Annual Report • Feb 3, 2022
Annual Report
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• Net sales amounted to SEK 6,649 M (7,553), a decrease of 10 per cent adjusted for currency effects
For full-year 2022, it is estimated that the number of production starts will increase 20 per cent to 6,000
1 OCTOBER–31 DECEMBER 2021 1 JANUARY–31 DECEMBER 2021
| 2021 | 2020 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Net sales | 6,649 | 7,553 | –12 | 15,491 | 16,997 | –9 |
| Gross profit | 921 | 1,148 | –20 | 2,117 | 1,979 | 7 |
| Gross margin, % | 13.9 | 15.2 | 13.7 | 11.6 | ||
| Operating profit before items affecting comparability¹⁾ | 660 | 910 | –27 | 1,236 | 1,121 | 10 |
| Operating margin before items affecting comparability, %¹⁾ | 9.9 | 12.0 | 8.0 | 6.6 | ||
| Operating profit after items affecting comparability | 698 | 910 | –23 | 1,156 | 1,121 | 3 |
| Operating margin after items affecting comparability, % | 10.5 | 12.0 | 7.5 | 6.6 | ||
| Profit before tax | 663 | 873 | –24 | 1,020 | 999 | 2 |
| Earnings per share, SEK²⁾ | 5.04 | 5.97 | –16 | 7.54 | 6.82 | 11 |
| Net debt | 3,313 | 3,311 | 3,313 | 3,311 | ||
| Return on capital employed before items affecting comparability, %¹⁾ | 9.6 | 7.9 | 9.6 | 7.9 | ||
| Equity/assets ratio, % | 35.1 | 34.6 | 35.1 | 34.6 | ||
| Number of building rights | 35,300 | 31,800 | 11 | 35,300 | 31,800 | 11 |
| Number of housing units sold | 1,577 | 2,026 | –22 | 5,295 | 5,568 | –5 |
| Sales value of housing units sold | 5,519 | 6,218 | –11 | 15,928 | 16,852 | –5 |
| Number of housing units started | 2,060 | 3,185 | –35 | 4,955 | 5,710 | –13 |
| Number of housing units in production | 9,767 | 9,769 | –0 | 9,767 | 9,769 | –0 |
| Sales rate for ongoing production, % | 71 | 70 | 71 | 70 | ||
| Number of housing units recognised in profit | 2,352 | 2,620 | –10 | 5,278 | 5,814 | –9 |
1) See Note 6 Items affecting comparability.
2) Before and after dilution. For more information about the Group's key figures and definitions, refer to page 23 and https://www.bonava.com/en/investor-relations/financial-information.
Number of housing units sold and housing units started
During 2021, we improved the profitability of our largest business units. Operating profit before items affecting comparability rose 10 per cent and the operating margin increased to 8 per cent. In the fourth quarter, we took several important steps in our long-term effort to achieve market-leading profitability within a few years.
Strong economic development resulted in healthy demand and a positive or stable price trend in our markets. As expected, the rate of price increases was more balanced in the second half of 2021. We noted continued strong interest in our new projects for sale, both housing units for consumers and rental housing projects for investors. The number of production starts for full-year 2021 amounted to 4,955, which was a decrease of 8 per cent compared with the indication of a 5-per cent increase that we communicated in conjunction with the third-quarter report. The deviation is mainly because we did not receive the anticipated building permits before the end of the year, partly due to the effects of the spread of omicron, but also because we chose not to start projects where we did not have the right conditions in place. This means that about 700 project starts have been delayed until 2022. For full-year 2022, we expect productions starts to increase by 20 per cent to 6,000.
During the year, we increased the effectiveness in our business, with increasingly better project margins, which was amplified in the fourth quarter. Our use of the completed contract method as an accounting policy can have a major impact in individual quarters and in the preceding year, the distribution of the business operations over the year was affected by the pandemic, resulting in the share of housing units recognised in profit and started being pushed into the fourth quarter. This entailed that both net sales and operating profit were unusually high in the fourth quarter of 2020. The fourth quarter 2021 was also impacted by items affecting comparability recognised due to the strategic review.
To sum-up full-year 2021, we saw an improvement in operating profit before items affecting comparability of 10 per cent and stronger project margins in the largest markets.. I am very satisfied with how the organisation has managed the situation and restricted the effects on our projects and customers. In addition, we have a strong financial position, meaning we have healthy scope for investment and, accordingly, favourable conditions for implementing the business plan
Our largest market, Germany, demonstrated a continued positive trend. The offering of new housing units is low, while there has been strong development of demand, which favours our business. Despite lower net sales year-on-year, the operating margin was strengthened, which is a result of improvements in the operations during the year. The project margins were strengthened, for example. During the quarter, additional land acquisitions were made, which establishes a solid foundation for future profitability.
The Swedish housing market closed the year on a strong note, with higher demand for newly produced homes. We increased the number of delivered housing units, which resulted in a continued strengthening of net sales and operating profit. We also had an improvement in project margins in both our businesses. Since a large share of housing units delivered and recognised in profit comprised investment projects, the gross margin was lower compared with the third quarter. The year ended with several attractive land acquisitions, which will enable the continued profitable development of the business.
The markets in Norway and Finland displayed continued healthy demand. In Finland, net sales declined due to a significantly lower volume of housing units regognised compared with the preceding year. The difference in profit is due to the recognition of a large profitable project in Finland in the comparative period. The operating margin declined as an effect of higher costs in concluded projects, additional expenses and increased guarantee commitments for projects concluded during earlier quarters.
In Norway, the number of starts and units sold decreased. The gross margin declined, impacted by varied project margins for delivered projects and lower volumes. In both Finland and Norway, comprehensive changes in management were implemented and work was focused on creating favourable conditions for starts and deliveries in 2022 and onward.
In Denmark, the sale of the building rights portfolio was finalised. The wind down is proceeding to plan and remaining production in progress will be transferred to customers during 2022.
"We have generated greater number of business proposals and with greater decision-making powers vested in our local units it has led to higher activity."
The markets in St. Petersburg and the Baltics continued to perform well, with high demand and rising prices, driven by such factors as a low offering and good availability of financing. We are monitoring developments in the geopolitical situation, but we currently see no change for our operations in terms of local demand. Fewer housing units delivered in the quarter contributed to the reduction in net sales and profitability. In the Baltics, the first rental housing project for investors was completed and we initiated our first two investments in rental housing projects intended for our own management, in accordance with our build-to-hold model.
I took up the position as CEO of Bonava a year ago. My focus for 2021 was the strategic review of the company, which resulted in new targets and an updated strategy aimed at promoting long-term value creation. By 2026, we will attain profit before tax of SEK 2.2 Bn and sell 8,000 housing units.
To meet our new targets, we are conducting an intensive process of change in the company. The first step was taken already during the spring, when we decided to wind down our operations in Denmark, where Bonava has reported weak profitability for some time. Furthermore, we accelerated the investments in building rights, which increased by 3,500, based on the development of larger, cohesive areas. The exciting land acquisitions that we completed in Germany and Sweden in the second half of the year will help secure future production volumes of multi-family and single-family housing.
We have generated greater number of business proposals and with greater decision-making powers vested in our local units it has led to higher activity. In addition, Bonava strengthened its position as an established sustainable residential developer. During the year, the company received the highest score from the Carbon Disclosure Project (CDP) and was named the most sustainable consumer goods company on the stock exchange.
We are operating a company with a fantastic purpose: to develop happy neighbourhoods for the many. Together with all of our committed employees, I am convinced that we have the right platform to continue our journey of change and create long-term value for customers, shareholders and society at large. Finally, I want to thank all of our hard-working employees for their excellent work.
President and CEO
For full-year 2022, it is estimated that the number of production starts will increase to 6,000 an increase of 20 per cent compared with 2021. The start volume depends on the necessary permits being obtained.
From 1 April 2021, Bonava has reintroduced the line item "items affecting comparability" to the Income Statement. For more information, refer to Note 1 and Note 6.
Net sales amounted to SEK 6,649 M (7,553); fewer housing units for consumers were recognised in profit compared with the year-earlier period.
During the quarter, 1,457 (1,878) housing units for consumers were recognised in profit, with net sales of SEK 4,624 M (5,829). The average price per housing unit recognised in profit amounted to SEK 3.2 M (3.1).
Net sales to investors totalled SEK 1,911 M (1,420), and the number of housing units recognised in profit was 895 (742).
Excluding the sale of land in Denmark for SEK 545 M that was classified as an item affecting comparability, net, the sale of land during the quarter amounted to SEK 105 M (300).
Exchange rate fluctuations had a negative effect of SEK -183 M on consolidated net sales compared with the year-earlier period.
Operating profit was SEK 698 M (910) and the operating margin was 10.5 per cent (12.0). Adjusted for items affecting comparability, operating profit totalled SEK 660 M (910) and the operating margin was 9.9 per cent (12.0). Items affecting comparability for the quarter comprised the capital gain on the sale of Bonava's building rights
portfolio in Copenhagen of SEK 226 M and costs in Sweden, Nordic and the Parent Company and adjustments due to the strategic review of SEK 188 M. Refer to Note 6 for more information.
Excluding land sales, operating profit amounted to SEK 673 M (878) and the operating margin was 11.2 per cent (12.1). The gross margin for consumers was strengthened compared with the preceding year, but fewer units for consumers were recognised in profit and the gross margin on housing units recognised in profit was lower.
Exchange rate fluctuations had a negative impact of SEK -32 M on operating profit compared with the year-earlier quarter.
Net financial items, profit before tax, tax and profit for the quarter Net financial items were SEK -35 M (-37). Lower fees for borrowing facilities were partly offset by SEK 3 M pertaining to remuneration to NCC (refer to Legal structure on page 13) being charged to net financial items by quarter as of 2021 until the option is called for, at the latest 2027.
Profit before tax for the quarter was SEK 663 M (873). Tax on profit for the quarter was SEK 122 M (233), corresponding to a tax rate of 18 per cent (27). The lower tax rate was attributable to most of the sale of the building rights portfolio in Copenhagen being conducted in the form of a company transaction.
Net sales amounted to SEK 15,491 M (16,997); fewer housing units for consumers were recognised in profit compared with the year-earlier period.
During the period, 3,712 (4,295) housing units for consumers were recognised in profit, with net sales of SEK 11,725 M (13,484). The average price per housing unit recognised in profit was in line with the preceding year, totalling SEK 3.2 M (3.1).
Net sales to investors totalled SEK 3,293 M (3,085), and the number of housing units delivered was 1,566 (1,519).
Excluding the sale of land in Denmark during the fourth quarter for SEK 545 M that was classified as an item affecting comparability, the sale of land during the period amounted to SEK 446 M (411).
Exchange rate fluctuations had a negative effect of SEK -432 M on consolidated net sales compared with the year-earlier period.
Operating profit was SEK 1,156 M (1,121) and the operating margin was 7.5 per cent (6.6). Adjusted for items affecting comparability, operating profit totalled SEK 1,236 M (1,121) and the operating margin was 8.0 per cent (6.6) Items affecting comparability pertain to costs in the second quarter related to the wind down of operations in Denmark of SEK 117 M, the capital gain on the sale of Bonava's building rights portfolio in Copenhagen in the fourth quarter for SEK 226 M, and costs in Sweden, Nordic and the Parent Company and adjustments due to the strategic review of SEK 188 M. Refer to Note 6 for more information.
Excluding land sales, operating profit amounted to SEK 1,160 M (1,100) and the margin to 7.7 (6.6). The operating margin was strengthened year-on-year due to a higher gross margin for consumers. Exchange rate fluctuations had a negative impact of SEK -56 M on operating profit compared with the year-earlier period.
Net financial items, profit before tax, tax and profit for the period Net financial items were SEK -136 M (-122). Costs were higher due to the raising of long-term financing in September 2020 and as a result of SEK 12 M pertaining to remuneration to NCC (refer to Legal structure on page 14) being charged to net financial items during the period.
Profit before tax for the period was SEK 1,020 M (999). Tax on profit for the period was SEK 212 M (267), corresponding to a tax rate of 21 per cent (27). The lower tax rate was attributable to most of the sale of the building rights portfolio in Copenhagen being conducted in the form of a company transaction.
| 2021 | 2020 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Net sales | ||||||
| Germany | 3,109 | 3,648 | –15 | 7,276 | 7,466 | –3 |
| Sweden | 1,000 | 768 | 30 | 3,327 | 3,528 | –6 |
| Nordic | 1,821 | 2,410 | –24 | 3,386 | 4,563 | –26 |
| St. Petersburg-Baltics | 718 | 726 | –1 | 1,502 | 1,439 | 4 |
| Total | 6,649 | 7,553 | –12 | 15,491 | 16,997 | –9 |
| 2021 | 2020 | 2021 | 2020 | |||
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Operating profit before items affecting comparability¹⁾ | ||||||
| Germany | 482 | 551 | –13 | 914 | 752 | 21 |
| Sweden | 67 | 64 | 6 | 292 | 283 | 3 |
| Nordic | 68 | 236 | –71 | 16 | 97 | –83 |
| St. Petersburg-Baltics | 124 | 152 | –18 | 237 | 236 | |
| Parent Company and adjustments | –82 | –93 | –223 | –247 | ||
| Total | 660 | 910 | –27 | 1,236 | 1,121 | 10 |
1) Items affecting comparability pertain to costs in the second quarter related to the wind down of operations in Denmark of SEK 117 M, the capital gain on the sale of Bonava's building rights portfolio in Copenhagen in the fourth quarter for SEK 226 M, and costs in Sweden, Nordic and the Parent Company and adjustments due to the strategic review of SEK 188 M in the fourth quarter. Refer to Note 6 for more information.
Total assets were SEK 23,711 M (22,874). The increase was primarily attributable to a higher volume of ongoing housing projects. At 30 September 2021, assets totalled SEK 24,404 M.
Net debt was in line with the preceding year and amounted to SEK 3,313 M (3,311) at the end of the quarter. Liabilities declined due to the wind down of the Danish operations and through the sale of completed housing units in Sweden. Liabilities increased in the remainder of the Group, primarily due to increased volume in ongoing production. Net debt at 30 September 2021 amounted to SEK 3,976 M.
Capital employed amounted to SEK 12,794 M (12,640) at the end of the quarter. The change was attributable to a higher volume of ongoing housing projects in Germany, which was partly offset by a lower volume of ongoing housing projects in Sweden and increased customer advances in Germany. At 30 September 2021, capital employed amounted to SEK 12,704 M.
Return on capital employed before items affecting comparability was 9.6 per cent (7.9). The increase is due to both lower average capital employed and somewhat higher profitability on a rolling 12 month basis.
At 31 December, the equity/assets ratio was 35.1 per cent (34.6). The debt/equity ratio was 0.4 (0.4).
Cash flow before financing was SEK 808 M (1,918). Cash flow before changes in working capital amounted to SEK 781 M (1,186) on account of lower earnings and negative translation effects.
Sales of housing projects totalled SEK 5,750 M (6,175), a decrease in Germany was partly offset by an increase in Sweden.
Investments in housing projects were lower in Nordic, but higher in the other segments, and amounted to SEK -4,477 M (-4,327). Cash flow from other changes in working capital was SEK -1,187 M (-1,094). Lower cash flow from interest-free receivables in Germany and Sweden was partly offset by higher cash flow from customer advances in Germany.
Cash flow before financing was SEK 631 M (3,662). Earnings (including items affecting comparability) were better than in the preceding year, but non-cash items were impacted by negative translation effects. Combined with higher taxes paid in Germany, deferred from the preceding year, this led to lower cash flow before changes in working capital, amounting to SEK 991 M (1,394).
Sales of housing projects declined to SEK 12,910 M (14,521), a decrease in all segments.
Investments in housing projects totalled SEK -13,270 M (-14,179), a decrease primarily in Germany and Nordic. Cash flow from other changes in working capital was SEK 88 M (2,054), due to lower cash flows from customer advances in Germany. In Germany, customer advances are received in various phases, and both the dates for started projects and dates for delivery of housing units impact cash flow. During the period, these dates coincided in such a way that cash flow was less positive compared with the preceding year.
Bonava's building rights portfolio is relatively evenly distributed across the segments and serves as a solid basis for future projects. However, it must be expanded going forward. A relatively high number of land sales took place between 2016 and 2018 to structure a building rights portfolio suited to Bonava's business. Over time, the building rights portfolio has become somewhat under-sized in relation to our growth ambitions and the updated strategy. Stable volumes over time that enable scale in the business is a critical success factor in our industry, and therefore we need to further strengthen the building rights portfolio to succeed with our business.
The total number of building rights at the end of the quarter amounted to 35,300 (31,800), an increase of 11 per cent. Germany, Sweden and St Petersburg-Baltics increased, while Nordic declined significantly due to the strategic decision to sell the building rights portfolio of approximately 500 building rights in Copenhagen.
Bonava recognises some of its building rights off the balance sheet, such as land that Bonava controls through a contract with options or some other form of agreement, but where the land has not yet been taken into possession. The number of off-balance-sheet building rights at the end of the quarter amounted to 16,900 (12,300).
Bonava is to continue expanding its building rights portfolio to achieve its growth target of 8,000 sold housing units by 2026. The diagram below illustrates the development of the building rights portfolio during 2021 and its composition at the end of 2021.
Properties held for future development amounted to 6,959 (6,998) at the end of the quarter. The reason that the level is in line with the preceding year despite an increase in the total number of building rights is that a larger share of building rights were recognised off the balance sheet at 31 December 2021 and that we have more building rights in relative terms in the St. Petersburg-Baltics segment.
Bonava's business model and the contract structure of the housing projects mean that when production is completed and customers have taken possession of the housing units, the sales value of these units is recognised under "Net sales" in the income statement. This applies to both housing units for consumers and investors.
The carrying amount of completed but not yet handed over housing units is transferred from "Ongoing housing projects" to "Completed housing units" in the balance sheet.
Completed housing units from earlier periods are added to net sales in the quarter when delivery to the customers occurs.
For more information on Bonava's value chain, refer to
https://www.bonava.com/en/offering-and-operations/bonavas-valuechain.
The number of sold completed housing units not recognised in profit at the end of the quarter was 125 (132). A large number of housing units pertain to the project in St. Petersburg that was already sold and completed at 30 September 2021. As communicated earlier, the remaining housing units are expected to be delivered in the first quarter of 2022. During the quarter 118 units in this project has been recognised. At 30 September 2021, the figure was 254; the decrease in the fourth quarter was attributable to the delivery of the project in St. Petersburg.
The number of unsold completed housing units at the end of the quarter was 122 (441). At 30 September 2021, the figure was 126. During the quarter, 48 housing units were added (completed without being sold) and 52 previously completed housing units have been sold and recognised in profit.
The diagrams illustrate the estimated completion dates for housing units for consumers and investors, respectively. The number of housing units have been rounded off since they are estimates of the point in time of completion. The curves illustrate the percentage of units sold at 31 December 2021. The diagrams thus provide an indication of future net sales, provided that the housing units are also delivered to the end customers.
The lines under the diagram clarify the changes that have occurred since the assessment presented in the interim report for the most recent quarter.
1,260 consumer housing units would be completed in the fourth quarter. A total of 1,324 housing units were completed during the quarter. Completion proceeded more rapidly than planned in St. Petersburg-Baltics, while some projects were delayed somewhat in Germany. In Sweden and Nordic, the number of housing units completed was largely according to plan.
In the quarter, 895 housing units for investors were completed in all segments, which was in line with Bonava's estimate at the end of the preceding quarter.
The number of housing units for consumers recognised in profit during the quarter was 1,457 (1,878). The majority of these were completed and delivered to customers during the quarter, but an additional 52 previously completed housing units were sold and recognised in profit during the quarter.
During the quarter, 895 housing units (742) for investors in all segments that had been completed during the quarter were recognised in profit.
The value of sold housing units in production and completed housing units sold but not yet recognised in profit at the end of the quarter was SEK
14,548 M (12,558) for consumers and SEK 7,157 M (7,861) for investors.
The top line shows an amended estimate of when the units are expected to be completed, compared with the latest published interim report. Changes such as the date for receiving building permits, disruptions in the logistics and production chain or other factors could positively or negatively impact the estimated time of completion.
The bottom line shows the expected time of completion for the units for which production has started during the quarter. These units thus entail an increase in the total number of units included in the graph.
Germany is Bonava's largest market, with operations in the major city regions of Berlin and Hamburg as well as the Baltic Sea, Sachsen, Rhein-Ruhr, Cologne/Bonn, Rhein-Main and Rhein-Neckar/Stuttgart. We offer apartments and single-family homes to consumers, and multi-family apartment buildings with rental apartments to investors.
The price trend remained favourable, while the supply is low and demand is high for housing units. Expanded restrictions as a result of omicron impacted the quarter, mainly resulting from longer processing times for building permits, for instance, and the postponement of project starts until 2022.
The number of housing units sold to consumers increased to 407 (368), despite delays to starts. The sales rate for ongoing production totalled 71 per cent (76). The number of housing starts for consumers
Sold Started
-21
totalled 589 (683). Starts in the fourth quarter were lower than expected due to delays in processing times, which resulted in postponements until 2022. A project for investors with 80 housing units was sold and started in Düsseldorf during the quarter.
Contracts were signed for attractive land acquisitions in several regions, including Berlin and Leipzig.
-19
October–December 2021
Net sales amounted to SEK 3,109 M (3,648), fewer housing units for investors were recognised in profit.
-20
Operating profit was SEK 482 M (551) and the operating margin was 15.5 per cent (15.1). There were no land sales during the quarter. The operating margin was strengthened by a higher number of housing units for consumers recognised in profit, with a gross margin somewhat higher than in the year-earlier quarter.
Net sales amounted to SEK 7,276 M (7,466), fewer housing units for investors were recognised in profit compared with the preceding year. Operating profit was SEK 914 M (752) and the operating margin was 12.6 per cent (10.1). Excluding land sales, operating profit was SEK 902 M (761) and the operating margin was 12.5 per cent (10.2). The gross margin was strengthened in relation to consumers and investors.
| 2021 | 2020 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Net sales | 3,109 | 3,648 | –15 | 7,276 | 7,466 | –3 |
| Gross profit | 566 | 623 | –9 | 1,210 | 1,036 | 17 |
| Gross margin, % | 18.2 | 17.1 | 16.6 | 13.9 | ||
| Selling and administrative expenses | –83 | –72 | –296 | –284 | ||
| Operating profit/loss | 482 | 551 | –13 | 914 | 752 | 21 |
| Operating margin, % | 15.5 | 15.1 | 12.6 | 10.1 | ||
| Capital employed | 4,393 | 4,128 | 6 | 4,393 | 4,128 | 6 |
| of which, carrying amount of properties held for future development | 3,463 | 2,751 | 26 | 3,463 | 2,751 | 26 |
| Return on capital employed, % | 21.0 | 16.7 | 21.0 | 16.7 | ||
| Number of housing units sold | 487 | 624 | –22 | 1,409 | 1,605 | –12 |
| Sales value of housing units sold | 2,110 | 2,476 | –15 | 6,244 | 6,765 | –8 |
| Number of housing units started | 669 | 939 | –29 | 1,490 | 1,805 | –17 |
| Number of housing units in ongoing production | 3,749 | 4,041 | –7 | 3,749 | 4,041 | –7 |
| Sales rate for ongoing production, % | 71 | 76 | 71 | 76 | ||
| Number of housing units completed, not recognised in profit | 22 | 53 | –58 | 22 | 53 | –58 |
| Number of housing units for sale (ongoing production and completed) | 1,108 | 1,027 | 8 | 1,108 | 1,027 | 8 |
| Number of housing units recognised in profit | 733 | 979 | –25 | 1,813 | 2,030 | –11 |
The key ratios have not been affected by items affecting comparability, since no such items have been reported.
In Sweden, Bonava offers apartments and single-family homes to consumers in Stockholm, Gothenburg, Linköping, Uppsala and Umeå. To investors, we offer multi-family buildings with rental apartments in about 15 cities.
In the Swedish market, demand remained favourable and prices stabilised. The short-term uncertainty relating to cement production on Gotland declined somewhat after the government resolved to extend the mining permit for limestone until 31 December 2022. We continue working to identify actions and alternative solutions to safeguard future project starts.
The number of housing units sold for both consumers and investors increased compared with the preceding year. The increase was mainly driven by the number of housing units sold to investors, 83 (0). The
sale of housing units to consumers totalled 181 (167). The sales rate for ongoing production totalled 79 per cent (85).
The number of production starts increased, totalling 327 (193), of which one rental housing project with 83 housing units was sold and started in Umeå.
The building rights portfolio expanded during the quarter, with building rights in attractive locations, including approximately 370 building rights in Umeå.
Units sold and started, Consumers, rolling 12 months Units sold and started, Investors, rolling 12 months
Q1 -19 Q2 Q3 Q4 Q1
Number
October–December 2021
Net sales amounted to SEK 1,000 M (769); more housing units for investors were recognised in profit at a higher average price compared with the year-earlier period.
-20
Q2 Q3 Q4 Q1
Sold Started
-21
Q2 Q3 Q4
Operating profit before items affecting comparability amounted to SEK 67 M (64) and the operating margin was 6.7 per cent (8.3). For the quarter, impairment losses totalling SEK 44 M resulting from the strategic review were classified as items affecting comparability.
Excluding land sales, operating profit amounted to SEK 81 M (45) and the operating margin was 8.6 per cent (6.2). The gross margin on housing units for both consumers and investors recognised in profit was higher compared with the year-earlier quarter.
Net sales amounted to SEK 3,327 M (3,528), in total more housing units were recognised in profit and the share of housing units for investors recognised in profit increased year-on-year.
Operating profit before items affecting comparability was SEK 292 M (283) and the operating margin was 8.8 per cent (8.0). Items affecting comparability for the period were SEK 44 M.
Excluding land sales, operating profit was SEK 261 M (264) and the operating margin was 8.4 per cent (7.6). The higher operating margin was attributable to a higher gross margin on housing units for both consumers and investors that were recognised in profit.
| 2021 | 2020 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Net sales | 1,000 | 769 | 30 | 3,327 | 3,528 | –6 |
| Gross profit | 104 | 92 | 13 | 420 | 411 | 2 |
| Gross margin, % | 10.4 | 11.9 | 12.6 | 11.7 | ||
| Selling and administrative expenses | –36 | –28 | –129 | –128 | ||
| Operating profit/loss before items affecting comparability | 67 | 64 | 6 | 292 | 283 | 3 |
| Operating margin before items affecting comparability, % | 6.7 | 8.3 | 8.8 | 8.0 | ||
| Items affecting comparability¹⁾ | –44 | –44 | ||||
| Operating profit/loss after items affecting comparability | 23 | 64 | –64 | 247 | 283 | –13 |
| Operating margin after items affecting comparability, % | 2.3 | 8.3 | 7.4 | 8.0 | ||
| Capital employed | 3,135 | 3,020 | 4 | 3,135 | 3,020 | 4 |
| of which, carrying amount of properties held for future development | 1,293 | 1,575 | –18 | 1,293 | 1,575 | –18 |
| Return on capital employed, %¹⁾ | 9.1 | 7.7 | 9.1 | 7.7 | ||
| Number of housing units sold | 264 | 167 | 58 | 1,113 | 1,168 | –5 |
| Sales value of housing units sold | 928 | 675 | 38 | 3,640 | 3,513 | 4 |
| Number of housing units started | 327 | 193 | 69 | 1,131 | 878 | 29 |
| Number of housing units in ongoing production | 1,849 | 1,638 | 13 | 1,849 | 1,638 | 13 |
| Sales rate for ongoing production, % | 79 | 85 | 79 | 85 | ||
| Number of housing units completed, not recognised in profit | 24 | 159 | –85 | 24 | 159 | –85 |
| Number of housing units for sale (ongoing production and completed) | 398 | 380 | 5 | 398 | 380 | 5 |
| Number of housing units recognised in profit | 384 | 202 | 90 | 1,055 | 897 | 18 |
1) See Note 6 Items affecting comparability.
The Nordic segment comprises the markets in Copenhagen, Denmark; Bergen and Oslo in Norway; and Helsinki, Espoo, Vantaa, Turku and Tampere in Finland. We offer apartments and single-family homes to consumers, and multi-family apartment buildings with rental apartments to investors.
The housing markets in Finland and Norway continued to note a good level of demand. In Finland and Bergen, prices increased, while prices in Oslo declined marginally. In Finland, some heightened uncertainty was noted regarding the impact of omicron on our production sites.
The number of housing units sold to consumers decreased to 229 (314), partly due to no sales in Denmark and partly due to a low supply of housing units in Norway. The sales rate for ongoing production totaled 80 per cent (81).
The number of housing starts amounted to 522 (950). A lower-thanexpected volume was partly due to our choice to postpone starts to
Q2 Q3 Q4 Q1
2022, since not all the right conditions were in place. During the quarter, four rental housing projects in Finland were sold and production started, including 86 housing units in Tampere and 123 rental apartments in Espoo.
The wind down of the Danish operation continued according to plan, and the remaining building rights portfolio in Copenhagen was sold during the quarter, which resulted in a positive effect of SEK 226 M on earnings. Remaining production in progress will be transferred to customers during 2022.
Q1 -19
0 250 500 750 1,000 1,250 1,500
Number
Net sales declined to SEK 1,821 M (2,410) attributable to significantly fewer housing units for consumers being recognised in profit.
-20
Q2 Q3 Q4 Q1
Sold Started
-21
Q2 Q3 Q4
Operating profit before items affecting comparability was SEK 68 M (236), operating margin was 3.7 per cent (9.8). Items affecting comparability comprised the capital gain on the sale of the building rights portfolio in Copenhagen (SEK 226 M) and impairment losses (SEK 86 M) resulting from the strategic review.
The operating margin declined in Finland due to higher costs in concluded projects, and additional expenses and increased guarantee commitments for projects concluded in earlier quarters. In 2020, a large project with a significantly higher gross margin than average in ongoing production, was delivered. In Norway, the buildup of the operations is ongoing, and the current supply of housing units is too low to generate a satisfying margin. The wind down of the Danish operation continued and the supply of housing units is declining.
Net sales amounted to SEK 3,386 M (4,563), considerably fewer housing units for consumers were recognised in profit.
Operating profit before items affecting comparability amounted to SEK 16 M (97), operating margin was 0.5 per cent (2.1). In addition to items affecting comparability in the fourth quarter, the expense of SEK 117 M attributable to the wind down in Denmark was also included. Excluding land sales, the operating loss amounted to SEK -15 M (profit: 87) and the operating margin was -0.5 per cent (2.0). The operating margin was lower due to low volumes and continued higher expenses for the build-up of the Finnish and Norwegian operations to be able to deliver in accordance with Bonava's new financial targets. The strategic review demonstrated that further work remains to increase profitability by improved project steering and cost control and thereby increased volumes in Finland and Norway.
| 2021 | 2020 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Net sales | 1,821 | 2,410 | –24 | 3,386 | 4,563 | –26 |
| Gross profit | 125 | 275 | –55 | 220 | 274 | –20 |
| Gross margin, % | 6.8 | 11.4 | 6.5 | 6.0 | ||
| Selling and administrative expenses | –58 | –39 | –205 | –177 | ||
| Operating profit/loss before items affecting comparability | 68 | 236 | –71 | 16 | 97 | –83 |
| Operating margin before items affecting comparability, % | 3.7 | 9.8 | 0.5 | 2.1 | ||
| Items affecting comparability¹⁾ | 140 | 23 | ||||
| Operating profit/loss after items affecting comparability | 208 | 236 | –12 | 39 | 97 | –60 |
| Operating margin after items affecting comparability, % | 11.4 | 9.8 | 1.2 | 2.1 | ||
| Capital employed | 3,518 | 3,427 | 3 | 3,518 | 3,427 | 3 |
| of which, carrying amount of properties held for future development | 1,415 | 2,060 | –29 | 1,415 | 2,060 | –29 |
| Return on capital employed, %¹⁾ | 0.3 | 2.2 | 0.3 | 2.2 | ||
| Number of housing units sold | 503 | 878 | –43 | 1,246 | 1,766 | –29 |
| Sales value of housing units sold | 2,073 | 2,708 | –23 | 4,314 | 5,448 | –21 |
| Number of housing units started | 522 | 950 | –45 | 1,241 | 1,492 | –17 |
| Number of housing units in ongoing production | 2,171 | 1,855 | 17 | 2,171 | 1,855 | 17 |
| Sales rate for ongoing production, % | 80 | 81 | 80 | 81 | ||
| Number of housing units completed, not recognised in profit | 46 | 151 | –70 | 46 | 151 | –70 |
| Number of housing units for sale (ongoing production and completed) | 472 | 480 | –2 | 472 | 480 | –2 |
| Number of housing units recognised in profit | 569 | 804 | –29 | 1,023 | 1,620 | –37 |
1) See Note 6 Items affecting comparability.
The St. Petersburg-Baltics segment comprises St. Petersburg, a city of five million, and the capital cities of Tallinn, Estonia; Riga, Latvia; and since the end of 2020, Vilnius in Lithuania. The offering is primarily targeted at multi-family housing for consumers.
The markets in St. Petersburg and the Baltics performed well, with high demand, rising prices and good availability of financing. We are monitoring developments in the geopolitical situation in St. Petersburg, but we currently see no change for our operations. Sales performance in all markets was stable.
Housing units sold to consumers totalled 323 (357). The sales rate for ongoing production totalled 51 per cent (41). The number of housing starts for consumers totalled 347 (1,103). The large difference
between the quarters was mainly attributable to St. Petersburg starting two projects comprising 488 units in the preceding year. In addition, we had a delay to starts of approximately 250 units until 2022. In the quarter, we initiated our first two investments in rental housing projects intended for our own management, in accordance with our build-tohold model. This means that we build, retain and manage the project for a period instead of selling directly. The building rights portfolio was expanded in Estonia and Latvia.
October–December 2021
Net sales were in line with the year-earlier period, totalling SEK 718 M (726). During the quarter, projects were delivered to investors in the Baltics, which compensated for somewhat fewer housing units delivered to consumers.
Operating profit was SEK 124 M (152) and the operating margin was 17.3 per cent (21.0). The gross margin was at a high and stable level, although it decreased as a result of a different product mix in the comparison period. The build-up of operations in Lithuania resulted in higher selling and administrative expenses.
Net sales amounted to SEK 1,502 M (1,439). Somewhat fewer housing units delivered to consumers was compensated by the delivery of more housing units to investors.
Operating profit was SEK 237 M (236) and the operating margin was 15.8 per cent (16.4). The mix of housing units delivered to both consumers and investors was the reason for the somewhat lower margin, combined with higher selling and administrative expenses. Investments in Lithuania continued according to plan and cost control is effective in established countries. During the year, further projects were started in Lithuania and the first housing units are expected to be handed over in 2022.
| 2021 | 2020 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Δ% | Jan–Dec | Jan–Dec | Δ% | |
| Net sales | 718 | 726 | –1 | 1,502 | 1,439 | 4 |
| Gross profit | 145 | 168 | –13 | 306 | 300 | 2 |
| Gross margin, % | 20.2 | 23.1 | 20.3 | 20.8 | ||
| Selling and administrative expenses | –21 | –15 | –69 | –63 | ||
| Operating profit/loss | 124 | 152 | –18 | 237 | 236 | |
| Operating margin, % | 17.3 | 21.0 | 15.8 | 16.4 | ||
| Capital employed | 1,562 | 1,126 | 39 | 1,562 | 1,126 | 39 |
| of which, carrying amount of properties held for future development | 788 | 611 | 29 | 788 | 611 | 29 |
| Return on capital employed, % | 18.5 | 19.1 | 18.5 | 19.1 | ||
| Number of housing units sold | 323 | 357 | –10 | 1,527 | 1,029 | 48 |
| Sales value of housing units sold | 409 | 360 | 13 | 1,729 | 1,127 | 53 |
| Number of housing units started | 542 | 1,103 | –51 | 1,093 | 1,535 | –29 |
| Number of housing units in ongoing production | 1,998 | 2,235 | –11 | 1,998 | 2,235 | –11 |
| Sales rate for ongoing production, % | 51 | 41 | 51 | 41 | ||
| Number of housing units completed, not recognised in profit | 155 | 210 | –26 | 155 | 210 | –26 |
| Number of housing units for sale (ongoing production and completed) | 826 | 1,453 | –30 | 826 | 1,453 | –30 |
| Number of housing units recognised in profit | 666 | 635 | 5 | 1,387 | 1,267 | 9 |
The key ratios have not been affected by items affecting comparability, since no such items have been reported.
During the fourth quarter, Bonava started production of 2,060 housing units (3,185). All production starts are reported at https://www.bonava.com/en/investor-relations/housing-starts
Fellbachquartier Location: Region Rhein/Neckar-Stuttgart Housing category: Multi-family housing Number of units: 60 apartments for consumers
The residential area has a prime location, close to the centre and because it is only 170 metres from Fellbach rail station, there are excellent transport possibilities. This apartments offer a relaxing environment and, at the heart of the neighbourhood, there is a green inner courtyard that will be a perfect meeting place for neighbours.
Olles länga, Öjersjö, Partille Location: Partille Housing category: Single-family homes Number of units: 21 housing units with ownership rights to consumer
In Öjersjö, 15 minutes from Gothenburg, Bonava is creating the Olles länga neighbourhood, comprising housing units with ownership rights in the form of row houses. The project is located close to nature and services. A large, new food store is being constructed in the area. The neighbourhood is child-friendly and a play area is to be constructed. Bonava is building a total of 100 housing units in the area.
With access to a shared sauna, club room and workshop in the inner courtyard, Tuulikello offers an attractive neighbourhood for its residents. Tuulikello has a fantastic location in the park-like Taipola residential area, with proximity to public transport, services, schools, culture and several sports facilities.
Nordic – Norway Kleppekollen (I, II & III) Location: Askøy, Bergen Housing category: Multi-family housing Number of units: 66 apartments for consumers
The Kleppekollen area will feature playgrounds, barbecue areas and activity areas, where the residents can meet and socialise. In total, Bonava is planning to create 103 Nordic Swan ecolabelled housing units in the area, distributed across several stages.
St. Petersburg-Baltics – Latvia Ropažu Street 16 (I & II) Location: Teika, Riga Housing category: Multi-family housing Number of units: 120 apartments for consumers
In a central location in Riga, Bonava is constructing the Ropažu Street 16 residential block, where the construction of 120 apartments has begun. The neighbourhood will feature several playgrounds as well as outdoor gyms, picnic tables and covered bicycle parking spaces.
Bonava's operations are exposed to several types of risks, both operational and financial. The strategic review did not result in any material impact on Bonava's significant risks and uncertainties.
Bonava has a Risk Committee that is responsible for organising, coordinating, and carrying out risk management. The Risk Committee regularly reports to the Audit Committee and Executive Management Group. For further information on material risks and risk management, see pages 55–58 of Bonava's Annual and Sustainability Report for 2020, which is available at bonava.com.
The Board of Directors and management of Bonava continue to closely monitor the progress of the pandemic, planning for various scenarios and responding to recommendations from government authorities. Bonava also has a contingency group that actively works together with management.
The continuing pandemic has impacted Bonava's risk exposure over the past year and will continue to affect the company's operation even though the effects have lessened in pace with pandemic management being incorporated into procedures and working methods. During the fourth quarter, restrictions were reintroduced in some of Bonava's markets. With the health and safety of employees, customers and projects as the highest priority, Bonava's active risk-mitigation activities are focused on ensuring business continuity. During the quarter, production essentially proceeded as usual.
Regarding financial risks, the previous assessment of elevated risk pertaining to liquidity, financing and valuation has been reduced to pre-pandemic levels. However, the impact on financial position and payment capacity continues to be routinely monitored and assessed.
The housing market continued to perform strongly despite the pandemic. Sales of completed housing units remained favourable and the number of completed unsold housing units continued to decrease year-on-year. Bonava identified no impairment requirements in the quarter as a consequence of increased uncertainty owing to the pandemic.
Since Bonava's accounting policies entail that income is only recognised when the completed housing units are delivered to the customers, even the most minor disruptions in the logistics and production chain in a project can lead to the earnings effects being recognised in a later period than planned. This risk remains high as a consequence of the uncertainty resulting from the ongoing pandemic, even though earnings for the quarter were not notably impacted by disruptions as a result of the pandemic.
The average number of employees in the Group for the period was 2,136 (2,050).
Effective 9 June 2016, NCC AB distributed all the shares in Bonava AB to shareholders. NCC AB remains a minority owner of Bonava Deutschland GmbH, but Bonava holds the option to acquire NCC AB's participations, which runs through 2027. Owing to this option, the German company is being consolidated in its entirety. According to a profit sharing agreement, NCC AB will abstain from dividends and will instead receive annual compensation of EUR 1.3 million, which will be expensed on an ongoing basis.
Bonava has two share classes, Class A and Class B. Each Class A share carries ten votes and each Class B share one vote. Bonava's share capital was SEK 434 M on the balance sheet date, divided between 108,435,822 shares and 210,180,660 votes. As of 31 December 2021, Bonava had 11,304,982 Class A shares and 97,130,840 Class B shares. The number of B shares held by the company was 1,245,355, corresponding to 1.1 per cent of the capital and 0.6 per cent of the votes.
At the end of the quarter, the number of shareholders was 30,738 (31,089). Bonava's largest shareholder was Nordstjernan AB, with 24.5 per cent of the capital and 49.0 per cent of the votes, followed by the Fourth Swedish National Pension Fund with 7.8 per cent of the capital and 4.6 per cent of the votes and Swedbank Robur Fonder with 5.9 per cent of the capital and 3.1 per cent of the votes. The ten largest shareholders controlled a total of 53.6 per cent of the capital and 65.0 per cent of the votes. More information on the Bonava share and owners is available at bonava.com/en/investor-relations.
Bonava recognises revenues and earnings from housing sales when sold and completed housing units are delivered to customers. Bonava's operations are affected by seasonal variations, which means that a majority of housing units are delivered to customers in the fourth quarter. Accordingly, earnings and cash flow before financing are usually stronger in the fourth quarter than in other quarters. This is shown in the charts depicting the estimated completions by quarter on page 8.
The sale of the building rights portfolio in Denmark was completed at a purchase price of SEK 545 M. The divestment generated a positive earnings effect before tax of SEK 226 M, which was recognised as an item affecting comparability in the fourth quarter.
The strategic review resulted in costs of SEK 188 M, which was recognised as an item affecting comparability in the quarter.
On 31 January, Bonava announced a number of changes to the Executive Management Group.
Alexandra Laurén will take up the position as Business Unit President for Bonava Sweden and member of the Executive Management Group in August 2022. Fredrik Hemborg will leave Bonava and his role as Business Unit President for Bonava Sweden in spring 2022.
Hedvig Wallander, Group Head of Legal of Bonava, will join the Executive Management Group, and Sofia Rudbeck will leave Bonava and her role as SVP Marketing, Sales and Communication in spring 2022. The role of SVP of Operations in the Executive Management Group has been discontinued. Responsibility for this area has been shared between various other members of the Executive Management Group.
Unless otherwise stated, amounts are indicated in millions of Swedish kronor (SEK M). All comparative figures in this report refer to the corresponding period of the previous year. Rounding differences may occur.
Stockholm den 3 February 2022 Bonava AB (publ)
Peter Wallin President and CEO
This report has not been reviewed by the company's auditors.
| Note | 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|---|
| 1 | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | |
| Net sales | 2 | 6,649 | 7,553 | 15,491 | 16,997 |
| Production cost | –5,727 | –6,406 | –13,373 | –15,018 | |
| Gross profit | 921 | 1,148 | 2,117 | 1,979 | |
| Selling and administrative expenses | –262 | –238 | –882 | –857 | |
| Operating profit before items affecting comparability | 2 | 660 | 910 | 1,236 | 1,121 |
| Items affecting comparability | 6 | 38 | –80 | ||
| Operating profit after items affecting comparability | 698 | 910 | 1,156 | 1,121 | |
| Financial income | 4 | 3 | 17 | 16 | |
| Financial expenses | –39 | –40 | –153 | –138 | |
| Net financial items | –35 | –37 | –136 | –122 | |
| Profit before tax | 2 | 663 | 873 | 1,020 | 999 |
| Tax on profit for the period | –122 | –233 | –212 | –267 | |
| Profit for the period¹⁾ | 541 | 640 | 808 | 733 | |
| Per share data before and after dilution | |||||
| Profit for the period after items affecting comparability, SEK | 5.04 | 5.97 | 7.54 | 6.82 | |
| Cash flow from operating activitites, SEK | 8.10 | 18.08 | 6.71 | 35.30 | |
| Shareholders' equity, SEK | 77.60 | 73.87 | 77.60 | 73.87 | |
| No. of shares at the end of period, million²⁾ | 107.2 | 107.2 | 107.2 | 107.2 | |
1) Profit for the entire period is attributable to Bonava AB's shareholders.
2) The total number of shares repurchased as of 31 December was 1,245,355 (1,245,355).
| Note 1 |
Oct–Dec | 2021 | 2020 Oct–Dec |
2021 Jan–Dec |
2020 Jan–Dec |
|---|---|---|---|---|---|
| Profit for the period | 541 | 640 | 808 | 733 | |
| Items that have or may be reclassified to profit for the period | |||||
| Translation differences during the period in translation of foreign operations | 41 | –127 | 150 | –330 | |
| Other comprehensive income for the period | 41 | –127 | 150 | –330 | |
| Comprehensive income/loss for the period¹⁾ | 582 | 513 | 958 | 403 |
1) Profit for the entire period is attributable to Bonava AB's shareholders.
| Note 1, 4, 5 |
2021 31 Dec |
2020 31 Dec |
|
|---|---|---|---|
| ASSETS | |||
| Fixed assets | 877 | 847 | |
| Current assets | |||
| Properties held for future development | 6,959 | 6,998 | |
| Ongoing housing projects | 12,546 | 10,785 | |
| Completed housing units | 706 | 1,706 | |
| Current receivables | 1,556 | 1,151 | |
| Cash and cash equivalents | 3 | 1,066 | 1,387 |
| Total current assets | 22,834 | 22,027 | |
| TOTAL ASSETS | 23,711 | 22,874 | |
| SHAREHOLDERS' EQUITY | |||
| Shareholders' equity attributable to Parent Company shareholders | 8,318 | 7,918 | |
| Non-controlling intetest | 5 | 4 | |
| Total shareholders' equity | 8,322 | 7,923 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 3 | 2,396 | 3,063 |
| Other non-current liabilities | 462 | 227 | |
| Non-current provisions | 898 | 805 | |
| Total non-current liabilities | 3,755 | 4,095 | |
| Current liabilities | |||
| Current interest-bearing liabilities | 3 | 2,076 | 1,655 |
| Other current liabilities | 9,557 | 9,202 | |
| Total current liabilities | 11,633 | 10,857 | |
| Total liabilities | 15,389 | 14,952 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 23,711 | 22,874 |
| Shareholders' equity attributable to Parent Company shareholders |
Non-controlling interest |
Total shareholders' equity |
|
|---|---|---|---|
| Opening shareholders' equity, 1 January 2020 | 7,536 | 5 | 7,540 |
| Comprehensive income for the period | 403 | 403 | |
| Purchase of treasury shares | –19 | –19 | |
| Performance-based incentive programme | –1 | –1 | |
| Closing shareholders' equity, 31 December 2020 | 7,918 | 4 | 7,923 |
| Comprehensive income for the period | 958 | 958 | |
| Dividend¹⁾ | –563 | –563 | |
| Performance-based incentive programme | 4 | 4 | |
| Closing shareholders' equity, 31 December 2021 | 8,318 | 5 | 8,322 |
1) On 31 March 2021, the Annual General Meeting of Bonava AB resolved on a total dividend to shareholders of SEK 563 M, to be paid in two instalments: SEK 391 M, which was paid in April, and SEK 172 M which was paid in October.
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | |
| OPERATING ACTIVITIES | ||||
| Profit before tax | 663 | 873 | 1,020 | 999 |
| Adjustments for items not included in cash flow | 119 | 409 | 236 | 579 |
| Tax paid | –1 | –95 | –265 | –184 |
| Cash flow from operating activities before change in working capital | 781 | 1,186 | 991 | 1,394 |
| Cash flow from change in working capital | ||||
| Sales of housing projects | 5,750 | 6,175 | 12,910 | 14,521 |
| Investments in housing projects | –4,477 | –4,327 | –13,270 | –14,179 |
| Other changes in working capital | –1,187 | –1,094 | 88 | 2,054 |
| Cash flow from changes in working capital | 87 | 754 | –272 | 2,396 |
| Cash flow from operating activities | 868 | 1,941 | 719 | 3,790 |
| INVESTMENT ACTIVITIES | ||||
| Cash flow from investment activities | –60 | –22 | –88 | –128 |
| CASH FLOW BEFORE FINANCING | 808 | 1,918 | 631 | 3,662 |
| FINANCING ACTIVITIES | ||||
| Dividend | –172 | –563 | ||
| Purchase of treasury shares | –19 | |||
| Increase in interest-bearing liabilities | 505 | 446 | 2,085 | 2,669 |
| Decrease in interest-bearing liabilities | –976 | –1,742 | –2,439 | –5,328 |
| Change in interest-bearing receivables | –71 | –3 | –70 | 1 |
| Cash flow from financing activities | –713 | –1,299 | –987 | –2,676 |
| CASH FLOW DURING THE PERIOD | 95 | 620 | –356 | 986 |
| Cash and cash equivalents at start of period | 972 | 800 | 1,387 | 499 |
| Exchange rate differences in cash and cash equivalents | –32 | 35 | –98 | |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,066 | 1,387 | 1,066 | 1,387 |
This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and recommendation RFR 1 Supplementary Accounting Rules for Groups from the Swedish Financial Reporting Board. This Interim Report covers pages 1–27, and pages 1–14 are thereby an integrated part of this financial report. The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's 2020 Annual Report, pages 64–68. The Annual Report is available at bonava.com.
No changes to IFRS or IFRIC interpretations are expected to have any material impact on Bonava. From 1 April 2021, Bonava has reintroduced the line item "items affecting comparability" to the income statement. The items recognised as items affecting comparability pertain to costs in the second quarter related to the wind down of operations in Denmark of SEK 117 M, the capital gain on the sale of Bonava's building rights portfolio in Copenhagen in the fourth quarter for SEK 226 M, and costs in Sweden, Nordic and the Parent Company as well as due to the strategic review of SEK 188 M. Refer to Note 6 for more information.
| Parent | ||||||
|---|---|---|---|---|---|---|
| St. Petersburg | company and | |||||
| Oct–Dec 2021 | Germany | Sweden | Nordic | Baltics | adjustments | Total |
| Net sales, consumers | 2,985 | 406 | 669 | 564 | 4,624 | |
| Net sales, investors | 124 | 534 | 1,107 | 147 | 1,911 | |
| Net sales, land | 60 | 40 | 5 | 105 | ||
| Other revenue | 6 | 3 | 10 | |||
| Operating profit/loss before items affecting comparability | 482 | 67 | 68 | 124 | –82 | 660 |
| Items affecting comparability | –44 | 140 | –58 | 38 | ||
| Operating profit/loss after items affecting comparability | 482 | 23 | 208 | 124 | –139 | 698 |
| Net financial items | –35 | |||||
| Profit before tax | 663 | |||||
| Capital employed | 4,393 | 3,135 | 3,518 | 1,562 | 185 | 12,794 |
| Parent | ||||||
|---|---|---|---|---|---|---|
| St. Petersburg | company and | |||||
| Oct–Dec 2020 | Germany | Sweden | Nordic | Baltics | adjustments | Total |
| Net sales, consumers | 2,754 | 604 | 1,746 | 724 | 5,829 | |
| Net sales, investors | 885 | 119 | 417 | 1,420 | ||
| Net sales, land | 9 | 46 | 246 | 300 | ||
| Other revenue | 2 | 2 | 4 | |||
| Operating profit/loss before items affecting comparability | 551 | 64 | 236 | 152 | –93 | 910 |
| Items affecting comparability | 0 | |||||
| Operating profit/loss after items affecting comparability | 551 | 64 | 236 | 152 | –93 | 910 |
| Net financial items | –37 | |||||
| Profit before tax | 873 | |||||
| Capital employed | 4,128 | 3,020 | 3,427 | 1,126 | 940 | 12,641 |
| Parent | ||||||
|---|---|---|---|---|---|---|
| St. Petersburg | company and | |||||
| Jan–Dec 2021 | Germany | Sweden | Nordic | Baltics | adjustments | Total |
| Net sales, consumers | 6,331 | 2,149 | 1,904 | 1,341 | 11,725 | |
| Net sales, investors | 876 | 965 | 1,306 | 147 | 3,293 | |
| Net sales, land | 68 | 212 | 161 | 5 | 446 | |
| Other revenue | 1 | 14 | 10 | 26 | ||
| Operating profit/loss before items affecting comparability | 914 | 292 | 16 | 237 | –223 | 1,236 |
| Items affecting comparability | –44 | 23 | –58 | –80 | ||
| Operating profit/loss after items affecting comparability | 914 | 247 | 39 | 237 | –280 | 1,156 |
| Net financial items | –136 | |||||
| Profit before tax | 1,020 | |||||
| Capital employed | 4,393 | 3,135 | 3,518 | 1,562 | 185 | 12,794 |
| Parent | ||||||
|---|---|---|---|---|---|---|
| St. Petersburg | company and | |||||
| Jan–Dec 2020 | Germany | Sweden | Nordic | Baltics | adjustments | Total |
| Net sales, consumers | 5,843 | 3,086 | 3,125 | 1,429 | 13,484 | |
| Net sales, investors | 1,604 | 374 | 1,106 | 3,085 | ||
| Net sales, land | 17 | 67 | 326 | 411 | ||
| Other revenue | 1 | 1 | 6 | 10 | 18 | |
| Operating profit/loss before items affecting comparability | 752 | 283 | 97 | 236 | –247 | 1,121 |
| Items affecting comparability | 0 | |||||
| Operating profit/loss after items affecting comparability | 752 | 283 | 97 | 236 | –247 | 1,121 |
| Net financial items | –122 | |||||
| Profit before tax | 999 | |||||
| Capital employed | 4,128 | 3,020 | 3,427 | 1,126 | 940 | 12,641 |
| NOTE 3 | Specification of net debt | ||
|---|---|---|---|
| 2021 | 2020 |
| 31 Dec | 31 Dec | |
|---|---|---|
| Non-current interest-bearing receivables | 2 | 2 |
| Current interest-bearing receivables | 90 | 17 |
| Cash and cash equivalents | 1,066 | 1,387 |
| Interest-bearing receivables | 1,159 | 1,407 |
| Non-current interest-bearing liabilities | 2,396 | 3,063 |
| Current interest-bearing liabilities | 2,076 | 1,655 |
| Interest bearing liabilities¹⁾ | 4,472 | 4,718 |
| Net debt | 3,313 | 3,311 |
1) Of which SEK 1,816 M (1,301) in green loans. The green asset base pledged consisted of assets in Sweden, Norway and Denmark that are or will be Nordic Swan ecolabelled.
Since Bonava appoints a majority of the Board members in tenantowner associations in Sweden and housing companies in Finland, issues guarantees and provides credit to or borrowing on behalf of tenant-owner associations and housing companies, Bonava exercises a controlling influence and therefore consolidates tenant-owner associations and housing companies in full. As a consequence of the consolidation of tenant-owner associations and housing companies, Bonava's net debt increases.
| 2021 | 2020 | |
|---|---|---|
| 31 Dec | 31 Dec | |
| Cash and cash equivalents | 37 | 20 |
| Gross debt | 1,789 | 1,361 |
| Net debt in tenant-owner associations and | ||
| housing companies | 1,752 | 1,341 |
The table below specifies the Group's financing facilities. In addition, there are unutilised contractual credit frames for projects in Swedish tenant-owner associations, Finnish housing companies and St. Petersburg of approximately SEK 2.1 Bn.
| Financing | Maturity, year | Amount | Utilised Unutilised | |
|---|---|---|---|---|
| Overdraft facilities | <364 days | 626 | 626 | |
| Loan | 2022 | 822 | 822 | |
| RCF/commercial paper | 2023 | 3,000 | 3,000 | |
| Bond | 2024 | 1,200 | 1,200 | |
| Loan | 2025 | 205 | 205 | |
| Loan | 2026-27 | 512 | 512 | |
| Total | 6,365 | 2,739 | 3,626 |
NOTE 4 Fair value of financial instruments
In the table below, disclosures are made concerning how fair value is determined for the financial instruments that are continuously measured at fair value in Bonava's balance sheet. When determining fair value, assets have been divided into the following three levels. No transfers have been made between the levels during the period.
At level 1, Bonava has one outstanding bond loan valued at SEK 1,200 M (997).
Level 2 derivative instruments comprise currency swaps where the measurement at fair value of currency-forward contracts is based on published forward rates in an active market.
Bonava has no financial instruments in level 3.
| 2021 31 Dec |
2020 31 Dec |
|
|---|---|---|
| Derivatives | 5 | 55 |
| Total assets | 5 | 55 |
| Derivatives | 46 | 1 |
| Total liabilities | 46 | 1 |
The fair value of non-current and current interest-bearing liabilities differs only marginally from the carrying amount and is therefore not recognised separately in this interim report. For financial instruments recognised at amortised cost, accounts receivables, other receivables, cash and cash equivalents, accounts payable and other interest-free liabilities, the fair value is considered equal to the carrying amount.
| 2021 31 Dec |
2020 31 Dec |
|
|---|---|---|
| Pledged assets | ||
| For own liabilities | ||
| Property mortgages | 1,491 | 869 |
| Restricted bank funds | 15 | 7 |
| Other pledged assets | 10 | 6 |
| Total pledged assets | 1,516 | 882 |
| Surety and guarantee obligations | ||
| Own contingent liabilities | ||
| Counter guarantee to external guarantors¹⁾ | 3,416 | 3,913 |
| Other guarantees and contingent liabilities |
1) Counter guarantees pertain to guarantees that constitute collateral for amounts paid to tenant-owner associations formed by Bonava Sverige AB. Deposit guarantees are valid until one year after the final acquisition cost Total surety and guarantee obligations 3,416 3,913
of the tenant-owner association's building has been established.
Items affecting comparability pertain to costs of SEK 117 M in the second quarter related to the wind down of operations in Denmark. The costs pertain primarily to provisions for guarantee commitments, costs related to the termination of personnel and the continuing organisation. In accordance with the planned wind down of Denmark, Bonava's building rights portfolio in Copenhagen was also divested in the fourth quarter at a cash purchase price of SEK 545 M. The transaction generated a positive earnings effect before tax of SEK 226 M, which was recognised as an item affecting comparability.
Bonava has conducted a strategic review that resulted in costs in Sweden, Nordic and the Parent Company and adjustments of SEK 188 M that were recognised as items affecting comparability. The costs are primarily attributable to the impairment of assets, both project-related assets and intangible assets, and sunk costs, which on account of the revised strategy cannot be justified, as well as provisions for organisational changes.
The table below shows where in the Group the items affecting comparability would have been recognised had they not been classified as items affecting comparability.
| Parent | ||||
|---|---|---|---|---|
| Company and | ||||
| Oct–Dec 2021 | Sweden | Nordic | adjustments | Total |
| Items affecting comparability | –44 | 140 | –58 | 38 |
| Parent | ||||
|---|---|---|---|---|
| Company and | ||||
| Jan–Dec 2021 | Sweden | Nordic | adjustments | Total |
| Items affecting comparability | –44 | 23 | –58 | –80 |
The Parent Company comprises the operations of Bonava AB (publ). Net sales for the company totalled SEK 280 M (281). Profit after financial items was SEK 393 M (431).
| Note INCOME STATEMENT 1 |
2021 Jan–Dec |
2020 Jan–Dec |
|---|---|---|
| Net sales | 280 | 281 |
| Selling and administrative expenses | –530 | –505 |
| Operating profit | –249 | –225 |
| Profit from participations in Group companies | 551 | 568 |
| Financial income | 181 | 178 |
| Financial expenses | –91 | –90 |
| Profit after financial items | 393 | 431 |
| Appropriations | –144 | 161 |
| Profit before tax | 249 | 591 |
| Tax on profit for the period | 68 | –1 |
| Profit for the period | 316 | 590 |
| Note BALANCE SHEET 1, 2 |
2021 31 Dec |
2020 31 Dec |
| Assets | ||
| Fixed assets | 2,694 | 2,742 |
| Current assets | 8,214 | 8,492 |
| Total assets | 10,908 | 11,234 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 7,467 | 7,709 |
| Untaxed reserves | ||
| Provisions | 10 | 6 |
| Non-current liabilities | 1,918 | 2,176 |
| Current liabilities | 1,513 | 1,343 |
| Total shareholders' equity and liabilities | 10,908 | 11,234 |
The company has prepared its Interim Report pursuant to the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's 2020 Annual Report, pages 64–68 and 93. The Annual Report is available at bonava.com.
| 2021 31 Dec |
2020 31 Dec |
|
|---|---|---|
| Counter guarantee to external guarantors | 13,290 | 13,534 |
| Guarantees for project-specific financing | 1,201 | 811 |
| Guarantees for Group companies | 4,654 | 5,092 |
| Other pledged assets | 10 | 6 |
| Total | 19,155 | 19,443 |
Share of pledged assets and contingent liabilities on behalf of tenant-owner associations and housing companies
| 2021 31 Dec |
2020 31 Dec |
|
|---|---|---|
| Counter guarantee to external guarantors¹⁾ | 4,196 | 4,741 |
| Guarantees for project-specific financing | 940 | 925 |
| Total | 5,136 | 5,666 |
1) Counter guarantees pertain to guarantees that constitute collateral for amounts paid to tenant-owner associations formed by Bonava Sverige AB. Deposit guarantees are valid until one year after the final acquisition cost of the tenant-owner association's building has been established. The comparison figures have been adjusted and also include guarantees issued directly by Bonava AB for the purpose of constituting collateral for amounts paid to the tenant-owner associations formed by Bonava Sverige AB.
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| No. unless otherwise stated | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec |
| Building rights | 35,300 | 31,800 | 35,300 | 31,800 |
| Of which, off-balance sheet building rights | 16,900 | 12,300 | 16,900 | 12,300 |
| Housing development for consumers | ||||
| Housing units sold | 1,140 | 1,206 | 4,267 | 3,854 |
| Sales value of housing units sold, SEK M | 3,737 | 3,843 | 13,058 | 12,479 |
| Housing starts | 1,428 | 2,365 | 3,732 | 4,193 |
| Housing units in ongoing production | 6,563 | 6,218 | 6,563 | 6,218 |
| Sales rate for ongoing production, % | 59 | 53 | 59 | 53 |
| Reservation rate for ongoing production, % | 3 | 3 | 3 | 3 |
| Completion rate for ongoing production, % | 44 | 49 | 44 | 49 |
| Completed housing units not recognised in profit | 247 | 573 | 247 | 573 |
| Housing units for sale (ongoing and completed) | 2,804 | 3,340 | 2,804 | 3,340 |
| Housing units recognised in profit | 1,457 | 1,878 | 3,712 | 4,295 |
| Value of sold housing units, not yet recognised in profit, SEK M | 14,548 | 12,558 | 14,548 | 12,558 |
| Housing development for investors | ||||
| Housing units sold | 437 | 820 | 1,028 | 1,714 |
| Sales value of housing units sold, SEK M | 1,782 | 2,375 | 2,870 | 4,373 |
| Housing starts | 632 | 820 | 1,223 | 1,517 |
| Housing units in ongoing production | 3,204 | 3,551 | 3,204 | 3,551 |
| Sales rate for ongoing production, % | 94 | 100 | 94 | 100 |
| Completion rate for ongoing production, % | 41 | 38 | 41 | 38 |
| Housing units recognised in profit | 895 | 742 | 1,566 | 1,519 |
| Value of sold housing units, not yet recognised in profit, SEK M | 7,157 | 7,861 | 7,157 | 7,861 |
| 2021 Oct–Dec |
2020 Oct–Dec |
2021 Jan–Dec |
2020 Jan–Dec |
|
|---|---|---|---|---|
| Number of housing units in production for consumers | ||||
| Housing units in ongoing production at start of period | 6,459 | 5,489 | 6,218 | 6,179 |
| Change in opening value | –1 | |||
| Housing starts | 1,428 | 2,365 | 3,732 | 4,193 |
| Housing units recognised in profit | –1,457 | –1,878 | –3,712 | –4,295 |
| Decrease (+)/increase (–) in completed housing units not recognised in profit | 133 | 242 | 326 | 141 |
| Housing units in ongoing production for consumers at end of period | 6,563 | 6,218 | 6,563 | 6,218 |
| Number of housing units in production for investors | ||||
| Housing units in ongoing production at start of period | 3,467 | 3,473 | 3,551 | 3,553 |
| Change in opening value¹⁾ | –4 | |||
| Housing starts | 632 | 820 | 1,223 | 1,517 |
| Housing units recognised in profit | –895 | –742 | –1,566 | –1,519 |
| Housing units in ongoing production for investors at end of period | 3,204 | 3,551 | 3,204 | 3,551 |
1) Change initiated by investors.
| Germany | 2021 Oct–Dec |
2020 Oct–Dec |
2021 Jan–Dec |
2020 Jan–Dec |
|---|---|---|---|---|
| no. unless otherwise stated | ||||
| Building rights | ||||
| Building rights | 9,700 | 8,400 | 9,700 | 8,400 |
| of which, off-balance sheet building rights | 4,500 | 2,600 | 4,500 | 2,600 |
| Housing development for consumers | ||||
| Net sales, SEK M | 2,985 | 2,754 | 6,331 | 5,843 |
| Housing units sold | 407 | 368 | 1,263 | 1,273 |
| Sales value of housing units sold, SEK M | 1,822 | 1,636 | 5,770 | 5,699 |
| Housing starts | 589 | 683 | 1,344 | 1,501 |
| Housing units in ongoing production | 2,521 | 2,595 | 2,521 | 2,595 |
| Sales rate for ongoing production, % | 57 | 62 | 57 | 62 |
| Completed housing units not recognised in profit | 22 | 53 | 22 | 53 |
| Housing units for sale (ongoing and completed) | 1,108 | 1,027 | 1,108 | 1,027 |
| Housing units recognised in profit | 685 | 612 | 1,449 | 1,350 |
| Housing development for investors | ||||
| Net sales, SEK M | 124 | 885 | 876 | 1,604 |
| Housing units sold | 80 | 256 | 146 | 332 |
| Sales value of housing units sold, SEK M | 288 | 840 | 474 | 1,066 |
| Housing starts | 80 | 256 | 146 | 304 |
| Housing units in ongoing production | 1,228 | 1,446 | 1,228 | 1,446 |
| Sales rate for ongoing production, % | 100 | 100 | 100 | 100 |
| Housing units recognised in profit | 48 | 367 | 364 | 680 |
| Average no. of employees during the financial year | 911 | 905 |
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| Sweden | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec |
| no. unless otherwise stated | ||||
| Building rights | ||||
| Building rights | 8,200 | 7,600 | 8,200 | 7,600 |
| of which, off-balance sheet building rights | 3,800 | 2,700 | 3,800 | 2,700 |
| Housing development for consumers | ||||
| Net sales, SEK M | 406 | 604 | 2,149 | 3,086 |
| Housing units sold | 181 | 167 | 693 | 625 |
| Sales value of housing units sold, SEK M | 791 | 678 | 2,846 | 2,565 |
| Housing starts | 244 | 193 | 711 | 504 |
| Housing units in ongoing production | 1,055 | 724 | 1,055 | 724 |
| Sales rate for ongoing production, % | 64 | 65 | 64 | 65 |
| Completed housing units not recognised in profit | 24 | 159 | 24 | 159 |
| Housing units for sale (ongoing and completed) | 398 | 380 | 398 | 380 |
| Housing units recognised in profit | 105 | 128 | 515 | 659 |
| Housing development for investors | ||||
| Net sales, SEK M | 534 | 119 | 965 | 374 |
| Housing units sold | 83 | 420 | 543 | |
| Sales value of housing units sold, SEK M | 137 | –4 | 795 | 948 |
| Housing starts | 83 | 420 | 374 | |
| Housing units in ongoing production | 794 | 914 | 794 | 914 |
| Sales rate for ongoing production, % | 100 | 100 | 100 | 100 |
| Housing units recognised in profit | 279 | 74 | 540 | 238 |
| Average no. of employees during the financial year¹⁾ | 223 | 188 |
1) The average number of employees for the preceding year was affected by short-time working during the second quarter.
| 2021 Oct–Dec |
2020 Oct–Dec |
2021 Jan–Dec |
2020 Jan–Dec |
|
|---|---|---|---|---|
| Nordic (Finland, Denmark and Norway) | ||||
| no. unless otherwise stated | ||||
| Building rights | ||||
| Building rights | 7,100 | 9,100 | 7,100 | 9,100 |
| of which, off-balance sheet building rights | 3,900 | 4,900 | 3,900 | 4,900 |
| Housing development for consumers | ||||
| Net sales, SEK M | 669 | 1,746 | 1,904 | 3,125 |
| Housing units sold | 229 | 314 | 784 | 927 |
| Sales value of housing units sold, SEK M | 713 | 1,169 | 2,713 | 3,092 |
| Housing starts | 248 | 386 | 779 | 653 |
| Housing units in ongoing production | 1,184 | 828 | 1,184 | 828 |
| Sales rate for ongoing production, % | 63 | 58 | 63 | 58 |
| Completed housing units not recognised in profit | 46 | 151 | 46 | 151 |
| Housing units for sale (ongoing and completed) | 472 | 480 | 472 | 480 |
| Housing units recognised in profit | 165 | 503 | 525 | 1,019 |
| Housing development for investors | ||||
| Net sales, SEK M | 1,107 | 417 | 1,306 | 1,106 |
| Housing units sold | 274 | 564 | 462 | 839 |
| Sales value of housing units sold, SEK M | 1,360 | 1,538 | 1,601 | 2,355 |
| Housing starts | 274 | 564 | 462 | 839 |
| Housing units in ongoing production | 987 | 1,027 | 987 | 1,027 |
| Sales rate for ongoing production, % | 100 | 100 | 100 | 100 |
| Housing units recognised in profit | 404 | 301 | 498 | 601 |
| Average no. of employees during the financial year¹⁾ | ||||
| 1) The average number of employees for the preceding year was affected by short-time working in Finland and Norway during the second quarter. | 369 | 374 | ||
| 2021 | 2020 | 2021 | 2020 | |
| St. Petersburg-Baltics (St. Petersburg, Estonia, Latvia and Lithuania) | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec |
| no. unless otherwise stated | ||||
| Building rights | ||||
| Building rights | 10,300 | 6,700 | 10,300 | 6,700 |
| of which, off-balance sheet building rights | 4,700 | 2,100 | 4,700 | 2,100 |
| Housing development for consumers | ||||
| Net sales, SEK M | 564 | 724 | 1,341 | 1,429 |
| Housing units sold | 323 | 357 | 1,527 | 1,029 |
| Sales value of housing units sold, SEK M Housing starts |
411 | 360 | 1,729 | 1,123 |
| Housing units in ongoing production | 347 | 1,103 | 898 | 1,535 |
| Sales rate for ongoing production, % | 1,803 | 2,071 | 1,803 | 2,071 |
| Completed housing units not recognised in profit | 57 | 37 | 57 | 37 |
| Housing units for sale (ongoing and completed) | 155 | 210 | 155 | 210 |
| Housing units recognised in profit | 826 | 1,453 | 826 | 1,453 |
| 502 | 635 | 1,223 | 1,267 | |
| Housing development for investors | ||||
| Net sales, SEK M | 147 | 147 | ||
| Housing units sold | ||||
| Sales value of housing units sold, SEK M | 4 | |||
| Housing starts | 195 | 195 | ||
| Housing units in ongoing production | 195 | 164 | 195 | 164 |
| Sales rate for ongoing production, % | 100 | 100 | ||
| Housing units recognised in profit | 164 | 164 | ||
| Average no. of employees during the financial year | 545 | 524 |
| 2021 | 2020 | |
|---|---|---|
| 31 Dec | 31 Dec | |
| Return on capital employed, %¹⁾²⁾ | 9.6 | 7.9 |
| Interest coverage ratio, multiple¹⁾ | 7.7 | 8.3 |
| Equity/assets ratio, % | 35.1 | 34.6 |
| Interest-bearing liabilities/total assets, % | 18.9 | 20.6 |
| Net debt | 3,313 | 3,311 |
| Debt/equity ratio, multiple | 0.4 | 0.4 |
| Capital employed | 12,794 | 12,640 |
| Capital employed, average | 12,677 | 13,953 |
| Capital turnover rate, multiple¹⁾ | 1.2 | 1.2 |
| Share of risk-bearing capital, % | 35.6 | 35.2 |
| Ordinary dividend, SEK per share | 3.25 | |
| Extraordinary dividend, SEK per share | 2.00 | |
| Average interest rate at period-end, %³⁾ | 2.38 | 2.18 |
| Average fixed-rate term, years³⁾ | 0.2 | 0.1 |
| Average interest rate at period-end, %⁴⁾ | 1.65 | 1.50 |
| Average fixed-rate term, years⁴⁾ | 0.2 | 0.3 |
1) Calculated on rolling 12-month basis.
2) Before items affecting comparability.
3) Excluding loans in Swedish tenant-owner associations, Finnish housing companies and leases.
4) Pertains to loans in Swedish tenant-owner associations and Finnish housing companies.
| Average rate | Rate on balance sheet date | ||||
|---|---|---|---|---|---|
| Text | 31 Dec 2021 | 31 Dec 2020 | 31 Dec 2021 | 31 Dec 2020 | |
| DKK | 1.36 | 1.41 | 1.38 | 1.35 | |
| EUR | 10.15 | 10.49 | 10.26 | 10.05 | |
| NOK | 1.00 | 0.98 | 1.03 | 0.95 | |
| RUB | 0.12 | 0.13 | 0.12 | 0.11 |
Key performance indicators per quarter and full-year are available at bonava.com/en/investor-relations. There are also definitions of key performance indicators and reporting of Bonava's alternative key performance indicators.
"We create happy neighbourhoods for the many"
Bonava is a leading residential developer in Northern Europe. With our 2,100 employees, Bonava has operations in Germany, Sweden, Finland, Denmark, Norway, St. Petersburg, Estonia, Latvia, and Lithuania. Germany is our largest market
Bonava focuses on 22 major city regions with pronounced growth and stable local labour markets, which generates demand for new housing over time. We develop buildable land into affordable and sustainable neighbourhoods, where the housing units are adapted to customers' wants and needs as well as the unique circumstances of each location. Bonava provides multi-family and single-family housing units, and develops homes for consumers and investors, such as pension funds, alongside municipalities and other stakeholders. Bonava thus creates new and vibrant neighbourhoods.
Bonava's share and green bond are listed on Nasdaq Stockholm.
22 REGIONS
2,100 EMPLOYEES
17 SEK BN NET SALES 2020
Lars Granlöf, CFO [email protected], +46 790 631 609
Anna Falck Fyhrlund, Head of Investor Relations [email protected], +46 707 604 914
This information is such that Bonava AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was issued for publication through the agency of the contact persons set out above on 3 February 2022, at 7:00 a.m.
Peter Wallin, President and CEO, and Lars Granlöf, CFO, will present the report on 3 February 2022 at 9:00 a.m. CEST.
Follow the webcast live at: https://bonava.videosync.fi/2022-02-03-q4_2021
To participate in the telephone conference, please call one of the following telephone numbers a few minutes prior to the start of the presentation:
SE: +46 856642651, DE: +49 6913803430, UK: +44 3333000804 or US: +1 6319131422 Enter code: 73694087#
The presentation material will be available for download from bonava.com ahead of the presentation.
Bonava AB (publ), Corp. Reg. No.: 556928-0380 Lindhagensgatan 72, SE-112 18 Stockholm, Sweden Tel: +46 8 409 544 00 bonava.com
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