挪威航空公司 ASA (NWARF) 首席执行官 Bjorn Kjos 在 2019年 第二季度业绩 - 收益电话会议记录
Norwegian Air Shuttle ASA (OTCPK:NWARF) Q2 2019 Earnings Conference Call July 11, 2019 2:30 AM ET
Anne-Sissel Sksnvik - Chief Communications Officer
Bjorn Kjos - CEO
Geir Karlsen - CFO & Interim CEO
Stine Klund - IR
Niels Smedegaard - Chairman
- Anne-Sissel Sksnvik - 首席通讯官
- Bjorn Kjos - 首席执行官
- Geir Karlsen - 首席财务官兼临时首席执行官
- Stine Klund - IR
- Niels Smedegaard - 主席
Kenneth Sivertsen - Pareto
Hans Jorgen Elnaes - Winair
- Kenneth Sivertsen - 帕累托
- Hans Jorgen Elnaes - Winair
Good morning, everyone, and welcome to Norwegian's presentations of the second quarter results and to the press conference about the change in top management, as we have -- that we have announced this morning. My name is Anne-Sissel Sksnvik. I'm the Chief Communications Officer.
As you will see from the agenda here, we will start with the presentation of the results presented by Bjorn Kjos and Geir Karlsen. Then we have a plenary session with Q&A to the figures only before we continue with the press conference.
Be aware that we -- both the quarter presentation and the press conference will be in English as we will stream it to the international audience. So -- and also, questions will be in English.
So now I hand over to you, Bjorn, for the presentation.
大家早上好，欢迎挪威出席第二季度业绩的演讲，并欢迎新闻发布会关于高层管理人员的变化，就像我们今天上午所宣布的那样。 我的名字是Anne-Sissel Sksnvik。 我是首席通讯官。
正如您将在此处的议程中看到的那样，我们将首先介绍Bjorn Kjos和Geir Karlsen所呈现的结果。 然后，在我们继续举行新闻发布会之前，我们会在数字问答中举行全体会议。
请注意，我们 - 季度演示和新闻发布会都将使用英语，因为我们会将其传播给国际观众。 所以 - 而且，问题将是英文。
Thank you. Hopefully, my last presentation. If you think -- if they think I am sorry for that, I am not. Well, because I'm very overdue.
I'll just go straight ahead. I think we have reached a very good, this year If you look at what we have achieved here, we have actually doubled the result on the EBITDAR excluding other losses and gains from NOK1,164 million to NOK2,338 million. And that has happened by improving the unit revenue by 13%, and very good, it's primarily driven by long-haul. And of course, we have a positive Easter effect.
And we are on track because when we -- you will see later that when we take off the expansion, it's very easy that you will be killed by the cost, but we are on track with the cost, NOK554 million in cost reduction in second quarter. So we will definitely reach NOK1 billion year-to-date, and we are on track to reach our targets.
Improving punctuality, and despite 18 MAXs on the ground, that's a very good achievement by the people that runs the daily operation. And of course, we have, as always, got a lot of awards, the World's Best Low-Cost Long-Haul Airline by SkyTrax. That was very good. I think it was 5th year in a row and also voted by Europe's Leading Low-Cost Airline by World Travel Awards.
Yes, we have grounded several of the MAXs. And the number of deliveries, of course, have to come down because they are parked and cannot fly to U.S. So it will go down from 16 to -- we are not sure if it's 6 or 4, but obviously, that will take down the CapEx to a large extent. And then we have also signed an agreement for the sale of additional NGs, cash effect of $21 million, and depending on how many MAX NGs -- we sell it depending how many MAXs actually we get. So there's a huge appetite for the MAXs. And we have added 2 Dreamliners into our operation.
So the growth has come down from -- of course, last year, second quarter, we received a lot of Dreamliners so -- and we are finished with that now to a large extent. And so the growth have come down to 6% in, say, in this quarter and 7% of the RPK. And that gives us an 88% average on a rolling basis. And we had 91.6%, as you remember, load factor this last month. So it's still improving.
The -- what we are very happy of is, of course, we have seen very strong development of -- especially on the long-haul side and a 19% revenue growth on the flat passenger development, as you see. You will see, obviously, it's taken a hit by our grounding -- of the grounding of the MAXs because we don't have the same amount of wet leases that we have on the grounded MAX.
And of course, a lot of the MAXs don't have the same seat arrangement as we have. So that, of course, creates a problem for us. But nevertheless, we have been able to fly 10 million passengers this quarter. Market share is absolutely the largest carrier over all the sales, but it's more or less flat, as you will see, except for the long haul. There it's, [Technical Difficulty] something happened? Can you fix it? I think it's broken, I think.
谢谢。希望，我的上一次演讲。如果你认为 - 如果他们认为我很抱歉，我不是。好吧，因为我已经过期了。
而且我们正在走上正轨，因为当我们 - 我们稍后会看到，当我们开始扩张时，您很容易被成本所摧毁，但我们正在按成本计算，成本降低了554亿挪威克朗25美分硬币。因此，我们今年肯定会达到10亿挪威克朗，我们有望实现目标。
是的，我们已将多个MAX接地。当然，交付的数量必须减少，因为它们停放在美国所以它会从16下降到 - 我们不确定它是6还是4，但很明显，这将取消资本支出在很大程度上。然后我们还签署了一项协议，出售额外的NG，2100万美元的现金效应，以及取决于多少MAX NG - 我们根据实际获得的MAX数量来销售它。因此对MAX有巨大的胃口。我们在操作中添加了2个梦想飞机。
所以增长率已经下降 - 当然，去年第二季度我们收到了很多梦想飞机 - 而且我们现在已经在很大程度上完成了这项工作。因此，在本季度和RPK的7％中，增长率降至6％。这使我们在滚动基础上获得88％的平均值。我们记得上个月的负载率为91.6％。所以它仍在改善。
当然，我们非常高兴的是，我们已经看到了非常强劲的发展 - 尤其是在长途运输方面以及平均乘客发展收入增长19％，正如您所看到的那样。很明显，你会看到我们的接地 - MAX的接地受到了打击，因为我们没有与接地MAX相同的湿租赁量。
One minute break.
Yes. I was coming back to the cost of the long-haul. Long-haul is performing very well. You will see that on -- not everything is working here.
You can be here. I think because -- I don't trust this.
This is extremely interesting to see. If you see the transatlantic routes, that is actually key revenue driver in our second quarter. And if you on see the absolute revenue growth year-on-year in the second quarter, the U.S. is actually, this quarter, is actually performing incredibly well. It has increased with NOK800 million. So -- and that's very interesting. And if you see to the right, the revenue split by origin in second quarter of 2019, you will see that actually, the revenue from the U.S. side is now larger than the total revenue from the -- Norway.
So that is extremely interesting. And it's a clear indication that actually, our long-haul operation is now really starting to work. See, our long-haul operation, around 60 routes. Biggest carrier in -- European carrier into New York, Los Angeles, and that's actually incredible after 5 years. It's hard to believe that we are the biggest carrier into -- as we expanded into New York. So the long-haul now is really taking off.
The short-haul is stable, short-haul fleet. We have 6 remaining 787s for deliveries. How many MAXs we get here, that's hard -- actually hard to say. We will probably, in 2019, at a maximum get 6 MAXs -- or probably between 4 and 6. So that means that we will have -- you will see a decline here, but that's because we have sold off the NGs, and that's okay for the winter season.
So -- and then, of course, it -- they will have a hard time to pick up the deliveries into 2020 as well. So we anticipate this would be the number. And then you will see us selling off NGs. And of course, we also have redeliveries of inexpensive leased aircraft that we leased in the start-up phase, sustainability in the business, of course, high on our agenda. This is actually very interesting. We have managed to decrease our emission per passenger kilometer by 30% since 2008. So we are not greenwashing like a lot of other airlines just talking about it. But if you see -- and it's very interesting. If you really want a flatbed, you double your emission.
And obviously, the fuel savings, I'll come back to that later, that's the most important any airline can do as well on a new aircraft. And then if we have a biofuel transition, yes, we can obviously lower our emission considerably. So it's no problem to fly on 50-50 biofuel on this modern aircraft and if you add on new technology, very important to have high load factors, the lower load factors you have, the more emission you have for passenger. So have -- you should actually have a high-density seating. We don't have it, but we -- still we carry a lot of passengers.
And then you can do -- we can and we have looked at it many times, do carbon offsetting. The reason why we haven't done it before is actually, a lot of these sites where you actually purchase your carbon offsetting is no good. But we have found new sites that is UN-certified, so that will work. And needless to say, we paid NOK330 million into compensation for carbon offsetting each year. So actually, we are doing a lot of things there -- the airline business is doing a lot of things.
是。我回到了长途的代价。长途表现非常好。你会看到 - 不是一切都在这里工作。
你可以在这里。我想因为 - 我不相信这一点。
这非常有趣。如果你看到跨大西洋航线，这实际上是我们第二季度的主要收入来源。如果你看到第二季度的绝对收入同比增长，那么美国实际上，这个季度实际上表现非常好。它已经增加了8亿挪威克朗。所以 - 这非常有趣。如果你看到右边的收入在2019年第二季度按原产地划分，你会发现实际上，美国的收入现在大于挪威的总收入。
所以这非常有趣。而且这清楚地表明，实际上，我们的长途运营现在已经开始起作用了。看，我们的长途运营，大约60条路线。最大的航空公司 - 欧洲航空公司进入纽约，洛杉矶，这实际上是5年后令人难以置信的。当我们扩展到纽约时，很难相信我们是最大的载体。所以现在长途飞行真的起飞了。
短程是稳定的短途车队。我们还有6个剩余的787用于交付。我们在这里获得了多少MAX，这很难 - 实际上很难说。我们可能会在2019年最多获得6个MAX - 或者可能在4到6之间。这意味着我们将会 - 你会看到这里有所下降，但那是因为我们已经卖掉了NG，那就是好冬天的季节。
那么 - 然后，当然，它 - 他们也很难在2020年之前完成交付。所以我们预计这将是数字。然后你会看到我们卖掉NG。当然，我们也有重新租赁的廉价租赁飞机，我们在初创阶段租用，业务的可持续性当然是我们议程上的重点。这实际上非常有趣。自2008年以来，我们已经设法将每乘客公里的排放量减少了30％。因此，我们并没有像其他许多航空公司那样谈论绿化。但如果你看到了 - 而且非常有趣。如果你真的想要一个平板，你的排放量会增加一倍。
显然，节省燃料，我稍后会再回过头来看，这是所有航空公司在新飞机上都可以做到的最重要的事情。如果我们有生物燃料转型，是的，我们显然可以大大降低我们的排放量。因此，在现代飞机上使用50-50生物燃料是没有问题的，如果你增加新技术，对于高负荷系数非常重要，你拥有的负载系数越低，你对乘客的排放就越多。所以 - 你应该有一个高密度的座位。我们没有它，但我们 - 仍然带着很多乘客。
然后你可以做 - 我们可以和我们多次看过它，做碳补偿。我们之前没有这样做的原因实际上是，你实际购买碳补偿的很多这些网站都不好。但我们发现了经过联合国认证的新网站，因此可行。不用说，我们每年支付3.3亿挪威克朗来补偿碳补偿。实际上，我们在那里做了很多事情 - 航空公司业务做了很多事情。
And if you look at the carbon emission, you will see that we are, by far, the best-in-class. Every passengers fly 44 kilometers compared to if they fly per liter biofuel, almost double of the length compared to, as an example, British Airways and Lufthansa and even SAS is way behind. So we are the ones doing it, not talking about it. So greenwashing, you should remember that -- because that's most of the industry actually are doing.
Geir, your turn.
如果你看一下碳排放量，你会发现到目前为止，我们是最好的。 每个乘客飞行44公里相比，如果他们每升生物燃料飞行，几乎是长度的两倍，例如，英国航空公司和汉莎航空公司甚至SAS都落后了。 所以我们是这样做的人，而不是谈论它。 如此绿化，你应该记住 - 因为这是该行业的大部分实际上正在做的事情。
Is this on? On now? All right. Okay. So let's just jump into the P&L. As you can see, we have a top line of NOK12.2 billion. We have an EBITDAR of NOK2.2 billion, actually, the highest in -- highest EBITDAR ever. If you compare 2018 to 2019, you can say that in 2018, we had a few one-offs. We had some one-offs on the technical side due to a renegotiated technical contracts, which we haven't an effect of in 2019, and we also had a pretty high currency gain last year that we don't have today. So the Q2 results for '19 is more like a clean results, I would say, and with a profit of NOK111 million.
IFRS, as we have been talking about earlier, has an effect of NOK183 million negative in '19 and in the second quarter. If you look at the revenue side and the unit revenues. It's very good news for us that the RASK is up 13%. The revenue is up 19% due to -- and despite a kind of flat passenger number. And it's also very encouraging to see that this RASK development is actually dominantly taken by the long-haul, where we are actually having a yield increase of close to 20% from -- compared to last year. And the RASK is up 17%. So that is very encouraging to see on the long-haul part of the business.
On the cost side. Not very exciting to see that we're only reducing the cost with 1%, currency adjusted. Have in mind that we had a one-off in the second quarter of '18. So despite that, we are still able to take down the cost level in Norwegian. And if you look at the cost level quarter-by-quarter, it is having a positive trend, meaning that the cost level on the underlying business is coming down. We do expect that the underlying cost will continue to come down. I'll give you an update on the so-called #Focus2019 program a little bit later. But even the fact that we have 18 MAXs parked, we are still able to take down the cost level in the Company, and we will continue to reduce the cost.
I'm not going to go in detail here. A couple of comments. I mean on the technical side, again, it's due to the onetime effect last year so it is not as dramatic as it looks. And the airport charges, ATC costs, down 20%. That's a pure result of the Focus'19 program that we are running. Fuel cost is where they are, as you can see, and they're still at relatively high levels.
Focus2019, our program. We are still on target. We have taken out NOK554 million in cost savings in the second quarter, taking us up to NOK1 billion for the, let's say, year-to-date. We are struggling a little bit on the crewing side, to take out the effects that we want to take out. That's mostly due to the MAX situation where we have kind of a disturbance in the planning.
On the technical side, we have had a good quarter when it comes to cost savings, and we have still a massive number of initiatives that we are working on. And we do still believe that we will reach the target of NOK2 billion also despite the fact that we are taking down the capacity compared to the planned capacity a few quarters ago. So that's still the plan. Total target is still above NOK2 billion, and so let's see when we get closer to Christmas on what we can achieve. This is just a bridge on how we calculate this NOK554 million for the second quarter and which takes us then to the NOK1 billion for the year-to-date.
正如我们之前所说的那样，国际财务报告准则在19世纪和第二季度产生了1.83亿挪威克朗的负面影响。如果你看一下收入方面和单位收入。对于我们来说，RASK上涨13％对我们来说是个好消息。由于 - 尽管有一个平坦的乘客数量，收入增长了19％。同样非常令人鼓舞的是，这个RASK开发实际上主要是长途运输，与去年相比，我们的实际收益率增长了近20％。而RASK上涨了17％。因此，从业务的长途部分来看，这是非常令人鼓舞的。
Over to the balance sheet. A couple of comments there, we have investment, it's NOK2 billion. That's the shares that we have in Bank Norwegian. We have an accounts receivable of NOK12 billion. That is kind of at the peak level by the end of June. And that is the tickets sold that we will now get transferred into cash during the next 8 weeks, where we have burn down, as we call it, which means that we -- our passengers are now, these days, traveling for -- in the area of NOK1.6 billion to NOK1.7 billion a week.
So this is accounts receivable now sitting with the credit card acquirers, which will be transferred to cash over the July and August. And we are still in need of more credit card acquirer capacity, which we have been working on for the last months. We have on-boarded 2 of them, new of them. One is already up and running and another one is coming up running in late August. This is very important for us, obviously. And as the revenues are also increasing, over time, we need more capacity from these guys. But a huge number, huge portion of that NOK12.7 billion will be transferred into cash during the next weeks, meaning through July and August when we have the peak season, passenger-wise.
If we look at the current debt, I mean, the short-term portion of the debt. That includes the bond maturing later this year. It also includes debts related to the aircraft that we have already sold but not delivered to the new owners. And then that is -- and then it also includes then the IFRS effects on the outstanding portion of the leases, the principal outstanding portion on the leases that we have in the Company.
If -- I know there's a lot of you that is thinking about the bond maturing -- the bond maturity coming up now late this year. So I just thought that I'll give you some bullets. I'm not going to go in detail into this, but this is sources to liquidity, as we call it. So -- but the underlying -- the most important thing for Norwegian and which I hope you see is that the underlying focus is to make sure that the operational performance is getting better.
And I think, going out with the results today, I think it shows that we are on the right track. We have the best EBITDAR in Q2 ever, and I'm going to give you a little bit of a guiding as well for our EBITDAR figures that we are now looking forward to by end of the year. Obviously, we have factored in some losses due to the MAX situation. I'll come back to that. But in the P&L in Q2, we have a loss in the area of NOK400 million built into the P&L. So we do definitely have -- we are definitely affected by the MAX situation.
So going forward, not only in '19 but also in '20 and '21, the only focus that we have in the Company today is to make sure that the underlying operation of the Company is getting better and profitable, obviously. We are also on-boarding the acquirers these days, which means that the working capital should have a positive development going forward. The need for credit card acquirers is at the peak during the winter actually. So what we need to do now and what we are going to do is to bring new acquirers on-board to give us the capacity we need, first of all, into the winter season coming up.
到资产负债表。那里有几条评论，我们有投资，它是20亿挪威克朗。这是我们在挪威银行的股票。我们的应收账款为120亿挪威克朗。这种情况在6月底达到峰值水平。这就是售出的门票，我们现在将在接下来的8周内转移到现金，我们称之为燃烧，这意味着我们 - 我们的乘客现在，现在，这些日子，前往 - 面积为16亿挪威克朗，每周达到17亿挪威克朗。
如果我们看一下目前的债务，我的意思是债务的短期部分。这包括今年晚些时候到期的债券。它还包括与我们已售出但未交付给新业主的飞机相关的债务。然后就是 - 然后它还包括IFRS对租赁未偿还部分的影响，这是我们在公司租赁的主要未偿还部分。
如果 - 我知道你们中有很多人正在考虑债券到期 - 债券到期日会在今年晚些时候到来。所以我只是想我会给你一些子弹。我不打算详细介绍这一点，但正如我们所说，这是流动性的来源。所以 - 但潜在的 - 对于挪威人来说最重要的事情，我希望你看到的是，潜在的重点是确保运营绩效越来越好。
我认为，今天结果出来，我认为这表明我们正走在正确的轨道上。我们在第二季度拥有最好的EBITDAR，我将为我们的EBITDAR数据提供一些指导，我们现在预计到今年年底。显然，由于MAX情况，我们已经考虑了一些损失。我会回到那个。但在第二季度的损益表中，我们在损益表中已经亏损了4亿挪威克朗。所以我们确实有 - 我们肯定会受到MAX情况的影响。
We have a value in Bank Norwegian. It's a value that's approximately NOK2 billion. There is -- that is kind of close to liquidity for us. We don't necessarily need to own the shares in the bank. We are very bullish on the bank, so -- but it's liquidity regardless, should we need it. We are divesting aircraft that we don't need. We are taking down the capacity, the growth. And all the aircraft that we have sold so far has been sold either at booked or with a profit, and clearly, it frees up liquidity. We are still progressing on the so-called joint venture or partnership. I'll come back to that a little bit later.
And another factor that you might know, at least some of you, we have quite high values in our departure and arrival slots only in Gatwick, those are by third parties evaluated to in the area of $300 million to $400 million. Just food for thought for the one of you that are thinking about the bond. Cash flow, not that many comments to the cash flow. You can see that we have that purchases and proceeds. Most of that relates to the sale of 4 737 NGs. That is done, NOK950 million. On the principal repayments, 7 -- let's say, NOK650 million of that is -- relates to the debt associated to those 737 NGs that are sold. We have paid down NOK750 million in kind of regular debt repayments, and we have also then paid down NOK800 million on the lease debt as such.
CapEx, we are actually -- this time, it's actually by the reason of the MAX situation. So what we are seeing here now, that we have taken delivery of 4 Dreamliners so far this year. We have 1 remaining one coming up or delivering now very late in July. Other than that, we do expect to take delivery of approximately 46 MAXs. The thesis now is that the MAXs will, at the earliest, be back flying in October. It would potentially be even later. And that means that as it looks now, we will take delivery of 11 MAXs in 2020. We have 8 redeliveries of the old leases in 2020, so as such, we have a 3 aircraft net growth.
And then on the 787, as I said, we have 1 left this year in July, then the next one is coming in January. It's also likely that one of the 787s next year will be pushed out in time, and that will be the last one delivering into the summer next year. On the Airbus side, we have 5 deliveries coming up, 1 this year, 4 next year. All of them are going on very long leases to Hong Kong Express, as you know. On financing, we will -- going forward, focus on what I call, export credit-supported facilities with attractive terms and a relatively long repayment profiles.
Outlook. As I said, on the MAX situation, the thesis now, at least the working thesis in Norwegian is that this will be back at the earliest of -- in October. We have secured the capacity we need for the summer season, i.e., taking in wet leases, and then we are prepared to take 4 to 6 by the end of this year. And result impact in the second quarter is NOK400 million, which is built into the P&L. Despite that, we're still able to come out with a profitable quarter.
我们在挪威银行有价值。这是一个大约20亿挪威克朗的价值。有 - 这对我们来说有点接近流动性。我们不一定需要拥有银行的股份。我们非常看好银行，所以 - 但不管我们是否需要，它都是流动性。我们正在剥离我们不需要的飞机。我们正在减少产能，增长。到目前为止，我们销售的所有飞机都已经预订或有利可图出售，显然，它可以释放流动资金。我们仍在进行所谓的合资企业或合伙企业。稍后我会回到那里。
还有一个你可能知道的因素，至少有些人，我们在盖特威克的出发和到达时段都有相当高的价值，那些是由第三方评估的，价值在3亿到4亿美元之间。对于想到这种关系的你们中的一个人来说，只是值得深思。现金流量，不是现金流量的那么多评论。你可以看到我们有购买和收益。其中大部分涉及4 737 NG的销售。这样做，9亿5000万挪威克朗。在本金还款中，7 - 比方说，其中6.5亿挪威克朗 - 涉及与出售的737个NG相关的债务。我们已经支付了7.5亿挪威克朗的常规债务还款，然后我们还因此向租赁债务支付了8亿挪威克朗。
CapEx，我们实际上 - 这次，实际上是出于MAX情况的原因。所以我们现在看到的是，今年到目前为止我们已经接收了4架梦想飞机。我们现在有一个剩余的一个即将到来或在七月很晚才交付。除此之外，我们确实希望接收大约46个MAX。现在的论点是，MAX最早将于10月回归。它可能会更晚。这意味着，从现在看来，我们将在2020年接收11个MAX。我们在2020年有8个旧租约的重新发送，因此，我们有3架飞机的净增长。
然后在787上，正如我所说，今年7月我们有1人离开，然后是1月份的下一个。明年787的其中一个也可能会被赶出去，而这将是明年夏天推出的最后一个。在空客方面，我们有5个交付，今年1个，明年4个。如你所知，所有这些租约都在很长时间内租给香港快运。在融资方面，我们将 - 继续前进，专注于我所称的，出口信贷支持的设施，具有吸引力的条款和相对较长的还款情况。
And on the basis that these aircraft will be back flying in October, we estimate taking another NOK300 million loss from 1st of July until they are back in the air. We are obviously having a good and constructive dialogue with Boeing on the whole situation as such. Guiding. Yes, as you can see, we are kind of forced to guide the cost side slightly up this quarter. This is mainly due to headwind on the currency side. So that's the price only, both the underlying and also including fuel.
The Focus'19 program is still, as I said, on target. And of course, it's -- when you are taking down the capacity, it makes it a little bit more difficult to take out NOK2 billion in nominal cost savings. But that is still the target, and we expect to reach that target as well by end of the year. The challenge is when you are taking down the capacity, as we are now doing, to keep up on that reduction also on the cost side. So you should expect that we are going to take steps in order to do something on the cost side, even outside the NOK2 billion cost savings.
Then on guiding. I think in order to give you a flavor of how the second half looks and -- but first of all, on joint venture, that is progressing. We are still having a dialogue with the same partner. We have progressed and we do expect to have clarity on this within weeks, not within months, but within weeks. There's no guarantee that this will materialize, but we are optimistic. I think that's what we can say.
We would also like to guide this time on the EBITDAR. And we're guiding between NOK6 billion and NOK7 billion in EBITDAR by the year-end. That is, well, potentially more than a double since last year, and it shows that this change of strategy, the change from growth to profitability is starting to kick in. We started that in the third, fourth quarter last year, takes time to -- for that -- for all those steps to have an effect. We are now starting to see it on the underlying operational side. We do expect also that this will yield results throughout the rest of the year. And that includes then -- the NOK6 billion to NOK7 billion also includes then a loss, P&L loss of NOK700 million due to the MAX situation.
Yes, I think that ends my presentation.
正如我所说，Focus'19计划仍在目标上。当然，它是 - 当你降低容量时，它会使名义成本节省20亿挪威克朗变得更加困难。但这仍然是目标，我们预计到年底也会实现这一目标。挑战在于，正如我们现在所做的那样，您正在降低容量，以便在成本方面保持这种减少。因此，您应该期望我们将采取措施在成本方面做一些事情，即使在节省成本20亿挪威克朗之外。
然后指导。我想是为了让你了解下半场看起来如何 - 但首先，在合资企业中，这种情况正在取得进展。我们仍在与同一个合作伙伴进行对话。我们已经取得了进展，我们确实希望在几周内，而不是几个月内，但在几周内就此明确。不能保证这会实现，但我们很乐观。我想这就是我们能说的。
我们还想在EBITDAR上指导这次。到年底，我们将在EBITDAR之间引导60亿挪威克朗和70亿挪威克朗之间的关系。也就是说，自去年以来可能超过两倍，这表明战略的这种变化，从增长到盈利的变化正在开始。我们从去年的第三季度开始，需要时间 - 为此 - 使所有这些步骤产生效果。我们现在开始在潜在的运营方面看到它。我们也希望这将在今年剩余时间内产生结果。其中包括 - 由于MAX情况，60亿挪威克朗到70亿挪威克朗还包括损失，损失7亿挪威克朗。
We'll head over to the Q&A session. And as Anne-Sissel said in her introduction, we'll now take questions related to the Q2 presentation, and then we'll welcome questions related to the change in management after the press conference.
Kenneth Sivertsen, Pareto. Could you share some light on that booking into Q3? It seems like the -- this past booked ticket is flat year-on-year, and your capacity is still growing by some 5%. So how is the mix? Is Q3 still quite good? And then is it -- you're right about short booking being down now, so if you could...
Kenneth Sivertsen，帕累托。 你可以在第三季度分享一些预订吗？ 看起来 - 过去预订的机票价格同比持平，而且您的运力仍然增长了约5％。 那混合怎么样？ Q3还不错吗？ 然后就是这样 - 你现在关于短期预订是正确的，所以如果你能......
I can start to answer. You can fill it in. The -- on the long haul, see, it looks very good on the second quarter. There's no change in that going into this third quarter. The problem is that when we have increased a lot of capacity in the long haul, it is in U.K., it's Paris, in Spain, and it's in Italy and also out of U.S., the booking horizon we have no -- actually no -- we couldn't see it from -- you can't see it from last year. And the booking horizon in these countries are very short actually in some places within the month. So that's why -- we don't have any history to look at, that's why it's difficult on the long haul. But we don't see any changes into that. So as we stand here, we don't see any change in that pattern for the third quarter.
On the short haul, as expected, Sweden is slightly down due to the taxes that was implemented and a weak Swedish krona against the euro. This makes it much more expensive for the Swedish families to travel. We see it's strong in Norway and also in Denmark and slightly weaker in Finland. But the battle here is actually where we have taken out capacity, is in the Mediterranean, and as an example, from Germany and south to Mediterranean. But we have taken down a lot of capacity.
We also see -- we have taken down the capacity out of U.K. into Mediterranean. We see that obviously, U.K. is influenced by Brexit. No doubt about that. But the good thing about it, it's very -- it's much cheaper for the Americans to fly into U.K. now. So actually, we are doing quite well, as you saw, that on -- where we have increased so much out of U.S. Obviously, that's -- it's good for us that the dollar is strong against the pound, and we see a reflection of that on the bookings. So we'll -- the bookings in the third quarter as it's -- I think the shortage shortfall on the short-haul operation will be filled up by the long-haul operation. That's what we see as we speak.
I don't know if you have more comments left, Geir.
我可以开始回答。你可以填写它。 - 从长远来看，看，它在第二季看起来非常好。进入第三季度的情况没有变化。问题在于，当我们长期增加了大量的容量时，它在英国，巴黎，西班牙，而且在意大利和美国之外，我们没有预订范围 - 实际上没有 - 我们看不到它 - 从去年你看不到它。这些国家的预订范围实际上在一个月内的某些地方非常短暂。所以这就是为什么 - 我们没有任何历史可以看，这就是为什么从长远来看这很困难。但我们没有看到任何变化。因此，当我们站在这里时，我们认为第三季度的模式没有任何变化。
我们也看到 - 我们已经将英国的能力降低到地中海。我们看到，显然，英国受英国退欧影响。毫无疑问。但是关于它的好处，非常 - 美国人现在飞到英国的便宜得多。实际上，正如你所看到的那样，我们做得很好 - 我们在美国已经增加了很多。显然，那就是 - 对我们来说美元对英镑的强势是有利的，我们看到了在预订上。所以我们 - 第三季度的预订 - 我认为短途运营的短缺将由长途运营填补。这就是我们所说的。
Secondly, with the U.S. going so well on the long-haul side, essentially, I guess your currency mix will be more balanced. The top line, you're more U.S. dominated. So if you could just run us through how you think about that.
其次，美国在长途方面表现良好，基本上，我猜你的货币组合会更平衡。 最重要的是，你在美国占主导地位。 所以，如果你能让我们了解你的想法。
Yes. As we saw on the one slide there, as we saw that, the highest revenue generated now is actually from the U.S. But I think it's getting more equalized on the U.S. dollar economy in the Company. But still a huge portion of the expenses as valued in the Company is U.S. dollars, obviously.
是。 正如我们在那里看到的那样，正如我们所看到的那样，现在产生的最高收入实际上来自美国。但我认为公司的美元经济越来越均衡。 但显然，公司估值的大部分费用仍然是美元。
If you give us a new EBITDAR guidance range or a target range, whatever, how is long haul fitting in there?
Well, we -- first of all, I mean, we would have liked to give a more narrow range on that guiding, NOK6 billion to NOK7 billion EBITDAR. But the fact is that due to the MAX situation and the unclarity, the lack of clarity on when these aircraft will be flying again, this is kind of the range that we can get. And as I said, I mean, if you look at the RASK increase that you are seeing, it is actually dominated by the long-haul side of the business with RASK at -- with an increase of 17% and a yield increase of 19%. And as blended, it's 13%. So then, you can assume what we are doing on the short-haul side of it.
好吧，我们 - 首先，我的意思是，我们希望在这个指导上给出一个更窄的范围，60亿挪威克朗到70亿挪威克朗的EBITDAR。 但事实是，由于最大限度的情况和不清晰，这些飞机何时再次飞行缺乏明确性，这是我们可以获得的范围。 正如我所说，我的意思是，如果你看一下你所看到的RASK增长，它实际上是由RASK所带来的长途业务主导 - 增长17％，收益率增加19％。 混合时，它是13％。 那么，你可以假设我们在短程中做了什么。
Okay. And last and final, the JV, you said that it's a matter of weeks, but is -- if you'd just give us a little bit more color on this one, if you can.
好的。 最后和最后，合资公司，你说这是几个星期的问题，但是 - 如果你能给我们一点颜色的话，你可以。
I think as I said last time, it is kind of a 3-party agreement, more or less. It's ourselves, it's the partner, it's also the owner/manufacturer of the aircraft. And now we are discussing a structure with the partner. We have restructured the whole order, the flight -- or the delivery order, as you know, with the first of all Airbus. And now it's down to whether we can materialize or execute on the structure. And we have progressed from last time, and so let's see. We are saying within weeks, so let's see if we can make it happen. But there's no guarantee, obviously. But we're optimistic.
我想正如我上次所说的那样，它或多或少都是一种三方协议。 它是我们自己，它是合作伙伴，它也是飞机的所有者/制造商。 现在我们正与合作伙伴讨论一个结构。 我们已经重新整理了整个订单，航班或交付订单，如您所知，首先是空中客车。 现在，这取决于我们是否可以在结构上实现或执行。 我们从上次开始进步，所以让我们看看。 我们在几周之内说，所以让我们看看我们是否能够实现它。 但显然不能保证。 但我们很乐观。
Thank you. And good luck, Bjorn, with the new role.
Hans Jorgen Elnaes
Hans Jorgen Elnaes, Winair. The NOK700 million MAX on ground costs, does that include idling pilots and crew while the aircrafts are not flying?
Winair的Hans Jorgen Elnaes。 地面成本为7亿挪威克朗，是否包括空中飞行员和机组人员，而飞机没有飞行？
We utilize the crew, of course, to a large extent on the short-haul on the NGs. They will -- the problem is what we have -- as an example, in Finland, we have only MAXs. Obviously, that makes a lot of problems because the crew -- we should -- I would like to have the crew may be on other places, and that incurs a cost outside all costs. But this is what we think the NOK700 million is, what we have calculated that will hit us.
当然，我们在很大程度上利用机组人员对NG进行短程运输。 他们将 - 问题就是我们所拥有的 - 例如，在芬兰，我们只有MAX。 显然，这会产生很多问题，因为工作人员 - 我们应该 - 我希望船员可能在其他地方，并且这会产生超出所有成本的成本。 但这就是我们认为的7亿挪威克朗，我们计算出来的将会打击我们。
There is one question sent to the Investor Relations e-mail, Alexander Irving from Bernstein. How confident are you that Norwegian has enough equity to prevent a further rights issue? And what are the biggest risks to this?
有一个问题发送给投资者关系部电子邮件，来自伯恩斯坦的亚历山大·欧文。 您对挪威有足够的资产来阻止进一步的配股有多大信心？ 这有什么最大的风险？
We have no intention of raising more equity. As you see, we have -- we expect by the coming months now -- trust that people fly circa between NOK6 billion and NOK7 billion, trust coming in from people traveling so -- in the next 4 or 5 weeks. So we do not then trust the mix. We just gave examples of how -- actually how we could have access if we want to refinance the bond by collateral and switching out to collateral, et cetera. There's a bunch of levers that we can take. So -- but obviously, we will work on it going forward. But we haven't decided what levers we will take.
我们无意提高股权。 正如你所看到的那样，我们预计 - 在未来的几个月里 - 人们相信人们大约会飞到60亿挪威克朗到70亿挪威克朗之间，信任来自旅行的人 - 在接下来的4到5周内。 所以我们不相信这种组合。 我们举例说明了 - 如果我们想通过抵押品再融资并转而使用抵押品等，我们实际上可以如何获取。 我们可以采取一系列杠杆。 所以 - 但显然，我们将继续努力。 但我们还没有决定采取什么样的杠杆。
I think what you are seeing now on the operational side is that we are performing better. We have a really good second quarter in my opinion. Third quarter looks good. We are guiding a doubling of the EBITDAR for the full year. The whole -- during the whole first half, we have been working very hard in order to make sure that the coming winter is not getting even close as bad as the winter that we have behind us, which is absolutely critical. We will have a cash -- kind of a burn down on the receivables over the coming months. That will give us fresh and a good liquidity.
And the capacity is taken down. As you have probably seen, we have pushed even more MAXs out in time, which has taken down the CapEx. So all -- what we are doing now is trying to make a room where we can get safely through the coming winter, including either refinancing whole or part of the bond. And then it will take us into early '20 in a very good position, and we will then turn this around to a profitable company. But obviously, there's a few things that needs to come into place the next 2 to 3 months in order to -- for us to be able to execute on those -- on that plan. That's clearly something -- that's clearly the only thing that we are working on these days.
我认为你现在在运营方面看到的是我们的表现更好。我认为第二季度非常好。第三季度看起来不错。我们正在指导全年EBITDAR翻倍。整体而言 - 在整个上半年，我们一直在努力工作，以确保即将到来的冬天不会像我们背后的冬天那样严重，这绝对是至关重要的。我们将有一笔现金 - 在未来几个月内对应收账款进行烧毁。这将给我们带来新鲜和良好的流动性。
并且容量被取消了。正如您可能已经看到的那样，我们已经推出了更多的MAX，这已经取消了资本支出。所以 - 我们现在正在做的是试图建立一个我们可以安全度过即将到来的冬天的房间，包括全部或部分债券的再融资。然后它将把我们带入20世纪初的一个非常好的位置，然后我们将把它变成一个有利可图的公司。但很明显，在接下来的2到3个月内，为了让我们能够在这个计划上执行这些计划，需要采取一些措施。这显然是一件事 - 这显然是我们这些日子唯一正在努力的事情。
Hans Jorgen Elnaes
Yes. One more question for me. That's regarding the bases in Las Palmas and Tenerife-South. And it says that you might keep those bases after all. And can you give some light on what would be the reason behind that to keep those bases instead of closing them down?
是。 还有一个问题要问我。 这是关于拉斯帕尔马斯和特内里费南的基地。 它说你毕竟可以保留这些基础。 你能否说明保留这些基础而不是关闭它们的原因是什么？
And this is what we -- all we do is we do it -- we calculate the effect of what we are doing here. And it might be as good as an effect if we take down the capacity in the summertime and move it going into some other places. And obviously, if we have the ability to do that, it might actually be better to ramp it up where we really need it in the wintertime. So that is the reason. It's been, Should we do it? Should we not do it? But if we can, say, if we can move parts of the capacity to other places in the summer season, that's actually better.
这就是我们 - 我们所做的就是我们这样做 - 我们计算我们在这里所做的事情的效果。 如果我们在夏季降低容量并将其移动到其他地方，那么效果可能与效果一样好。 很明显，如果我们有能力做到这一点，那么在冬季我们真正需要它的地方可能会更好。 所以这就是原因。 我们应该这样做吗？ 我们不应该这样做吗？ 但是，如果我们可以说，如果我们能够在夏季将部分容量转移到其他地方，那实际上会更好。
I think that's it. And we'll now have a 2-minute break before we start the press conference. And for those of you who are staying, we ask you to please be seated.
我想就是这样。 在我们开始新闻发布会之前，我们现在有2分钟的休息时间。 对于那些留下来的人，我们请你坐下来。
And thank you, everybody, for attending this. This was my last presentation. You could be happy with that. You have a very good guy here taking after me.
谢谢大家参加此活动。 这是我的最后一次演讲。 你可能会对此感到高兴。 你有一个非常善良的人在我身后。
Today, we have announced that Bjorn will step down of the 17 years as CEO of Norwegian, and Geir Karlsen will be acting as until the board has appointed a new CEO. So now Chairman, Niels Smedegaard will come forward together with Bjorn and Geir to talk about the change, and of course, answer all the questions you may have. And as I said earlier, we will have all the questions in English because we're streaming it to the international audience.
So, NielsI, leave the floor to you.
今天，我们宣布Bjorn将作为挪威首席执行官退休17年，而Geir Karlsen将担任董事会任命新CEO。 现在主席，Niels Smedegaard将与Bjorn和Geir一起出面讨论这一变化，当然，回答你可能遇到的所有问题。 正如我之前所说，我们将用英语提出所有问题，因为我们正在将它传播给国际观众。
Good morning, everybody, and also a warm welcome for me to all of you for showing up here today at this little press conference. My name as you heard is Niels Smedegaard, and I'm the new Chairman of Norwegian. The reason why we all here anticipation today is because of Bjorn Kjos has decided to step down as CEO of Norwegian. It's a wish that Bjorn has occasionally expressed during the last couple of years. So today's announcement is probably not coming as a huge surprise.
Since Bjorn Kjos and I met back in April and discussed the potential chairman we've rolled in Norwegian, this topic has been on the table for us. And I'm now something like two months into my tenure and in my new role. And I've spent a lot of time with the management team of Norwegian with people in and around Norwegian to try and get an understanding of what the situation is and what is happening there.
And I think, I have a fairly good understanding of the situation by now. So, we have together agreed that now is the right time for this change. As we all know, Norwegian has gone through an impressive development during the Norwegian past 10 years. It's actually a remarkable story not the least due to beyond vision and bold moves during this period.
The growth has been very ambitious in the past 2, 3 years and coupled with some of the external factors MAX and other things, which you've just heard Bjorn and Geir described. This has left Norwegian today in a somewhat challenged financial situation. This has traded as we also heard a partial strategy change from end of last year where, before, we focused a lot on future growth, to now a higher degree of focus on earnings in the Company.
That change, that needs to be intensified and obviously get back on track. So this element in combination with Bjorn risk to step down will result in a number of actions. First of all to expand the operational and the turnaround focus [Audio Gap] have challenges. It's normal in this business where it's probably one of the most ruthless businesses and toughest businesses in the world, but that's also why we like it to be associated with this business.
I'd also like to take this opportunity to congratulate you, Geir, with the new responsibilities. I have followed you firstly now for the past couple of months and I know you're up to this job given the situation when I cannot think of a better solution for Norwegian at this point in time. And I look very much forward to working with you and the rest of the management team to take Norwegian forward from this point.
Those with the words and with that, I would like to hand over to the man in the center position. That's you Bjorn. Come up here.
大家早上好，也热烈欢迎各位今天出席这个小型新闻发布会。你听到我的名字是Niels Smedegaard，我是挪威新任主席。我们今天在这里期待的原因是因为Bjorn Kjos已决定卸任挪威首席执行官。这是Bjorn在过去几年偶尔表达的愿望。所以今天的公告可能不会让人感到意外。
Thank you. And well, it's -- so, this is a Norwegian review. Here actually, you shouldn't leave the airline when you've passed 70s. That so I know, the way overdue to the retirement. It will not be a retirement. I think I can -- actually in coming forward, I think I have -- I'm not having the daily operational actually burden on your shoulders. I can concentrate more now on, on what I think will benefit Norwegian the most going forward. And that is actually to build up a large network.
We have been able to build up network in Europe with the easyJet. We lack the network in U.S. We lack the network then, if I say then we are going to the East, we'll just make it able. I know this is because we have started this process. I know we will be able to build up a tremendous network. And I can actually do better from Norwegian, taking back haul and concentrate on that and saying that I also know that I’ve been working for more than a year with the Geir. And there was no actually coincidence that I say that Geir that next in-charge with me.
And Geir is fully capable of running this business. He’s actually very good. So, we offer for us, I know this guy, he is incredible good. So, I have no doubt that we as a team, we’ll do much better for Norwegian. 17 years or something or somebody would say, isn’t it your baby? Well, it’s not my baby. It’s 11,000 people's baby, this Norwegian. I think today we have incredible good team running Norwegian, taking Norwegian forward, incredible good. And with that team going forward, I have no problem to say and let Geir take the responsibility for all this at through the MAXs. Now, no reason for that I think.
I think this is the right time. And we are looking back I know that you and I been working side by side for many, many years. And we decided actually a couple years ago, we talked about that it’s time actually to know to step aside. And I look -- and that you initialize that on the --. Then I also say that, yes I will stay as long as I needed the post. And we started actually to look for somebody that can take my role in a couple of years ago. And what it becomes hold up because we’ve got some interesting as interesting in acquiring Norwegian. And I had to step it up. We had to stop it and I know it's time to start all over again and next is coming in. And I know you're doing a tremendous job. So I'm either can build a good team and Geir in the front this will be extremely good time for me to set back.
So I’m yes I think we have this I’m in my tenure of around 50 or this session start we have earlier today. So it’s time for Geir to take such role. But thank you all for actually being part of Norwegian and supporting Norwegian as I know you're doing. Anne?
谢谢。嗯，这是 - 所以，这是挪威的评论。实际上，在你70岁时，你不应该离开航空公司。那我知道，退休的方式已经过期了。这不会是退休。我想我可以 - 实际上是挺身而出，我想我已经 - 我的日常操作实际上没有负担。我现在可以更加专注于我认为对挪威人最有利的事情。这实际上是建立一个大型网络。
我认为现在是时候了。我们回头看，我知道你和我一起工作了很多年。实际上，几年前我们决定，实际上是时候知道要离开了。我看起来 - 你在 - 上初始化 - 。然后我也说，是的，只要我需要这个帖子，我就会留下来。我们实际上开始寻找可以在几年前担任我的角色的人。它变得有用，因为我们在收购挪威语时有一些有趣的事情。而且我必须加强它。我们不得不停下来，我知道是时候重新开始了，接下来就要进来了。我知道你做得很棒。所以我要么能够建立一支优秀的球队，而Geir就在前面，这对我来说是非常好的时间。
Thank you, Bjorn. Geir will you join us here and perhaps you have something to add before we open up for questions.
I can add.
Or is everything good to you.
Well, first of all, it has been a pleasure to work with you Bjorn for last year and two months, I think I’ve been in board now. And also with you Bjorn, it has been a challenging time as it has been very busy. And I would like to say that if you're thinking and run away now that that won't happen, Bjorn. So, we need you to stick around and I'm not sure we can continue to work good, work relationship that you've had since I came into the Company. You really hope different. You will or we will need you to stick around and that your amazing expertise and knowledge about the industry and obviously the Company.
好吧，首先，很高兴与你一起工作Bjorn去年和两个月，我想我现在已经上任。 还有你的Bjorn，这是一个充满挑战的时期，因为它一直很忙。 而且我想说，如果你现在想要逃跑，那就不会发生，比约恩。 所以，我们需要你坚持下去，我不确定我们能否继续保持良好的工作关系，这是你进入公司以来所拥有的。 你真的希望与众不同。 您或我们将需要您坚持下去，以及您对行业和公司的惊人专业知识和知识。
Good, thank you. Now we are ready to take your questions. Please wait for the microphone. As I said, we're streaming it. So, can’t see anyone.
好的谢谢你。 现在我们准备好回答你的问题。 请等待麦克风。 正如我所说，我们正在流媒体。 所以，看不到任何人。
Hans Jorgen Elnaes
Hans Jorgen Elnaes, Winair, again, if you look back on those 17 years Bjorn, what would you consider being the most challenging part of that period?
Hans Jorgen Elnaes，Winair，再次，如果你回顾那15年的Bjorn，你认为那个时期最具挑战性的部分是什么？
I think looking back it. I think when we started -- looking at what would happen actually in the world, how relatively compete with ultra low cost tariffs, where should we go and after doing a lot of calculations and talk, we -- if I am not -- the least competition is probably the long-haul operation and the recent anybody that’s actually serve in that area on the low-cost side that. There's a lot low-cost players chosen a rate to go that is enjoying up in aforementioned of area [indiscernible] say in area first.
So -- but, our first actually, we needed to have success in the larger cities in Europe. So -- when because Scandinavia is coming as good, but it's not big enough actually we have two new people here in Scandinavia to succeed in long-haul. So that was actually a gamble to start up the London operation into U.S. If that, if we haven't succeeded on that, we couldn’t do the long-haul operation. But if the area couldn’t succeed in that, that doesn’t would pay the roles all theme into Paris, Rome, Madrid, Barcelona and from besides the Nordic. And actually that move that was the most challenging part within Norwegian.
I know both start up phase, if you remember the [indiscernible] if all this, all these things whether they started up, maybe, they actually think that we should fly in new Dreamliners, sending up with all the reckless aircraft, [indiscernible] aircraft. So, there was lot of barriers, so of course that we hadn’t foreseen that. That was actually the thing that was that we really had to succeed another as we could never have made it on the long-haul operation. And as we see it move, you really get ask me predicted, you will get lot of competition on the short-haul going forward, more capacity coming in.
More we can come which is actually on the field operation and to say it all the legacy carriers, they're making them on -- they have loosing back-haul on the shortfall. We are at the short-haul and if we -- they have a very profitable long-haul operation and that is where we -- also will be. So that most actually where we -- we really have to succeed, that was when we started up in long-haul.
我想回头看看。我想当我们开始时 - 看看世界上究竟会发生什么，如何与超低成本关税竞争，我们应该去哪里，经过大量的计算和谈话，我们 - 如果我不是 - 那么最不激烈的竞争可能是长途运营，而且最近在低成本方面实际上在该领域服务的任何人都是如此。有很多低成本球员选择了一个比率在前面提到的区域[音频不清晰]首先在区域中说。
所以 - 但实际上，我们首先需要在欧洲的大城市取得成功。所以 - 当斯堪的纳维亚半岛来得好，但实际上还不够大，我们在斯堪的纳维亚半岛有两个新人可以长途跋涉。所以这实际上是一场赌博，以启动伦敦对美国的运作。如果这样，如果我们没有成功，我们就不能进行长途运营。但如果该地区不能成功，那么除了北欧之外，这并不会将所有主题的角色付诸于巴黎，罗马，马德里，巴塞罗那。实际上，这一举动是挪威最具挑战性的部分。
更多我们可以来到现场操作，并说它是所有传统的运营商，他们正在进行 - 他们已经失去了对短缺的回程。我们处于短程，如果我们 - 他们有一个非常有利可图的长途运营，这也是我们 - 也将是。因此，大部分实际上我们 - 我们真的必须成功，那就是我们长期开始的时候。
[indiscernible] Martin Stenshall from Me24. Geir, if you were ask, would you be willing to take on the job as permanent CEO?
[音频不清晰]来自Me24的Martin Stenshall。 Geir，如果你被问到，你是否愿意担任常任首席执行官？
I think for now, you have been asked by Niels and the board to take on this, take upon this role now for temporary or acting as we call it. And my focus is that, that's focused on having now and then trying to show who ends up thus the permanent CEO.
And I [indiscernible] Geir, definitely in my eyes, he's the guy that can run this business as forward.
Okay, I can't see any more hands. Okay. Thank you to everybody for attending and have a nice summer.
好的，我再也见不到了。 好的。 感谢大家参加并度过了愉快的夏天。
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