Good morning, all, and thanks for joining this year end update call with Akelius. On the call today we have CEO, Ralf Spann, and CFO, Leiv Synnes. We will start with a short presentation on the Q4 report and then go directly to the Q&A section. It would be beneficial if you have the report in front of you, since Ralf and Leiv will refer to the report during the call. The report can be found on akelius.com, investors, financial reports, or in the press release just sent out this morning by Akelius. I hope you could have that in front of you soon. With that, Ralf, please go ahead. Good morning, and welcome to Akelius' year-end report presentation. Today, Akelius has published its year-end report and the results in 2021. In short, Akelius' financial position has never been stronger than today. Akelius continues to be a safe property company with a long-term perspective. If you go to page one of the year-end report, you see that the trend of the key figures in Q4 showing in the right direction. Look at the rental income and distributable income, for example. Last year, we did the biggest transaction in our history. Let's move on to page seven. On the top left, you see the property sales amounted to EUR 9.1 billion. That is the transaction called Nightingale, where Akelius disposed of all operations in Denmark, Sweden, and Germany. The acquisition costs, plus all investment over the years, sum up in total to EUR 4.3 billion. That means that the sale price was EUR 4.3 billion higher than all acquisition costs plus investment. It took 27 years to build up such a unique, low risk portfolio, and Akelius took care of all staff and all tenants. Let's go back to page four, where you see the Akelius portfolio after the disposal of the Nightingale transaction. We are invested in four countries, which is France, England, U.S., and Canada. We have 80,000 apartments. We are invested in eight cities, with one new city is Austin, which I will refer later to, and a fair value of EUR 60 billion. Today, Leiv and me will inform you about the impact on the financial aspects based on the Nightingale transaction, the recent developments, the organization, and the quick outlook for this year. The business model of Akelius stays the same. We invest in metropolitan cities and residential properties. We select growing cities in favored countries. The cities and the countries should show strong population growth and a growing economy. In those cities, we target A- to B locations. We stay away from top A locations. We have noticed that over the years in growing cities, B locations turn to B+ locations, and those changes are most profitable for residential companies. That has happened in Akelius portfolio after the last two decades. We have added Austin as a new city to our portfolio in December last year. We bought 861 units for EUR 192 million. Austin is the capital of Texas. The most important fact is that Austin is one of the fastest growing cities in the U.S. Young population, growing job opportunities, that is a perfect match for the Akelius portfolio. Besides, Samsung has decided to invest $80 billion, which is the largest foreign investment in U.S. history in Austin, Texas. We will look into entering more cities next year, and we plan to grow up to 50,000 apartments again. Let's move on to page five. You can see a like-for-like development in vacancy, which has dropped by 3.4 percentage points. Due to the acquisition, which we have done last year, it went down by another 1.2 percentage points. The new acquisition profile, we are targeting cash costs with no vacancy. Those are properties providing positive cash flow from day one. That means with a growing portfolio next year, we expect a further reduction of the vacancy. A completion of investment and capital projects will provide a further decrease in vacancy. We're also noticing since a couple of months, the rent and the lease level are picking up, and the rent concessions are getting lower and lower. In terms of rent collection and payment ratio, we are at the same level as in December 2019, before COVID hit all markets. Let's move on to page seven. For the last 18 months, Akelius has acquired 3,000 apartments for EUR 800 million. Those acquisitions show an initial yield of 3.7%. Again, for those properties which we have acquired, no upgrade is needed. Stable initial cash flow from day one. All those apartments which we have acquired are affordable for 80% of the population or people. Looking at all the acquisitions and for the coming one, two years, Akelius will continue to put quality over quantity when it comes to acquisition. Meaning we will continue to cherry-pick, and that's in the right way, as we have shown in the success of the Nightingale transaction. That means we will cherry-pick and wait for the right assets to acquire. More acquisition will yield to, again, lower vacancy, better cash flow, lower administration costs, and lower vacancy. Akelius will continue to buy with a long-term perspective. Another positive note on last year was that we have improved our sustainability rating according to S&P above the industry average. We have policies in place, we have action plans in place, and with a strong follow-up, we will improve our sustainability performance going forward. Some examples to turn our portfolio to a green portfolio, we have replaced all our oil heating systems except two heating systems are left with oil. We have installed a lot of solar panels. We have a pipeline of 50 projects, and in total, roughly 500 energy-related projects in planning phase. We have done an environmental risk assessment on city level last year, and we will continue with a climate change risk assessment on a property level. Our goal is to be among the best performers within sustainability. Also, what we have done last year is that we have screened 60% of our portfolio to identify potential for adding new apartments, new square meters for living space. We came up by screening 60% of the portfolio, that we can add 160,000 sq m of new living area to our existing portfolio. That can happen mainly and mostly in Canada. We expect more square meters to add by screening the remaining 40%. With the change in the portfolio, Akelius also became a leader company in terms of the number of top management, which is now seven, and it was before eleven. The number of staff changed from 1,500 to 860. If you remember, a year ago, we presented a plan to end up with 1,100 staff in 2022. Considering 300 staff have followed to disposal, we are in a good work in progress, and we have already achieved our target when it comes to the new number of staff. In addition, at the same time, the company has added 3,000 apartments to existing portfolio. The Akelius Group has 15 years of international experience, a track record of buying and selling for EUR 15 billion, and the seniority in the top management is an average 10 years. We plan to add another 3,000 apartments to our existing portfolio without adding new staff to our operations. Before I end with a short summary, I hand over to Leiv to explain some financial results. Hello. My name is Leiv Synnes, CFO of the Akelius Group. Please turn to page nine. In December, we received EUR 9 billion for the sale of the properties in Germany, Sweden, and Denmark. We paid dividends, and we also paid some loans. But even after those transactions, we had year-end EUR 6.3 billion left in financial assets. That amount exceeds the debt with EUR 2.1 billion. At year-end, Akelius was in a financial net position. We had more financial assets than we had financial debt. Hence, the liquidity situation was extremely good, as you see it on page nine. This year, we intend to grow. As Ralf said, we will do some acquisitions and we'll continue with some investments, but we will also try to reduce some debt. In this year, likely the financial assets will heavily decrease. If you move to page 10. The debt structure looks almost similar as the last year. It's a four to five -year duration of debt. The one thing that has changed is that the mix of secured versus unsecured debt has continued to go in favor of unsecured debt. The secured debt only amounts to 5% of total debt. It's a new low figure for Akelius. The most of Akelius assets today are unencumbered. The interest rate continues to decrease, and at year end it was 1.51%. If we move on to page 13. The page illustrates the credit risk and the duration for the interest of the investments we have done in financial loans. 38% of the bonds have the rating BBB. Actually, 96% of the bonds are investment grade. The average rating is A+, and the duration 2.6 years with an interest rate of 0.6%. We have tried to invest in a prudent way. Last year was a very profitable year for Akelius. For the Akelius Group, the profit was EUR 2.4 billion, mostly related to the divestment of real assets in Germany, Sweden, and Denmark. If you look on the parent company, the profit was even higher. The profit was EUR 6.1 billion, which created a huge distributable amount of equity. In 2022, we expect to pay dividend, but we don't expect to pay an advanced dividend on Class A shares. However, it is not decided yet. I think that is my feeling at the moment. Thank you. I hand over to you, Ralf. Yes. Thank you, Leiv. There has been no decision made regarding the dividends for next year. To sum up and to summarize, Akelius continues to be a safe, profitable, long-term residential company, investing in growing metropolitan cities. We aim to grow to 50,000 apartments again. We follow the quality over quantity approach. The seniority of the management is 10 years, 16 years of international experience, and the financial position has never been stronger for Akelius than it is today. Thank you for listening.
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