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 second quarter of fiscal year 2022 presentation, which will be presented by our President and CEO, Mr. Anko van der Werff, together with our newly appointed Chief Financial Officer, Mr. Erno Hildén. 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 Erno 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. With that, I hand over to you, Anko, to start the presentation. The floor is yours. Excellent. Thank you, Louise. Very good morning to all of you. Ladies and gentlemen, thank you for joining us today. My name is Anko van der Werff. I am the President and CEO of Scandinavian Airlines. Let's immediately go into the first slide, please, where I will highlight some key takeaways first from the quarter before proceeding with SAS FORWARD and everything else. Now demand picked up healthily since the beginning of the year. We have seen the effects of Omicron, of course, fading away throughout the quarter, having a direct positive impact on bookings. We have absolutely noted the urge to travel is still underlying or is lying underneath all of the market fundamentals at the moment. On the back of this increase in demand, we put in additional routes and more frequencies to, for instance, the always sunny Southern Europe, for the summer program, and we are launching new destinations such as Toronto. In the next few slides, I will present to you more details about the passenger developments. Of course, we're gonna go through a selection of operational metrics. Important already right now, I can highlight a few things. Both revenues and costs increased during the quarter, which is an effect of the increased production, a result from increased demand. The results for the quarter were negatively affected by both the strong US dollar as well as, of course, high fuel prices, and Erno will go through in more detail in some of the following slides. Another important and positive point to highlight is that our cash position strengthened during the quarter and closed at SEK 8.5 billion, which is SEK 5 billion higher than the close of Q1. This is a direct effect of the increased ticket sales and of course the fact that we drew on the SEK 3 billion credit facility in the second quarter and added that to the cash position. This clearly highlights that we have a strong cash position for the near term, and in fact, the position is really one of the highest ones we've had over the last two years and a bit, so basically back at pre-pandemic levels. Let's go to slide number two, please, to have a closer look at demand. If we start by looking at the numbers and graph on the right-hand side, you can clearly see the positive ramp-up we have seen during the quarter. As restrictions are lifted, there is a pent-up demand for travel, and the demand and ticket sales we're seeing ahead of the summer are indeed very encouraging. The leisure segment we see is coming back quicker than the business travelers. This is a clear indication of the need for flexibility and the ability to adapt quickly to changes, and that is something that we very much talk to our workforce about, of course. Traffic to and from Asia, still very much affected. We'll come back also later when we talk about our SAS FORWARD plan. Traffic to Asia, of course, affected by remaining COVID-19 restrictions and because Russian airspace is now closed. Let's move to slide three, please. A different view showing the ramp-up versus 2019 and the beginning of 2020, pre-pandemic levels. Overall, moving in the right direction, but you can see there's definitely still some catch up to be done. That at least is backward-looking. Forward-looking, we end up at that 80% level at least for this summer, right? The number of departures is increasing. We're also better at filling our planes. Even if both regularity and punctuality improved significantly quarter-over-quarter, we're now roughly at that 98.5 percentage points. We're obviously not content with that. We also know the overall operational challenge, but also the entire industry is faced with this summer, which also we will come back to and address that later. With that, let's move to slide number four, please, and I hand over to Erno. Erno. Thank you, Anko, and a very good morning also on my behalf. I will cover some key areas from the financial perspective for the second quarter, and after that, we can spend some time with the progression of SAS FORWARD as well. Comparing Q2 to last year, we can see a big difference in revenues and costs, obviously driven by totally different levels of productions for the periods. Until Q2 2021, the quarterly revenues had been declining, and the focus back then was to quickly reduce the costs. Since Q2 last year, we've seen a gradual pickup of demand, but also a temporary setback with Omicron impacting the Q1 performance this year, causing adverse development in revenues. After that, again, as travel restrictions eased and the demand also returned, our operating margins have gradually improved. However, the underlying performance has been impacted by some real cost increases, such as fuel prices, and on top of that, we are also impacted by the strengthening of dollar, as Anko mentioned. We did have some temporary relief in Q2 last year to protect our business against the severe impact from the pandemic, namely the support for furloughs and fixed cost compensations, and these items are not supporting our result any longer this year, so they are not anymore with us. Moving over to the next slide number five. Here we have a chart on the revenue development. Comparing to last year, there is of course a significant increase of SEK 5 billion year-on-year. The passenger revenue growth is mainly volume driven. Our production in ASK grew by 188% for the total traffic compared to previous year. Our load factors also climbed closer to normal levels with PLF, the passenger load factor, reaching 66.9% in Q2. Other traffic revenues have also developed favorably with increasing contribution from ancillary services such as seat upgrades and excess luggage. The cargo revenue performance has also been good during the period. Moving over to the next slide, please. On slide number six, we have the earnings before tax or EBT development in the quarter. Last year, our loss was SEK 2.3 billion, driven by very low production volumes. Adjusted for currency, the respective number for comparison was SEK -2.6 billion. The currency impact of SEK 300 million mostly consists of the revaluation of the lease liabilities, which are denominated in the US dollar. This revaluation loss, however, is not an immediate cash item, and the net impact will be determined by currency rate development in the future. The EBT for Q2 this year was at SEK -1.6 billion, which represents an underlying improvement of SEK 1.1 billion from previous year. On top of additional costs from increasing capacity, we have been experiencing some headwinds from increasing fuel prices, as I mentioned earlier. Our production volumes for Q2 were still significantly below the levels before the pandemic. Moving over to the next slide seven, we are showing the developments with our liquidity position. As Anko mentioned, our situation improved during the quarter. The main drivers for this were the drawing of the SEK 3 billion credit facility secured by SAS in the third quarter of 2021, and the increased ticket sales towards the summer season. With these developments, our cash position as of April 13th amounted to SEK 8.5 billion. The operational cash flow also improved for the quarter and landed at a positive SEK 2.5 billion. This obviously represents a big improvement from previous year. We now have a stabilized liquidity position flying into the summer season. Number 8, here we have the current maturity profile of the company. Comparing with first quarter, you can note that some short-term debt has been rolled forward, but other than that, there are no big changes. This year, we have roughly SEK 2.2 billion that is maturing, but I would like to highlight that a lot of these are either PDPs or pre-delivery payments for aircraft, which are typically refinanced in line with the actual deliveries of new aircraft or engine financing that will also be rolled over. On the right-hand side, we have the scheduled aircraft deliveries for the future periods. This year, we are expecting to take delivery on further 15 aircraft. However, as you have heard earlier, Anko was mentioning that due to the global ramp-up situation affecting also the aircraft manufacturers, we might face some delays with these deliveries. On the hedging front, we currently have no hedges for fuel, but on the currencies, we are hedged to more or less the same levels we have seen earlier, and that means around 40% both on the US dollar and the Norwegian krona. I now hand over to you, Anko, again, to take us to SAS FORWARD. Yeah. Thank you. Thanks, Erno. Let's move to slide 10, please. Let's go briefly through the overview of our business transformation plan, SAS FORWARD, which we launched a few months ago. For many years, SAS has been burdened by a challenging cost structure. One that prevents the company from reaching its full potential. We have seen on top of that the last two and a half years now almost having been the most challenging in the aviation industry. We find ourselves, as we have also gone through last time, in a changed market. Travel patterns, demand has changed, and of course, we therefore are in need to look forward and chart a new course for our future. That were many of the reasons in the background for why we launched SAS FORWARD a few months ago. When you look at the financial position, the short-term liquidity, as I've commented on, really is good. Right? We are back at pre-pandemic levels. We need to make sure that, of course, it can be maintained and strengthened into the future. The balance sheet clearly needs significant work. We have too high a debt level and too little equity, and Erno will comment on this shortly. Demand is changing and we see leisure traveling rebounding faster when you compare it to business. We definitely, as other airlines have also commented on, definitely see the rebound in business, but the rebound in leisure seems to be structurally really higher than business travel. We need to adapt to that, as our customer really is at the center of everything we do. Leisure travelers have another characteristic, which is they tend to be peakier, and those peaks will be therefore more pronounced than what we have seen in the past. Clearly, we need to be able to change and adopt accordingly. As far as competition goes, we have already, over the last few quarters, also in these earnings calls, commented on that new market landscape. We see some restructured businesses around us, and we also see new competition coming in. Last, but certainly not least, being SAS, being Scandinavian, and truly having the ambition ourselves here around the table, we need to be able to fund our green energy transition, our transition to a sustainable aviation future. All of that, of course, leads us to SAS FORWARD and a need for it. With that, moving to slide 11, please, Louise. We will once again start here with our customer. As I said, really front and center, the core of everything and the center of everything that we do. There are things that we certainly will not change. When you look, for instance, at our brand and right, a very powerful brand, a brand that is built on several pillars that, as I said, we will not change. EuroBonus is a key feature. Being part of the alliance, right? Our product offering. We see that our customers like our network and of course, the products that we are offering. Rather than just change, we will build on that. EuroBonus, our appreciated loyalty program, is also something that we will not change, but rather build on. Our cost structure, however, is something that we do need to change fundamentally. We have to be fully competitive in order to stay relevant, and therefore, we have embarked on a very ambitious investment program in digital and IT. We are really excited already about the effects of that investment. We definitely see the good work coming through. Hey, in the current digital world, it is important to be at the forefront, and there are several areas that will be beneficial coming out of this investment, both from a customer experience point of view, but also to enable and enhance additional revenue streams. Our fleet will be redesigned through the network choices that we also make. Really what we're talking about is a fleet review and a fleet close up, if you like. That certainly will improve our margins. We already have started quite some good progress on utilization, right? Network and utilization, which has significantly increased the older planes. You have seen that already being replaced by new ones, allowing us also to invest further into sustainable aviation fuels. We want to take that further, and we've spoken at length here also about the midsize aircraft that we potentially want to bring in. All in all, we will be optimizing the utilization of all the resources throughout the organization. More bases being introduced. Bergen was the first one that we launched earlier this year. Really done in order to balance our capacity more also towards that leisure market from secondary origins. Certainly, where we see opportunities again in peaks to do that. That also means already for this summer, we will be flying more to Southern Europe than we've ever done. What makes our business thrive is obviously our people, and we want to build the sustainable future. When we talk about the sustainable future, there is really three levels here. It's of course that environmental sustainability, right? Again, through fleet renewal, sustainable aviation fuel and the other aspects that already we have, we have taken on. But our talent which comes also, of course, with social sustainability, right? The second level of sustainability there is to attract, recognize, and retain our talent. We can only do that, and that really is now the core of the third level of sustainability when we provide solid financial returns. First and foremost, at this stage at least, SAS has to be profitable. SAS, in my words, has to be able to stand on its own two feet. With that, please, let's move to the next slide. Now here, I'm gonna run you through. I think we've discussed this at length in the previous earnings call, right? The pillars of SAS FORWARD. There were six pillars. Firstly, reducing, of course, that annual cost, SEK 7.5 billion. The second one, redesigning our fleet network and product. We just commented on some of that, the digital transformation already starting to really bear fruit. Positioning SAS as the leader in sustainable aviation, that goes, as I said, for new fleet, phasing out old fleets, investing in new fleet, new technology. Also really practical things like removing plastics on board and moving to a setup where people can actually pre-order food, where we've seen food waste go down by up to 80%, which is extraordinary, and the right thing to do, obviously. The operating platform acceleration, which also we discussed last time, and very much the deleveraging of our balance sheet, raising new capital, and therewith strengthening our balance sheet all together. That will allow us to then reach our full potential because that will mean that we are competitive and that we really can be even more relevant to both our customers and our employees, and certainly also for investors. None of these elements that I shared above are really more important than another. These are all equally important together, right, in order for SAS to reach its full potential. Now, let me hand over to Erno again, and then I'll be back in a second. He will take you through the current developments of the plan. Thank you, Anko. Let's move over to the next slide number 13. Getting back to the numbers, we continue to implement our transformation program, and we have substantially increased the ambition level from when the first phase was launched back in 2020. SEK 4 billion has now become SEK 7.5 b illion. The cost improvements will be executed mainly over the next five years, but with the main focus will be on the coming three years. It really covers all aspects of the group, including all major stakeholders. Our target is to reach a competitive position in the new market environment and also to adjust to the changed customer behavior that Anko has previously described. Currently, we are working on more than 200 individual initiatives in the program, and more than half of those have already been initiated. Improved cost efficiency and productivity will create value in the short and medium term, and the full benefit of the program will be seen over the years with the full recovery of traffic to pre-pandemic levels. As communicated earlier, our target is to have the full annualized cost improvement of SEK 7.5 billion in effect in fiscal year 2026. Main focus areas are highlighted in the bubbles on the chart and are fairly identical to the ones that were identified when the program was launched in February. The operating model and planning initiatives are a large portion of it. We will continue to develop and implement our operating model to face new market realities. This, in reality, means improving productivity and flexibility. Also, this will evaluate opportunities throughout the value chain to be able to. We currently have three production platforms in operation focusing on different segments in the market. This way, we can serve the leisure market with the specific requirements of that marketplace, meaning competitive cost levels and more flexibility to cope with the seasonality effects in production while continuing to serve the corporate market with its needs. Hereby, we establish a highly efficient operating structure with improved productivity, cost competitiveness, and lower emissions. The improved planning capabilities we are targeting will enable us to improve the aircraft and crew optimization capabilities. Enhanced cross-functional planning functionality and digitalization, Anko mentioned, will support further improvement and processes from planning to execution of our operation, delivering improved quality while optimizing the use of resources and eliminating waste from the processes. On the fleet and maintenance side, we continue to phase out older, less fuel-efficient aircraft, and we are currently working on securing competitive ownership cost structure for the fleet and have engaged with lessors to reach mark-to-market cost levels with our fleet. We have also reviewed our fleet plans in the light of the current geopolitical situation. At the moment, we see a reduced need for wide-body aircraft, and this is to a great extent caused by the limitations on long-haul traffic, mainly to and from Asia. We also see a need to add additional capacity in the medium-sized aircraft segment, as Anko previously mentioned, to meet the capacity and frequency requirements of thinner routes. Our process of adjusting the fleet has started, and this will also support our sustainability targets with the availability of new fuel-efficient aircraft in the fleet. On the maintenance side, we see a large opportunity to increase productivity through revised labor agreements with improved productivity. We are securing lower maintenance costs by modernizing our fleet and reducing the number of aircraft types. We are also in the process of renegotiating various fixed-term contracts to secure a competitive positioning also in this area. On top of these enhancements, digitalization and process improvements will drive improved aircraft utilization. Finally moving over to the last bubble, the airport services. We do see a large opportunity to increase productivity and flexibility in our ground operations through digitalization and new resource planning concept. Fully digitalized customer touch points and empowered staff with world-class mobile technology will drive improvements both in customer experience as well as in costs. We will implement new resource planning concepts to enhance resource utilization, as has been touched upon earlier. We will also evaluate opportunities throughout the value chain and renegotiate external ground handling contracts at outstations. To sum all of this up, we are targeting the whole operation, and we leave no stones unturned. The new SAS will be beneficial also for our customers. The customers will be able to enjoy a wider network at more relevant times, get a more personalized experience through digital interactions, and will be able to improve the customer journey in a more sustainable way. In many ways, this will be a win-win scenario for us all. With that, let's move on to the next slide, please. On slide 14, as has been mentioned earlier on, the success of SAS FORWARD is relying on the participation of all stakeholders. We will continue negotiations with all labor groups, but have not yet reached consensual outcome with all parties. We have ongoing negotiations with lessors, and we are also renegotiating other fixed-term contracts with other counterparties. Given the limited progress made so far, there can be no guarantees that SAS FORWARD will be successfully completed. Moving over to slide number 15, please. In order to make SAS financially sustainable in the long term, we also need capital restructuring. The debt level we carry has been increased during the pandemic and will need to be reduced. Under SAS FORWARD, our target is to convert approximately SEK 20 billion of outstanding debt into common equity. This will include the hybrid bonds and term loans, but also a proportion of lease liabilities and other commitments, including some maintenance and services contracts, just to name a few. As we have shown on the previous slides, many negotiations are currently in progress, but there will be more to follow. We will of course provide further details on our progress in due course. With SAS FORWARD, our ambition is also to raise additional equity of at least SEK 9.5 billion. This, combined with the debt conversions, will mean reducing the net debt by almost SEK 30 billion. The SEK 9.5 billion is expected to provide sufficient liquidity levels for SAS throughout the time when SAS FORWARD is being implemented and reaching the annual cost savings of SEK 7.5 billion by fiscal year 2026. We are also expecting the aviation industry to continue its recovery towards pre-pandemic levels as we move along in the current ramp-up period. Improving demand with increased production would of course also support the delivery of cost savings by accelerating the productivity initiatives effects. The recapitalization we are targeting will result in a solid balance sheet supporting us in the fleet development, and it will also strengthen our position to enable us to grow in the new market. It will also support our sustainability target by giving us improved capability to invest in fuel efficient aircraft and also enabling increased use of sustainable aviation fuels. The transactions envisaged here are subject to various conditions, including European Commission and other state aid approvals and other regulatory clearances and various stakeholder approvals. These approvals have not yet been obtained. I will now like to hand over back to Anko again before we jump into the Q&A part. Next slide, please. Thank you very much, Erno. I'll conclude this presentation, and then we have call it half an hour, maybe a little bit less, for your questions. Of course, after that, if any of you require more information, then the entire IR team and others are here for all of you. Let me conclude. SAS FORWARD, first of all, is not a maybe. Board and management completely committed. It is a must. I've said it before, but the success of the plan is relying on all stakeholders participating. It's the customers that we are here for, and it's for them and their benefit we are of course going through this. New bases, new routes, new type of fleet that will drive sustainability. For instance, the increased flexibility will allow us to also have more regional presence and make us able to fly when and where the customers will want to. It's that digitalization and personalization that we have discussed. The investments in this area are very important and will once again improve the services we offer to our customers and will make our own lives internally also easier. It will increase the opportunities for ancillary revenues and at the same time, increase the personalization around EuroBonus and that triangle of airline and city reach and the frequent flyer program will enable our customers to get the right deals from the start, but then also allow them to choose the extras they require for the ultimate customer experience. Truly competitive, right? That is what we aim to be, to align our unit cost to the markets that we're in. The network, as you have heard, being redesigned together with that fleet piece that we really do need to get. A sustainable future. We have discussed that at length. There's a few programs that we have launched again this quarter, apart from all the fleet investments and everything else that I've shared already. In this quarter, we launched the Travel Pass Biofuel. It's like a punch card for corporate customers who regularly travel. These, I think, seem occasionally like small feats. They are really big because they drive and they help drive that customer behavior change. I've been a very vocal advocate of that, both on the B2C when it comes to our EuroBonus program, right? The EuroBonus points for biofuel, as well as our corporate sustainability program. I do want to touch upon one, or two last things. Firstly, we are, of course, seeing the operational challenges throughout the world at the moment in our aviation industry and beyond. This is everything relating to airports, ground staffing, crew training, bottlenecks. It's really everywhere. Late aircraft deliveries, what have you. We have taken, this is a specific answer also to some questions that we had received already pre this call. We have made adjustments to the traffic program for, call it, the summer months, right? We've done that after the quarter ended. I think that was a responsible thing to do and in order, of course, to minimize the risk of disruption and create the largest extent possible and stability for the upcoming summer travels. At this stage, all of our flights are manned, both from a pilot and crew perspective, and we should at least there feel comfortable going in, going into the summer. With that, brings me to my last statement, and certainly not least, I want to thank once again all the SAS teams for their resilience. We know that, people in this industry in general, but I think certainly at SAS, a very resilient and skilled team. We have faced now over the last years everything from the worst pandemic of our lifetime to, of course, the geopolitical challenges that we're now faced with, fuel again being up to SEK 120, what have you, and now the ecosystem disruption that we're seeing at airport infrastructure and elsewhere. It is really a challenging time, and I want to thank, really, from the bottom of my heart all the teams for doing an amazing job under these difficult circumstances. With that, thank you. Thank you for listening, and we'll open up for Q&A. If I'm not mistaken, Louise, we already have received a few at least. Absolutely. Yes, we have a few questions, but we'll open up the floor now for Q&A. Let's start with the first one that comes from Kurt Hofmann at Aviation Week. He's saying that before you have talked about wide bodies and that you have too many, Anko. The first question is, how should future wide body and A321LRs look in the future? Yeah, Kurt, thanks very much. Good to have you, good to have you with us. Thank you for your questions. Yeah, look, the wide bodies, A, we have too many, and B, we have two types of them, right? The 350s and the 330s. We have discussed it already a few months ago when, right in my view, SAS is really one of the few airlines in the world that has not, restructured its fleet, the fleet deals yet. We have been paying throughout the pandemic, even if we were not flying to Asia for those wide bodies, and we're really now in very serious conversations with our lessors to, of course, make sure that we get to the right, restructured fleet. That is both the number of aircraft and the price we pay for them. It's very clear that when we were hoping potentially for a better summer, certainly also to Asia, right? When you look at that part of the world, that's now again completely closed off because of the Russian invasion in Ukraine and Russian airspace being closed. Very much adding to the complexities. As far as wide bodies, then switching to A321LRs. Good aircraft, and in fact, I'm flying it on Thursday myself this week for the first time. I've been on board of the aircraft, of course, and we've tested out something, but I haven't flown it yet. I will fly it this Thursday to Toronto, the inaugural flights that we have from both Copenhagen and Toronto, this week, and looking forward to the experience. What we're seeing in the NPS scores is the aircraft really is appreciated by our customers. I keep on thinking that is really an aircraft that we can work with in the future. It requires, of course, far less capital than a wide body. It is for cities that we operate from on some flows, definitely an aircraft it can use to try right new destinations and build them out rather than trying that or building it up with a wide body, for instance. Hope that answers both your questions. Thank you, Anko. Yes, I think it actually does. I think with that, we move over to the questions from Ole Martin from DNB. The first one I would like to give to Erno, what is your level of holdbacks? By holdbacks, you probably mean the credit card acquirers. We are not disclosing the details on that, but as you can see from the strengthening liquidity position, we are not constrained in that area by any means. The second question from Ole Martin goes to Anko. How many aircraft are you targeting to operate post-restructuring? Yeah. We've in our long-term SAS FORWARD plan, we're talking again about call it 140 aircraft. That's basically pre-pandemic levels that we will grow back into. That is, of course, then a mix of the fewer wide bodies that I've already mentioned, the restructured fleet on narrow body jets. It will be that new aircraft type, right, for the secondary cities, as we call it, midsize or whatever label we put on that. Very small still for some specific cities, those ATR flows. That is a really small subset of who we are and what we will be as well in the future. Okay. Next question, I would say it's a question for both of you. Where have you seen progress in SAS FORWARD during the quarter? Yeah. I think the reason also why we came out with the statement today is that we haven't seen sufficient progress, right? I think we just have to be very clear about it, that in my mind, potentially, people are still expecting some magical solution to a problem that we're faced with. I don't think that there is another solution than SAS FORWARD. Once again, would like to make it very clear and very specific, board and management completely focused on the delivery of SAS FORWARD. That is the plan that will drive competitiveness. Let's expand a bit there, right, to once again set everything in the right sequence here. We are looking for a substantial capital raise, SEK 9.5 billion. That money will only come from investors, and we have, of course, been in touch with potential investors, and we do see that there could be appetite, but under one major, let's call it conditional or preassumption, which is this company being competitive, right? We need to raise the money. In order to raise that money, we need to be competitive, and that is exactly what the SAS FORWARD plan is delivering on. Not enough progress, very clear, and we've talked about some of the aspects here, for instance, that fleet piece. It is very binary. We will need to get to that solution in order to attract that capital, and that is why we're so serious about it. To add on that, as I mentioned previously, we are currently working on more than 200 individual initiatives under SAS FORWARD, and many of those are delivering results as we speak. It is true, as Anko mentioned, that some of the high-value initiatives will require reaching agreement with the stakeholders. For other areas, we are able to move quicker. If there's anything I have learned personally in the airline business, it's the fact that we cannot really leave any stones unturned, not to leave any money on the table. For all the areas that we are able to move quicker, we are certainly doing that as we speak. You've mentioned without burden sharing, SAS may seek to utilize one or more court restructuring proceedings. What is holding you back from starting a court restructuring? That question goes to Anko. Yeah. Who is that from? It's from Ole Martin as well. From DNB. All right. Ola, thank you. Yeah, look, let's come back to the example I gave earlier about the fleet, for instance, right? We are an airline that has kept on paying all of its lessors throughout the pandemic, right or wrong. Let me not expand there for a second, but let me at least say that going forward, we need now to really restructure that fleet, right? We cannot fly to Asia as we would have liked. There is absolutely no certainty on when that Russian airspace is gonna open up again for us. Asia was already affected by COVID and is not opening up anytime soon to the extent that it was in 2019. We need to restructure. We are very much focused on, call it plan A, right, on making sure that we get there out of court. If we are forced to then go in court because of whatever reason, not being able to find the right outcome for us in order to be competitive and therefore to attract that new capital, yeah, then we have very clearly stated today, then unfortunately, we may be forced to go in court, but we will do that. The outcome is, as I said, binary. We're either gonna carry too much cost on aircraft that we don't use. That is no great outcome for us because that will not allow us to attract those investors that we need. Therefore, the only right outcome is a restructured fleet, both in terms of fleet size and of course, in the price that we pay for it. That is very clear what we have stated today. Thank you, Anko. Next question from [Martha Daniels]. He is asking Erno if the Swiss bondholders will be asked to participate in the debt to equity swap. Yes. That is also included in our target of debt to equity conversion. What's the timing on that? We will come back with more details on the recapitalization as we move ahead, but we are currently engaging in all those parallel approaches in negotiations. Yeah. Let me add a bit. We indeed also in the press release today state very clearly which elements are part of that, right? SEK 20 billion of existing debt and hybrid notes that we want to convert into equity, and you'll see in that documentation, the hybrids, both commercial and states. It's the state liability, of course. Then there's Swiss bonds, the term loans, commercial banks, et cetera. All of that really that we need to convert into equity. Sorry, I have another question regarding this. The question is from [Sigve Bruland], and he is asking: What is the final deadline for announcing an actual and agreed solution to your debt restructuring process? Yeah. Let me take that first. Look, there is no actual deadline. A lot of journalists also asked me this morning, is it a year? Is it three months? It's certainly not a year, and I also don't think that we have that three months. We do need to make progress, and that is also why today we have come out with the exact amounts that we need, right? The SEK 9.5 billion of an equity raise, and on top of that, the SEK 20 billion of debt that we want to convert into equity. In other words, it's now very clear to everyone why this is such a comprehensive and why this is such an all-encompassing program You are, of course, talking about multitude of stakeholders, multiple stakeholders that we will really need to get on board with all of this, and that is why we understand it takes time. Again, we are completely focused on making sure that this gets implemented. Really, we are not having a lot of time to do that anymore. We do need to get going. Next question comes from [Kevin Stiller], and he is asking: How can you convince the shareholders to say yes to SAS FORWARD? Do you will take care of the current investors being wiped out like before? What we will do, and again, that's why it's so important to come out with the numbers that we've come out with today, right? I mean, these are indeed very high numbers. These are big numbers, and it shows therefore really what the company needs to do. Let's break it down once more. SEK 9.5 billion of equity that we need to raise. We are in touch, of course, with potential investors, and I do think that there would be appetite as long as this company transforms, transitions into being a competitive company. That is really the first and foremost thing that needs to happen. On the exact ownership structure and how we of course want to treat people, we want to make sure that we're respectful to as much as we can, but we also have to be very clear here. We are very much focused on that future, and some things will have to, of course, happen in order for us to be a competitive company. That is what boards and management are very much focused on at the moment. Thank you, Anko. We have the next question coming from [David Kaminski-Morrow]. Can you please explain the rationale behind your 0% fuel hedging policy at a time when fuel prices are rising? That's for you, Erno. Obviously, it's hard for me to comment the history. I would say much of that has been driven by the operating and market environment. We have had some challenges in finding reputable counterparts to conduct further fuel hedging. That combined with the volatility in production is the answer for not having fuel hedges in place. Obviously, we have witnessed, let's say, historically unusual development with jet fuel price during the recent months. Obviously right now there is still limits to our capability to maneuver in that area. Next question, once again we have from Kevin Stiller again asking if we could give some kind of more timeline. Is it summer, fall, winter? When can we expect to see more progression? On SAS FORWARD, I assume. That Kevin Stiller is asking. Yes. We'll get back to you, Kevin Stiller, but this is not a medium-term, long-term. This is really about, call it the next few months. We'll of course report back when there is more relevant information to share. Also rolling forward, I mean, the achievements within SAS FORWARD as a whole will be regularly reported in line with the quarterly announcement as well. More information will be delivered. Yeah. Thank you. We have a question from [Gunnar Eriksson], and he's asking if we would be allowed to pay down debt maturing in 2022. Would that be considered preferential treatment to some creditors versus others and not allowed? I would say that we have no limitations for our payments, but obviously we are following the maturity profile of our existing contractual commitments. We are currently not planning any extraordinary payments for any of the instruments we have. Yeah. Thank you. We also have a question whether you will allow an approach to already existing investors for new money, or is it only new investors that you will be looking for? I would say we are not closing any doors on the equity participation for the future, so there is no reason for us to close any doors. Thank you. Do we have any live questions as well? Yes. The first question via the telephone line comes from [Hans Anders Winner]. Your line is now open. Please go ahead. Hello? Yes. Hi. Yes, we hear you. Go ahead. I'm here. I should pronounce my name okay. Good morning, Anko, and welcome to Erno. Thank you. A few questions for me here. Your regularity has been underperforming for quite some time, Anko. Summer is coming up, and you've done some reduction of your program. I think there's a lot of people now waiting for going on holidays if they can really trust that SAS will be flying, excluding the airport problems. Do you feel confident now that you can deliver on your commitment to fly your you know program during summer? Secondly, the closed Russian airspace, I think we should expect that this will stay on for a long time. How will this impact on the SAS long-haul operations, and what you look into new markets, if you can say something about that? You have also been into, you know, the recapitalization and to raise SEK 9.5 billion in new capital, where it's obvious that it's you're looking for new investors. I'm sure that the government might not be so interested to put fresh capital into SAS and then be diluted as owner. They will certainly convert part or most of their debt to equity. If you can get something more into this. Finally, you're very clear on your report today, Anko, regarding if the SAS FORWARD plan is not going according to schedule, negotiation both with creditors and not least with your unions. Court proceedings are likely. Can you put some more flavor on what is the progress here and how to expect going forward? Thank you. Okay. Lots of questions and good morning. Good to hear from you. I'll tackle them really one by one. We have about four or five minutes left, so let me be brief. I think some of this at least has been shared this morning already on this call. You can refer back to those answers. Regarding regularity, indeed, we have, in my view, really done the responsible thing and taken out the excess basically that would have put a lot of stress on the system. That was the 4,000 flights for the summer period that we have taken out. I see that really as far more of a broader context, a very much international context where I see a lot of airlines at the moment struggle also because of, right, some of the same things that we are clearly also struggling with. Late aircraft delivery, both that is from OEM or from lessor. That is quite a challenge at the moment. Everything else in our ecosystem, including of course that airport infrastructure, right? So that I think will really be a challenge all across Europe, if not the world this summer, unfortunately. When it comes to us, I've said it, all of our flights are manned. We have assigned pilots and crew for each and every single of the flights this summer, and we have also standby levels between 10% and 15% for pilots and crew. At least there we have that buffer. We have to see, of course, how in a way that ecosystem will perform, right? I mean, what about that airport infrastructure and what kind of delays might there be because of that, and therefore, late incoming aircraft that will then decrease your operational performance throughout the summer. Again, we have taken our responsibility when at least it was still a possibility to rebook people also with our partners, and certainly have now made sure there is a pilot, there is cabin crew for each and every single flight, and we have between 10% and 15% standby levels. Closed Russian airspace, we. You immediately make a link to potential new markets. I make a link to we need to restructure our fleet. But that is clearly the right answer at this moment. We've now been waiting for two and a half years for the market to come back and use those wide bodies that we have been paying for. It's just not gonna work anymore. We really need to get to the right outcome with our lessors. State participation, your question, and your assumptions there on what will they do and what will they not do, I'll leave those assumptions for you. We are not commenting on the individual negotiations with any of our parties. Then your last question is around court proceedings. Look, like I said, if people are still aiming for or expecting that there will be a magical solution to the challenges that we're faced with, I think they're wrong. We are focused on the implementation of SAS FORWARD, and as we have said this morning, that may require in-court solutions to, for instance, a fleet restructuring, right? I get it. If lessors do not want to consensually solve what is clearly the right way forward for us, then we will have to, and we will look for those proper solutions in court. Great, Anko. Thank you for your replies. Thank you. Thanks very much. I guess that's then all. Next question. Yeah, please. Yeah. Okay, this is the last question. Yeah, go on. This is the last question, please. Sorry. .Okay, we take the last question from Jacob Pedersen, Sydbank. Your line is open. Please go ahead. Yeah. Hi, welcome to SAS, Erno, and then hi both Louise and Anko. A couple of quick questions. First of all, pricing into the summer, yields, what should we be looking for? Also maybe a comment on fall outlook and any comments on CapEx this year would be very helpful. Yeah. Hey, Jacob, good morning. Good to be in touch. Thank you. Yeah, pricing healthy, that is really the way I would describe it. You definitely see the pent-up demand, and we have definitely, as other airlines have also commented on, you see those trends. Some destinations, they're definitely up. We have also increased our capacity as we have shared before. That pricing really looks at a unit level quite healthy. For autumn, your question on fall or autumn, yeah, I'm yet to be convinced about it. I really don't foresee that we will be living the same as that we're seeing right now in the summer. I don't want to be a fearmonger here among all of us, but yeah, I'm still. I don't know, right? I really have to be convinced about this winter. Will there be a COVID-19 comeback? Will there be some other right respiratory flu season comeback, what have you? I don't see yet at least the levels of strength that definitely we're seeing for the summer period. Then, help me out. Your last question was your third one? CapEx this year. Oh, yeah, CapEx. Yeah. I don't think we have given any disclosure on CapEx estimation, but obviously you can just use our aircraft delivery sequence as a foundation for your own conclusions. It is highly likely that we will be seeking funding for these aircraft, either as sale and leasebacks or straight out operating lease contracts. That's what I can share at the moment. Okay, thanks so much. Thank you, Jacob. Yeah. Thank you all very much. That concludes the session for today. Thank you all. If you have any questions, please send me an email, and we will try to get back to you as soon as we can. Thank you. Thank you for this morning. Thank you. Thank you.