Magnolia Bostad Quarterly Report Group April–June 2015

Magnolia Bostad
Quarterly Report
Group
April–June 2015
Q2
April–June 2015
The quarter in brief
• Net sales: SEK 88.8 million (3.8)
• Operating profit: SEK 53.8 million
(–2.2)
• Profit after tax:
SEK 37.2 million (–6.6)
• Earnings per share:
SEK 0.86 (–0.21)
• Equity (June 30):
SEK 651.9 million (175.6)
• Equity per share:
SEK 15.28 (5.61)
Significant events during the
quarter
• Magnolia Bostad signs an agreement with SigtunaHem for the
acquisition of two properties in
Märsta, Sigtuna Municipality.
The agreement covers 42 tenantowned apartments under construction next to Valsta centrum
and land next to the Märsta
commuter train station where the
company is planning to build 180
apartments.
• Magnolia Bostad is allocated
an additional block in the development of the new Bålsta centrum, in Håbo Municipality in the
northern region of the Greater
Stockholm area. The total area
of the block is around 11,000
sqm and will include roughly 140
apartments and a grocery store
totaling 3,000 sqm.
• Risto Silander and Andreas Rutili
are elected to the Board of Directors of Magnolia Bostad at the Annual General Meeting on April 22.
• Magnolia Bostad announces its
intention to proceed with an initial
public offering (IPO) of the company's shares on Nasdaq First North.
• The company wins a land competition in the new neighborhood in
Örebro, Södra Ladugårdsängen,
consisting of approximately 150
residential units in the first phase
of the project. Construction is
planned to start during the second
half of 2016.
• Sales are started on the Huvudkontoret project. The project
consists of the construction of
90 tenant-owned apartments in
downtown Uppsala. The company
also announces that it has signed
a construction agreement with
BOX Bygg AB for the project. The
contract totals SEK 187 million.
• Magnolia Bostad enters into an
agreement with Helsingborg
Municipality for a land transfer regarding the Slagan 1 property. The
company also signs an agreement
with the occupational pension
company, Alecta, for the sale of
the 287 rental units that will be
developed on the property.
• Magnolia Bostad signs an agreement for the acquisition of an area
of land in Arlöv outside of Malmö
from Valdemar Estate. The company also enters into a partnership
with Valdemar Skåne to develop
an area of land in downtown Lund.
The projects are expected to result
in around 200 new residential
units in Arlöv and 450 new residential units in Lund. Both projects
are conditional upon receiving
approval for the local plans.
• The price for the offer to acquire
shares in Magnolia Bostad is set
at SEK 38 per share, and trade on
Nasdaq First North commenced
on June 9.
Significant events after the quarter
• Magnolia Bostad acquires the
Nacka Orminge 52:1 property
(Hantverkshuset) from Carnifex
AB. The company signed an option
in 2014 to acquire the property
through a corporate transaction
and it is now opting to exercise
this option. The company intends to construct a building on
the property that will consist of
around 400 rental units and have
retail premises on the ground
floor.
• Magnolia Bostad starts sales for
the Valsta Torg project, which consists of 42 tenant-owned apartments next to Valsta Centrum in
Sigtuna Municipality.
Key ratios – Group
SEK million
2015
April-June
2014
April-June
2015
Jan-June
2014
Jan-June
2014
Jan-Dec
140.5
Sales
88.8
3.8
108.1
7.3
Operating profit/loss
53.8
–2.2
199.8
–4.8
47.3
Operating margin (%)
60.6
–57.7
184.8
–65.5
33.7
Profit/loss after financial items
37.2
–6.6
175.9
–9.5
29.8
Net profit/loss for the period
37.2
–6.6
175.9
–9.5
29.2
–90.5
–119.8
–59.6
–136.4
–229.1
Cash flow from operating activities
Return on equity (%)
9.2
Equity/assets ratio (%)
38.8
Earnings per share (SEK)
0.86
Number of basic outstanding shares
37,822,283
Number of outstanding shares after full dilution
37,982,283
1)
1)
2)
–5.6
67.6
26.7
38.8
–0.21
4.53
31,288,942
37,822,283
33,288,942
37,982,283
1)
1)
2)
–5.6
13.4
26.7
32.0
–0.30
0.95
31,288,942
31,288,942
33,288,942
33,288,942
Return on capital employed (%)
4.6
–0.7
17.1
–0.7
9.1
Return on total equity (%)
4.3
–0.6
16.2
–0.6
8.7
Interest coverage ratio (multiple)
Equity per share (SEK)
3.3
15.28
1)
–0.3
8.2
5.61
15.28
1)
–0.5
2.4
5.61
8.10
2)
1)
Excluding the minority 2) 160,000 warrants are held by the Magnolia Bostad Group.
Magnolia Bostad | Q2 2015
2
A word from the CEO
IPO a development milestone
for Magnolia Bostad
Today, Magnolia Bostad reports
its results for Q2 2015, which has
been a very busy quarter. During the
period we conducted an IPO for the
company on Nasdaq First North and
strengthened our portfolio with a
number of new projects. The company is reporting an operating profit
for the period of SEK 53.8 million
(–2,2). Profit after tax was SEK 37.2
million (–6.6).
be built in Mariastaden, a new
neighborhood where the municipality selected Magnolia Bostad
to be its development partner. The
partnership with Alecta introduces
a strong, long-term owner, which
benefits all parties. This transaction
also demonstrates that we have a
good reputation among Sweden's
municipalities and we are viewed as
a reliable, stable partner.
IPO an important milestone
On June 9, trading of the Magnolia
Bostad share commenced on Nasdaq First North. The founders of the
company, Fredrik Holmström and
Andreas Rutili, and I were given the
honor of ringing the bell that marks
the opening of the trading day.
Successful start of sales
We also began the sales for our projects in Uppsala and Märsta, and the
start was very successful. To date
we have signed reservation agreements for all of the apartments in
Märsta and more than three-quarters of the apartments in Uppsala.
In my opinion, this event is an
important milestone in the history
of the company and I would like to
extend a warm welcome to Magnolia Bostad’s new shareholders.
The company raised approximately
SEK 178 million from the IPO before
issue expenses, and these funds will
primarily be invested in new housing
projects.
Rental units in focus
Magnolia Bostad develops both
residential units and tenant-owned
units. Our goal is to maintain a distribution of around 80 percent and
20 percent, respectively.
New partnership with Alecta
I am particularly proud of the transaction in Helsingborg that entailed
the sale of 287 rental apartments
to the occupational pension company Alecta. The apartments will
The fact that we work with the new
construction of both rental and
tenant-owned units separates us
from most other housing developers
in Sweden. We believe that it is a
strength to rest the business model
on two legs, since this allows us in
general to steer each project toward
the type of ownership that is most
beneficial at a given point in time.
Our rental projects are sold to longterm, institutional investors before
we begin construction. For Magnolia
Bostad these projects offer good
profitability, low tied-up capital,
low project risk and relatively small
use of internal resources. It is not
Magnolia Bostad that is responsible
for the ongoing financing of the construction of the projects, but rather
the customer, i.e. the institution
that has acquired the property at an
early stage.
Rental projects are characterized by
a high degree of scalability. Because the apartments are built to a
common standard, this requires less
personnel than a project for tenantowned units. Since they also tie up
less capital, a high percentage of
rental unit projects makes it possible
for the company to conduct several
projects in parallel.
Municipalities seeking
mixed forms of ownership
We often opt to develop tenantowned apartments as a smaller
part of a large project. Municipalities prefer for new residential areas
to offer a mix of different types of
ownership, and we are able to meet
this need. In our tenant-owned projects, we develop attractive residential units for a broad target group in
Sweden's fastest growing metropolitan areas. Even if the capital
that is tied up and the project risk
are higher, these projects also normally generate a higher net profit
for the company.
By maintaining a good balance
between our two business areas, we
are in line with our business model: profitable growth with limited
risk-taking.
Stockholm, August 2015
Fredrik Lidjan (right) rang the bell on June 9 at Nasdaq First North together with Magnolia Bostad's founders, Fredrik Holmström (middle) and Andreas Rutili.
Magnolia Bostad | Q2 2015
Fredrik Lidjan
CEO
3
Market and the organization
Market trends
The National Board of Housing,
Building and Planning has made the
assessment that 183 of Sweden's
290 municipalities are currently
experiencing a housing shortage.
The number of municipalities that
are experiencing a housing shortage this year has increased by 27
compared to 2014, and more than
80 percent of Sweden's population
lives in municipalities that are considered to be experiencing a housing
shortage. Greatest demand is for
small, affordable housing.
According to a report published
by the National Board of Housing,
Building and Planning, more than
70,000 residential units will need to
be built every year over the next few
years, compared to the most recent
years’ production of less than
30,000 new homes a year.
During the second quarter the investment market was also impacted by a large demand for residential properties. According to DTZ,
the transaction volume increased
significantly during the quarter
compared to Q1 and totaled SEK
41 billion (just over SEK 22 billion in
Q1). After the first six months of the
year, the volume was just over SEK
Magnolia Bostad | Q2 2015
63 billion, which is clearly higher
than the average volume of SEK 54
billion over the past ten years. Only
2014 has posted stronger figures
(just under SEK 66 billion after the
first six months of the year). The
largest individual segment in terms
of sales during the quarter was
housing, with a share of 26 percent.
Rental apartments
The IPD Svenskt Bostadsindex
indicates that the value of residential properties increased in 2014 on
average by 4 percent. This appreciation is largely due to favorable
interest rate levels.
The yield requirement for centrally
located residential properties in the
metropolitan areas of Stockholm,
Gothenburg and Malmö has fallen
steadily since 2008. This development shows that the residential class is judged to be a stable
investment sector facing low risks.
The yield requirement for centrally
located residential properties in
Stockholm, Gothenburg and Malmö
during the first six months of 2015
is judged by NAI Svefa Analys to be
1.5 percent, 2.25 percent and 2.75
percent, respectively.
Tenant-owned apartments
The prices of tenant-owned apartments continued to rise during
the second quarter according to
SBAB's Mäklarbarometer (Real
Estate Barometer). This increase
has slowed slightly compared to the
record-breaking acceleration during
Q1 2015 primarily due to increased
supply in the metropolitan regions.
Strong demand continues to drive
housing prices up at the same time
as time-to-sale continues to fall.
According to SBAB's Mäklarbarometer, real estate agents in the
metropolitan areas expect housing
prices to continue to rise during Q3
2015.
In Sweden as a whole, prices for
tenant-owned apartments increased during Q2 2015 by 2 percent
according to Mäklarstatistik. In the
Greater Stockholm and Greater
Gothenburg regions, the price of
tenant-owned apartments increased by 3 percent, and in Greater Malmö area it increased by 5
percent.
Organizational structure
Magnolia Bostad continues to make
major investments in its organization, particularly within the areas of
transaction and production. Seven
employees were hired during the
period, and the organization now
consists of around 30 people.
4
Residential projects
Magnolia Bostad Project Portfolio
Project
Property
City
Number
Type of
Type of of housing
project ownership
units
Gross
area
(sqm)
Phase
Estimated
construc­
tion start
Estimated
occupancy
S
2014
2015
S
2015
2016
ONGOING PROJECTS
Valsta Torg 1)
Sigtuna Valsta 3:190
Sigtuna
NC
TO
42
1,974
M6
Muttern 6
Stockholm
REN
TO
55
2,900
Head Office
Kvarngärdet 28:7
Uppsala
NC
TO
45
3,500
S
2015
2016
Lake View
Svedje 1:307, and others
Åre
NC
COND
14
1,300
S
2015
2016
Head Office
Kvarngärdet 28:6
Uppsala
NC
TO
45
3,600
S
2015
2017
Åby Ängar
Vallentuna-Åby 1:94
Vallentuna
NC
R
137
7,800
S
2015
2017
Lumen
Trapphuset 1
Sollentuna
NC
TO
92
6,600
S
2016
2017
Mustard Factory
(Senapsfabriken) 3)
Kungsängen 25:1, blocks 2 & 3
Uppsala
NC
R/TO
1,150
66,000
CD
2016
2017
Åby Ängar 1)
Vallentuna-Åby 1:149
Vallentuna
NC
R
140
7,900
CD
2016
2018
Mustard Factory
Kungsängen 25:1, block 1
(Senapsfabriken)3) 4)
Uppsala
NC
TO
400
29,000
CD
2016
2018
Norrbacka 1)
Sigtuna Norrbacka 1:32-36
Sigtuna
NC
R
180
15,000
P
2016
2018
Södra
Ladugårdsängen 1)
Part of Nikolai 3:65
Örebro
NC
R
150
10,000
CD
2016
2018
Östra Sala Backe 1)
Östra Sala Backe, E2, block 5
Uppsala
NC
R
112
6,700
CD
2017
2018
Norefjell
Norefjell
Norefjell,
Norway
NC
COND
100
12,000
CD
2017
2018
Orminge centrum 1) Orminge 52:1
Nacka
NC
R
400
35,000
P
2017
2018
Norefjell
Sandumseter
Norefjell,
Norway
NC
COND
275
28,000
P
2017
2018
Bålsta centrum 1)
Part of Väppeby 7:7
Bålsta
NC
R/TO
440
31,800
P
2017
2018
Kopplingsboxen 26
Kopplingsboxen 26
Stockholm
NC
TO
20
1,130
P
2017
2018
Arlöv
Burlöv Arlöv 20:58 and others
Burlöv
NC
R
200
14,500
P
2017
2019
Oceanhamnen 1)
Part of Gamla Staden 1:1, etc.
Helsingborg
NC
R
109
8,500
P
2018
2019
Frihamnen 6)
Part of Lundbyvassen 736:168
Gothenburg
NC
Hotel
–
12,000
P
2018
2019
Frihamnen 1)
Part of Lundbyvassen 736:168
Gothenburg
NC
R
150
10,500
P
2018
2019
Skogskarlen 3
Skogskarlen 3
Solna
NC/REN
TO
130
8,000
P
2018
2019
Stora Råby 1)
Stora Råby 33:2 and others
Lund
NC
R
330
23,800
P
2018
2020
Instrumentet 2
Instrumentet 2
Stockholm
NC
TO
100
6,100
P
2019
2020
4,816
353,604
1)
5)
5)
1)
Total
2)
SOLD PROJECTS UNDER PRODUCTION
Traversen 18
Traversen 18
Sollentuna
NC
R
230
13,600
C
2014
2015
Nya Parken Allé
Publiken 1
Norrköping
NC
R
268
16,600
C
2014
2016
Tibble
Kungsängens-Tibble 19:1
Kungsängen
NC
R
40
2,600
C
2014
2016
Kungsängens-Tibble 20:2
Kungsängen
NC
R
93
5,250
C
2014
2016
Slagan 1
Helsingborg
NC
R
287
14,700
C
2015
2017
918
52,750
5,734
406,354
Tibble
Mariastaden
1)
Total
Total ongoing projects and sold projects during production
Magnolia Bostad's share of the result amounts to 90%.
Living area
Magnolia Bostad's share of the result amounts to 76.3%, including forward transactions.
4)
Magnolia Bostad entered into an agreement in February 2013 to sell this part of the property, on the condition that the land can be divided as
intended.
5)
Magnolia Bostad's share of the result amounts to 16%.
6)
Magnolia Bostad's share of the result amounts to 60%.
1)
2)
3)
Type of project: NC=New construction, REN=Renovation
Type of ownership: R=Rental unit, TO=Tenant-owned, COND=Condominium
Phase: P=Planning work, CD=Concept development, S=Sales, C=Construction
Magnolia Bostad | Q2 2015
5
Residential projects
Geographic distribution, sqm, ongoing projects
Breakdown by project phase, sqm, ongoing
projects
Planning
Concept development completed
building rights
Sales
Breakdown by type of ownership, sqm,
ongoing projects
Rental
Tenant-owned
and condominiums
Greater Stockholm
Uppsala
The Öresund region and
Gothenburg
Other
Current housing projects
Valsta Torg
Sigtuna
Magnolia Bostad is building 42
tenant-owned apartments next to
Valsta Centrum that will ready for
occupancy during the fall of 2015.
The apartments consist of 2 or 4
rooms and a kitchen. The apartments are bright and have a high,
attractive location. All have balconies.
Sales started on June 1, 2015.
Project facts
Location: Märsta
Type of ownership: Tenant-owned
Number of apartments: 42
Occupancy: 2015
Magnolia Bostad | Q2 2015
6
Current housing projects
Lumen
Sollentuna
The Trapphuset 1 property at
Turebergs allé in Sollentuna was
acquired during Q4 2013. Magnolia Bostad will construct 92 rental
apartments here. Sales will begin
in 2015.
The apartments have balconies,
and private inner courtyards create
pleasant meeting areas. Premises
for a gym, cafés and stores are
planned for the ground floor. The
Magnolia Bostad | Q2 2015
building is located between Magnolia Bostad's Traversen 18 project
and an existing single-family home
development on the other side of
Turebergs allé. In order to blend in
with the differing heights and architectural features of the surrounding structures, the building slopes
down from the height of Traversen
18 to that of th lower single-family
homes.
Project facts
Location: Sollentuna
Type of ownership:
Tenant-owned
Total area: 6,000 sqm
Number of apartments: 92
Architect: Vera Arkitekter
Occupancy: 2017
7
Current housing projects
Huvudkontoret,
Uppsala
Sales began in June for the tenantowned apartments in Huvudkontoret in downtown Uppsala. Magnolia Bostad will construct two
residential buildings here, which will
be located only a five-minute walk
from Uppsala's train station. The
property will also house a restaurant that is run by a well-known
restaurateur.
Magnolia Bostad | Q2 2015
A total of 90 units will be built,
ranging from efficient studio apartments to spacious five-room apartments with twice the ceiling height
and private terraces. The patio on
the roof will provide an opportunity
for residents to get together and
admire the enchanting view of the
city.
Project facts
Location: Central Uppsala
Type of ownership: Tenant-owned
Total area: 6,000 sqm
Number of apartments: 90
Architect: Love Arbén/Projektengagemang kring Arkitektur
Occupancy: 2016/2017
8
Financial performance
Profit/loss for Q2 2015
Net sales for Q2 2015 totaled SEK
88.8 million (3.8). During the quarter an agreement was signed to
sell 287 rental units in Helsingborg
Municipality to the occupational
pension company, Alecta, which
had a positive impact on sales and
the operating profit. The company
reported a profit of SEK 53.8 million
(–2.2).
889.4 million compared to December 2014. This increase is primarily
due to the acquisition of the majority in the Kungsängen 25:1 property
and the new share issue conducted
in conjunction with the IPO of the
company's shares on NASDAQ
First North. Equity attributable to
the Parent Company's shareholders amounted to SEK 573.4 million
(253.4) during Q2 2015. The minority
share of equity was 78.5 (0). The
equity/assets ratio increased to
38.8 percent (32.0).
Net financial items were SEK –16.6
million (–4.3), and this change is
attributable to increased interest
expenses related to increased bank
funding in conjunction with investments in new projects. Profit before
tax was SEK 37.2 million (–6.6).
Cash flow and financing
Consolidated available liquidity
at the end of the period was SEK
263.9 million (103.3). Cash flow
from operating activities in the
second quarter totaled SEK –90.5
million (–119.8). During the quarter,
cash flow from investing activities totaled SEK 3.3 million (–4.7).
­ inancing activities amounted
F
to SEK 284.0 million (221.3). The
total interest-bearing borrowings
amounted to SEK 885.5 million
(467.2) on June 30.
Stock
F. Holmström Fastigheter AB, in
which Fredrik Holmström has a
controlling interest through companies, holds a 56.3 percent stake
in Magnolia Bostad. As at June 30,
2015, the number of issued shares
totaled 37,822,283. The share is
admitted for trading on Nasdaq
First North.
1,500,000
Accounting and measurement
principles
The Swedish Annual Accounts
Act and the Swedish Accounting
Standards Board's general guideline, BFNAR 2012:1 (K3), apply
as of 2014. The accounting and
measurement principles are in
agreement with those applied in
the 2014 Annual Report and which
are reported there in the notes on
pages 66-67. Key ratio definitions
agree with those applied in the 2014
Annual Report and can be found
there on page 80, with the exception of the definitions of the equity/
assets ratio and return on equity,
which have been adjusted due to
the introduction of the minority's
share of equity.
1,000,000
Equity/assets ratio
Equity including the minority's
share of equity less deferred tax as
a percentage of the balance sheet
total.
Balance sheet at June 30, 2015
The balance sheet total at the end
of Q2 2015 was SEK 1,681.8 million
(792.4), which is an increase of SEK
Equity and total assets, SEK thousand
Return on equity
The Parent Company's share of
profit/loss for the period as a
percent of the opening balance of
equity excluding the minority.
500,000
This report has not been audited by
the company's auditors.
0
2012
2013
2014
Q2 2015
Comparison figures provided in parentheses refer to the same period
the previous year.
Equity
Balance sheet total
Magnolia Bostad | Q2 2015
9
Annual accounts
Consolidated income
statement
2015
2014
2015
2014
2014
April–June
April–June
Jan–June
Jan–June
Jan–Dec
Net sales
88,762
3,836
108,125
7,295
140,541
Total income
88,762
3,836
108,125
7,295
140,541
Production and operating costs
–17,595
–892
–19,781
–2,886
–75,420
Other external costs
–6,034
–2,528
–8,678
–4,069
–9,679
Personnel costs
–2,404
–2,299
–6,429
–4,456
–5,560
–345
–332
–8,710
–666
–1,399
978
–
450
–
–1,152
–9,609
–
–17,741
–
–
–
–
152,592
–
–
53,753
–2,214
199,828
–4,781
47,332
SEK thousand
Operating income
Operating expenses
Depreciation, amortization and impairment of
property, plant and equipment and intangible
assets
Profit/loss from participations in associated
companies
Other operating expenses
Revaluation during transfer from associated
company to subsidiary
Operating profit/loss
Profit/loss from financial items
Interest income and similar profit/loss items
Interest expenses and similar profit/loss items
Profit/loss before tax
Tax on profit/loss for the period
NET PROFIT/LOSS FOR THE PERIOD
–331
704
583
1,449
3,412
–16,252
–5,044
–24,533
–6,159
–20,940
37,170
–6,554
175,877
–9,491
29,804
–
–
–
–
–608
37,170
–6,554
175,877
–9,491
29,196
32,558
–
171,266
–
29,196
4,611
–
4,611
–
–
Attributable to:
Parent Company shareholders
Minority interest
Magnolia Bostad | Q2 2015
10
Annual accounts
Consolidated balance sheet
2015
2014
2014
June 30
June 30
Dec 31
5,346
6,546
5,946
544
275
8,304
5,890
6,821
14,249
Equipment, tools, fixtures and fittings
325
328
199
Total property, plant and equipment
325
328
199
Participations in associated companies
2,130
1,575
39,832
Receivables from associated companies
23,541
23,541
23,541
Other securities held as non-current assets
30,614
39,706
30,614
SEK thousand
ASSETS
Non-current assets
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Property, plant and equipment
Financial assets
Other long-term receivables
10,626
13,450
15,109
Total financial assets
66,910
78,272
109,096
Total non-current assets
73,125
85,421
123,544
1,131,131
416,437
424,231
3,800
–
9,092
Accounts receivable
309
529
1,057
Receivables from associated companies
363
43,888
9,598
207,306
7,429
186,952
1,841
953
517
263,889
103,324
37,399
1,608,639
572,561
668,845
1,681,764
657,982
792,389
Current assets
Development and project properties
Tenant-owned apartments
Other receivables
Prepaid expenses and accrued income
Cash and bank balances
Total current assets
TOTAL ASSETS
Magnolia Bostad | Q2 2015
11
Annual accounts
Consolidated balance sheet
2015
2014
2014
June 30
June 30
Dec 31
151,289
125,156
125,156
–
–
38,068
250,886
59,921
60,997
Net profit/loss for the period
171,266
–9,491
29,196
Equity attributable to Parent Company shareholders
573,441
175,586
253,416
78,465
–
–
651,907
175,586
253,416
170
–
169
Other provisions
59,161
–
–
Total provisions
59,330
–
169
Interest-bearing liabilities
873,484
445,115
494,353
Other long-term liabilities
41,155
20,100
100
914,639
465,215
494,453
–
2,000
–
10,540
3,371
15,131
Income tax liabilities
1,305
30
1,138
Other current liabilities
23,157
7,940
17,336
Accrued expenses and deferred income
20,886
3,840
10,746
Total current liabilities
55,888
17,181
44,350
970,527
482,396
538,803
1,681,764
657,982
792,389
SEK thousand
EQUITY AND LIABILITIES
Equity
Share capital
Equity method reserve
Other equity
Minority's share of equity
Total equity
Provisions
Provision for deferred taxes
Liabilities
Long-term liabilities
Total long-term liabilities
Current liabilities
Liabilities to credit institutions
Accounts payable
Total liabilities
TOTAL EQUITY AND LIABILITIES
Magnolia Bostad | Q2 2015
12
Annual accounts
Consolidated cash flow
statement
2015
2014
2015
2014
2014
April–June
April–June
Jan–June
Jan–June
Jan–Dec
37,169
–6,554
175,877
–9,491
29,804
10,850
72
–131,925
3,340
4,407
48,019
–6,482
43,952
–6,151
34,211
527
–1
17
–16
3,635
48,546
–6,483
43,969
–6,167
37,846
Reduction (+)/increase (-) of development and project
properties
–49,290
–106,253
–80,331
–109,229
–68,383
Decrease(+)/increase(-) in current receivables
–86,257
3,565
–18,117
214
–203,324
SEK thousand
Operating activities
Profit/loss after financial items
Adjustments for non-cash items, etc.
Income tax paid
Cash flow from operating activities before changes in
working capital
Cash flow from changes in working capital
Decrease(+)/increase(-) in current liabilities
–3,473
–10,676
–5,126
–21,265
4,750
–90,473
–119,847
–59,604
–136,447
–229,111
Acquisition of intangible fixed assets
–299
–1
–299
–
–8,083
Acquisition of property, plant and equipment
–170
–137
–312
–138
–88
–
–
2
–
–
–3
–4,590
–4,034
–4,592
–6,660
Disposal/reduction of financial assets
3,775
–
6,775
–
–
Cash flow from investing activities
3,303
–4,728
2,132
–4,730
–14,831
193,084
–
193,084
–
–
–
–
–
–
53
203,586
304,000
203,586
304,000
366,704
–106,395
–77,705
–106,450
–77,769
–103,666
–6,258
–4,986
–6,258
–4,986
–5,006
Cash flow from financing activities
284,017
221,309
283,962
221,245
258,085
Cash flow for the period
196,847
96,734
226,490
80,068
14,143
Cash and cash equivalents at the beginning of the
period
67,041
6,590
37,399
23,256
23,256
Cash and cash equivalents at the end of the period
263,888
103,324
263,888
103,324
37,399
Cash flow from operating activities
Investing activities
Sale of property, plant and equipment
Investment in financial assets
Financing activities
New share issue
Shareholders’ contributions received
Borrowings
Repayment of borrowings
Paid dividends
Magnolia Bostad | Q2 2015
13
Annual accounts
Changes in equity, Group
Group, SEK thousand
Share
capital
Equity
method
reserve
Amount at beginning of year 1/1/2014
125,156
–
Profit/loss for the year carried forward
Write-up
Net profit/
loss for the
year
Total equity,
principal
owner
Minority
interest Total equity
44,389
20,518
190,063
190,063
20,518
-20,518
0
0
39,000
39,000
Other equity
39,000
Shareholders' contributions
Dividends
Change in equity method reserve
–932
164
–
164
164
–5,006
–
–5,066
–5,006
0
0
29,196
29,196
29,196
932
Net profit/loss for the year
Amount at end of year 12/31/2014
125,156
38,068
60,997
29,196
253,416
253,416
Amount at beginning of year 1/1/2015
125,156
38,068
60,997
29,196
253,416
253,416
29,196
–29,196
0
0
–38,068
–38,068
167,365
193,498
193,498
–415
–415
–415
Transfer of profit/loss for the year to nonrestricted reserves
Redistribution during transfer from
associated company to subsidiary
New share issue
–38,068
26,133
Issue expenses
Acquisition of subsidiaries
0
Dividends
–6,258
Net profit/loss for the period
Amount at end of period 6/30/2015
Magnolia Bostad | Q2 2015
151,289
–
250,886
73,854
–6,258
73,854
–6,258
171,266
171,266
4,611
175,877
171,266
573,441
78,465
651,907
14
Annual accounts
Parent Company income
statement
2015
2014
2015
2014
2014
April–June
April–June
Jan–June
Jan–June
Jan–Dec
–
–
Other external costs
–415
–199
–439
–205
–480
Personnel costs
–633
–
–1,065
–
–
–1,048
–199
–1,503
–205
–480
4,639
3,405
9,289
3,421
12,620
Interest expenses and similar profit/loss items
–5,272
–3,581
–10,501
–4,126
–14,789
Profit/loss before tax
–1,681
–375
–2,716
–910
–2,650
NET PROFIT/LOSS FOR THE PERIOD
–1,681
–375
–2,716
–910
–2,650
SEK thousand
Operating income
–
Operating expenses
Operating profit/loss
Profit/loss from financial items
Interest income and similar profit/loss items
Magnolia Bostad | Q2 2015
15
Annual accounts
Parent Company balance
sheet
2015
2014
2014
June 30
June 30
Dec 31
Participations in Group companies
88,822
88,822
88,822
Receivables from Group companies
234,016
234,016
234,016
Participations in associated companies
1,850
1,450
1,850
Receivables from associated companies
27,241
26,541
27,241
351,929
350,829
351,929
351,929
350,829
351,929
Development and project properties
–
–
3,823
Accounts receivable
3
3
3
15,162
21,675
10,778
SEK thousand
ASSETS
Non-current assets
Financial assets
Total non-current assets
Current assets
Receivables from Group companies
363
586
221
Other receivables
Receivables from associated companies
27
1
1
Prepaid expenses and accrued income
47
42
74
15,602
22,307
14,900
Cash and bank balances
185,668
1,386
551
Total current assets
201,271
23,694
15,451
TOTAL ASSETS
553,201
374,524
367,381
Magnolia Bostad | Q2 2015
16
Annual accounts
Parent Company balance
sheet
2015
2014
2014
June 30
June 30
Dec 31
151,289
125,156
125,156
151,289
125,156
125,156
168,767
10,633
10,724
–2,716
–910
–2,650
166,051
9,723
8,074
317,340
134,879
133,230
Interest-bearing liabilities
221,200
217,913
220,034
Other long-term liabilities
–
111
–
221,200
218,023
220,034
7
1,365
69
1,948
–
1,948
12,000
20,151
12,000
705
105
100
14,660
21,621
14,117
Total liabilities
235,861
239,645
234,151
TOTAL EQUITY AND LIABILITIES
553,201
374,524
367,381
SEK thousand
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital
Non-restricted equity
Profit/loss carried forward
Net profit/loss for the period
Total equity
Liabilities
Long-term liabilities
Total long-term liabilities
Current liabilities
Accounts payable
Liabilities to Group companies
Other current liabilities
Accrued expenses and deferred income
Total current liabilities
Magnolia Bostad | Q2 2015
17
Annual accounts
Changes in equity, Parent
Company
Parent Company, SEK thousand
Amount at beginning of year 1/1/2014
Share capital
125,156
Shareholders' contributions
Profit/loss Net profit/loss
carried forward
for the year
16,247
111
Appropriation of profit/loss as per resolution by the AGM
Dividends
125,156
147,775
111
–628
628
0
–5,006
–
–5,006
–2,650
–2,650
–2,650
133,230
Net profit/loss for the year
Amount at end of year 12/31/2014
–628
Total equity
10,724
The outstanding number of basic shares at 12/31/2014 amounts to 31,288,942.
The outstanding number of shares after full dilution at 12/31/2014 amounts to 33,288,942 (160,000 warrants are
held by the Magnolia Bostad Group).
Parent Company, SEK thousand
Amount at beginning of year 1/1/2015
Share capital
125,156
Profit/loss for the year carried forward
New share issue
26,133
Issue expenses
Dividends
Profit/loss Net profit/loss
carried forward
for the year
10,724
–2,650
133,230
–2,650
2,650
0
167,366
193,499
–415
–415
–6,258
–6,258
Net profit/loss for the period
Amount at end of period 6/30/2015
151,289
Total equity
168,767
–2,716
–2,716
–2,716
317,340
The outstanding number of basic shares at 6/30/2015 amounts to 37,822,283.
The outstanding number of shares after full dilution at 6/30/2015 amounts to 37,982,283 (160,000 warrants are
held by the Magnolia Bostad Group).
Magnolia Bostad | Q2 2015
18
Residential projects
Oceanhamnen, Helsingborg
Financial Calendar
• Interim Report January-September: November 9
• Report January-December, Year-End Report: February 26, 2016
Contact
Fredrik Lidjan, CEO
[email protected]
+46 (0)70 223 43 47
Erik Rune, CFO
[email protected]
+46 (0)73 399 40 30
Magnolia Bostad | Q2 2015
19
Magnolia Bostad AB
Grev Turegatan 11 A
Box 5853, 102 40 Stockholm
Telephone +46 8 470 50 80
magnoliabostad.se