Good morning and a warm welcome to the presentation of Bonava's Q1 results 2021. My name is Carolina Strömlid, and I'm Head of Investor Relations here at Bonava. With me today, I have our new CEO, Peter Wallin, and our CFO, Lars Granlöf. We will start with a brief presentation of the Q1 highlights and results, followed by a Q&A session where you're able to ask questions if you participate in the telephone conference. I would also like to mention that the presentation is recorded, and an on-demand version will be available on our website. With that said, I hand over the word to Peter Wallin. Thank you very much, Carolina. Good morning, everyone. It feels great to be presenting my first quarter in Bonava. If we start with an overview, it's no surprise for anyone that the housing market is very strong. It's high demand, and we can see a favorable price trend in most of our markets. This is, of course, underpinned by the stable and favorable market conditions. We have growth in the economies. We have stimulus coming from the financial system to underpin the economies now during the pandemic. The unemployment continues to be on a fairly low level. Our customers, the households, and the investors, they have strong fundamentals to be wanting to acquire new housing. When we look on the pandemic impact on the way that we are viewing our living conditions, the size, the fact that we need to work together and work from home, and also have schooling from home, has been impacting that we are wanting larger space. We also want greening. We want the ability to be outside and to have easy access to nice areas. This is something which we systematically capturing in the way we are developing our offering to the market. We are building this on our customer insights, both in the design phase and also on how we're thinking about in the future. If we take a look on the numbers for the Q1. Q1 is a low quarter throughout the year. We have a stronger second half normally in the way our business is built up. We had the net sales, which is decreased by 37%, 35% adjusted for translation impact of currency. This is due to the fact that we have handed over less units compared to last year, and we did not have any B2B sales compared to last year where we had B2B sales. Regardless of that, the strong demand made it possible for us to sell from the stock that we had of completed unsold, which Lars will comment more into detail. Also the fact that we have been able to adjust prices upwards. This has meant that we've had a strong contribution into the quarter. The gross margin was strengthened to 12.9% compared to 8.8% compared to last year. That is a combination of increased prices, the change in product mix. This is also really the key reason why we have the improved performance, even though the net sales have been lower. If we take a look on the EBIT and adjust for currency, we are more or less bang in line with Q1 last year. The turnaround in Finland that was underway last year was impacting the margins then. That is not impacting the margins today. Even though we are long gone with the turnaround with the way that we are focusing on two regions in Finland, this will translate into an improvement of the numbers over the years because we are a long-term business, and it takes time before we can see all the full impact of this turnaround. The foundation for improving the gross margin in our business is the fact that we have improved our business to consumers. The number of units is a key component to our business. If we start with the sold units, we're more or less in line with last year. As you can see, the consumer were beating last year's, whereas the B2B was undershooting. Started were quite on the same level as last year. Here we have the ambition to increase the starts by 5% compared to 2020, where we were ending at 5,710 units. The recognized units, as I started with saying, we were on a lower level. Despite that, due to the very favorable market conditions and well-executed operations, we have been able to post a pretty good Q1 result. I would like to show some fantastic new projects that we have done during the first quarter. On the left-hand side, south of Stockholm, you find Nytorp, where we started 135 units to consumers during the first quarter. In Finland, in the Helsinki area, we've started 72 units to investors. You can find all of our housing starts on the website. One of the most important areas for me as the CEO of the business is the health and safety. The health and safety comes first. The extended lockdowns and various way of dealing with the COVID has impacted our nine markets differently. I'm very happy to see how the Bonava organization has responded with a very high level of flexibility to make sure that we are putting health and safety first with our customers and our employees and our subcontractors, but also the fact that we have been able to operate our projects without any major disturbances. One of the foundations for being able to do this, is all the efforts we have done within digitalization. This has meant that we have been able to conduct our business in pretty unmoved territory. Germany, I would like to point out, is perhaps the market where we are facing some obstacle in terms of a low digitalization within the authorities. The authorities is a key component to be executing the sales and thereby also triggering the production starts. We are experiencing delays here, and we are working very proactively in order to minimize these impacts. We can see that there is delays in the market. As the new CEO, I would like to share my first reflections when it comes to the Bonava business. Starting with the project starts. The way we are reporting our revenue, the starts is the indication on how our profitability will be looking in the future when the project is being completed and handed over. This is the platform for growth. We are clearly focusing on efficient production and also a strong level of project control. The project control means that we are not starting any projects before we have a full control over the project estimates, the team that is going to do the project, and also the sales process. All of this needs to be in control before we start a project. This is something that we will not compromise on, how eager the market is still wanting our housing projects. Secondly, I have launched a strategic review of the performance and also the different markets in Bonava. This is because I can see a great foundation to improve profitability because we need to improve profitability overall. We have very good and solid performance in Germany and in St. Petersburg and the Baltics, but we need to improve and up our game in the Nordics and in Sweden. This strategic review will entail where we are, how we are doing business, and also looking into if we're going to tweak the business model in various degrees going forward. We will be communicating the outcome of this strategic review during the fourth quarter. Lastly, extremely important, is sustainable business. This is something which is an integral part of the Bonava business, and we drive sustainability step by step in all the various parts and pieces we can impact. We have signed up for the science-based approach, which means that we will entail and look into the whole value chain when we look at the footprint of our projects. I think this whole view is very important to have because it's only together that we can make a noticeable impact and improvement of the way we are building and acting within our business and as a society. With that, I with warm hand over the control and the word to Lars. Thank you, Peter. Good morning, everyone. I would like to start with units recognized. Peter showed you units recognized compared to the prior year. If we start with this slide, the ones that are following us saw in the Q4 report that we estimated some 400 units, all consumer units, completed during this quarter. We have actually made it possible to complete a couple of projects, one in Finland and one in St. Petersburg, earlier than expected. That is adding to this quarter's completions. Out of the 568 completed, we have done 38 of them unsold, and 71 of them are sold, but the processes were not that we could recognize these units as part of net sales and profitability. That will come in the coming quarter. The major thing outside completions is of course, with a very high demand in all our markets, we have managed to decrease the completed unsold balance with more than 200 units during the quarter. If you look into the figures, by the end of Q4, we had almost 500 units completed unsold. That has now been reduced by some 200 units. That's the bridge to the 665 units recognized. That is then, of course, the basis for the SEK 1.8 billion in net sales. A very low quarter volume-wise, as Peter said, compared to the SEK 2.9 billion in the prior year, which also was a low quarter you can say. Gross profit significantly improved, as Peter showed you in the previous slide. In addition to his comments, I would say that the market mix, we have more of completions in St. Petersburg, Baltics with higher gross margins, as you will see in the BU slides coming. With good control of selling and administrative expenses below the prior year, we managed then to deliver an EBIT in line with the prior year, in particular when we are factoring out the currency effects as you see in the footnote down below. Net financial items increased over the prior year. That is mainly because we took measures to prolong our funding portfolio, in particular the green bond that we issued in September, October in the prior year. We also have some cost for backup facilities we actually then took during the spring last year in connection with the start of the pandemic, just to make sure that we were not running out of financing. If we go from the total group over to Germany. Germany, our biggest business area, had of course then a low quarter affecting the whole group. Fewer units recognized, meaning that we have a gross profit in absolute terms that is lower. Just the small volume turned out that we had a mix with a slightly lower gross margin than in the prior year. With good control of selling administrative expenses, some of that was then compensated. Again, low volume means that we did not manage to reach the break even. A slight minus EBIT in this quarter. If we look at the sold and started units, we see that the starts are in line with the prior year. Of course, we have a high ambition and as Peter said, production starts are the key priority in Germany as well as in the other business areas for the future. We have a strong demand in Germany, but we have fewer units completed, so there isn't that much to sell. We could probably have sold more if we had more units to sell, so to say. We have price increases in Germany, but at a slightly slower pace than we saw prior to the pandemic. Again, we have the effects of the lockdowns. It affects starts, building permits, and to some extent, is also affecting recognition of finalized projects because of the process of notarization, et cetera. Going forward, we have also an acquisition of a small land plot in Hamburg that we will be coming back to in the coming quarters. If we go to Sweden, as you see, also had a low quarter with fewer recognized units and then a significantly lower sales amount than in the prior year. The mix of projects' completions kept the gross margin in line with the prior year. Selling and administrative expenses in line with the prior year. Of course, that is then impacting with a lower net sales than the prior year. We have a lower EBIT on SEK 27 million or 5.5% in margin. If we look at how it looks going forward, you see that we have started more units, which is of course very positive compared to the prior year. We haven't been selling as much as we did in the prior year, and that is particular in the investor area where we haven't had any deals in the first quarter. Prices are increasing in Sweden, as in the other business areas. Especially then for the larger apartments and houses, i.e., the demand that the market has for bigger apartments and houses now. Here we see a significant reduction of completed unsold from prior periods. If you're looking forward here, we have two smaller land acquisitions in Stockholm and Gothenburg, where we are targeting some 250 new units going forward. We also have one conditional investor deal, conditional on building permit and transfer of ownership in the northern part of Sweden in Umeå, 83 units that we'll come back to. The Nordic segment, also lower in recognized units. Here you also see that we haven't got any investor deals during the first quarter. Even though we had lower net sales, we have a positive and a significantly improved gross profit and gross margin. In the prior year, of course, we had some Finnish projects that were recognizing losses that impacted significantly in a negative way in the Nordic segment. Selling administrative expenses in line with the prior year, but still we have a small negative EBIT with the low volume in the Nordic segment. Looking at sales and starts. Here we see a strong development. See started units we have both in the investor segment and the consumer segment, and it's more than double than what it was in the first quarter last year. Sold units, consumer in line with the prior year, but then we have this investor deal that came through in the quarter. The strong demand for both consumers and investors in all the segments. We have also in this business unit, business area, reduced our completed unsold from the start of the quarter. The two investor deals, 36 + 36 units, is sold and started in Helsinki during the quarter. And we also here have some acquisition of land plots, Turku and Tampere, and an interesting joint development beginning with DNB Livsforsikring in Norway, where we are planning some 300 units for the time being. The segment business area where we have increase in net sales is Saint Petersburg and the Baltics. More units recognized, as you see, more than 300 compared to the prior year's 167. And that with a good gross profit, gross margin, significantly improved, impacting, of course, then significantly the group gross margin. Good control of selling and administrative expenses. We have also realized a strong EBIT margin in excess of 18% for the quarter. Looking at the sales and starts. Sales is, of course, looking strong. Sold units, almost 400 units in the quarter. No starts, which is according to what we were planning for this quarter. We also need to view that in light of that we actually started some units already in the fourth quarter last year that we initially were planning to start in this Q1. If we go from the segments, the business areas, over to the balance sheet. Looking at the equity-to-assets ratio, it has come down from what it was in Q4, but it's significantly above where it was for one year ago. There is a significant impact of us having our AGM on the 31st of March, where we separated the dividend out. If that would have taken place in April, we would have had a solidity or equity-to-assets ratio of 34.5% instead, so almost in line with our Q4 numbers. If you look at return on capital employed, it's going in the right direction. A positive development. We are above 8%, we still have some way to go in order to be between the 10%-15% objective that we have. This is, of course, one of the things that we are targeting in improving the profitability of the group. Going to cash flow. When we released the fourth quarter, I was mentioning the strong position. We had a strong development in cash flow. We had low net debt, coming back to that in the next slide. In the first quarter, we have started to invest more for the future, more investments in ongoing housing projects, i.e. More starts in the first quarter. Resulted, of course, in negative cash flow in the quarter, about SEK 800 million. If we go to net debt, net debt has increased up to SEK 4.2 billion from the record low level of SEK 3.3 billion by the end of last year. We are sitting on some SEK 4.5 billion of unused credit facilities. We have a significant strength to build on in terms of building new housing projects and new starts. The last couple of slides that I will show you are the graphs that you see in the report that is hopefully helping you to understand how we view the completions in the coming quarters. In this slide, we have also then included a Q1 this year, you had 400 in the Q4 report. There actually is 568. The 168 corresponds to 140 that we estimated early on to be completed in the second quarter. That now was completed in the first quarter. Yeah. That has been reducing this quarter's possibilities. There are also some movements earlier, units completed in Q3 that we earlier estimated to be completed in Q4. You see that Q1 starts 442 units, and it's interesting to see that we actually started 42 units in this quarter that we estimate to complete before year-end this year. Looking at expected completions in the investor area, none in the first quarter. We estimate some 90 more in the second quarter than we did in Q4. That is, of course, earlier completions taking from Q3 this year. We are also redistributing some delays into Q1 next year. Here you see the 76 added units for the B2B. By that, I hand over back to Peter. Excellent, Lars. Crisp and clear. Summarizing the report that we have put forward today. Very strong market conditions for the housing sector generally, and especially in the regions we are active in. I especially want to point towards Germany, our biggest market, where the sentiment is very strong. The key priorities for us is the project starts and profitability. Of course, extended lockdowns have delayed projects in the past and with the continued waves of COVID and before we get the vaccination fully distributed could, of course, impact this further. We are ambitious, and we are targeting a 5% increase of starts in 2021, given that we can get the permitting done. The strategic review that we have initiated now of the performance targeting to increase profitability is ongoing, and we will be back with the outcome in Q4. Wrapping up with the last point. We have a high level of ambition for long-term value creation, and this will be underpinned with what the headline is stating, i.e., we will strengthen our market position in selected markets, and we will grow the business from a balanced point of view. Meaning that we will only grow with the capacity we have, but we are aiming for a growth. With that, I hand over the word again to you, Carolina. Thank you, Peter and Lars, for a good presentation. We will now open up for Q&A. Operator, please go ahead with the first question. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad. Our first question comes from the line of Fredric Cyon of Carnegie. Please go ahead. Good morning, Peter and Lars. I tried to be attentive here, but the sound quality is like from a war correspondent in the mountains of Afghanistan. Sorry if I ask questions that you have already addressed. Starting off with the start for full year 2021 of 6,000 units approximately. Really appreciate that you gave that guidance, but how much clarity do you have on that at this point? Thank you, Fredric from Afghanistan. Well, what we do know, the things that we can control, meaning the team in place, production estimates in place, sales process in place, we have full control of. We are making sure that we can get the permitting online. Sometimes it's also that we have the permitting in place, but we are waiting for to get the other parts, which we are controlling internally. It's not that we are only waiting from the letter in the mailbox saying that we can start. It's a combination here. Regardless of that, the most important factor for us to hit the ambition level of starts will be the German market. As you can see across our business units, we have actually quite high volumes across the different markets, but Germany being the biggest and most important one. In terms of Germany, it tends to be back-end loaded starts, where you have a high degree of starts in the third and fourth quarter. Should we anticipate a similar quarterly development in Germany for 2021? I think you can do so, and you can do so not because we are aiming for that, but because we are still having lockdowns in Germany, and we are within the second quarter. We can hope that we will be out of the woods in the third quarter. I think it's a fair estimate to have that expectation. Moving over to gross margins in Germany. They have been at a decent level, but still far from the levels you had in 2019 prior to that. Is there anything you want to highlight in terms of gross margins moving forward? Is there underlying pressure downwards here? No, there is no pressure downwards. I would say that, give me a few quarters more as the CEO and I can be able to comment more and put some more flavor on it. I think the operating model we have in Germany with a very good proven track record of knowing the various markets. We have a great concept of platform, both for single-family housing and multifamily housing, and we are also much more involved in larger areas where we are controlling the whole development over many years, so we can harvest in on the increased value that we created in the area over time. I'm very optimistic about Germany's ability to create good margins going forward. Perfect. My last question relates to the strategic review of the performance and markets ongoing. You leave some time there. It's far from 100-day plan. It's more like a 300-day plan. What is the reason for the need to wait until early 2022 until we get more details on how you want to turn this ship around? Very good question, and I will try to give a good answer. We, as you know, are a long-term business. It's long lead times, and I think given that we are five years now as a standalone company, it's a good time to take a really close look on how we should be organized and also how we should be operating. Given that it's about culture and how we can increase the commercial awareness out there in the organization. In order to succeed, it's important that the organization is aligned with the change that will happen. It's not until the culture and the organization is in line with the change that we will actually see the long-term positive impact on it. That is the reason why I would extend this to the fourth quarter. Sorry, just one final follow-up on that. Will the strategic review in any way impact stock for 2021? Our ambition is that it's not, but we will try to mitigate that in the forecast and the ambition level that we have communicated in the report today. Thank you very much, and the sound quality is better now. Thank you, Fredric. Our next question comes from the line of Stefan Andersson of SEB. Please go ahead. Thank you. A couple of questions. I'll start with a follow-up on Fredric's question there regarding the starts outlook. It's a very strong market. You have very much books sold, very little in the stock of apartments. I have full respect for the difficulty to quickly ramp up and ramped up. Absolutely. Just a little bit curious, what is the bottlenecks for not starting even more given the very, very strong demand? Is it primarily permits or is it also the organization? It's a combination, Stefan. The combination reads, and that is why we are emphasizing the project control. We are doing a very good job on the market and sales in Bonava. I'm very impressed by the work that is being done there. That's a great foundation to start up the project from a market and sales point of view. Then you need to adapt design, and when you have adapted the design, you need the production estimates to be fixed and assured. Then, of course, you need the permitting. Sometimes, as I alluded to in the previous question to Fredric, we do have the permitting in place, but we need to reassure ourselves that we have everything under control before production start. I also think that we will be very, very strict on when we report project starts out in the market. We will actually start. It will not only be a number. I think all of that is showing you the complexity of ramping up this from one end to another, and I can only wish that we could ramp it up quicker. I will not of the business. Thank you. A question on completions. Fantastic slides, by the way. It was showing exactly so we understand the deviation here in handover. I'm very pleased with those slides. Just a question on 2022. The reason behind the delay seems like there is a reduction of 100-140 apartments per quarter, Q1 to Q3, just on the consumer side, a little bit more on the B2B side. What is the reasons for those delays? The project has started, I guess, in order to be completed in Q1 and Q2. Yes, Stefan. Well spotted. Yes, I would say that a large proportion of this is relating to Germany and the way that they're viewing future right now. Because it's not only building permits that are delayed for starts in Germany, it's also more complicated handover process with notarization that can be delayed, the funding, the financing that can be delayed, et cetera. There have been movements where they expect some later completions. However, once we have lockdowns over, when the pandemic start to fade down, they might then of course revisit this. This is the current, more conservative view, I would say. Okay, great. Thank you. Then you mentioned, of course, Peter mentioned that you benefited from price increases and I guess that's on the stock of apartments, not the ones already sold, of course. If you look at those price increases that we've seen in the last six to nine months, how active have you been in your project to adjust price? When did you see yourself doing upward revisions on the projects you started? Then I guess I could calculate a two-year lag on when I see that in the numbers. This is the secret trick of this business to be putting up enough stock out in the markets that you know how you can optimize the pricing. We have different pricing regimes across our different markets. As you know in Sweden, when we do the co-ops, we can't change the prices when we have launched and sort of fixed the financial plan for the co-op, which means that we need to divide the phases out in a smart way. Of course, if we have unsold completed in the co-ops in Sweden, we are able to manage the prices according to the market development. For all the other markets, I would say we are adapting and changing the pricing as the market goes. Yeah. What you're saying is that you were early already during the summer, taking up your prices in the end project. You're quick on it. This is every day. This is the most asked question when you are talking about the project, when you are looking at the monthly reports, when you are discussing opportunity. What is the pricing? What is the cost? What can we do about it? We are bringing a value to our customers. We, of course, want it to be at market price. Okay. The last question for me is, the stock of apartments that you have unsold completed now it's small, 200 something. Just to understand, what kind of apartments is this? Is this a specific region or is it problems to sell certain sizes of apartments? If you could just give a little bit about input on that. If you look at the situation by the end of Q1, I read that we have 273 units that are completed unsold. Part of that is in Sweden where we have been discussing Tollare, for instance, Tollare Terrass, Tollare Marina. There we have started to sell units there successfully. We have also been able to increase pricing in that. It's coming down significantly. Germany has not got very many units completed unsold. Most of them are actually show units. The remaining part is in the Nordic segment. We have some in Finland in relation to some older projects, but it's started to move there as well. Some of these old projects we have sold out of completed unsold, and we have a portion in Saint Petersburg, Baltikum as well. Nothing that makes us particularly worried going forward. Okay. Thank you. That's all for me. Our next question comes from the line of Jan Ihrfelt of Kepler Cheuvreux. Please go ahead. Okay. Thanks for that. I have a couple of questions. I just wanted to start with the bars that are showing expected deliveries during 2021 and 2022. My question really regards to 2021. Is these numbers fixed now so there won't be any more stocks that could be handed over this year? Jan, this is representing the best estimate that we have right now when we close the books. There will always be changes, and of course, the closer we come to completion those changes will not be there. We can probably see changes for Q2, Q3, Q4, also in the coming quarters. It's not rock solid, but we will not expect major changes to completions in 2021. The risk is, of course, when we come up to year-end that the processes in particular with authorities makes certain part of units then slipping over into the next year. This is the view that we have right now. Okay, thanks. The third question on your guidance here. Have I got it right that these 5% are the volumes that you could control yourself, and if things go your direction in planning process and so on, this could be a higher number than 5% +? No, you're not right. Sorry to say, Jan, but it's a combination, as I say. Some of it's up to us, and some of it we are dependent upon permitting. Especially for Germany, as we've been trying to highlight in the presentation and in the report, we are very much dependent upon getting the permitting and also getting the notarization of the sales agreements with our customers. Okay. A question on construction prices. Two of your peers have been commenting upon raised construction prices. Do you also see it? How does it affect your profitability? Needless to say, the market is hot, so is the construction market. We can also see how pricing on steel and wood and other types of building materials is increasing. Yes, we are seeing an upward price pressure, and that is the reason why I'm also emphasizing the project controls because it's not until we have very good estimates of our projects that we are launching and starting the projects. That is one of the prerequisites for starting a project, and especially important when we are seeing the very hot market that we're seeing right now. Okay. A question on residential rentals. We have seen here, at least in Sweden, that the demand from investors on residential rentals are very high, and you could more or less get the same prices as the tenant-owned apartments. Does this change your view on the portion that you put on the residential rentals in any way? Or could you just comment upon that? I think it's a fair observation, this is something which we are always looking project by project and market by market because this is not a sort of a generic thing you can look at it. This is something which we have as a good way of both taking care of risk/reward in a project and also the fact on how we are taking on how the market is developing. Yes, from time to time it can happen that we turn into B2B, but also turning B2B into B2C. This is first and foremost the reason why we need to be strong from a local point of view, on local level, because this is a local market condition that creates this kind of opportunities. How easy is it for you to switch between tenant-owned apartments and residential rentals? In some of the core products that we have and some of the core products where it is quite easy. Okay. Just my last question also regards to residential rentals, and it's regarding Berlin. We have seen a rent freeze there. How does it impact your business, your strategic view on that market, and maybe your profitability? The rent freeze was exhumed by the Berlin court of administrative processes two weeks ago. This is going to benefit our business. What we are seeing in terms of interest from investors into our B2B is sort of a very strong interest. This is not hampering the market. Okay. Thanks for taking my questions. May I remind everyone that if you wish to ask a question, please press zero-one on your telephone keypads. There are no further questions at this time. Please go ahead, speakers. It's time to conclude today's presentation. Thank you all for listening in, and welcome back on the 20th of July, when the Q2 results is presented. Have a nice day.