Quarterly Report • Nov 11, 2008
Quarterly Report
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Gross profit for the period totalled SEK 666.0 million (626.7). The gross profit for comparable holdings rose to SEK 655.2 million, an increase of 5 per cent. The increase can be attributed mainly to higher rents in conjunction with new leases and renegotiations as well as a slightly lower cost for rent losses. The profit has been charged with higher maintenance costs, arising mainly during the second quarter. Net rents from property management during the period amounted to SEK 953.8 million (890.3).
The turnover-based rent supplement for the NK department stores is reported during the fourth quarter. The turnover-based rent supplement for the previous year amounted to SEK 16.8 million. Apart from this there were no material seasonal variations in rents.
The property management results for each business area for comparable holdings are reported on page 7.
Operations comprise parking operations at Parkaden in Stockholm.
1 The acquired property Rännilen 15 is included with effect from June 1, 2007. Otherwise, the property holdings remain unchanged compared with the same period in 2007.
Net revenue amounted to SEK 46.9 million (44.4), expenses amounted to SEK 34.1 million (33.9) and gross profit amounted to SEK 12.8 million (10.5).
Central administration totalled SEK -21.4 million (-21.6). Changes in the value of investment properties totalled SEK -1,083.8 million (1,208.4) and in interest derivatives SEK -18.4 million (13.1).
Net financial income and expense amounted to SEK -113.6 million (-90.6). The increased net cost can be attributed to sharp rises in short-term market interest rates as a result of uncertainty on the credit market.
The Group's tax expense for the period was positive and totalled SEK 152.5 million (-489.3), of which SEK -111.1 million (-106.8) was actual tax and SEK 263.6 million (-382.5) deferred tax.
The consolidated profit after tax amounted to SEK -405.9 million (1,263.8).
Investments during the year in properties and equipment totalled SEK 135.4 million (434.2). The property Rännilen 15 was acquired the previous year for SEK 312 million.
The fair value of the Hufvudstaden property portfolio as of September 30, 2008 was estimated at SEK 19,580 million (20,530 at the year-end). The decrease can be attributed to the net of negative unrealised changes in value and investments in the property holdings. The rentable floor space was 353,883 square metres (353,685 at the year-end).
The total rental vacancy level as of September 30 was 3.0 per cent (3.3 at the year-end) and the total floor space vacancy level was
4.2 per cent (4.6 at the year-end).
On October 1, 2008 the tenant ABN AMRO vacated 5,300 square metres and in the middle of November they will vacate a further 2,200 square metres. The rental vacancy level for the Group will subsequently be 6.4 per cent and the floor space vacancy level 6.8 per cent.
At the end of each quarter Hufvudstaden makes an internal valuation of the fair value of each individual property. The assessment is based on a valuation made using the direct yield method. To assure the evaluations, external valuations are obtained at least once a year for part of the property holdings.
There is a continuous update made during the year of the internal valuation of the properties in order to take into account purchases, sales and investments. Hufvudstaden also investigates on a continuous basis whether there are other indications of changes in the fair value of the properties. This
could, for example, take the form of major lettings, lease terminations and material changes in the yield requirement.
In the light of the above, the change in value of the property holdings during the period was estimated at SEK -1.1 billion. The total value of the property holdings as of September 30, 2008 was SEK 19.6 billion, including investments. The decrease during the first nine months of 2008 can be attributed mainly to a higher direct yield requirement as a result of restraint on the credit market, higher interest rates and a slowdown in the economy. The average direct yield requirement for the property holdings with the above valuation was 4.8 per cent (4.6 at the year-end).
Based on the valuation of the property holdings, the net asset value is SEK 14.1 billion or SEK 69 per share after tax. When calculating the net asset value, estimated deferred tax has been used. This has been calculated at 10 per cent of the difference between the assessed fair value and the residual value for tax purposes and has been assessed in the light of current tax legislation, which means that properties can be sold by a limited company without tax implications. The purchaser, however, loses the basis for depreciation, which could justify some compensation, which has been set at 10 per cent. If the tax rate according to the Balance Sheet (28 per cent) is used in the calculation, the net asset value would have been SEK 11.0 billion or SEK 53 per share. If the tax rate is assumed to be 0 per cent, the net asset value would have been SEK 15.9 billion or SEK 77 per share.
Hufvudstaden was awarded the first prize in the Fastighetsbarometern Customer Satisfaction Index 2008 survey. This is the fourth time Hufvudstaden has come top in the survey, which is directed at office tenants. The results show that Hufvudstaden had improved by two units to 80 (out of a possible 100) and had the highest score in nine of the ten quality factors.
Interest in modern, flexible, office space in prime locations in central Stockholm was stable during the period despite the financial crisis and the slightly weaker rate of economic growth. Vacant space in this category has fallen slightly and rents have levelled off. For office leases in Stockholm's most attractive locations within the Golden Triangle, at Norrmalmstorg/Hamngatan and in the Hötorg area, rents were noted of SEK 3,800-5,000 per square metre per year, excluding the property tax supplement. Interest in well-situated retail premises in the same sub-markets was also high. Rents for prime location retailing space are in the range SEK 12,000-16,000 per square metre per year, excluding the property tax supplement.
Demand for modern, flexible office premises in the central sub-markets of Gothenburg has been
stable. As in Stockholm, interest in properties requiring modernization has been low. Market rents for modern, well-arranged office premises in prime locations were SEK 1,600-2,300 per square metre per year, excluding the property tax supplement. For prime site retail premises the market rent was SEK 6,000-10,000 per square metre per year, excluding the property tax supplement.
The Group's current renegotiations for both retail and office premises have proceeded in line with our expectations. During the period a total of 31,450 square metres were renegotiated at a value of around SEK 145 million. On average, these renegotiations have resulted in an increase in rent of around 16 per cent.
Hufvudstaden's borrowing as of September 30, 2008 amounted to SEK 3,400.0 million (3,400.0 at the year-end). The average fixed interest period was 39 months (40 at the year-end), the average capital tieup period was 54 months (53 at the year-end) and the average interest rate was 4.9 per cent (4.6 at the year-end). Net liabilities amounted to SEK 3,040.5 million (3,069.3 at the year-end).
The fair value of interest swaps as of September 30 was SEK 26.7 million (55.0 at the year-end). The change in value of financial instruments from December 31, 2007 to September 30, 2008 has affected the income statement to the amount of SEK -18.4 million, or SEK -13.3 million after tax, and the hedge reserve in equity by SEK -7.1 million after tax.
| Maturity | Volume, | Share, |
|---|---|---|
| date | SEK m | % |
| 2010 | 500.0 | 15 |
| 2011 | 950.0 | 28 |
| 2012 | 250.0 | 7 |
| 28 | ||
| 2017 | 750.0 | 22 |
| Total | 3,400.0 | 100 |
| 2013 | 950.0 |
| Maturity | Volume, | Share, | Average AER, |
|---|---|---|---|
| date | SEK m | % | % |
| 2008 | 1,200.0 | 36 | 5.8 |
| 2010 | 500.0 | 15 | 4.1 |
| 2011 | 350.0 | 10 | 3.9 |
| 2012 | 250.0 | 7 | 4.9 |
| 2013 | 350.0 | 10 | 4.1 |
| 2017 | 750.0 | 22 | 4.8 |
| Total | 3,400.0 | 100 | 4.9 |
Hufvudstaden, whose shares are listed on the OMX Nordic Stock Exchange in Stockholm, had 19,535 shareholders at the year-end. The proportion of foreign ownership as of September 30, 2008 was 20 per cent of the total number of outstanding shares (20 at the year-end). The A-share price as of September 30, 2008 was SEK 53, equivalent to a stock exchange value of SEK 10.9 billion, calculated on the total number of outstanding shares.
The total number of shares held by Hufvudstaden as of September 30, 2008 was 5,006,000 A-shares, equivalent to 2.4 per cent of the total number of issued shares. No buy-backs were made during the period or after the end of the reporting period. At the 2008 Annual General Meeting the Board was granted renewed authorization to acquire up to 10 per cent of all the issued shares and to assign company shares.
| Buy-back of shares as of September 30, 2008, | |
|---|---|
| million shares |
| Total number of shares |
Held by Hufvudstaden |
Held by other share holders |
|
|---|---|---|---|
| As of January | |||
| 1, 2008 | 211.3 | 5.0 | 206.3 |
| Buy-back | - | - | - |
| As of Septem | |||
| ber 30, 2008 | 211.3 | 5.0 | 206.3 |
The gross profit on property management amounted to SEK 231.3 million (211.4), an increase of 9 per cent. The increase can be explained mainly by higher rents in conjunction with new leases and renegotiations. The net rental income amounted to SEK 320.1 million (308.9). Property management costs amounted to SEK 88.8 million (97.5).
The gross profit on parking operations amounted to SEK 3.5 million (2.8). Net revenue amounted to SEK 14.6 million (14.1) and operating costs amounted to SEK 11.1 million (11.3).
Changes in the value of investment properties amounted to SEK -586.7 million (0.0) and in interest derivatives SEK -44.4 million (-4.0). Financial income and expense amounted to SEK -39.0 million (-35.7). The lower financial income and expense can be explained by the rise in short-term market interest rates.
The Group is mainly exposed to financing, interest and credit risks and changes in the value of the property holdings. The Company has not identified any material risks and uncertainties other than those described in the Annual Report for 2007.
There were no material transactions with associated parties during the period.
This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting principles remained unchanged compared with the most recent annual report.
Year-End Report for 2008 February 13, 2009 Annual Report 2008 March 2009 Annual General Meeting in Stockholm 2009 March 26, 2009
The information in this Interim Report is information that Hufvudstaden AB (publ) is obliged to publish according to the Securities Market Act and/or the Financial Instrument Trading Act. The information was published on November 11, 2008.
This information is also published on Hufvudstaden's website, www.hufvudstaden.se
Questions can be answered by Ivo Stopner, President, and Magnus Jacobson, Head of Finance, telephone +46 8-762 90 00.
In some cases there has been rounding off, which means that the tables and calculations do not always tally.
| GROUP SEK m |
July September 2008 |
July September 2007 |
January September 2008 |
January September 2007 |
January December 2007 |
|---|---|---|---|---|---|
| Net revenue | |||||
| Property management | 320.1 | 308.9 | 953.8 | 890.3 | 1,213.2 |
| Parking operations | 14.6 | 14.1 | 46.9 | 44.4 | 63.0 |
| 334.7 | 323.0 | 1,000.7 | 934.7 | 1,276.2 | |
| Property management expenses | |||||
| Maintenance | -5.7 | -5.1 | -31.0 | -14.0 | -26.4 |
| Operations and administration | -49.2 | -46.2 | -155.3 | -148.7 | -208.3 |
| Ground rents | -4.0 | -4.0 | -12.1 | -12.1 | -16.1 |
| Property tax | -29.9 | -42.2 | -89.4 | -88.8 | -114.9 |
| Property operations, expenses | -88.8 | -97.5 | -287.8 | -263.6 | -365.7 |
| Parking operations | -11.1 | -11.3 | -34.1 | -33.9 | -45.4 |
| Operating expenses | -99.9 | -108.8 | -321.9 | -297.5 | -411.1 |
| Gross profit | 234.8 | 214.2 | 678.8 | 637.2 | 865.1 |
| - of which Property management | 231.3 | 211.4 | 666.0 | 626.7 | 847.5 |
| - of which Parking operations | 3.5 | 2.8 | 12.8 | 10.5 | 17.6 |
| Central administration | -7.0 | -6.6 | -21.4 | -21.6 | -30.8 |
| Operating profit before changes in value | 227.8 | 207.6 | 657.4 | 615.6 | 834.3 |
| Changes in value | |||||
| Investment properties | -586.7 | - | -1,083.8 | 1,208.4 | 2,597.7 |
| Interest derivatives | -44.4 | -4.0 | -18.4 | 13.1 | 16.5 |
| Operating profit | -403.3 | 203.6 | -444.8 | 1,837.1 | 3,448.5 |
| Financial income and expense | -39.0 | -35.7 | -113.6 | -90.6 | -126.6 |
| Profit after financial interest and expense | -442.3 | 167.9 | -558.4 | 1,746.5 | 3,321.9 |
| Tax | 122.5 | -47.7 | 152.5 | -489.3 | -927.6 |
| Profit from continuing operations | -319.8 | 120.2 | -405.9 | 1,257.2 | 2,394.3 |
| Profit from discontinued operations, net after tax | - | - | - | 6.6 | 6.6 |
| Profit for the period | -319.8 | 120.2 | -405.9 | 1,263.8 | 2,400.9 |
| Average number of outstanding shares after buy backs during the period |
206,265,933 | 206,265,933 | 206,265,933 | 206,265,933 | 206,265,933 |
| Profit per share for the period, SEK | -1.55 | 0.58 | -1.97 | 6.13 | 11.64 |
| GROUP SEK m |
September 30 2008 |
September 30 2007 |
December 31 2007 |
|---|---|---|---|
| Investment properties | 19,580.4 | 19,048.1 | 20,530.5 |
| Other fixed assets | 40.4 | 15.5 | 69.1 |
| Total fixed assets | 19,620.8 | 19,063.6 | 20,599.6 |
| Current assets | 367.0 | 164.2 | 349.5 |
| Total assets | 19,987.8 | 19,227.8 | 20,949.1 |
| Equity | 11,034.7 | 10,672.8 | 11,808.7 |
| Non-current, interest-bearing liabilities | 3,400.0 | 2,300.0 | 2,800.0 |
| Other liabilities | 3.4 | 3.7 | 3.7 |
| Pension provisions | 5.2 | 6.2 | 5.7 |
| Deferred tax liability | 5,056.9 | 4,882.4 | 5,323.3 |
| Total non-current liabililties | 8,465.5 | 7,192.3 | 8,132.7 |
| Other current, interest-bearing liabilities | 0.0 | 915.0 | 600.0 |
| Other liabilities | 487.6 | 447.7 | 407.7 |
| Total current liabilities | 487.6 | 1,362.7 | 1,007.7 |
| Total equity and liabilities | 19,987.8 | 19,227.8 | 20,949.1 |
| GROUP SEK m |
September 30 2008 |
September 30 2007 |
December 31 2007 |
|---|---|---|---|
| Pledged assets | |||
| Mortgages | 1,706.4 | 1,556.4 | 1,706.4 |
| Endowment insurance | 3.8 | 4.1 | 4.1 |
| Total pledged assets | 1,710.2 | 1,560.5 | 1,710.5 |
| Contigent liabilities | None | None | None |
| GROUP SEK m |
January September 2008 |
January September 2007 |
January December 2007 |
|---|---|---|---|
| Equity, opening balance | 11,808.7 | 11,785.3 | 11,785.3 |
| Change in hedge reserve for the period | -9.9 | 22.8 | 21.0 |
| Tax attributable to hedge reserve | 2.8 | -6.4 | -5.9 |
| Total changes in assets, reported | |||
| directly against equity , excluding dividends | -7.1 | 16.4 | 15.1 |
| Profit for the period | -405.9 | 1,263.8 | 2,400.9 |
| Total changes in assets | -413.0 | 1,280.2 | 2,416.0 |
| Dividend | -361.0 | -2,392.7 | -2,392.7 |
| Equity, closing balance | 11,034.7 | 10,672.8 | 11,808.7 |
| GROUP SEK m |
January September 2008 |
January September 2007 |
January December 2007 |
|---|---|---|---|
| Profit after financial items | -558.4 | 1,753.1 | 3,328.5 |
| Depreciation/impairments | 3.3 | 3.5 | 4.7 |
| Captial gain/loss, sale of fixed assets | 0.0 | -6.6 | -6.6 |
| Change, investment properties | 1,083.8 | -1,208.4 | -2,597.7 |
| Change, interest derivatives | 18.4 | -13.1 | -16.5 |
| Other changes | -0.4 | 0.2 | -0.2 |
| Tax paid | -63.2 | -63.5 | -97.1 |
| Cash flow from current operations before | |||
| changes in working capital | 483.5 | 465.2 | 615.1 |
| Increase/decrease in operating receivables | 31.8 | -4.6 | -30.3 |
| Increase/decrease in operating liabilities | 32.5 | -462.2 | -465.5 |
| Cash flow from current operations | 547.8 | -1.6 | 119.3 |
| Proceeds from sale of subsidiary | - | 3,011.7 | 3,011.7 |
| Investments in investment properties | -133.7 | -430.9 | -524.0 |
| Investments in equipment | -1.7 | -3.3 | -3.7 |
| Change, non-current receivable | 0.4 | -0.2 | -0.2 |
| Cash flow from investments | -135.0 | 2,577.3 | 2,483.8 |
| Loans raised | - | 360.0 | 500.0 |
| Amortization of loan liability | - | -510.0 | -465.0 |
| Dividend paid | -361.0 | -2,392.7 | -2,392.7 |
| Cash flow from financing | -361.0 | -2,542.7 | -2,357.7 |
| Cash flow for the period | 51.8 | 33.0 | 245.4 |
| Liquid funds at the beginning of the period | 285.8 | 40.4 | 40.4 |
| Liquid funds at the period-end | 337.6 | 73.4 | 285.8 |
| Stockholm City East Business Area |
Stockholm City West Business Area |
Gothenburg Business Area |
Total | |||||
|---|---|---|---|---|---|---|---|---|
| GROUP SEK m |
Jan Sep 2008 |
Jan Sep 2007 |
Jan Sep 2008 |
Jan Sep 2007 |
Jan Sep 2008 |
Jan Sep 2007 |
Jan Sep 2008 |
Jan Sep 2007 |
| Net revenue | 423.9 | 401.0 | 392.9 | 366.3 | 124.1 | 117.3 | 940.9 | 884.6 |
| Property costs | -97.2 | -96.6 | -151.8 | -127.8 | -36.7 | -38.3 | -285.7 | -262.7 |
| Gross profit | 326.7 | 304.4 | 241.1 | 238.5 | 87.4 | 79.0 | 655.2 | 621.9 |
| GROUP | Sep 30 | Sep 30 | Full-year | Full-year | Full-year | Fullyear |
|---|---|---|---|---|---|---|
| SEK m | 2008 | 2007 | 2007 | 2006 | 2005 | 2004 |
| Property-related | ||||||
| Rentable floor space, sq. M | 353,883 | 353,863 | 353,685 | 350,895 | 407,694 | 407,375 |
| Rental vacancy level, % | 3.0 | 4.6 | 3.3 | 6.5 | 7.1 | 8.2 |
| Floor space vacancy level, % | 4.2 | 5.7 | 4.6 | 8.1 | 8.7 | 9.5 |
| Fair value, SEK bn | 19.6 | 19.0 | 20.5 | 17.4 | 16.3 | 15.0 |
| Financial | ||||||
| Return on equity, % | -2.4 | 12.4 | 20.4 | 33.6 | 15.9 | 9.8 |
| Return on capital employed, % | -1.4 | 13.8 | 22.3 | 23.9 | 16.5 | 9.7 |
| Equity ratio, % | 55.2 | 55.5 | 56.4 | 57.4 | 52.2 | 53.8 |
| Interest coverage ratio, multiple | 5.5 | 6.3 | 6.2 | 5.1 | 5.7 | 3.5 |
| Debt/equity ratio, multiple | 0.28 | 0.29 | 0.26 | 0.3 | 0.4 | 0.4 |
| Loan to value ratio, properties, % | 17.4 | 16.9 | 16.6 | 19.3 | 21.7 | 20.9 |
| Data per share | ||||||
| Profit for the period, SEK | -1.97 | 6.13 | 11.64 | 16.60 | 6.47 | 3.74 |
| Equity, SEK | 53.50 | 51.74 | 57.25 | 57.14 | 41.77 | 39.46 |
| Properties, fair value, SEK | 94.93 | 92.35 | 99.53 | 84.40 | 78.91 | 72.72 |
| Net asset value, SEK | 69.00 | 66.00 | 73.00 | 71.00 | 53.00 | 50.00 |
| Number of outstanding shares, 1,000 | 206,266 | 206,266 | 206,266 | 206,266 | 206,266 | 206,266 |
Net revenue amounted to SEK 592.3 million (548.0). Profit after net financial income and expense for the period was SEK 162.1 million (185.4).
Liquid funds at the period-end amounted to SEK 337.3 million (73.2). Investments in properties and equipment during the period amounted to SEK 33.7 million (335.9).
The Group is mainly exposed to financing, interest and credit risks. The Company has not identified any material risks and uncertainties other than those described in the Annual Report for 2007.
There were no material transactions with associated parties during the period.
The Parent Company applies the same accounting principles as in the most recent Annual Report.
| PARENT COMPANY SEK m |
July September 2008 |
July September 2007 |
January September 2008 |
January September 2007 |
January December 2007 |
|---|---|---|---|---|---|
| Net revenue | 199.1 | 191.7 | 592.4 | 548.0 | 740.1 |
| Operating expenses | -91.9 | -109.5 | -276.9 | -259.0 | -398.0 |
| Gross profit | 107.2 | 82.2 | 315.5 | 289.0 | 342.1 |
| Central administration | -7.0 | -6.6 | -21.4 | -21.6 | -30.8 |
| Changes in value, interest derivatives | -44.4 | - | -18.4 | - | 16.5 |
| Operating profit | 55.8 | 75.6 | 275.7 | 267.4 | 327.8 |
| Financial income and expense | -39.0 | -33.7 | -113.6 | -88.6 | -125.1 |
| Capital gain on sale of subsidiary | - | - | - | 6.6 | 6.6 |
| Operating profit after net interest income/expense | 16.8 | 41.9 | 162.1 | 185.4 | 209.3 |
| Appropriations | - | - | - | - | -100.9 |
| Profit before tax | 16.8 | 41.9 | 162.1 | 185.4 | 108.4 |
| Tax | -6.1 | -12.9 | -49.6 | -53.1 | -22.7 |
| Profit for the period | 10.7 | 29.0 | 112.5 | 132.3 | 85.7 |
| PARENT COMPANY SEK m |
September 30 2008 |
September 30 2007 |
December 31 2007 |
|---|---|---|---|
| Investment properties | 5,967.4 | 5,952.7 | 5,972.9 |
| Other fixed assets | 2,863.3 | 2,837.6 | 2,891.5 |
| Total fixed assets | 8,830.7 | 8,790.3 | 8,864.4 |
| Current assets | 381.7 | 93.9 | 328.4 |
| Total assets | 9,212.4 | 8,884.2 | 9,192.8 |
| Restricted equity | 1,968.2 | 1,982.2 | 1,978.7 |
| Non-restricted equity | 1,279.8 | 1,401.9 | 1,524.9 |
| Total equity | 3,248.0 | 3,384.1 | 3,503.6 |
| Untaxed reserves | 661.5 | 560.6 | 661.5 |
| Non-current liabilities | 4,628.1 | 3,530.0 | 4,035.8 |
| Current liabilities | 674.8 | 1,409.5 | 991.9 |
| Total liabilities | 5,964.4 | 5,500.1 | 5,689.2 |
| Total equity and liabilities | 9,212.4 | 8,884.2 | 9,192.8 |
Stockholm, November 11, 2008
Ivo Stopner President
This interim report has not been the subject of examination by the Company's auditor.
Annual rent. Gross rent calculated on an annual basis, excluding the turnover-based rent supplement. Vacant premises are reported at the market rent.
Capital employed. Total assets reduced by non-interestbearing liabilities and deferred tax liabilities.
Central administration. Costs for Group management and Group staff functions, costs for maintaining the Company's stock exchange listing and other costs common to the Company.
Debt/equity ratio. Net liabilities in relation to equity at the year-end.
Equity per share. Equity in relation to the number of outstanding shares at the period-end.
Equity ratio. Equity at the period-end in relation to total assets.
Fair value. The estimated market value of the properties, based on an evaluation according to the direct yield method.
Floor space vacancy level. Vacant floor space in square metres in relation to the total rentable floor space.
Golden Triangle. The central business district in Stockholm, between Stureplan, Norrmalmstorg and Nybroplan and bordered by Birger Jarlsgatan, Norrlandsgatan and Hamngatan.
Interest coverage ratio. Profit after financial items, excluding unrealized changes in value plus interest expense minus interest contributions in relation to the interest expense minus interest contributions.
Investments. Expenses related to value-enhancing improvements which entail future financial benefits are capitalized. Rebuilding costs of a maintenance nature are charged to profit.
Loan to value ratio, properties. Interest-bearing liabilities in relation to the carrying value of the properties.
Net liabilities. Interest-bearing liabilities less interestbearing assets.
Profit per share. Profit for the period in relation to the average number of outstanding shares during the period.
Property tax supplement. Property tax payments received from tenants.
Rental vacancy level. Vacant floor space at an estimated market rent in relation to the total annual rent.
Return on capital employed. Profit before appropriations and tax plus interest expense minus interest contributions in relation to the average capital employed. In the interim accounts the return has been recalculated on a full-year basis without consideration being given to seasonal variations which normally arise in operations and with the exception of changes in value.
Return on equity. Profit after tax in relation to the average equity. In the interim accounts the return has been recalculated on a full-year basis without being consideration given to seasonal variations which normally arise in operations and with the exception of changes in value.
Tax. Total tax for the Group comprises both actual tax and deferred tax.
Hufvudstaden AB (publ) NK 100, SE-111 77 Stockholm Visiting address: Regeringsgatan 38 Telephone: +46 8-762 90 00 Fax: +46 8-762 90 01 E-mail: [email protected] Website: www.hufvudstaden.se Company registration number: 556012-8240 Domicile: Stockholm
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