Welcome to this presentation of Wihlborgs -end report 2020. We see stability and more light in sight. We continue to strengthen our key figures. Net letting positive in every 2020, and we have, during 2020, continued to improve things we do in every detail we have been able to figure out. Our goal is to be even more prepared when we can meet again, and so far, we follow that path. When corona tried to keep us apart, we find other methods to stay close. Close to our tenants and close to our dedicated employees. As said in Q3, Wihlborgs has both stability and grit. For the full year 2020, we increased our rental income by 3% to SEK 3 billion 74 million. The operating surplus increased by 4% to SEK 2 billion 222 million, and income from property management increased by 3% to SEK 1 billion 830 million. A new record. We have to keep in mind that Q4 included both saving a bit on our own cost on the positive side, but we also had some extra discounts and reduced revenues in this specific quarter. The net results amounts to SEK 2.222 billion, which corresponds to SEK 14.46 per share, and the board proposes a dividend of SEK 5.25 per share. During 2020, We have invested SEK 1.231 billion, sold properties at a value of SEK 1.540 billion, and changes in valuations of SEK 826 million. Together with currency translation of -SEK 291 million, that summarize a property value of SEK 46.072 billion. Changes in valuations are affected by new leases, lower inflation forecast, and a bit lower yield in logistic and social infrastructure properties like Kranen 2, for example. Page 11. That means that despite the large divestment of 21 properties and the negative currency translation, we increased the value a bit also during 2020. The curve continues in right direction, but we will increase that tempo further. The map of our value at page 12, 42% of the value in Malmö, 18% in Copenhagen, 23% in Helsingborg, and 17% in Lund. The value is highest in Malmö, but now the volume is highest in Copenhagen. Interesting to see that the discussion with possible tenants continue in all our four cities. We announced a new lease to Länsförsäkringar Bank in Hermes in Helsingborg last week, and we also have opportunities with, for example, governmental tenants in Lund. Nya Vattentornet 4 in Lund is almost the only object on that market that can offer large open spaces. It will be interesting to see when we sign next larger agreement that might be in Lund. Page 13. A glance of the general situation. Copenhagen have been more in a lockdown situation and the border has been closed except for work commuting. We still have the possibility to keep a healthy space, both on our way to work and at work, so we can, to some extent, actually work in the office. More and more people feel that the situation of working at home with school children and the rest of the family home at the same time has its challenges. This means that the office hotels have a high occupancy rate, especially when separated rooms are offered. We have, together with Novus, made an investigation, not only by asking people what they think about their future demands, but also by measuring how people's behavior has changed. It's an interesting method where we can use AI, and that's a prerequisite for success in this method. We can, for example, see that while 80% in their post state that they are neutral or positive about working from home, searches for mental illness also increased sharply. The lack of social connection is massive, and we also see that many feel a lack of confirmation regarding how effective they actually are at work. We are absolutely convinced that we will work at work also in the future, but in a good combination with other places, at home or an extra office close to home. Now, over to you, Arvid. Thank you very much, Ulrika, and good morning, everyone. Moving to slide 14, we'll have a look at the income statement for Q4. Rental income in the quarter was SEK 751 million, which was down 2% versus same quarter 2019. That was, of course, affected by the divestment which took effect on the 1st of December, which decreased the rental income during the quarter with SEK 8 million. We also had a few negative effects which we didn't really see coming going into Q4. We had negative currency effects of SEK 4 million. We gave additional discounts due to the second wave of the COVID pandemic, amounting to SEK 5 million in the quarter. We also had decreased income from parking of SEK 3 million and decreased income from our restaurants in our Danish operations of SEK 3 million, also affected by the second wave of the COVID pandemic. Looking at the operating surplus, that amounted to SEK 523 million in the quarter, roughly flat versus the same quarter 2019. I think what is positive is that the surplus ratio actually increased by one percentage point versus 2019. Income from property management amounted to SEK 419, down 8% versus Q4 2019. You should remember, however, that in Q4 2019, we had a one-off effect of SEK 34 million coming from applying a new accounting method when it comes to income from joint ventures. So the SEK 419 and the SEK 456 are not completely comparable. We had positive value changes in the quarter of just over SEK 400 million, and we ended up with a profit for the period in Q4 2020 of SEK 694 million. Moving to slide 15. Looking at rent collection for the Q1 rents. As of end January, 99% of the rents due end of December had been paid which is a bit better than normal. It's also worth mentioning, we feel that rent deferrals due to discussions with tenants affected by the corona pandemic amounted with SEK 20 million in outstanding deferrals as of end December. Those payment of those deferred rents are due during 2021. Total during 2020, we approved discounts of SEK 19 million net of state reimbursements during 2020. Moving to slide 16, looking at the balance sheet. During 2020, the investment property value increased by SEK 0.6 billion. As Ulrika said, that is despite divestments of SEK 1.5 billion and negative currency effects of SEK 0.3 billion. On the other side of the balance sheet, equity increased by SEK 1.5 billion and borrowings decreased by SEK 1.4 billion. Moving to slide 17, that translates to a number of key figures. Our equity assets ratio now stands at 41.3% and our LTV at 48.2%. The balance sheet has actually never been stronger. Our interest cover ratio continues to be very strong at 6.5 times. Looking at numbers per share, I think the most important number to look at is probably the EPRA net asset value per share which adjusted for dividends increased by 12% during the year to SEK 152 and EUR 44. Moving to slide 18. Against the background of our earnings and our balance sheet, the board proposes an increase of the dividend to SEK 5.25 which is an increase of 17% versus last year. If the annual shareholder meetings decides on this, it'll be 15 years of rising dividends in the history of Wihlborgs. Continuing to slide 19, you can see the historic development of EPRA net asset value per share. Since 2009, the annual average growth has been 17% adjusted for dividends. On slide 20, you see the historic development of our financial ratios, where the equity assets ratio continues to go up, the LTV continues to go down. The interest cover ratio, as I mentioned earlier at 6.5 times, continues to be at a very healthy level. Our financial stability is also, we think important to look at in terms of the key number net debt in relation to EBITDA. On page 21, you can see the historic development. During 2020, you can see that our financial position has strengthened, and the net debts to EBITDA now stands at 10.9 times. Looking at our financing on slide 22, the sources of financing is roughly the same as previously. The proportion of bond financing at 19% is slightly lower, generally the split between bank loans, Danish mortgage loans, and bonds remains stable. The structure of our loan portfolio you find on slide 23. The average interest rate in the portfolio now is 1.32%. The average fixed interest period is three point six years and the average loan maturity six point one years. The historic development of those two key numbers you find on slide 24 where you basically can see that the loan maturity has been around six years for the past few years. The fixed interest period over the past couple of years have been rather stable at between three and four years. My last slide is slide 25 where you can see our available funds, that is unutilized credit facilities plus liquid funds as of quarter ends since 2015. We have a strong liquidity position and available credit facilities at approximately SEK 3.6 billion currently. With that, I hand back the words to you, Ulrika. It's time for acquisition and divestment, page 27. As mentioned, we agreed in Q3 to sell 21 properties in outer Malmö to Blackstone, transaction day was 1st of December. Page 28. The 1st of October, we bought Baldersbuen 5 in Hedehusene, Copenhagen. 55,000 sq m land and 6,300 sq m lettable area. Fully let to Gaia Biomaterials, with whom we also have signed a new lease from the 1st of January. Let's go to investments in progress, page 30. We have during 2020 invested SEK 1.231 billion in ongoing projects, and it remains SEK 1.311 billion to invest in already approved projects. Overall, the projects continue according to plan without any effects from corona. We also see that this is a contribution actually to our region that we can continue with our investments. Not at least since we use mainly local suppliers. Page 31. We have just started this project Kvartetten at Pulpeten 5 in Hyllie with 16,000 square meters lettable floor area. Large floors and a good interest from several larger tenants. We really like how we have been able to create great efficiency and a warm inner core. Page 32. Highest sustainability standard, both in carbon dioxide footprint, environmental classification, and WELL certification. We call it a human-certified building. Discussions with possible tenants will continue along with the production phase. That will be ongoing until Q2 2023. Patience is really a gift in this industry. We have no vacancy in this area, so it's important for us that we can offer the market a good product. Page 33. At Sunnanå 12:54, these two projects are under completion. One for Region Skåne. It's a transport hub and one facility for Hedin Bil, which among other things, will include a state-of-the-art service center for electric trucks. Investment SEK 96 million plus SEK 58 million. Completion Q1 2021. Page 34. At Hindbygården 7, we have just started a project for, a state-of-the-art office at a good transport location in Malmö. It's a long lease and a new tenant for us. Completion Q3 2022. Page 35. In Kranen 2, we signed a new lease in October for Region Skåne. In total, we invest SEK 237 million for Region Skåne and Malmö University. A building fully let to public tenants and long leases. Page 36. Ursula 1 or Prisma is now in its last phase of completion. We invest SEK 405 million. Our tenant, Hetch, is already a success, and together with SUP46, KPMG, and Atkins, they will soon fill this building with creative meetings. 60% let. We will continue to fill the building and complete the last parts of work for our tenants. Page 37. Next last project in Helsingborg and under completion is Terminalen 1, Helsingborg Central Station. Since Q3 report, we have signed another restaurant, and of course, that's a challenging time for that. Now we are waiting for the last small citizens with a possible public tenant that hopefully will put the last pieces in place. Page 38. We are in the first phase of the commercial project at Raffinaderiet 3 in Lund. The old tenants are moving out, and our preparation and planning for the building phase continues. We invest SEK 140 million in 5,800 sq m modern offices with an industrial touch. The place for that is just beside the central station. Yield on cost approximately 6%, which also is in line with what we expect from our normal average project in offices. 6% yield on cost, when we can, of course, a bit higher. A short update in future investment. Page 40. We continue our planning regarding the project Polisen 7 and Flossralingen 15 in Helsingborg and Posthornet 1, phase 2, and Ideontorget in Lund. Zoning plan is in place and all these projects, at least one of them, we have very interesting discussions at this very moment. It's important for us that we can create opportunities in many places so that we can be ready. Here at the right, you can also see a glimpse of the final design of Zenit in Lund. That is the place where Bläckhornet will concentrate in the future at Ideontorget. Page 41, Bläckhornet 1 in Hyllie, the project that we now call Vista. Procurement is ongoing. We are planning to start the phase 1 with 400 parking spaces and a great sport hub in 2021. It is a unique opportunity to offer both good parking and direct access to the train station for both Kvartetten 5 and Bläckhornet 1. Page 42, Nyhamnen. The largest and next development area in Malmö. We have all seen this picture for a long time. Things are progressing. As said before, patience is a special kind of skill. The municipality of Malmö has put in more resources in all the four zoning plan processes that we have ongoing in this area. That is at least a hope for action. Our first opportunity with a new zoning plan in this area is at page 43. Smörkajen, where we at least will be able to produce somewhere between 10,000 and 13,000 sq m offices in this first project. Nyhamnen in the city center of Malmö has our highest focus in a long-term development perspective. Page 44. This is Kranen 1, just at the entrance to the Dockan area. We have applied for planning permission some time ago, and now at least we have been promised a time schedule for that this spring. A plan of a plan is also a start. Let's summarize. Growth and increased results despite challenging circumstances. We have seen positive net letting in all four quarters 2020. Stronger balance sheet than ever. We continue our focus, both increasing the project portfolio, but also finding new investment opportunities and delivering in our ongoing projects. Of course, also continuing to invest in existing portfolio. One year ago, when we presented our full year 2019 at Place in Stockholm, we couldn't imagine that something ever could happen that could prevent us from seeing you all at Place this year. We have all adapted, and we find ways to solve what arrives. We will continue with that as long as it takes. Even if we can cope, we are really longing to see you live soon. Now we are open for questions. Thank you. Our first question comes from the line of Tobias Kaj of ABG. Please go ahead, your line is open. Yes, thank you, and good morning. I would like to start to ask about the occupancy rate. It fell almost three percentage points during 2020. Are there some specific larger premises that have been vacant? Is it more like many smaller changes that explains the increase? I would say that we have, for example, Sparven 15 here in Malmö, which got into a project phase, that it is a part of the vacancy. We have Nya Vattentornet 4 in Lund, where Axis had a part of that, waiting for their own project to be finished. Terminalen 1 in Helsingborg, of course, where we have some spaces. Of course, the premises that I mentioned, Börshuset and Traktören, where we have chosen to empty these spaces. The most part of that is pieces put together that will give us a better position in the future, but we have to make some refurbishment in these projects. We have taken the opportunity to empty these buildings now. Based on the known terminations and signed leases, do you think that the occupancy rate will continue to decline in 2021? Or do you expect a stabilization or a recovery? A recovery. Of course, we don't have any new. Sparven 15, for example, is filling up now. We had one building in Helsingborg, Klockaredningen, which we also have good discussion on, but it was a quite large premises. The recovery is already in Q1, or is it later on during 2021? Hard to predict exactly when tenants move in. We won't fill them up all at once, of course. During 2021, of course, things will happen. Do you see any signs of lower rent levels due to the high vacancies? No, we don't see that, nor in the office side or in the logistic and production. The rent levels continue to rise a bit, but in a slower tempo. Regarding your balance sheet, your net LTV has declined by some 3.5% in one year and almost 6% in two years. Do you intend to keep the lower leverage, or do you see opportunities of being more active in terms of acquisitions? I'd say that we are keen to look at investment opportunities or acquisition opportunities, and we feel that with the current balance sheet, we have the opportunity to seize such opportunities if they arise. That is the ambition. If you're looking at acquisitions, what kind of yield should we expect that you can be able to buy at? Can you buy offices at some 5% net initial yields without diluting the quality of the portfolio? That is very tricky to answer. I'd say you can't pre-answer that. We look at acquisition opportunities basically all the time, and we do it in all our four different sub-markets. We'll just see which opportunities will arise and what we feel is an attractive price to actually pay. Regarding your logistics, you value at 6.8% net initial yield while you divested at some 200 basis point lower yield. Did you sell the best part of the portfolio, and is the remaining portfolio at a much lower quality? I would say the opposite. If you look at the table in the report on, I believe it's on page 10, the number you relate to, 6.8%, that is not completely comparable to the valuation yield in the portfolio because that basically relates to a certain moment in time when it comes to what the properties are booked at and which expected operating surplus those properties actually generate. When you value the properties, you're more forward-looking, looking at normally a five-year cash flow forecast, and then you put a valuation yield on the terminal value, making assumptions about long-term vacancies, et cetera. It's not completely comparable. You're saying that we should expect that the income from that portfolio should decline? Why? Since you said the reason for the high yield in the table is because of the current situation, while when you look at the long-term development, that's how you get the valuation yield. We don't expect the running yield to go down. Well, the running yield could go down if the valuation changes. Okay. That's all for me. Thank you. Thank you. Our next question comes from the line of Markus Henriksson of Pareto Securities. Good morning, Arvid and Ulrika. Ursula Terminalen, did they contribute anything in Q4 2020? You mean to rental income or what? Yeah, exactly. In the last report, it was the completion in Q4, and it was moved now into Q1. I guess it's because of the remaining vacancies. I think the rent- Did they contribute anything to P&L here in Q4? I think the rent will start to be paid in Q1. Okay, no contribution. We had some tenants moving in in December. Some rent there. Very slim. Slightly. Very limited. Yes. Yes. Okay. Could you also share some insights on the delta in rental levels between your current portfolio and then what you're currently tendering to tenants? If we have some geographical and property segment differences that you experience? I'd say that the rent levels as shown in the like-for-like number of the rental value, rents are moving upwards, but at a rather slow pace or a slightly slower pace than previously. We don't see in our tenant discussions any pressure on rents from what we saw beginning of 2020. That basically goes for all segments. Okay. There is still decent reversion potential in the expiring leases that we have in 2021 and 2022? Well, I think we continue to expect us to be able to increase rents. We've stated many times before, the changes in the rent levels in our markets is normally and over time smaller than in, for example, what we've seen over the past five years in the Stockholm market. We continue to expect a positive development, but not at a very rapid pace. Thanks. My last question. What kind of rental level do you hope to get in your new project now in Hyllie? We saw Kungsleden mention a new lease of, I think it was SEK 2,950 per sq m. What do you expect for Pulpeten? We don't expect that as a standard for the whole building. I would say that in our calculations, we have SEK 2,700. Of course, we expect more in some areas. That's the rent level today. That depends on when the lease are negotiated, of course, but a bit lower than Kungsleden expect, I would say. Yeah, I guess they mentioned the top rent in that property. Last one there. What's your average rental level now in Hyllie in your current premises? I would say approximately 2,600, without any calculations behind that. Somewhere there. Thank you. That was my questions. Thank you. Thank you. Thank you. Our next question comes from the line of Erik Granström of Carnegie. Please go ahead, your line is open. Thank you very much. Good morning. I have two questions. One regarding investments for 2021. You managed to invest about SEK 1.3 billion in 2020. What's your expectation for 2021 given your project portfolio? Well, I expect us to be above SEK 1 billion, but not at any record level like 2019. We will continue in a good pace, I think. I don't have any exact figure. Do you think that you can actually beat the 2020 figure, or is that 2020 level sort of acceptable in your view? It's definitely acceptable. All right. Thank you. Then my last question was actually regarding the dividend. Is there any part of the dividend that is related to the divestment that you made towards the end of the year? Our dividend policy states that we shall basically look at the income from property management and take into account realized profits from divestments, apply full tax on the sum of those two, and distribute approximately 50%. The discussion regarding dividends also tries to take into account a predictability and the possibility of year- by- year increasing the dividends. The dividend proposal is not only a mathematical function of the factors which I mentioned. Okay. Does that answer your question? Yeah, I believe the answer to the question is yes. Is that correctly understood? Sorry for using many words. It is part of your dividend policy because the reason why I asked- Yes Is because if we look at the running results and just apply the 22%. You would be up towards 60%, which is high for Wihlborgs historically. That's why I figured. That's right. You also take into account the realized gains, but also the fact that this is a point from where I assume Wihlborgs would not like to lower its dividend going forward. That's a correct assumption. Okay, good. Thank you very much. Those were my questions. Thank you. Thank you. We have one further question in the queue so far. That's from the line of Max Nemo of Kempen. Please go ahead, your line is open. Thanks very much for the presentation. I think most of my questions have probably been asked there, but just one last one if I can, on some of the unexpected costs that you talked about in Q4 2020, particularly around rebates. I know it's a difficult question to answer, but how do you see that progressing, particularly in the early part of this year? Do you think that there will be more in the way of rebates that you need to give going forward, and what the impact will be on earnings, of course? Thanks. Well, as I mentioned, going into Q4, we did not expect the situation to develop as it actually did. What we see in our tenant discussions currently is that discounts should not be at the same magnitude as they were in Q4. I think it feels pretty hard to say that we won't need to give any discounts during 2021, looking at how the pandemic developed over the year 2020 and its unpredictability. We don't expect the same numbers in Q1 or Q2. How the pandemic evolves, we'll just have to see. It hit this region a bit harder in Q4 than expected, and also some of the discounts were given for solving the situation for a long-term perspective with some of our tenants. I think, as Arvid mentioned, we won't be at the same level from now on. Okay, thanks. That's helpful. Thank you. Thank you. Once again, if there are any further questions, please dial 01 on your telephone keypads now. I've actually received a question via email here. The question relates to how much of the property value change in Q4 relates to the divestment to Blackstone. The answer is that we took the value gain from that divestment agreement already in the Q3 report. The Q4 value change does not relate to the Blackstone divestment. In a second email here, I have a question regarding how is net lettings excluding projects. Are much of the net lettings projects, and how are like-for-like forming? The answer to that question is really that in the net letting, we do not separate our new projects. It's of course the case that we have, for so many years, been able to show a positive net letting all quarters excluding one. It's of course due to the fact that we do create new projects and without that, it would of course be impossible to have positive net letting each and every quarter. We do not separate that number, so I cannot be specific in the answer, unfortunately. There's an additional question here. Both Raffinaderiet 3 and Pulpeten 5 are large developments with zero occupancy. Are you planning for more developments on speculation? How are you going about starting thinking, planning when starting with zero occupancy rate? How do you use pre-letting requirements? I would say that we look into every situation. In Hyllie, w e have no vacancy. We have to be able to offer the market something. 2023 is quite far away in time schedule, even for larger tenants. It's important that we start producing this project to be able to offer that to the market. Raffinaderiet in Lund is a kind of a special piece, a very interesting one. We have good discussions there. We already know that we will fill that up. We have to look at the location, the situation around it, and what this product will provide the market with. That gives us our guideline if it's possible to start without any signed leases. We will continue to act like that in a very responsible way, of course, but we have to all the time be able to offer the market new premises. The last question that I have via email here is the 10% share buyback program proposed to the AGM. What are the plans for this? The answer is that the board has asked for this mandate from the AGM each and every year for many, many years. We've not used the possibility to buy back shares for the past 12, 13 years. The board feels that it is beneficial for the company and in the end for the shareholders to have this opportunity if a certain situation would arise. I have no further questions via email. Do we have anything more via phone? We've had one further question come through on the phone lines. That's from the line of Alex Olson. Please go ahead. Your line is open. Hello. Prior to your presentation, I was looking through your earlier reports, and in your annual report from last year, you talk about the possibility of a super region between Hamburg and Malmö Copenhagen due to the Fehmarnbelt connection and a possible metro line. Looking at this and your new acquisitions, does this increase your interest in Copenhagen, and are there new areas of Copenhagen that will become interesting to you? Are you taking this position right now as to invest more in that area due to the new connection that is supposed to be ready by 2028? Yes, that's a possibility. We definitely think that Copenhagen is an important part of our portfolio. We'd love to see that we can increase our value there. I think we will have opportunities both on the Danish and the Swedish side. In what timing that will come, the future will tell. Great. Do you already now see a possibility for new areas of Copenhagen that would be increasing in interest? At the moment, we mainly focus on the areas that we already have a significant part of, because that's a very important factor for us, that we are able to concentrate our portfolios. That's a very good thing for our tenants to be able to increase their, and make changes in the areas. It's not like that we, according to the STRING collaboration, have pointed out any new geographical areas in the Copenhagen area that we will invest more in. We think that we have chosen really good locations, and we keep on focusing on them. Of course, you never know. Great. That was my question. Thank you. Thank you. There seem to be no further questions from the phones at this time. Okay. I have one more question via the web here that relates to our divestment to Blackstone. Logistics valuation uplift was taken, but has a read across to the wider portfolio also been applied if higher quality? Can say that to some extent the valuation in the portfolio that we sold to Blackstone has affected valuation of logistics properties. You should also bear in mind that the valuations, according to IFRS, need to exclude any portfolio premiums which potentially could have been paid or which probably were paid by Blackstone when we agreed on that price. The valuations paid by Blackstone would not, by our external appraisers, be fully taken into account when looking at our existing or the remaining logistics portfolio. I have no further questions in my inbox. Okay, there are still no further questions from the phone at this time. Okay. Thank you for today. Of course, you're welcome with questions in other medias afterwards. Thank you very much, everyone. Thank you.