Welcome to Fabege's presentation for the first half of 2021. The short version is that earnings were stable with good activity in the rental market. Now I will start to hand over to Åsa, who will tell us more about our results and go further into details. Thank you, Stefan. Please turn to next page. It feels like the whole economy has gained more momentum and that things are starting to ease a bit. This is also being noticed among our tenants, even though it's still tough for some ones in the exposed sectors. Rental income during the first half of 2021 came in at SEK 1.4 billion, slightly higher than the previous year. In an identical portfolio, income was largely unchanged. Vacancies ahead of projects and granted corona discounts were offset by occupations in completed project properties. This year, a more normal winter was followed by a greater need for cooling early in the summer. Compared to the previous year, we initially had higher cost for heating and snow clearance, as well as higher cost for cooling towards the end of the quarter. The surplus ratio still came in at 74%, like the previous year. Central administration includes non-recurring costs of approximately SEK 11 million relating to the move and furnishing of our new headquarters in Solna. We really hope that we will soon have the opportunity to welcome both employees and visitors here. Interest expenses increased slightly compared to the previous year, which was due to an increased loan volume. The average interest rate fell slightly during the first half year to 1.71% at the end of the second quarter. Earnings in associated companies amounted to -SEK 12 million and mainly related to capital contributions to Arenabolaget. For the full year 2021, we still expect to be at the same level as last year, which is around -SEK 50 million. In total, we therefore reported profit from property management of SEK 715 million. Last year, the properties in the portfolio were independently valued several times. Now we are changing back to more normal routines. Before the end of the second quarter, around 40% of the portfolio was independently valued. We saw continued value growth. Total change in value amounted to just over SEK 1.5 billion, of which SEK 242 million related to ongoing projects. The change in value in the investment portfolio were related to cash flows and to slightly lower yield requirements. The yield fell by 2 points to an average yield of 3.86% at the end of the second quarter. The deficit value in the derivatives portfolio decreased a little bit further, in total SEK 268 million in the first half of 2021. Finally, the tax expense amounted to -SEK 532 million and related to deferred tax only. Please turn to next page, key ratios. Reported equity increased by SEK 3 per share to SEK 130 per share, and the long-term net asset value, the EPRA NRV, amounted to SEK 160 per share. Equity has decreased with a declared but unpaid dividend of SEK 580 million. The only key ratio that does not currently meet our target level is the debt ratio, which amounted to 14.1%. Otherwise, the key ratios are in line with our targets and expectations. Our balance sheet remains very strong with a high equity asset ratio and a low loan-to-value ratio. Now please turn to page financing. Both the capital market and banks have been there for us during the first half of 2021. We have been active in the capital market through several bond issues, in total SEK 1.9 billion, and regular issues and sales of commercial paper. We have also refinanced bank loans according to plan. We continued our buyback program, which has been paused, however, since we entered into the silent period. During the first half of 2021, we purchased 4.2 million shares, which means that we now hold almost 8.8 million treasury shares. The shares were repurchased at an average price of SEK 120.26 per share. We will retain these treasury shares until further notice. Now please turn to next page. The most exciting development on the financing side during the first half of 2021 was the fact that we were able to secure a loan that is based on the new regulations for green financing in the EU taxonomy classification system. We are doing this together with Handelsbanken. The financial world has a great opportunity to steer developments into a more climate-friendly direction, and as borrowers, we have significant potential to contribute to this. Since Fabege achieved 100% green financing last year, we are now taking the next step via this Taxonomy-linked loan. The property Signalen 3 in Arenastaden is the collateral for the loan. The property has received an energy performance certification of level A, which is the highest level. We have also conducted a comprehensive analysis of potential climate-related risks. For instance, such as flooding, soil erosion, heat loads, and extreme weather events such as storms. Now back to Stefan. Thank you, Åsa. Please go to slide number six. During the first half of the year, and especially during the second quarter, there was a good level of activity in the rental market with many viewings and inquiries. The net lettings for us for the first period came in at in total SEK 56 million, and for the second quarter was +SEK 20 million. I'm optimistic also for the rest of the year. Normally, letting activity in the third quarter is lower than the second quarter. However, I think this year the third quarter will be better due to discussions we are having with the potential customers. The renegotiations completed during the period resulted in an increase in rents of 12%, which is slightly higher than we expected it to be at the start of the year. Please go to slide number seven. We usually show this slide, what is interesting is that we previously would have seen a connection between vacancy rates and rental levels. We are not seeing this today. Rather, vacancies have increased slightly, rental levels have remained robust. Next slide, please. Our vacancy rate in the investment property portfolio is still a little bit high. We have no structural vacancies in portfolio, it is more related to a number of smaller premises. Ahead of the autumn, we have strengthened our lettings team, there is currently a high level of activity to reduce this vacancy and also to find new tenants for our project opportunities. Next slide, please. As you know, we have a very stable customer base with long agreements. We have said it before, SEB, Telia, Ericsson, Swedbank is all about it, really big, larger, and more stable Swedish companies. The largest customers represent about 43% of the rental value. It's a strong base. Please go to the next slide. What will happen to the office market after the pandemic? What we see and hear in our discussions with our customers is that there is not going to be any standard solution, but all customers will find their own unique solution that suits their organization and corporate culture. I am convinced about the continued importance of the offices for creating strong brands, a sense of togetherness and a loyalty among employees, a place for meetings and creativity and its positive significance for companies' development. On the other hand, I'm not saying that all will be the same as before. We will see more remote working, less business travel, and more digital meetings. The customers will surely demand more meeting rooms and more open meeting areas. As stated, there will not be any standard solution, but there is a great variation in the view of developments after pandemic among our customers and in society as whole. Flexibility, hybrid solution, together with the continued digitalization will be the key words. Please go to the next slide. During the pandemic, we have focused extra strongly on cooperation and close dialogue with our customers. Some of the conclusions we have drawn from these discussions are that there is a willingness among customers to change and develop their office after pandemic. There is a willingness to invest in creating attractive office in order to create a we-feeling. As we said before, the loyalty for the office and the company. The customers are looking for guidance now, but we are waiting to see actual employee behavior before making final decisions on changes. Some other concrete aspects we have seen are that the customers will invest even more in digital equipment. They are, as we said, requesting more flexibility, movable walls, more small rooms, and so on. They are even less focused on traditional desk workspaces. Next slide, please. Our projects are progressing well and according to plan. We see some tendencies towards increased construction costs, and that's primarily on, for example, steel and woods. However, this is a marginal impact on our ongoing progress since most of the larger purchasing has already been completed. We have invested almost SEK 1 billion during the first half of 2021. Next slide, please. Slide number 13. During the quarter, we have completed two projects. One of the projects is the Nationalarenan 3 in Arenastaden, which is our first zero-energy hotel. There will be a hotel, long-stay apartments, and an office for the Nordic Choice Hotels, and the house is now called the House of Choice. We also have moved our own Fabege headquarters and our new WAW, the work away from work solution, that has been moved to Stigbygeln 2, also in Arenastaden. We hope that we can welcome you all there for maybe already during Q3. Next slide, please. Slide 14. We also turned the first sod for and started in Flemingsberg and started the Operan och Dramaten project. It's really great that we finally got started with this planning. The digging will start in the beginning of 2022, and the Royal Swedish Opera and the Royal Dramatic Theatre will move in 2024. The investment will be about half a billion Swedish krona. Slide 15, please. We have, as you know, over 850,000 square meters of commercial development rights in our portfolio. The majority of those are in Solna and Flemingsberg. Our goal is that 300 of those, 300,000 square meters, will be ready for project starts within the next five years. Looking ahead, this means that we have great opportunities to start new value-creating projects. We are working continually now on creating and developing the development rights in our existing portfolio. Next slide, please. We also have about a little more than 500,000 sq m of housing development rights, equivalent to approximately eight or a little more than 8,000 apartments. Right now, we have three ongoing joint ventures within residential. One is almost finished, and under production right now, we're having almost 600 apartments. These have also provided us with great experience of how we can maximize the value creation from these rights. The strategy for the building rights and residential building rights will vary from project to project. Next slide, please. The joint venture projects are progressing very well. This reflects the stronger residential market in Stockholm. In Kista and Råsunda, more than 80% of the apartments are already sold. In Haga Norra, 365 of 368 apartments of the first two tranches, we have booking agreements, and the next tranche of sales will be planned to start in the autumn. The current joint ventures projects are recognized according to the equity method. Income recognition will not take place until completion of the projects. Slide 18, please. We can see the overview of Arenastaden Haga Norra, and it's from 2020. If you go to the next slide, we see an updated photo from Haga Norra, where the entire demolition work on the old Bilia site is ongoing, and it is expected to be finished right after the summer. We will start to work on the next phase in Haga Norra. If you go to slide 20, please. You can see here that the green is phase I, and the Bilia facilities now and also the residential buildings I was talking about before in the joint venture with Bonava. We will now enter into phase II. We will provide in total, in the red, 30,000 sq m of commercial and also the next step in the residential development. We will come back to this during the next months and tell you more. Please go to the next slide. In Flemingsberg, you see our existing holdings. Almost all you can see in this picture is now owned by Fabege one way or the other. It's a long way to go for creating the vision we have, a lot is happening now all the time in the project. Down in the middle there is where we now will start the Operan på Marken project. Next slide, 22 please. Here you see what we now have the ownership of and what we have agreements on land indication. It's almost the whole area we saw before. Next slide, please. During the quarter, this is what I've been talking about before, is that we had 27,000 sq m gained legal approval during the quarter, and that's Operan på Marken, and also a residential area of 45,000 sq m in Huvudsta, where we will now also working with how to take the next step. Please, the next slide 24. We showed this slide in Q1. I think it's important to point out what that sustainability work is. It's a natural part of everything we do. We're also getting more and more questions from investors about this. I think it is and should be, as we said, a natural part of everything we do. Please, next slide. It's not enough to be cutting edge today. We must constantly challenge ourselves with clear and demanding goals so that we also remain at the cutting edge in the future. These goals were the targets we have talked about before. I think it's important to have, as we said. The picture is the natural Arenastaden or the House of Choice, which I talked about before. Next slide, please. Sustainability has been strongly focused on hard questions such as energy consumption and certification of properties. I think there is also a big aspect in this work is social sustainability. As a dominant property owner, we can make a difference in our areas. Here you can see, in this picture, you can see some of the initiatives and activities we're doing right now in our areas. The picture is a new park in Solna Business Park, which is focusing on to tell the story about the UN 17 and the goals for the Agenda 2030. You probably recognize all the colors. This we think will make the area more attractive, but it also tells you every day we will be seeing and we can discuss the big plan for the future. With this, we will open up for questions and thanks for joining us. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name's announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero two to cancel. Once again, that's zero one to ask a question or zero two if you need to cancel. There'll be a brief pause now while we register your questions. There looks to be no questions from the audience at this time, I'll hand back to our speakers for the closing comments. Thank you for joining us today, and I hope to see you after the summer, hopefully in real life. Have a nice summer and be careful out there. Thank you.
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