Annual Report • Feb 18, 2021
Annual Report
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Wästbygg Gruppen AB (publ) January – December 2020
Office interior, DSV, Vestby, Norway
The financial statements for 2020 have now been prepared, and I am satisfied with the results given the current circumstances. We conduct our operations in three strong business areas. There are projects on the market, but as a result of the pandemic, competition has increased and many clients have opted to postpone their investment decisions. Despite this, based on the segment reporting, our revenues have only fallen by a few percentage points compared to the previous year. We have clearly indicated in our communications that we intend to prioritise profitability over volume and have set long-term growth targets. I see it as an important measure of our strength that we achieved an operating profit of SEK 254 million, which is an improvement of 32 per cent compared with 2019.
Jörgen Andersson, CEO Wästbygg Gruppen AB
As of the interim report for the period January–June 2020, the Group reports revenues and results for project development of owner-occupied flats upon completion. In addition revenue recognition for these projects is reported over time in the segment report, as this provides a clearer picture of the Group's financial position at each individual reporting occasion. See Note 2 on page 20 for further information.
| SEK million unless other otherwise specified |
Oct-Dec 2020 |
Oct-Dec 2019 |
Jan–Dec 2020 |
Jan–Dec 2019 |
Jan–Dec 2018** |
Jan–Dec 2017** |
|---|---|---|---|---|---|---|
| Financial key ratios | ||||||
| Revenue | 924 | 1,046 | 3,620 | 3,889 | 3,543 | 2,822 |
| Operating profit | 65 | 40 | 223 | 220 | 147 | 91 |
| Operating margin, % | 7,0 | 3,8 | 6,2 | 5,7 | 4,1 | 3,2 |
| Profit/loss after tax | 82 | 40 | 234 | 215 | 142 | 86 |
| Balance sheet | 3,170 | 2,144 | 3,170 | 2,144 | 1,697 | 1,471 |
| Equity/assets ratio, % | 50 | 27 | 50 | 27 | 25 | 24 |
| Return on equity, % | 21 | 39 | 22 | 43 | 37 | 30 |
| Operating capital | 785 | 270 | 785 | 270 | -17 | -29 |
| Interest-bearing net cash (+) / net debt (-) |
477 | -7 | 477 | -7 | 173 | 114 |
| Cash flow from operating activities |
-161 | -23 | -237 | -63 | 141 | 134 |
| Equity related key ratios | ||||||
| Earnings per share , SEK*** | 2.66 | 1.77 | 9.39 | 9.40 | 6.16 | 3.73 |
| Equity per share, SEK | 49.17 | 24.81 | 49.17 | 24.81 | 18.19 | 15.50 |
| Number of shares at the end of the period (thousands)**** |
32,340 | 22,950 | 32,340 | 22,950 | 22,950 | 22,950 |
| Average number of shares (thousands)**** |
30,782 | 22,950 | 24,913 | 22,950 | 22,950 | 22,950 |
| Segment reporting | Oct-Dec 2020 |
Oct-Dec 2019 |
Jan–Dec 2020 |
Jan–Dec 2019 |
Jan–Dec 2018** |
Jan–Dec 2017** |
Jan–Dec 2016** |
|---|---|---|---|---|---|---|---|
| Financial key ratios | |||||||
| Revenue | 1,002 | 1,141 | 3,801 | 3,905 | 3,652 | 2,838 | 2,331 |
| Operating profit | 77 | 56 | 254 | 192 | 171 | 105 | 19 |
| Operating margin, % | 7,7 | 4,9 | 6,7 | 4,9 | 4,7 | 3,7 | 0,8 |
| Profit/loss after tax | 97 | 55 | 268 | 187 | 163 | 100 | 41 |
| Balance sheet | 2,872 | 1,893 | 2,872 | 1,893 | 1,599 | 1,454 | 1,140 |
| Equity/assets ratio, % | 57 | 31 | 57 | 31 | 29 | 27 | 19 |
| Return on equity, % | 23 | 33 | 24 | 35 | 38 | 33 | 20 |
| Operating capital | 575 | 177 | 575 | 177 | -110 | -43 | 188 |
| Interest-bearing net cash (+) /net debt (-) |
928 | 129 | 928 | 129 | 308 | 151 | -115 |
| Cash flow from operating activities |
-97 | 68 | -95 | -73 | 240 | 179 | -4 |
| Equity related key ratios Earnings per share , SEK*** |
3.16 | 2.38 | 10.75 | 8.15 | 7.09 | 4.37 | 1.77 |
| Equity per share, SEK | 50.92 | 25.78 | 50.92 | 25.78 | 20.27 | 16.66 | 8.13 |
| Number of shares at the end of the period (thousands)**** |
32,340 | 22,950 | 32,340 | 22,950 | 22,950 | 22,950 | 22,950 |
| Average number of shares (thousands)**** |
30,782 | 22,950 | 24,913 | 22,950 | 22,950 | 22,950 | 22,950 |
| Operational key ratios | |||||||
| New orders | 1,266 | 1,359 | 3,232 | 3,850 | 3,077 | 3,604 | 2,556 |
| Order backlog | 3,201 | 3,752 | 3,201 | 3,752 | 3,634 | 4,037 | 2,305 |
| No of employees at end of period | 311 | 305 | 311 | 305 | 288 | 261 | 208 |
For key ratio definitions, see page 29.
* The key ratios for the Group are shown above, both in accordance with IFRS and the segment accounting applied for internal management and accounting, see Note 2 on page 20 for further information.
** As of 2019, IFRS 16 Leasing is applied. The years up to and including 2018 have not been recalculated, as the change has little effect on earnings.
*** The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
**** For information on the development of the share capital during 2020 as a result of the share split and new share issues, see the table on page 31.
In the Wästbygg Group's history, 2020 will go down as the year when the company was listed on the Nasdaq Stockholm stock exchange. The stock market listing in October has given us the financial strength to increase investment in our product development operations and continue building up a portfolio of self-developed community service properties in the Inwita Fastigheter group company. At a wider societal level, it is COVID-19 that will distinguish the past year from most other years in modern times. I am extremely grateful for the enormous responsibility shown by our employees. With creativity and flexibility, everyone has pulled together and kept the company working, both at project level and in our administrative operations.
The financial statements for 2020 have now been prepared, and I am satisfied with the results given the current circumstances. We conduct our operations in three strong business areas. There are projects on the market, but as a result of the pandemic, competition has increased and many clients have opted to postpone their investment decisions. Despite this, based on the segment reporting, our revenues have only fallen by a few percentage points compared to the previous year. We have clearly indicated in our communications that we intend to prioritise profitability over volume and have set long-term growth targets. I see it as an important measure of our strength that we achieved an operating profit of SEK 254 million, which is an improvement of 32 per cent compared with 2019.
We have succeeded in maintaining a high pace of production in our projects. This, in combination with the current market situation, explains why our order backlog is about SEK 600 million lower than a year ago. However, our order intake was strong in the fourth quarter.
During the autumn we saw signs of positive development in the residential market. This has resulted in several new construction assignments and continued strong sales of apartments in
our self-developed residential projects. During the year we also sold two self-developed tenant-ownershop projects that are currently under construction. One of these, Lagerkransen in Lund, started construction in October. We are following this project with particular interest as it is our first apartment block to be built with a solid wood frame. The aim is for Lagerkransen to be awarded Miljöbyggnad Guld certification from the Sweden Green Building Council. At the beginning of 2021 we decided to start construction of Soluret in Malmö and launch sales of Parklyckan, a development of 36 townhouses in Stockholm.
Community service properties are of high priorty in Commercial, both with regard to construction contracts and to self-developed community service properties in Inwita Fastigheter. During the year, we received a land allocation for a preschool and completed a land acquisition for the future production of sheltered housing and an elderly care home, while construction of the Häggen sheltered housing project is under way in Halmstad. Our business developers are actively working to secure our targets with new acquisitions and land allocations. Parallel to this, discussions are under way regarding new development opportunities.
The group company Logistic Contractor ended the year with a strong order intake. The contract to build DHL's new parcel terminal at Copenhagen Airport, Kastrup with an order value of SEK 500 million shows that our investment in the Nordic market is the right way to go. At the end of the year we sold the facility we are developing and building for MatHem in Stockholm. There was very keen interest from several actors, providing further proof that the logistics market continues to be highly attractive.
We started 2021 with an organisational restructure in Residential and Commercial. As of 1 February, employees in construction and project development will belong to the same organisation. The restructure is a natural step in a process that had already been initiated to make us more competitive. By acting as a single entity, we will strengthen our expertise, create greater business value for our external clients and strengthen our internal business in development projects. I will step in as CEO of the new organisation, until further notice, with Magnus Björkander, formerly CEO of Wästbygg Projektutveckling, as Deputy CEO. In connection with the restructure, Susanne Liljedahl, formerly CEO of the construction company Wästbygg AB, has decided to leave us, and I would like to thank her for her great work during her years with the company.
I now look forward to another financial year with the Wästbygg Group, a year during which we will also celebrate our 40th anniversary.
Jörgen Andersson CEO Wästbygg Gruppen AB
When reporting in accordance with IFRS, see Note 2 on page 20 for further information, self-developed tenant-ownership projects are only recognised in the income statement upon completion as of the interim report for January – June 2020. Given this, the difference between individual quarters may be significantly greater than before.
The spread of COVID-19 increased during the autumn, causing continued market uncertainty. The number of new projects on the market was roughly the same as in previous years, but lead times from tender to decision are significantly longer. Moreover, greater competition was noted at year end in terms of the number of players submitting tenders for each individual project.
Despite this, the Wästbygg Group ended 2020 with another strong quarter. Revenues amounted to SEK 924 million (1,046). Operating profit amounted to SEK 65 million (40), and was charged during the quarter with one-off costs of approximately SEK 11 million relating to the stock exchange listing. Other costs directly associated with raising capital, amounting to SEK 37 million, were offset against the share issue payment under equity. The company's sale of a large logistics facility in December was partially offset against profit during the fourth quarter. Because the organisation had spent time on the project development during almost the whole of 2020, the sale also had a retroactive effect when costs previously expended could be covered.
Profit after tax was SEK 82 million (40), which corresponds to earnings per share of SEK 2.66 (1.77) recalculated based on the share split and the share issues that were implemented during 2020, see page 31 for further information. The operating margin amounted to 7.0% (3.8).
The year's strongest order intake occurred in the fourth quarter. New contracts were signed for a total of SEK 1,266 million (1,359). The Logistics and Industry business area represented a sizeable portion of the order intake, which shows how strong this market segment continues to be.
The order backlog remained stable at over SEK 3 billion after both the third and fourth quarters, and amounted to SEK 3,201 million (3,752) as of 31 December. This partially compensated for the decline during the spring, although the order backlog has not returned to the 2019 level.
The Group is well positioned in these uncertain times thanks to its three diversified business areas and the combination of construction and project development. The Logistics and Industry business area performed very well during the year. There were also very positive signals from the residential market during the autumn.
Revenues for the whole year amounted to SEK 3,620 million (3,889), which is a reduction of 7%. Despite a decline in volume, we report an operating profit of SEK 223 million (220). A key factor behind the strong result is the company's increased focus on project development. During 2020 the company sold eight self-developed projects divided between five logistics facilities, two residential projects and one commercial property. The ability to generate own business will be especially important as competition increases in the construction market.
Profit after tax for the year amounted to SEK 234 million (215), which corresponds to earnings per share of SEK 9.39 (9.40). The earnings per share are not comparable between 2020 and 2019 due to the issue of approximately 9.4 million new shares in the fourth quarter of 2020 and the related dilution effect.
The total order intake for the year was SEK 3,232 million (3,850) following a weaker than normal order intake during the spring. It was primarily the Commercial business area that was affected.
The two new share issues carried out in connection with the listing on Nasdaq Stockholm, see page 31 for details, have strengthened the Wästbygg Group's cash position The company's share capital has increased by approximately SEK 1 million. The shares were issued at a premium for SEK 901 million, and the funds raised through the share issues are recognised under Share premium reserve in the parent company's balance sheet. The funds from the share issues will primarily be used for continued investment in project development operations and to build up a portfolio of self-developed community service properties in the Group.
Following the new share issue, equity per share amounted to SEK 49.17 (24.81) at the end of the period, recalculated based on the share split carried out during the first quarter.
REVENUES AND OPERATING PROFITS, SEK million/quarter
The Group reported interest-bearing net cash of SEK 477 million (-7) at the end of the period. At the beginning of the year, net debt amounted to SEK -7 million (173). Net cash was reinforced as a result of the new share issue, but is also affected by external loans in consolidated tenant-ownership association projects under production in an amount of SEK 362 million. Two of the three self-developed tenant-ownership projects that are under production will be completed and handed over during the first six months of 2021. After this, these tenant-owner associations' loans will no longer be consolidated in the company's financial statements.
Variations in cash flow from one period to another are a natural consequence of how many development projects are in progress and how many are sold.
Total cash flow during the fourth quarter amounted to SEK 757 million (118), divided into current operations SEK -161 million (-23), investment operations SEK -15 million (-2) and financing operations SEK 933 million (143).
Total cash flow for the 2020 financial year amounted to SEK 569 million (-97), divided into current operations SEK -237 million (-63), investment operations SEK -60 million (-11) and financing operations SEK 866 million (-23).
A negative cash flow from current operations is completely in line with the company's strategy to increase the proportion of development projects, which occurred during 2020. The negative cash flow from investment operations during the year was linked to the construction of the Kv Häggen sheltered housing in Halmstad, which is being built for own ownership in the Group company Inwita Fastigheter.
A shareholders' loan to M2 was amortised in its entirety during the quarter. In light of the strong liquidity, the company also decided to amortise a loan to Swedbank of SEK 15 million in advance with a planned maturity running until 30 June 2021 and quarterly payments of SEK 5 million.
The self-developed residential project Tuvebo Ateljé was self-financed up to and including the third quarter, but a building credit agreement was entered into during the fourth quarter.
The equity ratio at the end of the period was 50% (27). The Group's strong equity ratio is a result of the new share issue as well as a positive earnings trend during the year. On the other hand, it is held back by non-extracted profits in self-developed tenant-ownership association projects.
As a result of the COVID-19 pandemic, the market situation remains uncertain and difficult to assess, especially as the spread of infection picked up again during the autumn and winter.
The Confederation of Swedish Enterprise expects Swedish GNP to shrink by approximately three percentage points during 2020, and also predicts an unemployment rate of 8.5% for the whole year.
The company follows market events closely. The housing shortage in many municipalities, increasing e-commerce with associated logistics requirements and the demand for community service properties based on population growth create conditions for continued positive development, and focus will continue to be placed on these business areas.
At the end of the period the Group had 311 employees, compared with 305 at the start of the year. Throughout the COVID-19 pandemic, the Group has worked with full staffing and no redundancies or other reductions have been required. At present, the workforce is considered to be well balanced in relation to the operations.
Ahead of 2020, goals were formulated for growth, operating margin and equity/assets ratio. Outcomes over time are reported below.
Growth measured on the basis of revenue must be 10 percent over time, but always taking into account good profitability. In 2020, growth decreased by 3 percent
The long-term operating margin (EBIT) must exceed 6 percent. As of 31 December 2020, operating margin was 6.7%.
The equity/assets ratio shall not be less than 25 percent. As of 31 December 2020, the equity/assets ratio was 57%.
All three segments reported positive results throughout 2020.
During 2019, the Residential business area was burdened by write-downs in a contract assignment and by adverse impact on project development operations caused by the slump in the residential market. The market began to recover in autumn 2020, which is reflected in a more than doubling of the order intake compared with the previous year, alongside strong apartment sales in self-developed tenant-ownership association projects. The order backlog is now at the same level as before the start of the COVID-19 pandemic.
In Commercial, the company is in the final phase of two major retail facilities which will be handed over at the start of 2021. It has been hard to replace these projects with new projects of the same magnitude since trade is an area that has suffered during the current pandemic. This segment is undergoing internal restructuring with an increased emphasis placed on community service properties. This work will be intensified with regard to both construction assignments and project development. However, the development projects that are already in the company's project portfolio are not yet ready to commence construction.
Logistics and Industry saw both revenue and results rise significantly in 2020 compared with 2019. This is largely a consequence of a continued increase in the proportion of development projects. Five self-developed logistics facilities were sold during 2020. The order intake in the business area was nearly SEK 0.5 billion lower in 2020 than the previous year, but this difference is ascribable to a single project, Northvolt, which accounted for almost 40% of the 2019 order intake. In Logistics and Industry as well, the order backlog has returned to the same level as a year ago.
17% Residential
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|
| SEK million | 2020 | 2019 | 2020 | 2019 |
| Residential | 212 | 324 | 1,084 | 463 |
| Commercial | 64 | 395 | 266 | 1,072 |
| Logistics and Industry | 990 | 640 | 1,882 | 2,315 |
| TOTAL | 1,266 | 1,359 | 3,232 | 3,850 |
| 31 Dec | 31 Dec | |
|---|---|---|
| SEK million | 2020 | 2019 |
| Residential | 1,173 | 1,160 |
| Commercial | 265 | 848 |
| Logistics and Industry | 1,763 | 1,744 |
| TOTAL | 3,201 | 3,752 |
DISTRIBUTION OF NEW ORDERS OCT–DEC 2020
5% Commercial
78% Logistics and Industry
Wästbygg's seasonal variations are mainly linked to new orders and revenue.
The level of new orders is usually higher during Q2 and Q4. This is explained by the fact that many customers want to conclude negotiations on new projects before the holiday period begins or before the end of the year.
The number of production days is lower during the third quarter of the year, when the holiday period occurs, which is reflected in both revenue and new orders.
As a result of covid-19, the pattern has changed slightly in 2020. Many investment decisions have been postponed until the second half of the year, so that order intake for the company as a whole was relatively good during the third and fourth quarters.
Wästbygg builds apartment buildings for external clients (municipal and private). The company also develops and builds its own residential projects. In the production currently in progress, there is a clear predominance of external assignments. The long-term ambition is to increase the proportion of self-developed residential projects to about 50%.
At the end of the year, apartments were being sold in four self-developed projects, of which three were under production. A decision was taken at the beginning of 2021 to start production of the fourth project after achieving the sales target. These four projects comprise a total of 250 apartments, of which 168 had been sold and 13 reserved as of year end. In the two projects that are in their final phase and due for completion in spring 2021, more than 90% of the apartments had been sold as of year end, and further apartments have since been sold in both projects.
The order intake for construction assignments did not reach the desired level in the early part of the year, while eight residential projects were completed in 2020. This explains the reduction in revenues during the year. On the other hand, Residential performed significantly better than in 2019 due to a larger number of development projects in progress and good profitability in ongoing and completed projects. The strong order intake during the autumn will primarily generate revenues during 2021, as the projects have so far been in the start-up phase.
Preliminary figures from the National Board of Housing, Building and Planning suggest that 54,000 new homes will have started construction in 2020 and almost as many will do so in 2021. The number of newly produced rental apartments rose by 20% compared with 2019. New production of tenantowned apartments remained at approximately the same level but is expected to increase in 2021. The residential market performed very well throughout the autumn, both in terms of prices and number of sold properties.
The National Board of Housing, Building and Planning's updated forecast of building demand from December 2020 indicates that the number of homes that start construction now is in accordance with the population increase in many of the locations with the greatest need for new construction projects. However, even if construction is in line with the population increase, there is a sizeable deficit to be recovered. For this reason, the National Board of Housing, Building and Planning predicts that 59,000 to 66,000 homes need to be built per year during the period 2020–2029 in order to meet the expected population increase and recover the accumulated deficit.
• After completion of joint planning and designing, a contract was signed with AF Bostäder for the construction of the project Pireus in Lund comprising 223 student housing units. Order value SEK 180 million.
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|---|---|
| SEK million | 2020 | 2019 | 2020 | 2019 | |||
| Revenue | 274 | 527 | 1 122 | 1 690 | |||
| - of which construction | 168 | 299 | 812 | 1 396 | |||
| - of which project development | 106 | 228 | 310 | 294 | |||
| Profit | 4 | -18 | 8 | -37 | |||
| PRODUCTION, NUMBER OF FLATS | |||||||
| Completed during the fourth quarter | |||||||
| Ongoing December 31, construction external contracts | 1,049 |
Ongoing December 31, project development 461 Total in progress 1,510
| Pireus in Lund | |
|---|---|
The Commercial segment primarily builds retail properties, offices and community service properties. The majority of the projects are construction assignments for external clients. The company also develops and builds its own commercial projects with an emphasis on community service properties.
Wästbygg's commercial operations are predominantly focused on the three metropolitan regions and on the company's other office locations. In cases where commercial projects are carried out elsewhere, it is primarily for repeat customers.
Retail properties have for many years represented a significant part of Wästbygg's commercial construction projects, but as physical retail has been hit hard by the pandemic, demand for new retail development has fallen. The majority of the retail projects currently under production are now in their final phases.
In community service properties, production is under way on two elderly care homes, both of which are external construction assignments, as well as on the self-developed sheltered housing project Kv Häggen in Halmstad, which is being built for own management in the group company Inwita. As the project is carried out for own ownership, this does not affect revenues, profit or order backlog.
Detailed planning work is under way for a further three self-developed community service properties with production planned to commence in the next two years.
During the quarter, the company handed over a facility built for the real estate company IBAB in Borås, with Leos Lekland as the tenant.
According to a report from Navet Analytics, the annual forecast for new office and retail construction points towards a decrease of 25% this year compared to the full year 2019. For public premises, the reduction is expected to be about 10%. This is well in line with the company's evaluation based on the requests to tender received. However, a slight increase was noted towards the end of the year and at the start of 2021.
The requests to tender that are being issued show that there is continued demand for community service properties in the form of preschools, schools and elderly care homes. The cultivation of this market has high priority, both with regard to construction assignments and project development.
• A contract was signed with Arom-dekor Kemi in Borås for a 4,000 sqm extension of an existing production facility. Order value SEK 36 million.
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|
| SEK million | 2020 | 2019 | 2020 | 2019 |
| Revenue | 193 | 184 | 844 | 982 |
| - of which construction | 172 | 186 | 706 | 954 |
| - of which project development | 21 | -2 | 138 | 28 |
| Profit | 8 | 12 | 31 | 35 |
| Total in progress | 107,285 |
|---|---|
| is not included in revenues, profit or order backlog. | 2,900 |
| Sheltered housing Häggen, built for own management, | |
| Ongoing December 31, project development | 8,600 |
| Ongoing December 31, construction external contracts | 95,785 |
| Completed during the fourth quarter | 3,800 |
ONGOING CONSTRUCTION, NO OF SQM
Operations in Wästbygg's logistics and industry segments are conducted in the group company Logistic Contractor, with operations in Sweden, Norway, Denmark and Finland. The company specialises in developing and building large logistics and industrial facilities designed for rational handling and large-scale operations in logistics and light manufacturing.
Logistic Contractor had its strongest year ever in terms of both revenues and profit. A strong order intake in the fourth quarter provides a good start to 2021 since only a small proportion of the revenues from the projects was reported in 2020.
The cultivation of the markets in Denmark, Norway and Finland has been partially affected by the fact that those countries have so far had greater restrictions than Sweden during the COVID-19 pandemic.
A strong need for logistics and industrial facilities has been identified in all three countries, and the local organisations have been reinforced in terms of staff in order to be able to intensify their sales efforts when these countries fully reopen.
During the start of 2021, the spread of COVID-19 increased at Northvolt's construction site, as it did in the entire region. Because of this, Northvolt introduced stricter rules on 11 February regarding the number of people allowed at the site simultaneously. Logistic Contractor has been operating at the site since 2019, after signing a contract with Northvolt for the construction of four buildings. The company is one of several subcontractors involved in this project. Since the outbreak of the pandemic, LC's responsible staff members have been vigilant to the spread of the virus and taken active steps to prevent consequences, both for employees and for the continued implementation of the project. As of 11 February, the pandemic has had little impact on the project and work at the site has, in principle, been able to continue as usual. The project is now in its final face as regards LC's involvement, and has therefore entered a less staff-intensive period.
The Swedish logistics market has been strong for several years and currently shows no signs of cooling off. However, more players have been attracted by this positive trend. As in the construction industry as a whole, there is a reluctance to make investment decisions, which prolongs the time taken. E-commerce, an important factor in logistics market development, saw a strong upswing in 2020 due to COVID-19, both in terms of the number of people shopping online and purchase volumes. Which purchasing behaviours will prevail remains to be seen when society returns to a greater degree of normality.
According to a report from Navet Analytics, new production of industrial properties developed well during the year. The volume for industrial property construction during the first three quarters of the year was just over SEK 3.8 billion. The forecast for the year points towards an increase of 20% compared with the previous year. In the future, Logistic Contractor will expand its investment in developing and building properties for light industry.
| REVENUE AND PROFIT |
|---|
| -------------------- |
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|
| SEK million | 2020 | 2019 | 2020 | 2019 |
| Revenue Sweden | 518 | 281 | 1 513 | 922 |
| Revenue abroad | 17 | 157 | 322 | 318 |
| Revenue total | 535 | 438 | 1,835 | 1,240 |
| - of which construction | 261 | 204 | 1,234 | 604 |
| - of which project development | 274 | 234 | 601 | 636 |
| Profit | 106 | 73 | 274 | 216 |
| PRODUCTION, NUMBER OF SQM. | |
|---|---|
| Completed during the fourth quarter | 0 |
|---|---|
| Ongoing December 31, construction external contracts | 170,500 |
| Ongoing December 31, project development | 138,000 |
| Total in progress | 308,500 |
Nordic Nest, Kalmar
| Project, Municpality | Type | No of flats |
Total area (sq.m. ) |
Phase | Start of production | Completion |
|---|---|---|---|---|---|---|
| No 12, Kristianstad | Self owned | 76 | 6 074 | Production | 2019 | 2021 |
| Tuvebo Smedja, Göteborg | Self owned | 58 | 4 706 | Production | 2019 | 2021 |
| Lagerkransen 3, Lund | Rental | 83 | 4 696 | Production | 2020 | 2022 |
| Tuvebo Atelje, Göteborg | Self owned | 71 | 4 679 | Production | 2020 | 2021 |
| Hornbach, Trollhättan | Commercial | 9 000 | Production | 2020 | 2021 | |
| Kv Häggen, Halmstad | Senior acc. | 29 | 2 087 | Production | 2020 | 2021 |
| Vårberg ungdomsbostäder, Stockholm | Rental | 174 | 5 967 | Production | 2020 | 2022 |
| Total | 491 | 37 209 |
| Project, Municpality | Type | No of flats |
Total area (sq.m. ) |
Phase | Estimated start of production |
Estimated completion |
|---|---|---|---|---|---|---|
| Parklyckan, Stockholm | Self owned | 36 | 4 026 | Zoning plan in effect | 2021 | 2022 |
| Soluret, Malmö | Self owned | 45 | 3 240 | Zoning plan in effect | 2021 | 2022 |
| Strandängen 1, radhus, Falkenberg | Rental | 29 | 2 445 | Zoning plan in effect | 2021 | 2022 |
| Hökälla Ängar - etapp 2, Göteborg | Self owned | 35 | 3 413 | Zoning plan in effect | 2021 | 2023 |
| Cityterrassen, Malmö | Self owned | 170 | 12 460 | Zoning plan in effect | 2021 | 2024 |
| Sege Park, Malmö | Rental | 167 | 9 485 | Zoning plan in effect | 2021 | 2023 |
| Tuvebo Glashytta, Göteborg | Self owned | 44 | 2 661 | Zoning plan in effect | 2022 | 2023 |
| Östra Station, Kävlinge | Self owned | 69 | 6 802 | Zoning plan in effect | 2022 | 2024 |
| Lillhagsparken etapp 2C, Göteborg | Self owned | 42 | 3 276 | Zoning plan in effect | 2022 | 2024 |
| Norrtälje hamn, Norrtälje | Self owned | 145 | 10 765 | Zoning plan in effect | 2022 | 2024 |
| Strandängen 2 trygghetsbostäder, Falkenberg |
Community service property |
80 | 5 280 | Ongoing planned work | 2023 | 2024 |
| Strandängen 2 vårdboende, Falkenberg | Community service property |
60 | 3 800 | Ongoing planned work | 2023 | 2024 |
| Kv Galten, Lund | Rental & commercial |
60 | 9 780 | Ongoing planned work | 2023 | 2026 |
| Kv Galten, Lund | Self owned | 90 | 6 240 | Ongoing planned work | 2023 | 2026 |
| Norra Saltskog BRF, Södertälje | Self owned | 49 | 3 055 | Ongoing planned work | 2023 | 2025 |
| Lilla Essingen Parkhuset, Stockholm | Self owned | 24 | 1 849 | Zoning plan in effect | 2024 | 2026 |
| Skarpnäck, Stockholm | Rental | 126 | 5 659 | Ongoing planned work | 2024 | 2026 |
| Skarpnäck förskola, Stockholm | Community service property |
- | 860 | Ongoing planned work | 2024 | 2026 |
| Svandammsplan, Stockholm | Self owned | 53 | 3 010 | Ongoing planned work | 2025 | 2026 |
| Lilla Essingen Strandhusen, Stockholm | Self owned | 74 | 6 032 | Zoning plan in effect | 2025 | 2027 |
| Solberga, Stockholm | Self owned | 35 | 4 025 | Ongoing planned work | 2025 | 2027 |
| Solvalla hotell, Stockholm | Commercial | - | 6 900 | Ongoing planned work | 2026 | 2028 |
| Solvalla ungdomsbostäder, Stockholm | Rental | 120 | 4 115 | Ongoing planned work | 2026 | 2028 |
| Årsta etapp 4a, Stockholm | Self owned | 79 | 5 401 | Ongoing planned work | 2026 | 2028 |
| Årsta etapp 4b, Stockholm | Rental | 231 | 11 764 | Ongoing planned work | 2026 | 2028 |
| Västra Roslags-Näsby, Täby | Self owned | 40 | 2 951 | Zoning plan in effect | 2027 | 2028 |
| Årsta etapp 2n, Stockholm | Self owned | 237 | 14 503 | Ongoing planned work | 2028 | 2030 |
| Total | 2 140 | 153 797 |
*The company is not working with a land bank in Logistics and Industry, but connects the land to a tenant in each project before the project development property is acquired.
| SEK million | Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Revenue | 924 | 1 046 | 3 620 | 3 889 |
| Costs in production | -758 | -947 | -3 132 | -3 473 |
| Gross profit/loss | 166 | 99 | 488 | 416 |
| Sales and administration costs | -101 | -61 | -269 | -201 |
| Other operating revenue | 0 | -1 | 4 | 6 |
| Other operating costs | 0 | 3 | 0 | -1 |
| Other profit/loss | 65 | 40 | 223 | 220 |
| Profit/loss from financial items | ||||
| Profit shares from joint venture | 0 | -2 | 0 | 0 |
| Financial revenue | 0 | 1 | 9 | 8 |
| Financial costs | -1 | -4 | -7 | -15 |
| Profit after financial items | 64 | 35 | 225 | 213 |
| Change in value of real estate | 3 | - | 6 | - |
| Profit before tax | 67 | 35 | 231 | 213 |
| Taxes | 15 | 5 | 3 | 2 |
| PROFIT FOR THE PERIOD | 82 | 40 | 234 | 215 |
| Profit relating to: | ||||
| - the parent company's shareholders | 82 | 40 | 234 | 215 |
| - holdings without controlling influence | 0 | 0 | 0 | 0 |
| Earnings per share, SEK* | 2,66 | 1,77 | 9,39 | 9,40 |
| Number of shares at the end of the period (thousands) | 32 340 | 22 950 | 32 340 | 22 950 |
| Average number of shares (thousands) | 30 782 | 22 950 | 24 913 | 22 950 |
* The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
| SEK million | Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Profit for the period | 82 | 40 | 234 | 215 |
| Other comprehensive income that can be transferred to the income statement Currency difference when translating foreign operations |
0 | 0 | -2 | 0 |
| COMPREHENSIVE INCOME FOR THE PERIOD | 82 | 40 | 232 | 215 |
| Total result attributable to: - the parent company's shareholders - holdings without controlling influence |
82 0 |
40 0 |
232 0 |
215 0 |
| SEK million | 31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | ||
| Goodwill Other intangible fixed assets |
229 8 |
229 6 |
| Total | 237 | 235 |
| Tangible fixed assets | ||
| Investment properties | 59 | - |
| User rights assets | 30 | 44 |
| Inventory, tools and installations | 6 | 8 |
| Total | 95 | 52 |
| Financial fixed assets | ||
| Shares in joint ventures | 11 | 11 |
| Deferred tax receivables Non-current financial assets |
42 0 |
35 0 |
| Total | 53 | 46 |
| Total fixed assets | 385 | 333 |
| Current assets | ||
| Development properties, etc. | 75 | 83 |
| Tenant-owner association flats of own development under production | 740 | 534 |
| Accounts receivable | 506 | 369 |
| Accrued but not invoiced | 272 | 170 |
| Tax receivables Receivables from group companies |
26 12 |
9 12 |
| Other receivables | 277 | 307 |
| Prepaid costs and accrued income | 17 | 29 |
| Cash and cash equivalents | 860 | 298 |
| Total current assets | 2 785 | 1 811 |
| TOTAL ASSETS | 3 170 | 2 144 |
| SEK million | 31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| TOTAL EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital* | 4 | 3 |
| Other contributed capital | 946 | 83 |
| Retained earnings This year's comprehensive income |
408 232 |
268 215 |
| Total equity attributable to the company's shareholders | 1 590 | 569 |
| Holdings without controlling influence | 3 | 3 |
| Total equity | 1 593 | 572 |
| Non-current liabilities | ||
| Non-current interest-bearing liabilities | - | 30 |
| Liabilities to group companies | 58 | 10 |
| Liabilities to credit institutions Debts user rights |
16 | 30 |
| Total | 74 | 70 |
| Non-current non-interest-bearing liabilities | ||
| Deferred tax liabilities | 4 | 1 |
| Other provisions | 63 | 20 |
| Total | 67 | 21 |
| Total non-current liabilities | 141 | 91 |
| Current liabilities | ||
| Current interest-bearing liabilities | ||
| Debts user rights | 16 | 17 |
| Liabilities to credit institutions | 304 | 230 |
| Total | 320 | 247 |
| Current non-interest-bearing liabilities | ||
| Accounts payable | 247 | 516 |
| Advance from customer | 362 | 362 |
| Tax liabilities | 2 | - |
| Other liabilities | 376 | 258 |
| Accrued expenses and prepaid income | 129 | 98 |
| Total | 1 116 | 1 234 |
| Total current liabilities | 1 436 | 1 481 |
| TOTAL EQUITY AND LIABILITIES | 3 170 | 2 144 |
| Interest-bearing net cash/net liabilities | ||
| Interest-bearing assets | 872 | 310 |
| Interest-bearing liabilities | 395 | 317 |
| Interest-bearing net cash/net liabilities | 477 | -7 |
* For information about share capital development following division of shares and new share issues, se page 31.
| SEK million | 31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| Equity attributable to the parent company's owners | ||
| Amount at the beginning of the period | 569 | 466 |
| Effect of correction in accounting principle for tenant-owner | ||
| association flats of own development | – | -51 |
| Effect of change IFRS 16 | – | -1 |
| New issue of shares | 901 | – |
| Transaction costs new issue of shares | -37 | – |
| Dividend | -75 | -60 |
| Acquisition of non-controlling interests | – | 0 |
| Total comprehensive income for the period | 232 | 215 |
| Amount at the end of the period | 1 590 | 569 |
| Holdings without controlling influence | ||
| Amount at the beginning of the period | 3 | 3 |
| Total comprehensive income for the period | 0 | 0 |
| Amount at the end of the period | 3 | 3 |
| TOTAL EQUITY | 1 593 | 572 |
| SEK million | Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Day-to-day operations | ||||
| Profit/loss before financial items | 65 | 40 | 223 | 220 |
| Adjustment for items not included in cash flow | 43 | 3 | 64 | 0 |
| Received interest | 0 | 1 | 9 | 8 |
| Paid interest | -1 | -4 | -7 | -15 |
| Paid tax | -1 | 13 | -16 | 1 |
| Cash flow from operating activities before | ||||
| changes in working capital | 106 | 53 | 273 | 214 |
| Cash flow from changes in working capital | ||||
| Increase (-)/decrease (+) of tenant-owner association | ||||
| flats of own development in production | -111 | -406 | -206 | -287 |
| Increase (-)/decrease (+) of accounts receivable | -188 | 60 | -144 | -119 |
| Increase (-)/decrease (+) of other operating receivables | -63 | 105 | -52 | -104 |
| Increase (+)/decrease (-) of accounts payable | -82 | 109 | -268 | -17 |
| Increase (+)/decrease (-) of operating liabilities | 177 | 56 | 160 | 250 |
| Cash flow from the day-to-day operations | -161 | -23 | -237 | -63 |
| Investment activities | ||||
| Investments in businesses, including additional purchase sums | 0 | -4 | 0 | -8 |
| Acquisitions of intangible fixed assets | -1 | 2 | -3 | -1 |
| Investments in investment properties | -13 | – | -53 | – |
| Acquisitions of other tangible fixed assets | -1 | 0 | -4 | -2 |
| Cash flow from investing activities | -15 | -2 | -60 | -11 |
| Financing activities | ||||
| New issue of shares | 901 | – | 901 | – |
| Transaction costs new issue of shares | -37 | – | -37 | – |
| Paid dividend | – | – | -75 | -60 |
| Amortisation of loan liabilities | -49 | -5 | -204 | -173 |
| Raised loan liabilities | 118 | 148 | 281 | 210 |
| Cash flow from financing activities | 933 | 143 | 866 | -23 |
| CASH FLOW FOR THE PERIOD | 757 | 118 | 569 | -97 |
| Cash and cash equivalents at the start of the period | 105 | 180 | 298 | 395 |
| Exchange rate difference in cash and cash equivalents | -2 | 0 | -7 | 0 |
| Cash and cash equivalents at the end of the period | 860 | 298 | 860 | 298 |
| SEK million | Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Revenue | 3 | 13 | 65 | 60 |
| Other operating revenue | 0 | 0 | 0 | 0 |
| Total operating income | 3 | 13 | 65 | 60 |
| Staff costs | -16 | -13 | -48 | -38 |
| Other external costs | -28 | -11 | -77 | -53 |
| Operating profit/loss | -41 | -11 | -60 | -31 |
| Profit/loss from financial items | ||||
| Other interest income and similar income items | 190 | 276 | 201 | 283 |
| Interest expenses and similar income items | -5 | -9 | -30 | -26 |
| Profit after financial items | 144 | 256 | 111 | 226 |
| Year-end appropriations | ||||
| Year-end appropriations | 83 | 55 | 83 | 55 |
| Profit before tax | 227 | 311 | 194 | 281 |
| Taxes | -7 | -8 | 0 | -2 |
| PROFIT FOR THE PERIOD | 220 | 303 | 194 | 279 |
| SEK million | 31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Other intangible fixed assets | 3 | 1 |
| Tangible fixed assets | 4 | 6 |
| Total | 7 | 7 |
| Financial fixed assets | ||
| Participations in group companies | 311 | 310 |
| Deferred tax receivables | 9 | 10 |
| Total | 320 | 320 |
| Total fixed assets | 327 | 327 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 1 120 | 752 |
| Tax receivables | 4 | 1 |
| Other receivables | 2 | 1 |
| Prepaid expenses and accrued income | 8 | 7 |
| Total | 1 134 | 761 |
| Cash and bank balances | 496 | 137 |
| Total current assets | 1 630 | 898 |
| TOTAL ASSETS | 1 957 | 1 225 |
| SEK million | 31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| TOTAL EQUITY AND LIABILITIES | ||
| Equity Share capital |
4 | 3 |
| Restricted equity | 4 | 3 |
| Share premium reserve Retained earnings This year's profit or loss |
863 361 194 |
– 157 279 |
| Unrestricted equity | 1 418 | 436 |
| Total equity | 1 422 | 439 |
| Non-current liabilities Non-current interest-bearing liabilities Liabilities to credit institutions Liabilities to group companies |
0 – |
10 30 |
| Total non-current liabilities | 0 | 40 |
| Current liabilities Current interest-bearing liabilities Liabilities to credit institutions Liabilities to group companies Total |
0 501 501 |
20 702 722 |
| Current non-interest-bearing liabilities Accounts payable Liabilities to group companies Other liabilities Accrued expenses and prepaid income |
6 10 1 17 |
9 2 1 12 |
| Total | 34 | 24 |
| Total current liabilities | 535 | 746 |
| TOTAL EQUITY AND LIABILITIES | 1 957 | 1 225 |
No acquisitions were made during the period nor after the balance sheet date until the publication of this report.
The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act.
Consolidated financial statements are prepared in accordance with IFRS from the 2015 financial year. The accounting principles applied in the interim report are described in the annual report for 2019 on pages 83–88. Accounting principles and calculation methods for the Group, in addition to those described below, are unchanged compared with the annual report last year.
New standards applied from 1 January 2020 Other amended IFRS standards applied from 2020 have no or little impact on Wästbygg Gruppen's financial reporting.
As of the date of approval of this financial report, certain new standards, amendments and interpretations of existing standards that have not yet entered into force have been published by IASB. These have not been applied prematurely by the Group and the changes are not expected to have a significant impact on the financial statements during the financial year in which they are to be applied for the first time and therefore no information has been provided.
As can be seen from the segment reporting for Commercial on page 9, the construction of a secure housing project for own management in the Inwita Fastigheter group company is in progress. The company has chosen to value investment properties and investment properties under construction at fair value in accordance with IAS 40 Investment Properties.
Previously, rights of use in the consolidated balance sheet have been included in the item Tangible fixed assets, Inventory, tools and installations, while leasing liabilities were included in the item Other non-current liabilities and Current non-interest-bearing liabilities, Other liabilities. As of the interim report for January – September 2020, Right of use assets are reported on a separate line in the balance sheet.
Correction of errors: Consolidation of owner-occupier projects that the company is developing
The Wästbygg Group has followed the dialogue that Finansinspektionen has had during a period with listed housing developers regarding the reporting of owner-occupied projects of own development and where Finansinspektionen believes that consolidation of these owner-occupied associations should take place.
As of the interim report for the period January–June 2020, the Group therefore applies a different assessment regarding the reporting of owner-occupied projects of own development than before, and which is adapted to the assessment made by Finansinspektionen from IFRS 10 consolidated accounts. The same change has been made by the vast majority of companies working with residential development. The assessment includes both clarification of the criteria to be used to assess whether control exists and how these should be weighted against each other. This change is classified as Correction of Errors in accordance with IAS 8 Accounting Principles, changes in estimates and judgments and errors.
The change means that the owner-occupied associations for which Wästbygg has ongoing assignments within the framework of project development activities are consolidated during the production phase. The consolidated balance sheet and income statement thus include all the owner-occupied associations' assets, equity and liabilities as well as income and expenses.
Consolidating owner-occupied associations in accordance with IFRS also means that revenues and results for project development of owner-occupied flats are reported at the time when Wästbygg fulfils its performance commitment, that is when the end customer has access to the flat.
Previously, revenue recognition was applied over time, that is owner-occupied projects of own development were recognised in profit or loss in step with the progress of each project. A complete recalculation has taken place of the years 2017–2019 in this report according to the new accounting principle as well as the opening balance as of 1 January 2017. Bridges have been established for all periods to show differences between the current and previous assessment.
The change only applies to owner-occupied flats of own development and has thus only affected the Residential business area. Revenue recognition over time is applied just as before for proprietary rental properties, commercial properties and logistics and industrial facilities.
The following pages shows the reconciliation between previously used principle (Segment) recalculated to a changed principle (IFRS) in the income statement and balance sheet for the years 2020 and 2019.
| CONSOLIDATED INCOME | Jan-Dec 2020 | Jan-Dec 2019 | ||||
|---|---|---|---|---|---|---|
| STATEMENT, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect |
| Revenue | 3 801 | 3 620 | -181 | 3 905 | 3 889 | -16 |
| Costs in production | -3 281 -3 132 | 149 | -3 517 -3 473 | 44 | ||
| Gross profit/loss | 520 | 488 | -32 | 388 | 416 | 28 |
| Sales and administration costs | -269 | -269 | - | -201 | -201 | 0 |
| Other operating revenue | 4 | 4 | - | 6 | 6 | 0 |
| Other operating costs | -1 | 0 | 1 | -1 | -1 | 0 |
| Other profit/loss | 254 | 223 | -31 | 192 | 220 | 28 |
| Profit/loss from financial items | ||||||
| Profit shares from joint venture | 0 | 0 | - | 0 | 0 | 0 |
| Financial revenue | 12 | 9 | -3 | 8 | 8 | 0 |
| Financial costs | -7 | -7 | - | -15 | -15 | 0 |
| Profit after financial items | 259 | 225 | -34 | 185 | 213 | 28 |
| Värdeförändring fastigheter | 6 | 6 | - | 0 | 0 | 0 |
| Taxes | 3 | 4 | 1 | 2 | 2 | 0 |
| PROFIT FOR THE PERIOD | 268 | 235 | -33 | 187 | 215 | 28 |
| Profit relating to: | ||||||
| - the parent company's shareholders | 268 | 235 | -33 | 187 | 215 | 28 |
| - holdings without controlling influence | 0 | 0 | - | 0 | 0 | - |
| CONSOLIDATED GROUP | 31 Dec 2020 | 31 Dec 2019 | ||||
|---|---|---|---|---|---|---|
| BALANCE SHEET, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect |
| ASSETS | ||||||
| Fixed assets | ||||||
| Intangible fixed assets | ||||||
| Goodwill | 229 | 229 | - | 229 | 229 | - |
| Other intangible fixed assets | 8 | 8 | - | 6 | 6 | - |
| Total | 237 | 237 | - | 235 | 235 | - |
| Tangible fixed assets | ||||||
| Ongoing new plants | 59 | 59 | - | - | - | - |
| User rights assets | 30 | 30 | - | 44 | 44 | - |
| Inventory, tools and installations | 6 | 6 | - | 8 | 8 | - |
| Total | 95 | 95 | - | 52 | 52 | - |
| Financial fixed assets | ||||||
| Shares in joint ventures | 11 | 11 | - | 11 | 11 | - |
| Deferred tax receivables | 38 | 42 | 4 | 32 | 35 | 3 |
| Non-current financial assets | 0 | 0 | - | 0 | 0 | - |
| Total | 49 | 53 | 4 | 43 | 46 | 3 |
| Total fixed assets | 381 | 385 | 4 | 330 | 333 | 3 |
| Current assets | ||||||
| Development properties, etc. | 75 | 75 | - | 83 | 83 | - |
| Tenant-owner association flats of own development under production | - | 740 | 740 | - | 534 | 534 |
| Accounts receivable | 506 | 506 | - | 369 | 369 | - |
| Accrued but not invoiced | 282 | 272 | -10 | 204 | 170 | -34 |
| Tax receivables | 26 | 26 | - | 9 | 9 | - |
| Receivables from group companies | 12 | 12 | - | 12 | 12 | - |
| Other receivables | 797 | 277 | -520 | 572 | 307 | -265 |
| Prepaid costs and accrued income | 17 | 17 | - | 29 | 29 | - |
| Cash and cash equivalents | 776 | 860 | 84 | 285 | 298 | 13 |
| Total current assets | 2 491 | 2 785 | 294 | 1 563 | 1 811 | 248 |
| TOTAL ASSETS | 2 872 | 3 170 | 298 | 1 893 | 2 144 | 251 |
| CONSOLIDATED GROUP | 31 Dec 2020 | 31 Dec 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect | |||
| TOTAL EQUITY AND LIABILITIES | |||||||||
| Equity | |||||||||
| Share capital | 4 | 4 | - | 3 | 3 | - | |||
| Other contributed capital | 946 | 946 | - | 83 | 83 | - | |||
| Retained earnings | 431 | 408 | -23 | 319 | 268 | -51 | |||
| This year's comprehensive income | 266 | 232 | -34 | 187 | 215 | 28 | |||
| Total equity attributable to the company's shareholders | 1 647 | 1 590 | -57 | 592 | 569 | -23 | |||
| Holdings without controlling influence | 3 | 3 | - | 3 | 3 | - | |||
| Total equity | 1 650 | 1 593 | -57 | 595 | 572 | -23 | |||
| Non-current liabilities | |||||||||
| Non-current interest-bearing liabilities | |||||||||
| Liabilities to group companies | - | - | - | 30 | 30 | - | |||
| Liabilities to credit institutions | 0 | 58 | 58 | 10 | 10 | - | |||
| Debts user rights | 16 | 16 | - | 30 | 30 | - | |||
| Total | 16 | 74 | 58 | 70 | 70 | - | |||
| Non-current non-interest-bearing liabilities | |||||||||
| Deferred tax liabilities | 3 | 4 | 1 | 1 | 1 | - | |||
| Other provisions | 71 | 63 | -8 | 38 | 20 | -18 | |||
| Total | 74 | 67 | -7 | 39 | 21 | -18 | |||
| Total non-current liabilities | 90 | 141 | 51 | 109 | 91 | -18 | |||
| Current liabilities | |||||||||
| Current interest-bearing liabilities | |||||||||
| Debts user rights | 16 | 16 | - | 17 | 17 | - | |||
| Liabilities to credit institutions | 0 | 304 | 304 | 80 | 230 | 150 | |||
| Total | 16 | 320 | 304 | 97 | 247 | 150 | |||
| Current non-interest-bearing liabilities | |||||||||
| Accounts payable | 244 | 247 | 3 | 495 | 516 | 21 | |||
| Advance from customer | 379 | 362 | -17 | 374 | 362 | -12 | |||
| Tax liabilities | 2 | 2 | - | 0 | 0 | - | |||
| Other liabilities | 362 | 376 | 14 | 125 | 258 | 133 | |||
| Accrued expenses and prepaid income | 129 | 129 | - | 98 | 98 | - | |||
| Total | 1 116 | 1 116 | - | 1 092 | 1 234 | 142 | |||
| Total current liabilities | 1 132 | 1 436 | 304 | 1 189 | 1 481 | 292 | |||
| TOTAL EQUITY AND LIABILITIES | 2 872 | 3 170 | 298 | 1 893 | 2 144 | 251 |
| CONSOLIDATED INCOME | Jan-Mar 2020 | Apr-Jun 2020 | Jul-Sep 2020 | Oct-Dec 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STATEMENT, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect |
| Revenue | 901 | 926 | 25 | 1 124 | 1 050 | -74 | 773 | 720 | -53 | 1 002 | 924 | -78 |
| Costs in production | -824 | -848 | -24 | -978 | -913 | 65 | -654 | -612 | 42 | -824 | -758 | 66 |
| Gross profit/loss | 77 | 78 | 1 | 146 | 137 | -9 | 119 | 108 | -11 | 178 | 166 | -12 |
| Sales and administration costs | -54 | -54 | - | -63 | -63 | - | -52 | -52 | - | -101 | -101 | - |
| Other operating revenue | 1 | 1 | - | 3 | 3 | - | 0 | 0 | - | 0 | 0 | - |
| Other operating costs | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Other profit/loss | 24 | 25 | 1 | 86 | 77 | -9 | 67 | 56 | -11 | 77 | 65 | -12 |
| Profit/loss from financial items | ||||||||||||
| Profit shares from joint venture | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Financial revenue | 1 | 1 | - | 4 | 4 | - | 4 | 4 | - | 3 | 0 | -3 |
| Financial costs | -3 | -3 | - | -2 | -2 | - | -1 | -1 | - | -1 | -1 | - |
| Profit after financial items | 22 | 23 | 1 | 88 | 79 | -9 | 70 | 59 | -11 | 79 | 64 | -15 |
| Change in value of real estate | 0 | 0 | - | 0 | 0 | - | 3 | 3 | - | 3 | 3 | - |
| Taxes | 2 | 2 | - | -9 | -10 | -1 | -5 | -4 | 1 | 15 | 15 | 0 |
| PROFIT FOR THE PERIOD | 24 | 25 | 1 | 79 | 69 | -10 | 68 | 58 | -10 | 97 | 82 | -15 |
| Profit relating to: | ||||||||||||
| - the parent company's shareholders | 24 | 25 | 1 | 79 | 69 | -10 | 68 | 58 | -10 | 97 | 82 | -15 |
| - holdings without controlling influence | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| CONSOLIDATED GROUP | 31 Mar 2020 | 30 Jun 2020 | 30 Sep 2020 | 31 Dec 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect |
| ASSETS Fixed assets Intangible fixed assets |
||||||||||||
| Goodwill | 229 | 229 | - | 229 | 229 | - | 229 | 229 | - | 229 | 229 | - |
| Other intangible fixed assets | 7 | 7 | - | 7 | 7 | - | 7 | 7 | - | 8 | 8 | - |
| Total | 236 | 236 | - | 236 | 236 | - | 236 | 236 | - | 237 | 237 | - |
| Tangible fixed assets | ||||||||||||
| Ongoing new plants | 13 | 13 | - | 24 | 24 | - | 43 | 43 | - | 59 | 59 | - |
| User rights assets | 40 | 40 | - | 36 | 36 | - | 34 | 34 | - | 30 | 30 | - |
| Inventory, tools and installations | 7 | 7 | - | 7 | 7 | - | 6 | 6 | - | 6 | 6 | - |
| Total | 60 | 60 | - | 67 | 67 | - | 83 | 83 | - | 95 | 95 | - |
| Financial fixed assets | ||||||||||||
| Shares in joint ventures | 11 | 11 | - | 11 | 11 | - | 11 | 11 | - | 11 | 11 | - |
| Deferred tax receivables | 33 | 34 | 1 | 33 | 34 | 1 | 22 | 25 | 3 | 38 | 42 | 4 |
| Non-current financial assets | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Total | 44 | 45 | 1 | 44 | 45 | 1 | 33 | 36 | 3 | 49 | 53 | 4 |
| Total fixed assets | 340 | 341 | 1 | 347 | 348 | 1 | 352 | 355 | 3 | 381 | 385 | 4 |
| Current assets | ||||||||||||
| Development properties, etc. | 82 | 82 | - | 89 | 89 | - | 96 | 96 | - | 75 | 75 | - |
| Tenant-owner association flats of | ||||||||||||
| own development under production | - | 486 | 486 | - | 568 | 568 | - | 629 | 629 | - | 740 | 740 |
| Accounts receivable | 263 | 253 | -10 | 372 | 347 | -25 | 324 | 324 | - | 506 | 506 | - |
| Accrued but not invoiced Tax receivables |
270 17 |
224 17 |
-46 - |
330 12 |
272 12 |
-58 - |
375 30 |
367 30 |
-8 - |
282 26 |
272 26 |
-10 - |
| Receivables from group companies | 12 | 12 | - | 12 | 12 | - | 12 | 12 | - | 12 | 12 | - |
| Other receivables | 419 | 172 | -247 | 345 | 62 | -283 | 445 | 98 | -347 | 797 | 277 | -520 |
| Prepaid costs and accrued income | 13 | 13 | - | 16 | 16 | - | 17 | 17 | - | 17 | 17 | - |
| Cash and cash equivalents | 83 | 99 | 16 | 73 | 80 | 7 | 76 | 105 | 29 | 776 | 860 | 84 |
| Total current assets | 1 159 | 1 358 | 199 | 1 249 | 1 458 | 209 | 1 375 | 1 678 | 303 | 2 491 | 2 785 | 294 |
| TOTAL ASSETS | 1 499 | 1 699 | 200 | 1 596 | 1 806 | 210 | 1 727 | 2 033 | 306 | 2 872 | 3 170 | 298 |
| CONSOLIDATED GROUP | 31 Mar 2020 | 30 Jun 2020 | 30 Sep 2020 | 31 Dec 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect |
| TOTAL EQUITY AND LIABILITIES | ||||||||||||
| Equity | ||||||||||||
| Share capital | 3 | 3 | - | 3 | 3 | - | 3 | 3 | - | 4 | 4 | - |
| Other contributed capital | 83 | 83 | - | 83 | 83 | - | 83 | 83 | - | 946 | 946 | - |
| Retained earnings | 428 | 406 | -22 | 429 | 406 | -23 | 431 | 408 | -23 | 431 | 408 | -23 |
| This year's comprehensive income | 24 | 25 | 1 | 103 | 94 | -9 | 169 | 150 | -19 | 266 | 232 | -34 |
| Total equity attributable to the | ||||||||||||
| - company's shareholders | 538 | 517 | -21 | 618 | 586 | -32 | 686 | 644 | -42 | 1 647 | 1 590 | -57 |
| - holdings without controlling influence | 3 | 3 | - | 3 | 3 | - | 3 | 3 | - | 3 | 3 | - |
| Total equity | 541 | 520 | -21 | 621 | 589 | -32 | 689 | 647 | -42 | 1 650 | 1 593 | -57 |
| Non-current liabilities | ||||||||||||
| Non-current interest-bearing liabilities | ||||||||||||
| Liabilities to group companies | 30 | 30 | - | 30 | 30 | - | 30 | 30 | - | - | - | - |
| Liabilities to credit institutions | 5 | 5 | - | - | - | - | - | - | - | 0 | 58 | 58 |
| Debts user rights | 26 | 26 | - | 22 | 22 | - | 20 | 20 | - | 16 | 16 | - |
| Total | 61 | 61 | - | 52 | 52 | - | 50 | 50 | - | 16 | 74 | 58 |
| Non-current non-interest-bearing liabilities | ||||||||||||
| Deferred tax liabilities | 2 | 2 | - | 2 | 2 | - | 2 | 2 | - | 3 | 4 | 1 |
| Other provisions | 39 | 22 | -17 | 40 | 23 | -17 | 40 | 23 | -17 | 71 | 63 | -8 |
| Total | 41 | 24 | -17 | 42 | 25 | -17 | 42 | 25 | -17 | 74 | 67 | -7 |
| Total non-current liabilities | 102 | 85 | -17 | 94 | 77 | -17 | 92 | 75 | -17 | 90 | 141 | 51 |
| Current liabilities | ||||||||||||
| Current interest-bearing liabilities | ||||||||||||
| Debts user rights | 17 | 17 | - | 17 | 17 | - | 17 | 17 | - | 16 | 16 | - |
| Overdraft facility | - | - | - | 8 | 8 | - | - | - | - | - | - | - |
| Liabilities to credit institutions | 20 | 172 | 152 | 20 | 204 | 184 | 15 | 259 | 244 | 0 | 304 | 304 |
| Total | 37 | 189 | 152 | 45 | 229 | 184 | 32 | 276 | 244 | 16 | 320 | 304 |
| Current non-interest-bearing liabilities | ||||||||||||
| Accounts payable | 282 | 255 | -27 | 370 | 342 | -28 | 328 | 329 | 1 | 244 | 247 | 3 |
| Advance from customer | 343 | 324 | -19 | 279 | 267 | -12 | 296 | 282 | -14 | 379 | 362 | -17 |
| Tax liabilities | 0 | 0 | - | 0 | 0 | - | 6 | 6 | - | 2 | 2 | - |
| Other liabilities | 82 | 214 | 132 | 83 | 198 | 115 | 190 | 324 | 134 | 362 | 376 | 14 |
| Accrued expenses and prepaid income | 112 | 112 | - | 104 | 104 | - | 94 | 94 | - | 129 | 129 | - |
| Total | 819 | 905 | 86 | 836 | 911 | 75 | 914 | 1 035 | 121 | 1 116 | 1 116 | - |
| Total current liabilities | 856 | 1 094 | 238 | 881 | 1 140 | 259 | 946 | 1 311 | 365 | 1 132 | 1 436 | 304 |
| TOTAL EQUITY AND | ||||||||||||
| LIABILITIES | 1 499 | 1 699 | 200 | 1 596 | 1 806 | 210 | 1 727 | 2 033 | 306 | 2 872 | 3 170 | 298 |
| CONSOLIDATED INCOME | Jan-Mar 2019 | Apr-Jun 2019 | Jul-Sep 2019 | Oct-Dec 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STATEMENT, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect |
| Revenue | 878 | 834 | -44 | 1 021 | 972 | -49 | 865 | 1 037 | 172 | 1 141 | 1 046 | -95 |
| Costs in production | -783 | -747 | 36 | -908 | -859 | 49 | -800 | -920 | -120 | -1 026 | -947 | 79 |
| Gross profit/loss | 95 | 87 | -8 | 113 | 113 | - | 65 | 117 | 52 | 115 | 99 | -16 |
| Sales and administration costs | -46 | -46 | - | -57 | -57 | - | -37 | -37 | - | -61 | -61 | - |
| Other operating revenue | 1 | 1 | - | 0 | 0 | - | 6 | 6 | - | -1 | -1 | - |
| Other operating costs | -1 | -1 | - | -3 | -3 | - | 0 | 0 | - | 3 | 3 | - |
| Other profit/loss | 49 | 41 | -8 | 53 | 53 | - | 34 | 86 | 52 | 56 | 40 | -16 |
| Profit/loss from financial items | ||||||||||||
| Profit shares from joint venture | 0 | 0 | - | 0 | 0 | - | 2 | 2 | - | -2 | -2 | - |
| Financial revenue | 3 | 3 | - | 2 | 2 | - | 2 | 2 | - | 1 | 1 | - |
| Financial costs | -5 | -5 | - | -3 | -3 | - | -3 | -3 | - | -4 | -4 | - |
| Profit after financial items | 47 | 39 | -8 | 52 | 52 | - | 35 | 87 | 52 | 51 | 35 | -16 |
| Taxes | 0 | 1 | 1 | 3 | 3 | - | -5 | -7 | -2 | 4 | 4 | - |
| PROFIT FOR THE PERIOD | 47 | 40 | -7 | 55 | 55 | - | 30 | 80 | 50 | 55 | 39 | -16 |
| Profit relating to: | ||||||||||||
| - the parent company's shareholders | 47 | 40 | -7 | 55 | 55 | - | 30 | 80 | 50 | 55 | 39 | -16 |
| - holdings without controlling influence | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| CONSOLIDATED GROUP | 31 Mar 2019 | 30 Jun 2019 | 30 Sep 2019 | 31 Dec 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET, SEK million | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect | Segment | IFRS | Effect | |
| ASSETS | |||||||||||||
| Fixed assets | |||||||||||||
| Intangible fixed assets | |||||||||||||
| Goodwill | 229 | 229 | - | 229 | 229 | - | 229 | 229 | - | 229 | 229 | - | |
| Other intangible fixed assets | 10 | 10 | - | 10 | 10 | - | 10 | 10 | - | 6 | 6 | - | |
| Total | 239 | 239 | - | 239 | 239 | - | 239 | 239 | - | 235 | 235 | - | |
| Tangible fixed assets | |||||||||||||
| Ongoing new plants | - | - | - | - | - | - | - | - | - | - | - | - | |
| User rights assets | 52 | 52 | - | 51 | 51 | - | 46 | 46 | - | 44 | 44 | - | |
| Inventory, tools and installations | 9 | 9 | - | 8 | 8 | - | 8 | 8 | - | 8 | 8 | - | |
| Total | 61 | 61 | - | 59 | 59 | - | 54 | 54 | - | 52 | 52 | - | |
| Financial fixed assets | |||||||||||||
| Shares in joint ventures | 10 | 12 | 2 | 13 | 16 | 3 | 14 | 16 | 2 | 11 | 11 | - | |
| Deferred tax receivables | 26 | 30 | 4 | 29 | 33 | 4 | 27 | 28 | 1 | 32 | 35 | 3 | |
| Non-current financial assets | 3 | 3 | - | 14 | 14 | - | 15 | 15 | - | 0 | 0 | - | |
| Total | 39 | 45 | 6 | 56 | 63 | 7 | 56 | 59 | 3 | 43 | 46 | 3 | |
| Total fixed assets | 339 | 345 | 6 | 354 | 361 | 7 | 349 | 352 | 3 | 330 | 333 | 3 | |
| Current assets | |||||||||||||
| Development properties, etc. | 71 | 71 | - | 58 | 58 | - | 89 | 89 | - | 83 | 83 | - | |
| Tenant-owner association flats of | |||||||||||||
| own development under production | - | 408 | 408 | - | 430 | 430 | - | 178 | 178 | - | 534 | 534 | |
| Accounts receivable | 387 | 379 | -8 | 455 | 447 | -8 | 441 | 430 | -11 | 369 | 369 | - | |
| Accrued but not invoiced | 274 | 226 | -48 | 248 | 192 | -56 | 284 | 277 | -7 | 204 | 170 | -34 | |
| Tax receivables | 17 | 17 | - | 22 | 22 | - | 24 | 24 | - | 9 | 9 | - | |
| Receivables from group companies | 12 | 12 | - | 12 | 12 | - | 12 | 12 | - | 12 | 12 | - | |
| Other receivables | 320 | 71 | -249 | 383 | 120 | -263 | 386 | 269 | -117 | 572 | 307 | -265 | |
| Prepaid costs and accrued income | 18 | 18 | - | 14 | 14 | - | 17 | 17 | - | 29 | 29 | - | |
| Cash and cash equivalents | 96 | 103 | 7 | 149 | 155 | 6 | 165 | 180 | 15 | 285 | 298 | 13 | |
| Total current assets | 1 195 | 1 305 | 110 | 1 341 | 1 450 | 109 | 1 418 | 1 476 | 58 | 1 563 | 1 811 | 248 | |
| TOTAL ASSETS | 1 534 | 1 650 | 116 | 1 695 | 1 811 | 116 | 1 767 | 1 828 | 61 | 1 893 | 2 144 | 251 |
| BALANCE SHEET, SEK million Segment IFRS Effect Segment IFRS Effect Segment IFRS Effect Segment IFRS Effect TOTAL EQUITY AND LIABILITIES Equity Share capital 3 3 - 3 3 - 3 3 - 3 3 - Other contributed capital 83 83 - 83 83 - 83 83 - 83 83 - Retained earnings 378 327 -51 321 270 -51 321 270 -51 319 268 -51 This year's comprehensive income 47 40 -7 102 95 -7 132 175 43 187 215 28 Total equity attributable to the - company's shareholders 511 453 -58 509 451 -58 539 531 -8 592 569 -23 3 3 - 3 3 - 3 3 - 3 3 - - holdings without controlling influence Total equity 514 456 -58 512 454 -58 542 534 -8 595 572 -23 Non-current liabilities Non-current interest-bearing liabilities Liabilities to group companies 30 30 - 30 30 - 30 30 - 30 30 - Liabilities to credit institutions 26 26 - 21 21 - 16 16 - 10 10 - Debts user rights 38 38 - 36 36 - 31 31 - 30 30 - Total 94 94 - 87 87 - 77 77 - 70 70 - Non-current non-interest-bearing liabilities Deferred tax liabilities 1 1 - 1 1 - 1 1 - 1 1 - Other provisions 19 19 - 22 22 - 19 19 - 38 20 -18 Total 20 20 - 23 23 - 20 20 - 39 21 -18 Total non-current liabilities 114 114 - 110 110 - 97 97 - 109 91 -18 Current liabilities Current interest-bearing liabilities Debts user rights 17 17 - 17 17 - 18 18 - 17 17 - Liabilities to credit institutions 20 188 168 20 188 168 20 82 62 80 230 150 Total 37 205 168 37 205 168 38 100 62 97 247 150 Current non-interest-bearing liabilities Accounts payable 381 381 - 379 379 - 407 408 1 495 516 21 Advance from customer 246 246 - 310 310 - 435 435 - 374 362 -12 Tax liabilities 0 0 - 0 0 - 0 0 - 0 0 - Other liabilities 147 153 6 240 246 6 127 133 6 125 258 133 Upplupna kostnader och Accrued expenses and prepaid income 95 95 - 107 107 - 121 121 - 98 98 - Total 869 875 6 1 036 1 042 6 1 090 1 097 7 1 092 1 234 142 Total current liabilities 906 1 080 174 1 073 1 247 174 1 128 1 197 69 1 189 1 481 292 TOTAL EQUITY AND LIABILITIES 1 534 1 650 116 1 695 1 811 116 1 767 1 828 61 1 893 2 144 251 |
CONSOLIDATED GROUP | 31 Mar 2019 | 30 Jun 2019 | 30 Sep 2019 | 31 Dec 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|
Wästbygg Gruppen's segment reporting follows the Group's internal reporting to company management and the Board, as the Group's assessment is that segment reporting provides a clearer picture of the financial position at each individual
reporting occasion. Below is a summary of segment reporting. Income statement, balance sheet, changes in equity and cash flow analysis according to segment reporting are presented in Appendix 1 on pages 31–34 in this report.
| SEGMENT REPORT IN SUMMARY SEK million |
Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| REVENUE | ||||
| Residential | 274 | 527 | 1 122 | 1 690 |
| Of which internal sales | 0 | 5 | 2 | 7 |
| Commercial | 193 | 184 | 844 | 982 |
| Of which internal sales | – | – | – | – |
| Logistics and industry* | 535 | 438 | 1 835 | 1 240 |
| Of which internal sales | – | – | 0 | – |
| Other** | 3 | 15 | 65 | 60 |
| Of which internal sales | 3 | 15 | 65 | 60 |
| Group adjustments | -3 | -23 | -65 | -67 |
| TOTAL | 1 002 | 1 141 | 3 801 | 3 905 |
| IFRS adjustment (attributable to the Residential segment) | -78 | -95 | -181 | -16 |
| TOTAL IFRS | 924 | 1 046 | 3 620 | 3 889 |
| OTHER PROFIT/LOSS | ||||
| Residential | 4 | -18 | 8 | -37 |
| Operating margin | 1,5% | -3,4% | 0,7% | -2,2% |
| Commercial | 8 | 12 | 31 | 35 |
| Operating margin | 4,1% | 6,5% | 3,7% | 3,6% |
| Logistics and industry | 106 | 73 | 274 | 216 |
| Operating margin | 19,8% | 16,7% | 14,9% | 17, % |
| Other** | -41 | -11 | -60 | -31 |
| Group adjustments | – | 0 | 1 | 9 |
| TOTAL | 77 | 56 | 254 | 192 |
| Operating margin | 7,7% | 4,9% | 6,7% | 4,9% |
| Financial items | 2 | -5 | 5 | -7 |
| Change in value of real estate | 3 | 0 | 6 | 0 |
| PROFIT BEFORE TAX | 82 | 51 | 265 | 185 |
| IFRS adjustment (attributable to the Residential segment) | -15 | -16 | -34 | 28 |
| PROFIT BEFORE TAX, IFRS | 67 | 35 | 231 | 213 |
* Distribution by geographic market is reported under section Logistics and industry on page 10.
** Segment Other consists of the parent company's operations and contains only internally invoiced revenue. The parent company's operations consist of support functions for the segments in the form of departments for finance, HR, KMA, sustainability, IT and communication as well as group management.
The transfer pricing between the operating segments takes place on market terms. Financial items and taxes are not distributed by segment, nor are they followed up by the highest executive decision-makers, which is why they have been excluded from the table above. The equivalent also applies to assets and liabilities. There is also no items affecting cash flow or separate reporting of depreciation per segment as those amounts are small.
The Group has discussions or disputes with customers or partners from time to time about commercial terms. In exceptional cases, this takes place in an arbitration or other legal instance. In some cases, they are evaluated by external legal representatives in consultation with internal resources. The report reflects at all times the best overall assessment that has been made, but actual outcomes may deviate as in some cases these are complex assessments.
The management of risks and uncertainties is an ongoing work within the Group and great focus is placed on reducing our vulnerability of various kinds. The Group's risk can primarily be divided into operational risk and financial risk. Operational risk means the risk of conducting projects with poor profitability or loss. The financial risk consists, for example, of access to capital and proper management of funds. In addition to these two, market changes, political regulations and access to the right staff at the right time also pose risks.
A more comprehensive risk analysis can be found in the company's annual report for 2019 on pages 66–70. No significant changes have taken place that have changed these reported risks. However, the COVID-19 pandemic has occurred as an additional factor and the company actively strives to conduct its operations in accordance with the Public Health Agency of Sweden's guidelines and other restrictions. The company has also paid special attention to how the effects of COVID-19 affect and may affect future development and/or risks that may affect financial reporting in the future. The assessment is that the impact on the company is limited. However, it is impossible to get an overview of the final consequences.
The parent company's intra-group revenues for the quarter amounted to SEK 3 million (13) and the profit after net financial items was SEK 144 million (256).
The intra-group revenues for the year amounted to SEK 65 million (60) and the profit after net financial items was SEK 111 million (226). The profit includes dividends from subsidiaries of SEK 184 million (273).
Wästbygg's largest owner is M2 Holding AB. M2 is owned and controlled by Rutger Arnhult, who is also a board member of this company. The M2 Group has significant direct and indirect ownership interests in Corem Property Group AB and Klövern AB. Rutger Arnhult is a board member of Corem Property Group, a board member and CEO of Klövern. Corem Property Group and Klövern are part of the group of related companies but are not group companies connected with Wästbygg.
Wästbygg carries out contracting activities in competition for Klövern, Corem Property Group and M2 according to the table here. Corem also includes a project development gain. As of the balance sheet date, there were no financial liabilities to M2 compared to SEK 24 million including accrued interest as per December 31, 2019. Neither were there any accounts receivable to related parties compared to SEK 30 million as per December 31, 2019.
| SEK million | Oct-Dec Oct-Dec 2020 |
2019 | Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Klövern* | 5 | 1 | 8 | 15 |
| Corem | 38 | 122 | 202 | 150 |
| M2 | 2 | 64 | 70 | 70 |
| TOTAL | 45 | 187 | 280 | 235 |
*The figures include accrued revenue for Tobin Properties, which is a wholly owned subsidiary of Klövern.
The Group's financial instruments essentially consist of financial assets and financial liabilities that are valued at accrued acquisition value. Financial instruments that are valued at fair value consist of currency futures and contingent purchase consideration, which amount to insignificant amounts. Further information can be found in the Group's annual report for 2019 in Note 1 Accounting Principles and Note 23 Financial Risk Management and Financial Instruments.
At the end of the period, the Group had no financial instruments.
A description of the company's business model can be found in the annual report for 2019.
Wästbygg presents certain financial measures in the interim report that are not defined by IFRS. The key ratios on page 3 are chosen on the basis that they are considered to give a fair view of the Company's operations and development. They are also commonly used among other companies, which facilitates comparisons. The key figures listed below are not defined in accordance with IFRS unless otherwise stated.
As for the key ratios provided in the segment sections and in Appendix 1 on page 33–36, they are regarded as alternative key ratios. They have the same definition as key ratios below, but are based on segment figures.
| Key Ratios | Definitions | Purpose |
|---|---|---|
| Balance sheet total | Calculated as the sum of assets. | The measure can be used to assess financial risk. |
| Equity/assets ratio | Equity in relation to the balance sheet total. | The measurement is deemed to describe the capital structure of the company. |
| Return on equity | Profit for rolling 12 months divided by average equity for the period. |
Makes it easier for investors who want to assess the company's ability to generate a return on equity. |
| Operating capital | Current assets (excluding cash and cash equiva lents and tax receivables) less current non-inte rest-bearing liabilities (excluding tax liabilities). |
Makes it easier for investors who want to assess the company's capital tied up in relation to its competitors. |
| Interest-bearing net cash/net liabilities |
Interest-bearing assets (including cash and cash equivalents and receivables from group compa nies) less interest-bearing liabilities. |
Is assessed by the company to faci litate analysis of the company's real indebtedness. |
| Earnings per share per IFRS | Profit/loss attributable to the company's share holders in relation to the number of outstanding shares at the end of the period. |
The measure is used to illustrate each share's share of the period's earnings. |
| Equity per share | Equity attributable to the company's sharehol ders in relation to the number of outstanding shares at the end of the period. |
The measure is used to illustrate each share's share of equity. |
| New orders | The value of projects received and changes to existing projects during the current period. Tenant-owner association projects of own deve lopment are included in new orders as soon as a construction agree-ment has been signed for construction. |
The measure can be used to assess the company's sales during the current period. |
| Order backlog | The value at the end of the period of the remai ning unprocessed project revenue in pending assignments. Tenant-owner association projects of own development are included in the order stock as soon as a construction agreement has been signed for construction. |
The measure can be used to assess the company's revenues in future periods. |
Wästbygg Gruppen AB was listed on Nasdaq Stockholm on 13 October 2020 under the ticker code WBGR. Between the listing date and year end, 5.65 million shares were traded, based on information from Nasdaq Stockholm and Monitor by Modular Finance AB. On 31 December the share price closed at SEK 98.45, equivalent to a stock market value of SEK 3,184 million calculated based on the number of outstanding shares.
As per the balance sheet date, the share capital amounted to SEK 3,593,352, divided into 620,000 Class A shares and 31,720,165 Class B shares. The Share capital development table on the next page shows how the share capital and the number of shares have developed since the company was registered.
At the end of the year Wästbygg had 6,017 shareholders. The proportion of foreign ownership was just over 4 per cent of the share capital. The table below shows the ten confirmed largest shareholders as of 31 December.
Wästbygg has a long-term goal for the dividend over time to amount to 40 per cent of net profit based on segment reporting. The Board of Directors proposes that the Annual General Meeting adopt a dividend of SEK 3.30 per share, which corresponds to a dividend yield of 3.35 per cent based on the share price as of 31 December 2020.
| Name | Number of Class A shares |
Number of Class B shares |
Total number of shares |
Proportion of capital |
Proportion of votes |
|---|---|---|---|---|---|
| M2 Holding AB (Rutger Arnhult) | 337,500 | 19,111,500 | 19,449,000 | 60,1% | 59,3% |
| Fino Förvaltning AB (Jörgen Andersson) | 282,500 | 1,656,000 | 1,938,500 | 6,0% | 11,8% |
| Länsförsäkringar Fonder | – | 1,632,500 | 1,632,500 | 5,0% | 4,3% |
| Svolder | – | 1,575,377 | 1,575,377 | 4,9% | 4,2% |
| AFA Försäkring | – | 1,000,000 | 1,000,000 | 3,1% | 2,6% |
| Öhman Fonder | – | 698,000 | 698,000 | 2,2% | 1,8% |
| Ernström & Co AB | – | 678,001 | 678,001 | 2,1% | 1,8% |
| Gårdarike Invest AB | – | 300,000 | 300,000 | 0,9% | 0,8% |
| Catella Fonder | – | 258,001 | 258,001 | 0,8% | 0,7% |
| Nordnet Pensionsförsäkring | – | 252,344 | 252,344 | 0,8% | 0,7% |
| Other share holders | – | 4,558,442 | 4,558,442 | 14,1% | 12,0% |
| Total | 620,000 | 31,720,165 | 32,340,165 | 100,00% | 100,00% |
SHARE PRICE
3,7% Anonymous ownership
4,2% Pension & Insurance
5,0% Investment &
5,5% Private individuals
10,6% Fund management
0,1% Foundations
71,0% Other legal entities
Source: Monitor by Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
| Decision date |
Description | Change in share capital* |
Change in shares |
Of which Class A |
Of which Class B |
Total number of shares |
Of which Class A |
Of which Class B |
Quo tient value* |
Total share capital* |
|---|---|---|---|---|---|---|---|---|---|---|
| 23 Dec 2011 |
Registration of the company |
50,000 | 50,000 | - | - | 50,000 | - | - | 1,00 | 50,000 |
| 17 Feb 2012 |
Consolidation of shares |
0 | 1,000 | - | - | 1,000 | - | - | 50,00 | 50,000 |
| 28 Aug 2013 |
New share issue |
2,500,000 | 50,000 | - | - | 51,000 | - | - | 50,00 | 2,550,000 |
| 23 Mar 2020 |
Division of shares (split) |
0 | 22,899,000 | - | - | 22,950,000 | - | - | 0,11 | 2,550,000 |
| 23 Mar 2020 |
Conversion of shares |
0 | 0 | - | - | 22,950,000 | 620,000 | 22,330,000 | 0,11 | 2,550,000 |
| Oct 2020 |
New share issue |
925,926 | 8,333,333 | - | 8,333,333 | 31,283,333 | 620,000 | 30,663,333 | 0,11 | 3,475,926 |
| Nov 2020 |
New share issue |
117,426 | 1,056,832 | - | 1,056,832 | 32,340,165 | 620,000 | 31,720,165 | 0,11 | 3,593,352 |
* SEK
Joacim Sjöberg was elected to the Wästbygg Group's Board at an Extraordinary General Meeting on 23 January 2020. The board was therefore expanded with a member.
The Board of Directors and the President declares that the interim report provides a fair overview of the Parent Company's and the Group's operations, position and results and describes significant risks and uncertainties that the Parent Company and the companies included in the Group face. The report has not been reviewed by the company's auditors.
Gothenburg 18 February 2021
Wästbygg Gruppen AB (publ)
CECILIA MARLOW JÖRGEN ANDERSSON LENNART EKELUND Chairman Board member Board member
CHRISTINA KÄLLENFORS JOACIM SJÖBERG Board member Board member
The information is such that the Wästbygg Group (publ) must publish in accordance with the EU Market Abuse Regulation. The information was submitted for publication on 18 February 2021 at 08:00.
This interim report has been published in Swedish and English. In the event of a discrepancy between the language versions, the Swedish version shall prevail.
The Wästbygg Group's segment report contains alternative key ratios to describe how the business develops over time and provide an opportunity for a clearer comparison between different periods. These also follows the Group's internal reporting to company management and the Board, as the Group's assessment is that segment reporting provides a clearer picture of the Group's financial position at each individual
reporting occasion. The alternative key figures are a complement to reporting in accordance with IFRS. The difference between the two ways of reporting is described in Note 2 and concerns how tenant-owner association projects of own development are reported. Below and on the following three pages are the income statement, balance sheet, changes in equity and cash flow analysis according to segment reporting.
| CONSOLIDATED INCOME STATEMENT – SEGMENT REPORT, SEK million |
Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Revenue Costs in production |
1 002 -824 |
1 141 -1 026 |
3 801 -3 281 |
3 905 -3 517 |
| Gross profit/loss | 178 | 115 | 520 | 388 |
| Sales and administration costs | -101 | -61 | -269 | -201 |
| Other operating revenue Other operating costs |
0 0 |
-1 3 |
4 -1 |
6 -1 |
| Other profit/loss | 77 | 56 | 254 | 192 |
| Profit/loss from financial items Profit shares from joint venture Financial revenue Financial costs |
0 3 -1 |
-2 1 -4 |
0 12 -7 |
0 8 -15 |
| Profit after financial items | 79 | 51 | 259 | 185 |
| Change in value of real estate | 3 | 0 | 6 | – |
| Profit before tax | 82 | 51 | 265 | 185 |
| Taxes | 15 | 4 | 3 | 2 |
| PROFIT FOR THE PERIOD | 97 | 55 | 268 | 187 |
| Profit attributable to: - the parent company's shareholders - holdings without controlling influence Earnings per share, SEK* |
97 0 3,16 |
55 0 2,38 |
268 0 10,75 |
187 0 8,15 |
| Number of shares at the end of the period (thousands) Average number of shares (thousands) |
32 340 30 782 |
22 950 22 950 |
32 340 24 913 |
22 950 22 950 |
* The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
| CONSOLIDATED REPORT ON TOTAL PROFIT – SEGMENT REPORT, SEK million |
Oct-Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Profit for the period | 97 | 55 | 268 | 187 |
| Other comprehensive income that can be transferred to the income statement Currency difference when translating foreign operations |
0 | 0 | -2 | 0 |
| TOTAL PROFIT FOR THE PERIOD | 97 | 55 | 266 | 187 |
| Total profit attributable to: - the parent company's shareholders - holdings without controlling influence |
97 0 |
55 0 |
266 0 |
187 0 |
| CONSOLIDATED BALANCE SHEET – SEGMENT REPORT, SEK million |
31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | ||
| Goodwill | 229 | 229 |
| Other intangible fixed assets | 8 | 6 |
| Total | 237 | 235 |
| Tangible fixed assets | ||
| Investment properties | 59 | – |
| User rights assets | 30 | 44 |
| Inventory, tools and installations | 6 | 8 |
| Total | 95 | 52 |
| Financial fixed assets | ||
| Shares in joint ventures | 11 | 11 |
| Deferred tax receivables | 38 | 32 |
| Non-current financial assets | 0 | 0 |
| Total | 49 | 43 |
| Total fixed assets | 381 | 330 |
| Current assets | ||
| Development properties, etc. | 75 | 83 |
| Accounts receivable | 506 | 369 |
| Accrued but not invoiced | 282 | 204 |
| Tax receivables | 26 | 9 |
| Receivables from group companies | 12 | 12 |
| Other receivables | 797 | 572 |
| Prepaid costs and accrued income | 17 | 29 |
| Cash and cash equivalents | 776 | 285 |
| Total current assets | 2 491 | 1 563 |
| TOTAL ASSETS | 2 872 | 1 893 |
| CONSOLIDATED BALANCE SHEET – SEGMENT REPORT, SEK million |
31 Dec 2020 |
31 Dec 2019 |
|---|---|---|
| TOTAL EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital* | 4 | 3 |
| Other contributed capital | 946 | 83 |
| Retained earnings | 431 | 319 |
| This year's profit or loss | 266 | 187 |
| Total equity attributable to the company's shareholders | 1 647 | 592 |
| Holdings without controlling influence | 3 | 3 |
| Total equity | 1 650 | 595 |
| Non-current liabilities | ||
| Non-current interest-bearing liabilities | ||
| Liabilities to group companies | – | 30 |
| Liabilities to credit institutions | 0 | 10 |
| Debts user rights | 16 | 30 |
| Total | 16 | 70 |
| Non-current non-interest-bearing liabilities | ||
| Deferred tax liabilities | 3 | 1 |
| Other provisions | 71 | 38 |
| Total | 74 | 39 |
| Total non-current liabilities | 90 | 109 |
| Current liabilities | ||
| Current interest-bearing liabilities | ||
| Debts user rights | 16 | 17 |
| Liabilities to credit institutions | 0 | 80 |
| Total | 16 | 97 |
| Current non-interest-bearing liabilities | ||
| Accounts payable | 244 | 495 |
| Advance from customer | 379 | 374 |
| Tax liabilities Other liabilities |
2 362 |
0 125 |
| Accrued expenses and prepaid income | 129 | 98 |
| Total | 1 116 | 1 092 |
| Total current liabilities | 1 132 | 1 189 |
| TOTAL EQUITY AND LIABILITIES | 2 872 | 1 893 |
| INTEREST-BEARING NET CASH/NET LIABILITIES | ||
| Interest-bearing assets | 961 | 296 |
| Interest-bearing liabilities | 33 | 167 |
| Interest-bearing net cash/net liabilities | 928 | 129 |
* For information on the development of the share capital during 2020 as a result of the share split and new share issues, see the table on page 31.
| CHANGES IN THE GROUP'S EQUITY IN SUMMARY – SEGMENT REPORT, SEK million |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|
| Equity attributable to the parent company's owners | ||
| Amount at the beginning of the period | 592 | 466 |
| Effect of change IFRS 16 | – | -1 |
| New issue of shares | 901 | – |
| Transaction costs new issue of shares | -37 | – |
| Dividend | -75 | -60 |
| Total profit/loss for the period | 266 | 187 |
| Amount at the end of the period | 1 647 | 592 |
| Holdings without controlling influence | ||
| Amount at the beginning of the period | 3 | 3 |
| Total profit/loss for the period | 0 | 0 |
| Amount at the end of the period | 3 | 3 |
| TOTAL EQUITY | 1 650 | 595 |
| GROUP CASH FLOW STATEMENT – SEGMENT REPORT, SEK million |
Oct–Dec 2020 |
Oct-Dec 2019 |
Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Day-to-day operations | ||||
| Profit/loss before financial items | 77 | 56 | 254 | 192 |
| Adjustment for items not included in cash flow | 36 | 21 | 56 | 18 |
| Received interest | 3 | 1 | 12 | 8 |
| Paid interest | -1 | -4 | -7 | -15 |
| Paid tax | -1 | 13 | -16 | 1 |
| Cash flow from operating activities before changes in working capital | 114 | 87 | 299 | 204 |
| Cash flow from changes in working capital | ||||
| Increase (-)/decrease (+) of accounts receivable | -188 | 72 | -144 | -100 |
| Increase (-)/decrease (+) of other operating receivables | -238 | -104 | -286 | -247 |
| Increase (+)/decrease (-) of accounts payable | -83 | 89 | -245 | -38 |
| Increase (+)/decrease (-) of operating liabilities | 298 | -76 | 281 | 108 |
| Cash flow from the day-to-day operations | -97 | 68 | -95 | -73 |
| Investment activities | ||||
| Investments in businesses, including additional purchase sums | – | -4 | – | -8 |
| Acquisitions of intangible fixed assets | -1 | 2 | -3 | -1 |
| Investments in investment properties | -13 | – | -53 | – |
| Acquisitions of other tangible fixed assets | -1 | 0 | -4 | -2 |
| Cash flow from investing activities | -15 | -2 | -60 | -11 |
| Financing activities | ||||
| New issue of shares | 901 | – | 901 | – |
| Transaction costs new issue of shares | -37 | – | -37 | – |
| Paid dividend | – | – | -75 | -60 |
| Amortisation of loan liabilities | -49 | -5 | -135 | -20 |
| Raised loan liabilities | – | 60 | – | 60 |
| Cash flow from financing activities | 815 | 55 | 654 | -20 |
| CASH FLOW FOR THE PERIOD | 703 | 121 | 499 | -104 |
| Cash and cash equivalents at the start of the period | 76 | 165 | 285 | 389 |
| Exchange rate difference in cash and cash equivalents | -3 | -1 | -8 | 0 |
| Cash and cash equivalents at the end of the period | 776 | 285 | 776 | 285 |
Wästbygg was founded in Borås in 1981. Originally, it was a local construction company, but relatively quickly the company also began to expand outside the immediate region.
Today, the Wästbygg Group is a construction and project development company that has long been well established in the most expansive markets in Sweden. We have our own offices in Gothenburg, Stockholm, Malmö, Borås, Jönköping, Helsingborg and Varberg, but we are also represented via the group company Logistic Contractor in our Nordic neighbours Norway, Denmark and Finland. The Wästbygg Group is listed on Nasdaq Stockholm as of 13 October 2020.
The company is primarily focused on the three segments Residential, Commercial (where community service properties are included) and Logistics and industry. We also work with project development in all segments and our expertise extends from acquisition/allocation of land to the finished property. All ongoing and completed projects are presented on our website.
The Wästbygg Group's business concept is to develop and build sustainable, modern and efficient homes, commercial properties and logistics and industrial facilities in mutual trust with our clients. We take our mission as community builders very seriously. Within our area of activity, we want to contribute to a more sustainable society - ecologically, socially and economically - and thereby improve people's living environments.
Environmentally certified buildings are a way to safeguard the future. We have extensive experience of building according to the most common certification systems on the Swedish market:
Miljöbyggnad, Svanen, Breeam and Green Building. We are also certified according to the Nordic Ecolabel Svanen, which means that we have the right to label our self-developed properties with the Nordic Ecolabel Svanen.
Since the mid-1990s, we have worked with a particular focus on developing our quality and environmental work. Today we have a self-developed management system with detailed procedures and driving schedules in quality, environment and the work environment. The group company Wästbygg AB is certified according to ISO 9001, 14001 and 45001.
| Annual report 2020 26 March 2021 | |
|---|---|
| Interim report January – March 6 May 2021 | |
| Annual General Meeting 6 May 2021 | |
| Interim report January – June 26 August 2021 | |
| Interim report January – September 9 November 2021 | |
| Year-end report 2021 11 February 2022 |
For further information, please contact:
Jörgen Andersson, CEO Phone +46 703 23 32 02, email [email protected]
Jonas Jönehall, CFO and Vice President Phone +46 739 20 19 01, email [email protected]
Marie Lindebäck, Head of IR and Deputy Head of Sustainablity Phone +46 734 67 20 12, email [email protected]
Investor relations [email protected]
Wästbygg Gruppen AB (publ) • Sofierogatan 3B • 412 51 Göteborg • Sweden Company registration number 556878-5538 Phone +46 31 733 23 00 www.wastbygg.se • [email protected] Registered Office: Gothenburg
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