Financial position and cash flow

Financial position

Total assets per September 30, 2022 were SEK 43,191 million (39,358). Equity amounted to SEK 14,469 million (13,556) which means the equity/assets ratio was 33.5 percent compared to 34.4 percent at the end of the corresponding period last year.

Interest-bearing net debt at the end of September 2022 amounted to SEK 5,886 million (4,461). Net debt includes project financing for the unsold part of our own housing development projects as long as they are in production. The unsold part was SEK 1,768 million (947) and the increase is explained by more housing projects in production compared to the same period last year. The net debt has also been affected by the repurchase of own shares with SEK 418 million (–). The average interest rate in the loan portfolio, including derivatives, was 2.4 percent (1.4) on September 30, 2022.

Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 8,164 million at the end of the period compared to SEK 8,203 million on September 30, 2021.

As a consequence of Peab consolidating Swedish tenant-​owner associations per January 1, 2020 according to IFRS, surety for tenant-​owner associations under production is not reported. When homebuyers take possession of their apartments and the tenant-​owner association is no longer consolidated in Peab’s accounts, Peab then reports the part of surety that covers unsold homes. Peab has a guarantee obligation to acquire unsold homes six months after completion. Group contingent liabilities, excluding joint and several liabilities in trading and limited partnerships, amounted to SEK 2,749 million at the end of the period compared to SEK 3,229 million on December 31, 2021. Surety for credit lines in tenant-​owner associations regarding the unsold part after deconsolidation made up SEK 80 million of contingent liabilities compared to SEK 19 million on December 31, 2021.

Investments and divestments

During the quarter tangible and intangible fixed assets were net invested for SEK 505 million (551). The investments refer primarily to investments in machines. During the period January-September 2022 tangible and intangible fixed assets were net invested for SEK 1,322 million (1,159). The investments refer primarily to investments in machines.

Net investments in project and development properties, which are recognized as inventory items, totaled SEK 156 million (net divestments by SEK 300 million) during the quarter. Net investments in project and development properties totaled SEK 845 million (net divestments by SEK 111 million) during the period January-September 2022. Project and development properties include the unsold part of our own ongoing housing development projects.

Net debt

MSEK Sep 30
2022		 Sep 30
2021		 Dec 31
2021
Mkr 30 sep
2022		 30 sep
2021		 31 dec
2021
Bank loans Banklån 3,498 1,347 1,285
Commercial papers Företagscertifikat 284 1,403 1,206
Bonds Obligationer 2,747 2,748 2,746
Financial leasing liabilities Finansiella leasingskulder 713 690 699
Project financing, unsold part of housing projects Projektfinansiering, osåld del av bostadsprojekt 1,768 947 958
Other interest-bearing liabilities Övriga räntebärande skulder 67 – 11
Interest-bearing receivables Räntebärande fordringar -1,407 -1,873 -1,550
Liquid funds Likvida medel -1,784 -801 -2,951
Net debt, segment reporting Nettoskuld, segmentsredovisning 5,886 4,461 2,404
Additional leasing liabilities according to IFRS 16 Tillkommande leasingskulder enligt IFRS 16 1,591 1,774 1,720
Project financing, sold part of housing projects Projektfinansiering, såld del av bostadsprojekt 8,312 5,431 6,391
Net debt, IFRS Nettoskuld, IFRS 15,789 11,666 10,515

Net debt and net debt/equity ratio

Cash flow

July – September 2022

Cash flow from current operations was SEK 1,188 million (2,115), of which cash flow from changes in working capital was SEK 140 million (831). In the quarter, the lower cash flow is mainly attributable to Project Development.

Cash flow from investment activities was SEK -383 million (-1,334). Investments during the quarter consisted mainly of machines and vehicles in business area Industry. Last year included, in addition to machine investments in Industry, business combinations in Civil Engineering as well as increased engagement in joint ventures in Project Development.

Cash flow before financing was SEK 805 million (781).

Cash flow from financing operations amounted to SEK -338 million (-323), of which repurchase of own shares was SEK -293 million (–).

January – September 2022

Cash flow from current operations amounted to SEK -331 million (2,355), of which cash flow from changes in working capital was SEK -2,295 million (95). The negative cash flow from changes in working capital refers to business areas Construction, Civil Engineering and Industry while cash flow in business area Project Development was relatively unchanged. Cash flow from current operations included dividends from partially owned companies of SEK 20 million (111).

Cash flow from investment activities was SEK -727 million (-1,779). Investments during the period consisted of machines and vehicles in business area Industry. Cash flow was affected positively by repayment of loan receivables in business area Project Development. Last year included, in addition to machine investments in Industry, business combinations in Civil Engineering as well as increased engagement in joint ventures in Project Development.

Cash flow before financing was SEK -1,058 million (576).

Cash flow from financing operations amounted to SEK -120 million (-764), of which paid dividends were SEK -1,475 million (-1,327) and repurchase of own shares was SEK -418 million (–).

Cash flow before financing

Brf Limestone

Klagshamn