Note 17 Shares in joint ventures

INFORMATION REGARDING SIGNIFICANT JOINT VENTURES IN THE GROUP

Fastighets AB Centur, 50 percent ownership. The company owns, manages and develops commercial property and homes. 

Fastighets AB ML4, 50 percent ownership. The company will develop, own and manage research facility Max IV in Lund. The facility is rented to Lund University and was completed in 2015.

Peab owned 50 percent of Visio Utveckling AB in 2016. The company is responsible for developing Arenastaden and owns and manages companies responsible for property development, including zoning and exploation issues, implementation, construction and land sales. The company was acquired in December 2015 and prior to the aquisition was part of the joint venture company Visio Property Ltd. An adjustment of the preliminary reported purchase price was made in 2016. The shares in Visio Utveckling AB were sold to Fabege in January 2017.

Tornet Bostadsproduktion AB, 31 percent ownership. The company was aquired in June 2015 and was a part of the joint venture company TCL S.à.r.l. before the acquisition. The company will own, manage and develop housing.

Peab owns 50 percent of Point Hyllie Holding AB. The company will develop Hyllie´s highest building, the 110 meter high office building The Point. The company will also own and manage Värdshuset 5 on Hyllie Station Square. The company was formed when Peab sold 50 percent of the shares in the subsidiary to Volito Fastigheter AB on 1 June 2016. Internal profit and Group values equivalent to the remaining shareholding have been reclassified and are reported as shares in joint ventures.

For joint ventures acquired during the financial year, full calendar year income statements are presented in the table below after adaption to Peab Group’s accounting principles. The Group’s share of total comprehensive income refers only to the result generated during the period the Group has owned the joint ventures.

  Significant joint ventures 2016-12-31   Significant joint ventures 2015-12-31
Group, MSEK Fastighets AB Centur Fastighets AB ML4 Visio Utveckling AB Tornet Bostadsproduktion AB Point Hyllie Holding AB   Fastighets AB Centur Fastighets AB ML4 Visio Utveckling AB Tornet Bostadsproduktion AB
Net sales  245 51 50 93 26 274 42 41 71
Operating profit 1)  199 9 24 55 7 359 15 57 40
Interest income and similar profit items  4 0 0 0 4 0
Interest expenses and similar profit/loss items  -68 -25 -45 -47 -11 -87 -21 -25 -36
Tax  -25 4 0 -2 1 -24 1 -10 -1
Profit for the year 110 -12 -21 6 -3   252 -5 22 3
Other comprehensive income  1 -2
Comprehensive income for the year 111 -12 -21 6 -3   250 -5 22 3
Less non-controlling interest -2 -1
Total comprehensive income less non-controlling interest 111 -12 -23 6 -3   250 -5 21 3
1) Depreciation amounts to 40 4 14 14 27 5 11
Fixed assets 5 1
Short-term investments and liquid funds 166 57 7 51 17 64 84 48 31
Project and development properties  4,132 1,870 313 1,908 675 3,908 1,862 980 1,685
Other current assets  97 3 144 7 11 558 8 115 10
Total assets  4,395 1,935 464 1,966 704 4,530 1,954 1,143 1,726
Long-term financial liabilities  3,758 1,853 276 1,707 715 3,972 1,895 863 1,483
Other long-term liabilities  75 17 43 17
Short-term financial liabilities 23 6 61
Other short-term liabilities  57 36 11 27 11 123 24 29 18
Total liabilities  3,890 1,912 310 1,734 726 4,138 1,919 970 1,501
Net assets  505 23 154 232 -22 392 35 173 225
Less non-controlling interest -55 -52
Net assets less non-controlling interest 505 23 99 232 -22 392 35 121 225
Group share of net assets at the beginning of the year 196 17 61 70 –   71 0 0 0
Share of total comprehensive income  56 -6 -9 2 1 125 -3 0
Acquisitions -16 61 70
Contribution / new issue 13 5 20
Reclassification upon partial disposal of shares in subsidiary -17
Group share of net assets at year-end 252 11 49 72 -11   196 17 61 70
Group share of unrealized internal profit at the beginning of the year -15 -51 -1 -20 –   -4 -41 0 0
Reclassification of internal profit upon partial disposal of shares in subsidiary -99
Elimination of unrealized profit  -15 -3 0 0 -11 -10 -1 -20
Group share of unrealized internal profit at year-end -30 -54 -1 -20 -99   -15 -51 -1 -20
Recognized value at year-end 222 -43 48 52 -110   181 -34 60 50
Comprehensive income is divided among the following items in the income statement:
Production costs 40 -9 -9 2 1 115 -13 -1 -20
Other comprehensive income 1 -1
Total 41 -9 -9 2 1 114 -13 -1 -20
Recognized amount is divided among the following items in the balance sheet:
Shares in joint ventures  222 48 52 181 60 50
Accrued expenses and deferred income 1) -43 -110 -34
Total 222 -43 48 52 -110   181 -34 60 50

1) Refers to joint venture where the net sum of equity and internal profit elimination is negative.

INFORMATION ON OTHER JOINT VENTURES VALUE IN THE GROUP

 Group, MSEK 2016 2015
Share of comprehensive income on other joint ventures  59 -5
Comprehensive income is divided among the following items in the income statement:
Productions costs  53 6
Other operating income 7 6
Other operating costs – -9
Financial expenses  -1 -8
Total 59 -5
Recognized value of other joint ventures  339 447
Recognized amount is divided among the following items in the balance sheet:
Participation in joint ventures  393 496
Other provisions 1)  -43 -46
Accrued expenses and deferred income 2)  -11 -3
Total 339 447

1) Refers to joint venture where equity is negative.
2) Refers to joint venture where the net sum of equity and internal profit elimination is negative.

Company, Registered Office, Corp. ID no. Share percent 2016 Share percent 2015
Acturum Development AB, Stockholm, 556910-5488 50 50
Ale Exploatering AB, Gothenburg, 556426-2730 – 50
Blåsut Åstorp AB, Stockholm, 556627-4386 50 50
Bondistranda Utvikling AS, Lysaker, 992 512 741 50 50
Brekkeveien 5 Bolig AS, Lysaker, 991 935 177 50 50
Byggutveckling Svenska AB, Linköping, 556627-2117 50 50
Express Betong AB, Halmstad, 556317-1452 – 50
Fastighets AB Centur, Stockholm, 556813-6369 50 50
Fastighets AB ML4, Malmö, 556786-2155 50 50
Fastighets AB Tornet, Gothenburg, 559008-2912 50 50
Fjällvärme i Sälen AB, Malung-Sälen, 556536-1895 50 50
Flöjfjellet Eidendom AS, Tromsö, 915 467 407 50 50
Fotbollsstadion i Malmö Fastighets AB, Malmö, 556727-4641 – 12.5
Hans Haslums Vei Utvikling AS, Lysaker, 914 498 937 50 –
Hälsostaden i Ängelholm Holding AB, Ängelholm, 556790-5723 33.33 33.33
ITolv AB, Eksjö, 556513-2478 35 35
JHCS Skolfastigheter AB, Nacka, 559030-6923 – 50
Kaldslettneset AS, Tromsö, 911 692 058 50 50
KB Blåsut Åstorp, Stockholm, 969691-9043 – 50
KB Järnvägsstaden, Stockholm, 969681-8294 – 50
KB Älvhögsborg, Trollhättan, 916899-2734 50 50
Kirkebakken Vest AS, Horten, 988 796 174 50 50
Kungsörs Grusaktiebolag, Kungsör, 556044-4134 50 50
Ljusta Projektutveckling AB, Sundsvall, 556668-4899 50 50
Ljusta Projektutveckling KB, Sundsvall, 969700-6188 50 50
Log. Sunnanå AB, Helsingborg, 556699-7788 50 50
Log. Sunnanå Två AB, Helsingborg, 559023-3911 50 50
Log. Tostarp AB, Helsingborg, 556667-8784 50 50
Log. Tostarp Två AB, Helsingborg, 559025-2259 50 50
Medkila Nord AS, Harstad, 998 565 545 50 50
Mountain Resort Trysil AS, Trysil, 996 284 115 50 50
Nedre Holte AS, Harstad, 985 911 495 50 50
Nya Bara Utvecklings AB, Malmö, 556858-4311 50 50
Nyckel 0328 AB, Stockholm, 556871-6541 – 33.33
Nye Egne Hjem AS, Lysaker, 913 624 149 50 50
PeBri Projektutveckling AB, Helsingborg, 556752-1108 50 50
PeKum AB, Kumla, 559041-7464 50 –
Point Hyllie Holding AB, Solna, 559023-4034 50 –
Polarkanten AS, Tromsö, 994 417 657 50 50
PPE Holding AB, Solna, 559003-7304 50 50
Runö Fastigheter Handelsbolag, Stockholm, 969723-2107 30 30
Sicklaön Bygg Invest AB, Solna, 556911-5479 50 50
Sikrenodalen AB, Stockholm, 556616-7242 50 50
Sjökrona Exploatering AB, Helsingborg, 556790-5624 25 25
Skiab Invest AB, Malung-Sälen, 556848-5220 50 50
Skiab Invest AS, Trysil, 915 659 454 50 50
Solligården Bolig DA, Lysaker, 913 765 516 50 50
Solligården Naering AS, Lysaker, 913 764 862 50 50
Stadsliden Utveckling AB, Umeå, 556874-7413 50 50
Strandvegen Utvikling AS, Tromsö, 916 575 939 50 –
Strömstad Exploatering AB, Solna, 559002-4518 50 50
Svenska Fräs och Asfaltåtervinning SFA AB, Markaryd, 556214-7354 40 30
Sydpartner AB, Ängelholm, 556712-4952 50 50
TCL S.à.r.l., Luxemburg, 19982401227 50 50
Telemark Vestfold Utvikling AS, Skien, 987 208 279 33.4 33.4
Tomasjord Park AS, Tromsö, 983 723 853 50 50
Tornet Bostadsproduktion AB, Stockholm, 556796-2682 31 31
Trysil Hotellutvikling AS, Trysil, 987 054 409 50 50
Trysil Suiter AS, Trysil, 991 276 068 50 50
Täljö Utveckling nr 4 AB, Stockholm, 556750-5069 30 30
Vardenbakken 99 AS, Oslo, 998 347 211 50 50
Visio Property Ltd, Buckingham, 3871355 50 50
Visio Utveckling AB, Solna, 556848-9032 50 50
Överby Trollhättan Fastigheter AB, Stockholm, 559049-7482 50 –