Doxa AB

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.