The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Yes. First of all, congratulation to an excellent development. Looking at the physical segment, I wonder if you could give us some more color to
the underlying profitability across the countries, given that there are so many moving items looking at COVID-19, and you already detailed the
labor cost in Norway and so on.
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Sounds reasonable. Looking at Germany, you are still making -- I guess even on these kind of market conditions, making a profit in the German
operation during last year or during the fiscal year you just ended.
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent.
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent. Looking at what's going on in the Adult Education area with the Swedish Unemployment Agency, was that a loss-making contract for
you, the one you're going away from now, if you're looking at the impact on the full fiscal year last -- that you just ended?
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: And out of the 10% that I think I heard Katarina saying related to the unemployment agency of the volumes during last year. How big is this contract
that you're now walking away from? Because I guess it's not all of the volumes.
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent.
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AUGUST 28, 2020 / 7:30AM, ACADE.ST - Full Year 2020 AcadeMedia AB Earnings Call
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: And you discussed this opportunity of using distance learning also in the Upper Secondary, maybe having 10% to 20% of things being done online
going forward. Could you elaborate a little of what that means for the financial model within this segment? Because, obviously, that must be an
opportunity for you if you can either increase the school classes or, say, maybe over time, decrease the size of the units you need, or -- how should
we look at that?
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent. But I guess it would strengthen your market position compared to, say, municipality schools that may not have the same opportunity.
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent. Looking at the new school year that just started, and I know you don't want to elaborate on what kind of student intakes you have had
that already at this stage, but given that we are seeing, say, positive demographics across all the age groups for the school year, is there any reason
to believe that you are not going to be at least getting that kind of benefit through your system during this school year start?
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent. And Katarina, just on the financial side. Looking at working capital, as you mentioned, there was a good boost in the quarter. Is there a
lot of temporary effect in that? Or was this a normal quarterly end? Or how should we see that?
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: Excellent. And finally, the Oslo property that you are now selling and getting the benefit from in Q1 from a cash flow perspective, do you have a
lot of those kind of things? It sounds like a fantastic asset that you disposed of.
Question: Karl-Johan Bonnevier - DNB Markets, Research Division - Analyst
: So that was a special situation?
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