Quarterly Report • Apr 29, 2021
Quarterly Report
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| 2021 | 2020 | Apr 2020– | 2020 | ||
|---|---|---|---|---|---|
| Jan–Mar | Jan–Mar | Δ% | Mar 2021 | Jan–Dec | |
| Net sales | 1,845 | 2,949 | –37 | 15,894 | 16,997 |
| Gross profit | 238 | 260 | –8 | 1,957 | 1,979 |
| Gross margin, % | 12.9 | 8.8 | — | 12.3 | 11.6 |
| Operating profit/loss | 25 | 31 | –18 | 1,115 | 1,121 |
| Operating margin, % | 1.4 | 1.1 | — | 7.0 | 6.6 |
| Profit/loss before tax | –8 | 2 | — | 989 | 999 |
| Earnings per share before and after dilution, SEK | –0.06 | 0.01 | — | 6.76 | 6.82 |
| Net debt | 4,179 | 7,101 | –41 | 4,179 | 3,311 |
| Return on capital employed, % | 8.2 | 7.0 | — | 8.2 | 7.9 |
| Equity/assets ratio, % | 31.7 | 29.6 | — | 31.7 | 34.6 |
| Number of housing units sold | 1,119 | 1,129 | –1 | 5,558 | 5,568 |
| Sales value of housing units sold | 3,266 | 3,278 | –4 | 16,723 | 16,852 |
| Number of housing units started | 518 | 531 | –2 | 5,697 | 5,710 |
| Number of housing units in production | 9,712 | 9,466 | 3 | 9,712 | 9,769 |
| Sales rate for ongoing production, % | 75 | 77 | — | 75 | 70 |
| Number of housing units recognised in profit | 665 | 947 | –30 | 5,532 | 5,814 |
For further information on sector-related key figures for the Group, refer to page 20.
For definitions and key ratios, see bonava.com/en/investor-relations/financial-information
Number of housing units in ongoing production and percentage of housing units sold
Number of housing units sold and housing units started
Demand was strong in all of Bonava's markets, with increasing housing prices. Higher prices and a changed project mix strengthened the gross margin while lower overheads promoted an operating profit in line with the preceding year despite fewer housing units delivered. Project starts and profitability remained the highest priority. Despite uncertainty concerning social restrictions, Bonava has procedures in place for maintaining production and sales with a focus on health and safety for our customers, employees and projects. For the full year, the ambition is to increase the number of production starts compared with 2020.
We can confirm that demand for housing units continues to increase while supply is not undergoing similar development, which means that price levels exceed pre-pandemic levels. Massive stimulus packages have led to a strong recovery of the global economy, and stable macroeconomic conditions combined with ongoing vaccination programmes have restored a positive view of the future among companies and households.
It is also clear that the pandemic has placed a premium on housing. The role of the home is changing as the significance of neighbourhoods increases as an effect of changes in living conditions. This trend also indicates a greater demand and higher rate of increase in prices for larger apartments and houses. Bonava has excellent conditions for satisfying these needs, since we systematically integrate customer insights into the design of our housing units.
From a seasonal perspective, Bonava's first quarter is characterised by lower volumes while our overheads are evenly distributed throughout the year. We delivered fewer housing units, which impacted net sales and operating profit even though the delivery of previously completed housing units partially compensated for this. Adjusted for currency effects, our operating profit was in line with the preceding year despite a 35 per cent reduction in net sales. The gross margin was strengthened as a result of higher prices and project mix while we reduced the Group's overheads. There is further potential for improvements, and our focus will remain on efficient production and project governance.
Despite societies shutting down and re-opening, we successfully maintained both production and deliveries to customers with health and safety in focus. To date, we have not noticed any major impact on logistics chains or access to construction materials. The number of housing units sold and housing starts were in line with the preceding year.
For full-year 2021, our ambition is to increase starts by approximately 5 per cent compared with 5,710 housing starts in 2020. The housing starts are contingent on functional processes for issuing permits, where we are seeing continued challenges – primarily in Germany – as a consequence of lockdowns.
In Germany, demand for housing units was high and sales prices continued to increase, but at a somewhat slower pace than before the pandemic. The number of housing units sold was lower, but projects started were at the same level. Fewer completed housing units available for delivery impacted the quarter. Stable gross margins create healthy conditions for improved profitability, given a higher volume in our largest market. Our main priority is starting more projects once we have ensured the proper conditions for sales and production. Our organisation is working intensely on monitoring and quality assurance of the documentation in order to facilitate processing and issuance of permits as much as possible.
The Swedish housing market was strong, with rising prices above all for larger apartments and houses. We reported significantly fewer completed housing units, while it was gratifying to start more projects for consumers. The stock of unsold completed housing units continued to decrease. Interest in rental housing projects remained strong. After the quarter, a contingent transaction was announced in Umeå, where Bonava already has several projects in production.
Demand for housing units was high in our markets in Finland, Denmark and Norway. Fewer housing units were delivered to consumers, and none to investors, which accounted for a large share measured in
"It is clear that the pandemic has resulted in a premium on housing. The role of the home is changing as the significance of neighbourhoods increases."
volume in the year-earlier quarter. There was great interest from both consumers and investors. Two rental housing projects were sold and production started in Helsinki. We sold more housing units and started twice as many projects as last year. Finland improved its earnings markedly after restructuring. As expected, efforts to achieve a satisfactory long-term level of profitability will take place gradually over several years.
All markets in St. Petersburg and the Baltics were marked by high levels of demand and rising prices. Net sales increased, since we successfully completed and delivered a large number of units ahead of schedule while, as expected, we delivered a number of previously completed units. Operating profit was substantially strengthened with contributions from several projects with higher margins.
In summing up my first quarter as CEO of Bonava, I see stable underlying operations and strong market conditions to capitalise on. I also see favourable opportunities to strengthen Bonava's financial position in terms of both profitability and balanced growth. While we are focused fully on the engine of our operations – more profitable projects started – our operations and business environment are being analysed in order to identify Bonava's future playing fields and how we are to grow with improved profitability. We intend to announce the conclusions of this review during the fourth quarter.
Together with a committed, professional team, I am convinced that we will develop Bonava and create happy neighbourhoods and longterm value for our customers, our shareholders and society as a whole.
Peter Wallin President and CEO
For full-year 2021, it is estimated that the number of production starts will increase approximately 5 per cent compared with 5,710 housing starts in 2020.
Net sales amounted to SEK 1,845 M (2,949). The lower net sales are attributable primarily to fewer housing units for consumers in Sweden being recognized in profit, but also to projects for investors in Nordic being recognised in profit in the preceding year.
In the quarter, 665 (832) housing units for consumers were recognised in profit, generating net sales of SEK 1,757 M (2,622). The average price per housing unit recognised in profit was lower than in the year-earlier period, totalling SEK 2.6 M (3.2). The change is attributable to fewer units in Sweden being recognised in profit and more units in St. Petersburg-Baltics being recognised in profit.
Net sales to investors totalled SEK 0 M (294), and the number of housing units delivered was 0 (115).
Exchange rate fluctuations had a negative effect of SEK 74 M on consolidated net sales compared with the year-earlier period.
Operating profit for the quarter was SEK 25 M (31) and the operating margin was 1.4 per cent (1.1). The recognition of fewer housing units in profit was offset by higher gross margins on housing units delivered to consumers as well as by lower selling and administrative expenses.
Excluding land sales, operating profit amounted to SEK 10 M (29) and the operating margin was 0.6 per cent (1.0).
Exchange rate fluctuations had a negative impact of SEK 9 M on operating profit compared with the year-earlier quarter.
Net financial items were SEK –34 M (–29). Costs were higher mainly due to the raising of new long-term financing in September 2020.
Loss after financial items amounted to SEK –8 M (2) for the quarter. Tax on profit for the quarter was SEK 2 M (–1), corresponding to a tax rate of 27 per cent (–25).
| 2021 Jan–Mar |
2020 Jan–Mar |
Δ% | Apr 2020– Mar 2021 |
2020 Jan–Dec |
|
|---|---|---|---|---|---|
| Net sales | |||||
| Germany | 543 | 722 | –25 | 7,287 | 7,466 |
| Sweden | 484 | 1,170 | –59 | 2,842 | 3,528 |
| Nordic | 463 | 816 | –43 | 4,210 | 4,563 |
| St. Petersburg-Baltics | 356 | 241 | 48 | 1,555 | 1,439 |
| Total | 1,845 | 2,949 | –37 | 15,894 | 16,997 |
| 2021 Jan–Mar |
2020 Jan–Mar |
Δ% | Apr 2020– Mar 2021 |
2020 Jan–Dec |
|
|---|---|---|---|---|---|
| Operating profit/loss | |||||
| Germany | –8 | 7 | — | 737 | 752 |
| Sweden | 27 | 114 | –77 | 196 | 283 |
| Nordic | –8 | –64 | — | 152 | 97 |
| St. Petersburg-Baltics | 65 | 28 | 130 | 273 | 236 |
| Parent Company and adjustments | –50 | –54 | — | –243 | –247 |
| Total | 25 | 31 | –18 | 1,115 | 1,121 |
1) Excluding items 2019 affecting comparability.
Total assets were SEK 23,522 M (25,304). The decrease is primarily attributable to a lower value of properties held for future development and completed housing units. At 31 December 2020, assets totalled SEK 22,874 M.
Net debt amounted to SEK 4,179 M (7,101) at the end of the quarter. Net debt at 31 December 2020 totalled SEK 3,311 M.
The lower overall level of net debt is attributable to a number of factors in the various segments. In Germany, customer advances have financed operations to a greater extent. In both Sweden and Nordic, the value of land held for future development decreased while the number of completed unsold housing units fell as a result of healthy sales. In St. Petersburg-Baltics, net debt was more in line with the preceding year.
Capital employed amounted to SEK 12,315 M (15,043) at the end of the quarter. The change was attributable to lower capital employed in all segments: higher customer advances in Germany, lower value of property held for future development in Sweden and Nordic, and lower worked-up value in housing units in ongoing production in St. Petersburg-Baltics. At 31 December 2020, capital employed amounted to SEK 12,641 M.
Return on capital employed was 8.2 per cent (7.0). The increase is due to both lower levels of capital employed and higher earnings on a rolling 12-month basis.
As of 31 March, the equity/assets ratio was 31.7 per cent (29.6). The debt/equity ratio was 0.6 (0.9).
Cash flow before financing was SEK –806 M (–203). Lower translation differences and lower tax paid yielded a cash flow from operating activities before changes in working capital of SEK –194 M (–283).
Cash flow from changes in working capital amounted to SEK –602 M (107). Sales of housing projects totalled SEK 1,486 M (2,600), a decrease in all segments aside from St. Petersburg-Baltics. Investments in housing projects totalled SEK –2,542 M (–4,170), a decrease in all segments but above all in Germany and Nordic. Cash flow from other changes in working capital was lower than in the preceding year, SEK 454 M (1,677), which was primarily attributable to lower interest-free financing and lower accrued costs in Germany.
Other net debt
Bonava's business model and the contract structure of the housing projects mean that when production is completed and customers have taken possession of the housing units, the sales value of these units is recognised under "Net sales" in the income statement. This applies to both housing units for consumers and investors.
The carrying amount of completed but not yet handed over housing units is transferred from "Ongoing housing projects" to "Completed housing units" in the balance sheet.
Completed housing units from earlier periods are added to net sales in the quarter when delivery to the customers occurs.
For more information on Bonava's value chain, refer to bonava.com/en/offering-and-operations/bonavas-value-chain.
The number of sold completed housing units not recognised in profit at the end of the quarter was 203 (112), of which 134 (53) were attributable to St. Petersburg-Baltics. All of these housing units are expected to be recognised in profit as of delivery to the customers in the second quarter of 2021. As of 31 December 2020, this total was 132.
The number of unsold completed housing units at the end of quarter was 273 (452). As of 31 December 2020, this total was 441. During the quarter, 38 housing units were added (completed without being sold) and 206 were sold and recognised in profit. In Sweden and
Nordic above all, high demand resulted in a decrease in the number of unsold completed housing units.
At the end of the preceding quarter, Bonava estimated that approximately 400 consumer housing units would be completed in the first quarter. Above all in St. Petersburg-Baltics, projects progressed more quickly than estimated and a total of 568 housing units were completed in the quarter.
No housing units for investors were completed in the quarter, which was in line with our assessment at the end of the preceding quarter.
The number of housing units for consumers recognised in profit during the quarter was 665 (832). Of these, the majority were completed in the quarter but 206 previously completed housing units were also sold and recognised in profit during the quarter.
No housing units for investors were recognised in profit in the quarter.
The value of housing units in production and completed housing units sold but not yet recognised in profit at 31 March 2021 was SEK 14,314 M (14,501) for consumers and SEK 8,088 M (7,333) for investors.
The diagrams illustrate the estimated completion dates for housing units for consumers and investors, respectively. The number of housing units have been rounded off since they are estimates of the point in time of completion. The curves illustrate the percentage of units sold at 31 March 2021. The diagrams thus provide an indication of future net sales in the income statement.
The lines under the diagram clarify the changes that have occurred since the assessment presented in the interim report for the most recent quarter.
The top line shows an amended estimate of when the units are expected to be completed, compared with the year-end report
at 31 December 2020. Changes such as the date for receiving building permits, disruptions in the logistics and production chain or other factors could positively or negatively impact the estimated time of completion. This risk of changes to the estimated time of completion has increased as a consequence of the uncertainty caused by the ongoing pandemic.
The bottom line shows the expected time of completion for the units for which production has already started. These units thus entail an increase in the total number of units included in the graph.
Germany is Bonava's largest market, with operations in the major city regions of Berlin and Hamburg as well as the Baltic Sea, Sachsen, Rhen-Ruhr, Cologne/Bonn, Rhen-Main and Rhen-Neckar/Stuttgart. The offering is aimed at consumers and investors and includes single-family housing and multi-family housing.
The German housing market continued to display strong demand for housing units for consumers, while institutional investors were more cautious. Sales prices and rental levels increased, but at a slower rate than before the pandemic. Extended and expanded lockdowns as a result of the pandemic continued to have impact on such aspects as processing times for building permits, and project starts were thus delayed.
The number of housing units sold to consumers was in line with the year-earlier period and somewhat lower for investors. The sales rate for ongoing production decreased to 78 per cent (84) owing to more units for consumers in ongoing production. Compared with 31 December 2020, the sales rate for ongoing production to consumers was higher as a result of stable sales in combination with delayed starts.
The number of starts for consumers were on a level with the preceding year. No projects for investors were started during the quarter.
A minor land acquisition was carried out in Hamburg.
Net sales amounted to SEK 543 M (722). The lower net sales were attributable to fewer housing units for consumers being recognised in profit compared with the year-earlier period.
Operating loss for the quarter was SEK –8 M (profit: 7) and the operating margin was –1.5 per cent (pos: 0.9). Excluding land sales, operating loss amounted to SEK –10 M (profit: 1) and the operating margin was –1.8 per cent (pos: 0.2). The recognition of fewer housing units in profit was offset in part by a higher gross margin to consumers as well as by lower selling and administrative expenses.
| 2021 | 2020 | 2020 | ||
|---|---|---|---|---|
| Jan–Mar | Jan–Mar | Δ% | Jan–Dec | |
| Net sales | 543 | 722 | –25 | 7,466 |
| Gross profit | 60 | 89 | –32 | 1,036 |
| Gross margin, % | 11.1 | 12.3 | — | 13.9 |
| Selling and administrative expenses | –68 | –82 | — | –284 |
| Operating profit/loss | –8 | 7 | — | 752 |
| Operating margin, % | –1.5 | 0.9 | — | 10.1 |
| Capital employed | 4,599 | 5,036 | –9 | 4,128 |
| of which, carrying amount of properties held for future development | 2,943 | 3,029 | –3 | 2,751 |
| Return on capital employed, % | 16.7 | 14.4 | — | 16.7 |
| Number of housing units sold | 236 | 269 | –12 | 1,605 |
| Sales value of housing units sold | 1,047 | 1,108 | –6 | 6,765 |
| Number of housing units started | 148 | 149 | –1 | 1,805 |
| Number of housing units in ongoing production | 4,075 | 4,258 | –4 | 4,041 |
| Sales rate for ongoing production, % | 78 | 84 | — | 76 |
| Number of housing units completed, not recognised in profit | 37 | 30 | 23 | 53 |
| Number of housing units for sale (ongoing and completed) | 939 | 707 | 33 | 1,027 |
| Number of housing units recognised in profit | 130 | 180 | –28 | 2,030 |
In Sweden, Bonava's offering is targeted at both consumers and investors, through both multi-family housing and single-family housing. The consumer markets comprise Stockholm, Gothenburg, Linköping, Uppsala and Umeå. Investor activities focus on some 15 cities in Sweden.
In Sweden, the housing market remained strong with rising prices, above all for large apartments and houses.
Housing units sold to consumers in the quarter totalled 196 (218). The trend in the rate of sales of unsold completed housing units remained positive during the quarter. No housing units were sold to investors, compared to the 169 housing units sold in the year-earlier period. The sales rate for ongoing production increased to 84 per cent (80).
During the quarter, more projects for consumers were started yearon-year and the number of housing starts totalled 170 (107). As planned, no projects for investors were started during the quarter.
Two minor land acquisitions were completed in Gothenburg and Stockholm, where a total of 250 new rental apartments and tenantowned apartments are planned.
Units sold and started, Investors, rolling 12 months
Net sales amounted to SEK 484 M (1,170). The lower net sales were attributable to fewer housing units for consumers being recognised in profit.
Approximately 50 housing units were completed, which was the number estimated at 31 December 2020. The sale of 55 previously completed housing units contributed to the total of 88 housing units recognised in profit during the quarter.
Operating profit totalled SEK 27 M (114) and the operating margin was 5.5 per cent (9.7). Excluding land sales, operating profit
amounted to SEK 18 M (115) and the operating margin was 4.2 per cent (9.9). The recognition of fewer housing units in profit was offset in part by a changed product mix with higher gross margins for consumers compared with the year-earlier period.
| 2021 Jan–Mar |
2020 Jan–Mar |
Δ% | 2020 Jan–Dec |
|
|---|---|---|---|---|
| Net sales | 484 | 1,170 | –59 | 3,528 |
| Gross profit | 62 | 150 | –58 | 411 |
| Gross margin, % | 12.9 | 12.8 | — | 11.7 |
| Selling and administrative expenses | –36 | –36 | — | –128 |
| Operating profit/loss | 27 | 114 | –77 | 283 |
| Operating margin, % | 5.5 | 9.7 | — | 8.0 |
| Capital employed | 3,125 | 3,819 | –18 | 3,020 |
| of which, carrying amount of properties held for future development | 1,503 | 1,771 | –15 | 1,575 |
| Return on capital employed, % | 5.6 | 10.3 | — | 7.7 |
| Number of housing units sold | 196 | 387 | –49 | 1,168 |
| Sales value of housing units sold | 794 | 1,202 | –34 | 3,513 |
| Number of housing units started | 170 | 107 | 59 | 878 |
| Number of housing units in ongoing production | 1,761 | 1,514 | 16 | 1,638 |
| Sales rate for ongoing production, % | 84 | 80 | — | 85 |
| Number of housing units completed, not recognised in profit | 118 | 141 | –16 | 159 |
| Number of housing units for sale (ongoing and completed) | 354 | 390 | –9 | 380 |
| Number of housing units recognised in profit | 88 | 268 | –67 | 897 |
The Nordic segment comprises the markets in Copenhagen, Denmark; Bergen and Oslo in Norway; and Helsinki, Espoo, Vantaa, Turku and Tampere in Finland. The offering is aimed at consumers and investors with both multi-family housing and single-family housing.
A favourable level of demand and price trends distinguished all of the Nordic markets. There was significant interest from both consumers and investors.
The number of housing units sold to consumers totalled 296 (228). The trend in the rate of sales of unsold completed housing units remained positive during the quarter and the sales rate for ongoing production increased to 84 per cent (74). During the quarter, two rental housing projects outside Helsinki comprising a total of 72 apartments for investors were sold and production was started on these. Completion of the projects is expected in the second and
third quarters of 2022 respectively. Due to a structural change in the business, the sales value of units sold to investors as of 31 December 2020 was adjusted downward by SEK 117 M during the quarter. The number of housing starts for consumers increased to 129 (96).
In Norway, a partnership was initiated with DNB Livsforsikring concerning the joint development of initially approximately 300 housing units in Bergen. In Finland, a land acquisition was completed in Turku, where approximately 400 new housing units are planned, as well as a minor land acquisition in Tampere.
Net sales decreased to SEK 463 M (816) as a result of fewer housing units delivered compared to the year-earlier period. 138 housing units (217) were delivered to consumers and 0 housing units (115) were delivered to investors.
Operating loss was SEK –8 M (–64) and the operating margin was –1.8 per cent (–7.8). Excluding land sales, operating loss amounted to SEK –13 M (–61) and the operating margin was –2.8 per cent (–7.7). The gross margins was strengthened, since in the year-earlier period it was charged with a number of low-margin projects in Finland and Denmark.
Selling and administrative expenses were in line with the preceding year.
| 2021 Jan–Mar |
2020 Jan–Mar |
Δ% | 2020 Jan–Dec |
|
|---|---|---|---|---|
| Net sales | 463 | 816 | –43 | 4,563 |
| Gross profit | 40 | –15 | — | 274 |
| Gross margin, % | 8.6 | –1.8 | — | 6.0 |
| Selling and administrative expenses | –48 | –49 | — | –177 |
| Operating profit/loss | –8 | –64 | — | 97 |
| Operating margin, % | –1.8 | –7.8 | — | 2.1 |
| Capital employed | 3,745 | 4,739 | –21 | 3,427 |
| of which, carrying amount of properties held for future development | 2,180 | 2,997 | –27 | 2,060 |
| Return on capital employed, % | 3.6 | –6.0 | — | 2.2 |
| Number of housing units sold | 296 | 228 | 30 | 1,766 |
| Sales value of housing units sold | 1,015 | 652 | 56 | 5,448 |
| Number of housing units started | 200 | 96 | 108 | 1,492 |
| Number of housing units in ongoing production | 1,975 | 1,714 | 15 | 1,855 |
| Sales rate for ongoing production, % | 84 | 74 | — | 81 |
| Number of housing units completed, not recognised in profit | 86 | 184 | –53 | 151 |
| Number of housing units for sale (ongoing and completed) | 381 | 622 | –39 | 480 |
| Number of housing units recognised in profit | 138 | 332 | –58 | 1,620 |
The St. Petersburg-Baltics segment comprises St. Petersburg, a city of five million, and the capital cities of Tallinn, Estonia; Riga, Latvia; and since the end of 2020, Vilnius in Lithuania. The offering is primarily targeted at multi-family housing for consumers.
The housing markets in both St. Petersburg and the Baltics continued to perform strongly during the quarter, with rising prices.
Sales of housing units remained strong in all markets; housing units sold to consumers totalled 391 (245), where primarily Latvia and Lithuania accounted for the increase compared with the year-earlier period.
The sales rate for ongoing production fell to 49 per cent (63) as a result of the large number of housing starts in the fourth quarter of 2020.
As planned, 0 housing units (179) were started in the first quarter. A land acquisition in St. Petersburg was completed, where the plan is to construct approximately 400 new housing units, and land was acquired in Riga where approximately 700 apartments are planned.
Net sales increased to SEK 356 M (241). The increase was attributable to more housing units for consumers being recognised in profit: 309 (167).
During the quarter, 334 housing units were completed, which was more than the approximately 170 housing units that at 31 December 2020 were estimated would be completed. In St. Petersburg, one project was completed ahead of schedule, while parts of a project in Latvia were delayed somewhat and completion is now estimated in the second quarter.
The sale of 58 previously completed housing units, and the faster completion of more sold units, contributed to the total of 309 housing units recognised in profit for the quarter.
Operating profit totalled SEK 65 M (28) and the operating margin was 18.2 per cent (11.7). The higher operating margin is attributable to a higher volume of projects delivered; gross margins in the segment were stable. Selling and administrative expenses were slightly lower year-on-year. Lower overheads in previously established markets were offset in part by the establishment in Lithuania.
| 2021 Jan–Mar |
2020 Jan–Mar |
Δ% | 2020 Jan–Dec |
|
|---|---|---|---|---|
| Net sales | 356 | 241 | 48 | 1,439 |
| Gross profit | 81 | 45 | 79 | 300 |
| Gross margin, % | 22.8 | 18.8 | — | 20.8 |
| Selling and administrative expenses | –16 | –17 | — | –63 |
| Operating profit | 65 | 28 | 130 | 236 |
| Operating margin, % | 18.2 | 11.7 | — | 16.4 |
| Capital employed | 1,215 | 1,363 | –11 | 1,126 |
| of which, carrying amount of properties held for future development | 707 | 817 | –14 | 611 |
| Return on capital employed, % | 22.4 | 9.5 | — | 19.1 |
| Number of housing units sold | 391 | 245 | 60 | 1,029 |
| Sales value of housing units sold | 409 | 315 | 30 | 1,127 |
| Number of housing units started | 179 | –100 | 1,535 | |
| Number of housing units in ongoing production | 1,901 | 1,980 | –4 | 2,235 |
| Sales rate for ongoing production, % | 49 | 63 | — | 41 |
| Number of housing units completed, not recognised in profit | 235 | 209 | 12 | 210 |
| Number of housing units for sale (ongoing and completed) | 1,062 | 881 | 21 | 1,453 |
| Number of housing units recognised in profit | 309 | 167 | 85 | 1,267 |
During the first quarter, Bonava started production on 518 housing units (531). All production starts are reported at www.bonava.com/en/investor-relations/housing-starts
Eigentumswohnungen in den Klinkerhöfen Project start: Q1, 2021 Location: Hürth-Efferen, Region Cologne/Bonn Housing category: Multi-family housing Number of units: 30 apartments for consumers
Hürth, located close to Cologne, offers everything needed for a comfortable living environment: a preschool, a grocery store and a bus stop. The apartments are modern and functional, and shared outdoor spaces promote social interaction with neighbours and relaxation. Wild herbs will be planted on the green roofs. Sizeable parking areas are offered, with charging posts for electrical vehicles.
Newton Project start: Q1, 2021 Location: Haninge, Stockholm Housing category: Multi-family housing Number of units: 135 apartments for consumers
In the newly-developed Vegastaden district close by public transport to Stockholm City, affordable climate-smart apartment are being constructed with the environment, different generations and customer comfort in mind. Foot and bicycle paths have been prioritized as well as charging posts for electrical vehicles.
Nordic – Finland Kirkkonummen Hehku 1 & 2 Project start: Q1, 2021 Location: Kyrkslätt, Helsinki Housing category: Multi-family housing Number of units: Total 72 rental apartments for investors (36+36)
Hehku is located in a growing neighbourhood close to the heart of the little town of Kyrkslätt, in the capital region west of Helsinki. Express trains to central Helsinki are within walking distance, and there are schools and preschools in the area. There is also access to excellent sports facilities in the area. One of the projects, Kirkkonummen Hehku 1, is being constructed as part of the state-subsidised housing programme.
Kvartalet i Ask II Project start: Q1, 2021 Location: Ask, Gjerdrum Municipality, Oslo Housing category: Multi-family housing Number of units: 33 apartments for consumers (stage two of a total of 200 housing units)
30 minutes from Oslo, the Kvartalet project is being constructed in Ask city centre within walking distance of shopping, schools, preschools, restaurants, leisure facilities and public transportation. The project has a shared roof terrace and several different outdoor meeting spaces.
Bonava's operations are exposed to several types of risks, both operational and financial. Bonava has a Risk Committee that is responsible for organising, coordinating, and carrying out risk management. The Risk Committee regularly reports to the Audit Committee and the Executive Management Group. For further information on material risks and risk management, see pages 55–58 of Bonava's Annual and Sustainability Report for 2020, which is available at bonava.com.
The Board of Directors and management of Bonava are closely monitoring the progress of the pandemic, planning for various scenarios and responding to recommendations from government authorities. Bonava also has a contingency group that actively works together with management. These plans are decided and gradually implemented depending on developments, with a longterm focus in mind.
The continuing pandemic has greatly impacted Bonava's risk exposure over the past year and will continued to affect the company's operation. With the health and safety of employees, customers and projects as the highest priority, Bonava's active risk-mitigation activities are focused on ensuring business continuity. During the quarter, production essentially proceeded as usual.
In terms of financial risks, the increased risks from the pandemic are considered to be greatest for liquidity, financing and valuation risks. The impact on financial position and payment capacity is being routinely monitored and assessed.
The housing market continued to perform strongly despite the pandemic. Sales of completed housing units have been favourable and the value of Bonava's completed unsold housing units continued to decrease year-on-year. Bonava identified no impairment requirements in the quarter.
Since Bonava's accounting principles entails that income is only recognised when the completed housing units are delivered to the customers, even the most minor disruptions in the logistics and production chain in a project can lead to the earnings effects being recognised in a later period than planned. This risk has increased as a consequence of the uncertainty generated by the ongoing pandemic.
The average number of employees in the Group for the period was 2,070 (2,121).
Effective 9 June 2016, NCC AB distributed all the shares in Bonava AB to shareholders. NCC AB remains a minority owner of Bonava Deutschland GmbH, but Bonava holds the option to acquire NCC AB's participations in 2021. Owing to this option, the German company is being consolidated in its entirety. According to a profitsharing agreement, NCC AB will waive dividend and receive an annual compensation of EUR 1.3 M until the agreement is cancelled, which may occur five years from entering the agreement at the earliest.
Bonava has two share classes, Class A and Class B. Each Class A share carries ten votes and each Class B share one vote. The share capital was SEK 434 M on the reporting date, divided among 108,435,822 shares and 210,356,088 votes. At 31 March 2021, Bonava had 11,324,474 Class A shares and 97,111,348 Class B shares. The number of B shares held by the company was 1,245,355, corresponding to 1.1 per cent of the capital and 0.6 per cent of the votes.
At the end of the quarter, the number of shareholders was 31,060 (30,833). Bonava's largest shareholder was Nordstjernan AB, with 24.5 per cent of the capital and 49.0 per cent of the votes, followed
by Swedbank Robur Fonder with 8.0 per cent of the capital and 4.7 per cent of the votes and Lannebo Fonder with 5.4 per cent of the capital and 2.8 per cent of the votes.
The ten largest shareholders controlled a total of 52.8 per cent of the capital and 64.6 per cent of the votes. More information on the Bonava share and owners is available at bonava.com/ investor-relations.
The Annual General Meeting was held on 31 March 2021 via postal voting. The Annual General Meeting passed resolutions on matters including an ordinary dividend of SEK 3.25 per share (0.00), and an extraordinary dividend of SEK 2.00 per share paid in two disbursements. The record date for the right to receive the first dividend of SEK 3.65 per share was 6 April 2021, with payment on 9 April. The record date for the right to receive the second dividend of SEK 1.60 per share is 4 October 2021, with payment on 7 October 2021.
At the Annual General Meeting, Board members Mats Jönsson, Viveca Ax:son Johnson, Åsa Hedenberg, Angela Langemar Olsson and Frank Roseen were re-elected. Per-Ingemar Persson was elected as a new Board member. Mats Jönsson was elected as the new Chairman of the Board.
Bonava recognises revenue and earnings from housing sales when sold completed housing units are delivered to customers. Bonava's operations are affected by seasonal variations, which means that a majority of housing units are delivered to customers in the fourth quarter. Accordingly, earnings and cash flow before financing are usually stronger in the fourth quarter than in other quarters. This is shown in the charts depicting the estimated completions by quarter on page 6.
On 1 February, Peter Wallin took office as President and CEO.
Unless otherwise stated, amounts are indicated in millions of Swedish kronor (SEK M). All comparative figures in this report refer to the corresponding period of the previous year. Rounding differences may occur.
This report has not been reviewed by the company's auditors.
Stockholm, 29 April 2021 Bonava AB (publ)
| Note 1 |
2021 Jan–Mar |
2020 Jan–Mar |
Apr 2020– Mar 2021 |
2020 Jan–Dec |
|
|---|---|---|---|---|---|
| Net sales | 2 | 1,845 | 2,949 | 15,894 | 16,997 |
| Production costs | –1,607 | –2,689 | –13,936 | –15,018 | |
| Gross profit | 238 | 260 | 1,957 | 1,979 | |
| Selling and administrative expenses | –213 | –229 | –841 | –857 | |
| Operating profit | 2 | 25 | 31 | 1,115 | 1,121 |
| Financial income | 4 | 1 | 19 | 16 | |
| Financial expenses | –38 | –30 | –146 | –138 | |
| Net financial items | –34 | –29 | –127 | –122 | |
| Profit/loss after financial items | 2 | –8 | 2 | 989 | 999 |
| Tax on profit/loss for the period | 2 | –1 | –264 | –267 | |
| Profit/loss for the period1) | –6 | 2 | 725 | 733 | |
| Per share data before and after dilution | |||||
| Profit/loss for the period, SEK | –0.06 | 0.01 | 6.76 | 6.82 | |
| Cash flow from operating activities, SEK | 7.43 | –1.63 | 44.36 | 35.30 | |
| Shareholders' equity, SEK | 69.56 | 69.58 | 69.56 | 73.87 | |
| No. of shares at end of period, million2) | 107.2 | 107.6 | 107.2 | 107.2 |
1) Profit/loss for the entire period is attributable to Bonava AB's shareholders.
2) The total number of shares repurchased as of 31 March was 1,245,355 (815,061).
| Note 1 |
2021 Jan–Mar |
2020 Jan–Mar |
Apr 2020– Mar 2021 |
2020 Jan–Dec |
|
|---|---|---|---|---|---|
| Profit/loss for the period | –6 | 2 | 725 | 733 | |
| Items that have been or may be reclassified to profit/loss for the period |
|||||
| Translation differences during the period in translation of foreign operations |
106 | –49 | –175 | –330 | |
| Other comprehensive income for the period | 106 | –49 | –175 | –330 | |
| Comprehensive income for the period1) | 100 | –47 | 550 | 403 |
1) Comprehensive income for the entire period is attributable to Bonava AB's shareholders.
| Note 1, 4, 5 |
2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | 889 | 946 | 847 | |
| Current assets | ||||
| Properties held for future development | 7,333 | 8,613 | 6,998 | |
| Ongoing housing projects | 12,336 | 12,532 | 10,785 | |
| Completed housing units | 1,310 | 1,731 | 1,706 | |
| Current receivables | 995 | 1,053 | 1,151 | |
| Cash and cash equivalents | 3 | 659 | 428 | 1,387 |
| Total current assets | 22,632 | 24,358 | 22,037 | |
| TOTAL ASSETS | 23,522 | 25,304 | 22,874 | |
| SHAREHOLDERS' EQUITY | ||||
| Shareholders' equity attributable to Parent Company shareholders | 7,456 | 7,489 | 7,918 | |
| Non-controlling interest | 4 | 5 | 4 | |
| Total shareholders' equity | 7,461 | 7,494 | 7,923 | |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Non-current interest-bearing liabilities | 3 | 3,341 | 1,758 | 3,063 |
| Other non-current liabilities | 191 | 431 | 227 | |
| Non-current provisions | 786 | 715 | 805 | |
| Total non-current liabilities | 4,318 | 2,904 | 4,095 | |
| Current liabilities | ||||
| Current interest-bearing liabilities | 3 | 1,514 | 5,791 | 1,655 |
| Other current liabilities | 10,229 | 9,116 | 9,202 | |
| Total current liabilities | 11,744 | 14,907 | 10,857 | |
| Total liabilities | 16,061 | 17,811 | 14,952 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 23,522 | 25,304 | 22,874 |
| Shareholders' equity attributable to Parent Company shareholders |
Non-controlling interest |
Total share holders' equity |
|
|---|---|---|---|
| Opening shareholders' equity, 1 January 2020 | 7,536 | 5 | 7,540 |
| Comprehensive income for the period | 403 | 403 | |
| Purchase of treasury shares | –19 | –19 | |
| Performance-based incentive programme | –1 | –1 | |
| Closing shareholders' equity, 31 December 2020 | 7,918 | 4 | 7,923 |
| Comprehensive income for the period | 100 | 100 | |
| Dividend | –563 | –563 | |
| Performance-based incentive programme | 1 | 1 | |
| Closing shareholders' equity, 31 March 2021 | 7,456 | 4 | 7,461 |
| 2021 Jan–Mar |
2020 Jan–Mar |
Apr 2020– Mar 2021 |
2020 Jan–Dec |
|
|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||
| Profit/loss after financial items | –8 | 2 | 989 | 999 |
| Adjustments for items not included in cash flow | –138 | –195 | 636 | 579 |
| Tax paid | –48 | –91 | –141 | –184 |
| Cash flow from operating activities before change in working capital |
–194 | –283 | 1,483 | 1,394 |
| Cash flow from change in working capital | ||||
| Sales of housing projects | 1,486 | 2,600 | 13,407 | 14,521 |
| Investments in housing projects | –2,542 | –4,170 | –12,551 | –14,179 |
| Other changes in working capital | 454 | 1,677 | 831 | 2,054 |
| Cash flow from change in working capital | –602 | 107 | 1,687 | 2,396 |
| Cash flow from operating activities | –796 | –176 | 3,170 | 3,790 |
| INVESTMENT ACTIVITIES | ||||
| Cash flow from investment activities | –10 | –27 | –111 | –128 |
| CASH FLOW BEFORE FINANCING | –806 | –203 | 3,059 | 3,662 |
| FINANCING ACTIVITIES | ||||
| Purchase of treasury shares | –19 | –19 | ||
| Increase in interest-bearing financial liabilities | 409 | 836 | 2,669 | |
| Decrease in interest-bearing financial liabilities | –355 | –663 | –5,328 | |
| Change in interest-bearing receivables | 2 | 2 | 1 | 1 |
| Cash flow from financing activities | 56 | 175 | –2,795 | –2,676 |
| CASH FLOW DURING THE PERIOD | –750 | –28 | 264 | 986 |
| Cash and cash equivalents at start of period | 1,387 | 499 | 428 | 499 |
| Exchange rate difference in cash and cash equivalents | 21 | –42 | –34 | –98 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 659 | 428 | 659 | 1,387 |
This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and recommendation RFR 1 Supplementary Accounting Rules for Groups from the Swedish Financial Reporting Board. This Interim Report covers pages 1–24 and pages 1–12 are thereby an integrated part of this financial report. The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's 2020 Annual Report, pages 64–68. The Annual Report is available at www.bonava.com.
No changes to IFRS or IFRIC interpretations are expected to have any material impact on Bonava.
| Jan–Mar 2021 | Germany | Sweden | Nordic | St. Petersburg Baltics |
Parent Company and adjustments |
Total |
|---|---|---|---|---|---|---|
| Net sales, consumers | 536 | 415 | 453 | 354 | 1,757 | |
| Net sales, investors | ||||||
| Net sales, land | 7 | 69 | 8 | 83 | ||
| Other revenue | 2 | 2 | 5 | |||
| Operating profit/loss | –8 | 27 | –8 | 65 | –50 | 25 |
| Net financial items | –34 | |||||
| Loss after financial items | –8 | |||||
| Capital employed | 4,599 | 3,125 | 3,745 | 1,215 | –369 | 12,315 |
| St. Petersburg | Parent Company | |||||
|---|---|---|---|---|---|---|
| Jan–Mar 2020 | Germany | Sweden | Nordic | Baltics | and adjustments | Total |
| Net sales, consumers | 713 | 1,166 | 505 | 237 | 2,622 | |
| Net sales, investors | 294 | 294 | ||||
| Net sales, land | 9 | 4 | 16 | 28 | ||
| Other revenue | 2 | 4 | 6 | |||
| Operating profit/loss | 7 | 114 | –64 | 28 | –54 | 31 |
| Net financial items | –29 | |||||
| Profit after financial items | 2 | |||||
| Capital employed | 5,036 | 3,819 | 4,739 | 1,363 | 85 | 15,043 |
| Jan–Dec 2020 | Germany | Sweden | Nordic | St. Petersburg Baltics |
Parent Company and adjustments |
Total |
|---|---|---|---|---|---|---|
| Net sales, consumers | 5,843 | 3,086 | 3,125 | 1,429 | 13,484 | |
| Net sales, investors | 1,604 | 374 | 1,106 | 3,085 | ||
| Net sales, land | 17 | 67 | 326 | 411 | ||
| Other revenue | 1 | 1 | 6 | 10 | 18 | |
| Operating profit/loss | 752 | 283 | 97 | 236 | –247 | 1,121 |
| Net financial items | –122 | |||||
| Profit after financial items | 999 | |||||
| Capital employed | 4,128 | 3,020 | 3,427 | 1,126 | 940 | 12,641 |
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Non-current interest-bearing receivables | 2 | 2 | 2 |
| Current interest-bearing receivables | 15 | 17 | 17 |
| Cash and cash equivalents | 659 | 428 | 1,387 |
| Interest-bearing receivables | 676 | 448 | 1,407 |
| Non-current interest-bearing liabilities | 3,341 | 1,758 | 3,063 |
| Current interest-bearing liabilities | 1,514 | 5,791 | 1,655 |
| Interest-bearing liabilities1) | 4,855 | 7,549 | 4,718 |
| Net debt | 4,179 | 7,101 | 3,311 |
1) Of which green loans SEK 1,307 M (0). The green asset base pledged consisted of assets in Sweden and Denmark that are or will be Nordic Swan eco-labelled.
Since Bonava appoints a majority of the Board members in tenantowner associations in Sweden and housing companies in Finland, issues guarantees and provides credit to or borrowing on behalf of tenant-owner associations and housing companies, Bonava exercises a controlling influence and therefore consolidates tenant-owner associations and housing companies in full. As a consequence of the consolidation of tenant-owner associations and housing companies, Bonava's net debt increases.
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Cash and cash equivalents | 34 | 62 | 20 |
| Gross debt | 1,393 | 2,441 | 1,361 |
| Net debt in tenant-owner associations and housing companies |
1,359 | 2,379 | 1,341 |
The table below specifies the Group's financing facilities. In addition to these financing facilities, there are unutilised contractual credit frames for projects in Swedish tenant-owner associations, Finnish housing companies and St. Petersburg of approximately SEK 1.6 Bn.
| Financing | Maturity, year |
Amount | Utilised Unutilised | |
|---|---|---|---|---|
| Overdraft facilities | <364 days | 1,525 | 1,525 | |
| Loan | 2021 | 920 | 920 | |
| Loan | 2022 | 819 | 819 | |
| RCF/commercial paper | 2023 | 3,000 | 3,000 | |
| Bond | 2024 | 1,000 | 1,000 | |
| Loan | 2025–27 | 409 | 409 | |
| Total | 7,673 | 3,148 | 4,525 |
In the table below, disclosures are made concerning how fair value is determined for the financial instruments that are continuously measured at fair value in Bonava's balance sheet. When determining fair value, assets have been divided into the following three levels. No transfers have been made between the levels during the period.
At level 1, Bonava has one outstanding bond loan valued at SEK 997 M (0).
Level 2 derivative instruments comprise currency swaps where the measurement at fair value of currency-forward contracts is based on published forward rates in an active market.
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Derivatives | 5 | 55 | |
| Total assets | 0 | 5 | 55 |
| Derivatives | 37 | 145 | 1 |
| Total liabilities | 37 | 145 | 1 |
Bonava has no financial instruments in level 3.
The fair value of non-current and current interest-bearing liabilities differs only marginally from the carrying amount and is therefore not recognised separately in this interim report. For financial instruments recognised at amortised cost, accounts receivables, other receivables, cash and cash equivalents, accounts payable and other interest-free liabilities, fair value is considered equal to carrying amount.
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Pledged assets | |||
| For own liabilities | |||
| Property mortgages | 872 | 1,657 | 869 |
| Restricted bank funds | 25 | 9 | 7 |
| Other pledged assets | 6 | 4 | 6 |
| Total pledged assets | 903 | 1,670 | 882 |
| Surety and guarantee obligations | |||
| Own contingent liabilities | |||
| Counter guarantee to external guarantors1) |
3,570 | 3,515 | 3,913 |
| Total surety and guarantee obligations | 3,570 | 3,515 | 3,913 |
1) Counter guarantees pertain to guarantees that constitute collateral for amounts paid to tenant-owner associations formed by Bonava Sverige AB. Deposit guarantees are valid until one year after the final acquisition cost of the tenant-owner association's building has been established.
The Parent Company comprises the operations of Bonava AB (publ). Net sales for the company totalled SEK 69 M (69). Profit after financial items totalled SEK 35 M (76).
| INCOME STATEMENT | Note 1 |
2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|---|---|---|---|---|
| Net sales | 69 | 69 | 281 | |
| Selling and administrative expenses | –113 | –118 | –505 | |
| Operating loss | –43 | –49 | –225 | |
| Profit from participations in Group companies | 61 | 93 | 568 | |
| Financial income | 41 | 51 | 178 | |
| Financial expenses | –24 | –18 | –90 | |
| Profit after financial items | 35 | 76 | 431 | |
| Appropriations | 161 | |||
| Profit before tax | 35 | 76 | 591 | |
| Tax on profit for the period | 5 | 4 | –1 | |
| Profit for the period | 40 | 80 | 590 |
| Note | 2021 | 2020 | 2020 | |
|---|---|---|---|---|
| BALANCE SHEET | 1, 2 | 31 Mar | 31 Mar | 31 Dec |
| Assets | ||||
| Fixed assets | 2,738 | 2,410 | 2,742 | |
| Current assets | 8,601 | 10,563 | 8,492 | |
| Total assets | 11,339 | 12,974 | 11,234 | |
| Shareholders' equity and liabilities | ||||
| Shareholders' equity | 7,188 | 7,219 | 7,709 | |
| Untaxed reserves | 32 | |||
| Provisions | 6 | 4 | 6 | |
| Non-current liabilities | 2,224 | 1,259 | 2,176 | |
| Current liabilities | 1,922 | 4,459 | 1,343 | |
| Total shareholders' equity and liabilities | 11,339 | 12,974 | 11,234 |
NOTE 1 Accounting policies
The company has prepared its Interim Report pursuant to the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's 2020 Annual Report, pages 64–68 and 93. The Annual Report is available at www.bonava.com.
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Counter guarantee to external guarantors |
13,127 | 14,390 | 13,534 |
| Guarantees for project-specific financing |
1,118 | 953 | 811 |
| Guarantees for Group companies | 5,073 | 4,503 | 5,092 |
| Other pledged assets | 6 | 3 | 6 |
| Total | 19,325 | 19,848 | 19,443 |
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Counter guarantee to external guarantors1) |
4,571 | 4,623 | 3,918 |
| Guarantees for project-specific financing |
1,100 | 953 | 811 |
| Total | 5,670 | 5,576 | 4,729 |
1) Counter guarantees pertain to guarantees that constitute collateral for amounts paid to tenant-owner associations formed by Bonava Sverige AB. Deposit guarantees are valid until one year after the final acquisition cost of the tenant-owner association's building has been established.
| No. unless otherwise stated | 2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|---|---|---|---|
| Building rights | 32,900 | 33,600 | 31,800 |
| Of which, off-balance sheet building rights | 12,300 | 12,400 | 12,300 |
| Housing development for consumers | |||
| Housing units sold | 1,043 | 932 | 3,854 |
| Sales value of housing units sold, SEK M | 3,146 | 2,908 | 12,479 |
| Housing starts | 442 | 531 | 4,193 |
| Housing units in ongoing production | 6,089 | 6,028 | 6,218 |
| Sales rate for ongoing production, % | 60 | 64 | 53 |
| Reservation rate for ongoing production, % | 4 | 5 | 3 |
| Completion rate for ongoing production, % | 47 | 55 | 49 |
| Completed housing units not recognised in profit | 476 | 564 | 573 |
| Housing units for sale (ongoing and completed) | 2,736 | 2,600 | 3,340 |
| Housing units recognised in profit | 665 | 832 | 4,295 |
| Value of sold housing units, not yet recognised in profit, SEK M | 14,314 | 14,501 | 12,558 |
| Housing development for investors | |||
| Housing units sold | 76 | 197 | 1,714 |
| Sales value of housing units sold, SEK M | 120 | 370 | 4,373 |
| Housing starts | 76 | 1,517 | |
| Housing units in ongoing production | 3,623 | 3,438 | 3,551 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Completion rate for ongoing production, % | 45 | 39 | 38 |
| Housing units recognised in profit | 115 | 1,519 | |
| Value of sold housing units, not yet recognised in profit, SEK M | 8,088 | 7,333 | 7,861 |
| 2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|
|---|---|---|---|
| Number of housing units in production for consumers | |||
| Housing units in ongoing production at start of period | 6,218 | 6,179 | 6,179 |
| Change in opening value1) | –3 | ||
| Housing starts | 442 | 531 | 4,193 |
| Housing units recognised in profit | –665 | –832 | –4,295 |
| Decrease (+)/increase (–) in completed housing units not recognised in profit | 97 | 150 | 141 |
| Housing units in ongoing production for consumers at end of period | 6,089 | 6,028 | 6,218 |
| Number of housing units in production for investors | |||
| Housing units in ongoing production at start of period | 3,551 | 3,553 | 3,553 |
| Change in opening value2) | –4 | ||
| Housing starts | 76 | 1,517 | |
| Housing units recognised in profit | –115 | –1,519 | |
| Housing units in ongoing production for investors at end of period | 3,623 | 3,438 | 3,551 |
1) Local environmental regulations have led to a reduction in the number of housing units.
2) Change initiated by investors.
| Germany, no. unless otherwise stated | 2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|---|---|---|---|
| Building rights | |||
| Building rights | 8,300 | 8,800 | 8,400 |
| of which, off-balance sheet building rights | 2,200 | 2,500 | 2,600 |
| Housing development for consumers | |||
| Net sales, SEK M | 536 | 713 | 5,843 |
| Housing units sold | 232 | 241 | 1,273 |
| Sales value of housing units sold, SEK M | 1,047 | 1,014 | 5,699 |
| Housing starts | 144 | 149 | 1,501 |
| Housing units in ongoing production | 2,625 | 2,436 | 2,595 |
| Sales rate for ongoing production, % | 65 | 72 | 62 |
| Completed housing units not recognised in profit | 37 | 30 | 53 |
| Housing units for sale (ongoing and completed) | 939 | 707 | 1,027 |
| Housing units recognised in profit | 130 | 180 | 1,350 |
| Housing development for investors | |||
| Net sales, SEK M | 1,604 | ||
| Housing units sold1) | 4 | 28 | 332 |
| Sales value of housing units sold, SEK M | 94 | 1,066 | |
| Housing starts | 4 | 304 | |
| Housing units in ongoing production | 1,450 | 1,822 | 1,446 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Housing units recognised in profit | 680 | ||
| Average no. of employees during the financial year | 901 | 908 | 905 |
1) Change initiated by investors in the first quarter of 2021.
| Sweden, no. unless otherwise stated | 2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|---|---|---|---|
| Building rights | |||
| Building rights | 8,000 | 7,800 | 7,600 |
| of which, off-balance sheet building rights | 3,000 | 2,800 | 2,700 |
| Housing development for consumers | |||
| Net sales, SEK M | 415 | 1,166 | 3,086 |
| Housing units sold | 196 | 218 | 625 |
| Sales value of housing units sold, SEK M | 801 | 947 | 2,565 |
| Housing starts | 170 | 107 | 504 |
| Housing units in ongoing production | 847 | 736 | 724 |
| Sales rate for ongoing production, % | 67 | 60 | 65 |
| Completed housing units not recognised in profit | 118 | 141 | 159 |
| Housing units for sale (ongoing and completed) | 354 | 390 | 380 |
| Housing units recognised in profit | 88 | 268 | 659 |
| Housing development for investors | |||
| Net sales, SEK M | 374 | ||
| Housing units sold | 169 | 543 | |
| Sales value of housing units sold, SEK M | –7 | 255 | 948 |
| Housing starts | 374 | ||
| Housing units in ongoing production | 914 | 778 | 914 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Housing units recognised in profit | 238 | ||
| Average no. of employees during the financial year 1) | 202 | 207 | 188 |
1) The average number of employees for January–December 2020 was affected by short-time working.
| Nordic (Finland, Denmark and Norway), no. unless otherwise stated | 2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|---|---|---|---|
| Building rights | |||
| Building rights | 9,000 | 10,100 | 9,100 |
| of which, off-balance sheet building rights | 4,500 | 5,800 | 4,900 |
| Housing development for consumers | |||
| Net sales, SEK M | 453 | 505 | 3,125 |
| Housing units sold | 224 | 228 | 927 |
| Sales value of housing units sold, SEK M | 893 | 635 | 3,092 |
| Housing starts | 128 | 96 | 653 |
| Housing units in ongoing production | 880 | 1,040 | 828 |
| Sales rate for ongoing production, % | 64 | 57 | 58 |
| Completed housing units not recognised in profit | 86 | 184 | 151 |
| Housing units for sale (ongoing and completed) | 381 | 622 | 480 |
| Housing units recognised in profit | 138 | 217 | 1,019 |
| Housing development for investors | |||
| Net sales, SEK M | 294 | 1,106 | |
| Housing units sold | 72 | 839 | |
| Sales value of housing units sold, SEK M | 6 | 17 | 2,355 |
| Housing starts | 72 | 839 | |
| Housing units in ongoing production | 1,095 | 674 | 1,027 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Housing units recognised in profit | 115 | 601 | |
| Average no. of employees during the financial year 1) | 357 | 397 | 374 |
1) The average number of employees for January–December 2020 was affected by short-time working in Finland and Norway.
| St. Petersburg-Baltics (St. Petersburg, Estonia, Latvia and Lithuania), no. unless otherwise stated |
2021 Jan–Mar |
2020 Jan–Mar |
2020 Jan–Dec |
|---|---|---|---|
| Building rights | |||
| Building rights | 7,600 | 6,900 | 6,700 |
| of which, off-balance sheet building rights | 2,600 | 1,300 | 2,100 |
| Housing development for consumers | |||
| Net sales, SEK M | 354 | 237 | 1,429 |
| Housing units sold | 391 | 245 | 1,029 |
| Sales value of housing units sold, SEK M | 405 | 312 | 1,123 |
| Housing starts | 179 | 1,535 | |
| Housing units in ongoing production | 1,737 | 1,816 | 2,071 |
| Sales rate for ongoing production, % | 45 | 60 | 37 |
| Completed housing units not recognised in profit | 235 | 209 | 210 |
| Housing units for sale (ongoing and completed) | 1,062 | 881 | 1,453 |
| Housing units recognised in profit | 309 | 167 | 1,267 |
| Housing development for investors | |||
| Net sales, SEK M | |||
| Housing units sold | |||
| Sales value of housing units sold, SEK M | 4 | 3 | 4 |
| Housing starts | |||
| Housing units in ongoing production | 164 | 164 | 164 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Housing units recognised in profit | |||
| Average no. of employees during the financial year | 504 | 513 | 524 |
| 2021 31 Mar |
2020 31 Mar |
2020 31 Dec |
|
|---|---|---|---|
| Return on capital employed, %1) | 8.2 | 7.0 | 7.9 |
| Interest coverage ratio, multiple1) | 7.8 | 6.8 | 8.3 |
| Equity/assets ratio, % | 31.7 | 29.6 | 34.6 |
| Interest-bearing liabilities/total assets, % | 20.6 | 29.8 | 20.6 |
| Net debt | 4,179 | 7,101 | 3,311 |
| Debt/equity ratio, multiple | 0.6 | 0.9 | 0.4 |
| Capital employed | 12,315 | 15,043 | 12,641 |
| Capital employed, average | 13,430 | 14,921 | 13,953 |
| Capital turnover rate, multiple1) | 1.2 | 1.0 | 1.2 |
| Share of risk-bearing capital, % | 32.3 | 30.2 | 35.2 |
| Ordinary dividend, SEK per share | 3.25 | ||
| Extraordinary dividend, SEK per share | 2.00 | ||
| Average interest rate, at period-end %2) | 2.26 | 1.38 | 2.18 |
| Average fixed-rate term, years2) | 0.2 | 0.2 | 0.1 |
| Average interest rate at end of period, %3) | 1.57 | 1.26 | 1.50 |
| Average fixed-rate term, years3) | 0.2 | 0.3 | 0.3 |
1) Calculated on rolling 12-month basis.
2) Excluding loans in Swedish tenant-owner associations, Finnish housing companies and leases.
3) Pertains to loans in Swedish tenant-owner associations and Finnish housing companies.
| EXCHANGE RATES | Average rate | Rate on balance sheet date | ||||
|---|---|---|---|---|---|---|
| 31 Mar 2021 | 31 Mar 2020 | 31 Dec 2020 | 31 Mar 2021 | 31 Mar 2020 | 31 Dec 2020 | |
| DKK | 1.36 | 1.43 | 1.41 | 1.37 | 1.48 | 1.35 |
| EUR | 10.12 | 10.67 | 10.49 | 10.23 | 11.08 | 10.05 |
| NOK | 0.99 | 1.02 | 0.98 | 1.02 | 0.97 | 0.95 |
| RUB | 0.11 | 0.15 | 0.13 | 0.12 | 0.13 | 0.11 |
Key performance indicators per quarter and full-year are available at bonava.com/en/investor-relations. There are also definitions of key performance indicators and reporting of Bonava's alternative key performance indicators.
Bonava is a leading residential developer in Northern Europe. With our 2,100 employees, Bonava has operations in Germany, Sweden, Finland, Denmark, Norway, St. Petersburg, Estonia, Latvia and Lithuania. Germany is our largest market. Bonava focuses on 23 major city regions with pronounced growth and stable local labour markets, which generates demand for new housing over time. We develop land into affordable and sustainable neighbourhoods, where the housing units are adapted to customers' wants and needs as well as the unique circumstances of each location. Bonava provides multifamily and single-family housing units, and develops homes for consumers and investors, such as pension funds, alongside municipalities and other stakeholders. Bonava thus creates new and vibrant neighbourhoods. Bonava's share and green bond are listed on Nasdaq Stockholm.
We create happy neighbourhoods where people have the highest quality of life.
We challenge ourselves every day to change the housing game, creating better homes and lives for the many.
2,100 EMPLOYEES
17 SEK BN NET SALES 2020
Lars Granlöf, CFO [email protected], +46 790 631 609
Carolina Strömlid, Head of Investor Relations [email protected], +46 708 807 173
This information is such that Bonava AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on April 29, 2021, at 7:00 a.m. CEST.
Peter Wallin, President and CEO, and Lars Granlöf, CFO, will present the report on 29 April 2021 at 9:00 a.m. CEST via a webcast teleconference.
Follow the webcast live at: bonava.com/audiocast Q1 2021
To participate in the telephone conference, please call one of the following telephone numbers a few minutes prior to the start of the presentation:
SE: +46 856 642 706 UK: +44 333 300 90 34 US: +1 (833) 249-8404
The presentation material will be available for download from bonava.com ahead of the presentation.
Bonava AB (publ), Corp. ID no.: 556928-0380 Lindhagensgatan 72, SE-112 18 Stockholm, Sweden Tel: +46 8 409 544 00 www.bonava.com
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