Doxa AB (publ)

Hello and welcome to the Doxa's book signing event. My name is Christian Lindgren and I am the CEO of Doxa. I joined the company here at the beginning of the fall as the CEO. First as a temporary CEO and now as a permanent CEO since January. I came last from Agartha, a company owned by Greg Liggett. I have been the CEO for five years. In the meantime, I have worked in properties and financing. I started my career at Gutic, a property company in Malmö in the mid-90s. I worked as an analyst and then went on to become the CEO of Aktiv Kapital, a small conglomerate that was listed on the Stockholm Stock Exchange at the time. Malmö here in Malmö and also at Sparabanken Syd in Ystad. So I have quite a long experience of properties and financing.

And I would also like to introduce Patrik. Hi, my name is Patrik Lindström. I work as responsible for our project development business in Doxa. I have done this in snart eller drygt tio år och hade motsvarande roll under den perioden som vi arbetade i Serneke. Innan dess så har jag jobbat 15 år med huvudsakligen projekt och affärsutveckling i Pega.

Hej då! Vi skulle bara vilja påminna om att det finns möjlighet att ställa frågor till oss som vi besvarar i slutet på presentationen. I would like to start by talking about the important events that occurred during Q4 and at the beginning of this year. On November 29, we sold Zernike Sverige to Motales, the seller of the property was Zernike Group AB. Motales paid Euromelabash for 1.1 billion SEK, which was equivalent to a debt that Zernike Group AB had to its subsidiary Zernike Sverige. Tanken var helt enkelt att de här skulle kvittas mot varandra i framtiden och att det skulle inte uppstå några resultat eller likviditetseffekt. Den 8 januari gick, valde dokumentariskt att sätta Zernike i konkurs. Det var någonting som vi inte hade räknat med och vi är naturligtvis misslydda med hur de har hanterat bolaget. Jag tycker också att det är väldigt tråkigt för alla anställda och alla kunder som drabbats av den här konkursen. Doxa har under sin ägartid stöttat det här bolaget med mycket väsentliga kapitalbelopp och för att driva den här verksamheten vidare. Vi kan dock inte göra någonting åt det nu. But in relation to Matares, this is a final chapter. We have sold Särnäcke Group AB, which has sales companies, and we are no longer part of their debt and financing relationship, which exists between Särnäcke Group AB, Matares and Särnäcke Sverige. The competition has negative effects for us. We will have to free up the guarantee and the capital investment for Särnäcke Sveriges räkning. for this year, and we have estimated it to 255 million kronor, and there is more as a debt in our balance sheet. It will take two or three years before we have the final result. It takes as long as it takes to complete the market plans that we have guaranteed, and therefore also be able to see what additional costs the funds are affected by. It can of course be both better and worse, and we will continue to update our estimates when we have more information. This is very boring, but we handle the effects of the concussion. At the end of the year, we carried out two major deals. One was that we sold several real estate projects, including the brand Säneke and the company Säneke Group. The Säneke Group is a company. The projects we sold are not in our long-term strategy to develop themselves. One of them was a ski facility in Dalarna, which is located in Tjärtevålen. And we see this as a start, a revision of the project portfolio, to work on the project that we consider to be the most interesting to develop. The payment for this business was mainly reverse, and we have in the end managed to reserve about half of this. It is this part of the reverse that was dependent on the future development of the contributing company. And we have in this way, by reserved for the entire revenue, removed the insecurity in the balance bill. And on the same day, we also carried out a large property management for Balder. We sold off all administrative properties that they also owned. We also sold off all unsold apartments that exist in Karlatornet. And through this business, we have significantly reduced our balance bill. and we have also reduced our debt. So now I feel that we have a strong financial position and we have also gained liquidity that is sufficient for running operations and also for the readiness to handle these effects that we have of the competition. Now I would like to talk a little about the results and the balance sheet. We start with the balance sheet for 2024. It has been set up as an investment company. These are the principles that we have had for 2024. In the future, we will present it as a traditional real estate firm, so that the layout will look different. And it is of course a very big minus result, and it can be explained in its entirety by the investment in Säneke. and also the effects that arise in connection with the competition. I would now like to point out that we have a fairly clean balance sheet. If we look at the right side, we have a pro forma balance sheet. This is the balance sheet and how it looks after we have carried out these transactions this year. One of the transactions, the one we did with Balder, ended in January and therefore it is still included in the outgoing figures for 2024. So to facilitate the understanding of the future, we have chosen to put forward a form and that's what I was going to comment on. And if we start at the top, we have immaterial and material access. The two costs are garage, observation deck and media facility in Kalastaden. It is divided into intangible and intangible due to the mobility of the area. Moving on, we have 26.7 million kronor of investment in SeedPo and long-term investments of 60 million kronor. The big post that we can get to is project and operating capacity, which accounts for approximately 2.2 billion, accounts for the Karlastaden project, 388 million accounts for the housing authorities that we are building and that we will be able to declare here in the first half of the year, so they will be able to go out of our balance sheet. And then we have our other project development portfolio of 193 million SEK. And we can then note that our supply mass consists of the majority of our investment in Kalastaden. And in connection with the businesses, we have also received liquid funds at 447 million SEK. We have determined that this liquidity is good and sufficient to handle the effects of the exchange rate. In addition, we have put in access under development, 426 million SEK, and the 426 million SEK is allocated to the stocks in the housing city of Halmstad AB. The board has made a decision that we will sell it and we will return to how the sales are going here during the spring. So we have in total access to 5.2 billion SEK. And after Vårt minusresultat så har vi ett eget kapital kvar på 2,4 miljoner. Genomgång av skuldsidan som vi har kvar, som också förändras kraftigt i samband med att vi genomför de här transaktionerna, så har vi avsättningar om 270 miljoner kronor och då är 255 miljoner av de 270 miljoner som är hänförliga till avsättningar vi har gjort i samband med Svensk-Sveriges konkurs, som vi har diskuterat. And our rent-based debts, long-term and short-term, go up to 2 billion kronor. And the rent guarantee at 195 million kronor. Bank loan at 305 million kronor. Bank loan in housing rights associations at 260 million kronor. And in the event that housing rights associations have to be finished and handed over, then the debt will be repaid. And then there is a Väntöbärns kundavseende AB Framtiden at 515 million kronor. And that is the solution of the option that we have left to do. And if we look at the reverse loan at 740 million kronor, then half of the reverse loans are available to the municipality of Halmstad and will then be resolved in connection with the municipality of Halmstad itself. And this was a short review of the balance and the results calculation. And I thought that I would share with you what happened at the beginning of 2025. And I stood out to the board on the 3rd of January. And it also became a change in Doxa's election process due to the changes that have taken place. And we do a review of the business. This means that we have developed new revenue principles from January 1, 2025. We go from investment policy to positive policy. And this is a work to increase transparency and understanding of DOCSIS figures. If we think about the big deals we did at the end of the year, we do an efficiency and cost review to adapt to the new costume that we will have in the future, which is essentially different compared to what has been in the past. And Docksta 2025. It has been turbulent. It has been big business that has been done that has changed the company. We want to replace it with stability and that we will work with value-generating activities through the development of our project portfolio. We go from being an investment board to a real estate board. We have a strong competence and experience in project development. We also have the capacity and experience to carry out real estate investments. And as I said earlier, we are a much smaller organization, but we have a strong engagement and we have the experience to create the world. Vi har lärt oss i projektet och i samband med balansräkningen så är det Karlstad som är i fokus. Det är där vi har större delen av vår balansräkning fokuserad. Naturligtvis, vi ska arbeta med att fortsatt öka transparens i vår finansiella rapportering och vi hoppas att vi har tagit ett steg framåt i den här rapporten. And I would like to invite Patrik, who is one of our project development partners.

Thank you very much. We have an exciting project portfolio that contains a large number of projects around the country. In the pictures here, we have taken examples from Gärfällan, Trelleborg, Funktionsbacka and Lund. But the project contains much more than just those projects. As we said earlier, the project is mainly in the large-scale regions. In total, the portfolio contains approximately 600,000 square meters of building rights. It's a mix of housing, commercial premises, building rights for education, care and various types of businesses. So, a broad mix in the portfolio. We have everything from large projects like Kalastaden, which we will look at in a moment, to smaller projects of a completely different scale. So there are many different types of projects. The projects are also in different phases. We have projects where we have a finished detailed plan, and we have finished buildings, and these are projects that could start in the near future, as long as the market starts, in a different way than it has been in recent years. We also have projects that are in the planning and budgeting phase, and we have a number of projects where we do planning work. And it's all from early planning, early planning phase to a project that has recently been adopted. We received a positive decision from the municipality of Trelleborg about the first stage in the western lake town of Trelleborg here as late as a few days ago. We run most of the project ourselves, but the portfolio also includes part-time projects that we run together with other partners in Jont Ventures. And we have a project where we have acquired land, we have signed land permits. But we also have a project where we work with land designations with different municipalities or options. And a large part of the portfolio is housing rights, almost 60% Vi ska ta tillfället i akt och prata lite mer om Karlastaden som är vårt största utvecklingsområde och som Christian har nämnt här tidigare. Projektet ligger i Älvstaden som är Göteborgs stads stora utvecklingsområde för de centrala delarna kring älven. Därby Karlastaden är ett av alla de attraktiva projekt som utvecklas i de centrala delarna av Göteborg. Om vi zoomar in ett snäpp så... Karlastaden is located on Lindholmen and is a part of that district. Lindholmen is a very exciting part of the city. For many years, various businesses have developed there. It is now also starting to be completed with more and more housing, which makes it a very lively and exciting part of Göteborg. Det sägs vara ett av Göteborgs mest kunskapsintensiva och expansiva områden. Många av bolagen där ute fokuserar på AI, media och mobilitet. Today, about 30,000 people spend their time here every day, and the number is growing as more companies, businesses and housing are being established. So it concerns students, researchers, high school students, residents, and here on a daily basis. And there are over 400 companies that have businesses out here. And it's a mix of small local companies to large international companies and national authorities. Vi zoomar in i ett snäpp till och tittar på Karlastaden, själva stadsdelen som vi verkar i. Karlastaden består av åtta stycken kvarter. Karlatornet och kvarteret Kapellan färdigställdes under 2024. Under 2024, we also made a deal with Framtiden, Framtidenkoncernen, where we, among other things, acquired the quarter Lynx and Vego at 100%. The remaining four quarters, Callisto, Casopeia, Aries and Auriga, we co-own today with Framtiden. And there we have a one-sided goal to buy back Framtidens share until September 2027. If we look at respective quarters and what opportunities we have in the quarters, we have a detailed plan that It also regulates the size of the buildings and the number of floors and many other things. It also regulates that we have the opportunity to fill these houses with a large and varied content. We have the opportunity to go to commercial premises, we have the opportunity to go to offices, housing, education, in some quarters, hotels, care and schools. För kvarter Kalisto så har vi framförallt hängt oss kommersiella lokaler, faktorer och visst inslag om bostäder. Kvarteret innehåller bygget på upp till sju våningar. Hittar vi lite närmare på Cassiopeia så är det kvarteret och den byggnaden Karlastadens nästhögsta med 43 våningar. There we have planned for commercial areas in the ground floor, office premises in the podium section and apartments in the tower. And also in the tower you will be able to get both offices and apartments with a fantastic view over Gothenburg and its surroundings. One of the smaller quarters in terms of volume is Aries. There, we mainly plan for a renovated housing project, of course with commercial areas in the entrance plan, which will contribute to that all the neighborhoods have it to create an exciting street environment and an interesting part of the city. The fourth of these four projects that we, or the neighborhood in Karlastaden that we are bringing forward today is AORIGA. a large podium that enables a larger office establishment, for example. We have looked at different alternatives, and there are also opportunities for both education and preschool areas in that quarter. And the tower, like the other blocks, will also be planned for housing. But as I said, the detailed plan contains great opportunities, and what we are looking at is one of all possible scenarios, but what we consider to be the most feasible. Karlastaden will become a central city. The city is dense and attractive, and we have the opportunity to create a very high degree of variation and complete Lindholmen in general in a very good way. The high density of city buildings that we plan to work with will provide attractive services, good cafes and restaurants, Helt enkelt en väldigt bra plats att jobba, bo och leva på. Karlastaden är vårt största projekt, också det projektet som vi verkligen tycker är ett spännande och roligt projekt att fortsätta utveckla framåt. Med den lilla dragningen av våra projekt och Karlastaden så lämnar jag över till Christian.

Tackar. Sammanfattningsvis skulle jag bara vilja gå igenom. Våra målsättningar på kort sikt här, och det är ju att skapa värden, göra fastighetsutveckling, och det är ju inte minst det då som Patrik Perre har gått igenom. Vi kommer också fortsätta att avbryta tillgångar som inte går över långsiktiga strategi, vi började vid årsskiftet, vi kommer fortsätta det arbetet under året. Och vi kommer också att ha arbeten att säkerställa en långsiktigt hållbar finansiering för atmosfären. De här projekten kommer att nyfinansiering för det. Ja, och med anledning till det så har vi gått igenom vår presentation och lämnat upp för frågor.

Ja, vi har fått några skriftliga frågor här som jag tänker läsa upp och den första handlar om kvarvarande osäkerheten kring fordringarna, hur mycket Can you say, what was the worst case scenario?

Was it deductions or deductions?

Yes, the amount that is intended to cover the deductions can go up from the competition.

Yes, deductions. We have done our best assessment so far. We have also provided a report on the different levels of that can come in. We feel safe with the assessment we have made, but it is not possible to know how much it will be, because it depends on how the customer's project is written out, when they are done and how much of what is available to the company due to the competition. We make the assessment with the help of our managers and other experts in the field. This feels like a reasonable assessment. It is an assessment, and the final result will be in two to three years. It will be successful. Here is a shareholder who has expressed concern about the communication and says that the trust is not left.

How do you plan to work on this trust issue?

Yes, absolutely. We have taken advantage of the criticism that we have received. We have had a resource list during the autumn with it. We have been very focused on operational issues. Anders, who is with us here in the room, who is in charge of our communication. We have changed the teaching principles to get more transparent teaching. I will continue to make it more accessible for the shareholders as well. So we will continue to work with it. And we will listen to what the shareholders have to say for criticism. There is a question about Karlatornet and the partnership with Valder.

Is there any risk in that relationship in some way? That, as I interpret the question, that there will be a sale out there, can be in agreement with Valdemar Nygren to use his right to auction. I interpreted it as if it was about the future, AB. I turn to Patrik to answer the question.

But if we talk about the Kalatorn, which the question starts with, then it is so that Balder had an option to acquire offices and hotels in that project in connection with the completion. And that was also something that Balder did during the spring of 2024. So offices and hotels are now part of Balder's administration. Sen gjorde vi då den här ytterligare försäljningen till Valder som Christian berättade om tidigare med bland annat då de osålda lägenheterna som Doxtrans sedan tidigare hade köpt in och därmed så har vi liksom förutsättningarna för tornet och tornets genomförande och vår relation med Valder så att säga är utklarat vad gäller tornet.

I also have a question about politicians in Gothenburg who have made a statement about lowering the existing transaction and option. Do we have any comments on that?

Det är ett väldigt tråkigt efterspel efter affären, något som vi tycker är en väldigt bra affär för alla inblandade parter. Men i övrigt så har vi svårt att kommentera den interna frågan mellan olika parter inom Göteborgs kommun.

Men vi bedömer inte att det finns grund för hävning eller möjlighet för...

En fråga kring kassan och investeringar i framtiden. Vad är planen de närmsta tiden för att använda pengarna som finns i kassan idag och efter de försäljningar som har gjorts?

Ja, vi har ett... The current undercut is our business. It goes from having a pretty big suit to a smaller suit. It will take time to adapt to the first half of the year. So we will use part of the budget there. We have also come up with that we are going to implement payments that will be spent on scholarships in Sweden. And we are also attempting ongoing project development with the money. We are going to start to build large, to develop the entire Kalastaden, so we will eventually have a new budget.

Okay, then we have one last question here so that we keep up with the schedule. It is an open question. Would you say that the crime has been committed and that we shareholders can look forward?

I feel safe with the information that we have presented today. And we hope that it will be appreciated by the shareholders who are the ones who decide the price.

Good. With that, we thank you for listening to the presentation. If you have more questions, you can send us a new email and we will answer them. The email address is corporateatdoxa.se.