Good morning, everyone, and welcome to our Q4 2020 call. Bart Adam is sitting in Brussels, and I'm Magnus Ahlqvist, I'm sitting in Stockholm today. 2020 has been a very different and a challenging year due to the impact from the pandemic. It's also been a year when we have taken important steps in driving the modernization and transformation of Securitas. Before we look at the performance in the quarter, I would like to express my deep gratitude to all the Securitas team members, our partners and clients, for your terrific contributions and leadership in 2020. Looking at Q4, we continued the positive improvement trend from the second and the third quarter. Organic sales growth was 1%, with very positive impact from North America, continued negative impact from aviation that affected the growth rate in Europe and Ibero-America. Our operating margin improved to 5.3%, same as the pre-COVID levels in Q4 2019. The operating margin was supported by strong performance in North America and Ibero-America, slightly hampered by Europe and the other segment. We were on par in terms of price-wage in the full-year. We had a continued strong operating cash flow in the quarter, with positive timing impact related to COVID-19, then helping some of the cash generation in 2020 on a temporary basis. We continue to take actions to drive the transformation agenda. We're progressing well with several important electronic security acquisitions that we closed in 2020. To sharpen the business and focus on markets where we can generate significant impact and profitability, we decided in 2020 to execute a market exit in 11 markets. We have now executed nine of those in the last few months, and expect the remaining two to be completed during the first half of this year. The Board of Directors are proposing a dividend of SEK 4 for 2020, and this is at the maximum range of our dividend policy. Turning to Solutions and Electronic Security. Solutions and ES businesses have been negatively affected by the corona pandemic, but we achieved 5% real sales growth in the year. We realized a number of important acquisitions in 2020, and the acquisition of Stanley Entities in five strategic markets was closed in early November, and the integration is progressing well. In December, we closed the acquisition of F.E. Moran in the U.S.. F.E. Moran is a high-quality operation and team with strong monitoring and integration capabilities. These acquisitions are important to enhance our client offering in key markets and for our ambition to double electronic security and solutions by 2023. We are very glad to welcome these teams to Securitas. Let us now then turn to the performance in the different business segments. As usual, we're starting with North America. We had a strong continued recovery, as you can see on this slide, in North America, and organic sales growth in the fourth quarter of 4%. This improvement was driven by our Guarding and Critical Infrastructure Services businesses, and we generated significant extra sales in the quarter that offset some of the temporary portfolio reductions that are related to the pandemic. We had a solid operating margin in the quarter at 6.4%, and we had good performance across all different areas of the business from a margin development perspective. Guarding was the main contributor, thanks to higher extra sales, but we also had good support from Critical Infrastructure Services with extra sales, including some retroactive billing. Shifting to Europe, where we had -1% organic sales growth in the quarter. This to be compared with +1% same period last year. This was mainly due to the impact from aviation, primarily then related to COVID pandemic and the impact on our airport security business and some previously announced contract losses. Slightly higher extra sales had a positive impact on the growth in Europe in the quarter. Looking at the profitability perspective and the margin. Margin in Europe improved significantly versus second quarter and the third quarter of 2020 to 6% in Q4. Looking at the decline versus Q4 last year, that was primarily related to the negative impact from COVID-19 due to the impact on our Aviation business. Similar to previous quarters, the negative impact and related idle time costs have to some extent been offset by corona-related government grants in several countries. Shifting to Ibero-America, we had organic sales growth of - 1% in the quarter, and the sales growth in Latin America declined due to negative impact from the pandemic, primarily on airport security and weak performance in Peru. We recorded positive growth in the important market of Spain, but also Argentina, but at lower levels versus the fourth quarter in 2019. Security solutions, electronic security reached 30% in the quarter. This was supported by the Techco acquisition that we have successfully integrated during 2020 after the acquisition in January last year. The operating margin in the quarter was a strong 5.3%. We had strong performance in Spain, Portugal in the quarter, despite the challenging environment. The operating margin was further supported by year-end reconciliation of accruals in Spain. We are taking further actions to improve the performance in Argentina and Peru. With that, now shift the focus to our financials and handing over to you, Bart. Thank you, Magnus. Welcome to all of you. Good morning here from Brussels, from the home office. Sorry, we are shifting to the wrong slide here. Just a second. Here we go. Well, this was a quarter during which the impact from the corona was, of course, still important. We can see that such impact further reduced compared to the earlier quarters. Our business, I would say, confirmed great resilience again, and also a clear path of recovery. Of course, the operating income has been affected from the corona situation, negatively mostly than from the Airport Security business, and of course, the idle time of some of our employees. The operating income was supported then from extra sales to support our clients with the pandemic and by different proactive cost-saving actions as initiated within the different parts of the businesses. The operating income has been positively affected by around SEK 230 million in corona-related government grants and support measures in the quarter. These grants and support are then offsetting, to some extent, the increased cost levels from the idle time. This amount of SEK 230 million was distributed over the totality of the business, but with the biggest weight within Security Services Europe, where we also have the most people on temporary unemployment. In earlier quarters, if you remember, this amount of corona-related government grants and support was in the second quarter, approximately SEK 350 million, and in the third quarter, approximately SEK 200 million. This goes largely hand- in- hand with the development of the number of people on temporary unemployment schemes. Back in mid-April, we had then at the worst point in time, over 10,000 employees on temporary unemployment. This reduced then to 7,000 mid-July, further reduced to 3,000 mid-October, but now resurged somewhat to 4,000 mid-January, of course, in alignment with the development of the pandemic, largely. The operating income was then negatively impacted by increased provisioning levels of SEK 80 million in the quarter. This amount of SEK 80 million relates to increased risks in our business environment, mostly for collection risk of receivables. On the amortization of acquisition-related intangibles, that is a bit higher to the run- rate you have seen in previous quarters, but there has been a small one-off adjustment here in this number in the quarter. We go to the line of acquisition related costs, and that included some of the transaction costs related to the acquisitions we made in the fourth quarter, as commented by Magnus. We turn to the line of Items Affecting Comparability, and we accounted in this quarter for SEK 420 million as Items Affecting Comparability. Of this amount, SEK 192 million relates to the transformation programs that we accounted for in Q4. SEK 113 million relates to the cost-saving program as we announced back in Q2 of this year. I should also say that the exit from 11 countries, which was mentioned as well, creates here a net expected loss of SEK 117 million on these 11 entities. This is what we expect as a net loss from these exits, SEK 117 million. That was also fully accounted for in the fourth quarter as part of Items Affecting Comparability. These three items then add up to the SEK 422 million you see here on the slide. Further details can be found in note six to the report. For the existing transformation programs, I mean for the ones we announced two years ago, we referred from the start to a total of SEK 650 million that would come in during the period 2019-2021. Referring to that for 2020, we have said earlier we could see an amount of around SEK 250 million for the full-year, and we landed actually a bit below that number. Important to understand is also that we accounted for a bit more than SEK 100 million related to the newly announced transformation program. That explains then the higher quarterly number that you can also see in note six for the transformation programs. We turn to the financial income and expenses. These were positively impacted, of course, by the favorable net debt development and also the exchange rates for the interest income and expenses. We move to the tax line, where the full-year tax rate comes in at 27.4% versus 27.2% last year, an earlier estimate for this year of 27.0%. The full-year tax rate has been impacted from non-deductible capital losses and impairment of assets relating to what we mentioned before, the exit from 11 countries. That created some non-deductible costs. Okay. We move to the next slide. We consider here the effects from the different currencies on the quarter. Here we can see that there has been a relevant negative effect during the quarter, a headwind from the foreign exchange during the quarter of around actually 9%-10%, as you can see here on the level of sales and operating income. That you can see from the difference between total change and real change on the different lines. Actually, the negative effect from foreign exchange on sales was close to SEK 2.5 billion in the quarter. On operating income, it was negative on around SEK 160 million in the quarter. The EUR dropped a bit during the quarter here compared to the same quarter last year. Then we were especially affected from the weaker U.S. dollar compared to a year ago. A continuation of what we started to see happening already as from Q2. We move to the next slide. That is our cash flow. Here in the fourth quarter, we had a good cash flow coming in of more than SEK 1.5 billion as cash flow from operating activities, adding then to earlier good quarters and a total for the year of actually SEK 7.2 billion as cash flow from operating activities. That is a historical number. Capital expenditure by itself was close to SEK 2.8 billion and is trending to the lower side of the 3% of group annual sales, and that then, as you know, includes IFRS 16. The operating cash flow was positively impacted by collections. We had good collections in the quarter, but we shall also add that the operating cash flow was helped by the lower organic sales growth and by the corona payment relief measures. These relief measures amounts for the full-year to a bit below SEK 1.5 billion from timing relief of payroll tax and value-add tax in payments in Europe, mostly from the U.S. Actually, this number is a bit higher compared to our earlier expectations. We end the year with SEK 5.9 billion of free cash flow, which is a strong performance. I believe we can conclude we had a strong cash flow coming in during 2020, also actually when excluding the close to SEK 1.5 billion from the corona-related relief measures. We move on to the net debt, the net debt ended then at SEK 14.3 billion at year-end, considerably down from the SEK 17.5 billion SEK at the start of 2020. We had a positive free cash flow of SEK 5.9 billion, as we just commented on the previous page. An amount of SEK 1.8 billion has been paid for acquisitions, as we closed on a few larger acquisitions in Q4, as mentioned by Magnus. We paid a bit over SEK 400 million in Items Affecting Comparability as well, and we paid a dividend in December, the 2019 dividend for SEK 1.7 billion. All in all, these combined effects then reduced the net debt with around SEK 1.8 billion, there is a further positive effect of SEK 1.3 billion in translation, ending then the net debt on SEK 14.3 billion. Moving to the graph on this slide, remember that the increase between 2018 and 2019 on the net debt level was a result of the implementation of IFRS 16, which increased the net debt with a bit more than SEK 3 billion. When comparing to 2018, we end 2020 now with the same net debt, but that then includes SEK 3 billion for IFRS 16, which was not there in the 2018 number. The net debt in relation to EBITDA is on 2.1% compared to 2.2% at the end of 2019, and I believe this is a strong number as a judgment from our strong balance sheet. Okay, we move to the financing side, and we have here our debt maturity chart. We have good liquidity at quarter-end with SEK 4.7 billion in liquidities. We have earlier said we renewed RCF, a facility now with 10 core banks for a total amount of SEK 10 billion, and the facility is for five years, with the possibility to extend to 2027, actually. This RCF is also fully undrawn at this quarter-end. We have a Euro bond maturing now in February, now, this month, of EUR 350 million, and our plan is to refinancing that with a similar facility. That should be no problem, of course. We continue to have ample headroom in our rating, and we have no financial covenants in any of our facilities. Based on our strong balance sheet with a net debt- to- EBITDA there at 2.1% and with our solid financing in place, I believe we are very well positioned for the future and in a strong position to accelerate the transformation. With that, I can hand back then to Magnus in Stockholm. Very good. Thank you, Bart. I would now like to share a few updates regarding our transformation programs. First, a few comments related to the corona pandemic. With the unfortunate developments of the pandemic also now during the recent months, we are still facing a situation with significant uncertainty and some challenges. We are working with clear priorities since January last year to manage the situation and always maintaining a high degree of preparedness. We have been reporting number of people on temporary unemployment schemes, and as Bart mentioned, we had a slightly higher number in January at 4,000 people, compared to 3,000 in October. Let us now shift focus to a progress update related to the transformation programs. Two years ago, we started a period of significant modernization and business transformation to ensure that Securitas and to ensure the leadership of Securitas in our industry. The global IT and North America programs that we announced two years ago were the first programs in this journey. Both of these programs are running according to plan, and we are expecting to reach the targeted objectives. When you look at North America, we had delivered on a number of critical milestones in the second half of 2020, and in that process also gaining valuable knowledge that is relevant for the programs in the other divisions that I will talk about in a few minutes. With the Q2 2020 report, we also announced a cost reduction program, which was related to the impact from COVID-19. These activities are progressing well, there is still uncertainty related to a number of aviation contracts. We're working through as swiftly as we can while maintaining our obligations to our clients. As part of our strategic review and to sharpen our operational focus and profitability, like I mentioned at the beginning, we decided to exit 11 smaller countries where we consider the current and future business opportunity to be limited. We have completed nine of these exits during the last few months, and we expect to exit the two remaining countries during the first half. If you then ask the question, well, what does that mean for Securitas as a company? Well, these are smaller markets, low profitability markets. What we are achieving is to remove complexity and to have a sharper focus and ability to drive the strategy and value creation, in the remaining footprint that we have around the world. As commented earlier, we are on plan to complete the work with the first two programs, North America and global IT, towards the end of 2021. Now shifting the focus to realize the targeted impact in 2022. Since we are driving quite some change in the company, we made this slide just to give a simple overview, also in terms of the timelines. I should highlight here that when we talk about items affecting comparability that Bart referenced, essentially then those are ending in 2021 or at the end of 2021 related to the global IT program and North America business transformation. For the programs that we're announcing today, business transformation in Europe and Ibero-America, we are initiating the last phase of this extensive modernization and transformation journey that we initiated two years ago, with significant investments, but also with clear deliverables. It's important to highlight that when we announced the North America Transformation Program in 2019, we did communicate that we were going to analyze Europe, and after thorough analysis and preparation, we are now ready to start the second major phase of this transformation program in Ibero-America and in Europe. The target is to increase the operating margin in Europe to around 6.5% and Ibero-America 6% by 2024. Approximately SEK 1.4 billion will be recognized as items affecting comparability between 2021 and 2023, an investment of approximately SEK 1.1 billion. To give some more flavor, I believe it would be valuable to look at the European program in some more detail. That is essentially what we're in the process of doing and also the expected outcome. Looking at Europe, this program represents a fundamental step. It's a strong grip to strengthen our European business and to drive the strategy at scale. We achieve this through focus on a few key areas that you see outlined here in the blue boxes. First one is building a common operating model for Europe, and key aspects of this include organizational blueprint, aligning European country organizations and brand structures over time. Rolling out best practices to ensure that all business lines, including guarding, are performing well, but also to ensure a similar way of working to enable cross-country system implementation over time. The second major component is the modernization of IT systems and tools. A few important initiatives here include rollout of common HR systems across Europe, modernizing ERP in a few key markets where we have the largest needs, and also initiatives like piloting leading-edge recruiting and workforce management systems. There I should highlight there is a lot of opportunity with modern systems and tools that are highly relevant also for us to leverage given the scale and the size of our operation and the number of employees. The third important activity is to accelerate and drive solutions in electronic security. We are achieving this by a dedicated organization and leaders for solutions for electronic security, but also for our Securitas Operations Centers in the key countries. Reinvesting some of the efficiency gains in operations in further capacity in solutions organizations, and developing frontline sales tools for solutions enabling the entire organization to sell in an easy way and engage with a client for successful delivery. The fourth area, we're investing significant amounts in further digitization of our frontline people, all the way to the digital interaction with our clients. We do this to enhance the work for our people and hence also enabling improved client value. Some of the key activities here then include modernizing the digital tools we use for interactions with clients and officers, further driving the use and penetration of these tools with benefits for clients and Securitas. We also see this as a platform for innovation that over time will allow us to create superior insights and value to our clients. All of this has been carefully prepared, carefully analyzed, and we're obviously now launching the transformation program to achieve results but with minimal disruption. This is a multi-year program, but we are very excited about getting started on this important journey, and all of these activities are fully aligned with the strategic objectives that we have also shared on a group level to drive our intelligent protective services strategy at scale, transforming guarding with improved margins, supporting our ambition to double solutions and electronic security, and enhancing client value. With that, we should sum up the quarter. We continue the positive development from previous quarters with improving organic sales growth and operating profit margin in Q4. We are still in a challenging situation related to the pandemic, but we are actively managing this situation with clear priorities and actions. With the announcements today, we're taking the next significant step in the transformation journey that we started two years ago. Before the Q&A, just wanted to mention that we have made a number of announcements today, and one announcement is that Bart will step down from the CFO position in August this year, and that Andreas Lindback, who is currently leading our AMEA division, will become CFO. Bart, it's still very early days, so we're going to continue working for the next 6 to 12 months, but I just wanted to say thank you to you. You have contributed tremendously during many years with Securitas with your leadership and contribution, and I'm still looking forward to working with you during the coming 6 to 12 months. With that, we are now ready to open up the Q&A session. Thank you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press zero one on your telephone keypad to register now. Once again, if you would like to register for a question, please press zero one on your telephone keypad to register. Our first question comes from the line of Edward Stanley from Morgan Stanley. Please go ahead. Your line is now open. Thank you. Morning, and thank you for taking my questions. I've got three, please. To what extent are the extra sales driven by COVID proving stickier than you thought? Are some of those extra sales now dropping away in certain geographies as potentially things look a bit brighter? The second question, provisioning in Europe seems to be increasing, or that's what's alluded to in the commentary. Can you give more details on which clients are concerning you and what it relates to specifically that provisioning? Then finally, on the previous transformation program, you guided the SEK 350 million-SEK 500 million of restructuring costs. It's saying that will depend on airport business and government grants, but it's not entirely clear. Do you still expect to be in that range in total? Where within that range do you think is the most likely outcome? Thank you. Thank you, Edward. In terms of the first question related to the extra sales, yes, they are very much COVID related. There has also been a certain stability in these extra sales when you're looking at the last six, seven, eight months. Part of that is obviously related to a continued challenging situation for the world in terms of the impact from COVID. When you're looking then from a longer-term perspective, we should highlight that the extra sales are obviously short-term nature, but they are also helping and compensating temporary reductions that we have in the ongoing portfolio. This is obviously something that we are carefully monitoring in terms of what is the development month- by- month, but also then discussing with clients as well, what are the things that we also need to change in the security equation also related to health and safety, for example in the post-COVID era. I think the simple answer is yes, there is stability, but we are also then working with clients to also be able to project and also try to address some of the needs that they will have after. On the provisions in Europe, I can make a general comment. That is that we are still seeing significant uncertainty. We have not had significant realized bad debt or issues in terms of accounts receivable. Like Bart and I have commented on since the beginning of last year, we are closely monitoring and obviously managing any potential exposures very carefully. This is a responsibility that is cascaded throughout the entire organization. We are taking the approach that there is significant uncertainty in the environment. For that reason as well, we are feeling that we'd rather be well-consolidated going into 2021. Bart, any additional comments on that one or maybe on the third question in terms of the SEK 350 million- SEK 500 million? Yes. In terms of the extra sales, I would just like to comment that we also see some new services emerging then around the vaccination centers, just as additional flavor here. On the provisioning in Europe, I think there must be some misunderstanding, Edward, because we have not been increasing compared to earlier quarters, at least, if that was your question, not sure. Compared to earlier quarters, we have reduced the provisioning levels, and I think we have ended now the year, as Magnus also said, in a very good way with a good balance sheet in relation to potential risks that we are facing. When it comes to the transformation programs, I think you referred there to the restructuring program that we announced in Q2, and as you rightfully said, that was announced with a range of SEK 350 million-SEK 500 million. We are trending to the higher end of that range. That is mostly related to Ibero-America, that also has taken, compared to Q2, that has been more affected now in Q3 and Q4 from the pandemic, where we are also taking then some extra measures. That range is still the valid range, but as I said, trending definitely to the higher end of that point, and then it will depend on what happens to aviation, what happens also to government grants, how long will they last or not, if we would be outside that range, so to say, but still within the range, but on the higher end of it. Then as we also commented now on the line of cost savings, we have also accounted in this quarter now for the SEK 117 million related to the exit from the 11 countries. The 11 countries has been in its totality accounted for when it comes to the exit costs related to that as part of the SEK 230 million that you will find in note six. Thank you very much. Thank you. Our next question comes from the line of Sylvia Barker from JP Morgan. Please go ahead. Thank you. Hi, morning everyone. Maybe starting with the costs related to the new transformation program, so the SEK 1.4 billion. Can you split that out between writedowns and then cash costs? How do you see the cash cost splitting between different buckets as well? On the aviation impact. Am I right in thinking that that's about a -3% to-4% to the group organic at the moment? You have been renegotiating aviation contracts, so interested whether you have actually now reached an agreement in some places where you might be exiting contracts. Can you give us any guidance in terms of top-line impact from contracts which will not be continuing in 2021? Finally, could you comment on the organic development during the quarter? You helpfully gave us September at +1.5% organic. Could you comment on December and into January as well? Thank you. Sylvia, thank you for your questions. I can start with number two and three, then I'll let Bart comment a little bit on the cost-related items on your first question in terms of the transformation programs. Aviation, you've assumed 3%-4%. It's a little bit lower, in the lower part of that range or slightly below when you're looking at the impact in the quarter. The process in terms of aviation contracts, it is not very easy because we have, as we commented on earlier quarters, a number of contracts that are still running another year or two years. We are working through this. All the main contracts with essentially two main outcomes. One is that we are renegotiating to a contract which is sustainable, or we work towards terminating as quickly as possible. This is fairly hard work, and it does take some time. That also means that it depends quite a lot on what happens in terms of recovery in the aviation sector in general over the next 3, 6, 9, 12 months as one important factor. Obviously also the degree of success that we have in renegotiating these contracts. Yeah, this is also the reason that I highlighted that we are still facing some uncertainty related to aviation. On the question in terms of the organic sales growth in the fourth quarter, we're not breaking that out, but it was fairly evenly split when you're looking in the quarter without breaking out any detailed figures. Bart, do you want to comment on the programs and the cost assumptions Yes splits, please? Sure. On the SEK 1.4 billion, Sylvia, that you mentioned, a bit more than SEK 200 million relates to asset write-offs, retirements. The SEK 1.2 billion remaining, so to say, would be cash cost. You also asked about the other buckets. Not sure what you wanted to know there on this then remaining SEK 1.2 billion? Yeah, just on the remaining SEK 1.2 billion, I guess how much of that might be redundancies versus implementation costs? No. I'm wondering how you split up? The vast majority of that is implementation cost, integration costs. There's also only a limited part in restructuring. All of that is cash cost to SEK 1.2 billion. If we think about what you're actually doing, it's mainly around the systems rather than reorganizing, in any way, how Europe or Ibero-America run. Historically, you've said that Europe is very fragmented compared to, let's say, the U.S. You have a lot of duplication of costs. Just trying to understand, I guess, where the savings will be coming from mainly. I can comment on that part. When look at one common and very important aspect here is when you look at Europe, we have, obviously, and if you contrast to North America, we have a number of countries. We have different degrees of maturity between different countries, also in terms of the product mix, where we are with the general business mix in the value chain, which also means that there is a significant spread as well in terms of profitability. One very important aspect of this work is to drive more alignment of the organization, but also processes so that we can achieve real scale benefits across Europe. That obviously in combination with a sharper focus in terms of organization and resources to sell solutions, with clear leadership, same on electronic security, same with our Securitas Operations Centers. We believe that that's going to make us sharper and stronger, but also to be able to really drive a higher value business mix across all key markets over time. Some of that alignment obviously does take some time as well. You should look at this as an aggressive investment in terms of strengthening our capabilities, but also then with a common operating model and digitization enabling us to drive the strategy at scale across Europe. Those are really the core components here. It is a mix of different aspects when you look at the European transformation program. Yeah. No, that's very helpful comment. Thank you. If I just final comment. In terms of how you think about when a cost item is one-off versus just part of normal kind of activities or investment, just what is the thinking around that SEK 1.2 billion being actually split out as one-offs? Bart? Yeah. Well, the thinking is that obviously this is something which is very significant investment and transformation, something which is outside business as usual, definitely. We have chosen to report this very clearly as Items Affecting Comparability, so that you can also follow very clearly what we are investing into these programs and what they are costing. If we would mix it in the operating result, you would just have to explain all the time what the effect is. Now it's very clear there, you can easily follow it. As we say, we consider it as unusual because it is investments that you probably only face like every 10 or 15 years, and it's really transformation of the business at scale. Now we are also finalized. This is the last version of it. We have done the North American transformation, which is working very well and according to plan. We have used those learnings then to also transfer that to Europe and to Ibero-America to really be able also to transform these businesses like we are doing in North America. Then we will be a different Securitas when we come on the other side of the programs. That is the whole thinking here, what we think is the right approach and also the most transparent approach towards the investors. Okay. Thank you very much for your time. Thank you. Our next question comes from the line of [David Drey] from Bank of America. Please go ahead. Good day, Magnus and Bart. Just three questions from my side. The first two relate to the new transformational program that was announced. Just to follow up from Sylvia's question, I just wanted to confirm the total cash impact here, right? The SEK 1.1 billion CapEx, is that in addition to the SEK 1.2 billion cash impact from the P&L? My second question is on further cost or transformational programs. I think we've had a fairly good line of sight that this one was coming. I was just wondering whether there are any more potential cost programs or transformational programs in the pipeline. My last question is on Aviation. If we look at Securitas' aviation exposure going into the pandemic, it was about 7% of group sales, which at the time was about SEK 8 billion of revenue. I just wanted to get an understanding, and assuming we get back to a normal world, once you've renegotiated all your contracts and exited some of them, how big do you think your exposure would be thereafter if you compare it to the business running at SEK 8 billion prior to the pandemic? Thanks very much. Thank you, [David]. Bart, do you want to take question number one? Yes. I will take the other two. Yeah. Sure. On the first question, that is a very easy one. The answer is yes. The SEK 1.1 billion CapEx comes on top of the SEK 1.2 billion cash from items affecting comparability, [David]. That was a clear yes to your question there. With that, I hand back over to you, Magnus, on the other potential transformation programs and the aviation. Thank you, Bart. Thank you for the questions, [David]. On the further programs, well, it's very important, I think, to emphasize that when we started in 2019, we communicated that we are entering a period of accelerated transformation and quite extensive transformation. That's also the reason that we share that we are looking at Europe. Our European team, together with our IT team, have also done a rigorous job in terms of analyzing starting point and also the wanted position. Where can we take the business? There we feel very excited and also glad that we are now able to drive that next step. I very much look at the announcements that we are doing today as the second major step. We took the first major step in 2019 and 2020. We have been progressing really well with these programs according to plan. When you look at North America, obviously, as we are completing by the end of 2021, a lot of our focus there now is on benefit realization. We also learned quite a lot in that process. We have also then looked at when you look at Europe, knowing that it is more of a dispersed picture in terms of our business and the maturity and the business mix, et cetera. We're taking a very strong fundamental grip in terms of really strengthening and aligning around a higher value business mix, more digitized, more modern, better for our employees, and as opposed to doing what we have done in the past, we will typically do things initiative country by country. Now we're taking a strong grip, looking at the best practices after then rigorous analysis to be able to launch that. With that answer, [David], I don't have a crystal ball to look into the future, but it's very clear from my perspective that this is the second major step in our transformation journey, and we believe that the investments that we are doing over the next few years and what we have done in the last two years, they will serve us really well for quite some time in terms of strengthening our overall offering and efficiency and way of working. I hope that gives you a reasonably clear answer to the question. Looking at aviation, like you highlighted, around 7% of sales before COVID-19. It is a slightly few percent lower number today based on the current run rate and also the impact in terms of Sylvia's question earlier on the organic sales growth. The simple answer here is that we are very clear internally, but also with our clients that it's got to be a sustainable business. That's something that I think anyone who is in business would also be able to understand. If that means that we're going to have further reduction of aviation contracts, if we are not able to renegotiate to sustainably decently profitable contracts, well, then we will have to accept that. That is very much client by client. We feel good about our value proposition, the quality that we bring, but we have to make sure that everything that we do is good quality and that it is sustainable. That is the only way that we can deliver the services that our clients are also expecting and the quality from Securitas with our people. I think the simple answer is that we are operating a few percent lower than we were before, and where that will go over the next 6, 12, 18 months, that depends quite a lot and also on the work that we are doing in this process with our clients. Thank you. Thank you. Our next question comes from the line of Erik Paulsson from Nordea. Please go ahead. Your line is open. Thank you. Two questions from my side. The first one is on those 11 countries that you are exiting. What is the margining implication for the business regarding this? The second question is regarding the other segment in your business areas. It was -SEK 178 million in the quarter here, which is slightly down or up, depending on how you see it, compared to the going rate for the recent quarters. What's behind this increase here? Thank you. Thank you. In terms of the exit program, these represent a fairly small part of our total sales, so around SEK 460 million. I think that is one important part. We should also say that they are not the most profitable markets that we have. We have a clear ambition in terms of where we are moving in the business mix, but also the value chain. There we have deemed that the opportunity in terms of improving significantly there, where there is meaningful impact for the company, was quite limited in relation to the investments that are required. What's also important about the exit program is because we don't take this lightly, exiting markets where we have had a presence. It is also a matter of focus. We're removing complexity. We're enhancing focus on the markets that are really important for Securitas, but where there is also high importance for our clients as well. I would say that the benefit that we are also seeking, of course, is improving simplicity by removing complexity. I should also highlight operating in a market, it also then requires quite strong engagement at all levels to make sure that it's a good quality operation in line with Securitas values, ethics standards. We want to bring our Protective Services offering in the markets where we have a presence. That's why we are increasing quite a lot the focus on the key markets where we can make the biggest difference for our clients, but also in terms of value creation. In terms of the other segment, you rightfully picked that up as well, is that it is a higher cost than normal. This is related to some professional services, where we had a significantly higher amount in the quarter. That is a temporary nature, so not something that you will see permanently going into the coming quarters. All right. Understood. Thank you very much. Thank you. The next question comes from the line of Kate Somerville from UBS. Please go ahead. Your line is now open. Hi, thank you. three from me, please. Firstly, now that we're in a more business as usual environment, are you seeing signs that clients are increasing their uptake of digital services? What do you see in terms of pipeline here? The second question, given that Biden has now been elected, what's your view on wage inflation given the backdrop of the $15 floor in the U.S.? Finally, Bart, I think you alluded to this earlier, but what new services do you think you can offer to clients in the aftermath of COVID? Thanks. Thank you. Looking at your first question there in terms of more of a business- as- usual. Yes, that is the case. We are also seeing one important part of the discussion with our clients is also then the post-COVID period. What does that look like in terms of the service mix and the capabilities that we bring? We are continuously enhancing our electronic security capability, and you've seen eight different acquisitions in key markets in 2020 that are greatly enhancing our offering and capabilities within electronic security. That's important from an electronic security business standpoint by itself, but it's also enabling us to integrate electronic security with guarding into integrated solutions for our clients. There, we believe that this is the future. This is obviously what we are investing in and actively working to move as well more of our services into these integrated solutions. In terms of the $15, when you look at the U.S., we like to offer attractive pay rates to our employees, and that is a first message that I want to share. If you're looking at the people that we have in North America, the vast majority of our people are already above $15. So from that perspective, that is not something that we are looking at as a very significant change. What we do know, however, and looking at the past, we have always had a very strong capability in our North America team to also have a dynamic price and wage discussion and development over time. That is obviously also related to the service and the value proposition that we're bringing to the clients, which is all about great people and good quality in the experience and the service. With the $15, obviously there is a number of discussions in terms of how that might or will be implemented, et cetera. We are continuously working to enhance our offering to the clients, but also the employee value proposition in the U.S. In that sense, I believe that we have the good tools, and we are also greatly increasing our electronic security and solutions capability as well. We also have attractive offer to complement just the traditional manned guarding in that sense. Bart, I think I hand over to you. You receive the third question. Well, on the new services that you asked for. Yes, we see, for instance now, services related to the vaccination centers, which are being put up in many different countries around the world, where, again, we can play a role there, a good role in society as well to help out with the crowd management and all of those places around the world. In some countries, we help to make sure that works well. That is a type of new service which will also be, of course, a potential extra service more for the short term. On the long term, I don't think we have seen major changes in demands, but in some companies, of course, we do see that there are some extra measures being taken around also social distancing and entrance and departure as well. Nothing dramatic, I would say. Okay, great. Thank you. Thank you. Our next question comes from the line of Andy Grobler from Credit Suisse. Please go ahead. Your line is open. Hi. Good morning. Just two from me, if I may. Firstly, on the transformation programs, you've got some quite hefty targets in terms of margin improvement. When you think about the bridge from where you are to where you're going to hopefully be in a few years, can you split that out in terms of how much is cost, how much is efficiency, and how much is mix on that path? Then secondly, and just a quick one, in terms of some of the cash payments that are going to reverse in 2021 and 2022, can you just split those out between the two years if possible? Thank you. Thank you, Andy. On the transformation program in Europe, yes, it is a clear break with the past in terms of operating profit margin if you're looking at the last five, six, seven years. We have a strong belief that with these measures that we are implementing and with the program fundamentally strengthening the way that we are working, we should be able to achieve those types of levels in this time frame. I would say that very much is mix-related. It's about really improving the mix that we are driving, and that's obviously why we are doubling down in terms of emphasis on solutions, electronic security. That is a higher value to the client, but it's also a higher margin business for us with the richer content overall. Obviously when you're looking at operating everything or a number of processes over 20 + countries in a fairly local way, we are also seeing that there is real efficiency and productivity gain by also leveraging knowledge and good practices, modern IT systems and tools to also enhance productivity and efficiency. That is really the next part, and I would say that this is not primarily a cost reduction program. It's more of an aggressive fundamental strengthening of our capabilities and really aligning around the common operating model and the different aspects that I mentioned earlier. Where we are realizing efficiency gains, obviously the idea is then also that we are able to reinvest some of those in enhancing the service mix and the capabilities as we go forward. Second question. And- Yeah, Andy? Sorry. Can I just follow up on that? You mentioned the mix benefits over the next few years. Just when we look back over the last five or six years, you've had that quite positive mix shift towards electronic security, and the margin has stayed basically flat through that period. What makes you think that the next few years are going to be markedly different from that as you go through this process? Yeah. That's the correct reflection. We are fully convinced about the quality and the strength of the solutions and electronic security journey that we have made in Europe, and also the value creation from this. We've also seen a really mixed picture in terms of guarding margins where there has been pressure over time. What I feel and see is very powerful in terms of the plans that we have and that we are now rolling out across Europe now is really taking a lot of the best practices, but also what we know is working and rolling that out at scale. Really enabling as well our people to do that at scale with better tools. For example, some of the tools that we are leveraging to be able to sell solutions and integrated solutions in an easier packaged way, which is easier to sell, but also easier to implement for our clients. To do that at scale is fundamentally important. The last 5 years, I would say we have gained quite a lot in terms of the business mix on the positive side there, but then we have also lost some due to guarding pressures. It is also important that with this program, obviously with better tools end-to-end from recruitment of our people, but also then all the way through engagement with our clients and developing the service mix over time. We also talk about transforming our guarding, and that is then to make the guarding a better performing operation and business as well. Those would be the main parts that I would highlight, Andy, in terms of what we are doing differently. It's obviously also the extent at which we are driving this now across Europe, which is important and very exciting. Okay. Thank you very much. Oh. Thank you. The next question comes from the line of Neil Tyler from Redburn. Please go ahead. Your line is open. Good morning. Thank you. A few left from me, please. Firstly, going back to the SEK 117 million charge, just to clarify that, does that include the trading results of those regions that were being excluded from Q4? Is this just purely the costs of exiting those regions? That's the first question. Secondly, following on from your point on guarding margins, you mentioned in October that annual contract negotiations needed to try to raise prices to recover things like PPE costs as well as just wage inflation. Can you perhaps provide an update on the progress that you've made there? Back to electronic security, the rate of installation in the U.S. seems to have remained equally subdued despite fluctuations in lockdown restrictions. The question is, do you see that meaningful backlog of business as still existing, or do you think that's been more permanently sort of impaired or lost? Thank you. Thank you. Bart, do you want to start with question number one, and I can take two and three? Yes, absolutely. On the 117 million SEK related to the exit of the cost, that is the entire cost related to the transaction. Taking out the assets from the balance sheet, accounting for any costs related to the transactions, accounting for any income from the transactions. If you do all of that, you get to this net negative of SEK 117 million. That is the answer to the first question. [audio distortion] Related to question number two on the guarding, yes, it is a different context now due to our first priority that we stated from the beginning is the health and safety of our employees. We do see increased PPE costs. This is obviously something that is one component in the total price production cost or price-wage, that equation that we are managing. It's a lot of movement in the last 12 months, and with that, of course, we have very high focus on how we manage this in the beginning and throughout 2021 with our clients. We never guide in terms of this important activity, but we do have a strong track record in general in terms of being able to manage that. Also then obviously, frankly speaking, also that we have clients that appreciate quality and people and also appreciate the importance of the health and safety. Those are important discussions that are ongoing in any of those negotiations. Looking to your third question about electronic security, yes, this is one area that has been affected, and we see continued subdued type of situation, to use your wording, which I think is good. That's very much related to lockdowns, uncertainty, many companies restricting access to buildings, but also then a lot of companies also managing through with a lot of short-term priorities. That also then means that there is a little bit of a tentative position in terms of this picking up. This is something that we are watching carefully, but we've obviously also taken a number of measures in terms of cost base, in terms of how we manage, so that we are flexible also to be able to resume and to accelerate when the situation is normalizing. It is somewhat of a tentative situation right now. Obviously, what does help is that we do have very strong team in electronic security in North America doing a tremendous job also in terms of client engagement, even if it's under different circumstances that we have right now. Thank you. That's helpful. Thank you. For any outstanding questions, please press zero one on your telephone keypad. Next question comes from the line of James Winckler from Jefferies. Please go ahead. Your line is open. Hi. Thanks, guys. Most of mine answered, but two quick ones for you. In terms of how to think about forecasting the cadence of the CapEx and transformation costs from today, assume the asset impairment write-downs of SEK 200 million you quoted probably instantly in Q1 of this year. Should we assume at best guess the remaining SEK 1.2 billion of P&L costs is evenly split between the quarters of 2021 and 2023? Then same for CapEx, the SEK 1.1 billion. Should we just assume that it's split evenly over the same period, or is there another sort of consideration in that regard? Then secondly, for the margin targets, just want to confirm, obviously, you've done other programs which you expect to benefit the margin, such as the cost restructuring in Europe. Just want to confirm that the 6.5% is inclusive of the potential impact from that as well. That, I believe, previously quoted when you said the 50 basis points in North American margin, that wasn't necessarily related to the level 50 basis points higher than it was in fiscal year 2019, I believe when you announced it. It was just 50 points above where you would expect to be all else equal, if that's correct? Thanks. Maybe I should take the first question, Magnus. Go ahead, Bart. On the costs related to the transformation programs, James, the write-downs, the asset retirements will also happen during the course of the three years. It's not that we now in Q1 will do a major write-down. Some of the assets we will continue to use during the transformation as well, and then it's only at the moment that the assets are taken out of their usage that we will write them down, so over the course of the program. When it comes to the other costs, you can assume the best assumption is, as you said, that it is one third almost each year. Of course, that will also depend a bit on the more detailed planning as we will go forward. The thinking right now, to think of that as one third each year is the best assumption right now. The same thing for the CapEx as well. The cash flow cadence of that will also be around one third each year during the program. James, on the margin targets, yes, the 6.5% is inclusive of the other programs and measures. Obviously, the cost reduction program that we announced in the summer was a response to the situation caused by COVID. That has been considered and inclusive then in the 6.5%. On the North America question, yes, we stated an ambition there to improve the margin up to 0.5% in North America, and should really look at that based on where we were at the time in terms of profitability. We announced that in February 2019, and then obviously had a full- year result in North America for 2018, which is kind of a reference point there. Great. That's it from me. Thanks. Thank you. As we have no more questions, I'm going to hand back to our speakers for any closing comments. Very good. Thanks a lot for all the good engagement and looking forward to seeing you soon. Thank you. Thank you to all of you, and take good care. Bye-bye.