Note 18 Participation 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.

Tornet Bostadsproduktion AB, 31 percent ownership. The company will build and manage attractive and environmentally friendly rentals in larger cities in Sweden.

Peab owns 50 percent of Point Hyllie Holding AB. The company will develop, own and manage the office property The Point and own and manage the hotel property Värdshuset 5. 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.

Peab owned 50 percent of Visio Utveckling AB in 2016. The shares in Visio Utveckling AB were sold to Fabege in January 2017.

For joint ventures acquired during a 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 2017-12-31 Significant joint ventures 2016-12-31
Group, MSEK Fastighets AB Centur Fastighets AB ML4 Tornet Bostadsproduktion AB Point Hyllie Holding AB Fastighets AB Centur Fastighets AB ML4 Visio Utveckling AB Tornet Bostadsproduktion AB Point Hyllie Holding AB
Net sales  275  85  101  28  245 51 50 93 26
Operating profit 1)  220  43  59  10  199 9 24 55 7
Interest income and similar profit/loss items  4  4 0 0 0
Interest expenses and similar profit/loss items  -68  -27  -50  -8  -68 -25 -45 -47 -11
Tax  -36  -4  -2  -1  -25 4 0 -2 1
Profit for the year  120  12  7 1 110 -12 -21 6 -3
Other comprehensive income  1  1
Comprehensive income for the year  121  12  7  1 111 -12 -21 6 -3
Less non-controlling interest  -6 -2
Total comprehensive income less non-controlling interest  115  12  7  1 111 -12 -23 6 -3
1) Depreciation amounts to  41  15  14 40 4 14 14
Fixed assets  90 0 5 1
Investment property 4,382 1,854 2,393 785 4,132 1,870 313 1,908 675
Short-term investments and liquid funds  58  35  61  41 166 57 7 51 17
Other current assets  18  1  5  13  97 3 144 7 11
Total assets  4,458  1,980  2,459  839  4,395 1,935 464 1,966 704
Long-term financial liabilities  3,664  1,825  2,135  779  3,758 1,853 276 1,707 715
Other long-term liabilities  109  36  75 17
Current financial liabilities  28 23 6
Other current liabilities  58  11  86  80  57 36 11 27 11
Total liabilities  3,831  1,900  2,221  859  3,890 1,912 310 1,734 726
Net assets  627  80  238  -20  505 23 154 232 -22
Less non-controlling interest  -7 -55
Net assets less non-controlling interest  620  80  238  -20 505 23 99 232 -22
Group share of net assets at the beginning of the year  252  11  72  -11 196 17 61 70 –
Share of total comprehensive income  58  281)  2  1  56 -6 -9 2 1
Acquisitions -16
Contribution / new issues 13 5
Reclassification upon partial disposal of shares in subsidiary -17
Group share of net assets at year-end  310  39  74  -10 252 11 49 72 -11
Group share of unrealized internal profit at the beginning of the year  -30  -54  -20  -99 -15 -51 -1 -20 –
Reclassification of internal profit upon partial disposal of shares in subsidiary -99
Elimination of unrealized profit  -1  0  -15 -3 0 0
Group share of unrealized internal profit at year-end  -30  -54  -21  -99 -30 -54 -1 -20 -99
Recognized value at year-end  280  -15  53  -109 222 -43 48 52 -110
1) Share of profit/loss for the year includes adjustments of profit/loss in previous years.
Comprehensive income is divided among the following items in the income statement:
Production costs  57  28  2  1 40 -9 -9 2 1
Other comprehensive income  1 1
Total  58  28  2  1 41 -9 -9 2 1
Recognized amount is divided among the following items in the balance sheet:
Shares in joint ventures  280  53  222 48 52
Accrued expenses and deferred income 1) -15  -109 -43 -110
Total  280  -15  53  -109 222 -43 48 52 -110

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

INFORMATION ON OTHER JOINT VENTURE’S VALUE IN THE GROUP

 Group, MSEK 2017 2016
Share of comprehensive income in other joint ventures  83  59
Comprehensive income is divided among the following items in the income statement:
Productions costs  77  53
Other operating income  6 7
Financial expenses  –  -1
Total  83 59
Recognized value of other joint ventures  547  339
Recognized amount is divided among the following items in the balance sheet:
Participation in joint ventures  603  393
Other provisions 1)  -47  -43
Accrued expenses and deferred income 2)  -9  -11
Total  547 339

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

Company, Registered Office, Corp. ID no. Share percent 2017 Share percent 2016
Acturum Development AB, Stockholm, 556910-5488  50 50
Arktek AS, Tromsø, 913 955 889  33.4 –
Blindheim Kran AS, Hjörungavåg, 918 329 293  45 –
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
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, Tromsø, 915 467 407  50 50
Fløtningen Park AS, Skien, 992 212 330  50 –
Frenvikrönningen AS, Skien, 986 838 325  50 –
Hans Haslums Vei Utvikling AS, Lysaker, 914 498 937  50 50
Hälsostaden i Ängelholm Holding AB, Ängelholm, 556790-5723  33.33 33.33
ITolv AB, Eksjö, 556513-2478  35 35
Kaldslettneset AS, Tromsø, 911 692 058  50 50
KB Älvhögsborg, Trollhättan, 916899-2734  50 50
Kirkebakken Vest AS, Horten, 988 796 174  50 50
Klosterfoss Utvikling AS, Skien, 991 043 829  50 –
Kungsörs Grusaktiebolag, Kungsör, 556044-4134  50 50
Lillegården Eiendom AS, Skien, 886 804 512  50 –
Ljusta Projektutveckling AB, Sundsvall, 556668-4899  50 50
Ljusta Projektutveckling KB, Sundsvall, 969700-6188  50 50
Log. Sunnanå AB, Helsingborg, 556699-7788  – 50
Log. Sunnanå Två AB, Helsingborg, 559023-3911  – 50
Log. Tostarp AB, Helsingborg, 556667-8784  – 50
Log. Tostarp Två AB, Helsingborg, 559025-2259  – 50
Medkila Nord AS, Harstad, 998 565 545  50 50
Mountain Resort Trysil AS, Trysil, 996 284 115  50 50
Myren Parkering AS, Skien, 912 024 733  26.4 –
Nedre Holte AS, Harstad, 985 911 495  50 50
Nya Bara Utvecklings AB, Malmö, 556858-4311  50 50
Nye Egne Hjem AS, Lysaker, 913 624 149  50 50
PeBri Projektutveckling AB, Helsingborg, 556752-1108  – 50
PeKum AB, Kumla, 559041-7464  50 50
Point Hyllie Holding AB, Solna, 559023-4034  50 50
Polarkanten AS, Tromsø, 994 417 657  – 50
PPE Holding AB, Solna, 559003-7304  50 50
Runö Fastigheter Handelsbolag, Stockholm, 969723-2107  30 30
Scandinavian Mountains AB, Malung-Sälen, 556973-5631  25 –
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
Steindalen AS, Stjördal, 914 738 091 33.33 –
Storsvingen Blokk E AS, Hammerfest, 999 210 953 50 –
Strandvegen Utvikling AS, Tromsø, 916 575 939  – 50
Strömbrytaren Holding AB, Stockholm, 559116-6391  50 –
Strömstad Exploatering AB, Solna, 559002-4518  – 50
Svenska Fräs och Asfaltåtervinning SFA AB, Markaryd, 556214-7354  40 40
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
Tomasjord Park AS, Tromsø, 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
Tunveien Eiendom AS, Oslo, 916 321 007  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
Visio Råsunda Garage AB, Solna, 556952-9992  50 –
Visio Utveckling AB, Solna, 556848-9032  – 50
Överby Holding AB, Solna, 559103-6818  50 –
Överby Trollhättan Fastigheter AB, Stockholm, 559049-7482  50 50