Hello and welcome to the Diös Fastigheter AB year-end report 2022. My name is Alex. I'll be the coordinator for today. If you'd like to ask a question at the end of the presentation, you can press star one on your telephone keypad. If you'd like to withdraw your question, you may press star two. I'll now hand over to your host, Johan Dernmar, Head of Investor Relations. Please go ahead. Good morning and warm welcome to this presentation of the year's year-end results for 2022. My name is Johan Dernmar. I'm head of investor relations. With me today, I have our CFO, Rolf Larsson. We will present the results of the fourth quarter major event highlights and give you an outlook of 2023. As you heard in the intro, there will be a Q&A session in the end of this presentation. Listen for instruction in the end on how to ask questions. We summon the year with a strong and solid operating result for the fourth quarter. The trend from previous quarters continue with higher occupancy rate, efficient within the operation, and high activity resulting in strong net letting figures. On the financial side, the interest rate is up. Higher financing costs and market rate has pushed our valuation yield upwards. That with higher uncertainty regarding the macro development gives a slightly negative unrealized property values. We have experienced a special year that has been highly affected by the war in Europe, energy crisis, high inflation, and rapidly increased interest rates. We have also experienced an increased focus on the green transformation that is led by the Swedish industry in our market, Northern Sweden. A sustainable steel production is only one example of this. We will come back on that later on in this presentation. Going to the result in short, net letting continues to be strong. The fourth quarter totals SEK 18 million. For the full year, the net letting sum of the record high SEK 77 million. Surplus ratio was 66% for the fourth quarter, which is 1 percentage point better than fourth quarter last year. Increased occupancy rates, transaction, new project raised the total income, and we have managed to do this in a very profitable and efficient way. For the year, the surplus rate should sum up to 68%. We have raised the valuation yield by 18 basis points in the fourth quarter. The transaction market has been very silent, meaning that the actual evidence from where properties are changing hands are very few. Unrealized value changes is SEK 356 million on the quarter, and for the full year, the value changes has been SEK 150 million. Worth mentioning is that we still have relatively high yield gap. Our strategy of short interest rate fixing has been very profitable for the, say, last eight years, but it's now showing up on the income statement with higher financing costs during a higher market rate. And as you can see on the slide, the board proposes a lower dividend for this year. The business climate and the new financial environment means that we are more humble regarding new investment and taking on risk. We are also, on the same time, always looking for good opportunities. Given the uncertain environment, it's really important to live close to our tenants. Something I, with the pandemic years close to mine, know that we do very well. The major event during the quarter is that we continue to finalize major projects. This quarter, we have completed both the new Police Station in Umeå of 10,000 sq m and a total investment of SEK 290 million. We also completed a major renovation for the Swedish Transport Administration in Borlänge of a total of 31,000 sq m and SEK 555 million in investment. Both these projects have been completed according to plan and at pre-calculated cost and a yield on cost of approximately 5.5%. As major projects are being very successfully finalized, we continue to start new ones. Recently, we started a project in the property Vågen 17 in Umeå. It's a three-year project with mainly offices. The investment volume is around SEK 340 million, and we have signed a five-year lease contract with the government-related entity, Swedish Social Insurance Agency. Also worth noticing is that we are proud now to be trading at Nasdaq Stockholm Large Cap. We continue to grow the company and create shareholder value. This we see as a proof of our success. I will now hand over to Rolf that will present the result in more detail. Thank you. As Johan said, we're presenting a strong quarter on an operating level. This is a proof of high activity, a strong rental market, and that we have good control over our property-related costs. Our net letting was strong, SEK 18 million for the quarter and SEK 77 million for the last 12 months, and we continue to strengthen our occupancy rate. Like-for-like rental growth was up 6.7% due to indexation, renegotiations, and new lettings. The operating surplus increased by 14% compared to last year and amounted to SEK 365 million, corresponding to a surplus ratio of 66%. The cost for central administration have been affected by a one-off cost of SEK 10 million, which refers to a planned project in Östersund that will not be started. We have higher financial costs due to increased interest-bearing liabilities and higher STIBOR. The average paid interest rate for the quarter was 2.7%. Income from property management decreased by 15% compared to last year due to the one-off cost I mentioned earlier and increased financial costs. Property revaluations amounted to SEK -356 million. We'll comment on that later. Current tax has been positively affected by SEK 32 million due to a temporary tax deduction regarding inventory purchases in 2021. As you can see, our property portfolio is well-diversified in terms of both segment and geography. 28% of our rental income comes from public-related tenants and 9% from residentials, which means that we have low risk in our cash flow. We have a low tenant concentration risk. Our 10 largest tenants, of which seven are tax -financed account for 17% of total rental income with an average lease term of 6.8 years. The average lease term for all commercial premises has increased in recent years and amounted to 4.3 years at the end of last year. Of our commercial leases, 96% had indexation, where 93% run with CPI adjustment and 3% with fixed remuneration. The CPI indexation for 2023 was 10.9%, which corresponds to an increased rent of around SEK 170 million on an annual basis. Unpaid rents for the first quarter are at the same level as previous years, which means that our tenants have accepted the rental agreement. The market value of our properties amounted to SEK 31.1 billion, an increase of SEK 3.1 billion since the turn of the year. Approximately SEK 3.3 billion is due to acquisitions, divestments, and investments, and the rest is a result of negative value changes. As I said earlier, property revaluations for the quarter amounted to SEK -356 million, which corresponds to 1.1% of the property value. The average yield was 5.74%, which is 18 basis points higher since last quarter. All segments and all cities have been affected. Retail and restaurants have been affected most, while offices have been less affected. The increase in yield is offset by increased rental income through higher indexation, renegotiated leases, and reduced vacancies. We have slightly increased the long-term vacancy rate to reflect the more uncertain future, which explains negative change in value for the quarter. Our inflation assumption is 4% for the coming year and then 2%. With an average yield of 5.7% and an average interest rate at the end of the period of 3.2%, we have a yield gap of 2.5% and thus a continued strong cash flow. Here are some examples of our major projects with an investment volume of SEK 2 billion in total. All of the rental income in this project comes from tax -financed operations, and all projects will be certified according to BREEAM-SE, Very Good or Excellent. We have during 2022 finalized three major projects. We have rebuilt the headquarter for the Swedish Transport Administration. We have built a new police station in Umeå, and we have completed a new hotel in central location in Umeå. All in all, investment of SEK 1.2 billion with a yield on cost around 5.5%. On a yearly basis, we're currently investing just over SEK 1.3 billion in tenant improvements, property improvements, and new builds. All our ongoing projects are proceeding according to plan, and before we start a project, we always have 100% signed leases. We currently have around 90,000 sq m under construction with a total investment volume of SEK 2.6 billion, where remaining investments amount to SEK 900 million and committed CapEx for 2023 amounts to SEK 700 million. In addition, we have another 200,000 sq m in existing or possible building rights in central locations, which we either develop ourselves or we sell it to other developers. We currently have 80% of our outstanding loans with banks and 5% in covered bonds. The remaining 15% consists of unsecured bonds and commercial papers. Today, we have 18% green financing, where commercial papers and bonds account for the majority. We're actively working to increase the proportion of green assets, and our goal is to have at least 55% green assets by 2026. We have refinanced all bank debt maturing in the first half of 2023 at slightly higher margins than before. Over the next 12 months, we have loan maturities, commercial papers excluded, of SEK 3.4 billion, which corresponds to 21% of interest-bearing liabilities. 11% relate to bank loans, 2% to secure bonds, and the remaining 8% to unsecured bonds. Our ambition is to refinance our bonds on the capital market. If this is not possible on reasonable terms, we have available credit facilities to handle this. We have very good relations with our banks. We feel that they are confident in how we run our business, and they are willing to be on our journey and offer us competitive terms. We have 80% of our financing in banks, SEK 1 billion in unused credit facilities, and a secure loan-to-value ratio of 44%. We will also add additional borrowing capacity through completed projects during the first quarter. This, together with our strong banking relationships, makes us feel comfortable about future refinancing. As you can see, our net debt to EBITDA is stable between 11x and 12x Our loan-to-value ratio was 51.9%. We have extended our loan duration during the year while the fixed rate terms are unchanged. We have restricted parts of our derivatives during the year. Our focus is to extend our fixed rate term further. The average interest rate at the end of the period was 3.2%, which is 0.7% higher compared with last quarter. The increase is mainly due to increased STIBOR. We see higher funding costs going forward, primarily driven by increased STIBOR, but also slightly higher bank margins. As I said before, we have a strong financial position. In addition to existing loans, we have liquid funds, unused utilized overdraft facilities, and unutilized credit facilities available corresponding to SEK 1 billion. Our operational key figures, that is occupancy ratio and surplus ratio, are improving. If we look at other key figures, we can state that most of them have been affected by higher financial costs and negative value changes. Yet again, I feel comfortable with our current financial position. Our strong cash flow will serve operating expenses, committed CapEx, and proposed dividend. I will now leave the word back to Johan. Thank you, Rolf. Our operating results continue to be very strong and underlying business is going very well. I can summarize 2022 as a good year with increased top-line income and with contribution from transactions, finalized projects, and investment from our property management. Our business model gives us a broad base to build our value creation from. The record-high CPI indexation of 10.9% will affect the rent from January 1, 2023. We have, as Rolf mentioned, 96% of the commercial lease agreement with an index clause. The indexation of commercial lease agreement in total will lift the rental value by approximately SEK 117 million in 2023. On the cost side, we are very proactive and dedicated to secure and improving operating costs, which is shown by improved surplus ratio the last five years, as you can see on the slide. We are active in a market with very good access to green electricity at a reasonable price. Having that said, we have also secured our electricity purchase and electricity prices for up to five years ahead, giving us a very attractive electricity price. We have also reduced our energy consumption by 3.3% in 2022. Also worth noticing is that all our electricity comes from renewable sources, mainly hydropower. We continue to only purchase green electricity to reduce our carbon footprint. We also continue to sign green lease agreement to engage our tenants to be more involved in to reduce the total carbon footprint. The continued strong net letting figures are a result of our very active property management team. Of the last 20 quarters, 17 have had a positive net letting figures. The trend is clearly upwards since the beginning of 2021. High knowledge of the local market and high ambitions, acting on an attractive market where we have a very unique position, gives us a great business platform. For example, new lettings agreements in the fourth quarter has been made to NGC Gym, a 10-year contract in Skellefteå, ABB, a 10-year contract in Umeå, and as I mentioned before, the Swedish Social Insurance Agency with a five-year contract in Umeå. Our net letting is broad-based among our cities, which gives us confidence in our offering, as well as the confirmation of a good market demand. New investment into the transformation of the Swedish industry towards net zero carbon emission continue to be announced. Green Steel production, battery factories, electro fuel are just some of the areas raising capital last year. A great part of these investments are going to happen in the Northern part of Sweden, and as we stated before, we're just in the beginning of this revolution. We have a very positive outlook on the development in our cities, which is a result of these investments. The region and the industries will need more employees, more people, which is create the need for the cities to develop and grow. The industry and the national politicians are agreed upon that the moving of people to the Northern Sweden could amount up to hundreds, thousand new inhabitants. Growing cities leads to economic growth. Economic growth leads to higher demand on premises, lower vacancies, and higher rental rates. The great access to green energy and favorable climate, natural resources, and access to land is the main reason why we see major companies like Northvolt, H2 Green Steel, SSAB, Facebook are putting their investments into this region. As we stated earlier, during 2022, we have finalized three major projects. We have rebuilt the headquarter for the Swedish Transport Administration. We have built a new police station, and we have completed a new hotel in central Umeå. All in all, these investments of SEK 1.25 billion, we are very proud of our projects proceeding according to plan at precalculated cost. The yield on cost of this project is around 5.5%. During the year, we also started new projects, both in Umeå and in Luleå, both for the Swedish Social Insurance Agency and also in Borlänge for Dalarna University. Great projects for us that will serve the demand for high standard, high quality offices at the right location. We see that these projects will increase the top rents in the local market. We are presenting a strong fourth quarter on operating level. This is a proof of high activity and strong underlying market at the same time as we manage the cost pressure very well. Net letting continues to be very strong with many new leases in 2022 that will shown on the income line this year. Financing cost is up due to higher market rates. We have the main part of our financing within banks, 80%, which is adequate in the current bond market. Having that said, we have a humble, we are humble to the current market environment and what it will have on our financial situation. On property yields, we see them relatively stable from current levels. The green transformation is happening for real in our market. Eco-economic activity continues to be high, the optimistic outlook has not faded. On the contrary, thus a more uncertain macro picture. We are proud of our ability to act, where we continue to live close to both our tenants and our banks. Our competent and business-oriented teams and our unique position in an extensive market in the northern Sweden gives us confidence to have a positive outlook and continue our value creation. This takes us to the end of this presentation. Thank you for listening. We are now ready for questions. Thank you. We will now begin the Q&A session. If you'd like to ask a question, you can type your question into the Q&A chat box. Let's start with the first question. I repeat the question, and then we come back to the answer then. Have you fixed your cost in your projects? I leave the word to Rolf. Well, the answer is no. We have rental agreements, that the rental level, if the cost is higher, then also the rental level will be higher, and vice versa. If the cost is lower, then the rental level will be lower. Also worth noticing on the project side, we have the project that we have finalized has been at the pre-calculated cost. Looking on ongoing projects, we see no differentiation to the pre-calculated cost. All projects are going according to plan. For the next question, you have like-for-like rental growth of 6.7%. How much of this is due higher operating costs being recharged to tenants? I think that's a tricky one. It varies. The cost pressure up is very small, so it's mostly due to the negotiations, indexation, and new leases with low investments and higher costs. Next question. You mentioned in the report presentation that tenants are well-prepared for the CPI indexation. What's your view on future rent revisions when lease agreements expire, given the large increase in in-place rents with CPI? If we look at the rental development in our portfolio, it's been trending upwards continuously the last three or four years. Last year, we had an increase in office rents on average with over SEK 100 per sq m. We see that there is a good demand for the right kind of offering. The tenants are willing to pay a higher rent for the right premises for their office solution. 10% is, I think, a very acceptable levels. Taking into account that we come from an average office rent in the beginning of this year, around SEK 1,500 per sq m, which is fairly low compared to major cities. We think that renegotiations and new lettings will be accepted on the new level, even though CPI has pushed the floor, so to say, upwards by 11%. Next question. You have a very strong net letting during 2022. All else equal, how should we think about the occupancy trajectory in 2023? We have a very good momentum in the net letting. As we also finalize new projects that are fully let, that will also affect the overall occupancy rate. The trend is the trend continue that we see a good demand, and we are letting out vacant space ongoing. On the other side, of course, we see a more challenging future. We see a downturn in GDP growth. We see higher interest rates. Of course, we need to be humble about the near future and how that will affect the economy as a whole, but also how it will affect our tenants. Looking at the market and how the demand for premises in our cities is continuing, we see a good demand for our premises. We are very positive on the market. We're very humble to the new macroeconomic environment. All in all, we have a good track record now. I think that will also affect the upcoming renegotiation. All in all, a positive stance on this. Next question. Regarding the projects which recently have been completed on the Swedish Transport Administration, Police Authority, Nordic Choice Hotels, what was the rental income contribution from these in Q4? On that note, we had, as we stated in the CEO statement, the yearly rents for the hotel was SEK 22 million. It had one-fourth of that, so around SEK 5 million exactly. From the Swedish Transport Administration, there was a minor contribution. That agreement came into place in mid-November. Looking on the Police Authority, there was no lease contribution in Q4 from that project. Your next question. Your rental income in Q4 amounted to SEK 448 million if we include service charges. Corresponding figure in Q3 was SEK 474 million. What explain the difference between the quarters? This, looking on what line the income is shown, is depending on how we classify different revenue streams. It's a new classification between the quarters that explains the difference. Looking on total rental income, it's up by 6.7% on a like-to-like basis. It's a reclassification that explains that. Next question. Can you comment on charges in bilateral bank financing margins during the last quarter and what's your margin in new debt today? I think when we have renegotiated the bank loans, for the first half this year, it's around, depending on the length of the loan, but it's around 20 basis points higher margins for this year compared to last year. Yes. Next question. Do you see yourself being a net buyer or seller of property, I assume, for 2023? It's a very hard question. We have a long-term growth target, and we're always looking for opportunities. As we stated earlier, we need to be humble in the current environment. And as you noticed, the board proposes a lower dividend to strengthen the balance sheet, both for new challenges, but also be open for new opportunities. We, we don't have any clear statement on that. In the long term, we are absolutely aiming for growing the portfolio further. Next question. Do you see any larger deals coming up in your region? How large acquisition can you handle with new dividend and current cash flow profile? Of course, we have, we see new transaction opportunities showing up. We see both on the sell side, but also on the buy side. Again, we need to be humble and maybe have some more certainty around the macro development about the interest rate. That's also why the board has proposed a lower dividend to make room for both be able to handle new challenges as well as opportunities. Next question. To be humble, of course, we should have gone longer before. As I said in the presentation, we have restructured parts of the derivatives portfolio during 2022. We are focusing to extend the fixed rate term further and thus secure a more stable cash flow. I think we will extend it further in this year. Yes. Next question. Do you have any target for economic occupancy rates? We usually state that 95% is sort of a maximum from a occupancy rate perspective. In the near term, we think we could improve the occupancy rate by maybe a percentage point in 12 to 18 months. Also depending on how the portfolio develops. Because as we said earlier, we're finalizing fully let projects that will contribute to the occupancy rate. On the other side, we always try to buy new properties with the where we could make improvements. We will buy properties with vacancies that we could let out. We have a good total return development of the acquisitions we make. Looking on last year, we bought properties for over SEK 2 billion, all with the potential to both increase rents, to decrease vacancy, and also invest in those properties to both create more leasable area, but also to increase the property value. Long answer to short question, but we think we could improve in the near term by a percentage point the occupancy rate. That was all the questions that we collected. If you have any further questions, we're always open on a bilateral basis, so please feel free to contact us. The contacts are available on our website or in the report. By that, I want to conclude by saying thank you for listening. We wish you all a very pleasant day. Thank you.