Nidec Corp Adr

Welcome to Doxa's investment presentation. My name is Christian and I am the CEO at Doxa. And on my side is Patrik Lindström, who is our real estate manager. Today we are here to give an update on what has happened during the year, what we have done to position the company and what we are going to do in our strategy in the future. Yes, as I said, my name is Christian Lindgren. I am the CEO at Doxa and I have been here for one year. My background is in banking. and properties and general business management over the last 25-30 years. Patrik has been the vice-manager at Cernike and also a background in P-app Sweden. Together, we are the management at Doxa and we will lead the company forward with the new strategy. It has been an intensive year and an intensive quarter. We have made several structural changes that have strengthened the company financially and renovated the business. And during this quarter, one of the most important events is that we have sold the 40% of the property in Halmstad. We sold it to Bokfart Värde, 426 million SEK. And that means that we pay off debts of 372 million SEK and we have increased the cash with 55 million SEK. In addition, we have also sold the property Gullen 8 in Trelleborg. for almost 16 million kronor, and since it was unpaid, it included a contribution to the cash register for the same amount. And we have also initiated a resale program. When we were done with that, we were in a quiet period, so we have not started resale yet. If we go in and look at the report on the result, we can see that it reflects the transformation we are going through. We have a turnover of minus 61 million SEK for Q2, which is 11 million SEK for Q3. But it is important to see the trend. We see that we are successfully adapting our costume to the new, more limited business and that we are unveiling the parts that we have decided to unveil. Vi är nu en liten och effektiv organisation och vi känner att vi står väl förberedda för att växa lönsamt igen med den nya strategin.

Doxa har idag en tydligt renordad portfölj. Merparten av portföljen består av våra innehav i Karlastaden i form av Karlastaden Media, Gothenburg View och Karlastaden Byggrätter. Together, they account for approximately 90% of the portfolio value. In addition, we have a project portfolio in Doxa Project Utveckling AB, with projects of different characteristics around the country, around the major state regions. During the year, we have also completed a number of ongoing BRF projects som nu då är klara och vi har kunnat lägga dem till handlingarna. Det innebär att vi nu då har kapacitet att fokusera framåt på utvecklingsmöjligheter och andra typer av fastighetsinvestering.

If we look at the financial report, we can see that the substance value is 1.61 kronor per share, which is almost 2.1 billion kronor in equity capital. We have worked with the rentable debt to decrease during the year and at the same time we sold off a large part of our assets at the beginning of the year. So we have a more pure balanced calculation and We can also see that we have deductions for competitors to the competition, which in the end unchanged since we did the first assessment at the beginning of the year. So we can say that we have fixed it, we have reduced the risk level and we are ready to invest in new assets. And we do a summary of the situation. we have gone from being an investment company within properties and also a construction company to becoming a more clean-spread property company. And this clean-spread makes it possible to build a new value based on stability, cash flow and long-term profitability. And today we have also launched Doxa's new integration. And that is a clear focus on property investments with development opportunities and positive cash flows. Our thoughts are that we should act in situations where traditional investors lack flexibility. We can have, for example, financial needs, fund development or ownership changes. And then we should be able to come in with capital, structure and competence and create a value for both our shareholders and also for the sellers.

If we do a little summary of the market situation as we see it, we can make the assessment that the market is currently characterized by higher capital costs, selective lending and a great need for refinancing. At the same time, we see increased activity in segments with a clear value potential, such as logistics, housing and social activities. Many real estate funds are nearing the end of their running time and A large volume of assets will come out in the market that need to be sold or restructured. In this market situation, we see a very clear niche for Doxa, where we can be a flexible, reliable actor who can act quickly and create value in complex situations.

If we look at our investment strategy, our strategy is about value creation for both Doxa and the seller. We do not only buy assets, we also solve a problem for the seller. For the seller, it can be a need for liquidity, reduced return or a fund that must be closed. For us, this means that we have to buy access to attractive conditions and free the world through active administration and efficient capital structures. In this way, we will create long-term flows, a higher substance value and build a company with stable growth and income. Our goal is to grow with discipline. We will increase the substance value. We will reduce the substance value of water. We will increase the value of the shareholder in Doxa. Our goal is to build a real estate portfolio of approximately 15 billion- under the next three to five years. It is an ambitious goal, but it is fully realistic. And with the market situation and our experience, we will be able to do it.

We are a small but very experienced organization. The board and management have background in real estate, real estate development- finance and law. This means that we can analyze, structure and carry out business both quickly and professionally. We also have short decision paths, which we see as a very strong competitive advantage in today's market, which means that we will be able to act in several different situations when the opportunity arises.

If we look at the investment criteria we have set up, we will be selective. Each acquisition should be cash flow positive and contribute to increased shareholder value. Partly by increasing the value of the substance, but also by clarifying the portfolio and reducing the discount on the substance. We will finance our investments through a balance with our own capital and debt financing. to create a high return with reduced risks. We will reinvest our generated cash flows in new projects and can also buy back shares to strengthen the value of the shareholder. The share is an important part of our strategy. Troxa's shares have a high turnover rate and a free flow of almost 80%, which is high in relation to other companies in our size. This means a good liquidity, a small spread and stable trading conditions for the stock. This means that it becomes attractive to buy stocks, but also to get it as a share payment in a transaction. We make the stock an attractive transaction currency and strengthen our position on the market. And our business does not end with us acquiring assets. It starts there. and the core of our value creation is active management. When we take over a property, we work systematically to increase the value and cash flow through two main tracks, an effective capital structure and the development of the properties. We take an active role, we take care of the properties that the new owner needs, we develop them, we stabilize the cash flows and create a stronger balance sheet over time. In short, we make properties Bättre, mer lönsamma och mer värda.

Genom vår erfarenhet från projektutveckling så kan vi dessutom driva selektiva ombyggnads-, förtätnings- och renoveringsprojekt där det finns en tydlig värdepotential. Men alltid med kassaflödesfokus och finansiell disciplin. Some questions that can be interesting to think about. Which assets will Doxa acquire?

We will focus on properties where we see development opportunities, but above all positive cash flows.

And how is the acquisition financed?

We will look at each investment in itself and how it should be financed, but an essential part will be that we use our own stock to pay the seller and to work with a debt that is optimal to reduce costs.

Is there a risk of also acquiring problem properties?

No, our focus is to create long-term cash flows and high-cost real estate projects. By being transparent and active in the administration, we create value for our shareholders and sellers, as well as those who are in our properties.

And how different are you from other real estate companies?

Our strength is a very strong transactional competence, as well as that we work strategically to increase the substance value in the share. In this type of transition, where we are active, the competition is low and we have the opportunity to create value in a unique way. In summary, after the position, we are ready to enter the next phase, from pure farming to growth. Doxa will be an active, long-term real estate investor with a focus on cash flow, development potential and value creation. Our combination of real estate competence, financial flexibility and performance gives us a strong position when the market changes. The goal is simple. To create a strong, stable and value-generating Doxa for the shareholders. Thank you for your trust. Och om ni har några frågor så är ni välkomna att skicka in dem på vår e-postadress corporate.docsa.se så kommer vi att ta upp det i kommande presentationer.