Good morning, all, and welcome to Bonava's fourth quarter report for 2020. Joachim Hallengren speaking, and with me today I have Lars Granlöf, our CFO, and later you will also meet Carolina Strömlid, our Head of Investor Relations, who will moderate the Q&A session. Starting with the highlights of the fourth quarter report. We have a high demand on all our markets despite the pandemic. We also see a very interesting trend in an increased focus on homes and neighborhoods. Of course, the pandemic changed the game for working. We work to a larger extent remotely, and suddenly you need to take care of new functionality in the home that you wasn't used to before. I think that we also see a spillover in do it yourself business, in furniture, kitchen furniture and so on. It's a really clear trend. What that means we don't really know yet, but it is certainly supporting Bonava's business. The macro conditions are still very favorable and stable. We have more disposable income. We see an increasing growing population. We do have migration to larger metropolitan areas. Everything is supporting the business, but the pandemic, of course, influences us a bit. I will be back to that later with an update. Looking at the numbers and focusing more on our own performance, we had a significantly higher rate of housing starts. We were up with 67%, and of course, that is the result of very hard work during the whole year. There is also something that we have communicated earlier that we were backloaded when it came to project starts. I'm also really proud to announce that we can now call the turnaround in Finland completed. We have cleaned out all the bad projects. We went through everything very thoroughly, and I'm actually very pleased to announce that the Finnish operations is now showing positive numbers. However, and of course, not on the level that we would like to see going forward, but I think it's a very important milestone indeed. We will dive into the numbers later in the presentation, but I think that a few has missed that we had an extremely strong cash flow during all the year, and that Bonava has a very strong financial position indeed. That has led to a proposal from the board to the AGM of an ordinary dividend of SEK 3.25, and on top of that, an extra dividend of SEK 2 per share. The extra dividend should be seen in the light of the canceled dividend last year. It was proposed to the AGM to distribute SEK 3. We hold on to SEK 1 of that amount, and that is, of course, due to the uncertainty that still lingers around the pandemic. If we look on the Q4 figures more in brief. The top line increased with 16%, that, of course, was driven by more recognized units, especially in Germany and St. Petersburg. The EBIT, now I would like to point out that this is excluding items affecting comparability in 2019, where we had a write-down in the Finnish business due to the decision to do a turnaround. The EBIT is actually strengthened with 31%. It is boosted by the said turnaround in Finland, where we have seen improving project margins, and it is also supported by a really nice project in St. Petersburg, which we hand over with higher margins. I would like to stress that the project itself does not bring higher margins than we're used to in St. Petersburg. It's in the top range. It's pretty big. It's 210 units, and of course, that influences the margin for the whole quarter. The EBIT margin, again, excluding items affecting comparability, is increasing from 10.7%- 12%. As I said earlier in regards of the dividend, we do have a very solid position indeed, and the cash flow was extremely strong during 2020. An update on the COVID and the pandemic, and our operations. First, I would like to state that the main priority for us here at Bonava is, of course, our coworkers and our customers and other stakeholders. All Bonava sites, as far as I know, is operational and has been so more or less during the pandemic. I know that we have had maybe a handful of stops, but they have lasted somewhere between a few days and up to one and a half to two weeks. That is progressing well, construction sites on all our markets are being deemed to be of utmost importance, so they are allowed to stay open, of course, respecting all the regulations and rules. However, we see some question marks and some potential impact. Especially in our largest market, Germany, it has to do with the decision process. The administration around zoning and other construction-related permits, rules, and regulation. There are two reasons for that. First, it is that the German market is one of the markets in Europe where the lockdown has been the strictest, and we are now actually into our second pretty tough, hard lockdown, and that was prolonged by the chancellor just last week. The other reason might be a bit surprising for us who live in the Nordic countries. A part of the German society is not as digitalized as one would expect. That goes especially for municipalities and authorities. Many civil servants still work with desktops and not laptops. Not all have access to broadband at home. That means that whenever they switch into remote work, the productivity and the momentum goes down. This is all just a paralyzation, a delay. We're still seeing building permits coming out of the system, at a slower pace. We do not foresee that this will affect our handovers. There might be a bit more challenging to predict exactly in what quarter they will come if the delay is planned in the very last week. It's more a question of one to two weeks delay. For project starts, of course, it is essential that we have all the permits in place. There is also an upside, if you can use that word in a pandemic, but this is from a strict business perspective, and that is that we have been able to accelerate our digital customer journey, taking care of both the sales, but also parts of the handover process. However, I would like to stress that parts of the handover process is still requiring physical presence. It's hard to, for instance, hand over keys digitally as of now. There are some uncertainty regarding that. We passed Q4 handovers with flying colors, but I still would like to mention that it makes things a bit more tricky to predict. I will now spend some time on two graphs that you know very well. We have actually developed them a bit to help you who follow us closely understand them a bit better. I would like to start by addressing a question that we've had since we released our reverse profit warning, and that was how much did you borrow from the future to be able to deliver such a growth of top line and result in the fourth quarter? The answer is pretty blunt, more or less nothing. This is the consumer completions. We have added two rows with data sets. The first, and the one on top, delta since Q3 might require some explanation. It solely means that in this row you can see the changes or the redistribution of the volume that we reported as ongoing and for completion within these quarters in the third quarter. You can, for instance, see that when it comes to the first quarter of 2021, we actually added 70 units. However, that most likely came from the second quarter, where we now have 90 units less, and so forth. The second set of data is the starts. This is the starts that should be added to the Q3 reported numbers, starts that we did during the fourth quarter. Here you can see that we actually were able to start 420 new units to be recognized in 2021. In all, we started 2,365 units to be recognized from now on and later. A gentle reminder, this is stating the obvious, looking at the fourth quarter, you can see that as very often for Bonava, we will have a first quarter with very low volume. We only have 400 units to consumer to recognize in the first quarter. Moving over to investors. Here you can actually see that one project, 70 units, that was in Finland, was ready earlier than we forecasted and was recognized already in the fourth quarter last year. To compensate that, we actually succeeded to start another project on 80 units that will be handed over in Q4 2021. The impact of the 2021 numbers for investors is unaffected. In total, we were able to start 820 units to be recognized from now on and going forward, and that does not include a project that we succeeded to sell in Sweden in Umeå, 175 units, because that's actually conditioned by building permit and some other topics. That's sold on the binding contract. We're still waiting for the contract to be fulfilled. Here you can also see in Q1, we will have no units for investors to recognize. Just to give you a flavor of what we actually have started and what we're doing out there. There are two projects, but before I walk you through them, let's just look at the sold and started numbers. Let's start with consumers. We were more or less on par Q4 with last year, and I think that's actually an achievement because we had a hard lockdown in Germany the last two and a half, three weeks, and that has affected the sales in terms of building permits and sort of new projects where we have pre-sales level. We also saw a handful or more units where we couldn't hand over as planned. They were delayed. The started units, I'm really proud of that number. We achieved to deliver upon what we planned to do. We are significantly up in starts to consumers. Looking at the full year, the two biggest markets, Germany, delivered approximately exactly 1,501 starts to consumers. Substantially over 2019. Sweden also succeeded to start a lot more consumer units than in 2019. We are now at a level which we think is a good starting point for continuous growth. We are planning to start a bit more, in both Germany and in Sweden in 2021 and grow from there. That is based on the assumption that COVID does not play us a trick and that the market conditions are still in our favor. Looking at the investors, we sold a bit more, 820 compared to 712, and we also started that. As I said, we also had sold a project that is not yet started because it has not fulfilled the condition precedent in the contract. Looking at the projects, I'm really happy to announce or to introduce you to Kongsløkken in Oslo, 127 units to consumers. That was one project in the Urbanium portfolio that we acquired in 2019. We succeeded to start some projects from that portfolio actually in Q4. Unfortunately, due to the production times, we are not able to recognize anything from that in 2021. In 2022, you will see the Bonava Oslo region and the Urbanium investment starting to yield. I would call it a smashing success, the sale start from Kongsløkken. We have sold very well and been able to increase the prices a few times. I'm really proud to see that coming into action now. Looking at investors, this is a project in two phases in Helsinki. It's called Sitadelli, 110+ 138 units that we started and sold to investors in Q4. To be able to facilitate you who are really interested in details, we have some news from this quarterly report. We will update you more in details on our starts on the investor website, bonava.com, and there you can follow the starts more in detail per region. With that, I would like to hand the word over to Lars for some more numbers. Thank you, Joachim. Hello, everyone. It's very nice to start presenting as a new CFO, start presenting the Bonava numbers with such a solid performance that we see in the fourth quarter. If we start with the group income statement, as Joachim said, we have improved net sales, we have strengthened both the operating profit and the operating margin. Of course, net sales is coming from more units recognized than in the prior year. I will come back to that in the coming slides, give you a bit of a flavor for what has happened in the fourth quarter. Since we had this positive profit warning, we realized then that we actually delivered more net sales than was expected in the market. I walk you through that in the next slide. If you look at gross profit, we have a gross profit margin that has increased, coming from a better underlying margin. Joachim mentioned St. Petersburg and also the turnaround in Finland that has improved our gross margin, but we also see a positive mix in other areas. Maybe I should point out as well then that as you see in the box underneath the income statement, we have had this legal case from old housing delivered in 2000, where we had to take further provisions of SEK 67 million. That is affecting margin. It's affecting the gross margin as well as the EBIT margin. Factoring in that, we actually have an improvement on almost two percentage point on the gross margin level. If you look at the selling and administrative expenses, it's in line with the prior year. If you actually look into the underlying expenses, we should then consider that we actually recorded some SEK 25 million in cost for management changes now in the fourth quarter. With such a solid performance that we are delivering for the year, we also have an increase in short-term incentives, bonuses in say, some delta of maybe SEK 20 million between the years. Factoring in that, we have a significant underlying reduction of cost in the quarter. I mentioned that the EBIT margin, a solid 12% compared to the 10.7%, and add back the 0.9% negative impact from this legal case in Germany. We are actually up on close to 13% underlying in the quarter. We have net financial items slightly higher than the prior year. For those of you that are following us, you've seen that we have prolonged the duration of our loan portfolio to reduce the funding, the refinancing risk. With the longer duration, we also have, of course, higher interest rates. For instance, we launched this green bond successfully during the autumn. Looking at tax, we are delivering tax at a tax rate of 27%, so it's in line with the prior year. It's in line with what we have been delivering during the year as well. Just to remind you, it's high due to such a large proportion of our earnings are in Germany, and the German tax rate is the highest among the different countries that we are operating in. You can see the graph also then on the right-hand side. Won't dwell back on the first half of 2020. You all know that we were all disappointed with the performance then, partly driven by the COVID, the pandemic outbreak. We started to see an uptick in the third quarter, not at the same level as the third quarter last year, but it was moving in the right direction, but with small volumes. Now with large volumes in the fourth quarter, we are delivering a good, solid profit increase. I said that. Let me walk you through how we see what have happened in relation to what we said in the third quarter report. If we start on the left-hand side, if we then look at these graphs that Joachim showed you as they are now in Q4. We had them in Q3, and we said that 1,600 units to consumers and 670 units to investors. Those were the ones that we estimated for completion in the fourth quarter. We were delivering that. If we then use the average sale price to calculate what kind of revenue stream we have, it's a net sales of SEK 6.3 billion. Over and above that, we actually delivered 36 consumer units, mainly in Germany, and we delivered 72 investor units in Finland. Over and above what we said in the third quarter report, that is approximately SEK 0.3 billion in additional net sales. You also know that we are selling from completed unsold that we have in the balance sheet. In the third quarter, we also had a large level of completed sold but not recognized because we were not able to close the handovers in time for the third quarter. Those are then delivered and recognized now in the fourth quarter. In total, it's about SEK 0.4 billion in net sales. We have also sold some land in the Nordic segment primarily, that's SEK 0.3 billion, not with very big impact on earnings, low profitability in those sales. Of course, you have a mix of price increases due to cost increases, et cetera. Say SEK 0.2 billion in others. That is explaining the difference between what you might have calculated based on the estimates that we had in the Q3 report and what we now are delivering in the fourth quarter. Let's look at the group figures, this is really a very good, very positive slide where you see that we have higher volumes recognized, we have higher volumes started, and have higher volumes sold as an average for the group. It's really pointing in the right direction. Let's move into the segments. Starting, of course, with Germany being the largest here. We see that Germany has increased net sales, of course, driven out of more recognized units, both in the consumer area and in the investor area. They have a gross profit that is slightly down one percentage point, but here we have the impact of this old legal case. With that added back, there is actually an increase of about one percentage point on the gross margin level as well as on the EBIT margin level. If you look at starts and sold units, we see an increase in started units to consumers. We had a slight downturn in terms of investors, but it's like we're saying also, it's a timing issue. We have a lot of different projects that we are discussing. With the pandemic, some of them are moved in time, as Joachim mentioned earlier on. The authorities, the longer processes to get building permits, to get starts, but also for handovers when we are due to hand over to our customers. We see that we have one investor deal here recognized, which is in Lübeck, some 155 units. We also had some earlier on during the quarter. The sold units are decreasing. It goes back to the comment I had before that we have seen delays in the authorities, and we see delays also in handovers. Maybe that is due to COVID that our customers cannot take access of their units. Let's move to Sweden. Sweden, we actually have a significant decline in sales, as you see. We have delivered recognized units in line based against slightly higher than we did in the fourth quarter last year. As you see down in the box below the income statement, a significant portion in the prior year of the almost SEK 1.3 billion in net sales was coming from sale of land with high profits as well in that quarter. Factoring out that, and also the small sale of land that we have this year's fourth quarter, we have a slight decline in net sales. We have a significant reduction in gross margin, but again, it's a land sale in the prior year that has driven the gross margin upwards than in 2019. If you're factoring that out and make it apple to apple in terms of the operating margin, the EBIT margin. The EBIT margin for 2020 fourth quarter is 6.2% compared to 6.8% in 2019. A slight decrease in margin. On the full year basis, we have an improved margin over the prior year when we are factoring out the sale of land. In terms of the market, you've probably seen that just the other week, there were more information out, and they're saying that we have a price level increase in Sweden of about 10%. If you look at the projects that we have completed and realized, of course, we have not benefited from that in all of those projects, but it looks very promising going forward. In particular, when you are considering that we have secured a lot of building rights, some 700 new building rights in the Stockholm area. That builds a good base for the Swedish business going forward, even though we have a slight reduction in starts and sold units now in the fourth quarter compared to the prior year. Let's move to the Nordic segment. Here we have it the other way around. Here we have sold some land this year that is explaining some of the increase in net sales. Factoring out that, we still have an increase in net sales, but not as big as you see in the reported figures. We have a solid gross profit, not driven that much out of the sale of land. As Joachim mentioned, we have the turnaround now completed in Finland. We are seeing significantly better margins in our Nordic business, where we also have a significant reduction in our selling and administrative expenses. You see down here also in the box that factoring out the sale of land, the EBIT margin is some 10.3%, significantly above the 2% that we were delivering in the fourth quarter in 2019. Looking at the development in terms of starts and sold units, this is really the all-time high quarter in sold and started units so far. We see strong underlying demand for both from consumers and investors in all our three Nordic markets. Just some highlights here. We have actually concluded five investor deals during the quarter, three in Finland and two in Denmark. We are continuing to discuss even further deals going forward. Here we really see uptick and a positive base for the business going forward. Speaking about positive base, St. Petersburg, Baltics, really high volume of recognized units and a strong EBIT margin. In particular, some projects in the St. Petersburg area where we're delivering very good margins. You see 23% compared to 17% already in the prior year. Good margins, but even higher now. We managed to keep the selling and administrative expenses in line with the prior year. We have an EBIT margin of 21% compared to 11% then in the prior year. If we look at starts and sold units. In terms of started units, a significant uptick in the quarter, that is coming in the consumer area. It's strong market development in St. Petersburg, we see continued recovery in the Baltics. There are several major projects that is being started. We see a slight decline in sold units. Probably some impact also here about the COVID taking delivery of the housing is impacting the sold units. This is the segment where we have seen a decline in the completed unsolds. We have sold from the stock in the fourth quarter. Also important to mention that we're now taking the first step into Lithuania, where we have started the first project in Lithuania during the quarter. Let's leave the segments and go to our balance sheet. This is then the total assets. You see that we have a decline in assets, which is normal with our seasonality, where we are finalizing a lot of housing projects in the fourth quarter. We are actually down below the SEK 23 billion level, and it's even down compared to where we were in the prior year. You see that we are up again in the equity to asset ratio, almost to 35%. Really well above the financial objective of 30% that we have. If we move into the capital employed, of course, with assets being reduced, we have a significant reduction also in capital employed to SEK 12.6 billion. Even though we are not in return on capital employed within the 10%-15% interval that we have as a financial objective, we are moving in the right direction. We have been down during the year, but now are moving in the right direction and delivering 7.9% in the quarter. Joachim mentioned strong cash flow. Absolutely strong cash flow. We see for the third quarter in a row, a significant positive cash flow. You see here on the right-hand side how it looked like in 2019. If I use also 2018 figures, it would look as 2019 with close to SEK 1 billion in the fourth quarter, basically negative cash flow in the first three quarters. In 2020, we had a negative cash flow in the first quarter. We're delivering strong cash flow now in three quarters in a row. I would say some of the SEK 1.9 billion of cash flow in the fourth quarter is an effect of that we have not invested in land, et cetera, in line with the prior year. That is some timing differences that will come going into the next year. As you see in the table on the left-hand side, we have strong cash flow coming from the divestment of the housing projects, finalizing them. We also have good income of advance payments on the units in production in the quarter. Really good to see this positive development of cash flow in 2020. Of course, with such a cash flow, it goes without saying that the net debt has been coming down. The net debt is actually less than half of what it was one year ago. SEK 3.3 billion in net debt, which sets a good base for us going forward because we have, of course, a lot of unutilized credit facilities, SEK 4.5 billion of unutilized credit facilities by year-end. We have the base for investing in good land, and also investing in new housing projects, of course. Rounding off my presentation, let's look back on the financial objectives and dividend policy that we have in Bonava. Starting with a Return on Capital Employed. Of course, as I said, we are not within the 10%-15% yet, but we are moving in the right direction with 7.9%. We are clearly above our 30% target of Equity to Asset Ratio with 34.6%. If you look at the dividend policy, we are saying that we are going to dividend at least more than 40% of our earnings per share per year. The earnings per share for 2020 was 6.82. The board of directors have proposed then to an ordinary dividend of 3.25, which is 48% of our EPS 2020, an extra dividend of SEK 2, and that is corresponding to 35% of the earnings per share in 2019. By that, I end my presentation and leave it to Carolina. Nope. Back to Joachim. Actually to me. Yes. Thank you very much. Sorry. I will just wrap up. Concluding the fourth quarter report, we have a really strong position financially, not least, which creates possibilities for the future. There is a strong demand on all markets despite of the pandemic, but the extended lockdowns in some of our markets makes it a bit more difficult to forecast, especially everything around decisions and permits coming from authorities. It will not have any significant impact on the numbers of units that we're actually finalizing this year, but it has more to do with in which quarter we can start projects with building permits pending. Good momentum in Germany. As we said, we had quite low starts in 2019. We have now recovered. We are also seeing sales in par with the sales in 2019, despite two lockdowns. We really hope that we can leverage on this going into 2021 once the pandemic is out of the way. The turnaround in Finland is completed. We're back into black numbers, not on the level that we want to be in the future, but still a very important milestone, and the turnaround is now closed. Going forward, we are focusing on housing starts. I mentioned before the two biggest units, Germany and Sweden. We think that we are on a decent level, and it's also levels that we can grow from, depending on the development of the pandemic, but also market conditions. If the starts are right, we are able to start more units going forward. As we have stated many times during this presentation, a really strong financial position, fantastic cash flow. Of course, that gives us a lot of opportunities to act in the future. It also gave us the opportunity to present dividend, both ordinary and extraordinary dividend to our shareholders, which we really think that they deserve. With those concluding words, I would like to hand the word over to Carolina Strömlid, our Head of Investor Relations, to moderate the Q&A session. Please go ahead, Carolina. Thank you, Joachim and Lars. We will now open up for questions from the telephone. You're also welcome to post questions on the web. Operator, please go ahead with the first question. Ladies and gentlemen, if you do have a question via the telephones, please press zero one on your telephone keypads. Our first question comes from the line of Stefan Andersson of SEB. Please go ahead. Thank you. Three questions from me. Starting with the subject I think you touched upon in the presentation that I'm still not fully understanding. When we had the Q3 coming out, I think you delivered or handed over some 220 more apartments than you guided for the quarter before. Then this time, I think it's like 350 more handovers. It's quite a lot of apartments. We're not seeing, I think you're even, well, plus minus 17 in investor. No change in Q1 next year. Just trying to understand where those apartments are coming from. I guess some of them could be investor packages being up from sold, but could you help out there a little bit? What am I misunderstanding? Stefan, if you look at this bridge they're trying to convey, the SEK 6.3 billion-SEK 7.5 billion. Yes, it is true. We have 108 more completions than we were estimating in the third quarter for the fourth quarter. 36 units in the consumer segment, and that was mainly coming in Germany in different projects, and 72 units in the investor segments, and that is in Finland. Of course, these things are happening. In this time, we actually managed to conclude and complete them before we actually estimated. In addition to that, we sold some, I would say, 250 units or 220 units, I think it is, all in all, from completed unsold, i.e., what we have in the balance sheet. That is hard, of course, to guide on because that is happening all throughout, but we can never predict really when that is happening. We had included in that number 200 units coming from completed, sold, but not recognized by the end of Q3. It was in St. Petersburg where we have had a project that was just closed by the end of September, but the handovers, we could not complete them before the end of the quarter. Hence, it was spilling over to the fourth quarter. Of course, we have sale of land and others. Basically, more completed units and sale of units that we had in the balance sheet by the end of Q3. Okay. I'll try to work with that. Another question on how do you experience the markets for buying land? I guess especially in Sweden, where you've been lagging a little bit and trying to catch up, I guess. Norway, you're in a good situation already, and maybe touching on Germany. Sweden, Germany primarily, I guess. Are you seeing any big changes in negotiations to find land, given that the end markets have been rather strong this year? How do you see that situation? I would argue that the situation is pretty stable. We were actually expecting a sort of a downturn in land prices after the setback in prices in Sweden in 2018. The market has been very active. It is tough competition. We're also seeing an understanding that there is a lot of money on the sidelines. We're seeing actors that are not typically real estate related, but they got money somewhere else that moves into this business. High competition. We are really pleased that we were able to land 700 units for Sweden in the Stockholm area this quarter. We are optimistic, but it is a tough market out there. That also goes for Germany, especially for smaller plots. For bigger plots, there's still decent competition. Just to add on to that, is it correct if I'm assuming that it's primarily Sweden and Germany where you think you have a bigger need, so to speak, to add up? You always need to add up. Is the need bigger there than maybe Norway after the acquisition you made and what you already have in Saint Petersburg? Is that a correct assumption or? Both yes and no, I would argue, because if you look on the numbers for Sweden and for Germany, we actually have pretty good portfolios, but they are unevenly distributed in time. Many plots in Sweden that we have is not due to zoning until a few years ahead in time. Yes, you're right, we need to add in Germany and in Sweden. In Germany, it's more a question of complementing regions. We never had more land in Germany in relation to our turnover in started units than we have now. We have increased that a lot. Still we want to continue growing, securing land. Yes. If you look on the total numbers, we're well-prepared for the future, so to say. Yeah. My final question is on prices. You mentioned in Sweden that the market prices are up some above 10%. I guess, just a little bit curious, apartments are actually up five and villas are up a lot. Just a little bit curious if you're in a situation where you see that your market actually is up about 10% this year, and that you can raise prices with that kind of amount. Touch on this on the investor packages we're seeing, that's been a very hot market and there's lots of money over there. What kind of price changes are you seeing in the investor market? Deals are coming down rather quickly on the valuation on those properties. Are you benefiting as well, slightly on that? Let's start with the consumer side. I think we need to remember that there are long sort of duration times between start and ends of project. We will normally start with a 30%-35% pre-sales rates. Of course, we are not able to leverage on increased prices immediately. I support your conclusion, Stefan, with the numbers. We see more rapid growth on our single-family business than we do on our multi-family business. We're following that trend. However, some projects were started earlier, and they have not the profitability that we were used to in the good old days, so to speak. I wouldn't expect to add on that price increase on top of that 18%-20% expectancy. We are more coming into the normal range if this keeps up. Moving over to investors. There is an issue with investor deals. I know yields are compressing a bit, but it's also a price-regulated system in Sweden, which means that we can't increase prices to the tenants so much more. The prices are more or less the same across Sweden. We see increasing construction costs as well. I mentioned before that we would expect to be in a range between 10%-15%, where 15% means that we are really skilled and cost efficient and the market is super strong. 10 would be some kind of floor. We've been struggling a bit to grow into the 10% in the Nordic countries, but we're coming closer and closer to that. 15%, we're not there yet, unfortunately. Okay, great. Thank you so much. Thank you. Our next question comes from the line of Simen Mortensen of DNB Markets. Please go ahead. Yeah. Hi, this is Simen. First of all, congratulations with a very good result and a strong dividend. Just noted a few things in the report. In Saint Petersburg, you now stated also you have to use local funding while doing construction there. Will that at all impact margins in any way, or what kind of impact is that expected to have? My other question goes into Sweden and your project margins, which basically is 9.5% in the quarter. Typically, you stated that you didn't expect it to come back to the 18%-20% project margin. Can you tell us, help us a bit, why are the margins so low today, and where do you actually expect the project margins? I'm looking at the project margins and not the EBIT because I want to scale out the profitability from the development in terms of the volumes being delivered. Can you please help me understand those two questions, please? If I start with the first question and then hand over to Lars for the second question. What has happened in Saint Petersburg or in Russia in general is the following, that to be able to provide or to prevent scam, the authorities have decided that you need to hold an escrow account in a local bank. It will not affect our margins significantly. We used to work with foreign banks before for the project financing. It will affect the cash flow a bit. The IRR will go down slightly. On the other hand, as sort of a treat because we use the local banks for the escrow accounts, they also now provide us with very cheap project financing. To conclude, no, not a substantial impact on margins at all, but another kind of business model. Okay. The other question was about the Swedish project margins. Project margins, exactly, which has been below 10% for several quarters now in terms of the projects having been delivered. Yes. Maybe I cannot give you very much insight into it. Of course, since we are, as you know, accounting based on completed contract, it just happens that the contracts that we have recognized and completed have had a lower margin. Some of these projects have been there for a few years where we have had to reduce profitability because of additional cost, et cetera. Even though I cannot give you any figures, I believe that we have an ongoing production in Sweden that is building better margins for projects to be realized going forward. I can't give you figures per year or per quarter. Yeah, no, I understand. What you're saying. One project, for instance, that we are recognizing now in the second half of the year is Tollare Terrass, a project that was started in 2018 with more or less no margins left. It comes from that, and going forward, we see much better project margins in the ongoing portfolio in Sweden. You have the volume effect. The volume effect is different. I was just thinking if some of these margins and projects, if they stem back to when the prices in Stockholm, for instance, dropped in 2017. Is that a correct assumption that these deliveries have so low margin because of that? That is exactly what happened in Tollare. It was an area where we hosted a lot of developers, and the prices went down, and we went from 18%- 1%. Okay. Just two other questions. You might have touched upon it, I didn't catch it exactly. In other and eliminations, the cost is up to SEK 93 million this quarter. There's no comments in report. There's nothing. It's a high level than consensus expected. Can you please give a bit of flavoring on that? The second you talk about plot investments, and as you have a cyclical note, what kind of level do you see you want to be buying land for as in almost level in 2021 and 2022, hopefully? Thank you. If I take the first question then about the cost level. Yes, the cost level in the quarter was in line with the fourth quarter last year, or actually SEK 2 million above that. As I said, we have included in this fourth quarter, we have expenses for management changes in the area of about SEK 25 million impact in the fourth quarter. Also with good delivery all over our businesses, we have higher STIs, higher bonuses that is primarily, I think, recorded in the fourth quarter. Say, as a delta compared to last year, we have about SEK 20 million of increased bonuses. If you factor that in, we actually have a significant reduction of expenses underlying in the quarter. That's good. It wasn't commented anywhere, so I just wondered. Yeah. Okay. I'm not really sure I caught your second question, Simen. Was it in relation to land acquisition? Land and plot investments going forward. What market, where, and what kind of volumes? When we bought the Urbanium portfolio, we said that we wanted to get a foothold in Oslo before growing. We were planning to be somewhere in the neighborhoods of 200-300 starts per year, and that was what the portfolio allowed. If we should follow our own conviction that to be a player in a market and be really profitable, you should be number one to number three. That would mean that we would need to size up the volume to plus 500 on Oslo going forward. I would suggest, or my plan was to stabilize first on the 200-300 level, and then make a new decision whether to go further. I will leave that question to Peter Wallin and to Lars to make that assessment. The plan as it lays today is to be on a regular basis between 200-300, and we need to complement the portfolio to do that. Thank you. You have answered my questions. Congratulations on the solid results. Thank you very much. Our next question comes from the line of Fredrik Cyon of Carnegie. Please go ahead. Thank you. Yes, a couple of questions from my side. Starting off with the started units in 2020, I think they were fairly strong at above 5,700 units. As I interpret your communication now, Joachim, it's that the ambition, if the market stays as healthy as it is, that you aim to grow in Germany and Sweden. Correct me if I'm wrong. Given the high pace in the Nordics and also to some extent in St. Petersburg, Baltic, do you think that on a group level that the aim is to grow startups 2021 versus 2020? No, I'm not sure we want to do that. We just concluded that Finland was out of its turnaround. One cost to that turnaround for us was that we decided to cut down on volume to get control, and I'm not sure that we want to open that throttle again, at least not short term before we're feeling really, really secure. As you well know, Fredrik, the starts in St. Petersburg with a pretty large project, they come in lumps. We started a lot now in the fourth quarter. We would like to see the development of Oslo. We would like to see some more stores in Bergen. I gave you some flavor around Oslo, and you know Bergen pretty well. Sweden should be up a bit. Germany continue to grow into the fantastic market. We're looking at a sales ratio of + 70%. That's too high to my taste. We're missing out potential on the market. We're more focusing on the two major segments going forward than in general. We're looking for profitability and for safety in delivery and project margins. Makes sense. The second question is on Germany. Gross margins were under pressure in the first three quarters of the year, and now in Q4 all of a sudden they're back at a very healthy level. Based on the current pipeline and the fairly strong market, I would say, what kind of gross margin should we expect going forward? Was it a temporary reduction that we witnessed in 2020? Yeah, I tried to communicate that in the spring, that what we saw in the first half of 2020 when it comes to German project margins were sort of an exception from the rule. They were extraordinarily weak. They actually lumped together in the first two quarters. We also guided that we would see more normalized margins going forward in the second half of the year, with emphasis on the fourth quarter. I think that the numbers speaks for themselves. I remember being asked in the Q3 call about my perception of what is a normalized level in Germany. Now I'm talking about the EBIT margin. In the neighborhood of 12%. Yes, we are expecting solid performance from Germany. Unfortunately, we had a bump in the road with a lump of poor performing projects. Also due to COVID because there were some delays, there was some additional cost to speed up and to take precautions and all of that. Yes, moving into the future, we should stay on healthy levels in Germany, and we stated that an EBIT margin of 12 is a good level. That's clear. Moving over to start-up units that might be profit-recognized in 2021. I acknowledge and appreciate the new information you provide. Should we expect more units to filter through in Q1 2021 that might be profit-recognized in 2021 as well? If so, is that mainly related to Germany then? There are only one kind of customer offering that still can succeed to be finalized. That is actually single family house or row houses. We only do that in Germany and in Sweden. I would say that it would be a very small volume. Germany is struggling with building permits. Some might trickle through early enough so we can conclude in Q4. I can't say from the top of my head whether we have a project start in Sweden for row houses that should be finalized. I doubt it. It could be really good. Very small numbers will be added to the 2021. We will build on 2022 and forward. Thank you. My final question. Of course, with your accounting methodology and the quarterly results are lumpy and volatile, is there anything that you think is worthwhile highlighting moving into the first quarter that we should keep in mind on a group level or on a divisional level? Well, I can respond. I tried to highlight that we only had over 400 units for consumers. To be honest, I don't really remember the geographical spread that will come into play. I don't know. Lars, would you like to complement anything on that question? No, I think that is correct. You mentioned this Swedish investor project, 175 units that is subject to financing. We don't know when that can happen, of course. We have zero completions in the investor segment as we estimated right now. Other than that, of course, can be some sale of completed unsold from the balance sheet to be added, that should not be a very significant portion. Okay, thank you. Those were my questions. Thank you. Our next question comes from the line of David Flemmich of Nordea. Please go ahead. Hi, I have a follow-up question on starts. You mentioned you aim to increase starts in Germany and Sweden in 2021. Could you please elaborate a bit on the level we should expect? In Germany, you start between 2,000 and 3,000 units in 2015 to 2018. Last year you started 1,800 in Germany. Is it around 2,000 to expect, or can you say anything about that? Yeah, let me start by saying that the starts in 2018 were a bit off the chart. I think a good guidance would be what we sell. We sold 1,270-ish this year, so we don't want a too big delta. Of course, we want to lower the sales ratio in the portfolio. For me, and I will not be in charge of this going forward, but I think that I can speak for Lars and Peter, it will be more sort of increasing by 100, then many hundreds. We have to be really close to the market, taking into consideration the permit process, the effects of the lockdown, and all of that. A growth, but it will not be an exponential growth. You will be guided by the sales numbers, especially in the consumer segment, so we don't create too big delta. Okay. In terms of mix, should we expect the same mix as in 2020, or do you see another mix for 2021 between investor and consumer starts? Yeah. I think, I am just reflecting. The investor starts were pretty low 2020, but there is a factor, or two factors actually, driving down our eagerness to start investor probably. The first one is that, I think it was Stefan Andersson who asked about the land market in Germany. It is very competitive, which means that it is pretty tricky to buy land today that is suitable for investor deals. If you turn them into condominiums for consumers, you have much more profit. They are like in Sweden. They are priced for condominiums and not rentals, and it is not really keen to go in and take projects just because, and by doing so, diluting margins. The second factor that we need to take into account is that the land that is available there is a greater demand and rules steering towards social housing, and that will also put pressure on the margins. If you go back when we started 800 units, we will not be on that level because it doesn't make business sense for now, short term. Maybe somewhere in the range between 300-500 would be a good number going forward, but it's very dependent on zoning and building permits. Hopefully, we can boost up the consumer sales a bit more, because I do believe that the market has that potential. You will not see numbers short term going up to 800 or something, unless we find a golden nugget. As I said, there are two dimensions working in the opposite direction. It doesn't make sense to dilute margins. Fair enough. My final question on starts, 2020 was very back-loaded in terms of starts. Do you see the same for 2021, or is it more evenly spread out? We are planning to be a bit more even, again, with a hard lockdown and with all the fog around the market, I wouldn't take a bet on that. I think it's fair to assume that we will be fairly back-loaded. That's how it normally looks, especially factoring in the COVID pandemic. I think we should stick to that assumption. Okay, great. Thank you very much. Thank you. Our next question comes from the line of Jan Ihrfelt of Kepler Cheuvreux. Please go ahead. Okay, thanks. I have actually three questions. The first one regards St. Petersburg. Joachim has started to comment on St. Petersburg, telling that it seems to me that the margins were a little bit boosted about the better product mix than you had in the past. Is that the truth? Is that the case or? It's spot on. Okay. Second question relates to the profit you receive from the sold apartments from the stock. Did you have to lower prices if there's some margin dilutive sales, or could you just comment on your prices you get on the already finished unit? With very few exceptions, we do not lower any prices. We've actually been able to increase prices also on the completed unsold. We have a very strong market. There was one or two projects where we might have had a handful of units that we just wanted to get rid of, that we gave some discount, but otherwise, that is nothing to factor in. The 700 building rights you acquired or are going to acquire here in Sweden, how quickly could you turn that into starts? Could you just give a rough figure of what you could start this year or maybe next year? That's the 1 million question. A very simple answer is later than we think, taking into consideration the very slow and complicated zoning process in Sweden, and especially in the Stockholm region. I can't really see anything out of that portfolio being started this year, but I would be positively surprised. Most likely we will look at starts in 2023 to 2024. That would be my best assessment. The geographical split in this building right portfolio, could you give a hint of where these are located? Well, as you know, I live in Gothenburg, so I have to be as specific as Greater Stockholm. I can't help you more than that, unfortunately. Okay. My final question regards your building right portfolio as there has been such a huge difference between the price increase on single houses and on apartments here in Sweden. How large is the portion of single houses in your building right portfolio in Sweden? I have to take that from the hip. Would guess it could be somewhere between 20%-30% of the portfolio. It is interesting because there is a huge demand from customers, but the municipalities have for a long time been pretty reluctant to single family. They have also understood that would be very much in demand, so they are trying to speed up the process a bit, but it will take some time before enough land is available for developers. Unfortunately, we will be on that level for a time. It's a very profitable and very interesting business. We actually do our 1,000 industrial single family house next week. We have a very good, very cost-efficient product that is supporting us very much. Unfortunately, it's very hard to expand the land bank. Okay. Thank you very much for taking my questions. Thank you. Our last question comes from the line of Johan Hellekant of Svenska Dagbladet. Please go ahead. Yes. Hello. As a broader question, I wonder now many people are in distant work, and what are the implications for how you plan for how you roll out layout of the flats and the condominiums separate? Will there be more doors, more inner walls? Will there be a need for more quiet corners, or will there be a separation between the living room and the kitchen? Do you work on another kind of demand now? How do you see that the demand is changing because of a lot of people working from home? This is a very relevant question. Unfortunately, I cannot quantify that. As I stated earlier in the presentation, we see an increased interest and demand. We have a demand for homes with more rooms. That does not mean that our customers can afford to buy a bigger flat, but if there is a flat or a home with more rooms, they prefer that. Unfortunately, due to the zoning process in Sweden and many other countries, we will still live with, if I call it pre-COVID designs for maybe five, six, seven, eight years, and I think it's way too early to draw any conclusions of how a post-COVID home will look like. But it's something that we'll certainly follow in the future. Okay. What would you guess that that post-COVID layout would be? I don't know. Why do you think eight years? Because that's the time frame for a zoning permit to go through, and the exterior of a building has so much impact on how we can design the apartment itself, unfortunately. Okay. Could you give a brave guess? How is the post-COVID design? No, I'm sorry. I can't. I can just see that there is a discussion and interest, and I think that it would be very interesting to follow that closely. I can't help you out because we're just in the beginning of something. Okay. You talked about 10% higher pricing in Sweden. What about your main market, Germany? How much has pricing changed there? We see a positive price development. It's different from region to region. It has been earlier double digits. I think that we are into single digits now, but I can't quantify it more than that, unfortunately. Okay. Thank you so much. Thank you. We'll now hand back to Joachim for closing comments. Actually, I will close. That was the last question, and the question that has been posted on the website have already been addressed. We would like to thank you all for listening in and welcome you back on the April 29th when the Q1 results is presented. We wish you all a nice day.