PEAB Årsredovisning 2024 – Note 18 Participation in joint ventures

Note 18 Participation in joint ventures

Accounting principle

For accounting purposes, joint ventures are entities where the Group through cooperation agreements with one or more parties exercises a joint controlling interest, where the Group has the indirect right to net assets.

Joint ventures are consolidated in accordance with the equity method. The Group’s share of the hedge accounting used for cash flow hedges of interest rate risks that occur via interest rate swaps for joint venture’s loans are recognized in other comprehensive income. For information on accounting principles for write-downs see note 15, Intangible assets.

Information regarding significant joint ventures in the Group

Fastighets AB Centur, 50 percent ownership. The company owns, manages and develops commercial property and housing. In November 2024 Peab and and the other owner, Fastighets AB Balder, acquired most of its existing property portfolio from Centur. Only a few properties remain in Fastighets AB Centur. After the transaction Fastighets AB Centur is no longer classified as a significant joint venture in Peab. For more information, see Property Development and the section Other information, Significant events during the period.

Fastighets AB ML4, 50 percent ownership. The company owns and manages research facility Max IV in Lund. The facility is rented to Lund University.

Point Hyllie Holding AB, 50 percent ownership. The company develops, owns and manages the office building The Point as well as owns and manages the hotel property Värdshuset 5.

Skiab Invest AB, 50 percent ownership. The company develops, owns and manages commercial housing in the Scandinavian mountains.

Tornet Bostadsproduktion AB was divested to the two other owners Folksam and Fastighets AB Balder in January 2024. Previously Peab owned 33.33 percent of the company.

		Significant joint ventures 2024-12-31				Significant joint ventures 2023-12-31
MSEK		Fastighets AB Centur	Fastighets AB ML4	Point Hyllie Holding AB	Skiab Invest AB	Fastighets AB Centur	Fastighets AB ML4	Tornet Bostads- produktion AB	Point Hyllie Holding AB	Skiab Invest AB
		Väsentliga joint ventures 2024-12-31				Väsentliga joint ventures 2023-12-31
	Mkr	Fastighets AB Centur	Fastighets AB ML4	Point Hyllie Holding AB	Skiab Invest AB	Fastighets AB Centur	Fastighets AB ML4	Tornet Bostads- produktion AB	Point Hyllie Holding AB	Skiab Invest AB
Net sales	Nettoomsättning	471	194	115	120	495	189	268	105	180
Operating profit ¹⁾	Rörelseresultat ¹⁾	1,007	138	53	54	406	134	156	44	109
Interest expenses and similar profit/loss items	Räntekostnader och liknande resultatposter	-216	-88	-46	-38	-216	-88	-155	-46	-45
Tax	Skatt	213	-17	-6	-8	-70	-14	-32	-3	-4
Profit for the year	Årets resultat	1,004	33	1	8	120	32	-31	-5	60
Other comprehensive income	Övrigt totalresultat			-4	-7				-4	-42
Total comprehensive income for the year	Årets totalresultat	1,004	33	-3	1	120	32	-31	-9	18
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	1,000	33	-3	1	117	32	-31	-9	18
¹⁾ Depreciation amounts to	¹⁾ Avskrivningar uppgår till		50	36	48		50	41	35	50

Fixed assets	Anläggningstillgångar		261		25		245	4	5	29
Investment property	Förvaltningsfastigheter	373	1,840	1,316	1,709	6,851	1,890	5,162	1,350	1,742
Short-term investments and liquid funds	Kortfristiga placeringar och likvida medel	280	66	33	152	36	36	112	7	134
Other current assets	Övriga omsättningstillgångar	2,245	6	7	330	31	15	268	6	318
Total assets	Summa tillgångar	2,898	2,173	1,356	2,216	6,918	2,186	5,546	1,368	2,223
Long-term financial liabilities	Långfristiga finansiella skulder	313	1,759	952	931	4,783	1,828	3,531	952	935
Other long-term liabilities	Övriga långfristiga skulder	31	94	8	2	401	79	1	7	6
Current financial liabilities	Kortfristiga finansiella skulder		69		9		65		13	9
Other current liabilities	Övriga kortfristiga skulder	36	27	28	26	187	23	223	26	25
Total liabilities	Summa skulder	380	1,949	988	968	5,371	1,995	3,755	998	975
Net assets	Nettotillgångar	2,518	224	368	1,248	1,547	191	1,791	370	1,248
Less non-controlling interest	Avgår innehav utan bestämmande inflytande					-28		-31
Net assets less non-controlling interest	Nettotillgångar efter avdrag för innehav utan bestämmande inflytande	2,518	224	368	1,248	1,519	191	1,760	370	1,248

Group share of net assets at the beginning of the year	Koncernens andel av nettotillgångar vid årets ingång	759	96	185	624	535	80	497	189	615
Share of total comprehensive income	Andel av summa totalresultat	500	17	-1	0	58	16	-10	-4	9
Contribution / new issues	Tillskott / nyemission					166		100
Group share of net assets at year-end	Koncernens andel av nettotillgångar vid årets utgång	1,259	113	184	624	759	96	587	185	624
Group share of unrealized internal profit at the beginning of the year	Koncernens andel av orealiserad internvinst vid årets ingång	-48	-55	-121	-87	-48	-56	-31	-121	-88
Reclassification of internal profit when restructuring partially owned company	Omklassificering av internvinst vid omstrukturering av delägt bolag	89
Elimination of unrealized profit	Eliminering av orealiserad vinst	-51	2	1	2		1	-5		1
Group share of unrealized internal profit at year-end	Koncernens andel av orealiserad internvinst vid årets utgång	-10	-53	-120	-85	-48	-55	-36	-121	-87
Recognized value at year-end	Redovisat värde vid årets utgång	1,249	60	64	539	711	41	551	64	537

Total comprehensive income is reported in the following lines in the income statement:	Totalresultatet redovisas på följande rader i resultaträkningen:
Production costs	Kostnader för produktion	449	19	2	6	58	17	-15	-2	31
Other comprehensive income	Övrigt totalresultat			-2	-4				-2	-21
Total	Summa	449	19	0	2	58	17	-15	-4	10

Recognized amount is reported in the following line in the balance sheet:	Redovisat värde fördelas på följande rad i balansräkningen:
Participation in joint ventures	Andelar i joint ventures	1,249	60	64	539	711	41	551	64	537
Total	Summa	1,249	60	64	539	711	41	551	64	537

Information on other joint venture's value in the Group

MSEK		2024	2023
	Mkr	2024	2023
Share of comprehensive income in other joint ventures	Andel av totalresultat för övriga joint ventures	-41	63
Other comprehensive income is divided among the following items in the income statement:	Totalresultatet fördelas på följande rader i resultaträkningen:
Productions costs	Kostnader för produktion	-44	58
Other operating income	Övriga rörelseintäkter	3	5
Total	Summa	-41	63

Recognized value of other joint ventures	Redovisat värde av övriga joint ventures	871	753
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	884	880
Other provisions ¹⁾	Övriga avsättningar ¹⁾	-1	-127
Accrued expenses and deferred income ²⁾	Upplupna kostnader och förutbetalda intäkter ²⁾	-12	–
Total	Summa	871	753

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.

					Share of equity ¹⁾
Company		Corp. ID no.		Registered Office	2024	2023
					Kapitalandel ¹⁾
	Företag	Organisationsnummer	Säte		2024	2023
Blindheim Kran AS	Blindheim Kran AS	918 329 293	Ålesund	Ålesund	45.0%	45.0%
Bondistranda Utvikling AS	Bondistranda Utvikling AS	992 512 741	Lysaker	Lysaker	50.0%	50.0%
Byggutveckling Svenska AB	Byggutveckling Svenska AB	556627-2117	Linköping	Linköping	50.0%	50.0%
Einerhagen Eiendom AS	Einerhagen Eiendom AS	915 167 241	Tromsø	Tromsø	50.0%	50.0%
Eldslund Holding AB	Eldslund Holding AB	559472-4089	Solna	Solna	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%
Fløifjellet Eiendom AS	Fløifjellet 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%
Fri Sikt Volsdalsberga AS	Fri Sikt Volsdalsberga AS	990 529 396	Ulstein	Ulstein	40.0%	40.0%
Forsøket Boliger AS	Forsøket Boliger AS	919 440 694	Tromsø	Tromsø	50.0%	50.0%
Galtungveien Eiendom AS	Galtungveien Eiendom AS	927 660 407	Halden	Halden	50.0%	50.0%
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	50.0%	50.0%
JV Slättö Peab Finland AB	JV Slättö Peab Finland AB	559363-1897	Stockholm	Stockholm	50.0%	50.0%
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%
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%
Majorbygg AS	Majorbygg AS	912 077 020	Skien	Skien	50.0%	50.0%
Medkila Nord AS	Medkila Nord AS	998 565 545	Harstad	Harstad	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%
Nordasfalt AS	Nordasfalt AS	950 501 480	Bodø	Bodø	50.0%	50.0%
Nyheim Bolig AS	Nyheim Bolig AS	928 032 582	Tromsø	Tromsø	–	50.0%
PEKO Fastighets AB	PEKO Fastighets AB	559220-8911	Solna	Solna	50.0%	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%
PPE Holding i Borgholm AB	PPE Holding i Borgholm AB	559309-7768	Kalmar	Kalmar	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	15.9%	15.9%
Skanör Falsterbo Strandbad AB	Skanör Falsterbo Strandbad AB	559352-5602	Vellinge	Vellinge	50.0%	–
Sicklaön Bygg Invest AB	Sicklaön Bygg Invest AB	556911-5479	Solna	Solna	–	50.0%
Skiab Invest AB	Skiab Invest AB	556848-5220	Malung-Sälen	Malung-Sälen	50.0%	50.0%
SLP JV AB	SLP JV AB	559387-1063	Solna	Solna	50.0%	50.0%
Solligården Bolig DA	Solligården Bolig DA	913 765 516	Lysaker	Lysaker	50.0%	50.0%
Solligården Næring AS	Solligården Næring AS	913 764 862	Oslo	Oslo	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%
Sydpartner AB	Sydpartner AB	556712-4952	Ängelholm	Ängelholm	50.0%	50.0%
Tornet Bostadsproduktion AB	Tornet Bostadsproduktion AB	556796-2682	Stockholm	Stockholm	–	33.3%
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%	50.0%

¹⁾The share of capital corresponds to the share of votes