Thank you everyone for joining. Christoffer Abramson, C EO, and Mattias Brodin, the CFO, will present today. If we begin on page two this is the Catella Q1 report for 2021. Most of you, of course, know Catella quite well, and you will have seen this slide before. We hope that our recent strategic refocus on the property market will make it easier for investors to understand who we are as a company. We strive to be the preferred European partner for real estate investors, and following our announcement to wind down IPM, Catella will now have three property-focused business areas going forward. Catella is a leading advisor in corporate finance and a property investment manager with European reach. We have now added principal investments as a separate business segment where we invest our equity directly. It's important to point out that we are not a traditional property company with large and long-term balance sheet exposures. We are first and foremost an investment partner, where we now at times partner also with equity. Let's move on to page three. Having exited the Bank and our mutual funds business and now IPM, means that our AUM and income and profits are lower than in recent periods. We still feel that it'll be positive for the long-term value of the company. Property investment management, PIM, is now over 50% of Catella's income, and it keeps growing, which adds stability to our future profits and cash generation through rather predictable fees. We have a solid balance sheet now with a total cash of SEK 2.2 billion, including Catella Bank. Of course, not all cash is immediately available for new investments. This is the main reason why we raised more capital during the first quarter. We now have around SEK 1 billion of available liquidity, which is how we intend to fund principal investments going forward. The rest of the cash sits in our daughter companies and is needed to fund operations to pay profit sharing and taxes and then the rest coming as dividends throughout the year. Obviously, the cash in Catella Bank is not yet available either, but we hope that should be available towards the end of the year. We move on to page number four. We're trying to illustrate how we intend to use these additional funds in our core property segments around Europe. It is Catella strategy now to use equity more actively to unlock value creation opportunities. This is, of course, more important now given our higher cost of debt. The goal is always to generate over 20% IRR on our equity. The first and foremost, I think the most important thing is to support our customer needs, which in turn then generate AUM growth in asset management by unlocking and attracting more deals. Of course, we continue to invest, and this is where some of the principal investment funds will go in development projects where we can also generate project management fees. Without creating conflicts in our various markets, we may also selectively engage corporate finance as advisor and at times sell into our own or new property funds. That's a challenging equation in each market, but we feel that we have the right teams in place to work with our partners and customers and competitors in a good way. Let's move to page number five, where we then summarize the consolidated results of the group. Q1 2021 was unfortunately disappointing from a financial standpoint with a significant drop in income and with losses at the operating profit level. The first quarter is always our weakest and we're still not satisfied. AUM, as we started to talk, is at about SEK 117 billion, which is a drop of SEK 13 billion during Q1. Of course, the outflows in IPM continued with a further almost SEK 6 billion which is one of the main reasons we have now decided to wind down our business. The divestment of CAIM France, our asset management platform in France, also reduced AUM by SEK 14 billion. On a like-to-like basis, AUMs were up. PIM, property investment management, had a net inflow of SEK 4.7 billion primarily from new investments in our core property funds. The group delivered income of SEK 314 million, which is SEK 189 million or 38% lower than the same quarter last year. That sounds pretty dramatic, and unfortunately, it is. IPM's drop of SEK 131 million naturally had a significant impact on the group's results, but the core property segments were also down compared to last year. There are good reasons for this, but it's still not good enough. Corporate finance was down SEK 21 million, or 19%, versus last year. A lot of this was attributable to Sweden not repeating a record quarter last year where they had one very large transaction sort of distorting the numbers a little bit. PIM, their income was down about SEK 30 million, 13% year-over-year. It is worth noting, however, that the underlying fixed fees in property investment management was up about 13% as the portfolio continued to grow. All in all, we showed an operating loss of SEK 22 million in Q1, which of course is disappointing. We will focus on growing our underlying strong performance in PIM. That's where most of the continued profit growth will come from, and actively address the areas where we've had some recent weakness. There's a few platforms where we have some significant actions to take. Principal investments will be a positive addition going forward, but this will take some time, as I'm sure everyone understands. New investment projects can take years to harvest and we have patience and we ask for our investors' patience. As we have announced, the Q2 results will have a further negative impact from the wind down of IPM, a one-time estimated loss of SEK 103 million affecting the 2021 results. We still feel, obviously, that this is the right decision going forward, and we can now focus our capital and our time on the property segment. Let's go to page six, where we cover the balance sheet as of March 31st. Excluding Catella Bank, which is reported as a disposal group held for sale, the group's total assets amount to SEK 4.1 billion. The increase from Q4 explained by the new SEK 1.25 billion four-year bond that has added almost SEK 500 million to the balance sheet, which is partly offset by the sale of CAIM France, of course. The continued focus on principal investments can be seen in the now SEK 934 million of assets in property development projects, which has increased primarily from additional investments in about SEK 136 million in the Danish residential development, Kaktus Towers, and SEK 76 million in the logistics project in Norrköping, Sweden. Let's go to page eight, where we go into corporate finance and the results for Q1. As mentioned, corporate finance income was down SEK 21 million or 19%, which in the context of a 36% market drop in transaction volumes isn't terrible, but we, of course, aimed a little higher. We had some areas of strength, however, where Sweden contributed and continued to deliver strong underlying performance, albeit not at the extreme 2020 level, but we have a good pipeline. We see strong activity and Sweden continues to deliver very well. Denmark came back. They had last couple of quarters relatively weak, but Q1 was strong, especially with having advised the Danish Rail Authority, DSB, in a large development JV. The French residential advisory segment continued to grow income 35% year-over-year, which has been an ongoing, very positive story for our French corporate finance business. The rest of continental Europe had another challenging quarter with further lockdowns and deal delays impacting our performance. We are still not delivering in Germany, where we need to figure out what our market offering and position needs to be. Some of these issues won't be easy to solve in the current environment, but it must be and will be a focus area in the rest of 2021 given the losses. Let's turn to page number 10, which is property investment management. PIM grew its AUM by about SEK 7 billion, adjusted for the sale of CAIM France. We're up about 6%-7% on a like-to-like basis, thanks mainly to continued capital inflow into our property funds. With particular continued strength in residential across Europe and an increased focus on sustainable assets, I think we have a very nice, good track record in AUM growth in PIM. Although we have a slightly lower starting point now and need to be more aggressive here. In the current environment, being up 6%-7% we feel is pretty good. Even though PIM's operating profit of SEK 28 million in the quarter was down materially year-over-year, it is important to know that fixed fees, as I mentioned, continue to grow quite well, and there were no performance fees in this quarter. We had a significant performance exit fee in 2020, and no performance fee in this quarter. It's not exactly like- for- like. We're looking at a pretty standard underlying quarter, if you look at the PIM results. Go to page number 12, where recovering principal investments. While we're not yet able to fully report this as a business segment, we have added further details, and we will discuss this a lot more in Q2, when we will also report it fully in all our financial statements as a separate segment. As previously communicated, this is an area of increased focus for Catella, and we have continued to invest in our ongoing projects. I mentioned earlier, SEK 136 million into Kaktus Towers and SEK 76 million into Norrköping, total of SEK 212 million. If you look at the table, looking at our projects, you'll see at the far right column of SEK 298 million is today what Catella has invested as equity or shareholder loans. It's on this balance that we are targeting a 20% IRR. The German development projects are promising on a long-term basis, even though our equity commitment so far is limited, given where we are in the project phasing. These are our multi-year projects. Our French logistics projects are progressing well from a development standpoint. To realize the returns that we seek on these particular projects, we're now working actively to accelerate the leasing activities, which is where most of the upside in the project lies at this point. We're excited to talk about this. We'll talk about it a lot more in Q2. We see a solid pipeline of potential projects, which we believe will generate attractive new deals for the remainder of this year. Let's go to page number 14, where we'll wrap it up. Just talk a little bit about how we see the market around Europe and the property segment. As you will have seen from our Q1 results, the market remains challenging in many ways, but also with some opportunities. Investment and transaction volumes remain somewhat depressed in several countries, which is challenging for our corporate finance business. There should also be a bit of a backlog of deals that should open up. We're not sure if this is in the second or third or fourth quarter, but there's a backlog of delayed deals that we hope will start really coming through. There is, however, a lot of capital, and debt is still cheap, which means that to find attractive investment opportunities, you need to be creative in investment management, which we believe is playing to our strength as a company across Europe. We're keeping a close eye on the interest rate expectations going forward as a material increase represents a risk to the company, even though we don't see it as a short-term risk. It's clearly something that we need to consider with ongoing investment projects. Our focus then is to continue in our segments of strength and to look for new opportunities where there are still good risk-adjusted yields available. It could be in select residential, modern logistics, and if we're talking the case of office, prime is really king at the moment, which is where our focus would be. That concludes our presentation, we thank you for your time today, and we'll now open it up for questions. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There'll be a brief pause while questions are being registered. Our first question comes from the line of Patrik Brattelius from ABG. Please go ahead. Your line is open. Hi, good morning. Yes, a few questions from my side. If we could start on PIM, you write here in the CEO wording in the start of the report that you are looking for a new French partner. Can you elaborate a little bit on that, what you are looking for and what the alternatives that you are currently seeing in the market? Yeah, I can't obviously comment on specifics. We are using different contact networks to identify, which we have done in the past, partners that we start up businesses with. There could be an acquisition route, which I find less likely. We're considering it. Our main objective, as usually is more successful for us, is to find a partner that we fund to start a business with. We develop a strategy and a platform together. Those partners will be minority owners in the company, so that our interests are aligned. We have a couple of good discussions ongoing. You never know how that pans out. We feel confident that we'll have a French platform up and running, hopefully in 2021. Thank you. The next question comes from the line of Jesper Henriksson. Yep, sorry. Go ahead. Yeah, thank you. I had a follow-up question. Sorry about the delay there. If we move over to the transaction volume development in corporate finance, it's, I guess, muted a little bit with COVID-19. Can you talk a little bit about how the start of this quarter has been, given that Q2 is seasonally one of your strongest quarter? Is it muted as well, or do you see the restriction in Europe has helped you, and you're almost back to normal? How should we think about that? Well, as you know, we don't talk about results that are not published yet. What we can say, and like I said in the market commentary, it varies a little bit by market. As you know, the Nordic region has been less affected and has been sort of running not as normal, but at least a lot closer than continental Europe. I think continental Europe is still somewhat muted. Like I said, there's a backload of activity. There are pockets where it's opening up. I think we don't look at Q2 as it being the revelation, and suddenly everything is back to normal. As you know, from any non-business commentary, the world is not back to normal. In certain markets, the activity is good, and in others, it's still somewhat muted. Okay, fair. Thank you. My last one is regarding what can be expected on the performance fee for the European Residential in Catella here in Q2. If we look at the data from that fund, it seems to be down compared to last year. Is this something that we can expect for the second quarter? Well, as you know, I can't make statements about what we expect in our financial results for the second quarter, or all I can say is that we had no performance fees in the first quarter. Okay, fine. Thank you. Thank you. Thank you. The next question comes from the line of Jesper Henriksson from Redeye. Please go ahead. Your line is open. Great, thanks very much for a good presentation. My first question is that you say that you want to become a more active partner within logistics, property development, and other value-added segments, preferably with co-investment. Could you give us a little bit more flavor on this? Well, we have, as you know, partnerships. If we start with logistics, we work with Catella Logistics Europe, which is based in France and have started looking outside of France. We have a partnership with Infrahubs in Sweden. What we're looking to do is build upon those partnerships. They have started well. As you know, these types of development investments, they take time to materialize the profits. We feel that we have good product with good cost control and nice locations and an attractive, sustainable product offering. We want to expand. We want to continue to co-invest in these assets. Those models are not exactly the same, but the general gist is in each of these investments, we'll take an equity stake and help fund the platform and work together with our partners for the long haul. That's in logistics. In the other platforms, it varies a little bit country by country. If you think about our asset management businesses, especially when it comes to restructuring transactions, which are more challenging assets to work out, it is often a sign of a stronger partnership and the ability for a partner to trust us as a partner if we put some of the equity in alongside of them so that our goals are fully aligned and not just a fee-based business. I think that's a sign of strength from our side, and that's where we hope we can unlock more deals. We have seen some of those come through, not yet with massive equity co-investments, but that's fine. If the equity investment is small, as long as we get the deal and we have a great partner, then we feel good. That's how we intend to operate. All right, thanks. As I understand it, you want to focus more on the property funds with performance fees going forward. What focus will those have if that is true? Well, I think what I've said in the past and what we continue to work on is when we launch new funds, we should be creative in the ways that the funds are structured and how the fees are structured. If you think about a very well-performing fund at the moment, if you don't have performance fees, if you're an investor, you're kind of wondering, is this just chugging along? Will they sell or are they just generating fees over long term? I think if you have some of the performance fee embedded in more funds, I think your interests are better aligned with your investors. Now, of course, with yields where they are today in the market, seeing large performance fees in the near future is hard. When yields are between 3% and 5% in most European markets, to have a very high excess performance over hurdle rates is hard. That's our job, is to find the right yields, to find the right assets that we can add a lot of value to. I think it's being a little bit more creative in the fee structure to make sure that our investors feel that our interests are aligned. It's not easy, it's not an exact science. Just as an example, we recently launched a new logistics fund called Deutschland Plus which is, as you might imagine, Germany and surrounding areas, where there is a little bit of creative structuring in how the fees work, and I think that's a good sign out of Catella. All right, great. My last question is, you could tell us about your plans to strengthen the profitability within corporate finance and also the efforts towards debt capital markets. I think that's a little premature, the question. It's quite complicated. We have, as you might have seen, hired a few people around Europe in debt capital markets. That's always the first step, get talent in and they will tell you what to do. It's not my job to tell them what to do. We're hiring people with top capabilities, and it'll be our job to help them work together to get a good product offering that's consistent, if that helps, to be consistent across Europe. Otherwise, it could be market by market. From an overall corporate finance perspective, that's a hard nut to crack. I don't think anyone has really cracked the code on this. There are some that have done it better than others. It's about having the right product, having a consistent strategy. For us, maybe more importantly in the short term, is to address local losses, because that is a very large drag on our overall numbers. If we can't be competitive, we have to look at what the options are. I think a better product offering, hiring the right people, and focusing on core and value add sort of advisory service. The traditional broker segment is challenging. It's very competitive, and the fees are not as high as we want our advisory fees to be. It's about moving upstream in the value chain and focusing our business in the right direction. This is not an easy task, it's something that's going to take at least the rest of this year to get some traction. It's been a fun and interesting challenge. It's an organizational challenge, it's a product challenge, and it's a market challenge, which makes it fun. All right, great. Just one last question about when you return your bank license in Q3, you say that you will immediately get SEK 350 million that will be available cash. After a year or so, your divested Visa shares, those money will be available. Is that the same amount that you went out with, which is about SEK 80 million or something? That's part of the cash. The Visa shares, I just want to make it clear, we don't have Visa shares. We have Visa C convertibles. Those are part of a settlement from 2016. There's no available shares to just liquidate at the moment. We did that, and that has been added in the, as you would've seen, in the correction of our 2020 financial statements. That's part of the balance sheet now. The Visa C convertibles have another seven to eight years to actually convert, and we don't know what the conversion rates are going to be. They have come down over recent years as part of that settlement. We have them on the balance sheet at market value with slight risk adjustments based on the fact that the conversion rate trend has been negative. There's no immediate additional liquidity coming from Visa shares on top of the cash that we're reporting here. There should be, I believe it's SEK 57 million or SEK 58 million that we have on the balance sheet today in Visa convertibles. That should be that level or give or take, that level of liquidity to be released over the next seven years. It's not a hugely material number. All right, great. Thank you. Yeah, sorry. Also to add on that, about the SEK 352 million, it's not going to be immediately available. It will take some time due to local processes. We foresee that we will retrieve this cash hopefully during 2021, but it's depending on local processes and also ECB, what they decide when we can actually The final judgment of the bank license. Okay, thanks. Great. Yeah. It's important. We do report the cash in Catella Bank, sort of a separate box and outside the normal reporting because the timing is not entirely certain. It's something that we've worked on for a long time, and it's a painfully slow process. If you have the choice, maybe don't start a bank with these licensing requirements if compliance is not your hobby. It's a challenge, and we're working on it. Once this year ends, we should be in a good position. Great, thanks. Thank you. Thank you. We have no further questions at this time. Please go ahead, speakers. Okay. Well, if there are no further questions. Oh, we have an emailed question from Protector. I guess it's taken from the CEO commentary. Given the low returns in our market, finding attractive investment opportunities is challenging, and we need to think creatively and expansively. Patrik, I think, I touched upon this earlier, when I said, with the market returns where they are, you have to be very creative in how you deal with investment management. Everyone is chasing the same deals, and we have to be better. The good thing is our strength is not just investment, it's asset management, creative workout deals, restructuring deals. Our asset management companies work directly with our fund vehicles as well to enhance value on each asset, which means that we're not purely a passive investor, and we have the ability in several of our asset management platforms to do structuring and restructuring that is, I wouldn't say it's market neutral, but at least you have the ability to generate fees and business by helping others increase their returns. It's not our own money necessarily, and we think we're in a good position. Direct investment opportunities, like I said, we're launching new funds. We're going into new segments a little bit, and trying to find yield where we think the risk and return balance is right. Of course, it's a competitive market out there, but I think our track record is very strong. Okay. I think that is all the questions that we have received. We appreciate everyone's interest in Catella, and thank you for your time this morning. This will be available on the website as a recording, and you guys have a great Friday. Thank you.