Good afternoon everyone, and warm welcome to our Q2 call. We are on the right path as a company and implementing our strategy with full force. Today, we are proud to present a solid set of results for the second quarter. Q2 is a strong quarter with solid results. We have been working quite hard over the last 18 months with sharpening the business. The transformation programs are running according to plan, and t his work is generating results. Organic sales growth was 8% in the quarter, and t he comparatives from Q2 were obviously weak, but w e have increased commercial activity like we commented after Q1 as well. Momentum in the last six months is also improving. The operating margin improved to 5.6%, which is a substantial improvement versus the same period last year, but also when comparing with 2019. The margin was supported by strong performance improvement in all business segments and by returning to more normal levels of provisioning. We are on par in terms of price wage balance, despite the more challenging environment. In the U.S. in particular, we faced a greatly reduced applicant pool, but our team has been doing a good job in terms of recruitment and optimizing wages and prices together with our clients, so we've handled that quite well. There are still significant positive and negative impacts and effects from the pandemic. If we're looking at the number of people on temporary unemployment, that number is now down to 2,000 people in the middle of July, compared to 4,000 people in middle of April. Growth in solutions and electronic security, which is a very important focus area for us, has been very negatively affected by the pandemic. We have started to improve in terms of commercial activity and also growth in the second quarter. Having said that, we are not at the level where we want to be, and this remains a very important focus area in the second half. From a cash perspective, we had solid performance with SEK 930 million operating cash flow in the quarter. We continue to execute on the strategy. This morning, we announced the acquisition of a leading company in Germany, which is called Protection One. Protection One has built a very strong business, which is specialized in remote technology-driven security solutions. Germany is a very important market for us, and the Protection One business is right in the sweet spot of our strategy with the strong technology competence, client delivery, and very much focused on the SME segment. This acquisition will be accretive to earnings per share as of 2022, and we are very much looking forward to welcoming the Protection One leaders and team to Securitas, hopefully in the next couple of months. With that, let us then shift the performance in the different segments. Starting as usual with North America, we had a very strong performance in North America in the quarter with 8% organic sales growth, and the growth in guarding was stable. Here this is essentially thanks to recovery in the permanent portfolio, which was offset by a decline of COVID-related temporary services. The improvement that we started to see at the end of Q1 in electronic security and critical infrastructure services continued, and this contributed to the strong growth on the totality. As commented earlier, we had a reduction in COVID-related extra sales during the quarter, and we also terminated an aviation contract at the end of the quarter, and this will have a negative impact on the guarding growth in the coming 12 months. Looking at the profitability, all business units contributed to a strong operating profit margin of 7.1% in Q2. We had stable margins in guarding and this as a result of recovery in the permanent portfolio and also the impact from declining extra sales. We had solid profitability improvements in electronic security, critical infrastructure services, and also Pinkerton that contributed to the highest quarterly operating margin actually ever recorded in North America. This was the first time that we have a margin that is starting with a seven. That we're very happy about. We're also seeing a positive impact from the FE Moran electronic security acquisition that we closed towards the end of 2020, and the team and the operations are now fully integrated. In conclusion, a terrific job done by our North America team. Turning to Europe, we had a strong recovery also in Europe in the second quarter. The comparative from Q2 was very weak, but we are seeing a positive impact from the easing of restrictions and lockdowns and improving commercial activity. aviation improved versus last year, but we continue the contract review work in aviation to ensure that we have a strong and healthy business going forward. Commercial activity and growth in security solutions and electronic security improved in the last few months, but this remains an important focus area to rebuild full momentum in the second half. Looking at the profitability, we had an operating margin of 5.5% in Europe, and t his also represents a very significant improvement versus last year, but also the same quarter in 2019. Here I want to comment and highlight that this is the result of an improved business mix, benefit obviously from the cost savings program, but also returning to normal levels of provisioning that all supported the margin improvement. The improvement in profitability was broad-based and most countries contributed. One consequence of the pandemic is that we've had an intention and a plan to invest in significantly more resources in to support the solutions momentum in Europe, and that's essentially technical expertise and also sales. This is an activity that has been negatively affected in terms of the ramp-up during the pandemic, but we are now aiming to accelerate that investment pace in the next 6-9 months. In conclusion, our European team are still facing a challenging situation due to the pandemic, but are delivering and doing a very good job managing the business together with our clients. Shifting then to Ibero-America, and Spain was the main driver of the growth in Q2. We had more of a mixed picture in Latin America, and the portfolio refinement activities in Argentina and Peru continue, and this results in some pressure as well on the growth. Security Solutions electronic security represented 31% of sales in the first half, and this was also positively supported by the Techco acquisition and improving momentum in solutions. The operating margin in the quarter of 5.5% was a solid achievement in challenging market conditions. The operating margin in Spain was supported by improving revenue mix, improving solution sales, and efficiency gains related to the integration of Techco Security. While the portfolio refinement activities in Argentina and Peru are burdening the sales growth, we are also seeing a positive impact on the margin thanks to renegotiating or terminating lower profitability contracts. Looking at the total picture, very strong quarter by our Ibero-America team. I think that concludes the overview of the different divisions. Now glad to hand over to you, Bart, for some more details regarding the financials. Okay, many thanks, Magnus. Well, I think it's fair to say here that we have seen a good quarter, I believe, with a good development, and during this quarter, we have further focused on managing any COVID-19 impact, and I think we have become better and better on that. Especially, we have continued at full force to implement our strategy and our transformation journey, and we also benefit from that. Now, as Magnus said, the operating margin was on 5.6%, and that is well ahead from the 4.0% from 2020, which had been affected back then by COVID-19. This operating margin of 5.6% is actually also well ahead of the second quarter of 2019, where it was 5.0%. That we see as a confirmation of a good quarter. The operating income has been supported by around SEK 195 million in corona-related governments and grants in the quarter. I should emphasize that these grants and support serve to offset the increased cost levels from the idle time. We have people on idle time, and for that, we get partially then compensated for the cost related to that, we get partially compensated from the government. This amount of SEK 195 million was affecting all segments, with three-quarter of that total amount within Security Services Europe, where actually we also have the most people on temporary unemployment. In earlier quarters, the amount of corona-related government grants and support was in Q2 last year, in Q2 2020, approximately SEK 350 million. In the following quarters, we have seen on average an amount a bit north of SEK 200 million, so now slightly lowering versus the earlier quarters. This, of course, goes largely hand in hand with the development of the number of people on temporary unemployment schemes. Now, as mentioned also by Magnus, in mid-July, we have approximately 2,000 people left on temporary unemployment. If you remember, we started with around 10,000 employees on temporary unemployment in April 2020. We in this year, around 4,000 in January, and we continued on that level to mid-April, and further in May as well, but started then to further reduce during June. I said now in mid-July, we have approximately 2,000 people left on temporary unemployment. We move here to the acquisition-related cost. Included in here some of the transaction costs related to the recent acquisitions as made during 2020 and the recent acquisition also of Dansk Brandteknik in Denmark. However, nothing included in there from the earlier announced today acquisition in Germany. We then turn to the line of items affecting comparability, and we accounted here in the quarter for minus SEK 259 million. Of this amount, then we have a cost of minus SEK 112 million relating to the cost-saving programs related to COVID-19, and then minus SEK 147 million relating to the transformation programs. That adds up then to SEK 259 million for the quarter, and that can be found, of course, in note seven to the report, and t hat then also means that for the first half year now, we have SEK 395 million in items affecting comparability. That all relates to the earlier announced programs and cost-saving program. I will come back in a second on some further detail for the full year on items affecting comparability. Turning then to the financial income and expenses, SEK 91 million in the quarter. You can see here, of course, development from SEK 137 from the second quarter last year to now minus SEK 91 in this quarter. This was positively impacted by the favorable net debt development, lower interest rates, and lower exchange rates compared to the second quarter last year. Moving then to the tax line at 27.0%, and that is the full-year tax rate as estimated versus 27.4% for the full year last year in 2020. Pretty much in line. Of course, we shall remember that this 27.4% from last year was a bit affected by non-deductible expenses from the exit from the 11 countries. Moving then to the next slide, here you have the further detail on items affecting comparability. As mentioned here, we have so far accounted during this year for SEK 395 million in items affecting comparability. For the full year, you can expect a range there of SEK 800 million-SEK 950 million. Let's say on average, then an amount of around SEK 250 million for the two remaining quarters each. As of next year then going into 2021, it's only the last transformation program here related to Europe and Ibero-America, which is really still relevant, and that should then be running on a speed of around SEK 450 million per year, assuming then an equal execution over the time period. We go to the foreign exchange development, and we consider here the effects from the different currencies on the quarter. Here we can see that there has been a substantial negative effect, that is a headwind from the foreign exchange during the quarter of actually -9% of the level of sales, as you can see from the difference between total change and real change in relation to sales. When taking out the effect from foreign exchange, we actually have a positive then real change of 9%, +9% on the sales line. There are even higher significant effects on the lower lines in the income statement. The EPS improved in real terms with actually 52% compared to the second quarter last year, and EPS before items affecting comparability improved in real terms with 75% compared to the second quarter last year. Actually, both the U.S. dollar and the euro weakened during the quarter, but then recovered somewhat towards the end of the quarter. We can then see here that they were ending on -8% compared to the end of second quarter last year and -3% each. We see then a pretty similar effect actually for the first half-year as well. If you then look at the sales line here, the total on -5%, but the real change on +5%, meaning then a headwind from foreign exchange of -10% on the level of sales. Moving then to the cash flow. Here in Q2, I think we had another good cash flow actually coming in of close to SEK 930 million as cash flow from operating activities. The operating cash flow in the quarter was somewhat negatively impacted by an increase in the receivables. We had good collections with a good and stable number of days sales outstanding, but we shall add that the operating cash flow was, of course, a bit negatively affected by the higher organic sales growth. Of course, the comparatives from last year were very strong, but we shall remember that last year, we had a positive effect on the operating cash flow from corona-related measures of SEK 550 million in the quarter and actually SEK 900 million for the first half year in 2020. This year and this quarter, there was no real impact from any corona payment relief measures in the quarter. No positive and no negative, so no effect in this quarter. By year-end, we shall also remember that we have to pay some amount back to the government. Mostly there to the U.S. government, where last year in our full year cash flow, we benefit from around SEK 1.3 billion, SEK 1.4 billion as relief measures, positive cash flow measures then from the government in the U.S. We got as a net support. This repayment is split out over this year, 2021, and the other half in 2022. The half for this year that we have to repay will very likely happen in Q3 now. We move to the first half year column, and we are ending then the first half year with SEK 2.2 million as cash flow from operating activities. Capital expenditures by itself was SEK 1.3 billion in the first half year, and that is trending then to around 3% of group annual sales for 2021, including all effects from the transformation programs and including also leases for IFRS 16. We end then the first half year with SEK 1.173 million in free cash flow. We then move to the net debt, and t he net debt had ended at SEK 15.6 billion. That is up SEK 1.3 billion from the opening at SEK 14.3 billion. We had a positive free cash flow of SEK 1.173 million, as just mentioned on the previous page, and a n amount of SEK 295 million has been paid for acquisitions. We paid a bit over SEK 411 million in items affecting comparability. We paid a dividend of close to SEK 1.5 billion. All of that added then up together in a net debt deterioration of SEK 916 million, mostly affected then, as you can see here, from the paid dividend. Of course, there is a further negative effect from revaluation and translation. With that, we end the net debt on SEK 15.6 at the quarter end. As you can see here to the graph, we end the net debt in relation to EBITDA on 2.2 compared to 2.1 at the end of 2020. A continued strong number, leaving a lot of headroom. We move to the debt maturity, and I think it's fair to say that we are backed up with solid financing. Our rating has been confirmed here during the quarter by Standard & Poor's to BBB with a stable outlook. We had good liquidity at the quarter end of SEK 4.2 billion, and we have, as earlier said, also renewed the RCF and extended that actually now as well in 2021 with our 10 core banks, and this RCF is for a total amount of close to SEK 10 billion right now. The original facility was for five years, and we have now in April extended with one year to 2026, and we actually have another option to extend it next year for another year then to 2027. The RCF is fully undrawn at quarter end, and we continue to have ample headroom, as I said, in our rating, and we have no financial covenants in any of our facilities. With that, I would say that based on the strong balance sheet with then the net debt to EBITDA at 2.2, and with our solid financing in place, I think we are very well-positioned for the future and in a strong position to accelerate the further transformation. I can now hand back to you, Magnus. Thank you very much, Bart, for a good overview. While we're delivering a strong performance, we're also maintaining a high focus on the transformation programs. We're progressing according to plan with these programs. Just to recap a little bit, because there are no new announcements made now, it's more about executing what we have previously announced. We're finishing the first two programs in North America and Global IT towards the end of 2021 and are now shifting the focus toward value optimization and to ensure then that we deliver the targeted impact in 2022. The COVID-19 cost savings program continues, but as Bart indicated earlier, there is some uncertainty regarding the timing of the end of this program. A number of the actions that we have undertaken during the last 12 months contribute to reduced cost levels and also sharper focus in the business. As an example, we exited nine markets in a 90-day period around the end of 2020 and beginning of 2021. We have exited one more since then, and then expecting to exit the last market fairly soon. That will also mean that that program, which is also helping us in sharpening the business, will also then be completed. With the programs in Europe and Securitas Ibero-America, we are completing the modernization and transformation journey that we initiated a couple of years ago, and this work is progressing according to plan, and we will come back with further updates in the coming quarters. I think with that, we can sum up the quarter. We had a strong Q2. Broad-based improvement across all parts of the business, this is coming as a result of continued sharpening of the business, steady and focused execution of the strategy and the transformation programs, also, of course, improving market conditions. We're looking at the key financials, 5.6% operating profit margin and 50% real change in operating income. Before we open up for the Q&A, I just wanted to share one last message, this is obviously the last quarter that we are reporting under Bart's watch as the CFO. Bart will remain with Securitas until next year, you're officially stepping down on the 15th of August from the CFO role. I just wanted to say, Bart, to say thank you on behalf of the entire team at Securitas for outstanding contributions as a person and a professional in the team over many, many years. We are on a good path as a company, and you've had a very important role in this development. I would also like to take the opportunity to welcome Andreas. Andreas has a very strong track record in, and knowledge of our business, strategy, driving performance, and finance, and really looking forward to welcoming you into the new role towards the middle of August. I think with that, wrapping up the presentation part and happy to open up for the Q&A. Thank you. We have a few questions in the queue. The first is from the line of Rahul Chopra of HSBC. Please go ahead. Your line is open. Hello, t hank you so much for taking my question. I have three questions, if I may. First, can you give us a sense of what is the wage rate inflation in the U.S. doing? Maybe some steer of numbers and maybe some comments on your ability to maintain price wage balance if the labor scarcity continue. Secondly, in terms of the margins, could you give us a sense of basically margin mix? What was the mix driven by portfolio refinement program versus the mix effect? Probably also remind us the benefit of provisions versus last year in terms of comp effect. My final question is in terms of idle grid time. You said that there will be corona-related payments back to U.S. Just wanted to understand the margin implication or is it just a cash flow impact on that? Thank you so much. Yeah, t hank you. I can address the first two here. Maybe you, Bart, want to take the last one related to the U.S. payments. First of all, when you look at the U.S., yes, it's been a challenging period. As a combination, obviously related factors when you look at the scarcity in terms of the talent pool. That is something that we started seeing around three, four months ago with a more significant impact. First of all, we have managed through that in a really good way. That is obviously thanks to the team that we have, but it's also just to mention one specific point as well. We also have better systems and tools to also be able to manage ups and downs in a much faster and more dynamic fashion. I think it's a combination there of very good work from the team together with the clients, but also the support that we have. A lot of that is also actually coming out of some of the investments that we have made as part of the North America Transformation Program. I should also highlight that when you look at Securitas, we are not a cost leader in the business. We are a quality and innovation-focused company. I think that's the reason that clients choose us. That also means that we are not at the very lowest levels in terms of wage. That has also helped us quite significantly when you look in the overall situation. It has been challenging, but the adjustments that we had to make have, for that simple reason, not been that dramatic, even though we are seeing a higher inflation environment in general. I think one other point which is important to know as well is that some of the federal programs are ending in September. That will also mean that the incentives will also be stronger, starting in the next 30 to 60 days, to actually apply for a job and be part of the job market as opposed to rather enjoying some of the support that has been provided due to the extraordinary circumstances. I think that, I hope addresses the first question. Then I think you also asked about the margin mix. This is a very important point and one of the main drivers behind the improving results that we see in the second quarter. We have been working hard, and we've spoken quite a lot about the aviation segment, and I think that is a good example where we have made really good progress where, yes, we have a smaller business today, and we'll most likely have a smaller business in the near future. What we have is a significantly higher quality, i.e., better margin and more sustainable contracts, where we are able to invest and provide good quality to the clients, but also to make a decent return. That kind of a mindset we're also taking across the entire portfolio, actively working with what we call portfolio management to make sure that the business that we have should be good, healthy business. Some of that work is long-term work, but I think one clear message from my side is that we are fully focused on the quality of the portfolio and not so much about just driving volume. We have good critical mass in most of the markets where we operate, and we want to make sure that we have good quality on the portfolio, even if that comes at the price of some of the growth. Solutions are starting to improve, and we had some improvement in the first quarter. That was a stronger improvement when you look at Q2. Solutions and electronic security, we had 11% real sales growth now in the second quarter. We feel good about that because this is obviously an area where we are investing a lot and also have high expectations as well in terms of shifting the overall margin mix and the revenue mix in the years to come. That is a positive step in the right direction, but not really there yet in terms of the momentum that we want to have to be able to hit our longer-term ambition. It's been a tough period with COVID since we haven't been able to visit many clients on site, et cetera. I think there's just one last comment I would like to make about the margin, and that is related to the extra sales. We are still operating with extra sales, which are a little bit higher than a normal Q2 if you're comparing back to years like 2018 and 2019. The extra sales are a little bit lower now than what we have seen in previous quarters, and that is essentially primarily driven by some reduction, like I mentioned at the beginning, in the COVID-19-related extra sales in North America while we have slightly higher extra sales still in Europe. There we have both positive and kind of negative. On the other hand, we are also seeing a recovery in the permanent portfolio. That is then also helping in offsetting, and if that trend continues for the next couple of months with extra sales decline related to COVID-19, then we are expecting that we should also have decent continuation also of the permanent portfolio recovery as well. I hope that addresses the first two questions. They are fairly broad questions, but I hope that gave some flavor. Maybe, Bart, if you want to take the last one on the payments related to the U.S. Yes, absolutely. In the first one, can you just confirm that the wage inflation you're referring, is it closer to 7%-8% what we are seeing in the BLS data, or is it similar lines? Can you confirm this? It is from our perspective definitely less than 7 or 8%. I don't think that we are publishing the numbers specifically, but it is significantly lower. There is variation if you look at different parts of the U.S., difference in situation. I think one important thing is that our team really focused on quality and innovation to the clients. We are not really at the lower levels in terms of wage, and for that reason, we also have been in a better position and more resilient and been able to also maintain strong continuity in the delivery to our clients also in a more challenging period. I can provide a bit more flavor there to the data point around that. We always say in a longer term, on average, our wage increases in the U.S. are around 2%, and that is then in worser times 1% and in good times 3%. In 2019, we also commented actually, remember it was also quite heated market back then, that we were above the 3% also, that we were outside that normal range based on the then heated situation. Last year, we were back to pretty normal year, and then this year we are again a little bit outside that range, but it's not that we are on a different planet. We basically forecast that also then for this year, we will be a little bit outside the range of 1%-3%, but nothing more than that either. As Magnus commented, we strongly believe that we have been really helped by the implementation of our new systems to manage this situation, and secondly, also by our existing portfolio focusing on good clients as well, that basically are not entirely focusing on price only. That is important to understand. When it comes to the provisions, yes, last year we commented that we took extra provisions related to potential risk that we saw, most related to potential bad debt. I can confirm that there has been no reversal of any of these provisions. Everything is in the balance sheet still, as we still are unsure about the final outcome of COVID-19 related to any of those matters. I hope that answers your question. The other question on the cash flow. We have had cash flow relief measures from different governments which do not impact at all the income statement, so they are independent from the income statement. This cash flow relief measures in the U.S. then mostly added up to SEK 1.3 billion at year-end 2020. We will have to pay half of that during this year in Q3, as I mentioned, very likely, and then the other half during next year. With the half, then I mean half of the SEK 1.3 billion, SEK 1.4 billion I mentioned before, but t hat has nothing to do with the income statement. That is pure on the operating cash flow side. Understood. Thank you so much. Very good. Thank you. Thank you. Our next question comes from the line of Erik Paulsson at Nordea. Please go ahead. Yes. Thank you. First of all, are you thinking about the strategy to double your security solutions and electronic security sales by 2023? Obviously this new acquisition of Protection One helps a bit on this journey, but still you're quite a bit far from this of doubling it up to SEK 40 billion in 2023. How do you feel about this at the moment? Yeah, t hank you. It's a very important reflection. When you look at the last year and a half, it's no secret that this has been a challenging period to drive electronic security, but also then to convert client base into integrated solutions, b ecause all of that work requires that you or most of that, I should say, that you see the customers, that you do a site visit, risk analysis, and that we have a good understanding of what are the risks and the needs that we are building a strong solution for. If you take a hard view, you can say that we lost a year and a half on that journey. That means that the ambition, which was quite an ambitious ambition, when we set it and communicated end of 2019, that's become a taller order. On the other hand, I should also say that we are taking a lot of initiatives to drive solutions of the business and to really rebuild this, and we're doubling down in terms of the efforts across all divisions. Starting to have some positive movement, but this is obviously also one of the main focus areas for us to make sure that we are really rebuilding to strong double-digit type of growth in this space, because that will be needed to really make sure that we're on the right path. Electronic security, very happy about the acquisition that we have announced this morning. This is an area where we are continuously also working and scanning for good opportunities, and that is a focus area which is as high on the agenda as it's ever been. That could obviously also have an impact as well in terms of our, o r it will have an impact, I should say, in terms of our ability to hit the doubling target in 2023 or not. I hope that gives you some flavor. That's the way that we look at it, but we will come back as well with further updates along this, obviously, how it progresses and how we are driving the progress here. The longer-term vision, there is no doubt about, we are really driving the business to become a lot more of a solutions electronic security-focused company with very strong protective services capabilities. There is no doubt around that. That we're continuously driving, but it has become a taller challenge to be able to hit that one. Understand. Just a final one also on, you mentioned there on North American airport contract, which you had ended there, and that will affect your guarding business negatively for the next 12 months here. How large is this contract in sales you? That contract was around $50 million on an annual basis. We terminated that towards the end of June. That means that in the second half, there is then around $25 million negative impact compared to the previous year. That is a fairly significant one, but i t was a lower margin contract. It would've been a low-margin contract. For that reason, we are focused on quality and margins. For that reason, we can just reflect on some negative impact on the top line. Okay. Thank you very much. Thank you. Thank you. Our next question comes from the line of Simona Sarli of Bank of America. Please go ahead. Your line is open. Yes. Good afternoon, gentlemen, and thank you very much for taking my questions. I have a few follow-ups. You mentioned that you didn't reverse any provisions in H1. Assuming that the situation stands as it is, what could be the potential reversal and the margin impact in the second half of the year? Secondly, for your existing employee base, when do you usually renegotiate wages, and how does that work? Lastly, one clarification on government grants. If I understood correctly, in Q2, the magnitude of this government grant was pretty much similar to Q1. However, looks like the people that you had on a temporary unemployment scheme significantly reduced over Q2 versus the 4,000 people in Q1. How do we square that in terms of a similar magnitude of government grants and also an acceleration sequentially in organic growth? Thank you. Maybe I can take the last two, and Bart, if you then want to comment on the provisions. To the second question about the employee base, if you generalize, you can say that in North America, it's more of a dynamic environment in general, where we would be doing more dynamic changes in terms of wages to make sure that we are attractive as an employer and that we are incentivizing and retaining good people, but less than CLA based in terms of collective bargaining agreements or labor agreements. Mentioning those, in Europe, it's more of an annual cycle. That is the type of work that we are going through every year. We have a strong track record in terms of balancing wages with price increases. We should highlight that if you look at the last six, 18 months, because of the pandemic, it's been more of a extraordinary situation with some delays of some of those agreements, but also then a more kind of dynamic environment and also expectations going into 2022. This is an important focus area for us, but those are roughly the timelines. I should say that with the environment that we have, this is a very important focus area for 2022. In Europe, a lot of that would normally be in the first half of the year, but always with some exceptions, but the majority would be there in terms of the wage negotiations. We are also in light of some of the COVID-related impact, and also then planning quite a lot for this now in terms of how we manage this across all major markets, but with a lot of focus in Europe and North America to be able to do this in a strong way. I hope that gives some flavor in terms of the second question. If you look at the government grants, yes, your reflection is correct in terms of the number of people, but the number of people on temporary unemployment has also moved quite a lot within Q1 and within Q2. When I look at the 4,000 people, that was in kind of a middle of April number, and the 2,000 people is a middle of July number. There has been movement throughout these quarters where I think if you averaged them out in terms of the number of people on temporary unemployment relief, they would have been more similar as well, which is also in line with more similar grants that you're seeing between Q1 and Q2. The important thing is that the overall trend has been going in the right direction. There was a time when we had around 10,000 people in the spring of 2020 on temporary unemployment, and now we are quite far from that and going in a much better overall direction. It does depend a little bit also on how the situation is developing now, primarily in Europe, partly also in Argentina, in the next couple of months. Bart, do you want to take the provisions question? Yes. Exactly, Magnus. On the last question there, I can confirm that the 4,000 people, and they moved then to 2,000 mid-July from 4,000 mid-April. That decrease largely started to happen only in the month of June. I think that explains then why you see similar level of government grants, as Magnus also explained. On the reversal of provisions, it's just too early to have a view on that. It's too early to have a speculation around that. We believe that at this point in time, it would be too early to say, "Well, all of COVID-19 has been digested now. All our clients are entirely back on track. The economy is basically where it was business as usual." We think as a company that it's still too early to say that. We will come back to that when we have taken that more particular view, but that is a judgment we make together with our auditors, of course as well, and a t this point in time, it's just too early to have any speculation there. When you look back, you could think we were maybe thinking in Q4 last year, "Okay, COVID-19, that will be gradually going down now, and by mid next year, then where we are now, mid-2021, everything should be over." We see that there has been resurgence during Q1, Q2. Instead of going down, there was resurgence. A little bit the same thing happening now, some resurgence. I think the overall direction is very good on COVID-19 with the vaccination, but it's still too early to say this is the final view on this. Anything else would be speculation right now. Okay, t hank you. Can I ask a follow-up? How should we think about margins going into the second half of the year, and what are the moving parts that we should take into consideration? Thank you. On the margins, basically, if you leave out these provisions, the effects from these provisions, and we have clearly commented on these provisions as well during 2020 when we were taking and the amounts we were taking there. Basically, you should isolate that effect from the results and from the margins. There has been no positive effect whatsoever in this quarter margin from any reversal or so. Also that is just a pure margin from that perspective. There is no positive effect in our results from the temporary unemployment measures that we get from the government because that is offset by equal cost. Everything else is more or less business as usual. Of course, important questions will continue to be a little bit the level of extra sales, what happens there? The effect from our normal business as usual, wins and losses in our portfolio, the effect from how well can we still manage the price wage equation. Basically, the normal questions that we always have on the table. You could see our focus is really on profit improvement rather than organic sales growth. Magnus has commented quite elaborate on that is really where we want to focus. On top of that, we hope to get more traction again in the security solution, electronic security side of the business as well. It is hoping to return to business as usual and further execution of our normal strategy, and that should drive the margin. Okay. Thank you. Thank you. Our next question comes from the line of Andy Grobler of Credit Suisse. Please go ahead. Hi, good afternoon. Just two from me, if I may. Firstly, on the U.S. or North American transformation program, which is coming towards its end, can you comment on any benefits that accrued through the 1st half of this year and what your expectations are for the full year from that program in isolation? Secondly, for Bart, just in terms of the interest charge that's remained, I think, lower than consensus expectations in Q2, what's your guidance for the full year as of now for cash and P&L interest charge, please? Thanks, Andy. On the U.S., when we communicated this, we said that we're going to achieve our objectives, that we then communicated with real impact there in 2022. With some gradual impact starting at this point in time. That's essentially what's happening. There is not a lot of impact, but there is some. That's very much due to the nature of the work that we have been doing in terms of fundamentally upgrading our systems and applications to be able to run the operation more efficiently, to have better tools for our people in the frontline who are working with our clients, and also then closest to our people. We can also see that I mentioned one comment earlier on the question related to the wage inflation that we're also seeing as one practical example that better systems and more kind of intelligent support from the applications that we are running now is helping us to run the business in a better way. That was the overall promise of the transformation program from the beginning. We have done some very important transition work. If you look over the last eight, nine months in terms of the business in the U.S., where we hit a number of key milestones in terms of transitioning onto new systems, covering all essential parts of the business, from payroll to billing and how we integrate everything to run the operation more efficiently. Also now shifting a lot from transitioning over systems to now really make sure that we are realizing the value from this. Therein, there is still quite a lot of work for us to be done. That is now for the team in North America. That's the highest area of attention and focus. While we were previously planning for a lot of the upgrades and migrations, and the detailing a lot of this, now it's more focused on value realization. When we look at this, some early benefits we expect this to increase throughout 2022 so that we are able to hit the targets and objectives that we set. Bart, I assume you want to comment on the lower interest charge. Yes, absolutely. Last year we had for the full year financial items of SEK 500 million, now for the first half of this year, we have SEK 185. We are working with an assumption there for the second half of the year so that we would end up the full year around SEK 420-SEK 430, Andy. Thanks, Bart. Why the increase in the second half? Increase basically because we have paid a dividend now in the 2nd quarter, but that was there only in the middle of the quarter as well, so that will affect a little bit. We have the acquisition announced, which we will unfortunately also have to pay. That will charge us with some interest rates. That is basically where we could think as a running rating, Andy, for the full year. SEK 420 something around that. SEK 420, I would say, yeah. Thank you very much. Thank you. Our next question comes from the line of Neil Tyler at Redburn. Please go ahead. Yeah. Hi, good afternoon. A couple of questions, please. Back on the topic of the transformation programs, and I suppose in the context of the Hawaii airport contract that you've talked about, can you give any indication of what proportion of revenues remaining in the business still stem from contracts where either you think the margin is unsatisfactory or where the terms of those contracts leave you exposed at the margin, should costs inflate or circumstances change? Any indication, either overall or by region, would be very helpful, but I assume mostly what's left there will be outside of North America. Just secondly, probably an easier question. In terms of in the solutions business, the installations business in North America, can you give us an indication of where that stands revenue wise relative to 2019 currently? Thank you. Thank you. If I understood your question correctly, on the aviation side, we were back in 2019 around 7% or 8% of sales on the totality in aviation, and then I think we had around 12%, 13% in Europe. If you're looking on aviation overall, I would say that we are probably going towards a situation where we're going to have one third less of overall business compared to 2019. That is then business that we would have terminated or we terminated together with the clients, because of essentially not a healthy margin situation. That's probably where we are trending right now. The progress has been good in this space. Quite a lot of hard work, we also have a lot of respect for the clients. When I look at the early stages of this work, in the middle of the worst periods of last year, the clients also had a lot of challenges. We also took the approach that we need to build something. We need to manage the short term, but then we also have to make sure that we are building a sustainable business for the long term. I think that's something that most clients have also recognized and appreciated. That has meant that we have then gone through a significant part of the portfolio now. There is still some remaining, and I think if you convert it into SEK billion, well, that means that there is still probably a few SEK billion. If you look a year ago, it was several SEK billion that we still had ahead of us. I think now we are more coming towards the last third of that process. If you look at that long-term impact, I think we are trending towards roughly a third less of aviation business, but the business that we have then is going to be good quality business with healthy margins where we can deliver, and we can also invest in the quality to the clients. Then on the second question, I think you asked about solutions in North America, if I understood that correctly. Yeah. Specifically the installation business, because I know that's ground pretty much to a halt, for a period of time during last year and has picked up since. I just wonder if you have any level of activity relative to where it had been? Yeah. If you look at that, I communicated after Q1 that we were starting to see an improving conditions overall in terms of the commercial activity. That has really continued as well in the second quarter. If you're looking in the second quarter, we had strong double digits, organic and stronger even real sales growth, i.e., also when then looking or including especially then the FE Moran acquisition, in North America. We are at a much healthier pace now compared to four or five months ago, and that is really a continuing trend from, I would say, the end of the first quarter where we started to see that, and that has really continued and now at a stronger momentum in the second quarter. Great. Specifically- Thank you very much. Yeah. Specifically on the installation side there, yeah, the organic sales growth was almost driven then for the total division by a little bit less than 1% from the installation side. Okay. Fantastic. Thank you. Thank you. We have one further question in the queue. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. That question comes from the line of Oscar Gao of JP Morgan. Please go ahead. Your line is open. Yes. Good afternoon, Magnus and Bart. I have two questions. The first one on the extra sales. It's declined a bit to 16%, but it's still above the 14% from 2019. Can you just remind me of those extra sales? How much is COVID-19 and how much is the events and travel coming back? Is there any visibility for Q3 for extra sales? When should we start to think about that business going back to normal? The second question is just around your large North American competitor. Have you seen any change in behavior in terms of pricing now that they're integrating the big acquisition? Yeah, t hank you. On the first question, it is an interesting one for us, and we're following this every month and also analyzing and discussing with the clients in terms of the demand. If you look at the dynamics in the second quarter, we did see a decline or really starting to decline in North America, the COVID related extra sales. Still at a fairly high level in Europe compared to a year ago. We're looking at slightly different dynamics there when you look at the extra sales related to COVID. I would say that in the short term, I would almost expect that we will probably see a faster decline of the COVID related extra sales before we see normalization of the normal type of extra sales that we will typically have, had we not had a COVID situation. That is then related to what you correctly highlighted, specific events or activities that we are driving throughout the year, in a lot of activities that could then be more considered as kind of one-off activities. Giving a guidance on that one, well, it has been fairly stable on the totality and the rates if you're going back to June last year up until now. We are then starting to see a negative trend in North America as society has been going back to normal. I think that's as much as we can comment in terms of where we are right now. Obviously, we are all hoping that societies will be able to go back now to more normal ways of working, unfortunately, seeing a number of indications that we still have some time ahead that will require quite some adjustment in terms of how we all live and travel. Okay. Yeah. Sorry, quickly as a follow-up, can you give the amount of extra sales in Europe versus the U.S.? I think if you're looking at Europe, it is in the high teens, around 18%. North America, in the same quarter, similar, if you're looking at the quarter in totality. I think if you're looking on the company level, we were probably around 17% last year, and I think closer to 16% this year. On the totality, it's around 1% lower overall. On the question about competition, we are very focused on the work that we are doing, but obviously have noted, and well aware that there is some changes in the marketplace there. From my perspective, we have a very strong offering, very good team, very strong client relationships, and always a dual dialogue with the clients in terms of this is what we're delivering today, and this is how we're looking at how do we develop the relationship and the value to you over time. I think there we are on a very good path and journey in general. I do believe it is important when you're looking back over the last 15 months, security services extremely important and have been deemed essential services in most societies, and that has been a really good feeling. Also for looking at the hundreds of thousands of people that we have in our team. People have really stood up and done a phenomenal job, and fulfilling an important role in society. I think as the industry leader, Securitas, we should always drive quality, we should always drive innovation, and we should always charge for that as well, that value that we bring. We will never be the one that is leading a race to the bottom here. We are rather on the opposite journey to make sure that we are continuously increasing the value and the content of what we deliver to the clients. That is what we are doing in the relationship to the clients, it is also what we want to do in the relationship to our employees as well. We want to pay them more, we want to have better people, better opportunities and benefits, but also then clients that are willing to pay for that. That is really the journey that we are on. At the same time, putting a lot of emphasis on the protective services that we have. If you're looking at that in North America with electronic security, our capability to integrate to solutions our corporate risk management, together with very strong on-site mobile and remote guarding, we have a really strong proposition. That is really what we're focused on bringing to the market. Okay, great. Thank you. Thank you, and w e have one further question in the queue. That's from the line of Anvesh Agrawal at Morgan Stanley. Please go ahead, y our line is open. Hi, guys. Good afternoon. Just one follow-up on the provisions. I know you've been asked a lot on that, but I appreciate there has been no sort of reversal of any provision from last year. If I remember correctly, in last year's Q2, there was like SEK 300 million of provision that you would have taken, and presumably this quarter you have not taken anything. If you can just tell us how much the actual provision in P&L is lower versus last year? Specifically within North America, how much of benefit you have got from that? Not just from the reversal, but just in the absolute terms of provision you had last year versus this year. In absolute numbers last year as also written then, we had SEK 300 million in provisions, and that was outside our normal provisions. That was extra provisions compared to our normal levels of provisions for different matters. In this quarter, we have our normal levels of provisions hitting the income statement in all of our business segments. Okay. There is no additional provision. How much of that is in North America? Well- if you can quantify? For this year, there is the nor--. Like it was SEK 300 last year. How much was? Yeah. Yeah. For this year, there is the normal level of provisioning in the income statement compared to any other year, so to say. Business as usual. What is your second question, then? How it was spread, was that the question? Of the SEK 300 million last year, how much was? Yes In North America specifically? About half of that. Okay. Well, that's all I had. Thank you so much. Thank you. Thank you. As there are no further questions, I will hand back to our speakers for the closing comments. All right. A solid quarter all in all. Thanks a lot to all of you for joining us for the call today. Thank you. Thank you, everyone.