Welcome to the Platzer Fastigheter Audio Catch with Teleconference Q4 2021. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question- and- answer session. Today, I'm pleased to present CEO, P-G Persson and CFO, Fredrik Sjödin. Speakers, please begin your meeting.
Thank you very much. This is PG calling from Gothenburg and Fredrik Sjödin on site.
Yes.
P.G. will begin.
We have a beautiful day in Gothenburg today, all sunny. It's not always this, but today it is. I will start with the presentation, and we will do the presentation on the full-year report. Please change slide. We start with two summary slides. This is the summary of what has been happening in Gothenburg, and we have it all in the presentation. I will go into all these a little bit further, but there's been a strong net lettings. We have strength in our future earnings capacity. We have a high occupancy rate in our projects, and the board of directors proposed a dividend of SEK 2.20. We will come into all of this a little bit later in the presentation, I think. Next slide, please.
This will also be in the presentation, so I will just give you the first numbers here. We have an increase in rental income and also an increase in property management. Of course, all of this is because we are, you know, growing all the time. That will give us every year better figures in our books. Next slide, please. Looking back on the year 2021, it's been a good recovery in Gothenburg. We have had a decrease in unemployment, strongly growing export industry, a growth which we will see on the next slide. Also, very important for Gothenburg, we have a record year in freight volume at the Port of Gothenburg.
Of course, the Omicron and the component shortage is still a concern. Next slide. Here you can see the trade and industry indicator for Gothenburg that we've had the full year has been an economic peak. We don't know yet the numbers for Q4, but we think that there will be a high number but maybe a little decrease. We don't know yet. From a year perspective, it's been a really good trade and industry indicator for Gothenburg for the year and a really strong recovery. Next slide. Looking at the office market. Platzer is in the office market and the industrial and logistics market.
If you start and look at the office market in Gothenburg in Q4 2021, we saw a slight decrease in vacancy in the quarter, although we have an increased vacancy full year. A very high take-up volume in 2021. It's the highest volume since 2016. We have increasing rental levels, which are driven by new office projects. We have a large volume of office projects due in 2022, but there is a good occupancy rate in the projects. We have a very large number of volume coming out in 2022, which we have said before and given you that information. If you look at the property market, the yields, we haven't had that much direct transactions.
We were happy when we saw that there was one large acquisition in Q4 that could show us that we have a strong demand for office properties in good location. We can also see that, looking back on the last two quarters, we can see that the yields have been starting to decrease in Gothenburg, especially in Q4, we can see the effects of that. We have had a high volume of transactions, but as I said, it's been mostly indirect acquisitions in Castellum and Klövern. Next slide, please. The industrial and logistics market in Gothenburg. Of course, rental market, no vacancies. Prime rents stable.
We have still a strong demand and, as we've said before, we have competition from a wide geographic areas if you compare to the office letting where it's more local. The property market is still a strong demand, and we have had a really large yield compression in 2021. It's looking really good in both our segments right now, both in the office segment and in the industrial logistics segment. Of course, the industrial and logistics has been all year and even the last year, 2020, but the office market is now showing very strong recovery in Gothenburg. Next slide, please. Slide 8. This is how Platzer is situated in Gothenburg, our properties.
The three top ones are offices, where we have divided them into Central Gothenburg, Northeast Gothenburg, and Southwest Gothenburg. Now we have the blue dot is the industrial and logistics project in logistics properties, and the green one is our project properties. You can change slide. This is our model of business. We are in three dimensions. The large dimension is, of course, our ownership. We are long-time owner of our property, but we are growing by transactions and our own development projects. The ambition is to create growth by around 50% in our own generating growth in our development projects and 50% in net transactions. This will all give us a sustainable value for the future.
Of course, we can't do this without our management, employees, competence, and money from our loan lenders, and our owners, of course, not to forget. Next slide, please. This is how it's been in 2021. You can see that we are delivering on our strategy where we have SEK 1 billion growth in projects. We have a little bit more than SEK 1 billion. We are over 50% in net acquisitions in 2021. Compared to 2020, that's the difference. We are doing the same amount of projects in both years, and that's according to our strategy. Now we have a change in value that is higher than 2020.
Of course, the changes in value in this year has been more driven by the yield compression in Q4 than last year, where we had more of a project change in value share. The value, I think this shows very much what we are aiming for in Klövern. We want to grow by generating our own growth and also by net transactions. That's been a year, 2021, which really shows how we want to work on the business plan. Next slide, please. Of course, this will give us an increase. We have been increasing the value in the portfolio every year, and I think this is a nice looking increase. I think that's also the...
It's very much our strategy to have an increase all the time in value in the portfolio. You can see the share of industrial logistics. Now we're going to that. I think the next slide, you can see that. If you can see the next slide, please. Here you can see the share of fair value in 16% in industrial and logistics, and the rest is offices, which is 91% investment properties, 9% project properties, and that will add up to SEK 26 billion in fair value. Of course, the project properties, much of that is Gårda Västra, which will be out in as an investment property next year or as well in 2022.
You see the operating surplus is also lifting up compared to our operating surplus in the Q in 2021 was SEK 922. We are on an uplift for the next year both in the earnings capacity, the sheet with the investment properties, and that also the future lease contract. We will go into that a little bit later in presentation. Next slide, please. I will hand over to you, Fredrik Sjödin, for a while. Slide 13 now.
Yes, rental income for the year. We had an increase in rental income of 5%, and it's primarily due to our finishing up the project in Gårda Västra. It's due now as we speak in January. Then we acquired a property late 2020, which is in Vallgraven. Then we have, of course, the property Odontologen, and we also have the property with Biotech Center and Hälsovetarbacken, which came into our books late in 2021. The latter, the two latter ones came into our books in December. All in all, 5% up, and SEK 1.2 billion on a yearly basis right now.
When we look to our rental income in our comparable properties, we have a slight decrease, and that's mainly due to our property development projects in CBD in Gullbergsvass. There we have emptied some areas, large share of the area in Gullbergsvass 1:1 actually. Therefore, we had a slight decrease and also in 2020 we had an effect that was a non-recurring income in 2020. We are working on the comparability to give you a better view. All in all, we have a good growth both of project properties and through our property transactions.
We will go to the next slide, which is the income statement, page 15. As I mentioned, rental income up 5%, and due to we're managing our operating costs really well, we had, we have up 6% on our operating surplus, which means we got more cash flow left to manage our business in all in all. Income from property management was an increase of 12%, about SEK 100 million from our associates. And that's mainly due to changes in value. It's a bit volatile when we look at the consolidated income statement. Realization value, as PG mentioned, SEK 1.2 billion for the year. It's high up there.
It's top three in Platzer history, so we are really happy about that. A good value uplift in Q4, SEK 0.5 billion in Q4 alone. We will look into that going forward. Profit before tax, SEK 2.1 billion. It's really good increase compared to last year. Next slide, please. Net letting for the year is a lot happier reading than last year where the market rental market was really hesitant. We really feel that we have come into a good market now, and there's a good demand for good surfaces. In all quarters for the year, we have a positive net letting. That's something we really would like to check into and take with us going forward.
Yeah, project properties was SEK 40 million for the year, which is really positive, speaking about our projects. Next slide, please. Here we have the key figures for the year. We are continuously growing, and we increased to SEK 3.5 billion in property value year-on-year, and still have a good loan-to-value ratio. We are doing that by ourselves with no equity added. That's a record in Platzer books. It's only in 2016, 2017, we increased a larger amount, but then we had some issue of shares as well. Yes. On the negative side, we had the economic occupancy for the year has decreased compared to last year.
Looking into the rental market, we are really positive going forward. There's a lag in those key figures. We hope to deliver better on that one. And our value, our increase in EPRA NRV, earlier known as NAV, we have a 14% increase, and our financial goal is to increase 10% year-on-year. We are on good way and despite the challenges with the COVID-19 and restrictions, we continue to deliver good growth in our books. We continue to work on our sustainability within our property management and in everything we do on a daily basis. We have a decrease now if you look at our certified properties.
Our strategy is to buy properties that we see some potential. If you look at Medicinareberget, there are properties that we really would like to get into and work with costs and the effectiveness of energy consumption, and so on. We will look into certifying those properties. When we acquire new properties, it's not always the top ones in this sense, but we will look to improve them going forward. Our green financing, I will get into that on the next slide, which is slide number 20. We have increased our green financing, taking into account the entire portfolio of properties we have with certified properties. We are up to 66%. Increase is 14% year-on-year.
We have increased our green bank loans and
Also in our green bonds, we are now up to SEK 3 billion. I will come into that in more detail on the coming slides. During 2021, we had an eventful year in the Platzer finance. We communicated an investment grade rating before the summer started in June, where we were investment grade with the BBB- rating with a stable outlook that we think reflects our key figures on the solid balance sheet of Platzer really well. With that, we will get better possibilities for competitive financing going forward, and we will continue to focus on improving our rating, and with that, we will use the means we have at hand. If we go to the next slide, this is in line with that.
After the summer or in August, we issued our MTN program, and we have since then issued three bonds in our own name, which is a tool we didn't have before in Trezor. We are now up to SEK 1.3 billion, and our goal is to only issue green bonds. Now we are SEK 1.3 billion in bonds in our own name and SEK 1.7 billion bonds with SFF. That's what adds up to our SEK 3 billion in bonds that you saw on the earlier slide. We will keep on doing that and use this as a leverage tool for us to deliver good financing for our continued growth going forward. Going forward to the next slide, which you will take over and talk about.
Yes, I will talk about our growth with this net transactions and also the projects and the potential projects. This is the one we did at Medicinareberget. It came out to be two properties that we bought in unfortunately, we got access very late on the second one in December 6, 2021. The first one we got access in June, so we got the rental volume in 2021 and not as much in the second one. But we will have more and we have the capacity. Going forward, it will be a good lead for us. Next slide, please. We're in slide 24. Another good deal we did was with the one with NCC, where we bought Kungsfisken in Gårda .
It's a project property where NCC is going to complete in second half of 2024. Today we have a pre-let of around 30%. We have an agreed property value that's on yield and the operating surplus. If you look at in that calculation today, well, that'd be a preliminary agreed property value on SEK 1.5 billion. But that will be changed, of course, when the numbers change in 2024. We've also done some divestments, and you can change slide, please. This one is really nice now because we can talk about it a little bit more openly. We couldn't do that before the Port of Gothenburg had made their deal with Stena Line.
Now they have done, so we can go out with that information. Of course, that's really good for the area. I mean, if we can have a more public use of Arendal, it would be good for both us and for the whole area when Stena comes to this and have their both Denmark and Germany terminals. That's one of the large reason why we did this divestment, and it's been difficult for us to explain why because. Now I hope all you can see the good thing about this divestment to the Port of Gothenburg. This recognition takes place when we have done the carving out of this property. Probably maybe in the end of March or maybe a little bit later.
None of us is in a hurry doing it. This is for the future, really good for both of us. Next, please. We also did a divestment on offices in Torslanda, the former headquarters, and also the information technology building. This was part of a combined deal where we had some renting out logistics and also the agreed property values and net property value which we have in the books. Next page. I will come into the projects, and this is our ongoing projects. The first four slides here is our ongoing projects. I'm on page 27.
This is Gullbergsvass, or we call it also Aria because of the close to the Gothenburg Opera. It's a project where we have an existing building, so it's an investment project. We started with a fair value of SEK 843 million, and now we're doing an additional investment of SEK 280 million. That's why we have a total investment in the report of SEK 1,123 million. The occupancy rate today is 51%, and we are very keen on doing this and starting. We have had a first renting out in the Q4, so we are now looking forward to doing this project and to fill the building up with new tenants. Next slide, please. Gårda, we have already been into Gårda Västra.
It's June now in Q1 2022. We have an occupancy rate of 98%. We only have 470 sq m left out of 27 to rent out. It's a really good investment and a really nice project and a really nice building which are doing Gothenburg a lot nicer in Gårda. We're very proud of this project, really nice, and it's really good for the area, and it's a really nice building. It's a perfect project, a project we would like to do more of. Next slide. Kineum, where we have, of course, both an existing building and the new building. This one is one year from completion about.
The total investment is SEK 2.1 billion, where the fair value when we started was SEK 600 million. The net investment is SEK 2.1 billion minus 0.6 billion. The occupancy rate today for the whole building, the whole 43,500 sq m is 83%. We have very few square meters left in the new building, and we will need to wait until the construction company, NCC, has moved out until we can fill the whole building. We will start that in 2022 once the project is going to completion. Next. The logistics projects ongoing, it's Tyröla 3-1. Which we will complete in Q1 2023.
It's an investment of SEK 212 million, and of course, it's fully rented out before we start project with Mtech. This project is ongoing, and everything goes as planned. Really good project, and good for the area to have another tenant in this property. Next slide. If I go into the associated projects, we have the Mercur project, which we also are completing now. I'm happy to say that we had 62% for a long time, but now we have rented out the last 1,400 sq m office. The only thing that is left now is the bottom for restaurants, and we haven't rented out the restaurant area yet in the bottom floor.
Everything in the office floors from floor 1 and up is fully let in the project. It's also a really nice good project for us. Next slide, please. Of course, our large JV project with Bockasjö, where we now are doing all the groundworks, completion in Q1 and Q2. Started 812, which is the large building where we have a building right on 105 sq m. We have now the investment for doing it ready. The buying of the land and the groundwork for the JV is soon to be finished, and we can start renting out and doing the buildings. Also same for, I think it's 72.1%.
We're also finishing the groundworks, and we are now in the mood to start renting out. We have a lot of interesting discussions already. I hope we can communicate some more in the Q1 report. Next slide, please. This is, of course, our potential development project. You can see that we have a lot of projects that are potential we can start in 2022. There is a lot of potential in this slide. I mean, we are now doing the Olskroken 87 will be divided into eight new properties, and we will do a project development in that one. That is really ongoing.
We hope we can lift some of those projects during the year up to ongoing projects. The Södra Änggården still waiting for the Supreme Court to decide if the detailed plan will be adopted. The Tyröla 2-3, I will not go into all of this. Of course, very interesting we will finish the Gullbergsvass Offices, the area we will buy back from the municipality in Q1. So that will be done in Q1. We are negotiating the latter part there. Next slide, please. Now this is a new slide where we're trying to give you information about the...
We get a lot of questions every report on how do we go from page 19, the major projects with the rental value and fair value? How can we see that in the earnings capacity on page 11? We didn't come all the way, we would say, me and Fredrik, but we did a try. Feel free to give us a call or something. It should be read that we have in the earnings capacity on the right side, we have a rental value in the earnings capacity chart in the top chart, we have the rental value and the fair value. The rental value is 40, 81, 35, 12. That is all in the top chart on page 11.
The rental value of 592,125 is in the bottom chart of the rental value, the one with the one. Which the ones that are not in the chart at all is the one further to the right. That is in the rental value in the projects, but not in any of the charts on page 11. I hope that's more clear than we wish. Of course, we have some that we also have negotiated. We have some rental contracts, but we are waiting for terms to be fulfilled. Those are in the lower part of this chart. I hope this will give you more of a detail on how we go from the project rental value to the earnings capacity rental value.
Of course, feel free to have questions on this one, or give us a call afterwards. Next slide, please. We always end with two slides, and this one is the one. Why should you invest in Klövern? Of course, if you invest in Klövern, you invest in Gothenburg. We are a company that are focusing on commercial properties in the Gothenburg region. We've been telling you today that Gothenburg is being transformed and undergoing rapid growth. We have a lot of infrastructure projects, and we will have a lot of projects going on. Gothenburg is growing. It's becoming more and more of a global and international city. We have our clear model for value-creating growth.
I think we have shown you today that we are delivering on our strategy. The strategy that we are half of our growth from our own generating projects and half growth from net transactions. We have our extensive portfolio of development projects. Of course, we have all our people working day by day to engage in our initiatives. We're very proud to make it happen, and we're very proud to do good things for our region. Next slide, please. Our vision, of course, is to make Gothenburg the best city in the world to work in. I will end with this slide and open up for questions.
Thank you. If you wish to ask a question, please press zero one on your telephone keypad now. Our first question comes from the line of Markus Henriksson from ABG. Please go ahead.
Good morning, Fredrik and PG. A few questions here from me. Valuation yield down around 10 basis points here in Q4. Do you expect any more contraction in 2022 from the Handelsbanken property that was divested here in Q4 in 2021?
Yes. We think that we didn't fully get all the effects in Q4. Of course, we know we have to discuss that with the valuators, and we have to look into it a little bit more closely in the Q1. Because it happened a lot in Q4, and it happened very late in the Q4.
Mm-hmm. Perfect. You also mentioned the good leasing momentum activity for offices in CBD. Can you highlight, you know, if it's small, large companies? Is it public tenants? Do you see vast differences between CBD versus other markets? Anything that can help us out?
I think it's not public. It's from the private sector mostly. I would say there's some rotation from old buildings to new projects. What was the last question, Marcus?
If it's like, is it a lot of small companies? Has there been? We saw Klarna, for example, but I don't know if that was included in Q4. Has it been mainly large or small private companies?
I mean, no, I wouldn't say that. It's a normal spread with the large and larger and smaller. Okay. We think that, I mean, if it's been an economic peak situation and the rental market very much reflects on offices, reflects how the economic is doing. Once you have a good economic situation in general, you have a good rental market. I think that has been shown now, especially in Q4 for us.
Yep. You mentioned Gårda Västra. When do you divest part of that project? Has that happened now in January already or is it due in February?
That will be in Q1.
Okay.
We are work-
Somewhere in Q1?
Yes.
Okay. All right. For Södra Änggården, you mentioned in one place a verdict in Q1 2022, and then in another place you mentioned spring 2022. Does that mean March, I guess?
Yeah.
If we have a positive verdict, we wait a few weeks to run the zoning plan.
The problem for us is that we don't know what the court is. I mean, the court is the court. It's difficult for us to say a timeline because we don't get the answers, and we are not the party. The municipality is the party. They are the ones that are being questioned from the court, and we can only sit back and wait and hope and help the municipality as much as we can. But, I mean, if there is a decision from the court, that's the final decision, then they will be legally enforced the next day, I think. Once you have the decision or the
If the Supreme Court don't take the appeal.
No
You will have a legal ground for the city plan.
Yeah, the same day.
The same day. That's the most positive outcome that could happen. And we don't know the timeline at all. That's not something they communicate.
I mean, the municipality people are very, very anxious and very, very keen on that this plan will be enforced because it's an important zoning plan for them. We can only hope that they're doing all they can, and we are supporting them as much as possible.
Perfect. That's useful. Thanks. Two more. The Mercur project, you mentioned the 1,400 sq m lease. When do the tenant move in?
Is it in July or in August?
August.
Yeah, well, there will be a guest, Marcus, but it's not in the analyst capacity. It's in the lower table. I think it was in June or maybe first of July. We can come back to you on that, Marcus.
Sounds good. Last question. You mentioned several projects here set for possible construction start in 2022, but which, like, next major commercial project do you find most likely for 2022?
The most likely is the JV Backaskog. We are doing this. We have discussions right now on really short discussions. That's the most likely. We also think and hope that we can start in Gamlestaden Fabriker. That's also very likely that we get one or two projects started in 2022. The project under the bridge, the one that we are buying from the municipality now, will not. I don't think we can. I mean, we need to do a little bit more architecture studies and drawings, and I think we will not be able to start that until 2022.
Mm-hmm. Gamlestaden Fabriker, are we talking investment starts in SEK 1 billion or is it like SEK 500 million or what size are we talking about in office projects?
I don't think SEK 500 million this year, but maybe half. It depends when we can get started, and that depends a lot on when we rent out. We have some discussions right now with potential tenants.
Perfect. Thank you.
Marcus, we have in Mercur. It's July first.
July first. I was right. I was not sure.
Thank you for that. That was all my questions. Thank you.
Thank you.
Our final question comes from the line of Albin Sandberg from Kepler Cheuvreux. Please go ahead.
Hi, guys. Two questions from me. Just a follow-up there on the Södra Änggården project. I mean, if the verdict comes out negative for you, is there a contingency plan for you or you are so convinced that this will go in your favor, that that is your kind of base case?
Oh, you can always. It's difficult. I mean, if there is a negative verdict, there is always a chance for the Supreme Court for us as well. We think it is very unlikely, we think. You never know the court. I'm not giving you a firm answer, unfortunately, Albin, because it's so difficult to predict what the court will make decision on.
Yeah. If we look at the municipality's long-term plan for the area, it is residential area in the long-term plan.
Yes.
Some way we still gonna get there.
Yeah
I guess, because it's not optimized for industrial use, you know.
Albin, if it's a detail, if there is no regulation in Sweden for smell, that's one of the problem in the court have to deal with. We have regulations in Denmark and in Norway, but not in Sweden. If the court makes this some prejudikat, what it's called, then of course it could be negative for us. We hope they won't do that. We hope that they will because I mean the smell is good. It's a good smell on.
I understand. The comments you made about occupancy rate, I mean, you commented on the 2021 outcome, but then saying that you had a good feeling now. Does that mean that you're expecting occupancy to pick up here as we move through 2022?
Yes. I mean, if we do what we're supposed to do in Aria, we will have high, we will increase the occupancy rate because that's one of the reasons why we have lower occupancy rate today, is that we have emptied that building when Skänke moved.
Right. On the central cost side, you're commenting that you know, the increase is due to more staff basically. Percentage-wise it's up I guess 7%. Was that an unusually high number if you look at what you're expecting for 2022? Will you continue to add staff or will that growth-
No, no.
You know, slow down?
We have hired a sustainability responsible and that's all for the future, and we will not hire new sustainability manager this year. We also hired a manager for the development of Platzer as a company, an internal developer. That we did. I think that's the we have a higher this year. We will not do those.
The short answer is no. You shouldn't have this growth rate going forward-
No
on the central costs.
Yeah. Thanks.
Yeah, maybe specifically if you've already had a few discussions with your financing partners, I mean, we're seeing mortgage rates for individuals now that the banks are trying to raise a little bit here. What's your feeling, your discussion with the banks and also maybe on the debt capital market side, if we compare about, you know, the closing average interest rate that you're reporting for 2021? Do you see there's a pressure upwards or what's your feeling?
We can see it from two ways. We are in really good discussions now as we speak, and I have no concerns. We have seen on the capital markets the spreads are widening a bit, but we are not in a hurry to do financing right now. As I can see now, I don't see an increase in cost on that matter today. As you know, that market is a bit volatile, so it's hard to make a prediction. When we speak to our banks now, we are in really good discussions and good levels of financing. Today I'm not worried.
Okay. Thank you. That was all for me.
Thank you, Albin.
As there are no further questions, I'll hand it back to the speakers.
Yes, we will first Frank. We're waiting to see if we can have an email. No?
Yeah. We got a few questions from Tobias Kaj from Lannebo Fonder. The first one is, how come rental income declined quarter-on-quarter despite tenants gradually moving in to Gårda Västra? Lower occupancy discounts?
Rental income from Q4 compared to Q4 2020?
In the Västra project.
No, in total. I can see. Are you on the phone, Tobias? Quarter- on- quarter, you must be looking at, because quarter- on- quarter we have a deep decline in rental income.
Yes.
We are going from SEK 281 million in 2020 and SEK 304 million in 2021 in Q4.
Give us a call, Tobias, and we can clear that out if you're on the line. Otherwise, we will answer in email.
Yes. Question number two is, will Gårda Västra be reported under income from joint venture from the first quarter this year? The answer to that is yes.
Yes.
The plan is that the transaction will take place during the first quarter.
Q1, yeah.
in Q1, so it will be in our income from associates going forward with 50% ownership from us and 50% from Landshypotek. The third and last question from Tobias is, do you consider reporting on earnings capacity for joint ventures as you soon have a few Gårda Västra, Nykvarns Logistik? And we have a role for the earnings capacity-
Yeah.
from joint ventures.
Yeah, we can always improve. Just feel free to have. Yeah, we have. We think we have done that, and we think we have been better. We can always improve if you have a good suggestion.
Oh, okay, not compared to last year. The question was-
Oh.
The decline in rental income from the third quarter compared to the fourth quarter. We had SEK 307 in Q3 and SEK 304 in Q4.
I would say it's because of the Volvo.
Yeah.
That's my short answer. We can look into the specifics because the Medicinareberget was done 6th of December, and we got divestment of the Volvo.
The Volvo office.
Yeah. That was part of the Q3 but not part in Q4.
Yeah. Hope that was an answer enough. Otherwise, you can get back to us, Tobias. I-
We can also be giving you the details.
Yeah. I see no further questions on email, so I think it's time for us to thank you for-
Yes, thank you all for your time, and appreciate your taking part in this, and we hope that you will listen in on Q1, and I will hand over to P-G.
Yes, I will say the same. Thank you very much for attending today's financial hearing meeting. We hope to hear or to see you or hear you or not see because this is on the phone, but yeah, in the next quarter. We're looking forward to 2022. I think this will be a good year. Thank you very much.
Thank you.
This concludes our conference call. Thank you all for attending. You may now disconnect your line.