Thank you very much. Welcome everyone to this presentation of Pandox fourth quarter and year-end report for 2020 on this beautiful winter day in Stockholm. I'm Anders Berg. I'm head of IR at Pandox, and with me, as usual, I have Anders Nissen, our CEO, and Liia Nõu, our CFO. Like last time, during this difficult market situation, we have an external guest with us, and that is Robin Rossmann, managing director of international at STR. As you know by now, he represents a leading independent research firm focused on the hotel market, and he will share his view on this market. We are very happy to have him on board for this presentation. As usual, we divide the presentation into three parts. We start with a business update on financial highlights from Anders and Liia, then we hand over to Robin, then we conclude everything with questions. With that, Anders. Well, thank you very much, and welcome, everyone, even from my desk. Let me start this presentation by giving you a short Pandox update. Pandox is one of Europe's largest hotel property company. We have a portfolio with 156 hotels with 35,000 rooms in 15 countries. We are managing in two different segments, property management and operator activities. Property management is our lease portfolio that we lease our hotels to professional operators in normally turnover-based contract with a minimum level. That representing 84% of our market value. Our segment is operator activities that we own and operate ourselves under an independent brand or under a franchise model. That's representing 16% of the company. The next page, please. This shows our strong world-class network of brands and partner. As you can see, it takes a long time to build up this sort of strategic position. This is, of course, a strength on these days that we both have the capacity of taking over hotel if we need to, if our partner didn't perform, or we can find other tailor-made situation together with our partners. Let me move over to Q4 in brief. Let me start to say that we had a quite promising start of the quarter, and it came from a good start after holiday. With new restrictions of the second wave, demand flew away, and there was no chance to run an efficient hotel business in Q4. Despite of this, we are again profitable before value changes, and we have a positive cash flow. This meaning that our financial situation is continuous strong, and we have also good liquidity position. Some quick numbers. Return on equity minus 10% of total operating income is -53, and like for like property management is -26. I really hope it's the last time I need to present this sort of numbers. Before we had an average 18% return on equity in 25 years. Now we have learned that it also can have a minus in front of these figures. Again, strong financial position, SEK 5.5 billion. With that, I hand over to our CFO, Liia Nõu. Thank you, Anders. We're now at page five. Yes, as Anders just said, demand on the hotel market decreased in the fourth quarter, and contractual minimum rent and fixed rent were Pandox main sources of income. We expect this to be the case also in the first quarter of 2021. We had negative unrealized value changes in both property management and operating activities, which reflects lower expected cash flows. I will come back to this in a minute. At the end of the fourth quarter, accounts receivable related to temporary new payment terms amounted to some SEK 439 million, which is in line with the third quarter. Next page, please. Page six. Pandox revenue base is diversified with revenues from different operational models and geographies. Currently, minimum rents and fixed rents are Pandox main sources of revenue. This amount to almost SEK 2 billion per year or almost SEK 500 million per quarter. In the fourth quarter, revenue-based rent amounted to SEK 48 million. For the full year, revenue-based rent amounted to SEK 249 million. Rent collection has progressed in line with new and temporary payment terms. No reductions in hotel rents have been given. In the fourth quarter, revenues from operating activities amounted to SEK 117 million. Next page, please. In the fourth quarter, Pandox valued the property portfolio according to the same method and model used since the IPO 2015. Values have been adjusted downward due to lower anticipated cash flows, mainly as a result of COVID-19. Yields are largely unchanged due to still inconclusive transaction evidence. As we learn more about the effects of the COVID-19 crisis, we expect to be able to estimate both yields and cash flows with great precision. Only some 60, 6-0, external valuations were made during 2020 due to practical limitations due to COVID-19. External valuations exhibit larger dispersion both within and between markets. External valuations are on average some 6% below Pandox internal valuations, all due to yield assumptions. The valuation difference is smaller in the Nordics and larger outside the Nordics. In the fourth quarter, total unrealized and realized changes in value amounted to a negative SEK 634 million, of which a negative SEK 533 million for investment properties and a negative SEK 101 million for operating properties. Please note that according to IFRS, unrealized changes in value for operating properties are only reported for information purposes but is included in the EPRA NAV. End of period, the average valuation yield for investment properties was 5.44%, and for operating properties, it was 6.37%. Next page, please, page eight. Finally, let's take a quick look at our EPRA NAV and financial positions. End of period, EPRA NAV per share amounted to around SEK 167.6. This corresponds to a decrease of approximately 10% on an annualized basis. Loan-to-value amounted to 48.7%. Cash and cash equivalent and long-term unutilized credit facilities amounted to approximately SEK 5.2 billion. Credit facilities maturing in less than a year amount to approximately SEK 5.5 billion, of which approximately SEK 3.8 will mature in December 2021. Pandox has a positive and close dialogue with its lenders on new financing, refinancing, as well as adjustment of terms and covenants in existing credit agreements with consideration to COVID-19. In the fourth quarter, lenders have given waivers in individual credit agreements. Next page, please. With this, I hand back to Anders again. Thank you, Liia. Yeah, let's move over for a more market-related presentation. Let me start to say that since this COVID-19 arrived in our life, we have had three focus areas in Pandox: respond, restart, and reinvent. The respond has been how to manage this acute phase of the crisis. Basically secure liquidity, make sure our banks understand what we are doing, and frequently contact our own partners. Of course, reduce cost in our international operations. Restart is how to plan for the recovery, how we do analysis, what sort of information we need to have, and how we put it together in presentation. That's what we have done two times before, and we will do it also today. Reinvent. What's next? What can we expect to the hotel market? That's something we have spent a lot of time on in Pandox. One day in another market day, we will happy to share this sort of information. Let me then go over for market status and condition for recovery. Let me then also start to say that hotel market is one of the pandemic's worst victim. We all know that. I believe that the challenge now is to understand what the recovery will look like. At the first glance, I speak for everyone, it may look simple, but to understand the market, it require an in-depth analysis for how different segment will develop and interact with destination-specific factors. You will see that later. This pandemic had increased its complexity, again, I would say even more. In Pandox, we regularly monitor hundreds of different markets and do analysis of short and long terms. How we now provide and share some of this data, which can be guidelines for you all for how you believe that the conditions for recovery will be. What we will do, we will present four different areas. The first is a recap, hotel market development 2020, short recap. We will show demand segment in Pandox portfolio to have a deeper understanding that market had many different segment and patterns. We will explore hotel market outside Europe and their drivers for recovery, and then we will gain new insight for recovery. Next page, please. Page number 11. This is Pandox way of looking at how development will come back in levels before full performance. It's starting with city and country must open up, meaning restriction had to go down. Hotel open up, then the domestic leisure will return to this. Domestic business will return. After that, international meeting and group will return. When we had our call in Q3, we were something between level 3 and 4. Now we are back to 1 and 2 again. Next page, please. Page 12. COVID-19, as we remember, the first virus arrived in Northern Europe in March 2020. Society closed down. Market bottom out in April. When restriction are lifted in June, July, the recovery starts. Page 13. During the summer, demand increased rapidly, first in Scandinavia and then in Europe. The same thing, domestic leisure was the driver. After the vacation period, leisure demand remained stable over weekends and domestic business began to travel with first sign of smaller meetings. Domestic business in terms of smaller and medium size companies. Page 14. In September, occupancy was 45%-55% in most of Pandox domestic markets. Up to this point, I believe the recovery was faster than many expected. However, demand in larger, more international city remained weak. Page 15, please. In October, we had this quite good position with a good domestic demand, when the second wave came and new restriction were implemented, it became much more difficult to operate hotels again and demand decreased substantially across all segments. Page 16. This is the same presentation but in number. You see Germany had a good start. A market collapse in March, came back over summer. This is the total market. Domestic market was slightly better everything came down again when new restriction was implemented. Page number 17 shows U.K. Again, good start, a collapse April, March, very hard restriction up to beginning of July. Despite of that, strong August, September, promising into October, when restriction was implemented, even U.K. came down to very low level. The Nordic, some sort of same patterns as well. That was page 18. To sum up 2020, as you had see, the market develop in stages. That it's good to have with you when you look at 2021, with a strong dominance of domestic demand. Don't forget that domestic demand, where Pandox has our base, is the largest and most important segment, 3.5 times bigger than international segment. That is, of course, strong that the domestic business has been good when the restriction has come down. That is, if restriction are holding back demand and other way around, when restriction easier, demand is coming back, also something we learned in 2020. Again, we don't see in so far any big change in consumer behaviors. Let's move over to picture 19, which it's about segmentation. Pandox portfolio can be divided into six different segments: interstate, resort, airport, suburbs, regional, smaller and larger city. As you can see, market segment have totally different pattern due to different drivers. Large cities would be normally referred to as international demand, and that is mostly what international investor has focus on. You can see that most of the other segment performing much better. I don't think hotel market can be presented with one line. It's just an average number and not an analysis. If you look here, you can see that Pandox performing very different in different segment, and so it is for every hotel company even globally. That is something we also can take with us, that you need to look at each price segment and in stages. If we go over to guidelines for recovery, we are choosing four markets, China, New Zealand, Australia, and India in page 21. Why this? They are relevant because they are well ahead in the recovery. They are well-developed markets with many different segments. They have a mix of domestic and international, and a considerable inbound and outbound travels. Page 22. This is China. I believe Robin maybe will also talk about China. China is the market who is first in line. You can see now that China's domestic market, representing by leisure and domestic operations now are close to the total demand of domestic and international markets in 2019. I would call it a bit sensational because that mean that domestic demand in regional city in China is above the level of 2019. The conclusion is that people continue to travel. If they are not allowed to travel internationally, then they travel in their country. If you're not possible to have meeting out of China, then you have them in China in different ways. This is something very exciting way for us, of course, to understand more about China's development now the next couple of months. You have New Zealand, you have Australia, 24, and you have India, which are similar in stages, similar in pattern. Open up in stages. Domestic demand is the driver, and all of them are coming up now close to the total demand for 2019. When we have now looked at 2020, learned from that, looked at segmentation, get an insight also in Markit, who is head of Europe, we can now give you some sort of outlook, what we believe it will be. Demand will be lower in Q1, that is ongoing restrictions. Nothing we can do about that. We are halfway into Q1. In Q2, given successful vaccinations and reduced restrictions, of course, demand will return in stages, with individual leisure will return first, which will be followed by domestic business travels by small or medium-sized markets. There will be strong recovery in domestic market. This is the same pattern as we see in Markit, who is in head of Europe. The summer, my friend, there will be a bomb, or as we say in southern Sweden language, it will be a dömd. I think no one can wait for stay in hotels or sitting in restaurants for this summer. The period after summer could be very exciting with first sign of meeting in international travelers. With that, I would now like to hand over to our guest speaker, Robin Rossmann, for hotel market update. Please remember that Robin is totally separate from Pandox and his research is totally separate from Pandox. Please go ahead, Robin. Thank you so much, Anders. Can you hear me all right, just to confirm before I go? Oh, yeah. Excellent. I think the next few slides that I share will follow on and build on a lot of what Anders has talked about there. I'm sort of really going to focus on Europe. Again, I will use some benchmarks from other countries and regions of the world to help validate and explain the way that we think that the recovery will take shape and look like across Europe in 2021 and beyond. Just moving on to slide 28. For this year, much like last year, I don't think you can look at it as just one year. The performance by quarter is going to be very different, just like it was very different in 2020. Moving on to slide 29. Really, there's no good way to paint the picture of what Q1 is likely to be. If you move on to slide 30, you can see that all across Europe, we've seen occupancies, really since the beginning of December, dip back down and then further down in January as a result of the second wave of cases and lockdowns across Europe. We're seeing occupancy levels that are just as bad, if not worse, than what we saw back in April and May. The reason for that, one of the reasons why the performance, moving on to slide 31, is currently worse than what we saw in April and May is we saw far more hotels close in April and May. There were some more specific government requirements and uncertainty around whether or not hotels could stay open. We saw across Europe, really two out of every three hotels closed. Two-thirds of the market closed, and that meant that the demand that was left was shared by only a third of hotels that remained open. However, this time around the government restrictions haven't been as harsh. There's been more certainty that hotels can remain open as long as they're only serving business customers, where leisure demand has been forbidden, or travel's been stopped at this stage. As a result, we've seen currently only about two in every 10 hotels close. Far less hotels closed. The reason that less hotels have closed is that many learned from the first lockdown. The hotels that remained open were able to be far more resilient and perform far better coming out of the first round of lockdown. Better at cost control and also have learned that to retain revenue coming out of the lockdown, it's important to be open before everybody else. We've seen far less hotels close. As a result, if you move on to slide 32, there's really more demand going around than the first set of lockdowns, but it's shared amongst a greater amount of open hotels, the occupancy of those open hotels is lower. We report performance in two ways. The teal line at the top there, this is just showing it for the U.K., is the occupancy of open hotels. We're only collecting and showing the occupancy of open hotels. We also obviously see the importance of tracking the occupancy of all those hotels that were temporarily closed were actually open, so showing true market occupancy, and that's the dark blue line, and we call that total room inventory. You can see back in April and May in the U.K., open hotels were trading at a 20%-30% occupancy. If you added back all those closed hotels, the market would have been trading at 5%-10%. That's why this time around, less hotels closed. You can see that gap is much narrower and that the teal line occupancy is dipped below what it was in April and May. That's just a way of saying it may look worse. It's certainly bad, but where it's worse is because really more hotels are open, not less demand. Nonetheless, a pretty terrible first quarter, and don't really see it getting much better for most of it. When you move on to slide 33 and look at the forward bookings that we're collecting across Europe, you can see current business on the books for the next 90 days, how many rooms have already been sold for the next 90 days. This number would typically be much closer to 40%-50%. It's now single digits. The pickup, in other words, the room that was sold in the last week for the next 90 days, you'd usually expect this to be positive. In other words, you were selling rooms every week for stay dates in the future. It's zero. Not great. Obviously, this is because of where we are in terms of lockdowns and uncertainty and cases. That, I'm afraid, is going to be the story of the 1st quarter. Moving on to slide 34, we really do believe that we will see recovery starting in Q2. For Q2 and onwards in the rest of the year, the big assumption, the scenario that we are assuming here is that the combination of the impact of the lockdowns, which push cases and the risk of overcapacity of hospitalizations down together with, at a minimum, warmer weather, which should typically reduce the spread of the disease like it did last year. As well as, hopefully, and certainly my personal belief is that a successful vaccination rollout even if it is going slower than we would like. A successful vaccination rollout across Europe, which sees the vast majority of the vulnerable portion of population that are most at risk of being hospitalized and deaths being completed during Q2. Which means that at a minimum, even if international is still somewhat restricted, domestic recovery should start in Q2 and will start earlier in those countries that are able to get to that safety level first. What that means, and this is going back to on slide 35, some 2019, 2020 data. Similar to what Anders said, we do expect the domestic regional markets to recover faster than certainly gateway cities. Here you see gateway city occupancy in 2019. In those really big countries with big gateway cities like the U.K., Netherlands, France, where London, Amsterdam, Paris would all have occupancies of 10 percentage points higher than the regional markets. If you go across to slide 36, apologies, I just realized that the order of the countries have changed, it's not exactly the same countries. The trend here is nonetheless true. We've seen in 2020 that obviously with international demand going away, less high-end business demand, those gateway city occupancies have dropped to be below or the same as the regional markets. Again, whereas in the past, those gateway cities would be 10 percentage points higher in occupancy, they're now 10 percentage points lower. On slide 37, what we also saw in 2020 is that from a rate perspective, those gateway cities had rate declines of 20%-30%, whereas regional markets were much more resilient, declines of maybe up to 10%, 15% or in even many cases, flat or Turkey as an exception, currency driven, was positive. We are expecting that regional recovery to come, and more on that in a bit. As we get through Q2 towards the end and the leisure season starts, I have a high degree of confidence that we will see a large catch-up. Excuse me, I do like a pun, in recovery from Q3 onwards, really underpinned by that leisure growth. If it's allowed, international recovery too. Clearly international is going to be the most difficult to recover, but I'll switch to some international benchmarks to show just how quickly it can recover. On slide 39, you can see Dubai occupancy 2019 versus 2020. Dubai had some of the strictest lockdowns back in the early days of the pandemic and were quite slow to reopen their borders. Demand up until October, November was purely domestic. From November onwards, they opened up, and you could travel to Dubai as long as you had a negative test on arrival, no quarantine requirement. Rather remarkably, you can see how quickly the occupancy recovered to pretty close to prior year levels. That really is remarkable because that was absolutely international demand, people getting on a flight that drove that. Moving on to slide 40, it wasn't exactly like the hotels had to drop their rates to achieve that. They actually recovered back to 2019. Sorry, the legend says occupancy, but it's actually rates. I mean, they got back to prior year rates pretty quickly. Clearly, Dubai shows that maybe that was a bit too soon in terms of they hadn't fully vaccinated their local population. There's been a jump in cases there again. Certainly global restrictions on travel that have resumed meant that demand has dropped away a bit. What it does show us is just how ready people are to get on a flight and travel to escape and have that leisure demand. I think that will be true in Europe as we get to the summer months. Moving on to slide 41, another example, Maldives, again, really just rapidly bouncing back to prior occupancy levels. Dipping down a bit again in January, February, which is more of source market restrictions. Strong confidence that when we're allowed to travel, people will travel, and probably much more than they did before to catch up on what they've missed out on. Moving back to Europe, I think it's important to say that even with, in many cases, government-mandated no travel messages, people are still booking ahead from June onwards, planning ahead to those events. We do have business on the books across a selection of European markets where there are events, and people have that. They are planning to travel on the assumption that they can. As we get into Q3, I think that the trend that will really play out is something that we saw, and this is going back to 2020 data, is that the recovery will be strongest in leisure markets and leisure hotels. Obviously, leisure hotels can be anything from luxury down to mid-scale and economy. Those leisure hotels that are able to be accessed via car instead of via air will drive greater recovery. Here you can see just the U.K. as an example. Looking across 2020 occupancy versus prior year, the blue line is mid-scale and economy. Budget and economy hotels recovered occupancy stronger, particularly around that key holiday season. In purple, we have upper upscale and upper mid-scale. Sorry. Upper mid-scale and upscale hotels. The ones that found it most difficult were luxury at the bottom there, the most significant declines on prior, the least recovery. That was when you look at the U.K. as a whole. If you split out that data, and you go onto slide 44, and you split it between London, which is the full-colored line, versus the dotted line, which is regional markets, you can see those regional markets, all of them, from budget through to luxury, outperformed the London market. Certainly, the luxury hotels were much closer to budget hotel performance, particularly because of those that are leisure-driven. In actual fact, when we look at rates, on a rate perspective, looking at the U.K. as a whole, pretty tight. When you split it out to regional U.K. and London, you can see that gap there. Regional markets much more resilient, much lower rate declines. In actual fact, luxury hotels showing some rate gains where, because there was a lack of luxury and upper upscale, high-end leisure supply in the U.K., lots of demand, having rate increases year-over-year. I think any hotels that are positioned for that domestic leisure will do much better, and recover faster. Onto the long term, and going back to some international benchmarks on slide 47 and then onto 48. Anders mentioned China, and whenever we talk about China as a benchmark, people go, "Oh, you can't use China. It's not relevant. It's completely different." Yes, you're right, China is a different country, but it is not Mars. It's not Martians. People travel in China for the same reasons that people travel in the U.S., for the same reasons that people travel in Europe, and that is for leisure, to visit family, and for business. For the same reasons. The reason why China is an important benchmark is even though it's completely different in terms of the control of the virus, they've managed to get the virus under control there. It shows you just how quickly that domestic recovery, that domestic business demand can come back. The best way to show it is we've shown performance here. This is RevPAR change. Anders showed occupancy. This is taking into account rate too. This is RevPAR change versus prior year, same week. Mainland China on the left, first-tier cities, Beijing, Shanghai in the middle, other cities on the right. Maybe if you start from the right, you can see all the way back from September and before, RevPAR for those other cities outside those first-tier cities, which rely more on international demand, has been, in many cases, flat or positive. A little dip down there in late December, January as a second round of cases came through. I understand from our team on the ground and from looking at the data that that's pretty much resolved again. The spike that you can see there in January is really a change in timing, a slightly earlier Chinese New Year, which obviously started just a few days ago, and people stopped traveling before that. Really showing that in China, demand has been able to bounce back. People are traveling. Zoom has not killed business travel. Yes, first-tier cities are a bit lower, trending about 20%-30% lower, but because of the increased reliance on that international demand. On that point, if we go across to Australia, Anders showed it a bit earlier. I think Australia is a really good benchmark for hopefully where we will get to in Q3, Q4 for Europe. Maybe more Q4 than Q3 when it's more about business demand, because Australia's obviously a country who got the virus under control but has turned off the taps to international demand. You can see that life pretty much back to normal, people in stadiums watching sporting events, all of that. Nonetheless, our RevPAR, again, 40% below what it would usually be, and that 40% is the international gap, again, seen more in gateway cities than in regional markets. Remember that 40% because in a couple slides it'll come back again. Moving on to slide 50. This is what we expect for Europe. As I said, more of a W-shaped recovery. We had that recovery in the summer months, drop down now with the second round of lockdowns, and we see that recovery back in 2021 from an occupancy perspective. Where we think that will end up, moving on to slide 51. This is an aggregate of forecast across a selection of gateway cities, so these are probably more impacted than most. Is that for 2021, we'll end up with a RevPAR around about 40% below what it would have been in the prior year. That's going back to that Australia example, because of the gap and the slower recovery in international demand. We think it will take a while to recover all of that. I certainly hope and I believe there is a chance that the recovery will be faster than this. Based on the way we've modeled it out, looking at the recovery pattern and profile we saw coming out of global financial crises and other downturns, looking at macroeconomic factors and forecasts, looking at the supply forecast for the hotel markets. We do see it taking up to 2024 and potentially beyond to get back to those 2019 levels. It really will depend on the shape of the economic recovery. It really will depend, moving on to slide 52, the degree to whichever market the hotel is in is reliant on international versus domestic demand. With that, I will say thank you very much, and thanks for having me along. Happy to answer any questions. Thank you very much, Robin. With this, we move into the Q&A session. Please, operator. All right, thank you. Ladies and gentlemen, we will now begin the Q&A session. Those who wish to ask a question, you may please press star and one on your telephone keypad. Once again, please press star and one if you wish to ask questions. Okay, your first question comes from the line of Fredrik Stéen from Carnegie. Please ask your question. Good morning. Yes, a couple of questions from my side. Starting off with, I guess the million-dollar question, but how do you perceive Q2 2021 year-over-year versus Q2 2020? Do you believe we will witness an improvement on a year-on-year basis? Good morning. Well, we haven't given any specific forecast for Q2 2021. Given a successful vaccination, the market will be, of course, coming back quite immediately, what we believe. As we said before in stages, and that will, of course, be much better than Q2 2020. A positive trend. Restrictions have to go down. If the restrictions go down more than we expected, then the market also will go up more. Yes. The second question on accounts receivable. They increased slightly in the fourth quarter. Do you anticipate that this line will continue to increase moving into 2021? Yeah. Hi. Actually, it's in line because it's only reporting how much we actually had signed the agreements. It was actually SEK 2 million decrease. As I said last time, we didn't expect it to be above SEK 500. A lot of the agreements are running off. We have some new ones coming in, or which we agreed on in the end of the year. We don't expect this to increase, but stay on the level and decrease over time. Okay. The external valuation. As I understood it, on average, they were 6% below the internal valuation. You mentioned that one of the differences was yield requirements. Is there anything else? Why haven't you adjusted more based on the external valuation? As you know, we do the same way of method of valuating all our hotels every quarter. The only difference one can actually say is the long-term yield requirements which the external appraisers outside the Nordic have used. Within the Nordics, we are very much in line. Cash flow-wise, we do have approximately the same expectations of the COVID-19. External appraisers outside the Nordic have a higher yield requirement, even long-term. We don't see that evidence of any transactions. The opposite actually. There is insufficient evidence because there's very few transactions being made. If anything, they're actually at better yields. We think it's insufficient for making valuation changes on that basis. Again, it's purely outside the Nordic. If this would be the case, we will be able to buy cheaply outside the Nordics. We don't see that at all. That's clear. My final question, I've asked it before. Do you see any risks of having to take over any hotels for own operations in the near future? No. Our partners are large professional operators, and of what we have information about, they all have a financially stable situation. We have no plans of taking over. We believe that we will go out together on this crisis and do business on the other side with all of them. Okay, thanks for taking my questions. Thank you very much. Thank you. Thank you. Your next question comes from the line of Chris Fermontel from Morgan Stanley. Please ask your question. Hi. Good morning. I just wanted to make sure I had understood what you were saying on valuations. You went through it relatively quickly. Can you just explain what proportion of the total number of hotels by value have been externally valued? Well, as we mentioned. Sorry, of the 5% year to date change, what is that number for the external valuations and what is that number for the internal valuations, please? Well, I'm not 100% sure of the questions, but let me start. We have, for the year, decreased the value to 4.8% out of which investment property is 3.3% and operating property is 10.4%. In total, close to 5% down versus December 2019. We have done 60 valuations out of 156 hotels. We've done external valuations. Of course, we do internal valuations of all our 156 hotels. The difference of the external valuations versus our internal valuations have been on average 6%, as I mentioned to Carnegie. Sorry, does that mean that your valuations at the beginning of the year were in line with external valuations and that they have moved their valuations down by six percentage points more than what you have moved them down? Yes. What is the valuation decline that the external valuers have moved their valuations down? We are in the end of December 2020, for the properties outside the Nordic, mainly, there is a 6% difference in the valuation, in the value amount. That's all. Let me ask it a different way. Requirements long term. I appreciate you've said that there is a 6% difference. What I'm asking you is, what is the valuation change that you have applied when you haven't had them externally valued? What is the valuation change for those that have been externally valued? I appreciate there's a difference. I appreciate there's a six percentage point difference, but what is the valuation change for the externally valued ones? That will allow me to have a flavor for the valuation change, the internal and the external. Have you made a valuation change for your internally valued hotels or have you not revalued them at all? We have revalued all our properties, as you say, with 5%, but we've kept the yields unchanged, basically. The total 5% downward adjustment for the full year is mainly or almost exclusively due to lower cash flow due to COVID-19. We kept the yield requirements, both the yield and the terminal yield requirements, basically unchanged. When we do external valuations, which we do for reference points, the external valuations we have done, which are 60 in total in 2020, especially the appraisers outside the Nordic region have used a higher yield requirement long term. Yeah. Yes. That is basically the difference. They don't believe that our industry will be coming back in 10 years, and that is something that is very surprising. For the rest, we agree about everything. I will say if we don't think that hospitality industry will be back in 10 years, then I don't think that I have the job still. We don't think that they are right. I think we have a stronger point when we look at the future. Understand, the yield we have for investment properties are 5.44% and operating properties 6.37%. It's a larger proportion of external valuations done on the outside the Nordic versus within the Nordic, constituting the 6%. This is basically the numbers I can give you for time being. Okay. Lots of information, not the answer to my question. Can I ask one final question just to try and understand what's going on here? The yield figure that you provide- Yeah the 5.4. Yeah. What is the numerator? What is the top of that yield? What does that signify? Clearly, normally a yield has a net rent at the top and a value at the bottom. The net rent is clearly very different to what it was at the beginning of the year. Can you just help me understand what the top of that yield equation actually applies to? Is it a pre-COVID rent figure or what? The rent figure, it's of course our guaranteed rents for investment properties, and we do forecast of our cash flow and our rents every quarter. Basically, every quarter, we internally take a one-year view of each individual property, how the rents will develop over this time. Then we adopt or apply a discount figure, and including a terminal valued discount yield. Which then, of course, gives the value of the property. This is the blended yield. We do change the rent, of course. In line with the prices, we also have a view of when and how rents. Markets markets are coming back. This is the reason why we are continuing to write down the assets every quarter, because theoretically, if we had one view and it would be the same as we had in Q1, then, of course, you leave the bad quarters behind you. Unfortunately, the restrictions have continued and even increased, especially now during the autumn. This is the sort of the cash flow reasons why we do have these write-downs. All right. I'll leave it there. Maybe we take it offline. Sure, absolutely. You're welcome to call. Okay, thank you. As a reminder to those who wish to ask question, you may please press star and one on your telephone keypad. Your next question comes from the line of Victor Krüeger. Please ask your question. Yes, thank you so much. I have a few questions here first about the market. You talked about your market expectations, could you guide on when you expect restrictions to be removed and traveling gradually coming back to normal? Well, I wish I could. I am in the hands of authorities, and as you know, I wish it was the Pandox management who has that decision right. I don't know. Given a successful valuation, I think it will look much easier and- Vaccination. Sorry? Vaccination. Successful vaccination. We believe that we'll be in line with the forecast that Robin Rossmann has just presented. Yeah, okay. Thank you. The booking situation today compared to three months ago, but also compared to 12 months ago, is there anything that you'd like to evaluate on that? First, we need to understand that Germany and U.K., even Netherlands, are in still lockdown, completely locked down. People are not allowed to go out in the evening, we need to understand that. In Sweden, it's a little bit different. In Sweden, we already see the first pickup in leisure over weekends. You will be surprised the numbers, if I tell you that many hotels today have 50%, 60% every weekends. This is domestic leisure who is the driver. If you look ahead and go after summer, it looked quite promising in many hotels. We need to do more analysis. One of the reason is that people have moved meetings from this COVID-19 when it arrived here from the spring or in the summer up to this after summer this year. We don't know how much of that is, but we had also see some sort, even if in our own hotels, some sort of small movement into it, but of course, it's very quiet. If you look at how it also was in Markit, who is ahead of Europe, it start the same. It was a lockdown. Individual leisure start to travel over weekends. Restriction came down. Individual business start to travel. We are where we are today in China and India. I believe we will have the same pattern in Europe. Okay, thanks. My impression is that the discipline to maintain prices has been relatively strong. Is the risk that when all hotels that has been closed during the pandemic will open up, they will start to compete with price? It's always a risk, but I think most of the people understand that the price will not drive the demand for the total market. I think the people have had quite good discipline, and so far, the price has been surprisingly stable. Okay. Do you expect the losses from the operator activities to increase further in Q1 compared to Q4 and also compared to Q2? We are absolutely in bottom now. We are in Belgium as you know with a large portfolio, and that is totally locked down. You're not allowed to drink a cup of coffee outside. Things will be better. Everything is about restriction. Given that, and you see that the virus spread is now going down, and given that they have the confidence to start to increase that, of course, people will start to travel. When people start to travel, then we have, of course, the strongest pickup we have in our operator activities. In Sweden, there's been discussions about new government support packages. Do you see similar discussions in other countries as well? Is that anything you want to comment on? Yeah. Every country have different models, but in generally, they try to support. Germany is probably the best. Yeah, that is support program, yeah. For everyone except of the property owners. I see. Right. How much government support is included in the income for Q4 for 2020 in your figures? SEK 19 million. Sorry, I don't have them. I think it's It's actually in the report, for the full year, it's SEK 35 million in property management. Then there is a bit more complicated calculation regarding operator activities also. SEK 31 for the quarter and SEK 117 for the full year. It depends whether it goes through our books or straight to the employees. Page three in the report, everything is there. Thank you. Sorry about that. Just short on your tenants, the operators default risks for any of the larger ones, and i.e. Leonardo? No. Leonardo is owned by Fattal. Fattal Group is a public company in Israel. What we can see, and their share price is doing well, and they have a strong financial position. They are a large Scandic and stronger financial position as we understand it. Also the rest from the information that we have been including that all of them are in good shape. Not in good shape, but they are in a financial position that they will definitely survive. Okay. Just on Scandic quickly, how is your relation and do you have any rent receivables? If so, how much? Well, we didn't split up this in different companies. We have a good relationship with Scandic. They pay their rent. We try to support them with payment terms. That's how it is. Nothing about negotiations there? Well, no. We are not negotiating our rent. Everybody needs to pay their minimum rent. Pandox and Scandic also do that. It was just stated that SEK 375 million in 2022 would expire. That's about 20% of rental value. Is that all Scandic or the 17 Scandic hotels? Yeah. That is 2022. That is Scandinavian portfolio with high quality. Okay something we're looking forward for to negotiate. All right. Thank you. Thank you. Thank you. There are no further questions at this time. Back to you, Anders. Thank you all to listen to Pandox report. Thank you very much, Robin, for participating again and give an excellent presentation. Wish you all the best. Those of you who need to have more questions, you are welcome to Liia and me. You have our contact informations. Have a good day. Bye-bye.