Thank you very much, operator, good morning, everyone. Thank you for joining this presentation of Scandic's first quarter result. I'm here together with our Chief Financial Officer, Jan Johansson, and our head of investor relations, Henrik Vikström. Please turn to page two, where I will start going through a brief summary. As you all know, this was another quarter where the pandemic had a huge impact on hotel demand. Scandic's average occupancy rate was 7.5%. We expect market to recover soon, driven by domestic leisure, when restrictions are eased as more people get vaccinated. As we have communicated before, we expect occupancy to exceed last year's level during the summer, and we expect to reach positive cash flow in the third quarter. We are already today seeing some small positive signs in bookings and occupancy, but our customers act with very short lead time, and the bookings are closely connected to announcement of easing of the restrictions. Scandic is also well-positioned for a recovery. We have developed a hotel offering for broad target groups, and we have put a lot of effort into adapting our customer offering so that we can fully capture the expected increase in leisure demand during the summer and onward. Due to the limited visibility near term, we plan to publish an update on market development on June 15, which is the day before we go silent of our second quarter report. We want to be very transparent to you, and at that time, we should have a better visibility on what is expected for the summer months. Last month, Scandic did a placing of a convertible bond that improves our liquidity by SEK 1.6 billion. We have also agreed with our banks on extension of our credit facilities. With these measures, we ensure that we cover our liquidity needs until the market becomes more normal again. You will, of course, hear much more about this when Jan is taking us through the financial part in a few minutes. Please turn to page three. Market occupancy has been low in all markets in the first quarter. In Sweden, we saw a slight positive trend from very low levels in February and March, with an an occupancy rate of around 25%, while Norway and Finland have been around 20%. In Denmark, the market occupancy rate has been as low as 10%. The difference between the markets is to a large extent explained by different regulations related to the pandemic. Denmark has had the most extensive restrictions, and most of our Danish hotels were closed in the beginning of the year. If you turn to page four, that shows the market revenue per available room trends. There was a smaller year-on-year decline towards the end of the first quarter, especially in Sweden and Norway, due to easier comparison as the market fell dramatically in March last year. Obviously, this graph will look completely different in the coming month, with very positive year-on-year changes as we will compare with very weak months from last year. Please turn to page five, where you can see an update on Scandic's development so far in April. We have seen some positive signs lately from low levels. The graph to the left shows Scandic's seven-days rolling occupancy. The level in the beginning of April were pretty much in line with the average seen in the first quarter, but there has been a slight pickup lately, and it has been 22% in the last week. The graph to the right shows development per country. The biggest improvement has been in Denmark and Finland in April, from low levels. These markets have had the most extensive restrictions. There has been some changes lately in both countries, where restaurants have been allowed to open, and governments have announced plans to gradually ease the meeting restrictions. This has had an immediate impact on both occupancy and booking activity in these countries. Development has been more or less flat in Sweden, where the current restrictions were recently extended until May 17th, and there's no public plan for gradual easing of restrictions in Sweden right now. We do expect to see changes from mid-May and onward. Please turn to page six. In the next few months, we expect increased occupancy, mainly driven by domestic leisure travel, as vacation gain momentum and restriction begin to ease. We believe that the pace of the recovery will gradually increase, the exact timing is dependent on external factors. Crucial to this scenario is, of course, that the infection and death rate decrease as more people get vaccinated, which you also see in the markets right now. We do expect a gradual market normalization from the summer and onward, when we should see more sports, cultural events, meetings, and increased business travel as well. Initially, demand will be driven by the intra-Nordic travel and the domestic travel, which normally accounts for just over 80% of Scandic's total guest nights. With this development, we expect to generate positive cash flow in the third quarter. Even though leisure will drive the recovery in the summer, we expect increased business activity from the autumn and onwards. We are seeing a pent-up demand for meetings among our corporate customers to reestablish relationship within their own organization and with their customers after a year where most people have been working from home. It is obvious that there will be changes in business travel and meeting behavior in the future. We do, however, believe that a relatively large share of domestic business travel could return to pre-pandemic levels quite soon. This applies not least for accommodation related to large projects such as infrastructure and construction, which is relatively important business for Scandic. One of the other examples is our leading position as a supplier for accommodations for sports groups that also, we think, will be pretty unaffected once the pandemic is over. Please turn to page seven. This is a look at Scandic's occupancy development from 2019 and onwards. We expect average occupancy of around 20% in April, and it has been around 22% in the past week. Last year, we went from extremely low levels below 10% in April to just above 40% in July. We are quite convinced that we will see a similar pattern this year. This summer, however, occupancy is expected to be higher than last year, driven by better demand in the big cities. Prior to the pandemic, we have had an occupancy rate of between 70% and 80% during the summer months. If you turn to the next page, eight. The main reason for us believing and expecting a better summer this year than last year is, of course, the big cities. The Nordic capital cities together account for more than one-third of our hotel portfolio. The average market occupancy in the Nordic capitals were only around 27% in July and August last year. Only 1/3 of what is actually normal at that time of the year. As societies are gradually opened up, demand will increase and exceed these very historical low levels from last summer. Please also turn now to page nine, where you can see our pipeline. Our total pipeline amounted to around 4,800 rooms in the end of the first quarter, which corresponds to 9% of the existing portfolio. We have also, in April, opened Scandic Grand Central in Helsinki, and we will open one hotel in Copenhagen and one at Landvetter Airport in Gothenburg here in May. We have continued to do slight adjustments of opening dates in order to adapt to the current market situation. As an example, the opening of Scandic Spectrum in central Copenhagen has been moved from the fourth quarter this year to March 2022. There might be some additional adjustments to the opening dates for the coming years, and also when it comes to configuration of the hotels where construction has not yet started. This is two areas we are still working on quite a lot. I think with that, I hand it over to you, Jan Johansson, for taking us through the financial part of this presentation. Thank you, Jens. I think we go directly to page 11. Here we have Q1. Extremely difficult quarter, as you have heard from Jens. Complicated to operate the business also here. There's been back and forth with restrictions. It's also so that there has been quite big differences internally between occupancy levels and so on, and also intra-week variations. However, here, looking at Q1, you can see here that we posted a top line of SEK 930 million. I know that this is below expectations. I think primarily two reasons for that. One is, of course, that the occupancy came in slightly lower than our initial guidance, also so that the F&B part has been very low during the quarter, that is due to meetings. I think we're more or less half the meeting business here sequentially if we compare with Q4 last year. That is one explanation for that. As I mentioned, there are also big intra-week variations also. Tuesdays and Wednesdays has been reasonable during the quarter while we have struggled a lot during weekends and so on. That also, of course, makes it a little bit more complicated to operate the business. I think big cities, if you look into relation to last year, maybe 80%- 90% lower than last year. While outside the big cities, we are maybe on 60%- 70% lower. In certain destinations, actually quite decent development. Not a big change between the countries. I think the variations you see to the right in the picture here is more a reflection of how much of the properties are in the big cities and not in the big cities. We of course also have had the fact that we have had more closed hotels in Europe, especially in Copenhagen and Helsinki during the first quarter then. As I mentioned, very complicated and difficult quarter, that is, of course, mirrored into the result, which we will soon get to before I talk a little bit about next page. Where we have here continued to have state aid and rent discounts, more or less on the same levels as in Q4. Slightly more direct state aid in the Q1 here, slightly less rent discount. However, that is according to plan. We expect the rent discounts to be more or less on the same level in Q2. Direct state aid, there are a number of applications in progress here. We expect at least to have the same level as we had in Q1 and maybe a little bit more depending on the outcome of these applications there. It's a consistent system in Norway where we get up to SEK 40 million depending on revenues every month in coverage of fixed cost and rents and so on. We are currently following what the possibilities in the other countries there also. We have accounted for SEK 97 million in Sweden due to this support program. Going into the result then, which we have on this page here, SEK -775 in adjusted EBITDA. Just going back two years, a normal Q1, we should be around SEK 0. That's the normal level here. I think around SEK 4 billion in revenues, if I remember right from 2019, and as you can see here, SEK 930 million then. We think about the sequential development, we reported SEK 282 million in Q4 with an occupancy of 23%. That's a difference of SEK 493 million. We adjust for differences in state aid, rent rebates and release of provisions and so on, I think the underlying difference between Q4 is somewhere around SEK 350 million negative. Of course, with the loss of turnover here of a little bit more than SEK 400 million, this leads to a negative conversion of up to something like 80%-90%. That is, of course, extremely negative. The only positive thing with that is that when the occupancy goes in the right direction, we will have the same positive, very strong positive conversion here. The problem for us having this is that, of course, when you are on this level, as we are right now, it's extremely hard to mitigate difference or deviations in occupancy with lower cost because 95% of hotels is actually operating on their minimum already. That explains why you have this negative conversion. On top of this, Q1 is normally a quarter when you have seasonally higher property costs due to energy and stuff like that. That is the explanation for this really, really bad conversion, which we're having during the quarter. If we go to cash, we have SEK 980 million in negative cash outflow, close to SEK 1 billion. That is a true reflection of the underlying cash burn at these occupancy levels. A few exceptional items. You can see here that the working capital difference in the quarter is very close to zero. Surprisingly enough, we have paid some tax. That goes back to 2019 when we earned a lot of money. Quite low investment as you can see here. If you normalize that, I would say normal level is around SEK 150 million a quarter and exclude the tax, you will still be around SEK 1 billion. That's the reason why I say that this is a true reflection of the current cash burn. Total credit facilities is SEK 6.650 billion, that still holds. On this page, we have available liquidity of SEK 850 million. Make no mistake there. The proceeds from the convertible bond is not calculated in here. Those money were accessed here yesterday, actually, when they was released from the escrow account. Now you can put SEK 1.6 billion on top of those money. If we then flip to next page, we repeat the sensitivity analysis, and you have probably already realized that the first one here, estimated impact on monthly adjusted EBITDA is not really holding in Q1. I think the sensitivity on these occupancy levels is actually even higher. You need to go north from this SEK 15 million in order to be in the right neighborhood here. I would say that as occupancy improves, which it should do, this will be more and more a true and accurate picture of the reality. We still believe that we can reach an EBITDA breakeven around 40% occupancy. Of course, dependent on price development. Of course, depending on where we will have, if it's too uneven, we will have an issue to reach it's still so that that's our ambition, of course that it would require all-time high productivity levels in our operations. It's important that we still target that level. Estimated cash flow breakeven around 50%. I'm almost a little bit more sure on that than the 40%, to put some colors on my feelings here. Right. I think we continue here going into the financing, because that is something which could put a lot of ambitions into Q1, because I think we already, at the end of Q4, saw that this would be an issue with the cash burn we had. We invested a lot of time into find the solution for this. In the end of March, we announced this convertible bond, and we had an extraordinary general meeting here just a few days ago, actually deciding on this. The terms which you see to the left is well-known for you. We communicated that, as I said, in the end of March. This is no cash from here. Instead, we issued this convertible bond below the par value on 89%. Of course, it is so that this debt of this convertible bond will continue to increase with 3.25% on yearly basis until maturity, which is in October 2024. The maximum dilution is 17% on the current shares. Parallel to that, we also managed to get an extension of the current credit facilities from the lending banks. We have three lending banks, and those facilities was extended until end of December 2023. Of course, there has been adjustments of the terms in order to reflect the increased risk of this business. We will pay a higher margin. We will pay a 5% margin here, which is higher than before. Of course, there is much more reporting requirements and so on in relation to these credit facilities here. Yes, we need to touch upon the IFRS accounting effects also. It's a big difference now on net result level between non-IFRS and IFRS, and that is due to two things. One is the rent discounts. During IFRS, these rent discounts are spread over the remaining years of the life length of the leases, while we take it in the non-IFRS accounting as an effect immediately here. That's the reason why the difference is increasing here, together with the fact that we have prolonged some leases in conjunction with these negotiations here. This negative effect, SEK 560 million, you might remember that 2019, it was around SEK 200 million, will gradually diminish, it will become positive in 2027, according to our calculation. The convertible bond also IFRS accounting, interest margin on the convertible bond is set to a little bit above 10%. That means that we will have a debt-equity split of that, so 78% debt and equity 22%. We will also have a full dilution in the EPS calculation as soon as the EPS becomes positive. If it's negative EPS, of course, there is no dilution from this. Going forward, a large proportion of our interest cost is non-cash. When you calculate the cash impact from our financing, please remember to calculate with 5% on our bank debt, because that is what will become payable. The bank debt is high now in the beginning of Q2. Now we have, as I mentioned, accessed the money from the escrow account yesterday here, which means that you should calculate with a lower interest burden here going forward. However, it's partly offset by the ramp interest margin increase from 4.5% to 5%. That is the IFRS accounting effect, and that concludes my part of the presentation, and then I leave the word back to you, Jens. Thank you very much, Jan. Just to have a picture of, let's say, a ramp-up situation. We believe Scandic is very well prepared for a market recovery. We are well-positioned in the market, Scandic has a very broad mid-market offering with a high focus on domestic and Nordic customers, and of course, high customer satisfaction. We have measures in place to meet that demand, we have focused a lot on developing our customer offering, further adapting towards the leisure segment that we believe will be a driver for growth, both near-term and, of course, also in the long perspective. We have recently introduced attractive offers for families, we have launched bookable round trips for our customers, we have further developed our distribution towards the leisure segment, just to mention a few examples. Much easier now to book your own tour on the web. As Jan also mentioned, we will enter the recovery with a very low cost base. Our costs are currently half compared to the pre-pandemic levels, and we have done considerably sustainable cost reductions, especially in group functions and in the country support offices, that we will benefit from. We have clearly improved our ability to generate good margins when the market now stabilizes in the time to come. With that, I hand it back to operator for the Q&A session. Thank you. If you would like to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. That is zero one if you would like to ask a question. Our first question is from Adela Dashian from Handelsbanken. Please go ahead. Hi. Good morning. Adela Dashian here from Handelsbanken. Let me start by asking you a general question first regarding your outlook. I agree with you that vacation will play an important role even this summer, and that obviously with easing of restrictions, activity in larger cities will be higher than last year and so on. For the fall, at least in my forecast, I have occupancy levels coming down again in pace with you becoming more dependent on corporate travelers rather than leisure. What are your thoughts on this, firstly? Do you agree with my view? Secondly, what are you doing internally to prepare for a potentially weaker Q4 than Q3 coming this year? We're doing quite a lot in those areas, I think what we look into is, of course, what's happening around the world right now. We could be actually a bit positively surprised by the, let's say, recovery in other markets like U.S. and China. If you look at China being well ahead of Europe right now, actually in the last weeks, we have seen occupancy also almost back on 19 levels, even in the major cities. That's driven not by the leisure, but on corporate demands. We are actually a bit surprised by, let's say, the speed of the recovery in China, which is almost back on 19 levels, even in the big cities. If you look at U.S., that is a bit behind China because they still have a lot of restrictions. They are around 60% of 2019 levels, and also with fairly okay corporate levels. When I look at corporate for the autumn, looking into that period after the summer, to your question, I think we should be aware that for us, corporate is everything we kind of contract. Meaning that also it includes, for instance, the sports groups. It includes a lot of infrastructure workers that normally after such a crisis is increasing. We see quite high demand for that because of governmental investments in infrastructure buildings, where we cover a lot of that demand. It's actually a bit of a mix. I think we will see that it takes some time for regular business travelers to come back to the normal levels, and we prepare for that. I think we do see a demand for actually, we have quite a lot of meeting bookings for the autumn that has been moved from the spring into the autumn, because people need to meet up, and they need to train their people. They need to meet their customers, et cetera. It will be a mixed picture, and I think you're definitely right when it comes to the individual corporate customers. It will take a bit more time before that market recovers to the normal levels. I think we will be surprised in other areas, sports groups, infrastructure buildings, et cetera, that will come back a bit faster. Are we talking about demand coming from domestic corporate travelers? Are you seeing anything yet as in international travelers? Is it more structured around your intra-Nordic? Yeah. For this year, we focus to the full on the, let's say, the domestic and the intra-Nordic business. We do expect that the borders will be open intra-Nordically during the summer, and that will support us during the autumn. As you remember from all the numbers and what we have said, around 80% of our total turnover comes from the intra-Nordic business. We're less dependent on the international part. I also think that we will be positively benefited from much more people staying at home workcation-wise. We also have introduced co-working, which we think is a big opportunity for us in the years to come when companies decrease their square meters in their offices. They will be more dependent on working from elsewhere. As well as, we have introduced hybrid meetings so we can support businesses with digital solutions for having meetings and not travel as long as they normally did. We are tapping into also the new segments. I think it will be a mix, but I am pretty positive to the recovery when I compare with what is happening elsewhere in the world right now. Okay. Got it. If I could also ask on the agreed rent rebate, you previously said that these amounted to around SEK 900 million. When I do my calculations, I see that you have just under SEK 600 remaining of this with the outflows in Q4 and also Q1. Do you expect any additional discounts from your landlords from here on, or should we stick with the earlier announced number for the remainder of the year in 2022? I think for forecasting purposes, I suggest that you stay with the numbers which we have communicated. Okay. If I'm correct here, then I assume that rent discounts in the second half of 2021 will amount to just under SEK 100 million? We have communicated a little bit in excess of SEK 500 million for the full year. You have the numbers here for Q1. You will assume the same number, I think, for Q2, and the remainder, I suggest that you split evenly between Q3 and Q4. Perfect. Thank you very much. Thank you. Our next question is from Karl-Johan Bonnevier from DNB Markets. Please go ahead. Yes, good morning. First, just looking at CapEx for this year, looking at now pushing a couple of the hotel projects a little into the future as well. What would be your best guess that you need to spend on hotel renovations in the existing platform and then for the new openings? In total, SEK 600 million-SEK 650 million for the full year. We would say around SEK 150 million, SEK 160 million a quarter. It was a little bit less during this first quarter during some special circumstances. I think for forecasting and modeling purposes, I think you should assume SEK 150 million, SEK 160 million a quarter. A little bit higher now maybe in Q2 than that. We have a few more openings in Q2. As I said, this close to SEK 1 billion in cash burn first quarter, even though investment was a little bit underrepresented. We also had some tax during this first quarter, which compensate for that. I think this close to SEK 1 billion in negative cash flow is quite representative anyway at these occupancy levels. Of course, we do expect better occupancy levels in Q2. I think you all realize that this is not a bold assumption. You sound convinced on that, looking at the trends, that sounds logical as well. Thank you very much for those updated comments you had on the break-even levels and what kind of occupancies will go, also, Jens, your comments about the lower cost base going into the future. If you dare at this time stretch the perspective into, say, a recovery scenario bringing you back to 11% margin, what kind of RevPAR level would that require compared to 2019 to get back to 11% margins, your financial targets? Well, I think instead of looking at just the RevPAR, you can look at, let's say, if you compare with 2019 where we exceeded SEK 19 billion turnover and made SEK 2 billion in EBITDA, we definitely don't need to come back to SEK 19 billion in order to get that same level, because we will hit better margins faster than before. I think you all know that when I took over together with Jan, we presented already at the Capital Markets Day different initiatives to actually strengthen our margins onward. Of course, you should never miss a crisis either, we have definitely used this crisis also to really change quite a lot when it comes to, let's say, the cost levels above hotel level, where approximately one-third of the cost is now removed on those levels. We think we can work much more efficient now with the new structure that we have set in place. To secure that we do not bring back a lot of cost when occupancy levels goes up. To answer your question, I cannot say whether we will hit this on SEK 16 billion or SEK 16.5 billion or SEK 17 billion, but definitely way before we hit the SEK 19 billion in turnover, we will reach that, and then you can calculate margins yourself. I expect us to deliver much stronger margins in the future. Because we actually focus much more on working within the areas that are with stronger margins, such as the room part versus how we handle, for instance, the restaurant part and work with partners on those areas. Which we will continue to focus on in order to improve not only the result, but also margins onward. Excellent. Is there anything you think we should add to our thinking on the operating leverage and how that should develop when you reach break-even and go over break-even? Is there any extra cost that we really should put back into the equation to not overdo the operating leverage after reaching break-even? Yeah, that's good. I think, Karl-Johan, initially here, when we start to move from this 18%, 19%, 20%, there will be an extremely good conversion because we can easily accommodate those extra guests without increasing any cost. Maybe spend a little more on breakfast because they need to eat, and spend a little bit more on cleaning, but not a lot. Otherwise, I think we will be managing those extra guests within the existing capacity. However, that conversion will gradually come down over time. Initially, I think you should expect an extremely good conversion, until we maybe reach some 30%, 35%, something like that. Then you come into a situation where you maybe need to man up a little bit more, and you will have some extra cost and so on. Then, of course, the next step is when you start to pay variable rent. Given the situation now during the first four months, I think that will happen very late this year. You can also say that normally when we have, let's say, a financial downturn or something like that, when you're hit like we are, of course, we have less CapEx spend because we do less renovation. We actually moved into this crisis with a very updated portfolio, and you can say with very low occupancy levels, which we have been spreading out at the hotels. You can say the need for that renovation is very limited. It's not that we have a lot of under-invested hotels that we need to catch up with for the time to come. I think there's no big surprises in this. It's pretty obvious that we will benefit from especially the recovery in the beginning. It's also very important because it has been a terrible year for us as a whole. We are very focused on staying very lean, to get back very solidly with this recovery. Thanks for the extra color. Thanks. Our next question is from Jamie Rollo from Morgan Stanley. Please go ahead. Thanks very much. Good morning, everyone. Just wondering, are there any numbers you can share with us for your summer leisure bookings to suggest that it's going to be a stronger period than last year? I appreciate it's early days, so perhaps not much visibility, but any other anecdotal or quantitative comments would be helpful. Thank you. I think it's a very variable question, and I will mention maybe two things in this, because definitely last year was extremely low since the amusement parks was closed, which they are not this year. That will drive something during the summer. Of course, the visibility is very low. We see the pickup is coming in with days and weeks notice. It's really early stages to put numbers on this for July. Well, we have started, a week ago, the summer campaign, and there has been more interest into the big cities this year than last year. That's also a small signal. It's very small numbers yet if you compare in totals, but it's a small signal. When I talk to the CEOs of the amusement park, there's quite a high interest in those, because they have been missing out, and they have a lot of members also willing to visit them. Yeah, I think there's a lot of reason why we believe that, let's say, the big cities should do better than last year, and we do not have any reasons not believing that the rest of the countries will not do as last year, which was pretty healthy. People are not traveling a lot this summer, and if you talk to travel agencies, they are still missing people to book their vacations in the south, et cetera. People are waiting for restrictions to ease. If you look at the Nordic market, a lot of people already now expect to stay home. I think we have a lot of indications of that, but to be as open towards you as we can, we also announced that we, on the 15th of June, will give you an update to secure that you know how we expect the summer to be. We will come back on that topic just before next window closes, to be as open as we can to you. Okay. Thank you. You talked encouragingly about some of the more resilient parts of your business travel, the sports groups, some of the trade-related, project-related work. Is there any way you can help us understand the rough breakdown of your corporate demand between the different groupings, please? Yeah. That was a good question here. I think a detailed breakdown, we cannot give you here. That's obviously something which is now part of our analysis going forward here, because, Jamie, of course, as you realize, we also see that the market will change. Initially, when this crisis came over us here, we maybe thought that this was a bump in the road or something like that, and everything should go back. Of course, we also now realize more and more that the market dynamics will change here. That is actually part of that exercise and that analysis which we are doing here. If you take the normal occupancy, you could say that Tuesday, when this is mainly made up by individual business travelers for different reasons in conjunction with meeting business. Of course, when we come back to these large groups and other type of group arrangement, that's predominantly something which has been in the hotels during weekends together with ordinary leisure travelers and so on. As Jan said, maybe we will see even more of the demand coming in to the end of the week and the weekends and so on. Going back a number of years, I would say that Monday, Tuesday, Wednesday was by far the best days for Scandic, that started to level out prior to the pandemic. Maybe after the pandemic, we will see a shift there, where we will see that the weekends actually will be stronger, and we will probably need to work with Mondays and Tuesdays and Wednesdays to try to create demand in certain areas there, especially down the big cities as we see it, because it's probable that some of the corporate traveling will change in nature. I think also the kind of hotels which we have opened the last couple of years caters for more multi-demand kind of reason to stay here also. I think you will find more reasons to stay in those hotels than you did maybe on those hotels which we opened 10, 15 years ago. Of course, it will be a commercially complicated task here to work with the guest sourcing here. I cannot give you any details. Back to your question there, but I cannot give you any details on the customer mix. We will, of course, come back on that and together with our thoughts about how that will develop over time. I think it makes sense when we combine the history with our thoughts regarding the future. Jamie, you can also understand, we don't want to tell the whole world there, which is our very strong sides in some of our business mix. Of course, we have a lot of infrastructure workers right now, and we also know from historical crises that all of these governmental investments that will be on the back of a crisis in order to support the economy is good for us because we have a lot of that infrastructure builders working and staying with Scandic during midweeks, that will continue. Let's see how this works out. I think, like Jan, we need to spread it out a bit more, and I think the good thing is that the last many openings we have done the last years includes much more leisure facilities. We are opening this month near Copenhagen Airport, but that's actually including a huge spa. It's a kind of a leisure resort in the middle of 600 m from the airport. When we open downtown Copenhagen, it has also spa on top. When you look at some of the latest openings, it is much more taking care of the broad customer mix. We have been pretty prepared for this trend that we have seen for the last 10 years, that leisure has been outperforming corporate year-on-year, but still corporate accounts for more than half of the total. Thank you. The trick will be the big cities. That's the trick. What did you say, Jamie? Sorry, just come with your question. I was just saying, just finally, you talked about the loss of some of that meetings market to virtual. Do you have a view on what percent reduction in that either group or transient business travel might go virtual? What sort of percentage reduction would you hazard a guess? I don't think we have, and I think there's a lot of people guessing right now, and maybe too many are guessing of the future, to be honest. I think let's really look into what's happening in other places, what's happening in U.K. right now, what's happening in U.S. and China, what's happening in Israel, that are ahead of Europe. I think we will see when the fact is here. I'm a bit positively surprised when I look into what's happening in China, for instance. China is really up to speed, and China is almost on 2019 levels as a whole. What we have seen recently in the last two, three, four weeks is actually that Beijing, Hangzhou, some of the major cities, they are almost back on 2019 levels as well. That is driven by corporate traveling. If you look at U.S., they are around 60%, I think, right now versus 2019 levels. That's with a lot of restrictions still in place. It's very easy to say, yeah, corporate travel will not come back. I have a lot of companies that are extremely interested in meeting up and continuing their work. We have a lot of these infrastructures. We have a lot of people that simply need to be on the road. Our business mix in the mid-market is quite broad, and I expect a fair percentage coming back actually in the coming years. Okay, thank you very much. Thank you. Just as a reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. Our next question is from André Juillard from Deutsche Bank. Please go ahead. Good morning, gentlemen. Thank you for taking my questions. Just to come back on the booking and the corporates, do you have any visibility on the MICE segment and potentially some events which could take place next autumn or even in 2022? First question. Second question is regarding the cost structure, because you were mentioning that your cost structure was down 50%. Another way to ask the question, compared to the one which has been asked before, is how much of this proportion is expected to be permanent? Third question about the state aid. Do you have any visibility on what could go on after Q2? I guess it will depend from the level of business you will have, but interested to have your feedback on that. Well, that's all. Thanks. Okay. Thank you, André. If we start with the first one, the meetings, incentives, conferences, and exhibitions. We have seen, let's say, some of the in-booked business that we have had during the spring being postponed until the autumn. I think also there will probably be quite an immediate demand for meetings to catch up in the beginning, and then it will find its level probably on a lower level than we saw before, at least for the first years. We are preparing for that, and that's why we also look at how we can reconfigurate some of the hotels and use some of these square meters for other purposes and work with partners for some of that. It's not that we don't think it's coming back. We think actually a meeting will continue, and we have introduced these hybrid meetings, and we have introduced co-working in some of the same locations where we actually used square meters for other purposes. We think there might be quite an interesting opportunity within co-working, since a lot of businesses are lowering their square meters in their offices and want people to work from home or work more co-working. A lot of these people announcing that they expect levels to go down also announced that they expect people to work more from home. We think that MICE will be on a lower level long term, even short and long term. That will be an area that will recover a bit slower than maybe some of the others. But initially, there's an initial demand. If you look at the cost structure, it's difficult to put percentages, but what we tried to do was to give you a bit of a hunch on this one. We said approximately 30%, 35% of the cost of people above hotel level has been removed during the crisis. Of course, some of these will come back when levels go up, but we definitely will not go back to the same level as before. We will keep it a very efficient and lean, let's say, cost model when it comes to head office cost and support office cost. That's especially where we want to continue working with this. We have also been looking over management at hotel level in order to get that even a bit more efficient, and we'll also long term continue to have savings there. We do not foresee savings when it comes to the operational model as such, because Scandic has been extremely efficient when it comes to housekeeping efficiency and front office efficiency and within waiters and chefs. In that level, we do not foresee savings onward, but to maintain the very lean model we have. That was what I could say on the cost structure. Of course, with the state help, it is clearly linked to the restrictions. As long as we have restrictions, we also will get different kinds of support. There's still a lot of discussions going on with the different levels, where we might have potential to get a bit more coming in. We have reported what is known, and Jan have clearly reported that we estimate the minimum the same level for Q2 as Q1, so you can calculate on that. We have no hopes for Q3 and Q4 before we know whether all restrictions are gone or not. Right now, we expect that actually most of the restrictions will be lifted during now the spring and the summer, due to the fact that during the summer, all of the adult population will be vaccinated. There's no reason to keep restrictions on us. We have not calculated with a lot of state help for Q3 and onward. Okay, thank you. Thank you. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. There are currently no further audio questions. I will hand the word back to the speakers. Okay, I just want to thank everyone for dialing in. If you have further comments or questions coming up, please call Henrik directly. He will be here if you need anything. Otherwise, looking forward to speak to you soon and some even later. All of you, we will come back as reported mid-June for a new update on the summer. Thank you very much.