Samhällsbyggnadsbolaget i
The correction sheet concerns, among other things, that the item Impairment of goodwill has been adjusted from
2023-01-01 - 2023-12-31 | |||
Consolidated income statement (SEKm) | Year end report published 2024-02-27 | Correction | After correction |
Changes in value, property | -13,277 | -44 | -13,321 |
-1,150 | 1,150 | - | |
Operating profit | -12,430 | 1,106 | -11,324 |
Interest income and similar items | 420 | -154 | 266 |
Results of early repayment of loans | -118 | 154 | 36 |
Profit before tax | -22,285 | 1,106 | -21,179 |
Deferred tax | 2,013 | 555 | 2,569 |
PROFIT FOR THE PERIOD, continuing operations | -20,488 | 1,661 | -18,827 |
Profit for the period, discontinued operations | -2,251 | -511 | -2,763 |
PROFIT FOR THE PERIOD | -22,740 | 1,150 | -21,590 |
Consolidated balance sheet (SEKm) | |||
1,542 | 1,150 | 2,692 | |
Total fixed assets | 101,255 | 1,150 | 102,405 |
TOTAL ASSETS | 106,957 | 1,150 | 108,107 |
Retained earnings, incl. comprehensive income for the year | -9,117 | 1,150 | -7,967 |
Equity attributable to Parent Company shareholders | 16,759 | 1,150 | 17,909 |
Total equity | 35,981 | 1,150 | 37,131 |
Key ratios | |||
Return on equity | -46% | 3% | -43% |
Non-pledged quota | 1.58 | 0.02 | 1.6 |
EPRA earnings (company-specific), SEKm | -612 | -710 | -1,322 |
EPRA earnings (EPS) (company-specific), SEK/share | -0.42 | -0.49 | -0.91 |
EPRA earnings after dilution (EPS) (company specific), SEK/share | -0.42 | -0.49 | -0.91 |
Adjusted equity/assets ratio | 36% | 1% | 37% |
Long-term net asset value (EPRA NRV), mSEK | 17,873 | 1,015 | 18,888 |
Long-term net asset value (EPRA NRV), SEK/share | 12.29 | 0.7 | 12.99 |
Long-term net asset value (EPRA NRV) after dilution, SEK/share | 12.29 | 0.7 | 12.99 |
Earnings per Class A and B ordinary share before dilution, continuing operations | -15.05 | 1.14 | -13.91 |
Earnings per Class A and B ordinary share after dilution, continuing operations | -15.05 | 1.14 | -13.91 |
Earnings per Class A and B ordinary share before dilution, discontinued operations | -2.51 | -0.35 | -2.86 |
Earnings per Class A and B ordinary share after dilution, discontinued operations | -2.51 | -0.35 | -2.86 |
Interest coverage ratio, continuing operations | 2.0 | -0.2 | 1.8 |
Interest coverage ratio, continuing and discontinued operations | 2.3 | -0.2 | 2.1 |
The corrected consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated statement of changes in equity and consolidated cash flow statement are presented on the following pages.
Consolidated income statement
Amounts in SEKm | ||||
Continuing operations | ||||
Rental income | 4,581 | 5,365 | 1,069 | 1,309 |
Property costs | ||||
Operating costs | -1,021 | -1,309 | -256 | -378 |
Maintenance | -257 | -314 | -81 | -108 |
Property tax | -95 | -127 | -19 | -39 |
Net operating income | 3,209 | 3,615 | 713 | 784 |
Administration | -878 | -809 | -294 | -203 |
Acquisition and restructuring costs | -90 | -120 | -51 | -24 |
Profit before financial items, value changes in properties and goodwill | 2,241 | 2,686 | 368 | 557 |
Changes in value, property | -13,321 | -3,681 | -2,828 | -2,490 |
Capital loss on the distribution of Neobo | - | -3,202 | - | -3,202 |
Reversal/impairment of goodwill regarding deferred tax | -227 | -387 | -26 | -195 |
- | -395 | - | -395 | |
Results, production of residentials | -17 | -17 | -14 | -20 |
Operating profit | -11,324 | -4,997 | -2,499 | -5,745 |
Profit/loss from joint ventures and associated companies | -6,017 | -1,866 | -1,655 | -1,379 |
of which, profit from property management | 169 | 941 | -147 | 314 |
of which, change in value | -2,498 | -1,970 | -1,607 | -1,002 |
of which, tax | 196 | -90 | 154 | 57 |
of which, gain/loss on sales | -3,416 | - | 24 | - |
of which, impairment | -469 | -747 | -79 | -747 |
Interest income and similar items | 266 | 238 | 88 | 58 |
Interest expenses and similar items | -1,406 | -1,054 | -430 | -399 |
Results of early repayment of loans | 36 | 424 | 149 | 429 |
Translation gains/losses | -144 | -1,991 | 1,024 | -580 |
Leasing costs | -10 | -19 | -4 | -5 |
Changes in the value of financial instruments | -2,580 | -1,560 | -495 | -405 |
Profit before tax | -21,179 | -10,825 | -3,822 | -8,025 |
Tax for the year | -443 | -277 | 39 | -70 |
Deferred tax | 2,569 | 354 | 468 | 502 |
Reversal of deferred tax regarding business combinations | 227 | 387 | 26 | 195 |
PROFIT FOR THE PERIOD, continuing operations | -18,827 | -10,361 | -3,290 | -7,397 |
Profit for the period, discontinued operations | -2,763 | 550 | 260 | -553 |
PROFIT FOR THE PERIOD | -21,590 | -9,811 | -3,031 | -7,950 |
Profit for the period attributable to: | ||||
Parent Company shareholders | -22,054 | -9,634 | -3,063 | -7,905 |
Non-controlling interest | 464 | -177 | 32 | -45 |
PROFIT FOR THE PERIOD | -21,590 | -9,811 | -3,031 | -7,950 |
Consolidated statement of comprehensive income
Amounts in SEKm | ||||
Profit for the period | -21,590 | -9,811 | -3,031 | -7,950 |
Share in the comprehensive income of joint ventures and associated companies | -175 | 169 | - | 99 |
Translation gains/losses | -1,057 | 427 | -368 | 252 |
COMPREHENSIVE INCOME FOR THE PERIOD | -22,822 | -9,215 | -3,399 | -7,599 |
Comprehensive income for the period attributable to: | ||||
Parent Company shareholders | -23,286 | -9,038 | -3,431 | -7,553 |
Non-controlling interest | 464 | -177 | 32 | -46 |
COMPREHENSIVE INCOME FOR THE PERIOD | -22,822 | -9,215 | -3,399 | -7,599 |
Earnings per Class A and B ordinary share before dilution, continuing operations | -13.91 | -7.61 | -2.44 | -5.20 |
Earnings per Class A and B ordinary share after dilution, continuing operations | -13.91 | -7.61 | -2.44 | -5.20 |
Earnings per Class D ordinary share, continuing operations | 2.00 | 2.00 | 0.50 | 0.50 |
Earnings per Class A and B ordinary share before dilution, discontinued operations | -2.86 | -0.10 | 0.00 | -0.49 |
Earnings per Class A and B ordinary share after dilution, discontinued operations | -2.86 | -0.10 | 0.00 | -0.49 |
Earnings per Class D ordinary share, discontinued operations | 2.00 | 2.00 | 0.50 | 0.50 |
Earnings per Class A and B ordinary share before dilution, total continuing and discontinued operations | -15.81 | -7.23 | -2.26 | -5.58 |
Earnings per Class A and B ordinary share after dilution, total continuing and discontinued operations | -15.81 | -7.23 | -2.26 | -5.58 |
Earnings per Class D ordinary share, total continuing and discontinued operations | 2.00 | 2.00 | 0.50 | 0.50 |
Consolidated balance sheet
Amounts in SEKm | Amounts in SEKm | ||||||||
ASSETS | EQUITY AND LIABILITIES | ||||||||
Fixed assets | Share capital | 165 | 165 | ||||||
Intangible assets | Other contributed capital | 26,624 | 26,612 | ||||||
2,692 | 5,283 | Reserves | -915 | 142 | |||||
Total intangible assets | 2,692 | 5,283 | Retained earnings, incl. comprehensive income for the year | -7,967 | 16,905 | ||||
Equity attributable to Parent Company shareholders | 17,909 | 43,825 | |||||||
Tangible assets | |||||||||
Investment properties | 73,205 | 135,616 | Hybrid bonds | 15,741 | 15,741 | ||||
Land lease agreements | 393 | 829 | Other reserves | 1,036 | 1,080 | ||||
Equipment, machinery and installations | 106 | 37 | Non-controlling interest | 2,445 | 2,691 | ||||
Total tangible assets | 73,704 | 136,482 | Total equity | 37,131 | 63,337 | ||||
Financial fixed assets | Long-term liabilities | ||||||||
Share in joint ventures and associated companies | 17,876 | 12,649 | Liabilities to credit institutions | 11,116 | 30,496 | ||||
Receivables from joint ventures and associated companies | 4,839 | 1,737 | Bond loans | 40,540 | 48,310 | ||||
Derivatives | 481 | 1,696 | Derivatives | 264 | 375 | ||||
Financial fixed assets at fair value | 849 | 2,298 | Deferred tax liabilities | 2,726 | 9,120 | ||||
Other non-current receivables | 1,965 | 939 | Leasing liabilities | 393 | 829 | ||||
Total financial fixed asset | 26,009 | 19,319 | Other non-current liabilities | 92 | 141 | ||||
Total fixed assets | 102,405 | 161,084 | Total long-term liabilities | 55,131 | 89,271 | ||||
Current assets | Current liabilities | ||||||||
Properties held for sale | 155 | 156 | Liabilities to credit institutions | 7,861 | 3,400 | ||||
Commercial papers | - | 1,111 | |||||||
Current receivables | Bond loans | 2,576 | 3,768 | ||||||
Derivatives | 203 | - | Derivatives | 1,290 | 596 | ||||
Financial fixed assets at fair value | 185 | - | Accounts payable | 121 | 456 | ||||
Accounts receivable | 100 | 106 | Current tax liabilities | 99 | 310 | ||||
Other receivables | 607 | 1,434 | Liability, cash collateral | - | 2,178 | ||||
Prepaid expenses and accrued income | 392 | 740 | Other liabilities | 726 | 1,185 | ||||
Total current receivables | 1,487 | 2,280 | Approved dividend | 2,133 | 834 | ||||
Accrued expenses and prepaid income | 1,040 | 1,924 | |||||||
Cash investments | 3,845 | 4,429 | Total current liabilities | 15,845 | 15,762 | ||||
Cash and cash equivalents | 214 | 421 | TOTAL EQUITY AND LIABILITIES | 108,107 | 168,370 | ||||
Total cash and cash equivalents and cash investments | 4,060 | 4,850 | |||||||
Total current assets | 5,702 | 7,286 | |||||||
TOTAL ASSETS | 108,107 | 168,370 | |||||||
Consolidated changes in equity
Equity attributable to Parent Company's shareholders | Equity attributable to hybrid bonds | Holdings without controlling influence | Total equity | |||||||
Amounts in SEKm | Share capital | Other contributed capital | Reserves | Retained earnings | Total | Hybrid-bond | Other reserves | |||
Opening equity, | 165 | 26,396 | 834 | 34,360 | 61,755 | 17,294 | -149 | 4,071 | 82,971 | |
Profit for the period | - | - | - | -9,633 | -9,633 | - | - | -177 | -9,811 | |
Other comprehensive income | - | - | -692 | 1,288 | 596 | - | - | - | 596 | |
Comprehensive income for the period | - | - | -692 | -8,345 | -9,037 | - | - | -177 | -9,215 | |
New share issue | - | 210 | - | - | 210 | - | - | - | 210 | |
Issue costs | - | - | - | -13 | -13 | - | - | - | -13 | |
Redemption of part of hybrid bond | - | - | - | 811 | 811 | -1,553 | 15 | - | -727 | |
Tax effects in equity | - | - | - | -1,214 | -1,214 | - | 1,214 | - | - | |
Currency revaluation, hybrid bonds | - | 6 | - | 175 | 181 | - | - | - | 181 | |
Dividend | - | - | - | -2,308 | -2,308 | - | - | - | -2,308 | |
Dividend hybrid bond | - | - | - | -490 | -490 | - | - | - | -490 | |
Distribution of Neobo | - | - | - | -5,946 | -5,946 | - | - | - | -5,946 | |
Divestiture to minority | - | - | - | - | - | - | - | 712 | 712 | |
Redemption minority interests | - | - | - | -124 | -124 | - | - | -1,915 | -2,039 | |
Closing equity, | 165 | 26,612 | 142 | 16,905 | 43,825 | 15,741 | 1,080 | 2,691 | 63,337 | |
Opening equity, | 165 | 26,612 | 142 | 16,905 | 43,825 | 15,741 | 1,080 | 2,691 | 63,337 | |
Profit for the period | - | - | - | -22,054 | -22,054 | - | - | 464 | -21,590 | |
Other comprehensive income | - | - | -1,057 | -175 | -1,232 | - | - | - | -1,232 | |
Comprehensive income for the period | - | - | -1,057 | -22,229 | -23,286 | - | - | 464 | -22,822 | |
Warrants repurchase | - | - | - | -5 | -5 | - | - | - | -5 | |
Tax effects in equity | - | 12 | - | -11 | 1 | - | - | - | 1 | |
Conversion of mandatory convertibles | - | - | - | 44 | 44 | - | -44 | - | - | |
Currency revaluation, hybrid bonds | - | - | - | 99 | 99 | - | - | - | 99 | |
Dividend | - | - | - | -2,482 | -2,482 | - | - | - | -2,482 | |
Dividend hybrid bond | - | - | - | -548 | -548 | - | - | - | -548 | |
Interest withheld on hybrid bonds | - | - | - | 358 | 358 | - | - | - | 358 | |
Acquired minority interests | - | - | - | - | - | - | - | 9,840 | 9,840 | |
Redemption minority holdings | - | - | - | -98 | -98 | - | - | -10,552 | -10,648 | |
Closing equity, | 165 | 26,624 | -915 | -7,967 | 17,909 | 15,741 | 1,036 | 2,445 | 37,131 |
Consolidated cash flow statement, condensed
Amounts in SEKm | ||||
Operating activities | ||||
Profit before tax, continuing operations | -21,179 | -10,825 | -3,822 | -8,023 |
Profit before tax, discontinued operations | -6,090 | 276 | -2,268 | -827 |
Adjustment for non-cash flow items | ||||
Depreciation | 6 | 10 | - | 2 |
Changes in value, property | 18,051 | 4,571 | 5,281 | 3,590 |
Capital loss on the distribution of Neobo | - | 3,202 | - | 3,202 |
Dissolution of goodwill after property sales | 797 | 387 | 26 | 195 |
| 1,794 | 395 | - | 395 |
Results, production of residentials | 17 | 17 | 14 | 19 |
Profit from joint ventures and associated companies | 6,017 | 1,866 | 1,655 | 1,379 |
Changes in the value of financial instruments | 2,580 | 1,560 | 495 | 405 |
Dividends from joint ventures and associated companies | 283 | 304 | - | 7 |
Net interest income | 1,818 | 2,878 | -747 | 634 |
Interest paid | -2,236 | -1,059 | -803 | -153 |
Interest received | 220 | 196 | 136 | 58 |
Paid tax | -856 | -294 | -241 | -80 |
Cash flow from operating activities before changes in working capital | 1,222 | 3,485 | -276 | 802 |
Cash flow from changes in working capital | ||||
Increase (-)/Decrease (+) of operating receivables | 1,057 | 164 | 944 | 533 |
Increase (+)/Decrease (-) of operating liabilities | -929 | -1,529 | -153 | -53 |
Cash flow from operating activities | 1,350 | 2,120 | 514 | 1,283 |
Investment activities | ||||
Investments in properties | -2,901 | -5,250 | -524 | -1,280 |
Property sales | - | 171 | - | 18 |
Acquisitions of subsidiaries less acquired cash and cash equivalents | -1,629 | -9,367 | -507 | -364 |
Disposals of subsidiaries less cash and cash equivalents | 12,675 | 9,677 | 8,219 | 1,409 |
Investments/divestitures in equipment, machinery and installations | -75 | 1 | -3 | 7 |
Investments/disposals in joint ventures and associated companies | 2,470 | 475 | 193 | 1,896 |
Change in receivables from joint ventures and associated companies | 781 | 2,159 | 790 | 154 |
Cash flow from financial assets | -194 | 1,772 | 320 | 203 |
Change in other non-current receivables | -998 | -728 | -41 | -863 |
Cash flow from investing activities | 10,129 | -1,090 | 7,767 | 1,181 |
Financing activities | ||||
Issue hybrid bonds | - | - | - | 10 |
Issue costs | - | -15 | - | -15 |
Warrants repurchase | -5 | - | -1 | - |
Redemption of hybrid bonds | - | -727 | - | -727 |
Redemption of mandatory convertible | 1 | - | - | - |
Dividend paid | -1,659 | -2,837 | - | -601 |
Distribution of cash and cash equivalents in Neobo | - | -231 | - | -231 |
Divestiture to minority | 9,057 | 712 | 19 | 712 |
Redeemed minority shares | - | -2,040 | - | -223 |
Borrowings | 21,544 | 62,038 | 394 | 19,459 |
Repayment of loans | -38,885 | -59,710 | -6,326 | -21,243 |
Change in cash collateral | -2,048 | -3,429 | -617 | 5 |
Changes in other non-current liabilities raised | -52 | -202 | -77 | -90 |
Cash flow from financing activities | -12,047 | -6,440 | -6,609 | -2,943 |
Profit/loss for the period | -568 | -5,410 | 1,673 | -479 |
Cash and cash equivalents at the beginning of the period | 4,429 | 9,837 | 2,186 | 4,941 |
Profit/loss for the period, continuing operations | -568 | -5,410 | 1,673 | -479 |
Exchange rate change in cash and cash equivalents | -16 | 2 | -14 | -35 |
Cash and cash equivalents at the end of the period | 3,845 | 4,429 | 3,845 | 4,429 |
of which, liquid funds attributable to discontinued operations | - | 57 | - | 57 |
For further information, please contact:
This information is such that Samhällsbyggnadsbolaget i
Samhällsbyggnadsbolaget i
https://news.cision.com/samhallsbyggnadsbolaget-i-norden-ab/r/correction-regarding-impairment-of-goodwill-and-reporting-of-sale-of-subsidiaries-and-repurchase-of-,c3971144
https://mb.cision.com/Main/15487/3971144/2771205.pdf
(c) 2024 Cision. All rights reserved., source