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 |