Thank you very much, and welcome, everyone. SBB is social infrastructure champion in Europe.

And with this report, we are continuing to strengthen our position in field. Next slide, please.

We presented today a very strong report, our strongest net operating income ever. We are delivering high interest coverage ratio and also, at the same time, delivering strong increase in cash flow.

And despite that we are being conservative and doing write-downs of our JM position, also having negative value changes in our residential portfolio and also have unrealized exchange rate differences. Those you can say the noncash costs are affecting our profit negatively.

And on the other side, our core business is continuing to deliver very strong profit. And in this quarter, we are delivering adjusted profit from property management of SEK 1.144 billion or an increase with 24%.

Our strongest profit from property management, also beating estimates with almost double. And that is why it is important to look at our current earnings capacity that you can see on this slide.

And you can see that we, at the end of this year have -- at the end of this quarter have a rental income of SEK 7.2 billion. We have property costs where we also are taking maintenance costs through P&L.

And after that, we have a NOI of SEK 5.3 billion. This leads to operating profit after financial expenses of SEK 4.4 billion which is SEK 3.03 per share.

However, we have very strong pricing power. And given the latest inflation in our market, we are expecting impact on NOI from indexation for the next year to be SEK 300 million -- almost SEK 400 million.

And including that our adjusting operating profit expecting for the next year is SEK 4.8 billion or SEK 3.29 per share. If you then look because those numbers are affected by profit from joint ventures and associated companies and those numbers don't include our dividends to equity instruments, excluding A and B shares like these shares and hybrids.

And that is what you can see at the lower part of the slide, showing that our operating profit from the cash flow in terms just counting pure expected dividends from joint ventures will land at SEK 3.9 billion or SEK 2.66 per share. Then we have SEK 926 million in dividends to these shares and hybrids, and as I said before, we are expecting at least SEK 392 million from inflation adjustment, which will result in a cash profit of SEK 3.341 billion or SEK 3.3 billion or SEK 2.3 per share.

So our expected cash profit according to current earnings capacity for the next 12 months is SEK 2.3 per share. Next slide, please.

This report is on top of very strong profit from property management, also recognizing uncertainties and challenges in the market and our choice to be proactive and to make sure to be responsive to change and adapting to changing conditions. We think that is our main strength.

And we see adaptation as the basis for long-term sustainability and adaptation is requiring from our employees capacity for new thinking, creativity and result and those measures that you can see on Slide 3 are results of that. So the first is, of course, that we started relatively early this year to sell assets.

We are continuing to sell assets and we are hard to bring on the balance sheet. I said of those SEK 4.8 billion, SEK 2 billion are for further planned disposals of joint ventures and we have great visibility on those.

And those are also expecting to be closed before the year-end. The second important work that we have been doing last year is focusing on diversifying our financing.

As you know, we did U.S. PP in this summer, unsecured financing from U.S.

with a very strong and very good conditions. And we have this report is showing a very good relationship with the leading global and Nordic banks on the same line on diversified financing, we have also signed a new credit facility of EUR 750 million in October.

So all in all, very strong position and continuing to strengthen our position in diversified financing. The third point that we are emphasizing and that we also announced this morning is that we intend to increase our focus on social infrastructure by evaluating the possibility of distributing a residential company to the shareholders.

And this residential company is expected to have properties for SEK 18 billion and only bank loans with an LTV of approximately 55%. This will create one of the largest residential companies, or the largest.

This will be actually largest list in residential, pure residential company in the Nordics. And as we emphasized in interest leases, if the condition for a split or for this distribution, our net shares in the residential portfolio are intended to be distributed to SBB shareholders of A and B shares by the resolution of an extra general meeting.

This is expected to be done before year-end. So distribution is expected to be done before year-end and the intention is to list the residential property company's shares in the first quarter of 2022.

And the fourth important point of strength in our work and presented in this report is our work with long-term institutional capital, we experienced large demand for community service properties and we have already structured 2 subsidiaries within the community service segment. And we have the intensive ongoing work stream with potential minority owners with long-term institutional capital and that we are doing work with legal and financial advisory teams.

So all those 4 points are not plans or ideas, those are the points that are currently executed. Next slide, please.

When you present a report, it is always good to look back and to compare how we are delivering also in relationship to our own published metrics. And if you compare our adjusted profit from property management, you will see that we are delivering even stronger than our communicated earnings capacity.

So as I said before, strong deliverable from core business and showing the strength of our property management and showing very strong operating profit. Next slide, please.

Just to try to -- on top of the main points that I presented, just trying to do some extra highlights for third quarter. As I said before, I am very impressed with our people's ability to adapt with strong work and that is what is delivering those lines of successful disposals of successful and diversified financing, innovative ideas as this new residential company that will be the largest listed pure residential company, freedom to be distributed to the shareholders, but also working with long-term institutional capital to take in minority investors given the large interest for community service profit goods.

Our focus on core business is continuing. And as I said before, we delivered strong adjusted profit from property management.

Also, if you look at which are [Technical Difficulty] is fairly high. Renting income for the third quarter was SEK 1.333 billion, which is highest today, we also deliver very strong rental income.

So strong base for continuing organic growth coming from strong performance from core business. Number three, just to emphasize the important part of this chain, as I mentioned before, highest net operating income ever, but also high interest coverage ratio, 4.8x, one of the highest interest coverage ratios in the real estate market.

This should lead to stronger rating because our outlook was adjusted with reference to interest coverage ratio. Now we are showing that we have very strong and sustainably strong interest coverage ratio of 4.8x.

And if you look at our cash flow, you will see that we also have -- that we also are delivering very strong increase in cash flow. Cash flow -- our operating cash flow before changes in working capital, which means our real operating cash flow increased from SEK 1.7 billion first 9 months 2021 to SEK 2.7 billion first 9 months 2022 with increase of 53%.

And also, we had also strong increase in Q3 alone. Number four, important in those volatile times, 80% of our gross debt has a fixed interest rate.

And as I'm showing in my CEO letter that will have a big impact on average interest rates because we have a long duration of fixed interest rates of 3.6 years. And we are, at the same time, divesting assets, so combination of using divestments to repay short-term debt and having a long fixed interest rate is creating a very strong position for continuing income growth from [indiscernible].

And this is all connected in the point #5, that we are again emphasizing that we will do everything necessary to strengthen our balance sheet and get the better rating. And we are showing that we are delivering on key ratios also this quarter on a very high interest coverage ratio.

And given the signed divestments where cash is coming in Q4, also, our LTV will decrease significantly in Q4. You see also this slide that this strong business is underpinned by our unique portfolio where we have properties in a very good location in -- 79% of our portfolio is located in major cities and university towns.

We have very strong focus for social infrastructure and great positions in Sweden and Norway and a building in Finland and starting to build in Denmark. Important point here is also that our initially into 2023, even today valuation is 4.1%, which is also given the nature of our low-risk assets are relatively high net initial yield with 11 years WAULT portfolio with -- where income is 99% coming from social infrastructure.

Next slide, please. Key ratios for the quarter, I mentioned some of those, I mentioned a strong increase in net operating income, increasing with 22% in the quarter to SEK 1.333 billion.

Strong increase in operating cash flow before changes in working capital, increasing 45% to SEK 884 million and also continuing to deliver on rental income that we are having 3.7% increase in rental income on like-for-like basis. And that is -- if you compare with inflation at the end of the last year, that is actually 90 bps better than inflation.

I mentioned before, a strong interest coverage ratio and almost [indiscernible] LTV to the last quarter that will decrease significantly in Q4 when the cash from closed businesses coming in. And the average pay the fixed interest rate 3.4-year average debt maturity for 4 years and long-term net asset charges per share, SEK 40.10 per share.

This quarter, we also delivered strong surplus ratio despite that energy prices are soaring, despite that all cost is increasing and that inflation is high, but we managed to deliver very strong surplus ratio. We also increased our economic letting ratio to 95.2%.

And that combined with 11 years average contract length of social infrastructure is resulting in very stable and strong delivery from the core business. Next slide, please.

Just -- so the next few slides, just to mention few numbers and to emphasize deliverables as you can see from our rental income to our net operating income we are having strong deliverables of -- on rental income. And the only large difference is on property administration.

There we have higher costs than last year, partly is that affected by high activity on divestments that despite that we have a very strong increase in NOI. And as I said before, delivering the strongest NOI, I mentioned also before that we are increasing our income -- rental income with -- on a like-for-like basis with 3.7% -- 90 bps over CPI last year.

Next slide, please. Going from the net operating income to profit -- to operating profit and our profit from property management that is landing at SEK 397 million is affecting with translation gains.

We have said before that in this volatile market, we are not fully hedging our long euro debt. That is -- those are unrealized and realized losses.

And if you control for that, then you would see that our profits from property management including -- excluding FX is landing at SEK 1.76 billion. And of course, if you adjust for our support for Ukraine, where we have spent SEK 50 million to support client, Ukrainian people and some other one-off costs, then you will land at the gross adjusted profit, as I said before, of SEK 1.144 billion or SEK 1.08 per share.

So this strong profit at the next slide, Slide 9, you can see that changes in various properties. And before that our write-down of JM have affected our profit before tax.

But we are not burdened with that. Rather we see that as a strength that we can -- in those times both the write-downs and JM and also have this write-downs on residential properties and at the same time, we continue to deliver strong key ratio.

All our properties are valued by external valuers and the -- as I mentioned, we do have write-downs on residential properties. However, community service properties are continuing to perform well despite that values are still assuming lower valuations than we have seen in actual numbers.

So I put just in my report to just as a illustration, so you can see that the difference between the latest inflation numbers for Sweden and the valuers' assumptions. And that means that there is actually additional upside in our valuations, particularly on the community service property side.

And the change in value is on residential and projects are explained by high-yield requirements. Next slide, please.

Our debt portfolio, we have we think, a very strong position, our composition of our debt portfolio is -- and as you can see, we have a total portfolio of SEK 77 billion in bonds. And if you look at our Eurobond portfolio, you will see that we have long euro debt.

Our first Eurobond is expiring in February 2024. But the majority of our euro debt is at good levels and EUR 4.2 billion of our total Eurobond portfolio of EUR 4.2 billion outstanding at the end of Q3, the debt maturity and other is 4.7 years is 1.2% in average interest rates and it is 100% fixed.

So we have a unique position there and also in terms of the bonds in the Nordic market, we have just EUR 5.2 billion in bonds that are maturing in the next 12 months of those EUR 600 million has been already paid in the beginning of this quarter. You can also see that we have been having a relatively long maturity -- debt maturity on around 4 years and our average interest rates at the end of Q3 was 1.89%.

And in my CEO letter in order to give you a flavor, so you can compare our numbers, I also put in some sensitivity analysis where I'm assuming that pricing of interest rates of -- how market is pricing interest rates currently. And that means that new loans according to market should be at levels of 4.9% fixed and then showing which kind of effect is as a result of our divestments and just as an example, a repayment of debt of SEK 9 million.

So you can see that we will continue to have very strong interest rate coverage also in coming years in all scenarios. Our capital structure is very diversified with different sources of financing and we will continue on that path.

As I said before, we are probably the only business in the Nordic that is able to do in those markets U.S. PP, which we've shown in late July this year.

Before that, we did Schuldschein in Germany. And we are exploring to continue to diversify our financing, the latest EUR 750 million credit facility that we signed last week is also proof of that.

In terms of liquidity, we feel that we have a strong position to be able to act in this market. And we have, I said before, relatively few maturities in the bond markets and can repay all bonds sometime next year just directly through cash.

Next slide, please. To sum it up, as I said before, we are delivering a very strong quarter, our strongest profit from property management, our strongest NOI for a quarter ever.

And at the same time, we are adapting to new market conditions where we are conservative and doing write-downs of JM despite that the JM is still an amazing company where we are long-term owner. And in this focus on execution, we are continuing to execute on disposals.

As I said before, we have a large amount of cash coming in, in Q4 from disposals and our work with [indiscernible] is in full process where our counterparties are investing a large amount of money in order to close the transaction. We are expecting that to be done in a number of weeks.

We are continuing to work very focused on the diversified financing. We have a strong relationship with the leading global and Nordic banks.

We also signed the new sales facilities of EUR 750 million in October. Number 3, we do think that in this market, we will continue to increase our focus on social infrastructure companies and that is why we are evaluating the possibility of distributing a residential company to shareholders.

And this is the pure residential company, SEK 18 billion of assets, it's only bank loans and this according to our advisers, this would create the largest residential company in the Nordics. And as I said before, this distribution, that is, of course, that tends to be decided by extra general meeting, but it is expecting to be done before year-end.

And listing of the shares is expecting to be done in the first quarter. Number 4, and you can hear this not only from us, you can -- there are many market participants that see that there is strong demand for community service properties, for social infrastructure and that is why we have already structured to subsidize within our community service segment.

And we are having intensive ongoing work stream together with financial advisory team to take in minority orders with long-term institutional capital that will, of course, strengthen SBB's position to continue to grow and even the stronger as Europe's champion in social interest space. There are many municipalities that we need large investments in years to come.

And having strong SBB is also having strong part municipalities to deliver to the new social infrastructure. Just a week ago in one of the Swedish cities -- and it was amazing, I was there to cut the ribbon to open a new sports center where we have a long lease with municipality, and it came 1,500 people.

That just shows how important the investments that we are doing in social infrastructure are for our communities. As I mentioned many times through the presentation, our focus on core business is even increasing and the focus to continue to deliver strong operating profit.

And as mentioned before, we delivered today operating profit per share that is almost double the expectations and at the same time, also delivering strong interest coverage ratio that we are expecting should lead to a better rating for SBB. And the last point, we are giving all measures that we are doing strengthening in our position from beside the messages that dividend to ordinary shareholders A and B during next year will at least be unchanged, which is currently SEK 1.32 per share.

So strong message there and continuing focus to strengthen our balance sheet and strength -- and create opportunity for SBB to be the strongest actor in Nordic and European real estate in 2023. Thank you very much.

I will stay there. And on the last slide, we have a big thank you.

And then you have some appendix figures for those of you that are new to SBB. But I will stay there and I will take some questions, please.

I'd like to ask a few questions about the proposed spin-off, please. Firstly, what led you to choose the particular set of assets you're looking to spin off, it sounds like you would retain some residential assets at SBB that spin off another portion.

If you could just talk us through that decision, that would be helpful.

Yes, it is relatively straightforward. We bought last year, a company with name Amasten and that is company that has been listed also in the beginning of this year.

So we are using that company to distribute to our shareholders. And then we are making sure to have a company that is focusing on pure residential properties.

Understood. And then in terms of the financing for the spin, you've mentioned bank debt and the 55% LTV target.

But what is the current financing of that set of assets? And do you envisage taking on more debt in association to the spin?

Or would all the bank debt roll across?

This information will be published during the process, but it is very straightforward. This company will just have bank debt and it will have just ordinary shares.

So very simply capital structure, pure residential plan.

Got it. And then lastly, you guys have obviously done a lot of work to do a series of disposals and to try and delever the balance sheet and maintain your credit rating.

Doing a distribution of assets to shareholders seems to be sort of inconsistent and working against those assets. How do you reconcile the proposed spin with the deleveraging targets and trying to maintain the investment grade rating?

It is rather the opposite. This is strengthening our credit metrics because it is decreasing the amount of secured debt in SBB and also it is -- LTV investment will be unchanged or lower.

So this is actually strengthening credit metrics.

Understood. Have you discussed the proposal with the rating agencies just to get their initial perspective?

I'm sure that our bonds for the [ survey ] are happy with this measure because they like when we decrease the secured lending. And we have right now in Europe, a situation where many companies are rather doing opposite by increasing secured lending.

Just to understand this split a little bit more. I understand your secured LTV as of Q3 is 19%.

And this -- the move if there was -- if it goes through, would reduce the LTV. Is there any sense you can give us how much that would reduce to?

Like what would the new secured LTV be in a pro forma situation? And does that mean that you can then increase your secured LTV at SBB again?

And what would you say is the rough target where you would like to go to?

Yes, that is exactly, as you said, this is very credit positive because it is securing -- it is decreasing secured LTV at SBB level significantly. The decrease is -- it is around 25%, 30%.

And that will also give SBB opportunity to take in new secured debt. And however, given that we think that in those times when all other companies are chasing secure, that it is good for our bondholders.

We are not expecting to take all of that in use. So we will also continue to be cautious to take a large amount of secured debt.

Sure. That makes sense.

And also, we noticed in your presentation that you mentioned you're looking at long-term minority owners of the community service segment. Does that mean that you're looking for new equity or trying to sell assets through JVs?

Or can you elaborate on that?

We don't need new equity. So that is relatively easy.

However, we think that we have, as I said before, there are many municipalities in Sweden that need us and that need us as a growth company. And then we are looking to take in minority owners in our subsidiaries in order to be able to continue to grow.

And it is very exciting that people also in this crisis, and that was the same also 2008 and 2020, that long-term investors really like social infrastructure and one to invest together with us.

Got it. Got it.

And a bit more on the disposals, if I could ask. I'm a little bit confused with the numbers actually.

So you've done SEK 9 billion already that is completed and then you've also listed in another SEK 9.3 billion in Q3, which will complete. Is my understanding correct?

Yes, it is very easy to be confused because sometimes you talk about what we sold and then what cash is coming in and so on. I can sum it up in a way to say that we have an announced LOI of divestments of SEK 9 billion.

And I try to sum up this in my CEO letter saying that we also have additional SEK 4.7 billion in cash coming in from other divestments. So I think that is a fair estimate that we are having like 13 more than SEK 13 billion on cash from divestment coming in, in Q4.

Of course it will significantly affect our LTV.

Yes, of course. And is there any cash coming in from the split itself if it goes through, of course?

No. split itself is not -- it can be some cash because we have some projects that we have.

So it can be some additional cash for SBB, but this is not done for that. It is basically done to create new residential company and to distribute to our shareholders.

I just wanted to touch back on a previous question regarding your discussions or lack of with S&P on this potential split. Can you confirm whether you have discussed this with I'm just conscious that the ratings on negative outlook and at the lowest level for investment grade.

So there's clearly some numbers that need to be worked through here to make sure that still consistent with an investment-grade rating?

This is credit positive. And before anything is done, we will make sure that SBB's credit rating is strengthened.

Right. So do you -- I think S&P are looking for a debt plus equity ratio of inside 55%.

So will that be the case post this transaction. Do you have some pro forma numbers to see where that metric will go to?

For our -- from our side, we will, of course, as I said before, we are strengthening our credit to different measures, including disposals. And also this measure will be done in that setup.

And our view is that this is credit positive, and we will make sure that the way the distribution is done is done in close cooperation with credit agencies.

And just one final question. The debt that will go into the new entity, will that be affected by a transfer of existing debt?

Or will it be affected by raising new debt within the new entity?

As I said before, the debt will be moved from SBB and of course with the prolonged in the new entity, but we will come with the details to it when we have a proposal for general meeting. But the distribution is decreasing SBB's secured debt significantly, which is very positive for our bondholders.

And just sort of interest on that debt that's been transferred, are there covenants on that debt LTV covenants?

That should new company -- the new company respond on, but in SBB, we don't have different covenants.

My first question is about the cash situation. It has been a previous question on that.

And if you begin with the cash as of 30 September around SEK 5.5 billion. And then you had -- if you read the report receivables of some SEK 2 billion, which will be added on divestments, not yet carried through.

And then you also had SEK 4 billion net cash, is that the effect of the current property divestments in pipeline? Is there a net effect, including amortization of debt?

When I was saying that we are selling for those -- for the [indiscernible], that is net expecting proceeds.

Okay. Very good.

Then I got it right. Second question is your divestment of this SEK 9 billion property portfolio, which is almost done, I would ask, if you look at the tenant lease more of 11 years, if -- I got the impression when I looked at your statement in September that it is very much a triple-net portfolio.

Would that affect average on your portfolio after the divestment in any way?

I mean, the pro forma numbers that we published were for illustrative purposes, but we have in our community sales portfolio, we have a large share that is double-net or triple-net leases. So we are I think on average, that will be almost unchanged because we are not hard to say we are not taking our good from the screen and giving away, we are taking an average portfolio that we think is very good, but we have a large amount of very good assets.

So we think that is good for the investors, and that is also good for us.

I have 2 questions actually. So the first one is around the acquisitions for the quarter, I've noticed there is roughly SEK 1.2 billion of acquisitions.

Just wondering what does it refer to?

It is -- Eduardo, that we -- during last year, we -- last year we did some deals and that is why we have had some acquisitions and some important that have been increased -- some of those have been also, at the same time, also saw this [Technical Difficulty] the last part of the last year's acquisitions in total.

And the second question I have is regarding the new credit facility of EUR 750 million, do you have the marginal cost of debt on that facility?

It is market -- it is a market rate for the secured debt. So it is -- we think that is a very good price for that facility.

Okay. And if you can give us a figure for that one?

No, because we are also appreciating with other banks and to others. So it's...

Just going back to the new residential company. I was just wondering why you're only spending off about 1/3 of the portfolio and not more, for example, the majority or the entire portfolio?

So we have -- as I said before, for us it is important to continue to strengthen our credit rating. And we have found that this portfolio is both delivering value to our bond investors because we are moving out secured debt is delivering value for SBB because we see it is also increasing financial flexibility for SBB and at the same time, this will be positive for our key ratio.

So this new company will -- this new company will have only bank debt and we have used Amasten that we acquired in the beginning of this year and base for that.

So it's fully Amasten and no other assets which are already coming from SBB itself?

Is not Amasten, but it's a large part of the portfolio is a must and then we have some of old SBB assets.

Okay. And if I understand correctly, there's also some projects included in this.

Is this pretty much your entire portfolio in residential? Or is this only part of it?

And will you still do more house building in the SBB going forward? Or is this all going to be in the new residential company?

Yes. SBB will -- we have already stopped to start new projects in the residential space.

So we are focusing to finish ongoing projects and to decrease our exposure to projects. The new company will be able to both continue to manage the current properties but also to do new projects.

And it will be fully financed with only bank debt.

Okay. That's clear.

And in terms of building rights, I suppose that's also moved more towards a new company than?

No, because our -- we have a large portfolio of building rights, but that is also used to deliver value for municipalities, some municipality can have a new social infrastructure. So that is not obvious.

But we will come back with the presentation of a new company in connection to expected extra general meeting of the shareholders.

Just one last one from my side on the SEK 9 billion portfolio that's to be sold. I suppose that's a letter of intent, which is supposed to close next Monday.

Do you have any additional color on the progress? And what is this conditional?

A lot of color, John. I can tell you our counterparties are investing a large part of money.

And I don't think that no one in this time is throwing away money. So they are doing serious jobs.

We have very good cooperation. And as I said before, we are expecting that this will be closed in a number of weeks because it is a large number of properties.

So it is taking some longer time that the large job has already been done and is continued to be due.

I just also had a question starting off with the -- regarding the residential company. When do you think that the new company can be in operation?

The new company is already in operation and we are expecting that the general -- extra general meeting will decide to distribute the company to shareholders before year-end, and we are expecting company to be listed in the first north growth market in the first quarter.

Okay. And will you appoint an external CEO for this company or hire someone from within SBB?

We are never doing CEO announcements on the calls, not we are recruiting. So we will announce that it's not me.

It is Board that is appointing the CEO, but we will -- the Board will announce any time.

Okay, I understand. I also understand your ambition is to sell more properties.

Can you tell me a little bit about what kind of properties we're talking about and how big of a volume do you want to continue to divest?

We have been very clear that our expectations are that we will take in around SEK 30 billion in cash from divestments in next 3 months, and that is where the focus is on execution.

Oh, okay. If we're talking about looking forward to 2023, do you see SBB being net sellers or net buyers next year?

We have also now report this, I don't know if we see an important point that we are strong measures from long-term institutional capital to invest together with SBB. And given the measures that we are presenting a report, we are expecting that SBB will have very strong financial position in 2023 and we'll be able to grow and to support municipalities they need for social infrastructure.

Okay. And one final question.

If you were to go looking to buy properties, which of your 4 current countries would you prefer to buy in?

I think currently for us focusing –- focus is on divesting the properties. And it's always important to keep focus.

So right now we are divesting the properties.

I have 2 questions. The first one were also from financial properties.

I'm just curious why not just put all -- transfer all the residential properties to the new company so that SBB become a pure social infrastructure-focused company and then you can maybe even attract a bit the minority interest from the municipalities directly at the SBB level?

We found this solution best in order to improve our credit metrics and also given that we already own Amasten as a subsidiary, I think that this is the most efficient for all our stakeholders.

In that case, do you consider maybe in the future after the new company, it's effective, you might transfer some of the residential properties from SBB to the new company? Or you will keep all the resi at for SBB?

I mean it's our focus on the future is basically focusing to have strong and financially very strong SBB continuing to sell the needs of municipalities. And sometimes, those needs can invert also residential.

However, our focus is on social infrastructure. This move is.

Okay. And also it's a bit weak in the Q3 report, you no longer mention that you are committed to BBB rating.

I'm just wondering whether your rating target remains the same or you might be like in the short term, you're okay with your current ratings?

No, we are not okay with our current rating. Otherwise, we should not do this large amount of work that we are doing in order to strengthen our credit metrics.

So we have been very clear in our messaging to the market that we are aiming for BBB+ rating. And that is basically focus why we are doing so large divestments when cash is coming in Q4.

We also are emphasizing several times that we have one of the strongest ICRs in market for [indiscernible]. And that resi should lead to higher rating given that the reference before when we get change up where, particularly to ICR.

So now with 80%, we are also -- we are not just talking. We are doing a large measure is by those divestments.

The cash is coming in Q4, but also by expanding our base of fixed interest rates, but now 80% of our debt and all of euro debt is fixed.

Okay. Just last one from my side.

It's in the report you mentioned like you want to maintain the dividend. I'm just curious about your dividend policy.

Is there any like at certain point of time, I mean, considering the current market situation, everyone is concerned about everything. Do you think you might stop paying dividend to retain liquidity at the company level or you will continue the dividend distribution?

Our message also that has been very clear from the beginning. We think that the best way to strengthen our financial position is to divest assets.

And given that there is large demand for our assets that we have been very successful in selling the assets. That also means that we can continue to have at least unchanged dividend going forward.

Okay. But cash proceeds from the divestment that will be used to reduce the size of cost like the majority, just to confirm?

Exactly, so the cash receipt will be used to repay debt.

I have 2 questions, actually. First one, in the earnings capacity, the contribution from JV seems to be going around down in your earning capacity and you're now splitting the sort of cash effect that is noncash effect.

So can you help us understand what should be the contribution of JVs going forward? Is it 1.1?

Or is it more -- much less than that? That's first question, please.

Second question...

I can take the first question. It is important.

And that is our expectation on the profit in JVs as a digital graph is around SEK 980 million. However, many people are asking, say, what is real cash that you are taking out, and that is why we have took expectations on -- in the Slide 2, expectation on what kind of dividend we will get from this.

Okay. So the real cash that's coming in is should be around SEK 450 that is we've guided previously billion mark?

Not dividend. But then -- but it's -- I mean, the profit from JV is not only dividends, there is some of the cash to buy back shares or there are different based with the income from JVs to the shareholders.

Okay. No, that's clear.

And the second question is on cash generation. Can you help us understand a bit, reconcile because obviously, your assets seem to be performing well as you were saying.

And yet when I look at cash flow from operating activities, it's close to SEK 800 million for the first 9 months of the year, including almost SEK 200 million for the latest quarter and it's much less than what you used to have previously. Can you help us understand these changes?

Sorry, if I -- but then you are also looking at working capital. Is that true?

Yes. Increased working capital that may be explaining the changes in working capital, which continues to be present cash flow generation would be helpful.

Have you worked with real estate business?

Have I worked with the real estate business is your question?

Yes. Because it's...

Yes, actually. But usually, we say businesses don't have much cash flow, right?

Much working capital, right? So...

This is -- that means that for real estate business, the real operating cash flow is cash flow from operating activities before changes in working capital because changes in working capital are just related to acquisitions or divestments. So not...

Can you help us understand these changes then because the real cash flow is the cash flow that you have in towards the end of the month, right? So if you can help us understand why you have so much changes in working capital I think that is really the question, right?

Thank you for that detailed question. And please send e-mail to our CEO and she will review with a response.

But the real operating cash flow from SBB for the first 9 months was SEK 2.673 billion. And for this quarter was SEK 884 million.

Thank you. Next question please.

Thank you very much. I think that this has been long and we can probably use some extra time.

So if there are any other questions, please send an e-mail to our Investor Relations. And thank you very much for your interest.

Thank you all. Bye-bye.