PEAB Annual Report 2019 – Note 19 Participation in joint ventures

Note 19 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 own and manage research facility Max IV in Lund. The facility is rented to Lund University.

Peab owns 33.33 percent of Tornet Bostadsproduktion AB. In December 2018 ownership in Tornet changed after Peab, Folksam and Balder acquired Riksbyggen´s 19 percent ownership share. Peab thereby increased its ownership from 31 percent to 33.33 percent. Tornet 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.

		Significant joint ventures 2019-12-31				Significant joint ventures 2018-12-31
Group, MSEK		Fastighets AB Centur	Fastighets AB ML4	Tornet Bostads-produktion AB	Point Hyllie Holding AB	Fastighets AB Centur	Fastighets AB ML4	Tornet Bostads-produktion AB	Point Hyllie Holding AB
		Väsentliga joint ventures 2019-12-31				Väsentliga joint ventures 2018-12-31
	Koncernen, Mkr	Fastighets AB Centur	Fastighets AB ML4	Tornet Bostads-produktion AB	Point Hyllie Holding AB	Fastighets AB Centur	Fastighets AB ML4	Tornet Bostads-produktion AB	Point Hyllie Holding AB
Net sales	Nettoomsättning	368	97	151	35	286	87	130	30

Operating profit ¹⁾	Rörelseresultat ¹⁾	282	53	89	13	239	44	78	11
Interest expenses and similar profit/loss items	Räntekostnader och liknande resultatposter	-87	-33	-39	-7	-63	-27	-80	-9
Tax	Skatt	-74	-5	-11	-3	-30	-3		-1
Profit for the year	Årets resultat	121	15	39	3	146	14	-2	1
Other comprehensive income and comprehensive income for the year	Övrigt totalresultat och årets totalresultat	121	15	39	3	146	14	-2	1
Less non-controlling interest	Avgår innehav utan bestämmande inflytande	-4				-3
Total comprehensive income less non-controlling interest	Summa totalresultat efter avdrag för innehav utan bestämmande inflytande	117	15	39	3	143	14	-2	1
¹⁾ Depreciation amounts to	¹⁾ Avskrivningar uppgår till		43	22	14		42	19	14

Fixed assets	Anläggningstillgångar		151	5			121	5
Investment property	Förvaltningsfastigheter	5,866	1,870	3,648	1,247	5,378	1,849	2,921	975
Short-term investments and liquid funds	Kortfristiga placeringar och likvida medel	85	34	153	48	725	6	37	18
Other current assets	Övriga omsättningstillgångar	97	3	3	14	50	21	19	16
Total assets	Summa tillgångar	6,048	2,058	3,809	1,309	6,153	1,997	2,982	1,009
Long-term financial liabilities	Långfristiga finansiella skulder	4,728	1,813	2,665	869	4,382	1,793	2,541	980
Other long-term liabilities	Övriga långfristiga skulder	221	54	25	3	159	51	26
Current financial liabilities	Kortfristiga finansiella skulder		36				31
Other current liabilities	Övriga kortfristiga skulder	206	47	112	29	839	28	47	42
Total liabilities	Summa skulder	5,155	1,950	2,802	901	5,380	1,903	2,614	1,022
Net assets	Nettotillgångar	893	108	1,007	408	773	94	368	-13
Less non-controlling interest	Avgår innehav utan bestämmande inflytande	-14		-1		-10
Net assets less non-controlling interest	Nettotillgångar efter avdrag för innehav utan bestämmande inflytande	879	108	1,006	408	763	94	368	-13

Group share of net assets at the beginning of the year	Koncernens andel av nettotillgångar vid årets ingång	381	47	123	-7	310	39	74	-10
Share of total comprehensive income	Andel av summa totalresultat	59	7	12	2	71	8	-1
Acquisitions	Förvärv							19
Contribution / new issues	Tillskott / nyemission			200	209			31	3
Group share of net assets at year-end	Koncernens andel av nettotillgångar vid årets utgång	440	54	335	204	381	47	123	-7
Group share of unrealized internal profit at the beginning of the year	Koncernens andel av orealiserad internvinst vid årets ingång	-37	-55	-20	-103	-30	-54	-21	-99
Elimination of unrealized profit	Eliminering av orealiserad vinst	-2			-5	-7	-1	1	-4
Group share of unrealized internal profit at year-end	Koncernens andel av orealiserad internvinst vid årets utgång	-39	-55	-20	-108	-37	-55	-20	-103
Recognized value at year-end	Redovisat värde vid årets utgång	401	-1	315	96	344	-8	103	-110

Profit is reported in the following line in the income statement:	Resultatet redovisas på följande rad i resultaträkningen:
Production costs	Kostnader för produktion	57	7	12	-3	64	7		-4
Total	Summa	57	7	12	-3	64	7	0	-4

Recognized amount is divided among the following items in the balance sheet:	Redovisat värde fördelas på följande rader i balansräkningen:
Shares in joint ventures	Andelar i joint ventures	401		315	96	344		103
Accrued expenses and deferred income ²⁾	Upplupna kostnader och förutbetalda intäkter ²⁾		-1				-8		-110
Total	Summa	401	-1	315	96	344	-8	103	-110

²⁾ 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		2019	2018
	Koncernen, Mkr	2019	2018
Share of comprehensive income in other joint ventures	Andel av totalresultat för övriga joint ventures	253	41
Profit is divided among the following items in the income statement:	Resultatet fördelas på följande rader i resultaträkningen:
Productions costs	Kostnader för produktion	251	29
Other operating income	Övriga rörelseintäkter	2	12
Total	Summa	253	41

Recognized value of other joint ventures	Redovisat värde av övriga joint ventures	986	559
Recognized amount is divided among the following items in the balance sheet:	Redovisat värde fördelas på följande rader i balansräkningen:
Participation in joint ventures	Andelar i joint ventures	1,072	629
Other provisions ¹⁾	Övriga avsättningar ¹⁾	-74	-60
Accrued expenses and deferred income ²⁾	Upplupna kostnader och förutbetalda intäkter ²⁾	-12	-10
Total	Summa	986	559

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		Corp. ID no.		Registered Office	Share percent 2019	Share percent 2018
	Företag	Organisationsnummer	Säte		Andel procent 2019	Andel procent 2018
Acturum Development AB	Acturum Development AB	556910-5488	Stockholm	Stockholm	50.0	50.0
Arktek AS	Arktek AS	913 955 889	Tromsø	Tromsø	–	33.4
Blindheim Kran AS	Blindheim Kran AS	918 329 293	Hjørungavåg	Hjørungavåg	45.0	45.0
Bondistranda Utvikling AS	Bondistranda Utvikling AS	992 512 741	Lysaker	Lysaker	50.0	50.0
Brekkeveien 5 Bolig AS	Brekkeveien 5 Bolig AS	991 935 177	Lysaker	Lysaker	50.0	50.0
Byggutveckling Svenska AB	Byggutveckling Svenska AB	556627-2117	Linköping	Linköping	50.0	50.0
Fastighets AB Centur	Fastighets AB Centur	556813-6369	Stockholm	Stockholm	50.0	50.0
Fastighets AB ML4	Fastighets AB ML4	556786-2155	Malmö	Malmö	50.0	50.0
Fastighets AB Tornet	Fastighets AB Tornet	559008-2912	Göteborg	Gothenburg	50.0	50.0
Fjällvärme i Sälen AB	Fjällvärme i Sälen AB	556536-1895	Malung-Sälen	Malung-Sälen	50.0	50.0
Fløjfjellet Eiendom AS	Fløjfjellet Eiendom AS	915 467 407	Tromsø	Tromsø	50.0	50.0
Fløtningen Park AS	Fløtningen Park AS	992 212 330	Skien	Skien	50.0	50.0
Frenvikrønningen AS	Frenvikrønningen AS	986 838 325	Skien	Skien	50.0	50.0
Fri Sikt Volsdalsberga AS	Fri Sikt Volsdalsberga AS	990 529 396	Ulsteinvik	Ulsteinvik	40.0	40.0
Hans Haslums Vei Utvikling AS	Hans Haslums Vei Utvikling AS	914 498 937	Lysaker	Lysaker	50.0	50.0
Hälsostaden Ängelholm Holding AB	Hälsostaden Ängelholm Holding AB	556790-5723	Ängelholm	Ängelholm	33.3	33.3
ITolv AB	ITolv AB	556513-2478	Eksjö	Eksjö	35.0	35.0
Kaldslettneset AS	Kaldslettneset AS	911 692 058	Tromsø	Tromsø	50.0	50.0
KB Älvhögsborg	KB Älvhögsborg	916899-2734	Trollhättan	Trollhättan	50.0	50.0
Kirkebakken Vest AS	Kirkebakken Vest AS	988 796 174	Horten	Horten	50.0	50.0
Klosterfoss Utvikling AS	Klosterfoss Utvikling AS	991 043 829	Skien	Skien	50.0	50.0
Kungsörs Grusaktiebolag	Kungsörs Grusaktiebolag	556044-4134	Kungsör	Kungsör	50.0	50.0
Lillegården Eiendom AS	Lillegården Eiendom AS	886 804 512	Skien	Skien	50.0	50.0
Ljusta Projektutveckling AB	Ljusta Projektutveckling AB	556668-4899	Sundsvall	Sundsvall	50.0	50.0
Ljusta Projektutveckling KB	Ljusta Projektutveckling KB	969700-6188	Sundsvall	Sundsvall	50.0	50.0
Majorbygg AS	Majorbygg AS	912 077 020	Skien	Skien	50.0	15.0
Medkila Nord AS	Medkila Nord AS	998 565 545	Harstad	Harstad	50.0	50.0
Mountain Resort Trysil AS	Mountain Resort Trysil AS	996 284 115	Trysil	Trysil	50.0	50.0
Myren Parkering AS	Myren Parkering AS	912 024 733	Skien	Skien	26.4	26.4
Nedre Holte AS	Nedre Holte AS	985 911 495	Harstad	Harstad	50.0	50.0
Nya Bara Utvecklings AB	Nya Bara Utvecklings AB	556858-4311	Malmö	Malmö	50.0	50.0
Nye Egne Hjem AS	Nye Egne Hjem AS	913 624 149	Lysaker	Lysaker	50.0	50.0
Nyheim Bolig AS	Nyheim Bolig AS	822 156 282	Tromsø	Tromsø	50.0	–
Partille kv3 Holding AB	Partille kv3 Holding AB	559211-5058	Solna	Solna	50.0	–
PeKum AB	PeKum AB	559041-7464	Kumla	Kumla	50.0	50.0
Point Hyllie Holding AB	Point Hyllie Holding AB	559023-4034	Solna	Solna	50.0	50.0
PPE Holding AB	PPE Holding AB	559003-7304	Solna	Solna	50.0	50.0
Runö Fastigheter Handelsbolag	Runö Fastigheter Handelsbolag	969723-2107	Stockholm	Stockholm	30.0	30.0
Scandinavian Mountains AB	Scandinavian Mountains AB	556973-5631	Malung-Sälen	Malung-Sälen	24.3	24.3
Sicklaön Bygg Invest AB	Sicklaön Bygg Invest AB	556911-5479	Solna	Solna	50.0	50.0
Sjökrona Exploatering AB	Sjökrona Exploatering AB	556790-5624	Helsingborg	Helsingborg	25.0	25.0
Skiab Invest AB	Skiab Invest AB	556848-5220	Malung-Sälen	Malung-Sälen	50.0	50.0
Skiab Invest AS	Skiab Invest AS	915 659 454	Trysil	Trysil	50.0	50.0
Solligården Bolig DA	Solligården Bolig DA	913 765 516	Lysaker	Lysaker	50.0	50.0
Solligården Naering AS	Solligården Naering AS	913 764 862	Lysaker	Lysaker	50.0	50.0
Stadsliden Utveckling AB	Stadsliden Utveckling AB	556874-7413	Umeå	Umeå	50.0	50.0
Steindalen AS	Steindalen AS	914 738 091	Stjørdal	Stjørdal	33.3	33.3
Storsvingen Vest AS	Storsvingen Vest AS	999 210 953	Hammerfest	Hammerfest	50.0	50.0
Strömbrytaren Holding AB	Strömbrytaren Holding AB	559116-6391	Stockholm	Stockholm	50.0	50.0
Svenska Fräs och Asfaltåtervinning SFA AB	Svenska Fräs och Asfaltåtervinning SFA AB	556214-7354	Markaryd	Markaryd	–	40.0
Sydpartner AB	Sydpartner AB	556712-4952	Ängelholm	Ängelholm	50.0	50.0
TCL S.à.r.l.	TCL S.à.r.l.	19982401227	Luxemburg	Luxemburg	50.0	50.0
Tomasjord Park AS	Tomasjord Park AS	983 723 853	Tromsø	Tromsø	50.0	50.0
Tornet Bostadsproduktion AB	Tornet Bostadsproduktion AB	556796-2682	Stockholm	Stockholm	33.3	33.3
Trysil Hotellutvikling AS	Trysil Hotellutvikling AS	987 054 409	Trysil	Trysil	50.0	50.0
Trysil Suiter AS	Trysil Suiter AS	991 276 068	Trysil	Trysil	50.0	50.0
Tunveien Eiendom AS	Tunveien Eiendom AS	916 321 007	Oslo	Oslo	50.0	50.0
Umeå Mark & Exploatering AB	Umeå Mark & Exploatering AB	556660-7064	Umeå	Umeå	50.0	–
Vardenbakken 99 AS	Vardenbakken 99 AS	998 347 211	Oslo	Oslo	50.0	50.0
Visio Råsunda Garage AB	Visio Råsunda Garage AB	556952-9992	Solna	Solna	50.0	50.0
Överby Holding AB	Överby Holding AB	559103-6818	Solna	Solna	50.0	50.0