Besqab AB (publ)

Välkommen till presentationen av Beskad's bokslut och rapport för det fjärde kvartalet 2024. Jag heter Magnus Andersson och är vd på Beskad och med mig har jag Magnus Sundell som är CFO på Beskad. Vi kommer tillsammans att gå igenom en presentation över kvartalets och årets utveckling. Vi tar väldigt gärna emot frågor och frågor ställer ni genom chattfunktionen och så kommer vi att besvara frågorna efter att presentationen är klar. And we end by summarizing the fourth quarter as a quarter where we have had a good sales development, we have had an increased turnover and a higher brutto result. The turnover during the quarter is SEK 784 million, which corresponds to a brutto result of SEK 128 million and a brutto margin of 16.3%. Rörelseresultatet i kvartalet blev 65 miljoner kronor. Det motsvarar en rörelsemarginal på 8,3 procent. Under kvartalet sålde vi 69 bostäder på bindande avtal och vi bokade 21 bostäder under kvartalet av de bostäder som var i pågående produktion. Under helåret sålde vi 280 bostäder på bindande avtal och bokade 21 bostäder. Det här gör att andelen bokade och sålda bostäder i pågående produktion hamnar på en hög och bra siffra. Vi har också i tillägg till det under kvartalet säljstartat ett antal nya projekt som ännu inte är produktionsstartade och i de projekten bokade vi ytterligare 59 bostäder. Vi fortsätter att starta projekt och under fjärde kvartalet startades två projekt, totalt 169 bostäder och under helåret så startade vi totalt 368 bostäder. Vi färdigställde under kvartalet 382 bostäder i tre projekt och under helåret 2024 hade vi en hög färdigställande grad och färdigställde totalt 1802 bostäder. This means that at the start of the quarter we had a total production volume of 1,572 houses in ongoing production. We continue to be active in refining our building rights portfolio. We carried out a number of acquisitions during the quarter and at the start of the quarter we had a total building rights portfolio with future houses of 7,270 building rights. If we then go over to look at the financial development during the quarter, or sorry, during the whole year, we had a significantly increased turnover during the quarter and also an improved gross profit. The net turnover according to the segment review came in at 2 billion 241 kronor and that is an increase of almost 1 billion compared to the previous year. The gross profit 384 million kronor, which corresponds to a gross margin of 17.2 percent. And the moving result came in on the whole year to 156 million kronor. This corresponds to a moving margin of 7 percent. The moving result is loaded as planned by costs that occur in connection with the connection between Norges Bostad and Beskad. But at the same time, we see that these additional savings measures are completely in line with the plan to implement the cost synergies in the context. According to IFRS, the balance agreement reached 5.6 billion SEK, which is a significant increase compared to the previous year's shift, and the solidity reached 57.1%.

Finally, the rejection of own capital increased to 5.1% according to the segment review.

We continue to be active in converting our building rights portfolio by acquiring building rights in strong and good central locations in Stockholm and Uppsala. And during the fourth quarter, we made an acquisition of Byggrätter för 170 bostäder på Kungsholmen genom en affär med Electrolux. De här byggrätterna har färre detaljplan. Vi har som ambition att kunna produktionsstarta det här projektet under 2025. Vi förvärvade även under kvartalet byggrätter för cirka 100 bostäder i Nackastrand. Här pågår detaljplanarbete och vår bedömning är att en produktionsstart kan ske tidigast 2027. Under the quarter, we also carried out the sale of building rights in the Sona Center to elected properties. This sale mainly contributed to a positive equity effect of about 300 million in Q4. In addition to this, we also participated in a market presentation for the Tegelvik project in Södermalm in Stockholm. It is a market presentation from Stockholm City, and in connection with the participation, we also started production in the project. And after the start of the quarter, we also submitted a land registration from Solna for about 250 homes in the capital, Solna, and here the detailed planning work will start. We assess a production start that can take place as early as 2028. These activities during the quarter means that we at the start of the quarter had a building rights portfolio of a total of 7,270 building rights in attractive locations in the Storstockholmsregion and Uppsala. This map shows the distribution of our building rights. Where we see that about 25% of our building rights are located in Stockholm municipality. The rest of the building rights are located in nearby and outskirts around Stockholm municipality. We have the rule of thumb to acquire building rights that are within one hour of collective traffic from Stockholm central. In addition, we have Uppsala as our own region where we have about 15% of the total building rights portfolio. Vi tycker att vi har en bra mognadsgrad i våra byggradsportfölj. Vi har ungefär cirka en tredjedel som har en antagen eller laga kraftvunnen detaljplan och ytterligare 40 procent som ligger långt framskridet i planskedet, antingen i samråd eller granskning. Det här gör att vi tycker att vi har en bra beredskap att kunna starta upp nya projekt i takt med att marknaden nu återhämtar sig. If we then go over to the market, then our picture here is that the housing market in the Stockholm area is starting to speed up and that the sentiment is strengthened. The volume of transactions is increasing and in the Stockholm area, during the last quarter last year, they were about 20-30% higher compared to the same quarter previous year. The supply is still at relatively high levels and it has a certain dampening effect on price development, but despite that, the housing rights prices in Stockholm's county increased by about 7% in 2024. This improvement of the market is of course driven by the fact that inflation is going down properly. Riksbanken har genomfört ett antal sänkningar av styrräntan och det börjar nu ge effekt hos hushållen. Det minskar osäkerheten hos kunderna och det gör att vi återigen ser bra möjligheter att kunna sälja bostäder på ritning även innan produktionsstart och långt innan inflyttning. This positive trend is also confirmed by the expectations of households if the future price development increases. We follow the housing price indicator that measures this. The housing price indicator per February 2025 is 58 in Stockholm and 50 in the country. These are high levels. Our assessment in the future is that the development of housing prices will be driven primarily by the strengthening of the economy of households. By implementing rent reductions, strengthening real wages and tax easing for households. And the prognosis we have for 2025 is that housing prices will rise roughly at the same rate as they did in 2024. We see signs that the market is also starting to accelerate in our own sales at Beskad. During the quarter, despite a relatively large supply, we have sold 69 homes on binding agreements, booked 21 homes from the projects that were in ongoing production. The corresponding figure for the entire year is a total of 301 sold or booked homes for 2024. And that means that the proportion of sold or booked housing in ongoing production is 77%. And that's a high level. And excluding rental rights from that figure, rental rights that are in ongoing production and that we count as sold, we have a rate of booking of exclusive rental rights at 61% of the projects that were in ongoing production. And as I said at the beginning, we have started several projects during the quarter. And in the projects that have not yet started production, we have booked another 59 homes. And that means that our total sales, including that, in the quarter lands on 149 booked or sold homes under Q4. And that's a high figure. And in total during the year, our total sales of booked or sold housing became 360, which is significantly higher than in previous years. What is also very positive is that we have been good at selling out the stock of housing that is in the project during completion, which means that at the start of the quarter we only had 10 unsold houses in completed production, and three of which are display apartments that we keep. We have a high activity to self-start new projects. We see that the market is starting to come back and we want to take market shares. At the beginning of 2024, we had sales in 12 ongoing and two non-production-started projects. And we have had a good sales activity during the year, strong sales. We have had a few homes left in the old stock. At the same time, we have started selling 12 projects for printing during the year, of which 5 are only in Q4. And during the remaining quarter, we plan to start selling another 6 projects in Q1. At the same time, these projects have received a lot of reception, we see an increased interest, a satisfactory booking degree in the project, and this makes it possible for new production starts. And we see that we now, by setting up projects for sales, can increase our market share and stand for a larger part of the supply of new production in Stockholm and Uppsala. And the circle diagram to the left shows our share of the market that we have per February this year in Stockholm and Uppsala.