Quarterly Report • Apr 25, 2019
Quarterly Report
Open in ViewerOpens in native device viewer
| 2019 Jan–Mar |
2018 Jan–Mar |
Apr 2018– Mar 2019 |
2018 Jan–Dec |
|
|---|---|---|---|---|
| Net sales | 2,837 | 1,639 | 15,207 | 14,008 |
| Operating profit | 165 | 43 | 1,777 | 1,654 |
| Operating margin, % | 5.8 | 2.6 | 11.7 | 11.8 |
| Profit after financial items | 134 | 3 | 1,644 | 1,513 |
| Profit for the period after tax | 100 | 2 | 1,363 | 1,265 |
| Earnings per share, SEK1) | 0.93 | 0.02 | 12.65 | 11.74 |
| Cash flow before financing | –1,095 | –774 | –1,085 | –764 |
| Net debt2) | 7,031 | 4,939 | 7,031 | 5,542 |
| Capital employed at period end3) | 14,998 | 12,023 | 14,998 | 13,332 |
| Return on capital employed, %4) | 13.2 | 12.2 | 13.2 | 12.8 |
| Equity/assets ratio, % | 33.1 | 33.0 | 33.1 | 34.9 |
| Number of housing units sold in the period | 731 | 702 | 6,038 | 6,009 |
| Sales value of housing units sold in the period | 1,839 | 1,601 | 15,157 | 14,919 |
| Number of housing starts in the period | 723 | 219 | 6,982 | 6,478 |
| Number of housing units in production at period end | 10,212 | 9,583 | 10,212 | 10,712 |
| Sales rate for ongoing production, % | 66 | 72 | 66 | 68 |
| Value of sold housing units, not yet recognised for profit, SEK Bn | 20.2 | 19.5 | 20.2 | 21.1 |
| Number of housing units recognised for profit in the period | 1,268 | 571 | 5,922 | 5,225 |
1) Before and after dilution.
2) Net debt as of 31 March 2019, excluding effects from IFRS 16 Leases, was SEK 6,638 M.
3) Capital employed at period end 31 March 2019, excluding effects from IFRS 16 Leases, was SEK 14,606 M.
4) Calculated on rolling 12-month basis.
For definitions of key ratios, see bonava.com/en/investor-relations/financial-information
We have had a good start to the year. We are continuing to grow in Germany and the new merged segment St. Petersburg–Baltics reported a strong result. The Swedish market is challenging, and despite increased sales of housing units in the quarter we expect it to take some time before the market heads up again. In the Nordic segment, we have sold more housing units in total with increased profit in year-on-year terms despite a cautious market in Finland.
Demand for housing units remained high and the number of housing units sold increased to 731 (702) in the quarter. Net sales totalled SEK 2,837 M (1,639), an increase of 73 per cent. Operating profit was SEK 165 M (43). We currently have 10,212 (9,583) housing units in production with a good sales rate of 66 (72) per cent.
Bonava's business model of operating on several geographical markets and a dual focus on consumers and investors enables us to balance the operational risks effectively, but we are not unaffected by market conditions.
In Germany, demand remains positive. However, we are noticing that some projects are at risk of being delayed when planning permission takes longer to receive as a result of the authorities are struggling to keep up with the rapid rate of construction. This delays the reported number of housing units sold as we do not recognise projects as sold until production has started.
On the Swedish market, there is a surplus of new build apartments in some areas and we have reviewed pricing to align with our customers. However, there are also positive examples. We recently started sales of single-family houses in the Ältadalen area south of Stockholm. These housing units were in high demand and sold at good margins. In the Nordic segment, market conditions are challenging in Denmark and Finland, areas where supply outstrips demand. The St. Petersburg–Baltics market is stable with positive demand for Bonava's housing units.
Bonava's ambition is to offer affordable homes for the many, and to do this we need to continuously improve our ways of working. We are managing to build single-family houses efficiently, which benefits both customers and Bonava. In Germany, we are already skilled at efficient construction, which is a major reason behind our success on this market. We are learning valuable lessons from successful projects, and apply these to other types of housing and markets.
I take a positive view of Bonava's long-term progress, but we face challenges on our markets that need to be managed as we go. There are no simple solutions, but we are working methodically to industrialise, modularise and simplify our processes, which will increase our productivity over time.
Joachim Hallengren, President and CEO
JOACHIM HALLENGREN, PRESIDENT AND CEO
Bonava develops and sells homes across 23 regions in eight countries. Bonava's selected geographical markets are Germany, Sweden, Finland, Denmark, Norway, St. Petersburg, Estonia and Latvia. Bonava focuses on major city regions with pronounced growth and with stable local labour markets, which generates demand for new housing over time. Bonava develops land into affordable and sustainable neighbourhoods, where housing is adapted to customers'
We create happy neighbourhoods where people have the highest quality of life.
We challenge ourselves every day to change the housing game, creating better homes and lives for the many.
wants and needs, as well as the unique circumstances of each location. Bonava provides multi-family housing and single-family housing, and develops homes for consumers and investors, such as pension funds, alongside municipalities and other stakeholders. That is how Bonava helps to create new and vibrant neighbourhoods.
Bonava has created homes and neighbourhoods since the 1930s and has been listed on Nasdaq Stockholm Large Cap since 2016.
Return on capital employed (%), target 10–15% 20 %
Equity/assets ratio (%), target >30% Earnings per share, SEK
At least 40 per cent of consolidated profit after tax should be distributed to shareholders
By 2020, 50 per cent of Bonava's production starts of housing units shall be in the affordable segment.
certification or labelling.
The long term goal of Zero-Harm means that no person, whether an employee, subcontractor, member of the public or customer should be harmed or become ill because of Bonava's workplaces.
Germany, 40% Sweden, 26% Nordic, 26% St. Petersburg–Baltics, 8% Net sales per segment rolling 12 month NORDIC GERMANY ST. PETERSBURG– BALTICS SWEDEN Germany, 42% Sweden, 36% Germany, 42% Sweden, 36% Nordic, 12% St. Petersburg–Baltics, 10% Operating profit per segment rolling 12 month* * Excluding parent company and eliminations
New production of housing units has increased on Bonava's markets in recent years, while favourable macroeconomic and demographic conditions have boosted demand for new production. In the last five years, investments in new production increased by over 25 percent in the EU and total investments amounted to EUR 316 Bn (312) in 20181). More than 90 per cent of Bonava's net sales in 2018 were derived from Germany, Sweden, Finland, Denmark and Norway. Investments on these markets have increased in recent years, and investments in new production totalled EUR 98 Bn (95) on these markets in 2018. In the last five years, investments increased most in Germany, Sweden and Denmark.
Growth on the German housing market continued in the quarter, with stable house prices and positive demand from consumers. The housing market in Sweden was challenging in the quarter, and no improvement in market conditions is expected in the short term. In Finland, the housing market slowed slightly due to a large supply of new built apartments. In the quarter, there was strong demand for housing units from consumers in St. Petersburg–Baltics. Demand from investors remained strong in all segments.
1) Estimated value of investments in all housing projects in EUR Bn. Euroconstruct, report 86, 2018.
As of 1 January 2019, Bonava has adjusted the segment reporting (comparative numbers have been restated), refer to note 1 and 2. Bonava also applies IFRS 16 Leases as of 1 January 2019, refer to note 1 and 5 for more information.
Net sales
Net sales amounted to SEK 2,837 M (1,639). The increase was due to higher net sales from both consumers and investors.
In the quarter, 1,037 (571) housing units for consumers were recognised for profit, with net sales of SEK 2,358 M (1,485). The average price per housing unit for consumers was SEK 2.3 M (2.6). The decrease is due to more housing units recognised for profit in St. Petersburg–Baltics.
During the quarter, 231 (0) housing units for investors were recognised for profit at an average price per housing unit of SEK 2.0 M (0,0). Net sales amounted to SEK 468 M (0).
Net sales from land totalled SEK 2 M (142). Exchange rate fluctuations had a positive impact of SEK 58 M on consolidated net sales in year-on-year terms.
Operating profit for the period was SEK 165 M (43). The increase was due to higher profit from consumers and investors. Profit from land sales amounted to SEK 0 M (61).
Exchange rate fluctuations had a negative impact on operating profit of SEK –1 M in year-on-year terms.
Net financial items, tax and profit for the period
Net financial items were SEK –32 M (–40). The improvement was due to decreased borrowing in roubles at a lower interest rate.
Profit after financial items for the first quarter was SEK 134 M (3). Tax on profit for the period was SEK –34 M (–1), corresponding to a tax rate of 25 (22) per cent.
Profit for the period after tax amounted to SEK 100 M (2).
Net sales and operating margin Operating profit and operating margin
| 2019 Jan–Mar |
2018 Jan–Mar |
Apr 2018– Mar 2019 |
2018 Jan–Dec |
|
|---|---|---|---|---|
| Net sales per segment | ||||
| Germany | 703 | 393 | 6,046 | 5,736 |
| Sweden | 788 | 739 | 4,025 | 3,976 |
| Nordic | 799 | 349 | 3,938 | 3,488 |
| St. Petersburg–Baltics | 547 | 160 | 1,195 | 808 |
| Parent company and eliminations | –2 | 2 | ||
| Total | 2,837 | 1,639 | 15,207 | 14,008 |
| 2019 Jan–Mar |
2018 Jan–Mar |
Apr 2018– Mar 2019 |
2018 Jan–Dec |
|
|---|---|---|---|---|
| Operating profit per segment | ||||
| Germany | 28 | –15 | 838 | 796 |
| Sweden | 91 | 137 | 715 | 761 |
| Nordic | 2 | –47 | 245 | 196 |
| St. Petersburg–Baltics | 105 | 20 | 193 | 108 |
| Parent company and eliminations | –60 | –51 | –215 | –206 |
| Total | 165 | 43 | 1,777 | 1,654 |
Total assets were SEK 22,865 M (20,498). The increase was primarily due to a higher volume of ongoing housing projects and more completed housing units.
Distribution of assets
Net debt amounted to SEK 7,031 M (4,939). Swedish tenant-owner associations and Finnish housing companies had a total net debt of SEK 4,881 M (5,416), of which SEK 1,122 M (1,098) related to financing via parent company credit facilities directly attributable to Swedish tenant-owner associations.
Consolidated net debt (prior year net cash) for other operations was SEK 2,150 M (–477).
Net debt was up on the previous year, mainly due to net investments in housing projects in the quarter. As of 31 December 2018, net debt amounted to SEK 5,542 M. Net debt excluding effects from IFRS 16 Leases amounted to SEK 6,638 M. Refer to note 1 and 5 for more information.
Net debt
(12,023) at the end of the period. Capital employed was up as a result of increased volumes in ongoing housing production in all segments with the exception of Sweden, and an increase in completed housing units in Sweden and Nordic. As of 31 December 2018, capital employed amounted to SEK 13,332 M. Excluding the effects of IFRS 16 Leases, capital employed was SEK 14,606 M at the end of the period, and return on capital employed was 13.2 per cent.
As of 31 March 2019, the equity/assets ratio was 33.1 per cent (33.0). Bonava's equity/assets ratio is affected by seasonal fluctuations as the company's assets and liabilities increase in the first three quarters of the year and then decrease in the fourth quarter, when a large number of housing units are handed over to customers and recognised for profit. The debt/equity ratio was 0.9 (0.7).
Cash flow before financing was SEK –1,095 M (–774) in the quarter. Cash flow from operating activities before changes in working capital was up in the quarter year-on-year. This was due to increased profit after financial items plus positive exchange rate effects in the quarter. To some extent, this was offset by higher taxes paid.
Cash flow from sales of housing projects increased compared to the corresponding period in the previous year, due to increased number of housing units recognised for profit in all business areas, mainly Nordic and St. Petersburg–Baltics. Investments in housing projects increased in all business areas, mainly Sweden and Nordic.
Cash flow from changes in other working capital was lower because cash flow from customer advances decreased in all business areas with the exception of Sweden. This was offset slightly by increased accounts payable in Germany.
Cash flow before financing
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, as illustrated on page 9 in the graphs showing estimated completions per quarter.
In the quarter, 731 (702) housing units were sold to consumers and 0 (0) housing units were sold to investors. Sales to consumers increased in all segments with the exception of Germany, which was down on the previous year. The average price for housing units sold to consumers increased to SEK 2.5 M (2.3), as prices increased for
all segments with the exception of St. Petersburg–Baltics. In the period, 723 (219) housing units were started for consumers and 0 (0) housing units were started for investors. The total number of production starts increased mainly in St. Petersburg–Baltics in year-on-year terms.
| 2019 | 2018 | 2018 | |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Housing units for consumers sold in the period | 731 | 702 | 3,906 |
| Housing units for investors sold in the period | 2,103 | ||
| Total housing units sold in the period | 731 | 702 | 6,009 |
| Sales value of housing units for consumers sold in the period | 1,839 | 1,601 | 10,223 |
| Sales value of housing units for investors sold in the period | 4,696 | ||
| Total housing units sales value sold in the period | 1,839 | 1,601 | 14,919 |
| Housing starts for consumers in the period | 723 | 219 | 4,375 |
| Housing starts for investors in the period | 2,103 | ||
| Number of housing starts in the period | 723 | 219 | 6,478 |
| Housing units in ongoing production for consumers at period end | 6,990 | 6,547 | 7,259 |
| Housing units in ongoing production for investors at period end | 3,222 | 3,036 | 3,453 |
| Total number housing units in production at period end | 10,212 | 9,583 | 10,712 |
| Sales rate for ongoing production, % | 66 | 72 | 68 |
| Reservation rate for ongoing production, % | 4 | 3 | 3 |
| Sold and reserved housing units in ongoing production, % | 70 | 75 | 71 |
At the end of the period, there were 6,990 (6,547) housing units for consumers and 3,222 (3,036) housing units for investors in production. As of 31 March 2019, the sales rate was 51 per cent (59) for housing units for consumers and 100 per cent (100) for housing units for investors. At period end, the completion rates were 47 per cent (48) for consumers and 34 per cent (43) for investors.
There were 31,500 (31,900) building rights, of which 15,900 (18,000) were recognised in the Balance Sheet.
The number of unsold completed housing units at period end was 402 (269). All these housing units were for consumers, with Sweden and Nordic providing the increase.
Number of housing units in production and percentage of sold housing units
The figure illustrates the number of housing units in production per quarter and the share of housing units sold.
The figures illustrate estimated completions of housing units for consumers and housing units for investors that have not yet been recognised for profit. The curves illustrate the sold portion. In yearon-year terms, there are more housing units to complete from the second quarter 2019 onwards. Of the total number of housing units not yet completed, 44 per cent (53) is expected to be completed in 2019.
Total value of sold housing units in production and sold completed housing units (units not yet recognised for profit) on 31 March 2019, was SEK 13.4 Bn for consumers and SEK 6.7 Bn for investors.
Bonava's operations are exposed to several types of risk, both operational and financial. Operational risks impact the Group's daily operations. This type of risk may relate to investments in land, project development, seasonal exposure or assessment of the earnings capacity of projects.
Operational risks are managed as part of the internal corporate governance process established by Bonava. The business units assess and manage risk through operational systems as well as specific processes and procedures.
The Group's financial risks such as interest rate, currency, re financing, liquidity and credit risks are managed centrally by the Group's Treasury Department in order to minimise and control Bonava's risk exposure in accordance with the Finance Policy.
Customer credit risk is managed by the individual business unit. A centralised insurance function is responsible for Group-wide non-life and liability insurance, primarily property and contractor's insurance. This function also conducts preventative risk management alongside the business units, implying cost-efficient and coordinated insurable risks. The risk that Bonava may fail to comply with the company's Code of Conduct is managed by the CSR Compliance function.
For more information, see Risks and risk management on pages 67–69 of Bonava's Annual Report 2018 at www.bonava.com.
The Group's average number of employees was 1,992 (1,740) in the period.
Bonava has two classes of share, class A and class B. The closing price on 29 March 2019 was SEK 117.50 per class A share and SEK 116.90 per class B share, corresponding to market capitalisation of SEK 12.6 Bn.
Bonava's share capital was SEK 434 M on the reporting date, divided between 108,435,822 shares and 225,513,672 votes. Bonava had 13,108,650 class A shares and 95,372,172 class B shares as of 29 March 2019. Each class A share carries ten votes and each class B share one vote.
Bonava had 30,508 (33,888) shareholders at the end of the quarter. Bonava's largest shareholder was Nordstjernan AB.
As of 29 March 2019, the ten largest shareholders controlled 72.7 per cent of the capital and 67.7 per cent of the votes.
Effective 9 June 2016, NCC AB distributed all the shares in Bonava AB to the shareholders. NCC AB remains a minority owner of Bonava Deutschland GmbH, but Bonava holds the option to acquire NCC AB's participations in 2021. According to a profit sharing agreement, NCC AB will waive dividend and receive an annual compensation of EUR 1.3 M until the agreement is cancelled, which may occur five years from entering the agreement at the earliest. The agreed profit sharing, representing a debt of SEK 27 M to NCC AB, has been reported at an amount corresponding to the fair value of two years' payments.
As of 1 January 2019, Bonava adjusted its segment breakdown. The segments Denmark-Norway and Finland were merged into the new Nordic segment. Operations in Estonia and Latvia have been merged with St. Petersburg in the new St. Petersburg–Baltics segment. The segments Germany and Sweden remain unchanged. Comparative figures have been restated.
The Annual General Meeting (AGM) in Bonava AB (publ) was held on 10 April. Mikael Norman, Viveca Ax:son Johnson, Carl Engström, Åsa Hedenberg, Samir Kamal, Frank Roseen and Anna Wallenberg were elected as Board members. The AGM elected Mikael Norman as new Chairman of the Board.
The AGM authorized proposed dividend to shareholders of SEK 5.20 per share, to be paid on two occasions, in April and October.
Carl Rietz was appointed new member of executive management with responsibility for operational excellence within production and design.
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 errors may occur.
| No. of class A shares |
No. of class B shares |
Holding, % | Votes, % | |
|---|---|---|---|---|
| Nordstjernan AB | 10,000,000 | 10,323,759 | 18.7 | 48.7 |
| AMF – Försäkring och Fonder | 0 | 13,698,685 | 12.6 | 6.1 |
| SEB Investment Management | 0 | 8,456,649 | 7.8 | 3.7 |
| Swedbank Robur fonder | 128,119 | 8,084,570 | 7.6 | 4.1 |
| Lannebo fonder | 0 | 7,193,067 | 6.6 | 3.2 |
| Länsförsäkringar fondförvaltning AB | 0 | 5,295,959 | 4.9 | 2.3 |
| Fjärde AP-fonden | 3,343 | 3,454,580 | 3.2 | 1.5 |
| State Street Bank and Trust Co | 5,435 | 2,423,992 | 2.2 | 1.1 |
| Carnegie fonder | 0 | 2,250,000 | 2.1 | 1.0 |
| Afa försäkring | 0 | 2,129,519 | 2.0 | 1.0 |
| Total, ten largest shareholders | 10,136,897 | 63,310,780 | 67.7 | 72.7 |
| Other | 2,971,753 | 32,016,392 | 32.3 | 27.3 |
| Total | 13,108,650 | 95,327,172 | 100.0 | 100.0 |
Sweden comprises offerings to consumers and investors including multi-family houses and single-family homes ocated in Stockholm, Gothenburg, Linköping, Uppsala and Umeå.
RÖNNEN, ÄLTADALEN Project start: Q1 2019 Location: Nacka, Sweden Housing category: Owner-occupier Number of housing units: 13
The houses in the Rönnen neighbourhood are spacious and modern. The living space is spread out over two well-planned floors in a Nordic Swan eco-labelled and energyefficient home. The area is within walking distance of nature and an easy commute to the city centre, providing residents with the best of both worlds.
St. Petersburg–Baltics comprises operations in St. Petersburg in Russia and in Estonia and Latvia. The offering focuses on multi-family houses to consumers and investors.
STARKU STREET Project start: Q1 2019 Location: Riga, Latvia Housing category: Multi-family housing Number of housing units: 116
Apartments for people with an active lifestyle, young families or those who want an affordable home close to the city centre. The housing units offer good storage space, garages and a communal area with an outdoor gym and a playground.
The housing market in Germany was strong in the quarter, with stable house prices and steadily increasing demand from consumers.
Net sales amounted to SEK 703 M (393). The increase was due to higher net sales from consumers and investors. In the quarter, 137 (99) housing units for consumers were recognised for profit, with net sales of SEK 544 M (374). The average price per housing unit for consumers recognised for profit was SEK 4.0 M (3.8). For investors, 80 (0) housing units were recognised for profit, with net sales of SEK 158 M (0). The average price per housing unit for investors recognised for profit was SEK 2.0 M (0.0).
Operating profit improved in Germany due to more housing units for consumers and investors recognised for profit in year-on-year terms. No sales of land occurred during the year. Bonava sold a small land parcel during last year, generating profit of SEK 9 M.
Net sales and operating margin
Capital employed and return on capital employed Capital employed increased year-on-year due to more ongoing housing projects. Return on capital employed increased year-onyear as a result of the improved profit.
| 2019 Jan–Mar |
2018 Jan–Mar |
2018 Jan–Dec |
|
|---|---|---|---|
| Key performance indicators | |||
| Net sales | 703 | 393 | 5,736 |
| Operating profit | 28 | –15 | 796 |
| Operating margin, % | 3.9 | –3.8 | 13.9 |
| Capital employed at period end | 4,811 | 3,438 | 3,985 |
| Return on capital employed, % | 20.9 | 19.4 | 21.8 |
| Average no. of employees | 866 | 832 | 847 |
| Building rights | |||
| Number of building rights at period end | 8,300 | 8,400 | 7,400 |
| of which off-balance sheet building rights | 2,800 | 3,200 | 2,700 |
| Housing development for consumers | |||
| Number of housing units sold in the period | 161 | 210 | 1,563 |
| Sales value of housing units sold in the period | 659 | 698 | 5,521 |
| Number of housing starts in the period | 66 | 113 | 2,061 |
| Number of housing units in production at period end | 2,852 | 2,110 | 2,932 |
| Sales rate for ongoing production, % | 62 | 72 | 59 |
| Number of housing units recognised for profit in the period | 137 | 99 | 1,246 |
| Housing development for investors | |||
| Number of housing units sold in the period | 873 | ||
| Sales value of housing units sold in the period | 2,357 | ||
| Number of housing starts in the period | 873 | ||
| Number of housing units in production at period end | 1,624 | 1,479 | 1,704 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Number of housing units recognised for profit in the period | 80 | 648 |
Sverige, 26% Nordic, 26% S:t Petersburg-Baltikum, 8% Share of operating profit, rolling 12-months
The Swedish housing market remained challenging in the quarter.
Net sales Net sales amounted to SEK 788 M (739). The increase was due to higher net sales from consumers and investors. In the quarter, 152 (184) housing units for consumers were recognised for profit, with net sales of SEK 689 M (613). The average price per housing unit for consumers recognised for profit was SEK 4.5 M (3.3). The increased average price was due to more single family houses and housing units in the Stockholm region recognised for profit in the
period. For investors, 49 (0) housing units were recognised for profit, with net sales of SEK 99 M (0). The average price per housing unit for investors recognised for profit was SEK 2.0 M (0.0).
Operating profit amounted to SEK 91 M (137). The decrease was mainly due to no land sales being completed in the period; profit from land sales was SEK 52 M in the previous year.
Net sales and operating margin
Capital employed and return on capital employed Capital employed was up slightly on the previous year due to more housing units completed. Return on capital employed decreased year-on-year as a result of the lower operating profit.
| 2019 | 2018 | 2018 | |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Key performance indicators | |||
| Net sales | 788 | 739 | 3,976 |
| Operating profit | 91 | 137 | 761 |
| Operating margin, % | 11.5 | 18.5 | 19.1 |
| Capital employed at period end | 5,130 | 5,024 | 5,164 |
| Return on capital employed, % | 14.3 | 16.9 | 14.8 |
| Average no. of employees | 210 | 181 | 189 |
| Building rights | |||
| Number of building rights at period end | 7,500 | 7,700 | 7,400 |
| of which off-balance sheet building rights | 4,600 | 4,800 | 5,100 |
| Housing development for consumers | |||
| Number of housing units sold in the period | 93 | 42 | 233 |
| Sales value of housing units sold in the period | 390 | 167 | 1,037 |
| Number of housing starts in the period | 13 | 61 | 269 |
| Number of housing units in production at period end | 1,153 | 1,882 | 1,342 |
| Sales rate for ongoing production, % | 40 | 51 | 39 |
| Number of housing units recognised for profit in the period | 152 | 184 | 775 |
| Housing development for investors | |||
| Number of housing units sold in the period | 423 | ||
| Sales value of housing units sold in the period | 948 | ||
| Number of housing starts in the period | 423 | ||
| Number of housing units in production at period end | 590 | 538 | 639 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Number of housing units recognised for profit in the period | 49 | 322 |
Sverige, 26% Nordic, 26% S:t Petersburg-Baltikum, 8% Share of operating profit, rolling 12-months
The housing market in Finland slowed due to a large supply of new apartments available for sale coupled with a weaker outlook for the Finnish economy. In Denmark, the trend turned down slightly with lower sales and increased supply in Bonava's areas. In Norway, progress was stable.
Net sales amounted to SEK 799 M (349). The increase was due to higher net sales from consumers and investors. In the quarter, 229 (164) housing units for consumers were recognised for profit, with net sales of SEK 584 M (347). The average price per housing unit for consumers recognised for profit was SEK 2.5 (2.1). The increased average price was due to more housing units recognised for profit in Denmark at a high average price.
For investors, 102 (0) housing units were recognised for profit, with net sales of SEK 210 M (0). The average price per housing unit for investors recognised for profit was SEK 2.0 M (0.0).
Sales of land totalled SEK 2 M (0).
Operating profit amounted to SEK 2 M (–47). The increase was due to more housing units for consumers and investors recognised for profit in year-on-year terms.
Capital employed and return on capital employed Capital employed increased year-on-year due to more ongoing housing projects and completed housing units. Return on capital employed increased year-on-year due to improved profit.
| 2019 | 2018 | 2018 | |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Key performance indicators | |||
| Net sales | 799 | 349 | 3,488 |
| Operating profit | 2 | –47 | 196 |
| Operating margin, % | 0.2 | –13.5 | 5.6 |
| Capital employed at period end | 3,705 | 2,467 | 2,986 |
| Return on capital employed, % | 8 | 4.2 | 7.1 |
| Average no. of employees | 388 | 293 | 338 |
| Building rights | |||
| Number of building rights at period end | 10,400 | 9,600 | 10,000 |
| of which off-balance sheet building rights | 6,600 | 5,100 | 6,600 |
| Housing development for consumers | |||
| Number of housing units sold in the period | 170 | 157 | 884 |
| Sales value of housing units sold in the period | 464 | 418 | 2,410 |
| Number of housing starts in the period | 53 | 1,108 | |
| Number of housing units in production at period end | 1,316 | 1,173 | 1,531 |
| Sales rate for ongoing production, % | 48 | 59 | 46 |
| Number of housing units recognised for profit in the period | 229 | 164 | 887 |
| Housing development for investors | |||
| Number of housing units sold in the period | 723 | ||
| Sales value of housing units sold in the period | 1,319 | ||
| Number of housing starts in the period | 723 | ||
| Number of housing units in production at period end | 924 | 1,019 | 1,026 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Number of housing units recognised for profit in the period | 102 | 716 |
Sverige, 26% Nordic, 26% S:t Petersburg-Baltikum, 8% Share of operating profit, rolling 12-months
St. Petersburg, Estonia and Latvia
House prices in St. Petersburg were stable in the quarter and demand from consumers was good. The markets in Estonia and Latvia were stable.
Net sales
Net sales amounted to SEK 547 M (160). The increase was due to higher net sales from consumers. In the quarter, 519 (124) housing units for consumers were recognised for profit, with net sales of SEK 542 M (152). The average price per housing unit for consumers recognised for profit was SEK 1.0 (1.2). The lower average price was due to more housing units in Latvia recognised for profit in the period.
Operating profit amounted to SEK 105 M (20). The increase was due to more housing units for consumers recognised for profit in year-on-year terms.
Capital employed and return on capital employed Capital employed decreased year-on-year, mainly due to increased customer advances. Return on capital employed increased year-onyear as a result of the improved profit and lower capital employed.
| 2019 | 2018 | 2018 | |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Key performance indicators | |||
| Net sales | 547 | 160 | 808 |
| Operating profit | 105 | 20 | 108 |
| Operating margin, % | 19.2 | 12.2 | 13.4 |
| Capital employed at period end | 1,187 | 1,370 | 1,118 |
| Return on capital employed, % | 15.5 | 9.8 | 8.4 |
| Average no. of employees | 447 | 356 | 400 |
| Building rights | |||
| Number of building rights at period end | 5,300 | 6,200 | 5,800 |
| of which off-balance sheet building rights | 1,600 | 800 | 900 |
| Housing development for consumers | |||
| Number of housing units sold in the period | 307 | 293 | 1,226 |
| Sales value of housing units sold | 326 | 318 | 1,257 |
| Number of housing starts in the period | 591 | 45 | 937 |
| Number of housing units in production at period end | 1,669 | 1,382 | 1,454 |
| Sales rate for ongoing production, % | 43 | 50 | 58 |
| Number of housing units recognised for profit in the period | 519 | 124 | 631 |
| Housing development for investors | |||
| Number of housing units sold in the period | 84 | ||
| Sales value of housing units sold | 71 | ||
| Number of housing starts in the period | 84 | ||
| Number of housing units in production at period end | 84 | 84 | |
| Sales rate for ongoing production, % | 100 | 100 | |
| Number of housing units recognised for profit in the period |
Sverige, 26% Nordic, 26% Share of operating profit, rolling 12-months
| Note 1 |
2019 Jan–Mar |
2018 Jan–Mar |
Apr 2018– Mar 2019 |
2018 Jan–Dec |
|
|---|---|---|---|---|---|
| Net sales | 2 | 2,837 | 1,639 | 15,207 | 14,008 |
| Production costs | –2,442 | –1,378 | –12,515 | –11,452 | |
| Gross profit | 395 | 261 | 2,691 | 2,557 | |
| Selling and administrative expenses | –230 | –218 | –914 | –903 | |
| Operating profit | 2 | 165 | 43 | 1,777 | 1,654 |
| Financial income | 2 | 2 | 8 | 9 | |
| Financial expenses | –33 | –42 | –141 | –150 | |
| Net financial items | –32 | –40 | –132 | –141 | |
| Profit after financial items | 2 | 134 | 3 | 1,644 | 1,513 |
| Tax on profit for the period | –34 | –1 | –282 | –249 | |
| Profit for the period | 100 | 2 | 1,363 | 1,265 | |
| Attributable to: | |||||
| Bonava AB's shareholders | 100 | 2 | 1,363 | 1,265 | |
| Non-controlling interest | |||||
| Profit for the period | 100 | 2 | 1,363 | 1,265 | |
| Per share data before and after dilution | |||||
| Earnings per share, SEK | 0.93 | 0.02 | 12.65 | 11.74 | |
| Cash flow from operating activities, SEK | –10.06 | –6.93 | –8.97 | –5.84 | |
| Shareholders' equity, SEK | 70.35 | 62.70 | 70.35 | 68.36 | |
| No. of shares at the end of the period, million1) | 107.6 | 107.9 | 107.7 | 107.6 |
1) The total number of shares repurchased as of 31 March 2019 was 815,061 (549,200).
Bonava's business model and the agreement structure of housing projects mean that control is transferred to the buyer at the time of handover of the housing unit or project. This means that Bonava fulfills the obligation to transfer the housing unit or project upon handover and recognises revenue and profit from sales of housing projects in full at this point. No revenue is recognised on the basis of forecast sales of housing projects. This applies to both housing units for consumers and investors.
Because Bonava appoints a majority of Board members in tenant-owner 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.
Because tenant-owner associations and housing companies are consolidated in full, Bonava's net debt increases, as interest-bearing liabilities attributable to Swedish tenant-owner associations and Finnish housing companies constitute material amounts. See note 3 for more information.
| Note 1 |
2019 Jan–Mar |
2018 Jan–Mar |
Apr 2018– Mar 2019 |
2018 Jan–Dec |
|
|---|---|---|---|---|---|
| Profit for the period | 100 | 2 | 1,363 | 1,265 | |
| Items that have been or may be reclassified to profit or loss for the period |
|||||
| Translation differences during the period in translation of foreign operations |
110 | 126 | 28 | 44 | |
| Other comprehensive income for the period | 110 | 126 | 28 | 44 | |
| Comprehensive income for the period | 210 | 128 | 1,391 | 1,309 | |
| Attributable to: | |||||
| Bonava AB's shareholders | 210 | 128 | 1,391 | 1,309 | |
| Non-controlling interest | |||||
| Comprehensive income for the period | 210 | 128 | 1,391 | 1,309 |
| Note 1, 4, 5, 6 |
2019 31 Mar |
2018 31 Mar |
2018 31 Dec |
|
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | 1,070 | 738 | 720 | |
| Current assets | ||||
| Properties held for future development | 6,417 | 6,250 | 5,720 | |
| Ongoing housing projects | 11,635 | 10,760 | 11,381 | |
| Completed housing units | 1,780 | 844 | 1,510 | |
| Current receivables | 1,649 | 1,652 | 1,418 | |
| Cash and cash equivalents | 3 | 314 | 255 | 325 |
| Total current assets | 21,796 | 19,761 | 20,354 | |
| TOTAL ASSETS | 22,865 | 20,498 | 21,074 | |
| SHAREHOLDERS' EQUITY | ||||
| Shareholders' equity attributable to parent company share holders |
7,571 | 6,764 | 7,357 | |
| Non-controlling interest | 5 | 5 | 4 | |
| Total shareholders' equity | 7,576 | 6,769 | 7,362 | |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Non-current interest–bearing liabilities | 3 | 1,875 | 2,944 | 1,625 |
| Other non-current liabilities | 208 | 419 | 221 | |
| Non-current provisions | 596 | 645 | 554 | |
| Total non-current liabilities | 2,679 | 4,008 | 2,400 | |
| Current liabilities | ||||
| Current interest-bearing liabilities | 3 | 5,547 | 2,310 | 4,345 |
| Other current liabilities | 7,063 | 7,411 | 6,967 | |
| Total current liabilities | 12,611 | 9,721 | 11,312 | |
| Total liabilities | 15,289 | 13,729 | 13,713 | |
| TOTAL EQUITY AND LIABILITIES | 22,865 | 20,498 | 21,074 |
| Shareholders' equity attributable to parent company shareholders |
Non-controlling interest |
Total shareholders' equity |
|
|---|---|---|---|
| Opening shareholders' equity, 1 January 2018 | 6,633 | 5 | 6,638 |
| Comprehensive income for the period | 1,309 | 1,309 | |
| Dividend | –560 | –1 | –561 |
| Purchases of treasury shares | –29 | –29 | |
| Performance-based incentive program | 5 | 5 | |
| Closing shareholders' equity, 31 December 2018 | 7,357 | 4 | 7,362 |
| Comprehensive income for the period | 210 | 210 | |
| Performance-based incentive program | 4 | 4 | |
| Closing shareholders' equity, 31 March 2019 | 7,571 | 5 | 7,576 |
| 2019 Jan–Mar |
2018 Jan–Mar |
Apr 2018– Mar 2019 |
2018 Jan–Dec |
|
|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||
| Profit after financial items | 134 | 3 | 1,644 | 1,513 |
| Adjustments for items not included in cash flow | –72 | –185 | 53 | –60 |
| Tax paid | –178 | –18 | –235 | –75 |
| Cash flow from operating activities before changes in working capital | –116 | –200 | 1,463 | 1,379 |
| Cash flow from changes in working capital | ||||
| Sales of housing projects | 2,385 | 1,387 | 12,080 | 11,082 |
| Investments in housing projects | –3,249 | –2,718 | –13,976 | –13,445 |
| Other changes in working capital | –103 | 783 | –532 | 354 |
| Cash flow from changes in working capital | –967 | –547 | –2,429 | –2,009 |
| Cash flow from operating activities | –1,083 | –747 | –966 | –630 |
| INVESTING ACTIVITIES | ||||
| Cash flow from investing activities | –12 | –27 | –120 | –135 |
| Cash flow before financing | –1,095 | –774 | –1,085 | –764 |
| FINANCING ACTIVITIES | ||||
| Dividend paid | –561 | –561 | ||
| Purchases of treasury shares | –29 | –29 | ||
| Increase in interest-bearing financial liabilities | 2,879 | 858 | 5,069 | 3,048 |
| Decrease in interest-bearing financial liabilities | –1,831 | –984 | –3,323 | –2,476 |
| Change in interest-bearing receivables | 25 | 18 | –18 | –25 |
| Cash flow from financing activities | 1,072 | –108 | 1,138 | –42 |
| CASH FLOW FOR THE PERIOD | –23 | –881 | 52 | –806 |
| Cash and cash equivalents at beginning of period | 325 | 1,122 | 255 | 1,122 |
| Exchange rate difference in cash and cash equivalents | 12 | 15 | 7 | 10 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 314 | 255 | 314 | 325 |
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. The accounting policies applied in the preparation of this Interim Report, with the exception of IFRS 16 which is described below, apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's Annual Report 2018, pages 98–102. The Annual Report is available at www.bonava.com.
IFRS 16 Leases applies from 1 January 2019 and regulates the reporting of lease contracts. All contracts are reported as lease contracts in the consolidated accounts where Bonava essentially has the right to all the economic benefits from the leased asset and where Bonava has the right to control the use of the leased asset.
Lease contracts are reported in the Balance Sheet. The right of use of a leased asset is reported either as current assets (ongoing housing projects) or property, plant and equipment depending on how the leased asset is intended to be used. Bonava reports rental agreements for land as lease contracts when a detailed blueprint has been approved or building permit can no longer be appealed. Before such time, Bonava does not have control of the land and therefore has no rights or obligations relating to the land.
The obligation to pay lease charges is reported as a non-current or current financial liability depending on the duration of the contract. Leasing expenses are reported as amortization/depreciation and interest expenses in the Income Statement.
With regard to completed unsold housing units, Bonava has certain commitments to Swedish tenant-owner associations, Finnish housing companies and other parties relating to payment of membership fees and rent. The intention is to divest these completed unsold
housing units immediately, which means that these commitments are not reported as lease contracts.
Bonava uses the implied interest rate for land lease contracts; for remaining lease contracts Bonava uses the marginal borrowing rate determined by factors such as geographical market and maturity. In connection with the transition to IFRS 16, the non-weighted average marginal borrowing rate was 3.80 per cent.
The term of the contracts is defined in contractual start and end dates. Bonava has essentially chosen not to consider the possibility of extending lease contracts as this is not financially beneficial because the assets are not business-critical or specialised, and other suitable alternatives are judged to be available. In addition, the costs associated with not extending contracts, such as costs of negotiation, relocalization and identifying other appropriate measures are deemed to be immaterial.
Bonava is not party to any financial lease contracts in the capacity of lessor.
See note 5 and the Annual Report for 2018 for more information about the effect of the transition to IFRS 16.
As previously, operating segments in Bonava are based on geographical areas, the nature of the products and services as well as similar revenue streams. The prior segments Germany and Sweden are unchanged while a decision has been made as from 1 January 2019 to consolidate the segments Denmark-Norway and Finland to a new segment called Nordic. The segment St. Petersburg, together with the operations in Estonia and Latvia, form a new segment called St. Petersburg–Baltics. Comparative figures are available at www.bonava.com.
No other changes to IFRS or IFRIC interpretations are expected to have any material impact on Bonava.
| Jan–Mar 2019 | Germany | Sweden | Nordic | St. Petersburg– Baltics |
Parent company and eliminations |
Total |
|---|---|---|---|---|---|---|
| Net sales, consumers | 544 | 689 | 584 | 542 | 2,358 | |
| Net sales, investors | 158 | 99 | 210 | 468 | ||
| Net sales, land | 2 | 2 | ||||
| Net sales, other | 4 | 5 | 9 | |||
| Operating profit | 28 | 91 | 2 | 105 | –60 | 165 |
| Net financial items | –32 | |||||
| Profit after financial items | 134 | |||||
| Capital employed | 4,811 | 5,130 | 3,705 | 1,187 | 165 | 14,998 |
| Jan–Mar 2018 | Germany | Sweden | Nordic | St. Petersburg– Baltics |
Parent company and eliminations |
Total |
|---|---|---|---|---|---|---|
| Net sales, consumers | 374 | 613 | 347 | 152 | 1,485 | |
| Net sales, investors | 0 | |||||
| Net sales, land | 18 | 123 | 142 | |||
| Net sales, other | 1 | 3 | 2 | 8 | –2 | 11 |
| Operating profit | –15 | 137 | –47 | 20 | –51 | 43 |
| Net financial items | –40 | |||||
| Profit after financial items | 3 | |||||
| Capital employed | 3,438 | 5,024 | 2,467 | 1,370 | –276 | 12,023 |
| St. Petersburg– | Parent company | |||||
|---|---|---|---|---|---|---|
| Jan–Dec 2018 | Germany | Sweden | Nordic | Baltics | and eliminations | Total |
| Net sales, consumers | 4,371 | 3,130 | 2,424 | 785 | 10,709 | |
| Net sales, investors | 1,346 | 416 | 1,003 | 2,766 | ||
| Net sales, land | 18 | 422 | 55 | 496 | ||
| Net sales, other | 8 | 7 | 23 | 38 | ||
| Operating profit | 796 | 761 | 196 | 108 | –206 | 1,654 |
| Net financial items | –141 | |||||
| Profit after financial items | 1,513 | |||||
| Capital employed | 3,985 | 5,164 | 2,986 | 1,118 | 80 | 13,332 |
| 2019 31 Mar |
2018 31 Mar |
2018 31 Dec |
|
|---|---|---|---|
| Non-current interest-bearing receivables | 7 | 8 | 8 |
| Current interest-bearing receivables | 71 | 52 | 95 |
| Cash and cash equivalents | 314 | 255 | 325 |
| Interest-bearing receivables | 392 | 315 | 428 |
| Non-current interest–bearing liabilities | 1,875 | 2,944 | 1,625 |
| Current interest-bearing liabilities | 5,547 | 2,310 | 4,345 |
| Interest-bearing liabilities | 7,422 | 5,254 | 5,970 |
| Net debt | 7,031 | 4,939 | 5,542 |
| of which attributable to Swedish tenant-owner associations and Finnish housing companies |
|||
| Cash and cash equivalents | 71 | 80 | 106 |
| Interest-bearing liabilities, external project financing |
3,830 | 4,398 | 4,072 |
| Interest-bearing liabilities, project financing1) |
1,122 | 1,098 | 999 |
| Net debt in tenant-owner associations and housing companies |
4,881 | 5,416 | 4,965 |
| Of which other operations | |||
| Cash and cash equivalents | 243 | 175 | 219 |
| Interest-bearing receivables | 77 | 302 | 103 |
| Interest-bearing lease liabilities, IFRS 16 | 393 | ||
| Other interest-bearing liabilities | 2,077 | 899 | |
| Net debt, other operations | 2,150 | –477 | 577 |
1) Relates to financing via parent company credit facilities directly attributable to Swedish tenant-owner associations.
The following table presents disclosures about the measurement of fair value for financial instruments that are continuously measured at fair value in Bonava's Balance Sheet. The fair value measurement divides assets into three levels. No transfers between levels were made in the period.
Bonava has no financial instruments in levels 1 and 3. Derivatives in level 2 comprise currency forwards where the measurement at fair value of currency-forward contracts is based on published forward rates on an active market.
| 2019 31 Mar |
2018 31 Mar |
2018 31 Dec |
|
|---|---|---|---|
| Derivatives | 34 | 5 | 49 |
| Total assets | 34 | 5 | 49 |
| Derivatives | 17 | 71 | 1 |
| Total liabilities | 17 | 71 | 1 |
The fair value of non-current and current interest-bearing liabilities does not differ from the carrying amount. For financial instruments recognised at amortised cost; accounts receivables, other receivables, cash and cash equivalents, accounts payable and other interest-free liabilities, fair value is considered equal to carrying amount.
| NOTE 5 | Leases |
|---|---|
| -------- | -------- |
As of 31 December 2018, operating lease commitments amounted to SEK 582 M according to the Annual Report. Bonava does not apply the exemption relating to short-term lease contracts, and the longest contracts have a term of 30 years, which means that an average term of 17 years has been applied to the calculation for the settlement of present value of operating lease expenses according to the Annual Report 2018 and the opening balance of lease liabilities according to IFRS 16. The marginal borrowing rate is determined on the basis of geographical market and term; the average interest rate was 3.80% as of 1 January 2019. Bonava's financial lease liabilities as of 31 December 2018 were of minor value. As indicated in the accounting principles, there are no renewal options that can be exercised with reasonable certainty or materially variable index- or price-linked lease payments. The discounted amount thereby amounts to SEK 427 M, corresponding to the lease liability of SEK 427 M reported as of 1 January 2019.
| NOTE 6 | obligations | |||
|---|---|---|---|---|
| 2019 31 Mar |
2018 31 Mar |
2018 31 Dec |
||
| Assets pledged | ||||
| For own liabilities: | ||||
| Property mortgages | 3,518 | 2,598 | 4,049 | |
| Restricted bank funds | 73 | 18 | 11 | |
| Other assets pledged | 3 | 3 | ||
| Total assets pledged | 3,594 | 2,616 | 4,063 | |
| Contingent and guarantee liabilities | ||||
| Own contingent liabilities: | ||||
| Deposits and concession fees1) | 2,727 | 1,728 | 2,879 | |
| gations | Total guarantees and guarantee obli | 2,727 | 1,728 | 2,879 |
Pledged assets, contingent liabilities and guarantee
1) Deposit guarantees constitute collateral for investments and concession fees paid to tenant–owner associations formed by Bonava Sverige AB. The guarantee is to be restored one year after the final acquisition cost of the tenant-owner association's building has been established.
The parent company comprises the operations of Bonava AB (publ). The company's net sales amounted to SEK 64 M (63). Profit after financial items was SEK –36 M (–33).
| INCOME STATEMENT | Note 1 |
2019 Jan–Mar |
2018 Jan–Mar |
2018 Jan–Dec |
|---|---|---|---|---|
| Net sales | 64 | 63 | 267 | |
| Selling and administrative expenses | –119 | –110 | –455 | |
| Operating loss | –55 | –47 | –187 | |
| Profit from participations in Group companies | 1,722 | |||
| Financial income | 35 | 35 | 150 | |
| Financial expenses | –16 | –20 | –66 | |
| Profit/loss after financial items | –36 | –33 | 1,618 | |
| Appropriations | 730 | |||
| Profit/loss before tax | –36 | –33 | 2,348 | |
| Tax on profit for the period | 9 | 7 | –142 | |
| Profit/loss for the period | –28 | –26 | 2,206 |
| Note | 2019 | 2018 | 2018 |
|---|---|---|---|
| 1, 2 | 31 Mar | 31 Mar | 31 Dec |
| 2,422 | 2,499 | 2,423 | |
| 7,897 | 3,686 | 6,389 | |
| 10,319 | 6,185 | 8,812 | |
| 6,807 | 5,179 | 6,830 | |
| 3 | 1 | 3 | |
| 627 | 619 | 617 | |
| 2,883 | 386 | 1,362 | |
| 10,319 | 6,185 | 8,812 | |
NOTE 1 Accounting policies
The company has prepared its Interim Report pursuant to the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's Annual Report 2018, pages 98–102, and page 123. The Annual Report is available at www.bonava.com.
| Utilized amount | |||
|---|---|---|---|
| 2019 31 Mar |
2018 31 Mar |
2018 31 Dec |
|
| Deposits and concession fees | 4,679 | 1,859 | 3,516 |
| Construction loans, tenant-owner associations |
2,802 | 3,687 | 3,225 |
| Counter-guarantee to external guarantors |
7,429 | 8,221 | 8,018 |
| Other guarantee commitments | 4,800 | 4,481 | 4,539 |
| Other assets pledged | 3 | 3 | |
| Total | 19,712 | 18,249 | 19,301 |
| No. unless otherwise stated | 2019 Jan–Mar |
2018 Jan–Mar |
2018 Jan–Dec |
|---|---|---|---|
| Building rights at period end | 31,500 | 31,900 | 30,600 |
| of which off-balance-sheet building rights | 15,600 | 13,900 | 15,300 |
| Housing development for consumers | |||
| Housing units sold in the period | 731 | 702 | 3,906 |
| Sales value of housing units sold in the period, SEK M | 1,839 | 1,601 | 10,223 |
| Housing starts in the period | 723 | 219 | 4,375 |
| Housing units in production at period end | 6,990 | 6,547 | 7,259 |
| Sales rate for ongoing production, % | 51 | 59 | 52 |
| Reservation rate for ongoing production, % | 6 | 4 | 4 |
| Completion rate for ongoing production, % | 47 | 48 | 46 |
| Completed housing units, not recognised for profit, at period end | 673 | 320 | 718 |
| Housing units for sale (ongoing and completed), at period end | 3,824 | 2,955 | 3,833 |
| Housing units recognised for profit in the period | 1,037 | 571 | 3,539 |
| Value of sold housing units, not yet recognised for profit, SEK Bn | 13,4 | 14,1 | 14,0 |
| Housing development for investors | |||
| Housing units sold in the period | 2,103 | ||
| Sales value of housing units sold in the period, SEK M | 4,696 | ||
| Housing starts in the period | 2,103 | ||
| Housing units in production at period end | 3,222 | 3,036 | 3,453 |
| Sales rate for ongoing production, % | 100 | 100 | 100 |
| Completion rate for ongoing production, % | 34 | 43 | 30 |
| Housing units recognised for profit in the period | 231 | 1,686 | |
| Value of sold housing units, not yet recognised for profit, SEK Bn | 6,7 | 5,4 | 7,1 |
| Housing units in production for consumers, no. | 2019 Jan–Mar |
2018 Jan–Mar |
2018 Jan–Dec |
|---|---|---|---|
| Housing units in ongoing production at beginning of period | 7,259 | 6,844 | 6,844 |
| Housing starts in the period | 723 | 219 | 4,375 |
| Housing units recognised for profit in the period | –1,037 | –571 | –3,539 |
| Decrease (+)/increase (–) in completed housing units, not recognised for profit, at period end | 45 | –55 | –421 |
| Housing units in production at period end | 6,990 | 6,547 | 7,259 |
| Housing units in production for investors, no. | |||
| Housing units in ongoing production at beginning of period | 3,453 | 3,036 | 3,036 |
| Housing starts in the period | 2,103 | ||
| Housing units recognised for profit in the period | –231 | –1,686 | |
| Housing units in production at period end | 3,222 | 3,036 | 3,453 |
| 2019 31 Mar |
2018 31 Mar |
2018 31 Dec |
|
|---|---|---|---|
| Return on capital employed, %1) 2) | 13.2 | 12.2 | 12.8 |
| Interest coverage ratio, multiple1) | 12.7 | 6.7 | 11.1 |
| Equity/assets ratio, % | 33.1 | 33.0 | 34.9 |
| Interest bearing liabilities/total assets, % | 32.5 | 25.6 | 28.3 |
| Net debt3) | 7,031 | 4,939 | 5,542 |
| Debt/equity ratio, multiple | 0.9 | 0.7 | 0.8 |
| Capital employed at period end4) | 14,998 | 12,023 | 13,332 |
| Capital employed, average5) | 13,283 | 11,797 | 12,683 |
| Capital turnover rate, multiple1) | 1.1 | 1.1 | 1.1 |
| Share of risk-bearing capital, % | 33.4 | 33.2 | 35.0 |
| Dividend, SEK per share | 5.20 | ||
| Average interest rate at period-end, %6) | 1.04 | 2.62 | 1.41 |
| Average period of fixed interest, years6) | 0.2 | 0.2 | 0.2 |
| Average interest rate at period-end, %7) | 1.26 | 1.35 | 1.30 |
| Average period of fixed interest, years7) | 0.2 | 0.1 | 0.2 |
1) Calculated on rolling 12-month basis.
2) Return on capital employed, excluding effects of IFRS 16 Leases, was 13.2 per cent.
3) Net debt as of 31 March 2019 excluding effects of IFRS 16 Leases, was SEK 6,638 M.
4) Capital employed at period end 31 March 2019, excluding effects of IFRS 16 Leases, was SEK 14,606 M.
5) Average capital employed as of 31 March 2019, excluding effects of IFRS 16 Leases, was SEK 13,204 M.
6) Excluding loans in Swedish tenant-owner associations, Finnish housing companies and effects of IFRS 16 Leases.
7) Loans in Swedish tenant-owner associations and Finnish housing companies
Stockholm, Sweden, 25 April 2019
On behalf of the Board of Directors of Bonava AB (publ)
Joachim Hallengren President and CEO
This report has not been reviewed by the company's auditors.
For more information, please contact Ann-Sofi Danielsson, CFO and Head of Investor Relations [email protected]
Tel: +46 706 740 720
• Q2 Interim Report Jan–Jun: 16 July 2019
• Q3 Interim Report Jan–Sep: 23 October 2019
Ann-Sofi Danielsson, CFO and Head of Investor Relations [email protected] Tel: +46 (0)8 409 544 00 Tel: +46 706 740 720
Investor Relations [email protected] Tel: +46 737 739 845
This information is such that Bonava AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person above on 25 April 2019 at 07.30 a.m. CET.
The Interim Report is published in Swedish and English. The Swedish version is the original. In any instance of discrepancy between the two versions, the Swedish original shall apply.
Joachim Hallengren, CEO and Ann-Sofi Danielsson, CFO, will present the interim report. The presentation will be concluded with a Q&A session.
Place: Lindhagensgatan 72, Stockholm, Sweden
Time: 25 April 2019, 10:00–11:00 a.m. CET. Registration and coffee from 09:30 a.m.
Please notify Bonava of your intention to attend at ir@bonava. com, or by phone on +46 (0) 737 739 845
To participate in the telephone conference and ask questions, please call one of the following telephone numbers:
SE: +46 (0)8 519 993 55
DE: +49 211 971 90 086
UK: +44 203 194 8 409 544 50
US: +1 855 269 26 05
The presentation will also be streamed live at bonava.com/ investor-relations. The presentation will be available for download from the website, and it will be possible to view a video of the presentation after the event.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.