Hello, welcome to the presentation of the first quarter of 2021. My name is Susann Linde. I'm CFO and Head of Investor Relations here at Wallenstam. If you have any questions, please click on the envelope on this side, or send me an email, and I will answer your questions. Please turn to page two. It has been a quarter where the business continues to deliver, and in summary, I can say that we report a stable result. Occupancy remains at the same level as the end of the year for commercial as well as residential, which continue to be 100% occupied. Our own housing queue for our new construction continues to grow, and now over 140,000 people are in the queue. Turn to page three. Some of the things that have happened during the quarter include that we obtained a land allocation in Barkarbystaden in Järfälla. Here we plan for about 270 apartments with commercial elements that meet the plan square and metro entrance. We have also acquired land and properties in Gothenburg, Mölndal, and Sundbyberg for future new construction. In this photo, you will see the high-profile temporary Östermalmshallen that we took over during this quarter. Now we have started to take down this building. The building will then be mounted elsewhere and reused. To what is not fully determined. During the quarter, we completely sold our shares in the solar cell company Exeger. Instead invested in the payment service provider Klarna. Turn to page four. I think that we are good at refining our buildings to become more attractive to the society. An example of this that has been noticed is Ateljestallarna in Gothenburg, which has been given new life through our careful renovation. We won first prize in the competition Construction of the Year in the category renovation. Doing things like this also creates a greater flow to the site and is good for the surrounding properties as well, and its businesses as well. Turn to page five. Yes, we focus on the growth regions and the distribution of our properties in which we operate is basically the same as at the end of the year. The only thing that has happened this quarter is that we have completed new rental apartments and that affect the distribution, but not significantly. You can see that Gothenburg is 60% and Stockholm is 40%. Turn to page six. Yes, there has been another quarter of regulations due to COVID, and the regulations have once again been extended. Now we are all starting to see the light in the tunnel. The vaccinations are underway, summer is approaching. Even this quarter, it has been affected, our segments in different ways. If we start with the office market, there is continued strong demand, and we notice that we have an attractive product of our city-owned offices. When it comes to restaurants and retail, you all know it's tougher, especially now with the limited opening hours. At the year-end, our commercial portfolio has a 94% occupancy rate, and as I said, the residentials has a high demand and our housing queue has increased further, and the residential holding is fully let. Overall, our business is doing well, and we are seeing great demand for our premises. Now turn to page seven. In times like these, during a pandemic, it becomes even clearer to help those who are worse off. We have therefore given donations and support to aid organization in several ways. During this quarter, we further expanded our cooperation with Stockholm City Mission. Wallenstam has been a partner of the Stockholm City Mission since 2008 and is now expanding our commitment by joining as a gift giver in the redevelopment of the Church of St. Paul at Mariatorget in Stockholm. This is an important investment for society and those who are vulnerable in Stockholm. Please turn to page eight. Another important thing we do for society, perhaps the most important, it is to create new homes for families in the form of our construction of new rental apartments. During this quarter, we completed just over 400 apartments in both Stockholm and Gothenburg. If we turn to next page, I will go through which one. Now turn to page nine. We have continued the completion in Haninge, and in total in these two projects, we have completed 95 apartments and 90 to complete during the year. Now turn to page 10. We head to Tyresö and where we have completed 55 apartments. It's the project here on the left, and it's a large project in total of 221 apartments. There we have 66 apartments left to complete during this year. To the right, it's Söra Kvarter in Österåker, where we have completed another 35 apartments and still have 103 apartments to complete during this year. Turn to page 11. We go to Gothenburg and our project Elisedal, which is also a big project of a total 336 apartments. After these 158 apartments that we have completed this quarter, we still have another 96 apartments that will be completed by the summer. During this quarter, we have fully completed our project Rosengången in Mölndal. In that area, we have another two projects ongoing, one of which is ready for gradual occupation during quarter four this year. Turning to page 12. Let's move on to our income statement and how much value we have added this first quarter. If we start with our net operating income, this is an increase of SEK 29 million, which corresponds to an increase of 7% comparing the same period last year, and a surplus ratio of 73.8%, which is at the same level as last year. As usual, I will go into more detail about what has affected our net operating income. Please turn to page 13. I said that the NOI has increased by 7%, and if we start with the rental income, it has increased by SEK 39 million, and SEK 37 million thanks to our new construction. It is both the one which were completed last year and the one that we have completed during this quarter. In our existing portfolio, the base rent has increased by just over 2% and increases by net SEK 5 million. Operating expenses increased by SEK 10 million, where SEK 7 million is due to a larger property portfolio, as we have completed so many new properties. In our existing holding, expenses due to the climate increased by SEK 7 million. It has been both colder and more snowy compared to last year. In terms of maintenance, it has been SEK 4 million cheaper than the previous year. In total, a growth of SEK 29 million in NOI. Please turn to page 14. Our net operating income continues to increase, of course, our strategy to add new construction is really evident in the figures. The newly constructed efficient rental apartments at a good net operating income that also improves our surplus ratio, as you can see here on the graph. Turn to page 15. The total income from property management amounts to SEK 291 million, this is 6% better than the previous year, last year at the same time. Administration expenses has increased slightly this quarter, mainly due to more employees compared to last year. The net financial items are basically at the same level as the same period last year, we will go over to the next page and talk more about it. Please turn to page 16. Our average interest rate when we leave this period lands at 1.21%, which is 10 basis points lower than the corresponding period last year. If you look at the average rate during the quarter, it is also 1.21%, which is two basis points lower than the previous year. It was only towards the end of the first quarter last year that the interest rates began to rise in the commercial paper market, among other things. We have had an average debt of just over SEK 3 billion compared last year. Please turn to page 17. Our profit before changes in value amounts to SEK 321 million, and is basically at the same level as last year. We have sold two apartments further at Vasagatan 33, our co-op project there, and then we have just one apartment left. It is sold, but will be taken over in the close future. I can say that it was less windy than last year, we have produced less energy by around 35%, the price of electricity has increased. In total, the resulting energy is zero. Now turn to page 18. Our changes in value of properties amounted to SEK 311 million, about half come from our new construction, the other half from the existing properties. The value of existing properties are increasing due to increased net operating income, we haven't adjusted any direct yield requirements this quarter. Profit after tax ends at SEK 723 million, is doubling compared to the previous year. In addition to what I mentioned, changes in the value of our derivatives have had a positive impact on the quarter by SEK 253 million, as long-term interest rates have risen during the quarter. Turn to page 19 and go on with the balance sheet. In total, the properties amount to SEK 59 billion, this represents an increase of SEK 1.3 billion since the beginning of the year. In addition to changes in value of SEK 0.3 billion, we made investments during the quarter of SEK 1 billion in total. Turn to page 20. If we look at the total value of the properties, 62% of the value is residential and 38% commercial. This means that the share of value of residential has increased by two points since the beginning of the year. As I said, the yield requirements haven't been adjusted during the quarter and are at the same level as the last quarter, amounts to 4.5% for commercial and 3.1% on average for the residentials. Turn to page 21. In the first quarter, we have invested SEK 800 million in our new construction, and our plan in the current business plan is to invest SEK 3 billion-SEK 4 billion annually in our new construction. Turn to page 22. We have started one project this quarter. It is in Kallebäck, Kvarteret Sju, of 189 apartments. In Kallebäcksterrassen, we have almost 1,000 apartments under construction right now. There are a lot of constructions there right now. We can see on the next page what we have ongoing right now, please turn to page 23. You can see that here in Kallebäck, we have a lot, just around 1,000, as I said. The first project there, which will be completed, is Kallebäcksterrassen, Kvarter 11, which will be completed during quarter four this year. In total, we have now 2,100 apartments that are ongoing, and this has decreased a bit due to the fact that we have completed so many apartments and the starts have been delayed due to the permit processes that have been negatively affected by the pandemic. To remember, they are only delayed in time and will be started, but later than expected. Turn to page 24. Our interest-bearing liabilities amount to SEK 27.7 billion, and as I said, this is an average increase of SEK 3 billion compared to the previous year, and an increase since the beginning of the year of approximately SEK 350 million. Turn to page 25. During the quarter, we issued additional green bonds of SEK 250 million and additional SEK 200 million in commercial papers. You can see here on the graph how the distribution is in our financing. The share of green finance is a little more than a quarter of our total funding right now. Turn to page 26. To sum up what I've said, we can review our key ratios. We report NOI of SEK 440 million, which is an increase of 7%, a surplus ratio at the same level as the corresponding period last year. The LTV ratio and equity ratio are basically at the same level as the previous year and from the beginning of the year. Equity per share amounts to SEK 81, and net asset value is now just over SEK 100. Net asset value is also our goal. Let's turn to next page 27. During the first quarter, we created SEK 2.6 in net asset value, which means that we have added SEK 21.7 to our net asset value within this business plan. Our goal is to have created SEK 40 by the end of 2023, and we keep on filling this up. That was all for today. As I said at the start, if you have any questions, you can just email or click here on the envelope. Will I try to answer all your questions. Thank you all for listening, and goodbye.
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