ways, up or down. Flexibility will therefore remain a key issue also for the future of the aviation industry, which is one of the main reasons for introducing the operating platforms. Our customers are what makes us progress within our business. Their satisfaction and loyalty is of course of high importance to us, and we're trying to make their traveling experience as friction-free as possible within the current environment. We're continuing to work hard on improving regularity and punctuality in the current environment. Now like I said, before, most of the increased demand is coming, relatively speaking, from the leisure travel segment, right? We are a business airline of choice, and we will remain that business airline. We are expecting to see continued capacity growth throughout the market, slowly but surely, and we have still an optimistic view for the summer also when it comes to leisure, where of course we are becoming more important. Looking at where we are today and with the program, we will be offering an attractive network with 150 routes on 90 different destinations. Once again, I want to focus all of your attention on the alliance that we've signed for the first synthetic sustainable aviation fuel SAF project with Vattenfall, Shell, and LanzaTech. Good to see that and good to see SAS of course at the forefront of sustainability. To close, a lot more work still to be done on the future, and of course, an uncertain environment. We need to be aware of what happens in the market around us, and we do need to be conscious of where the customers are going and adjust and adapt to our customers in a fully competitive environment. Now, on behalf of all of us at SAS, we thank you. We look forward to welcoming you on board of our flights. Once again, I do want to take the time here to thank all of the employees, everyone who's been working tirelessly over the last, call it now, almost two years in the most difficult of circumstances. Thank you to the team. Over now to all of you for a Q&A. Louise? We hand over to the operator. Okay. Ladies and gentlemen, if you have a question for the speakers, please press zero and one on your telephone keypad now, and you will enter the queue. After you are announced, you can ask the question. Please hold until we have the first question. We have a first question. It's from Richard Schuurman, AirInsight. The line is now open for you. Good morning. Good morning from the Netherlands. Richard Schuurman, AirInsight. I have two questions. One is on the enhanced operating model. You announced SAS Connect, SAS Link. But can you explain a little bit more what are they doing? And won't the traveler not be confused by the number of different, marks, labels you have on SAS? And the second question is, yesterday, you might have seen a report from Reuters on the paint quality issues on the Airbus A350. Have you experienced any problems yourself with paint quality, on the A350? Thank you. Yeah. Richard, [goede morgen. Dank je wel] for your [vragen]. Thank you very much. First of all, on different labels, we do not intend at this stage to commercialize them differently, right? It's all under an SAS brand. That's the same, for instance, what you see now on the external platforms on the wet lease constructions. That is also under SAS. No, we don't think that there is room for confusion. I also do like to point out, as we have done also in other interviews, when you look, for instance, at KLM or KLM Cityhopper or Iberia and Iberia Express, yeah, there is that logic, right? People really get the hang of that. No, I don't think so. Paint issues, A350s, I did speak about it briefly with a few in the industry last month when I met some of the industry peers and colleagues. We are still checking ourselves. We have not immediately identified anything. Of course, if we do, then we will get in touch with lessors and with Airbus. The next question is by Adiel Kumar, HSBC. The line is now open for you. Yeah. Hi. Thank you, gentlemen, for taking my questions. I have a few questions, actually. First of all, you positively indicated that the demand has picked up. Now, of course, you know, now you enter the winter, and then by now, you must have got some idea about the forward bookings. How do you see the winter going ahead? Year on year, of course, there should be an improvement, but how does it look like versus pre-COVID levels, and demand in terms of business demand, in terms of leisure demand? Part of that question, I also wanted to understand, have you sort of started discussing the agreements with the corporate? What are you hearing from the corporates in terms of restarting their travels? That is my first question. Yeah. Yeah. Thank you very much. I'll take those two. Look, I think indeed, what we have said here, and you've seen it in the numbers throughout Q4 and certainly when markets opened up, right? Let's go back in time. It feels like an eternity. It's really only been two months that in September, first Denmark, then Sweden, then Norway opened. From those moments on, you see that demand is actually healthy, right? We have seen it in passenger numbers. You also see it in revenue numbers. The question that we had at the last quarter, the results meeting here, the last call, was, well, what indeed about corporate? I think that was still too early to tell at that moment. I can now also say that also corporate demand was back throughout the quarter, right? What you saw September, October, November, right, it was decent. Now if your question and you didn't ask yet about it, but the Omicron question is somehow woven in there, then I think our answer is, well, we really still have to wait and see, right? That's really too early to tell. We ran a successful Black Friday sales campaign last week and over the weekend. Actually, when you look at it, very difficult to analyze and to isolate what really is related to Omicron and what is related to something else because overall numbers were actually healthy, were actually strong on the Black Friday campaign. That's where we stand. I think you asked me for my opinion. I still think that certainly also leisure demand for peak periods that still shows healthy, right? Therefore also going into the summer, next summer, we are still ramping up to about 120-130 aircraft, right? That is still our guidance. That is still, of course, our internal ramp-up plan, right? We remain, I think, in that sense, convinced about a strong summer. We do see in the peak periods still healthy demand, and that was certainly also very stable on the corporate side over the last months. Right. I mean, coming back to the question, I mean, of course, I raised the point or I asked this question about the forward-booking trend. How do you see the forward-booking trend for the winter at the moment, and then not only versus year-on-year but versus pre-COVID levels, how do you see the winter demand? Look, for the total winter season, right? Let's call it the IATA winter season. November in a way you could say was in line, of course, with what we saw throughout September, October, right? I mean, that won't be a surprise. Now too early to tell on Omicron, right? We have to see what that does. We haven't seen much yet in our data. People don't like that uncertainty. If you look at levels where we are at the moment, very much in line with, of course, our capacity levels that we put in. No major deviations, no major change from where we were in, let's call it October, November for now. Again, with that caution that, of course, we need to make sure that we understand what Omicron means for us because we're still waiting for those data points. Right. Fair enough. My next question focuses on the competitive landscape. Of course, last time you said, of course, the competition is everywhere. Now Finnair has sort of accelerated its operations from Stockholm. How do you see what kind of risk do you see, and what are your plans to counter that? Yeah. I think indeed increased competition at various levels, of course, right? We have seen multiple airlines coming in or other airlines becoming stronger through restructuring, what have you. In the case specifically of Finnair, yeah, I keep on saying that if I had focused all my eggs on one Asian basket and the Asian basket dries up, then of course, you will need to look at something different, right? I don't think that this is something structural maybe for them. I do not know. It's clear that they had to do something, right, about that. Now, we have added capacity on our own U.S. flows. We are building out that U.S. flow, adding also more on New York, where we are doing really well, going also into the winter. That is my view. I think broader, and you've heard me say that specifically over the last two, three months in interviews as well, we need to make sure that we are competitive, right? SAS needs to make sure that it's competitive also in that short-haul game. That is where an increased, I think, focus on the platforms, Connect, Link, building them out comes in. A zero-based network view that we have developed over the last weeks and that we are already starting to deploy, right? Let's call it a from fleet to network to the individual routes that we are doing and a shift towards leisure demand. Again, also for the summer, you will see that come out, including of course, our own focus on our own plans and on our own ideas. That is as far as competition is concerned. Right. Fair enough. The other thing I wanted to understand about where are you in terms of negotiation with the unions, which is definitely one of the very important item for you guys. Where are you on that? Yeah. I think I've also shared that externally already. We are in talks. I think constructive, open conversations there. Look, hey, human nature is almost not built for change, right? We've seen that throughout the course of history. It is hard, right? That change to get to a new future. I think especially when you have been a legacy airline for so long, we were of course, very successful in that business space. We had a good market, and we had absolutely a good grip, I think, on many of those segments. That's something that we do not want to change. We are the business airline of choice. We are important for the really critical infrastructure of Scandinavia and connecting, of course, that with the world. A transformation is needed, right? That market is changing. We would all like to go back to 2019, but 2019 is simply not going back. That is really the core of the conversation with the union leadership, with the unions, but of course also the individuals in the company, right? All stakeholders there. We need to transform. We are driving that hard. We are already of course then various elements of that plan we have discussed here, right? Including that operating model, that is what we're focused on. What sort of response are you hearing back from the unions? Well, again, I am not going to share internal conversations. We keep that here. I will say, of course, change is hard, right? I've said it before and now, and it is, that is, of course a challenge. We have signed this week, or last week actually. We have the first union that has actually agreed to the new terms and conditions, which is the Danish mechanics. You do see that there is progress. We have signed a new deal with them, and that is really encouraging to see, right? Progress, more to be done. We have to transform. We can't go back to 2019. Perfect. Thank you. I'll come back in the queue. Let's give the opportunity to other guys to ask a question. Yeah. Thank you. Thank you. Thanks. Now we have some questions also from DNB. What is your expectations for the cash burn during the winter? Yeah, thank you. I can take that one. That's Magnus Örnberg, yeah. Yeah. Thank you. Normally of course, the winter period is the tougher period for us. If we looked at last year's winter, of course, we had relatively large negative sort of or high cash burn. Now we have of course ramped up and we are in a different volume level going forward. I expect it to be significantly better than last winter. Of course, we are conservative in our planning and depending on the volume development we are cautious and probably assuming some negative impact in the winter. Your personnel expenses were lower than expected in the quarter. Is this the level that we should expect going forward? Yeah. We have been able to reduce. I think after Q2 we were down some 54% on our total expenses or costs. Of course in line with the ramp up now, of course, we also see then increases in costs, but less than the revenue. That is how we of course are targeting thing to continue. Of course, I mean, in these plans that we have now is to improve our productivity. I think it all has to do with volume development going forward and how well we can execute on those productivity expenses. It's not a fixed cost in that sense. Ola Martin is also asking if you can comment on what capacity assumptions lies behind the fuel cost guidance that we're giving. Yeah. I think you have commented on that. I've commented on the capacity, right? We intend to go back to 120-130 aircraft last year, which brings us up to 80% roughly of capacity. Okay. His last question from what I have is, what is the current level of holdbacks? What's your expectations for the capacity for the summer 2022? Once again, we have already covered some of that. Yeah. 2022 hold back. Yeah, we can comment a bit on that. We don't comment exactly on the amounts, but we have some currently already happening as we go. There's been no changes in the last quarters or so, or in that sense. There are some holdbacks in the payment process. Yes. We have another question coming from Grunde Eriksen. You have SEK 3 billion of secured bonds with maturity in 2022. How do we plan to pay those? By raising new debt or other means? Yeah. What do they consist of? Yes. I can take that also. I think I commented a bit on that in presentation also, that to a very large extent this is basically aircraft backed debt. Basically I would say that a very large part of that will be rolled over or refinanced basically. Some will be repaid, but that's a smaller portion of it. We have that. It's included in our cash plan going forward. Yep. Thanks. I hand back again to the operator. Do we have any further questions? We have a next question. It's from Marius Warents. The line is now open for you. Hi. I have a question for Magnus Örnberg. In the report you describe capital losses on the sale of five 737, of which two were in the quarter. Could you just explain, did you sell those aircraft at a price lower than the outstanding debt, or was it simply a loss compared to what your book value on those aircraft were? Yeah, simply a timing issue on the book value, I would say on some of them. Yeah. I think this has been when we have, let's say, a decent pricing on the market. We would still try to find a good timing to phase out the aircraft. Obviously, the timing is not always good now in this environment, so we are really targeting those that we feel are reasonably priced in terms of the. Of course, book value will then come into play, as you say. Yes, it's a book value issue, yeah. Okay. It's still a cash positive sale for you after your debt has been paid? Yeah, for sure. Oh, no, for sure. Yeah. For sure. Yep. My second and last question was regarding your fuel hedging, which is at 0% for the next twelve months. Can you elaborate a little bit on why you keep it at 0% and what your expectation is going forward? Yeah. No, this is more of a combination, I think, of the uncertainty of volumes. You saw that we took a big hit one year ago, adjusting for the fuel hedges, so that's part of the reason. The other part is, of course, that the markets today are not fully functional, I would say, in terms of how you can hedge and sort of the cost and price for doing that. It's a combination of those two factors. It's not a speculation on where the fuel prices will be. As you know, the fuel prices have gone up significantly one year back, but lately, they have also come back a bit again. It's not the speculation on that side. It's the two first factors which are the main reasons. Okay. Thank you very much. The next question is by Ona Vrinemo. The line is now open for you. Hi. Thank you. Thank you for taking my questions. I just have one question to van der Werff. I saw that in an interview with Finansavisen in October, you promised a financing plan within Christmas. Is that still your target timing, or is that pushed into the future? Do you see any financing outcome or refinancing outcome without the conversion of the hybrid loans into equity? Thank you. Thank you. I think, first of all, we've never been specific. There is no one date, right? There's no specific date in there. Secondly, let's zoom in or zero in a bit on financing needs. Look, positive operational cash flow for the Q2, second consecutive quarter. We maintained our liquidity position, as we have said, and we still have the SEK 3 billion of undrawn government facility as a buffer, right? In the back pocket, if you like. That is where we stand. That's where we stand today. We don't plan also to draw upon that, but we still have that as a buffer. Thank you for your answer. Thank you. The next question is. We need to think of maybe this could be the last question. The last question is by Antoine Blomberg-Niens. The line is now open for you. Hi, thanks for taking my question. Antoine Blomberg-Niens here from Bloomberg News. I was wondering if you still look to buy new aircraft, and how many in that case, and what size? Yeah. Thank you. Thank you, Antoine. Look, it will come as no surprise to you that we're not gonna negotiate with any of the lessors or OEMs here by phone. We are, of course, assessing fleet options. We are, of course, seeing what we can do in the market, where we do want to get. I think we are nearing the end of our analysis and our views on that. We'll come out, I think, probably early 2022 on it. Definitely along the lines of newer technology, making sure, of course, that that is again very fuel efficient, something that really will fit our future network needs. That is along those lines. It can be different sizes, very much so. Again, we'll, when we have more specific indications then, yeah, not to be funny about it, but you won't be the first to know, but probably very soon after. I can understand that. Thank you. It's a composition of different sizes then, or have you- Yeah, it could be. It's definitely different factors in a way that you want to keep it as simple as possible, in many ways. Of course, it has to fit that new market that we're seeing, right? That change in market. You also have to realize that Scandinavia is not a London, it's not a Germany, right? In terms of population sizes and city sizes, so you also have to factor that into account. There is, in that sense, you would say the need for complexity, right? You also want to have a need for simplicity because that drives your cost down. Very much focused on those newer platforms, right? Connect and Link. We will start those more serious conversations, I think, fairly soon. 737, so you're phasing out? That is correct. How many are they, how many do you have? Yeah, that is an ongoing process. By the end of next year, we're basically out of them, right? Let's call it that way. By the end of calendar 2022, we are for all intents and purposes, we're practically out of the 737 by then. Okay. In your existing fleet, how many of those aircraft do you have? How many 737 we still have? Yeah, yeah, exactly. Well, let's call it around 15, 20-ish. Mm. that we're still flying. That's more than one a month that we are in a way phasing out. Again, by the end of 2022, we will be pretty much out of them. Okay. Thanks. Yeah. Thank you. I think that concludes our session. Thank you so much for participating today. Thank you all. Thanks very much for your time. Thanks a lot.