[Non-English content] [Non-English content]. Sorry about that. I think actually we mentioned that the presentation language would be in English. Sorry, I just totally forgot that. I'll make a quick switch. 2022 has been a busy year. It marked the first year we finalized as a listed company. From our perspective as the executive management team, we entered the year extremely eager to prove that we could deliver the growth and that we could source the number of units needed to deliver the growth. That eagerness caught on throughout the year and basically resulted in us adding a substantial amount of units, more than we set out to do going into the year. It is a key value driver for us to add the units, we were super eager to prove that to the market that we were able to do it. It was a theme in the general IPO process, it has been a theme throughout the reporting we did. That has been a massive focus point for us. The other important milestone is obviously getting the new markets launched internationally, which was also a big part of our strategy and long-term plan in this rationale of listing the company. Having successfully launched in Sweden to international markets is also a fairly good indicator that we can be an attractive partner to stakeholders and that we are able to export the concept abroad and internationally. It gives us a long-term potential, of course, when we can prove ourselves in new markets. That's an important indicator, I would say, to sustaining our long-term growth. We've been busy. Besides doing a commercial launch in Sweden, besides upping revenue in Denmark fairly substantially, we have also laid all the foundational work in Germany. I'll come back to this a bit later, but Germany is of course the most important market in mainland Europe. Huge domestic economy, huge economy measured worldwide, a lot of interesting markets. Germany is an important next focus for us. You can see that on group level, we have increased revenue by 30%. We've taken it up from DKK 56 million in 2021 to DKK 73.3 million in 2022. We have improved our EBITDA on the Danish operations. Keep in mind that in 2021, we didn't have any subsidiaries, so proper comparison is properly from Denmark to Denmark. In Denmark, we've improved the EBITDA level up to DKK 9 million from DKK 6 million. If you take that on a group level, the operational EBITDA is DKK 7 million, and that is due to startup costs in Sweden, where we obviously have this maturation process where we will carry an operational loss before we can generate enough revenue to sustain the local organization. In general, steep growth, busy year, growth tearing on bottom line metrics a bit more than we would like. All in all, we think we've delivered some good progress. Now, as we've also communicated, focusing a bit more on super efficiency instead of just flooring the speed and keep the sports car in fifth gear. We are consolidating, we're changing sourcing strategies. We're doing a lot of stuff after the experience we've learned in 2022. I've brought this trend slide. You can see that the trends are positive, going in the right direction. Please forgive the weird trend line in the revenue meter. For some reason, it's doing a glitch. We've grown revenue substantially over the years, from DKK 20 million in 2018 to DKK 73 million or DKK 72 million, if you only take Denmark, in 2022. Likewise, the EBITDA levels from 2018- 2022 has been growing substantially, just shy of DKK 1 million in 2018 and up to the DKK 9 million point in 2022. You can see there's a dip in 2020, that's due to COVID. Hopefully, we are not going to discuss COVID anymore in our lifespan, but that was a bad year for us, as we've also said earlier on. Again, take the unit number, the last trend line to the right side of the screen. You can see that there's a positive correlation between the three and that is again to underscore that the unit numbers is an important value driver now and in the long run. We've developed our group structure since we entered the year. We founded two subsidiaries, one in Sweden and one in Germany. The Swedish company initially had its headquarter in Malmö and has since moved to Stockholm, where we have hired a very good managing director, as part of the executive management team. She's doing well. She's a Stockholm native. Our commercial activities in Sweden is in the Skåne region, but we have the Danish operations that are able to support the local commercial activity with service and whatnot. There's also local organizations in place, but if there's any urgent stuff needed, we can be there fairly quickly from our Danish headquarter, which is in Copenhagen. Similarly, we have a German subsidiary in place. There's no commercial activity in Germany, but we've laid a lot of the initial bricks on the path to a commercial launch. We've secured the trademark in the country, allowing us to use that and operate under our core name, which is great. We've also had a lot of legal advice in the process where we had to figure out how the business model would work in Germany, and we've also had our legal team supporting us in lease negotiations on some prospective properties that we are currently looking at. All in all, it's moving along according to plan. We always wanted, intended Sweden to be market number 1 because of the closeness to home and the cultural similarities. Germany was the natural next step for us, again, due to geography, but also the importance of the German market. Doing a deeper dive into the financial highlights, you can see we've tried to transparently show as many posts as possible. We've tried to transparently show the segmentation, so you can keep tabs on the development in Denmark, and then you can see how Sweden is evolving, you can see how Germany is evolving, et cetera. That comes to a group total in one of the columns, and that then is comparable to last year. Again, comparing from 2021- 2022 is not a perfect one because in 2022 we didn't have all these subsidiaries to carry operational losses. We try to show everything as segmented and transparent as we can. The financial breakdown is as you see here. In general, we have a positive result in Denmark, but on the bottom line, retained earnings-wise. The overall one-off costs and startup costs in the two new countries is dragging us to a loss. This was not expected, to be honest. We guided on a higher EBITDA result for the year. It's a combination of growth and inflation-added cost and stuff has hollowed that out a bit. We tried to chase it throughout the year, we didn't quite get there. We're not happy with that, obviously. We've incurred some one-off costs that we've just taken on the P&L in one go from both Sweden and Germany. We just took everything on the P&L and can move on from a clean slate in the years to come. Our balance sheet is more or less unchanged. There are some minor movements, nothing substantial. Our cash flow compared from last year to this year, you can see that we have positive cash flow from operations in the range of DKK 4.3 million. This is a consolidated number. It hasn't been possible for us to segment this yet. We will work on it and see if we can do that in the future. It's a deterioration from 2021 that is mainly due to the fact that we had to all the one-off costs we've incurred in Germany, we have taken that on the operational cash flow. In general, positive cash flow from the group. We've had a lot of investment activity. The investment activity is directly linked to the growth in unit numbers. As you remember from earlier, we have added 142 units in the year, which is a lot and way more than we set out to do. That just carries some investments to it. Starting up in new countries as well. A lot of factors has an impact on that. We also keep developing our IT platforms, which is an important part of our strategy. That is the major investment items that we've incurred in the year. That comes to a net change in cash flow and a closing balance, as you can see in the bottom. Key ratios, I'm not going to dwell too much about it. There's improvement and there's deterioration. You can see a general deterioration on group level. That's again, because we have the subsidiaries dragging the averages down. You can see that the ROIC is way lower than we like, and that's a direct consequence of the results. There's improvement on EBITDA level in Denmark. On a group level, there's a deterioration. It is balancing this expansion strategy, balancing domestic growth with bottom-line numbers. It's an exercise that's a bit tricky. We know that there is wear and tear on bottom lines when you set out to do this, but it's also part of the journey that we set out to, that we embarked on, so to say. It is more or less as planned. Our total unit number or operational data is also something we show in quite detail. Again, you can see that on a group level, we've increased our unit number by just below 48%, which is a lot, and a lot more than we have been used to. You can see that the revenue per unit is deteriorated. That is mainly due to two circumstances, one of them being that it's a naive number. What we do is that we take the units end of year, and then we just divide it up by the revenue they've generated. Units coming into the portfolio late in the year, they do not have a full year effect, so that will have a tear in the negative direction. Obviously Sweden, it being a completely new market we've had to cultivate. It's a mix there between units coming in, say in October or June, and then obviously carrying a high vacancy as you can see as well. We have carried an above normal vacancy rate in Sweden, but that is due to the general kind of startup practical timing. How fast can you get the unit in operations and how fast will they be rented out? The director we hired, there was some timing issues in when she could start and it's just some minor practical headaches that we've learned from. In general, before you get the market maturation, in general, I would say it's within the boundaries of reason. We've also shown this slide. It's a new slide that we have disclosed. The reason why we did this is to carry on the narrative that we've had all along. When we did the IPO, when we pitched the IPO both to professional investors and the retail market, we estimated that a new market would cost roughly DKK 5 million in investments. That's why we've made this breakdown. You can see the direct investments we've made into the FF&E. That's a positive one. We are able to furnish units at a lower point than we're used to, and that's due to. It's a strategic measure. I'll come into that a bit later. Another interesting one is that we don't have any cash securities in Sweden. This is an important factor as well going forward. We've been able to supplant cash investment or cash securities with guarantee structures. There's some parent company guarantees in place instead of cash, which is conserving cash better and that's a massive positive. Other than that, we've shown the direct loss from operations. We've shown the other operating cost that is one-off legal advice when setting up the entities and getting the structures in place. There's some allocations from the Danish parent, because the Danish parent has been managing Sweden and doing a lot of things before we could hand over the operations to the local director in October. Touching on our guidance for next year. I would say we are carefully optimistic. We're still guiding on growth in revenue in the range of 14%-20%. The reason why we are not more optimistic is due to the general macroeconomic environment. Everybody is feeling. We still have the inflationary pressure. We still have rising interest rates. There's a bit of unease around us. We have some unease in the banking sector. We have some general stuff. We're trying to manage expectations well already. We're, yeah, I'll call it carefully optimistic with this guidance we're doing now. The revenue is expected to increase from DKK 83 million- DKK 88 million. EBITDA from the Danish operation is expected to land in the range of DKK 11 million- DKK 12 million. In Sweden, we believe we are close to the break-even point, which is obviously a pretty good achievement, I would say. We're guiding in the range of DKK -1 million to a break-even in Sweden on operations. That trickles down to an EBIT number and comes to a total on the group side. Our investments is expected to be lower than they were in 2022, and that's due to two things. One of them I'll come back to in a second. The other is. Because we've added so many units, we are so far ahead of our investment curve, I would say, and our growth curve that we are using this moment to catch our breath, evaluate on what we did well and what we did poorly, and then try to super optimize while still planning for the long-term growth as I'll come back to a bit later. That's why investments will be lower. It's also why the pipeline is not as impressive as it was in the year we've just concluded and I'll explain why in a second. The current product portfolio, this slide has been shown a couple of times. We have three main product groups. Adding new products is a good way to utilize synergy effects. It's also a good way to maintain long-term growth if the synergy effects can be achieved. Sometimes when I have to explain this to my people, I say it's like when Coca-Cola launched the Fanta, the people who don't like Coca-Cola can drink Fanta and et cetera. That's the rationale between doing it. We're still staying focused to our core segments, and we're not just throwing products out there, left, right, and center in the eagerness to deliver growth. We are doing it controlled and carefully, and if we can see that the synergy effects is present, it is something that we will pursue. You can see the share of the different product groups, Serviced Apartments being the corporate housing segment being the biggest one still, largest one still by far. It has a 93.9% share, and then Co-living has a 6.1% share. The Furniture rentals currently do not have a share, but it is expected to generate a share, of course, otherwise we wouldn't brag about having it. An interesting point is that Co-living has grown a lot since last year, 145% year-over-year in that segment alone, and then the core segment has grown 26.5%, and that comes to a total of 30.3%. Yes. The client concentration also for us an important metric to monitor because we are a big B2B provider, servicing a lot of big corporations. We're always keeping tabs on the share that they symbolize, the revenue they bring. We have an internal risk number that if client revenue share go above 5%, then they become yellow. If they're above 10%, then they're in the red. There's two major trends here. One is that we are still well-diversified. We don't have any clients representing a revenue share above 5%, so that's good. However, as you can see when compared to the last period, our client concentration is higher than normal. It's due to that we, because the diversification is so great, we can utilize our existing relationships when if we see industries or segments that are a bit more cyclical that might be going down, we can then utilize some of the other clients we have and allowing them to up their share without it being too great of a risk to take while doing it. We're not reliant on few clients, and we can see that there are client loyalty as due to the fact that from the latest period to now, the top 10 clients has increased their share more or less. Not all of them, but most. Doing a technology development, it's a big thing for us doing this, and we are probably not as good on communicating this as we should be. When I look at our bios across all sorts of platforms and on it or whatever, we could probably make a bigger fuss out of this that we are so tech-enabled as we are because we are extremely tech-enabled. Our entire order flow and service flow and all that is more or less digitalized. We have a lot of products in place, platforms, management software systems, access systems that are integrated into our software systems. We have done everything in-house. We've built the computers in-house. We have written the software in-house. One might, why are you doing this? Why don't you buy stuff off the shelf? That's done for two reasons. We believe that our user experience is going to be way greater when we have a customized system and flow that is only fitting our industry. The next thing is that at some point, we might be tempted to explore whether we can commercialize our infrastructure to third parties. That can be a mix of licensing, that can be a mix of delivering traffic. We can do that in different ways. We are currently making our software as good so that it can become a standalone piece of product, but it'll take some time, and we won't make any promises yet, but it's a focus point for us. The RIC, we've called this one. We've basically developed our own furniture brand. We have designed a lot of furniture ourselves, and we get it manufactured directly from factories, and it's a way for us to keep our investments in check. Instead of buying it from third-party retailers or wholesalers that has to make a margin as well, we can get it directly from the source, and it's our designs. It's totally customized to our industry. It is good quality stuff, marble, welded steel, aniline leathers, and it's made to be timeless and worn, but not look cheap while doing so. This is partly why as well that we were able to furnish Sweden with a relatively low per unit investment. It's because a lot of the stuff that we do, we design in-house, get it delivered from factories in Europe and Asia. We think it's also a bit fun. It makes us different. It makes us stand out from our competitors. We don't go to discount furniture shops and buy cheap furniture. We try to create some really good stuff. The current markets we're in, as shown, it's in line with what we've communicated throughout the year. We have the three major cities in Denmark, and then we have the two cities in Sweden. The unit breakdown is as shown as well. We try to be fairly transparent about how they look, how many in each city, and how many across each product. As you can see, again, we've taken the unit numbers up fairly substantially. We now have 440 units in total, and we entered the year with 298 units. The next markets in focus. Again, this is part of the long-term plan, of course, and we've made a few marks. We obviously have the key cities in Sweden, the Stockholm region being the most important focus for us, but also a city like Uddevalla is a fantastic market for us. That's what we're focusing on in Sweden. It is less risky to up your reach in the Swedish market because we're already present, so we've incurred a lot of the one-off stuff with the market is getting to know us, and it's an easier way to grow than doing new markets. That being said, I've said it before, Germany is by far the most important mainland market in Europe. Germany as an economy has the potential to it has maybe, let's say, 10 mega cities that has the potential to be bigger than Denmark alone. Getting a foothold into Germany is super important to us, and because of synergy and geography, that sort of closeness to home, we are focusing on the north, which is Hamburg and Berlin. We have some good talks in Hamburg, but nothing is completely finalized yet, but we expect that Hamburg is going to be the first step for us in Germany. Changing sourcing strategy. This is a bigger one. It's a completely calculated change for us. It is one of the key learnings I would say we've taken away from 2022. Doing this stepwise, incremental growth, adding three, four, five, 10, whatever units, across different cities, throughout the year in a successive way is tricky to manage in a profitable way. It gets some practical stuff, purchasing, planning purchases. There's people involved, so if deadlines get blown in one of the early stages, it'll also get blown in the later stages, so you'll be chasing it around all year long, and it's just inefficient. By changing the sourcing strategy, we will sacrifice short-term reporting on, "Oh, we've added 15 units here and 12 units there." On the other hand, we believe it will be way more profitable in the long run. When we then do new projects, it'll be larger box. If you look at the image to the right side of the screen, you can see a visualization of a property we are currently in talks with. It's a house committed to the purpose. It's going to be totally conceptual right down to the tile on the bathroom. Everything will be within our control to define. We'll have a fancy logo on the front, facing the main street in Hamburg. It'll have great exposure to our brand and marketing purposes. Hopefully, we can finalize that one, and report some positive stuff before long. The downside is that there's a lead time to this. It'll take longer before new units will then come into operations, but when they do, it'll be bigger box. In the big scheme of things, it should even out, and it will allow us to plan everything more efficiently up until these launches. There's a lot of benefits, and the trade-off is that, yes, we won't be reporting any small increments of units here and there. The roadmap, this is the same as always. Nothing has been changed. It's just to show you that this is still the strategy we are pursuing. This is still the promise that we are working day and night to deliver on. The only change that you could see is the compounded 20% annual increase that might get a bit thrown off by this sourcing strategy. Again, if you fast-forward to 2025, I would say that in the nominal unit measure, I think we should be at the same goal line, more or less. The way to the goal is just going to change, and that's because we have an added focus on profitability while doing it. If we track progress, competitive strategies, this is also an exercise we do regularly. You can see that there's some greens and some yellows and some reds. The green is the new markets, it's the growth rate. More than approved. It's been a great achievement that we could do that. The trade-off has been on the bottom line stuff and more or less all the other value drivers is bottom-line value drivers, so they are hurt by this steep growth. Our revenue per unit is deteriorated, is outside of the range. Normally it is within the range, but because of Sweden and everything, it's drawing the average down. Same with the EBITDA. It's improving and it's closing to the 15. Obviously, we want to be better than 15, but it's closing, but it's still deteriorating. Vacancy is a bit above the guided target, a bit better than last year. We have had vacancy throughout the year of roughly eight, so we have been in the green, but in Q4 is a seasonal quarter that is weak, and we also added a lot of units in Q4, which ended up sitting empty for far too long before we could get them out and operating. The ROIC, if you look at the Danish business isolated, the ROIC is improving from 6.4%- 10%. We can do way more here and we want to take that up, and that is the aim. If you then look at it from a group level, it's at 0.8%, and again, that's why it's red. We don't like that one, but it can't be helped when you take it all on the operational loss, it can't be helped. Just real quick, I'm not going to bore you too much about the ESG, we launched an impact report, our first version of our impact report. We did that in November, in parallel with all the operational core stuff. From 2026 and onwards, small listed companies are expected to do this. We figured we would get a head start and start mapping everything out, then we could make it more scientific as we go. Hopefully when we are required to do this reporting, we have it completely nailed, it doesn't take us by surprise in 2026. We are doing a lot of good stuff, I would say. We're very focused on sustainability in the way we consume and the way we produce. We buy all our wind power from Ørsted, which is from renewable energy sources, close to one million kWh a year. It's not pennies. It's a bit more expensive, but it's part of our ESG strategy. We also do some philanthropy work. We've carefully formulated our little foundation. It is a very little humble contribution, but still it forces us to do stuff and we are focusing on some sources, and we are pledging some revenue. We're pledging some different stuff. We are using our networks to be able to donate to some good local causes. Throughout the year, we've supported Hellebro, which is a fantastic place. It's like this halfway house for young people who are on the verge of homelessness and we've been working with them on some different stuff, and we're going to do more with them in the future. Operated by some fantastic energy bundles of people doing good stuff. Similarly, when the war in Ukraine broke out, we got approached by Aid Ukraine Denmark, it fit perfectly what we wanted to do. We were able to house some Ukrainian families that came as refugees, it cost some money, it makes us feel pretty good, we put our money where our mouth is. We're looking for these sort of causes to support which we'll update as we go. That was it. Thank you for your time. I will hand the baton over to Anders, who will then moderate the question session. Thank you for listening. Thank you, Patrick, for your presentation. Let's move in to the Q&A. We have received some questions on Stokk.io first that was submitted before the event began. Let's start with some of those questions before we take some of the questions that went in live here. The first question is from an anonymous investor. What is the potential in Denmark measured in number of units, and what is the potential in Lund and Malmö? It's a great question. The general market is growing if you look at industry reports. It's growing at roughly 14% annually. It has been for 10 years or so. It took a dive when there was a COVID. The market then were stagnant. It's a growing industry we're in general. If you directly translate that to Denmark, I would estimate that Denmark would carry, I don't know, 500 units a year if that growth rate could just be extrapolated indefinitely. A part of that is, of course, a market share that we want to achieve. Yeah, if you look at the industry growth rates, in theory, it should be able to consume, let's say, 500 units a year, new units a year. For our part, obviously we will be doing it organically and see if we can. We obviously need a part of that share, but there's also different ways to implement your growth strategy that we're looking into. Maybe we can take over some operations of existing stuff. It's different. I would say my guess is that it's not like we feel we can grow indefinitely, but I would say we could easily have 900 units in Denmark. That is part of the longer-term strategy for us. What then if you look in Lund and Malmö during the year as well? Yeah. Lund and Malmo, you can compare it a bit to, let's say, Odense and Aarhus. Of course, they're smaller markets than the capital areas, and that's also why Stockholm is so massively important for us compared to Lund and Malmo. Lund and Malmo served as a kind of bridgehead. I would say that a unit total of roughly 100-150 units would not be unrealistic if you combine the two markets. That would be my best estimate. Skåne is more a bridgehead for us for further expansion into Sweden than it is going to be the core focus for our growth strategy in Sweden, if that answers the question. Next question is also from an anonymous investor: Blueground had an article in Børsen about their focus on the Scandinavian market. How competitive are you compared to Blueground? Yeah, good question. Blueground is a very big international player. They have launched a lot of new cities and markets the past couple of years. They have raised a lot of capital. Obviously, it's not that I love talking about competitors, we like to focus on what we are good at, but it's not that we're blind to the competitive environment, and we knew that they were coming. We tried to analyze how that could impact the equilibrium. When they launched their first units, we could see that their price points were significantly higher than ours. Also the service level, their apartments look very good and the furniture and all that looks very good, and kudos to them. The service levels in general looks like it's a bit lower than what the corporate clients are normally used to in Denmark. I would say our service and flexibility is greater. You could argue that their standards might be a bit higher than ours, if I have to be super conservative. I think the main point is that our price points on a general basis is lower than Blueground. That's always where you want to be able to compete, in my opinion, because there's a lot of big key stakeholders and clients out there who are extremely cost-conscious. If you can't compete on costs, you'll only be happy when the market is expanding and going up, because then there'll be a spillover to whatever substitutes we have out there. If a market is either stagnant or shrinking, you don't want to be the one in the far end of the price range. It looks like we have a better price point, and for the time being, I'm happy with that, and then let's see how they adjust and evolve. Next question is from Christian [Højgaard]. It is possible to follow the currently available apartments on your website. According to annual account 2022, the vacancy percentage in Sweden was 40.5% at the end of 2022. Can you confirm that Sweden already has a vacancy percentage which is largely equal to that in Denmark, that is just under 10%? Yeah. Yes, I can confirm that Sweden is working very well. Vacancy, it's not a perfect scientific measure because it measures the number of days that a unit sits available. Right now, I believe that we have, I don't know, three or four sitting available, and then that might get rented out for an amount of time, and then there's a natural rotation. We are monitoring the days it's available. On the other hand, why vacancy is an important metric to keep track of is because it has a direct reverse correlation with the revenue we can achieve. It looks like the managing director over there is doing a very good job and getting some attractive prices for the products and the services we deliver. In general, we are happy. I'm not going to sit here and say yes, it is below 10, but it is close to where we want to be. Okay. The next question is also about the vacancy. It's from an anonymous investor. How has vacancy developed in Sweden compared to Denmark during the year? On average, vacancy is higher in Sweden. There's also some time before all units are operating. If we look at Q4 or December 2022, how was the vacancy in Sweden compared to Denmark? It was higher. The vacancy, if you have 44 units as we do in the two Swedish markets, if you have four apartments sitting empty or four to five apartments sitting empty, you'll be at the 10% mark. If you have eight, you'll be at the 20% mark. It's a bit of what do you call it? It's not if the unit number is not that mature, you can have some high spikes in your vacancy counter. The more units you have, the less important it is that obviously, you want everything more or less rented out at the same time, but eight units in a 440 portfolio doesn't matter, but if you measure it locally, it has an impact, of course. Sweden was higher. The director, she had her first day at work on October 1. We come into Q4, which is a bit crappy quarter for us in general. The timing in that sense was not great. That's also part of why we're changing source strategy. We want to be able to plan that stuff better out. It's no good launching stuff in November when we know that the demand is on a general slump. It was higher than in Denmark, but it's been picking up at a fantastic speed. It's been a combination of We had some international clients we knew already that we could take with us, and then the director in Sweden has been fantastic at cultivating the relationships needed. In our industry, we're very good with the digital presence and those sort of things, and people find us and people who walks in from the street and all that. We're good on that. In our industry, it's super important that you keep some stakeholders happy, and those stakeholders are, if you measure it on a world basis, it's not a big amount of people that you have to keep in the loop. Cultivating that relationship will take time, but when you have convinced them that you can be trusted and that you are providing a good product and a good service, then the inflow of business is constant. That's totally a credit to Johanna, who's over in Sweden. She's second to none. Perfect. Before we move on with the questions from Stokk.io, maybe let's take some of the questions that went in live here. The first question is also about vacancy. Let's just take the question so that you can answer it. How is the average vacancy of 10.3% for the Danish market calculated? The empty days, the units are still, if you take the number of units, throughout the year, it's been registered for Monday launch, and then the days are counted. It's a measure that is borrowed from the hotel industry. In the hotel industry, you're working with OCC or an occupancy rate, so that's like the reverse of a vacancy rate. Basically, if you have 100 hotel rooms, you can rent it and you have 365 days throughout the year, then that gives you your denominator. The downside is when you keep adding units, your denominator is constantly changing, but we have a system in place that is recording everything in real time, so we can keep tabs on it on a monthly basis. We have two measures in place. The one is a naive number, which is just counting the days per unit, and the other one is a weighted average of the sizes of the apartment, and that's because a larger apartment will cost you more to have empty than a smaller apartment will. You have to look, stare that in the face as well. We have two in place. The naive one, just counting days, and the weighted one that is weighting the data based on the apartment size. Next question here from the live audience. How much of the costs associated with growing rental capacity is capitalized? Putting it in a different way, how and how much is the profit and loss affected by the increase of rental capacity in 2022? Yeah. I would say, you can easily track the Swedish one. I would say that if you look at our guidance for 2022, which were between DKK 10 million and DKK 12 million, and we realized DKK 9 million. In combination with that, we've realized the high end of our revenue guidance. Let's just stare it in the face and say we were meant to do DKK 12 million. I would say two of those is a burn from aggressively growing and maybe, or let's say one and a half of those is a measure of aggressively growing, and the other one and a half is the inflationary pressure that we've incurred on energy costs and things like that. That's my best guess. I don't have the perfect number. I will make that better in the future. Next question. Do you have any considerations shifting to an expansion strategy that consumes less cash? CapEx in 2022 was DKK -10 million. Yes, we do. That is a perfect question. You should almost feel like I've asked someone to pose that question. Yes, we do. We have been exploring, we've taken it in baby steps. When you start out doing what we do, it makes no sense to do a furniture production in-house. It's a ridiculous notion. When you come to a certain size, you can then start to see, okay, now it makes sense to think about efficiency and bringing that number down without messing with the quality. That was step one for us to do that. Started with one piece of furniture and taking it to a lot of pieces of furniture. It still represents an investment. It still represents this cash cycle, where that before you can get stuff in, you have to invest. When is the break-even point or the payback time, all those sorts of technical measures. In the future, the current talks we're holding with bigger projects is actually allowing us to disconnect the two. There's the obvious one, just going in and saying, okay, if you are looking at a 100-unit project, I'm not saying that we do, but let's just keep that as a nice round figure. Your purchasing power is way greater, you can go out, you can source unit counts, which is lower. The other one is that when you're doing deals of that size, there's a lot more stuff that you can negotiate on. One of them, for example, being who will carry the investment of the FF&E, it's not uncommon. In German, it's very common practice, we took that learning from Germany back home. It's very common practice that it's the landlord who does the FF&E investment. That takes that off the operator's books. That's it. Obviously, we've always been in that mode where we, okay, we will invest, no worries, let's go. At Dawn, I was talking to advisors and brokers and all that this is actually fairly market conformant, and we've taken that with us. Doing these sorts of structured deals, there's a lot more room for negotiation than if someone comes and say, "Do you want five apartments?" If I then go back and say, "Yes, but you have to invest in the furniture," they will just say, "Okay, no, thank you." Don't worry about it. If you come and say, "Yes, I'll take a house with 100 units," a lot more can be negotiated. We are trying to disconnect the two, and hopefully we can report some stuff on that in the year to come. Perfect. There's a question regarding your outlook. What does the pipeline interval mean? It says Denmark pipeline is 0-20 units. Yeah. It's basically just a pessimistic expectation to the number of units that we want to add to the portfolio this year. It's a product of us being so far ahead of the curve, and we've nearly done two years of growth in one year, if you measure it just by units. The full year effect has not kicked in on revenue. That's why we will still be reporting growth in the revenue bracket. The reason why we are being fairly conservative on this is because if the right project comes along, we're not going to say, "No, thank you." In the current kind of planning we're doing right now, it does not look like we will get this perfect product that fits our updated criteria perfectly. That's why we are being a bit cautious on that and saying it's in the low range on new units. Okay. How much of your revenue was generated from private customers? Yeah, good question. It's roughly, I would say 15%, roughly. We have some different segments. Corporate housing is the big one, having the direct relationship with the companies. We have insurance clients, so people who is affected by water damages or fire and have these distress sort of moments in their life. We are very good on that and are delivering to that industry. I would say, we have sports clubs. They're using us fairly systematically as well. I'm not going to name names. We have a no-name policy, if you look at the cities we're in, you can probably guess which sports clubs are using us that plays football. We have government, so the United Nations, hospitals, educational facilities, stuff like that. There's the private segment, so people that walk in from the street, and that's roughly 15% right now. How was the vacancy percentage developed over the year? You have looked into Sweden, but maybe for the entire group. Yeah. Good question. It followed the seasonality pattern fairly well, I would say. A bit higher in Q1, lower Q2, lower Q3, up again in Q4. If you then add the number of units we added in Q4, that made an unfortunate combination, and that was a practical thing where we just didn't have the manpower to get it in operations fast enough. We were too far behind throughout the year. We tried to chase it all around, but the combination of adding a substantial amount of units in the quarter in combination with the general seasonality made that Q4 vacancy was up. Did you receive any revenue from the Aid Ukraine project? Nope. That was a no. Yes/no question, the answer is no. Going back to the questions submitted at Stokk.io. There's a question from an anonymous investor here. How much time does it usually take from you get a new unit signed till it begins generating profit? You invest quite heavily in the beginning, I assume, in furniture, technology, and everything else. When is the break-even point for a unit? Again, a great question. It depends on what kind of level you want to measure it. When we take on new units, we have this calculator, which is an advanced spreadsheet. You do all the variables where you have, okay, this is the revenue this one unit is expected to generate. This is the direct cost. This is the sum of the carry-on cost. We allocate a share of overheads. You have to do that. We're carving up my wage into, let's say, 1,000 points or carving up the CFO's wages into 1,000 points and then doing an allocation. The allocations are fitting what we believe is our best guess on the capacity we can take. We also have some variable wages we put in because we know how much cleaning, how much linen, all that stuff will take. We have some good things in place. I would say that if a unit cannot generate, again, it being a bit unscientific because you have the capacity cost, you cannot carve that up into 500 points or 400 points or whatever. All units has to generate on a single allocated measure, an ROIC above 20%. If you measure that in present values and cash cycles, that comes to a payback time of two and half to three years if you just look at it on the investment alone. That sounds pretty high, if you look at that sort of return on an industry, if you look at that across a lot of industries, it's actually fairly attractive. Let's take a company like Maersk, for example. Before their boom year, they are guiding long-term on a ROIC of 7.5%. Doing 20% or 18% or 15% is actually fairly good. We've also had so much traction now that we can see that our lifespan of the things we put into, the general strategy of what furniture we then put into the unit, has been paying off. We've never gone to a discount furniture shop to buy our stuff. We have a few items, like carpets, they're not extremely pricey because if someone spills red wine or whatever, you don't want to upset the client with sending them a bill of a lot of money. Other than that, the structural big items, they are high quality, and we can see that the lifespan is great. If you think about our depreciations, they're also fairly substantial. The early stuff we put into operations, we're starting to see that the depreciations have run out, and we can see that the lifespan is still great on the stuff we put in early in the year. That's good for us. Having a payback time of, let's say, two and a half to three years is not horrible when you consider that the lifespan of the furniture easily is in excess of eight years. The next question is also from an anonymous investor. It's a bit of a long question, here it comes. In the 2022 report, you state that going forward, you will change the sourcing strategy so that you will source units in bulk with the focus on early-stage developments. This means fewer but larger deals. Does this also mean the developers you work with will have to change going forward? Developers that want to rent one to two units to Movinn might not be the same developers wanting to rent out an entire building to Movinn. How do you view this change? It is a great insight. The one asking that question has thought about it hardly, I can hear. It's a very good point of view. The answer is yes and no. We work with pension funds, we work with super large asset managers, we work with international investors with activity in Denmark and Germany and stuff like that. It's true that maybe some of the early ones that is not embarking on bigger developments, our activity will probably go down on that. There is still a lot of, what do you call it, repeat offenders, so to say, or usual suspects across our current kind of partners. Great insight. The answer is yes, some of the smaller ones will probably not up our cooperations, but we are pretty good at cultivating the new relationships needed, and we also have some very big partners in the portfolio already. Yep. Perfect. The last question. At your latest report, you expect the cost of debt to fall to 4.06%. It is at 4.87% in the 2022 report. What do you expect cost of debt to be in 2022, and how come did cost of debt fall during 2022 when interests are going up? Let me reply to the latter first. We did some renegotiations on our debt early in the year, that's mainly why we were able to bring the cost of debt down. The reason why it's up higher than what we thought it would be is that we had to pay negative interest rates on the cash holdings we had. Even if the reference rates and all that were going up we would ask the bank, "Listen, what is up? Why is the reference rate plus and we are in the negative still?" "We're working on it. It'll be changed at some point." I'm sure I'm not the only banking client that has experienced this in 2022, that's the reason why it's from 4.06%- 4.08%, is because we had to pay negative interest rates on the cash holdings. The reason why it has gone down is because we renegotiated a debt early in the year. That's the direct response to that. My best guess right now is 5%, as I also put in the guidance. Basically, I have no clue. I know what I'm paying, but the way that these loan agreements work is that there's a fixed interest rate, and then there's a reference rate that you have to put on it, and we don't know how the reference rate will evolve if interest rates continue to rise. It is going to be a fairly small portion of the total stuff. My best guess right now is 5%, but it could be changing if the interest rates continue to rise. Perfect. That was all the questions, both live and from Stokk.io. I will hand the mic over to you again for final remarks. I can see that there's one question about what German region, I kind of answered that already. Just to underpin it's Hamburg. Hamburg is number one. Hamburg is a fantastic city market. I'm not sure if it's still the seventh-largest port in the world is in Hamburg. A lot of our shipping clients have a massive amount of activity in Hamburg, and the business activity in general makes Copenhagen look like Legoland, is my favorite one-liner when I'm talking to German stakeholders. Hamburg, Berlin number two, then you can take it from there. A lot of interesting regions in Germany, Frankfurt, Munich, Stuttgart, the whole Ruhr industry as well. A lot of interesting markets, but Hamburg being number one. Perfect. Sorry if I missed a question. No, no worries. I just wanted to remind when people are taking the time to ask us questions, we will answer it. Thank you so much for listening in, everybody. This was a good session, and thank you to Anders. We've had more questions than we are used to, which is fantastic. It will allow everybody to get a better understanding for what we do and also maybe demystify some stuff. Thank you so much for that. It's been fantastic. We will end this presentation now. We will put it live on the investors portal. We see you next time. Thank you and bye.