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 all to Scandinavian Airlines third quarter of fiscal year 2022 presentation, which will be presented to you by our President and CEO, Mr. Anko van der Werff, together with our 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. Thank you, Louise. A very good morning to all of you. Ladies and gentlemen, thank you for joining us today. My name is Anko van der Werff. I'm the President and CEO of Scandinavian Airlines. After the presentation, as we always do, we will have a Q&A session, of course, where the floor will be yours. Now, you can follow our presentation online, and we will try to guide you to the pages that we're talking about. Let's immediately jump right in, please. Let's go to the first slide. I will highlight some key takeaways first from the quarter before proceeding with SAS FORWARD and everything else. Demand. Demand picks up healthily, and the effects of the pandemic, of course, slowly are fading away, and we definitely saw that during spring and into summer. The urge to travel was clear, and pent-up demand drove much of the wave of bookings that we saw. On the back of this increase in demand, we put in additional routes all over Europe, more frequencies as well to sunny Southern Europe for the summer program. We also launched new destinations such as Toronto. In the next few slides, I will present to you more details about passenger developments as well as going through a selection of operational metrics. What's 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 of that increased demand that I spoke about. The results of the quarter, however, were obviously severely negatively affected by the 15-day pilot strike, as well as substantial operational and infrastructural challenges across the travel ecosystem relating to everything from aircraft delays to airport capacity, constraints to ground staffing and everything else that all of us experienced this summer. In Q2, we launched our comprehensive business transformation plan called SAS FORWARD. We have made good progress, according to plan in these efforts. In the beginning of July, we then also filed for the voluntary Chapter 11 Bankruptcy protection process in the United States to accelerate the plan further, and we will continue operating and fly throughout this process and welcome our passengers while working on improving the ultimate travel experience of making flying with SAS the number one option. After the close of the quarter, we secured, debtor-in-possession financing, right, DIP financing, a commitment for $700 million or approximately SEK 7 billion from Apollo Global Management. This is a type of bridge financing used by businesses that are restructuring through a Chapter 11 process, and it gives us a strong financial position to support our operations throughout the Chapter 11 process, which is expected to take nine-12 months in total. The DIP financing is still subject to court's approval as we have announced. Now let's go to slide number two, please, to have a closer look at demand. We start by looking at the graph and numbers on the right-hand side. You can clearly see the positive ramp-up we have seen during the first few months of the year. We see a clear trend, call it as of January to June, where, as you see, once restrictions are lifted and there is a pent-up demand for travel and ticket sales ahead of the summer was indeed very encouraging. Starting in late June and very visibly in July, there is a clear dip in the graph, which is explained by the 15-day strike. I would like to apologize to all our customers that were affected by the traffic disruptions during this extraordinary event. There really is only one thing on our minds since the strike, and that is, of course, to build back that trust with our passengers and make sure that we are back on track for them first and foremost. Fortunately, that is something that we have seen pretty much as a, call it, snap back since the strike ended, and we are happy to see that our booking patterns have recovered since. Still, more work is needed. Our teams are fully aware and focused, of course, on that. A smaller but still for us noticeable negative effect on the passenger numbers. Is the geopolitical situation affecting eastbound travel as the Russian airspace still remains closed for reasons that all of you know. Let's move to slide number three, please. The increased production different view showing the ramp up this time in the two earlier years, pre-pandemic levels, and then call it the mid-pandemic ones, right? The pandemic quarters. Overall moving in the right direction, but you can definitely see there is still some catching up to be done. The number of departures is increasing, and we're also better at filling our planes, and that is very much also one of the pillars on the revenue side going forward, coming out of this forward. Punctuality improved significantly quarter-over-quarter. We're now roughly at the 99.1 or 99.4 percentage points, which is still far off of a satisfactory number. We need improvements of course, as we move forward. Again, much also of the regularity and punctuality was of course affected by the two other things that we mentioned earlier on in the strike and the operational performance all over Europe. With that, let's move to slide number four, and I hand over to Erno Hildén now, please. Thank you Anko, and also a very good morning on my behalf. Today, I will cover some key areas from the financial perspective for the third quarter, and obviously after that we can spend some time with the progression of SAS FORWARD as well. The overall development for us is obviously partially masked by the strike impact. If we look beyond that, we have actually seen pretty strong revenue performance for the quarter in the buildup for the summer traffic. For us, obviously it is hard to exactly isolate the 100% accurate strike impact from the numbers, but what we have seen during Q3 is actually pretty much in line with our original assumption and prior comments on the impact. Even though the growth rates from previous year for Q3 traffic, they aren't quite as impressive as in Q2, we still witnessed historically abnormally strong growth, both in traffic and in revenues. However, it is important to notice that comparing to pre-pandemic levels from 2019, in Q3 this year, we still operated less than 65% of the scheduled traffic, and that is counting in available seat kilometers. Obviously this is impacted by the strike quite heavily. If we eliminate the strike impact and compare just the first two months of the quarter, still the respective comparison number is only at 73%, once again calculated from the ASKs for May and June. Despite the strong quarterly traffic growth that has continued actually since Q3 last year, 2021, we are still some way off the pre-pandemic levels. Obviously during this year, the closure of Russian airspace is having a significant impact in our traffic as most of Asia remains closed for us for now. As you know, we currently operate only one weekly rotation to Asia compared to having 26 rotations in summer 2019. At the moment, as a consequence, the vast majority of our current long-haul traffic is actually to North America. At the same time, we still have some wide-body aircraft out of service being parked due to the situation. The operating environment has been very challenging with the continuing ramp up of traffic, but also due to the headwinds from very high jet fuel prices and high volatility with the currencies. We have been able to increase our revenues more than the respective growth in operating costs, but mostly because of the negative financial impact from strike, our operating result still was heavily at loss with the negative operating result of some SEK 1.1 billion for the period. Then moving on to the next slide number five. Here we have a chart of the revenue development for the period. Obviously comparing to the last year, there is of course a significant increase, altogether SEK 4.4 billion year-on-year. Our total production in ASKs grew by 89% compared to previous year, and our passenger load factor or PLF increased by almost 26 percentage points up to 77.7%. Up to levels what we consider normal, I mean pre-pandemic, close to pre-pandemic levels. These numbers mean that most of our revenue growth was in fact driven by the improved load factors and then supported by growth in production. At the same time, our passenger yields have also developed favorably with our currency adjusted passenger yield improving by 9.1% and nominally even more by 13.6%. Other traffic revenue also developed very favorably with charter revenues, excess baggage revenues, and fuel surcharges supporting the increase. When comparing our top line performance to previous periods, it is important to notice that we have included some SEK 1.2 billion of revenue reduction items into the figure because of the strike. That mostly consists of EU 261 compensations and customer care costs, which under IFRS are booked as revenue reduction items. All in all, our revenues for the period reached SEK 8.58 billion, which represents a growth of 107% from the currency-adjusted comparison from previous years for the third quarter. Moving on to the next slide, here we have the earnings before tax or EBT development in the third quarter. Last year for the same period, our loss was at SEK 1.3 billion driven by very low production volumes. Adjusted for currency, the respective comparison number was at SEK -1.75 billion. To date, the net effect of the strike in July landed at close to SEK 1.4 billion, which as I explained before, is to a large extent presented as a revenue reduction item and not in costs. The EBT for Q3 this year was SEK -2 billion, and that is a decrease or was result of SEK 0.7 billion comparing to Q3 in previous year. As we know, our operating costs are to a great extent volume driven, so the substantial growth in operating volumes naturally also increased our costs substantially compared to previous year and also to Q2. Compared to Q3 2021, our fuel costs actually increased by almost 300%, mostly driven by volume coming from the increased production, and that represents some SEK 1.4 billion of total growth. Also the sustained and historically very high price level for jet fuel also added almost SEK 700 million to the total fuel cost for us. As we have communicated in line with the Q2 results, we are still unhedged for fuel, so the impact is coming directly on our P&L. Also, as I mentioned before, the heavy volatility with currencies and especially the continuing strengthening of the U.S. dollar, they have also brought some additional headwinds to us, not only for the operating results, but also for the financial expenses. For this period, the negative impact from the revaluation of our lease liabilities under IFRS 16, they amounted to SEK -448 million for the third quarter. However, I'd like to remind you that this revaluation is not an immediate cash item, and the final effective net result will be determined later on through the remaining tenures of the respective lease agreements and not immediately. Moving over to the next slide seven, where we are showing the developments with our liquidity position. The strike did have a negative impact on our liquidity, but we have also made some large financing items in there, which also had a negative effect on our cash position. With these developments combined, our cash position as of end of July amounted to SEK 6.1 billion. We still have a very healthy liquidity position moving towards the autumn, but as represented in the graph, it has been somewhat reduced over the quarter. This is not unusual even with our regular seasonality pattern, and it is important to notice that the operating cash flow since the beginning of this financial year still remains positive at almost SEK 1.4 billion, which actually represents an improvement of over SEK 7 billion compared to previous financial year. Looking forward, as has been mentioned earlier, we have secured a debtor in possession or DIP financing commitment for $700 million, or converted to kronas, roughly SEK 7 billion, actually a bit more with current effective FX rates, and this is with Apollo Global Management. This is the type of bridge financing used by businesses that are restructuring through a Chapter 11 process and equally for us, the substantial financing commitment is an important milestone in our transformation and will support our operations throughout the Chapter 11 process, which as Anko mentioned, is expected to take some nine-12 months from the start. The DIP financing is still subject to court approval, and once approved and fully drawn, it will obviously significantly strengthen our financial position. On the next slide number eight, here we have the current maturity profile for our company. Comparing with the second quarter, you can note that some short-term debt has been paid off, and then there is a SEK 3 billion credit facility from Sweden and Denmark that has been added to mature in financial year 2027. With these exceptions there, other than that, there are no big changes. Also, I would like to remind you that we have received confirmations from Sweden, Denmark, and Norway for their willingness to debt to equity conversions to participate in that for their respective loans to the company, obviously subject to material progress with the SAS FORWARD program. For this year, so 2022, we have approximately SEK 1.2 billion worth of loans maturing, but I would like to highlight that the majority 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 gradually be rolled over. On the right-hand side, we have the scheduled aircraft deliveries for the upcoming periods. This year, we are still expecting to take delivery of nine additional aircraft into our fleet. As a final remark on the hedging front, as I mentioned, we currently have no hedges in place for fuel. For currencies, our policy is to hedge between 40% and 80% of the exposures. At the end of the quarter, we had hedged 41% of our anticipated U.S. dollar cash flow deficit for the next 12 months. In terms of the Norwegian krona, which is actually our largest surplus currency for revenues, approximately 55% of that was hedged for the next 12-month period. Now I hand over back to Anko again to take us through our SAS FORWARD program. Yeah. Excellent. Thanks. Thanks, Erno. Let's move to the next slide. Slide 10, please. Thank you. As a reminder, let's go briefly through the overview of our transformation plan, right? SAS FORWARD. It was launched at the end of February, and we highlighted before the need to do this, of course, the overall change that is needed to adapt to the new market conditions. For many years, SAS has been burdened by a challenging cost structure, one that really prevents the company from reaching its full potential. We've seen on top of that the last two and a half years have been the most challenging in aviation history, and we now find ourselves 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 is why we've launched SAS FORWARD. Part of the plan is to strengthen our financial position and to achieve a sustainable cost structure. The balance sheet on top of that needs significant work. Currently, we simply, well, simple words, we have too high of a debt level and too little equity. The three key elements of the plan are as highlighted on the slide here. Now let's dive in a bit more. The first pillar, changing cost structure. The aim is to reduce the total annual cost by SEK 7.5 billion. We have identified over 250 initiatives to realize this plan, and some of them, of course, will be taking longer time. Some of them could be implemented and will be implemented faster, and will first obviously be realized once we see the further ramp up, right? The ones that are a bit further in time, we need to see the further ramp up in larger volumes to achieve. Absolutely, we will get there. Secondly, the restructuring of our balance sheet. The debt level is too high, as we said. All in all, we're looking at converting SEK 20 billion of debt- into- equity, and we have already received the intended support from Denmark, Norway, and Sweden to do so by converting their hybrids and unsecured loans into equity, conditional to all other stakeholders participating in SAS FORWARD. Something that of course, we are extremely grateful for, and all in all, those commitments from those three parties, comprise more than half of the total conversion plan. As we progress with the plan and execute on it, we will raise new equity of at least SEK 9.5 billion. How and when is too early right now in the process to comment on, but it's something which we are, required to do in order to make sure that the company gets the long-term financial stability. Of course, all of this will help in becoming a profitable investment-worthy airline. Now let's move to slide 11, please. The progress on the plan. First, you have seen and absolutely the ones who have followed us over the last few weeks and months have seen that we have reached, of course, that agreement with the SAS Scandinavian pilot unions. I think a very solid deal for both parties. We have reached a five and a half-year agreement that will have increased flexibility, the increased productivity, of course, the cost reductions that are in line with the SAS FORWARD plan, and also it gives us the path back, or it gives the 450 pilots the path back to, in line with capacity, come back to SAS. That is good news all round. On fleet, there's ongoing discussions, really call that on a daily basis regarding the lessors' participation, in the overall burden sharing. I know that there's typically a lot of questions on calls like these later. We will not share, of course, the individual detail at lessor level, but once again, it's very clear that we have too many aircraft, that we have too many wide-body aircraft, and that the pricing for our aircraft is also still something that we need to work on. We're very serious, and I would say that over the next weeks, we will also be very clear with the individual lessors to which aircraft we also will not need and will likely reject some of those. On the recapitalization, Denmark, Norway, and Sweden, I commented on it earlier on. They've agreed to convert their hybrids and, of course, the debt that is more than half of the targeted debt equity conversion. Denmark on top of that has communicated the potential participation in the future new capital raise, conditional on two things. First of all, the stakeholders participating in SAS FORWARD, and secondly, they have made it very clear what their position will be, and that will not exceed that 30%. We are definitely also there conditioned upon bringing investors in. The other part, I commented on it, Erno did as well. In the beginning of August, middle of August, actually, SAS entered into a debtor-in-possession financing credit agreement, $700 million with funds managed by Apollo Global Management. A massive step for us, of course, not only to have access to those $700 million, SEK 7 billion, but definitely a partner that would know the airline space extremely well. They have, as many of you know, invested in several airlines around the globe. For us to have at least access to the funds, to that loan, right? Let's be very clear what this is. This is bridge financing. It is a loan, but at the same time, yeah, we would work with someone who knows the airline space and who knows airline turnarounds very well. The agreement is subject to approval by the U.S. court, and we expect to get that in a matter of weeks. Flipping to the next page, the next steps. A lot of negotiations on all fronts. There is, of course, the continued negotiation with the labor groups that we still haven't concluded with. One of them is the Norwegian cabin crew, for instance, or cabin crew as a whole, that we intend to sit down with and have conversations and negotiations with starting soon. The pilots we have already spoken about and the good news coming out of there. Fleet, like I said, that is very much front and center. We have met with the lessors frequently over the past month, and that intensity is increasing. In fact, this week, again, our teams and our advisors met with the individual lessors in Dublin and have made it very clear what our position is. Like I said, further steps there to be expected. On the recapitalization, yeah, the SEK 20 billion, half of that has been confirmed and the equity raise in new equity, that is something that we will only kick off once everything else is really clear and partially in place, of course. More on that towards the end of the year, and I think probably that will kick off in earnest around the start of the new year. With that, moving to the last slide. We'll keep this short, so we have plenty of time for questions. Last time we got some remarks that there was still a lot of questions outstanding, so we'll wrap this up and then go over to all of you. Why are we doing this? Well, in the end, right, the SAS FORWARD plan will provide all those benefits to our guests. It's that customer experience that we will not diminish. In fact, by adding additional flights, routes, destinations, and time channels, we believe that our product offering will be even better, but very clearly that one of the strong pillars, such as EuroBonus, where now more than 7 million people are a loyal customer of SAS, is a very successful pillar, and we will focus on that also going forward, especially those elite levels. We also see that the corporates are rebounding and that corporate traffic is really coming back, and it's still at a lower pace than the overall travel market, the overall rebound in leisure, but definitely is something that we will want to focus on. EuroBonus will remain an integral pillar and a vital pillar of our plan going forward. Digitalization and personalization accounts for a large chunk of also all these individual initiatives in the overall SAS FORWARD plan to, of course, make the lives of our passengers better and to also help our own customers, or sorry, our own employees internally so that everyone really has a much better life. Leading airline sustainability, as you know from SAS, very important and a very key component for everyone Scandinavian, certainly for Scandinavian Airlines. We are on track to beat our target of - 25% by the year 2025. Over the next few months, we will come out with our new targets and also will extend, of course, that period to beyond 2025. Overall, we are executing on a strong plan, a plan that we've launched earlier in the year, a plan that has a clear roadmap. We have tried to make it out of court. We unfortunately had to go in court, and we're absolutely now using that to the fullest extent. That process is to last until, call it spring of next year, May, June of next year, and we are executing on that step by step. The next steps, as we have discussed in those negotiations with suppliers, with of course also still some internal parties, to make sure that we get to the right cost level, that we convert that debt into equity, to then be in a position to have our equity raised towards the end of the year, early next year. We are together building a future SAS, and we are looking forward to doing that with a lot of stakeholders. Thank you. Thank you for now opening up to the Q&A, and let's see who's the first one, please. Thank you. If you have a telephone question for the speakers, please press zero one on your telephone keypad, and you will enter a queue. After you are announced, please ask your question. Our first question comes from the line of Hans Jørgen Elnæs of Winair. Please go ahead. Good morning, Anko and Erno. A few questions from me. The operational performance improvement in SAS, what measures have you taken, and when will these effects take place? Secondly, long-haul operation to Asia is affected by the closed Russian airspace, as you mentioned in the presentation, and it's also unknown for how long. What can be expected about changes in SAS long-haul network strategy based on this? My final question is the unpredictable demand for the winter season 2022, 2023, and over capacity that is expected. Do SAS have any plans to reduce your capacity for the upcoming winter season? Thank you. Good morning, Hans Jørgen. Thanks very much, and good to hear you again. Thanks for your questions. I'll take all three. First, operational performance. Yeah, look, still not, of course, where we want to be clearly affected by the strike also, but everything else that went on over the summer, right? We've spoken at length about the aircraft delivery delays. I'm afraid to say that will continue from the feedback that we're getting and the input that we're getting from important players in the industry. That's not something that I think will be solved over the next weeks and months. The operational performance has gotten significantly better also after the strike. I think it's very good to see that things are moving again. The relationship, of course, between us and pilots, you now see that there is the sale of FX days again, right? The overall sick leave in the company significantly lower. We have, I think, also there been, in a way, lucky. I know that certain airlines have been hit harder by a summer COVID wave than we have appeared to be hit. That, of course, is good news. When you look at the last few weeks following the strike, we're absolutely talking about very decent levels. That is good to see. It's also something that we will have to absolutely keep going forward and improve further on. We know that it's vital for all of our customers, of course, to deliver on the customer promise, right? Very much front and center to have, of course, the right levels of fleet, the right network, the right schedule, the right crewing, and everything in place. Noting that once more, the challenges of the ecosystem, from aircraft delivery delays to everything else, staff shortages at suppliers and everybody else, our ability to train, for instance, also pilots, has really not yet fully vanished, let's say, right? We're still in a position where all of that is, I think, challenging all around for the industry. Your second question on long haul, again, that can be very straightforward. We've got too many wide-body aircraft. We flew up to, call it, 30 weekly frequencies to Asia before the pandemic. We're currently flying one. That tells you everything, right? It's, there's, I think, no end in sight for the closure of Asia. I saw news coming out of China this week where the government has again reinforced their COVID-zero policy. I don't foresee anything shortly there as a major change. Secondly, Russian airspace, anyone's guess, right? I also don't think that that's gonna be solved in a matter of months. It's very clear that we have a surplus of wide-body aircraft, and we are addressing that with our lessors. Yes, that means that, I think we will make changes to that long haul part of our network, given the uncertainty at a macroeconomic level. That's probably how I also would like to answer your third question about the winter season. I've said it a few times publicly. I am not convinced yet about this winter. I see, of course, as all of you do, those yeah, maybe flashing warning signs about recession, inflation, and of course, energy inflation in Europe, I think, certainly is something that keeps us up at night. Look, we don't see an immediate downturn or slowdown yet in demand. It's the normal slowdown, if you like, after the summer season. Yeah, we're very focused on not overproducing for this winter season. Okay. Thank you very much, Anko. Thank you. Our next question comes from the line of Jacob Pedersen of Sydbank. Please go ahead. Yeah, good morning, all, to all of you. I have a couple of questions. First of all, have you any commercial activities in the pipeline for regaining market share lost during the strike? Or do you simply expect passengers to come back into the SAS aircraft? I thought you were gonna ask more questions, Jacob. Okay. Yeah. I No. I'll take this one. It's fine. Good to hear you and hope you're okay. Look, first of all, two things. What we're seeing is actually a very decent rebound immediately after the strike. The trends are really restored. I think, and certainly for August, I mean, it took, of course, a few days after the strike, right? When everything is completely back to normal, but that was really a matter of days and not weeks. Certainly right now, August, sales, call it sales, trend lines are completely in line with what we saw prior to the summer season, prior to the strike. Yes, we are doing big campaigns. One of them, we're running actually also this week. It is running now for seven days. Again, very healthy. That is, of course, also building base loads for the low load season, for the lower season that's coming, and that goes very well. On top of that, I think, like I said, one of the major focuses that we're having is just making sure that we're more consistent, right? The cancellations that we took, the cancellations that we've seen throughout the spring-summer season, that is something that we've got to get far more under control, and I think we have, at least the last few weeks also since the strike. Like I said, also in my response to Hans Jørgen, the fact that we're seeing FX sales again, right, the three-day sales by pilots, for instance, that helps, of course, tremendously. We've got lower sick leaves. It flows again. The whole machine definitely works better at the moment. Those are the main things we're doing, let's say, commercially speaking. Okay. A question regarding jet fuel. Of course, your largest competitor in the Nordic region is also a non-hedged, but still if we look at market capacity in the Nordic region, a lot of competitors are hedged and I think quite well hedged on the jet fuel side. What are your thoughts regarding this, your disadvantage moving into winter season with higher jet fuel costs than at least a lot of your competitors? Well, if I take that one, obviously, as we pointed out, we are currently unhedged for fuel, and there's some, let's say, historical reasons for that. When the actual real increase in jet fuel prices started earlier this year, we're not in a financial position to find any suitable counterparties to do hedging on jet fuel. That is quite bluntly the reason why we are entering the approaching winter season unhedged. At the same time, what we are currently seeing is actually maybe a change in the pattern or shape of the forward curve, so it's not creeping up anymore, and actually it has come down slightly from the highest levels. Obviously for us, having no hedges in place, that is bringing an immediate relief as well. Obviously we do have a hedging policy that would require us to hedge a significant proportion of the short-term consumption. Unfortunately at the moment, we don't have that entering the winter season. Okay. Second to last question. Union action. We saw what happened during the negotiations with the pilots. How do you time the negotiations with other employee groups? Will they be going on over the next nine to twelve months while you're in the Chapter 11 process? Or will that be left to bring down costs further, but not until after the Chapter 11 process? No, Jacob, that's, it's very clear. First of all, with many of the groups, we have, of course, already signed agreements, and they are not open for, call it negotiation at the moment. There are specific groups that we will now sit down with that we even haven't had conversations with, such as, right, Norwegian cabin crew, for instance. We will start that now and have those negotiations. Look, I am really happy that we were able to sign that long-term agreement with the pilots, right? It is something that the pilots have taken a responsibility. They have really stepped up in that sense also. They have now contributed to SAS FORWARD. Many other groups had already and have over the last years and year. Now also with the pilots setting that example, I think really we can get to a good outcome with the remaining groups. Still a lot of employee groups lacking negotiations to bring down costs further. Not necessarily, not entirely. With some, like I said, we have signed those agreements, and that's really just a matter of making sure that we actually ramp up to the full capacity, right? Call it 80%, 90%, 100%, when those benefits would also kick in. Yes, with others, we still have to negotiate that. We don't have, to be very clear, we don't have that time to wait nine-12 months. When you look at the financing also that we now have received, right, that $700 million, it's very clear that that is money that we are using to get through the restructuring process. We really have a matter of months. It's really only a matter of months in which all of us need to be very clear on the cost level, and those negotiations that are outstanding or will start, they will really have to be wrapped up in a matter of months so that we can actually proceed in our full restructuring program. That is something that we will take up, of course, with those individual unions. That's very clear. Thanks so much. I have one last question regarding competition, regarding yield environment. What do you foresee looking into the future? We could see a weakening of demand, but it seems that the airlines at the moment have regained some pricing power, and they actually seem to be enjoying that quite a lot. What do you see when we look into the fall and winter? Yeah. Good question. I don't have the full clarity on that myself either yet. It's still, I think, too early to tell. We're still in August. What is that build up? What's the corporate build up like again for autumn and winter? We don't know that simply yet. It's still a bit too early to tell. I can indeed talk in general. What is clear, what was at least clear during the summer, I think there was more demand than airlines were able to put back capacity. There was, let's say, a positive mismatch, right, in positive to our case, but I'm not sure where that will be over the winter season. Simply too early to tell. We're not negative, but we're erring on the side of, call it conservative position to make sure that we don't go wild. Like I said, macroeconomically, we do see, call it clouds gathering. We don't see that fully reflected yet in our data, but we're certainly, like I said, erring on the side of caution rather than the opposite. Thanks so much. Have a nice day. Thanks, Jacob. Thank you. Thank you. Our next question comes from the line of Achal Kumar of HSBC. Please go ahead. Hi. Good morning, gentlemen. I have a few questions, sorry, more than three. First of all, a small question. How much is the total amount now you need to refund to the customers for the flight cancellation during those 15-day strike? Have you got any protection on those? If you could please share. This is a small question. On the refunds and the total impact for the strike, we are not really separating between those, but we have said that the total impact that is currently in the revenue reduction items for Q3, it's at approximately SEK 1.2 billion. What exactly is going to be the end result? That will be determined towards the end of the year as all the claims are being processed and cleared for payment. But our total estimate is at SEK 1.2 billion, and as said, the vast majority of the total impact is booked already for Q3. Right. Perfect. Thank you. My next question is around the competitive landscape. I'm following the last question from Jacob about, you know, regaining the market share. As you said, you know, on the long haul, of course, Asia facing challenges due to Russian airspace closure. How about the short-haul markets? I mean, I guess due to some instability at SAS operations, I guess, the competitors have sort of strengthened their capacity or market share. Now how do you see them? Do you see any changes to your short-haul network also? How do you think you could regain the consumer's confidence? How do you see the corporate market share coming back to you, which you lost due to all that? Yeah. Achal, thank you. Let's break it down a few pieces. First of all, the corporate share. Look, there is, of course, call it a blessing in disguise that in July, right during a strike, that corporate section or corporate segment is not really traveling that much. That is at least something that we haven't really been hit as hard with. Like we said, we see booking patterns completely restored. Right? We have in August right now sales trends, booking trends, absolutely back to where we were prior to the strike. That was, yeah, I call it still a rebound or snapback that was actually quite fast. On long haul, nothing to add to what you said. I think that's definitely a question of Asia, right? That is, like I said earlier, we don't expect to be flying massively to Asia anytime soon, and that is just macroeconomic reasons, China and of course, Russian airspace. On the short- haul, we actually had already also expanded ourselves, for instance, to southern parts of Europe. We had additional flying. We were already to many destinations back to 2019 levels or even over 2019 levels to the most relevant sun destinations. There is additional capacity coming into the market. Right? We have seen, of course, some low-cost carriers, low-cost airlines trying to set up their base in Scandinavia. Some of them I would think that it hasn't really been working out due to the same challenges that they have seen over the summer months. Let's see. We have also expanded ourselves. I think what we need to do is deliver on, right, execute on the SAS FORWARD plan. If we're able, with our new cost level, to still have that loyalty of 7 million people in our EuroBonus database, a relationship with 7 million people in Scandinavia with a low-cost base, then we really will, of course, be in a much better position to also, for next summer, capitalize on that. That is what we're focused on. As you rightly said, as you said that you're seeing other low-cost airlines setting up the bases, so do you see increased competition in the Nordic markets? Yeah, we do. I mean, look, there's several new entrants, right? I mean, there is, of course, the likes of Eurowings who's setting up a base. There is Flyr in Norway. When I look across the board, I'm not yet seeing the strength in much of the financial numbers, at least around me. Still remains to be seen. I do believe that with our market position, our capacity position, our 7 million people that are loyal to us, and with the new cost base, we are absolutely still in time to, as of 2023, grow back our position and become even bigger. Okay. Next question on your negotiations with the lessors in terms of leases and in terms of pricing. You have been doing this for a while. Have you got any kind of, you know, method or if you can pass on any sort of early feelings that, you know, how long would it take, how confident are you? How much savings can you achieve by doing that? If you could share your thoughts on that, please. Sure. Achal, thanks. First of all, how confident are we? I'm 100% confident. It's very straightforward. This is what the company needs. It's pretty binary in that sense, right? If we don't get these deals, if we don't get to that position, then we're really talking a very bad alternative, including for these lessors. I really do think that we're very confident in that sense because it is simply the truth. Therefore, there is really no other way of looking at that. Secondly, we will have, call it, some further discussions. Let me be more practical there. There will be shortly. It is time for us to start also rejecting aircraft in the Chapter 11 process. We will of course not go into the details here on which aircraft and which lessor and what have you. It is clear that we're making progress. It's also clear that we're not there yet where we need to be. We will now move into the next phase, which very clearly is about we have a surplus of aircraft. We've been telling people that we have a surplus of aircraft, and we will take the next step to make sure that we right-size the fleet and right-price the fleet. That is a matter of now. That's not a matter of months. I do think we have a matter of months maybe to wrap it all up, right? That's call it two months. That's it. That's really where we stand. It's very much front and center at the moment, and we're definitely taking that to the next step. We have to get, and we will get to the right outcome for SAS, Achal. Okay, perfect. Thanks. Sorry, I have two more questions, and I promise the last two questions. First about your negotiations with your pilot unions. So if you could please give us a bit more detail about, you know, what kind of flexibility does it allow, you know, and what is the kind of agreement have you reached with your pilot unions? In terms of your negotiations with other unions, how, you know, how easy or how difficult they are, and do you expect there could be potentially more strikes from other unions? So that is my first question. Secondly, if you could please give us a bit more detail about this DIP agreement with Apollo Global Management. You've got $200 million access to the $700 million. Of course, you have some terms and conditions around it. First of all, what is the average finance cost of this funding? I guess it's very expensive money. Do we have any covenants attached? And also, I guess in your release, you mentioned that initially you will have $350 million, and then, upon meeting certain conditions, you will have access to another $350 million. What are those conditions? And if you could please discuss this a bit more detail, that'll be very helpful. Thanks. Yeah. Look, a lot of that has been published, and I think there's a lot of detail there. Rather than listing all of that right here on the call, I think we can also send that to you because that really is a number of pages. That will take us really through the end of this call, and let's see if there's other questions. What I will say is the following: Yes, it would give direct access to the first $ 350 million, and the second $ 350 million is conditioned upon sufficient progress and sufficient, let's call it comfort on Apollo side, that we can actually deliver on SAS FORWARD. That, of course, includes all the cost out, the entire cost out program. Look, it is very clear that mixing questions one and two, basically, that you're asking me now. On the union side, for instance, the pilots, like I said, very important group, very happy that we've been able to sign that long-term deal that provides the, as right, we've said, increased flexibility and the productivity. That's all really good. The cost reductions that are in line with our targets in SAS FORWARD. I'm primarily happy that we've signed that long-term agreement and that the pilots are on board with SAS FORWARD. That is still needed because we are, of course, financially speaking, not out of the woods yet. Until you are restructured and until you have fully restructured, you haven't, right? That's a very silly statement in many ways, but I do want people to realize this, including, of course, some people internally. We haven't fully restructured until we are really done restructuring, and we're still in the middle of that process. Yes, steps to be taken. Yes, clear that we have our work cut out for ourselves over the next weeks. Like I said, within a matter of, right, only a few months, we have to show that we are ready to take on, call it that second draw of the DIP, and therefore, a lot of work ahead of us. I am pretty sure that with the outstanding parties, including some of those unions, we can sit down and make sure that there's absolute clarity about what needs to happen to make SAS FORWARD a success, and therefore having a successful company in the future, which in the end is also, of course, always the union interest, right? That provides the job security that we're all after. I'm gonna close by saying that is something that the pilots and us have been able to agree upon. I'm very hopeful that we can do that with the others as well. Perfect. Thank you. Let me Achal, thank you. Let me wish you good luck for that. Yeah. Thank you. Thanks, Achal. See if there is. Our next question. Yep. Okay, please go ahead. Yeah. Yeah. Our next question comes from the line of Richard Schuurman of Air Insight. Please go ahead. Good morning. Richard Schuurman, Air Insight. I have a question about your remark about substantial recruitments and rehirings. Does that include 450 pilots only or also the cabin crew that you need? How sustainable are these new recruitments if you are in the process of Chapter 11 restructuring and probably don't need them all next year or in the years after that, as you might reduce your fleet? Thank you. Yeah, thanks, Richard. To start with that last remark, no, that's absolutely the wrong conclusion. Sorry to be very Dutch and direct there, but we have, of course- Okay a growth plan. Secondly, there is retirement. We don't recruit for a number of weeks or months. Really, the intention is, of course, to make sure that these are very much part of the future SAS. Once again, when we go through the restructuring and we lower our cost base, there is an absolute reason for SAS to be in a good shape, right? If you implement and execute on the SAS FORWARD plan, reduce your cost, have a better balance sheet, right? Converting that SEK 20 billion of debt, and you're able to raise that SEK 9.5 billion on the back of that, then you are a healthy and strong airline. Then there should be every reason for people to also be interested in joining us on that future flight. Yeah, again, apologies for being Dutch and direct, but the conclusion really has to be, we will be healthy and therefore an attractive employer. Going back on the first- Can you tell me the number? What do you mean by with substantial recruitments? What numbers are attached to it? Yeah. Exactly where I was going. We're looking for altogether about 1,000 people that we will recruit. That's of course over flight deck and cabin crew and others, but that's really the numbers we're looking at. If you look at the pilots, right? That of course will have to be in line with capacity the same as or the capacity builds back, if you like. The same goes for cabin crew, and that is something that we're seeing very much also for summer 2023. Those are the numbers that we're talking about, roughly. Dank u wel. Asjeblieft. I think now we have a last question. We're running short on time again. The last one is for Roar Valderhaug at Aftenposten. Yes, hello. This is Roar Valderhaug from Aftenposten. I have two questions for your CEO. The first question is, do you have a message for SAS around 25,000 unsecured creditors? What hope can we give them of getting a reasonable dividend when SAS hopefully exit from Chapter 11 in about nine-12 months? Yeah. Look, lots of variables, of course. Lots of process still to be had. We are going through that process at the moment, and I really cannot say where that will land, specifically for them, right? Let's be very honest there. Like I said, lots of variables. First, of course, on making sure that we implement part of SAS FORWARD that is not yet implemented, right? We have already certain deals in place, like with the pilots. We're now dealing with the fleet, as I told you. There is, of course, still that large portion of debt-to-equity conversion that we also are working on. The states, in total, have agreed to SEK 10.5 billion. That's more than half. We're still working all the other parts. There is still quite some variables to work through before being able to comment on that. I also am wondering, do you have any message for your current owners, including, several thousand Nordic retail investors? Do you have any hope at all to give to them? Well, I think the same. Of retaining some part of the company. Excuse me, sorry. Of being able to retain a small part of the shares. Do you have any hope for that to get that? Yeah, the same answer really applies there, right? I mean, we don't go through this process because we're in a luxurious position. We do this because the company needs it. In the end, we've been very clear, and I think that's the best thing we can do at the moment is be very transparent. We are converting SEK 20 billion of debt -into equity, and we are raising, right, at least SEK 9.5 billion as our target. Yes, let's be clear, there is severe dilution as we talk about it also. The best thing I think that we can do is be very transparent about what is happening. If this wasn't needed, of course, you would take another path. This is the path we have chosen because we're absolutely convinced it is needed. I have one question for your CEO, CFO Erno Hildén. You seem to reach an agreement about handing back a 19-year-old Airbus A321-200 called LN-RKK with a lessor ICBC Aviation Leasing. I was just wondering, is this your first rejection so far, this one? To my knowledge, it is not. In the process, in the Chapter 11 process. No, to my knowledge, it is not. Unfortunately, I don't have the details on that specific aircraft here with me, but Can you say how many you have rejected so far in the Chapter 11 process? Yeah, I will take that. No, we will not do that here. We will, of course, take it up in the individual conversations with the lessors. That is where those conversations need to take place. Okay. I think that concludes. Okay. Thank you. That concludes the session today as we have to move on to the next meeting. Thank you all for listening in today. Yeah. Wish you all a great weekend. Thanks. Thank you all. Thanks very much for this morning.