Stendörren Fastigheter AB (publ)

And while we still have this picture on the screen, I would like to comment on what we see on the right. It is a finished project during the quarter, the wind power, which is located in the southern Stockholm city, in an area called Skrubba, which we finished at 1900 square meters. And in the end, as it is often the case in light industry, in the end we rent it out. So it's a full rental to a state, municipal or municipal tenant. But we go into the presentation and I think that many of you who are with us today know us very well, but I still want to mention what I think is the most important with Stendörren. We are then in warehouse logistics, light industry, mainly in Mälardalen, even almost, or a fifth of Stockholm city. And there we have a good rental growth in Mälardalen, which is important. We also have a large building rights portfolio. We have 634,000 square meters of building rights compared to our rentable area of about 950,000 square meters. We are developing this building rights portfolio successively, which also leads to a good and profitable growth. Vi har nu ett fastighetsförstånd på 17,5 miljarder. Vi förvärvade och investerade i fastigheter för ungefär 1,4 miljarder under Q1. Even Q4 was relatively heavy investment with a lot of acquisitions, so we have increased and through acquisitions and projects we have gained quite a lot under both Q1 through this Finnish acquisition we did at 1.3 billion, but also under Q4 last year. So, high and profitable growth in the company, which we can see in the graph in the lower right corner, which shows a very nice growth in the company. But we also have a high stability in the company. We are in a high-release segment with with a drop of about 6% with long period of time. We only have one large tenant and that is the Fortification Authority, but also a very diversified tenant list. So strong growth, profitable growth, but also very nice stability. Some detailed comments about Q1. We have seen a challenging market with an economic and geopolitical turbulence. When you listen to macroeconomists, they often say that there is a good underlying pressure in the Swedish economy, but at the same time an insecurity, and that is really exactly how we feel in the company. Good demand, a lot of customer dialogue, but also concern and doubt, which makes it difficult to get the ink on the paper sometimes. Not all the less, we have had a positive net sales both during the quarter and also on a 12-month basis. The financing market is important, of course, for real estate companies, and we also think that there is very good sentiment there. Under the quarter, we have invested 1.5 billion in this Finnish acquisition for 1.3 billion. We have done one more acquisition and we have completed a project and we have done this for a discount of 7.2%. Which is a very high and nice discount if you put it in relation to our average financing cost of about 4%. Through this Finnish acquisition for 1.3 billion, we also achieved a critical mass in Helsinki, which was important for us. Now we are at about 20% of our stock is in Helsinki. We have also had a critical mass in Copenhagen, which was a new market for us, but we achieved it in Q4. A little forward then, we have a We have a good pipeline with both projects and acquisitions. We have about 25,000 square meters of production in the project. We have a positive view on continued good growth in the company. Under the previous year, we have carried out extensive refinancing, which has greatly reduced the margins in the company, but has also led to a longer capital bond. We have increased the interest rate insurance a bit, which is reassuring, but which has also led to a longer interest bond. And we think that with lower margin, increased rent security and longer both rent and capital building, we have reduced the financial risks in the company. Under the quarter, we have also carried out a tap issue with an additional investment of 300 million SEK to a record low margin of 211 points. We think we are well equipped for continued good growth, which we will be able to take into account with the ongoing cash flow and the liquidity we have, but also interest-bearing financing. and keep in line with our financial defensive key numbers, solidity and interest rate. Before we go into the quarter, let's take a look at a little bit. We have had a very long-term, good growth in the company, both when it comes to net operating and management results per share. We have, we are looking at a little more operational key numbers. We have continuously increased the turnover rate and supply rate. to good levels and have been stable with an excess rate of 80% and an exit rate of 94%. There has been a lot of backlash, so I think we will be able to improve that somewhat, given better market conditions. If we look specifically at the quarter, the year before Q1 we had an increase in the operating net with 18%. This is partly due to acquisitions during this quarter, but also during the fourth quarter and in and of itself the year before, but above all the fourth quarter last year. But also in the comparable stock, we have increased the net profit by 4%, so there is a underlying growth, and it is not just investment-driven growth, but there is a underlying growth in the company. If we look at the administrative result, We have increased it by 32% Q1 to Q1. A very high figure. In Q1 last year, we had a slightly lower stimulus compared to the previous Q1. but we have also lowered the marginals in the company, i.e. the interest marginals, but a strong growth, quite simply. We have had, as I mentioned a few minutes ago, a positive net payment during the quarter of 5.3 million. Even if we remove the project that we completed during the quarter, we have a positive net payment, and we have a positive net payment on a rolling four-quarter basis as well. So we think, as I mentioned earlier, there is a demand out there and it is possible to do good business even if it is a congenital contradiction. We increased the exposure rate Q1 to Q1 with two percentage units and have a 94% exposure rate. A good figure given the market situation, I think, and remains at an exposure rate of 80% for the last 12 months. I mentioned an acquisition of 1.4 billion SEK and also a project for a discount of 7.2%. BIN-discount in relation to financing costs of 4%. Vi har en omfattande portfölj med pågående projekt på 56 300 kvadratmeter. De här specifika projekten ger en driftnätpotential på 74 miljoner. Vi har 25 000 kvadratmeter i produktion i nya projekt. Det vill säga borträknat en ombyggnation som inte är med i den siffran. That is, there are some projects where we have not yet started building, and then there are some projects that we start building first, in case we find a tenant, or rather when we find a tenant. When we interpret these figures, we should also remember that the large Finnish acquisition of 1.3 billion, we consolidated on February 20, so we do not have a full quarter effect of that acquisition, which is important. Even on the financing side, if we do a little zoom, we can see that despite high growth in the company, we have also had financial stability. We have increased our interest rate somewhat during the quarter, partly as a consequence of the negotiations we have made on our interest-bearing debts during the previous year, where we lowered the margins. Vi har räntesäkrat under kvartalet och det vill jag betona att det gjorde vi före Iraninvasionen så det är på attraktiva nivåer så gjorde vi en del räntesäkringar och har nu 68% av våra räntebärande skulder räntesäkrade med maximal IBOR, det vill säga Uraibor och Stibor på 2,3%. And when I say maximum, it's because we have swaps, so to speak, but we also have a lot of caps. And if we look at the top level, the max level of those caps, then we get a max IBOR of 2.3%. And since we've done a lot of interest savings in the near future, but before the Iran innovation, it's good to run them for four years. Vi gjorde en tilläggsemission på Syrien sekundarobligation på 300 miljoner på 211 punkter. Det är en rekordlåg nivå för oss. Även den var före Iraninvasionen. Vi har en bra likviditet på 580 miljoner. Då ska vi komma ihåg att fastighetsbolag får i allmänhet sina hyror inbetalda kvartalsvis i förskott så att på kvartalsbokslutsdagen i likviditeten som extra hög, så att säga. I resten av kvartalet så är det mest kostnader kvar i någon mening. Men 85 miljoner är en bra likviditet att ha, så att säga, för fortsatt expansion. Ytterligare om förvärv då. På rullande 12 månader så har vi investerat 2,5 miljard till en avkastning på 7%. Det är totalt 32 fastigheter, 12 förvärv. Det finska förvärvet, 1,3 miljarder, väger naturligtvis tungt i det. Med övrigt 2,5 miljard i förvärv i rullande 12 månader. Vi har ju haft ett modus operandi i bolaget att vi gör single asset affärer off market och det här finska förvärvet sticker ju ut i det. Det är egentligen den enda stora portföljaffären vi har gjort i bolaget och egentligen inte representativt för hur vi jobbar och hur vi ser att vi kan jobba med förvärv på det mest värdeskapande sättet utan genom att jag sticker förvärv så Off-market, we think that we can buy at 50-100 points better discount. And then it is the scale of 50-150 million. It's like a normal business for us. If we go over to projects, we have invested about 240 million in projects, also up to 7%. And then you can think that if the project does not give essentially more in some sense, then there is a greater corresponding risk in the project. Yes, and then you should remember that the previous figure on the contract side includes the major contract in Finland, and in Finland it is the direct issuance, the yield is higher than it is in Sweden. In addition, new properties or households are also better furnished. If we look at the right corner, Båglampan 25, we completed the housing requirement in Q4 last year. It is a few hundred meters from Bromma airport and it is in Stockholm city, a very, very good location. So there is of course the demolition requirement much lower than 7%. The same goes for wind power, up to the right, as we had on the first page of the presentation here. It is also newly produced in Stockholm city, so there is also a much lower demand for direct disposal. So the demand for disposal of these properties is lower, that is, this is very valuable. Especially if we take into account the fact that if we calculate the direct disposal on the basis of driftnet and divided with capex money out, Apart from the building value, I am the incremental yield of 7.9%, which is very, very strong. I have a good degree of accomplishment in the project. In all three, or apart from the one in the upper left corner, so the other three, Full rental. In all cases, there is one tenant at each location. The property on the left is where we have about a third of the vacancy, but there is a demand there and we have frequent visits, so we see that the rate of rent will increase there. An example of ongoing projects, we have relatively many ongoing projects and about 25,000 square meters in production. It is small-scale where we have our It is on the market where our own administrators and tenants have their tentacles out. We know that the vacancy in our stock is low. We know that the vacancy in competitors' stocks is low. We know that there is a demand, there are no concentration risks, it is a small-scale project. Så vi tycker att det här är låg risk och det är hög lönsamhet i de här och vi är trygga med att ha 25 000 kvadratmeter i produktion vilket också är i linje med måltalet för övrigt oss på 25 000-50 000 kvadratmeter per år. Then we have a couple of larger logistics projects, where we have, for example, up in the left corner here, where we have both building laws and an agreement with a builder in a grid form. But there we feel that we want to wait until we have a lease before we start building there. If we look a little forward then, on the acquisition side, we will continue to focus on off-market businesses, single assets, small scale. And we have a significant pipeline with potential businesses. This Finnish acquisition we did on 1.3 billion, a larger portfolio, was not our last resort. It was a unique opportunity that was fantastically good, but it is not what we normally seek. Vi vill fokusera på Stockholm. Vi tycker om Stockholmsmarknaden och så länge prisbilden är attraktiv eller tillräckligt bra så vill vi fokusera på Stockholm. Men även då våra nya marknader där vi ännu inte har något kritisk massa. Vi har ju något kritisk massa både i Köpenhamn och i Helsingfors men inte i Oslo och Göteborg. As it says subject to market conditions, the market conditions are not good enough to do a contract in Oslo right now. The rejection in relation to financing costs is simply not good enough. In terms of property development, we have about 25,000 square meters of ongoing production. We would like to keep a higher pace there, but a little 80-20 rule. Right now, we don't have any major projects, even though there are some ongoing dialogues. But we focus on restoring the construction portfolio by doing small-scale insulation, quite simply. And if that were possible, we have some logistics projects as well, but that means that we have a tenant before we dare to start those projects. But in total, about 56,300 square meters in some sense ongoing project with a potential of about 80 million. So it's a relevant addition to the company's driftnet. In terms of administration, we think that we have a good degree of surplus and expenditure, but we have a conjecture that is not beneficial and we see that we can make improvements there as well, but it may mean that we do not have a conjectural resistance. På finansieringsidan, vi har en bra likviditetsposition just nu. Vi gjorde ju en tap issue inte så länge sedan, men vi har också höga ambitioner och har bra pipeline på både projekt och förvärv. Givet de finansriskreducerande åtgärder som vi har genomfört här From the middle of last year and also the beginning of the year, we see that we should be able to take care of our growth with the existing liquidity and the running cash flow, but also with interest-bearing financing in line with our financial goals. Finally, if I can summarize by talking about what is important with Stendörend from an investment perspective. The most important thing is that we have a underlying growth in the company, a underlying rental growth, which is driven by the fact that we are in a growth macro situation, in urban micro situations. Growth macro in that we have both economic and population growth in our markets. Och vi har också en väldigt bra utbud-efterfrågebalans. Inte sällan i våra lägen så är utbudet stabilt eller kanske till och med minskande därför att en del verksamhetsområden, geografiska områden, konverteras från verksamhetshändamål till bostäder. Och det här gör att vi har en underliggande We carried out an internal study a while ago, where we found that over time, the rents of our properties have increased by 2-3% over inflation in the long term, which I think is unique to the real estate sector. Number two, we have a potential, both in our construction portfolio, but also in our acquisition model, where we have a very good offset on our investments. And this construction portfolio of 634,000 square meters is extensive and in very good condition, then. Enhanced in relation to our accessible area. But it is in a very good position. It is well-planned land in the municipality of Mälardals. Point number three, we also have a very stable company. We are in a high-end segment. We have long contracts and a very diversified lease list. The only lease concentration we have is fortification, which is at 7%. It has a lot of other state or municipal tenants, tenants number 2 and 3 stand for 2% of the rent and tenant number 4 stands for 1% of the rent. So it is very diversified and also tenants from many different industries. So a very good diversified strength and stability in the cash flow. On the financing side, we work with secure financing with the Norwegian banks, that is to say a very stable financing source and have capital market financing as a complement. And that was what I was going to say, so thank you very much for listening.

Tusen tack för den presentationen och då går vi in till frågestunden så är det så att ni ringer in och vill ställa en fråga så trycker ni stjärna 9, fräcker upp er hand och stjärna 6 för att sätta på ett ljud när ni får ordet. Vi börjar med att ge ordet till Emil Ekholm från Pareto, varsågod du har ordet.

Hello, Henrik. I hope you can hear me. Yes, we can hear you. First of all, the number of square meters of usable space increases by 25,000 square meters in the quarter. At the same time, you have acquired a portfolio of 63,000 square meters. In the Q4 report, you guided the performance of usable space to be 985,000 square meters after the acquisition. How will that work out?

Yes, I have to look at that. How much did you say? The acquisition is 60-70,000 square meters in Finland. What did you say? That it increased more with the reports?

25,000 square meters. It went from 922 to 947.

Yes, and it was the affordable area that increased, is that what you said?

That's right.

Yes, then I'll have to look at that. It feels strange.

Thank you very much. I also thought about the ongoing project portfolio. It is 0% of the time that you see right now. There are three projects that have been completed during Q2. I wonder how that will be treated in completion, if you still do not have any rents in place. Are you going to classify them as housing properties and make them a bit lower in terms of output in the portfolio, or will they remain as projects until they are in place?

The principle we have is that we let them remain as projects for two quarters. The logic is that you don't really build the property completely. En tillträdande hyresgäst vill alltid få göra vissa hyresgästanpassningar så det är korrekt att fastigheten inte blir klar men i praktiken så kan man inte därmed låta den ligga som ett projekt i evigheten så vi ger oss själva i någon mening en graceperiod på på två kvartal innan vi tar upp den som en vakant fastighet och färdigställd om du förstår vad jag menar. Det tycker vi är den rimliga balanspunkten.

Det låter rimligt. Sen tänkte jag också fråga här, förra kvartalet så hade ni en ökning i omfattande hyror på 14%. Det här kvartalet så var det 2%. I stort sett så har ni legat ganska högt på den här siffran. Is there a reason to only get 2% now, or what can be expected in the future?

That varies a bit. We look up for negotiations, the agreements where we determine that the market rent is essentially higher than the actual rent. So it is partly a question of how much the increase in rent has been in the market in general, but it is also a vacancy risk assessment in specific cases. What is the risk that the tenant cannot accept this and in the end choose to sign the contract instead? What can the tenant bear? It is also a counterparty risk assessment. Can it carry a higher rent? And then of course, it also depends a little bit on where the properties are located, where the agreement falls. Are they in Stockholm city? There we have a better rent development than what we have in Flen, for example. So there will be a portfolio effect in that, which means that it can change quite a lot from quarter to quarter. And in this quarter, the figure is essentially lower. In addition, it is on a much lower underlying volume. I think it is only 2 million kronor in renegotiations, so to speak. So it is on a very low volume. So in that respect, it is a weak quarter. But it has a lot to do with... Återigen, hur gammalt är avtalet, det vill säga har vi haft en hyresutveckling under en kort eller lång tid, vad kan motparten bära och var är fastigheten belägen?

Skulle du säga att er portfölj i stort fortsatt ligger under marknadshyra?

I would say that it is roughly at the market price today. If we were to renegotiate all agreements, I think that we would be at roughly this level. So I don't think that we have a big delta today. Over time, however, as I said in the presentation, we have calculated that during a 10-year period. och även på andra fastigheter i samma läge så har vi haft en hyresutveckling 2-3 procentenheter över inflationen. Men just där vi står idag så är vi nog på inom situationssäkert rätt nivå.

Jättebra, tack. Och sen avslutningsvis då. Finns det hyresrabatter i den här förvärvade portföljen i Finland och hur ser det ut med hyresrabatter generellt i beståndet just nu?

Ja, nej, det finns inga hyresrabatter som jag... Alltså, hyresrabatter finns nästan alltid något när man tecknar avtal under något år beroende på hur långt avtalet är, men det är inga stora skillnader.

Ja, men det var allt från mig. Tack så mycket.

Då går vi vidare och ger ordet till Oskar Lindqvist från Handelsbanken. Varsågod, du har ordet.

Kan ni höra mig? Vi hör dig. Jag tänkte att jag kanske fortsätter lite på utredningstemat. Ni hade ju påstått nätutredningen nu i Q1 och ni är en bit in nu i i Q2, hur mycket tycker ni att det har påverkats av oro i Mellanöstern och liksom underliggande, hade ni ändå positiv nätutredning nu i Q1 i befintlig portfölj i ämnen om ni hade positiva utredningar i projekt, hur tycker ni att det går nu i Q2?

I think it is similar to under Q1. As I said earlier, we have a lot of customer dialogue, but as it always is in such a market situation, it takes longer time and the sense of urgency is not really out there with the customers. So I think it is a really good pressure, basically. I don't feel that it has affected anyone. because of the Iranian war, the underlying demand. But there is of course a concern, we know that. We do. What I'm a little surprised about is that on the project side, I could have thought that our vintage portfolio would have positive small-scale payments, would have a smaller negative impact on the project discussions, but we experience that there are actually very good discussions on the project side.

Om vi kollar på projektet, hur skarpa diskussioner har ni i de projekten som färdigställs de kommande två kvartalen? Det är ändå lite volym, vad ni tror tajmingmässigt, ska vi räkna med de här två kvartalen som du var inne på?

What happens in these small-scale projects is that there can be a large interest where nothing really happens, and then when there are one to two months left without completion, then suddenly the questions are concretized and we find tenants. At Vindkraften, which was on the first page of the presentation, was a kind of example of that, where there are a lot of demonstrations where the interest was okay, Och sen när det är dags att färdigställa så har vi hyresgäster att välja mellan. Jag är optimistisk inom.

Givet den projektportföljen som ni har nu med pågående projekt, hur ser ni på ytterligare start i närtid?

Ja, vi har några som vi tänker starta om inte allt för lång tid. Vi har inte jättemycket projektstart, utan vi har ju ganska många i pågående projekt här, så det är väl någonting som vi startar som sagt. Men det är inte jättemycket i närtid.

Thank you. And then on the acquisition side, I wrote that you see continued potential to find value-making acquisitions. Now, the solidity is 33% if the long-term goal is to be at least 35%. Hur ska vi se på, om jag kan indikera vad ni tycker att ni har för potentiell förvärvsvolym och hur vi ska tänka kring det nyckeltalet kanske?

In terms of the volume of acquisitions, we have acquired, if we look away from the Finnish acquisition, about 100 million a month, which is about 1.2 billion per year. We have a completely okay cash position, but you have to remember, as I also said, that it is the strongest on the day of the report, so in practice it is somewhat lower. Now we have solidity as a de facto financial goal, and it's us who have chosen it obviously, but it's a very tricky measure. I make a point that with lowered margins and increased interest savings, With long interest rates and capital bonds, we have reduced the financial risk in the company. We have strengthened the interest rate rate, for example, which has gone up 0.1% during the quarter. Jag tycker att vi ligger ungefär där vi ska ligga kapitalstruktursmässigt. Sen är det min uppfattning att nu blev det ett krig i Iran, men vi upplever nog att med tanke på räntenivån så finns det... And what we see in the transaction market, there are reasons. I think we will see a slightly increasing real estate value. I know that some of my colleagues out there in the industry have commented that the real estate values have dropped. And with some increasing real estate value, the solidity will be strengthened. And that's how we see it.

But if we say... Here and now, do you think that you are on a level that you don't want to go so far from?

No, it is possible that we will go from it in some way, but we are on the right side of the interest rate. We are on the wrong side when it comes to the solidity. But I think the interest rate is the correct cash flow oriented. måttet som åskådliggör förmågan att honorera sina åtaganden gentemot finansiärerna. Soliditeten är lite statiskt och trubbigt mått. Så vi ligger på vars sida på de två måtten. Så vi ligger väl ungefär rätt där. Sen om vi skulle gå lite ytterligare åt det ena eller andra hållet så har jag inget problem med det.

På transaktionssidan, vad ser ni i prisrörelse, de två senaste förvärvningarna jag gjort här ligger en bit norr om 7% i gild, är det där någonting ni förväntar er ligger eller?

On the acquisition side, yes. We are in a situation with some special circumstances, but somewhere between 6.5 and 7% in Sweden. That's where we normally have a position. Then it has been a little better in the last few businesses, but somewhere around 7% in Sweden.

And one last question. Is PAPTIL included in the contract?

No, we did it here in FF... The contract is for April 1st. I just wanted to double check. It's not included. Good.

Thank you. You're welcome.

And then we'll move on to the next caller, whose phone number is 2843. Please, you have the floor.

Hi, this is Keivan at SEB. I actually just have a small question, and I can say that this may be related to the acquisition capacity. You mentioned that you're looking at the interest rate. Faktorer där som kastar in, men om man betänker i termer av belåningsgrad, till vilken nivå hade ni varit bekväma att vara på?

Våra förvärv ligger ju på 60% LTV, alltså vid finansiering. Det är väl lite grann samma diskussion som kring soliditeten, alltså vi tycker ju räntetekniskt grad är det viktigaste. Vi ser framför oss en Out of the factors I have mentioned regarding reduced financial risk, reduced marginals, extended interest rates, capital interest rates and recently increased interest insurance, we have, since most of our financing stock is from insured banking financing, where we have an amortization of 2%, so we have built-in deleverage in the company. All of our rents are inflation protected, inflation indexed, which also has an effect from there. So we have a pretty strong deleverage effect built into the whole structure. Then I believe in increased real estate value, so I think that what we are dealing with today is not necessarily an absolute roof level, but we should not go in any way essentially higher, but we start to nosedive on the roof level and over time it is rather lower because we have some leverage in the company built in.

When it comes to acquisitions, you mentioned that you will go back to smaller transactions and probably off-market transactions. Can you say something about which regions you are mainly looking at for the acquisition?

We want it to be as urban as possible, that is Stockholm. The reason why we once entered other markets is that Stockholm tends to be very competitive when it comes to heydays. But as long as it is possible to do good business in Stockholm, we would like to do that. We want to prioritize that. i Oslo funkar inte avkastningar i förhållande till finansieringskostnader som jag nämnde i presentationen. Köpenhamn tycker vi har en bra marknad så Stockholm och Köpenhamn så urbant som möjligt. Göteborgsregionen också ska jag säga.

Yes, good. And then I have one last question, and that is related to how do you see potential declines? Are you looking at if there is anything you could possibly sell to be able to make new acquisitions?

Not actively. There are some properties that are far away from the core of our strategy. There is nothing that is complete. We have sold properties before, when there have been special circumstances. It is not unthinkable, but the point is that we should not sell. Det finns en handfull fastigheter, till exempel inom kontor, där vi är villig säljare. Så det kan man tänka sig att vi kan göra.

Jättebra, tack för mina frågor.

Då går vi vidare till de skriftliga frågorna som vi har fått. Vi tar första som lyder så här. Hur har gilderna förändrats i relevanta marknader och i vilken riktning?

I would say more something, perhaps insignificant, but then some adjustments have also been made from the values of the inflation estimates, which means that the cash flow effect has compensated for that, if we look at the values, which means that the values have been essentially flat during the quarter. However, we have experienced that we can make as good acquisitions as we have done in the last 18 months, so roughly the same.

Tack för det svaret. Då tar vi en avslutande fråga här. I intjäningsförmågan rapporterar ni en betydande sekventiell ökning i finansiella kostnader. Ställt mot rapporterad skuld motsvarar det en genomsnittlig ränta som ökar från 3,86% vid årets ingång till nuvarande 4,20%. Vad ligger bakom denna ökning?

What we have done during the quarter is a tap issue. So that has an effect on the recognition capacity of about 15 million. And then we have done some refinancing where we have increased our way of both building projects but also acquiring. We do not finance each piece at the time of acquisition. If we acquire for 50 million, we do not finance it at the moment. Later we do a refinancing of a completed project and some acquisitions. We have done that for about 200 million SEK during the quarter. It costs us in terms of investment capacity another 10 million SEK, so it is about 23 million SEK. Then we had an increase during the quarter that gave almost 10 million. And then there are some other changes in the cash position. So we have an effect there of a number of events during the quarter at about 35 million. Then the start of the quarter at the average rate was 4%. Tack så mycket.

Tack för era svar och presentation här Erik och Per-Henrik. Och med det så avslutar vi dagens frågestund. Och så vill jag rikta stort tack till de som har följt dagens sändning med stendörren. Så för önskan att fortsätta till idag. Tack så mycket.