Magnolia Bostad Quarterly Report Group Jan–March 2015 Q1 January-March 2015
The quarter in brief 1) ·· Magnolia Bostad wins another and land next to the Märsta com- ·· Net sales: 19.4 (3.5) three land allocation competi- muter train station where Magno- ·· Operating profit: 146.1 (–2.6) tions: lia Bostad is planning to build 180 ·· Profit after tax: 138.7 (–2.9) – Lundbyvassen in Frihamnen, apartments. ·· Earnings per share: 4.43 (–0.09) Gothenburg: production of a ·· Magnolia Bostad is allocated ·· Equity (March 31): 427.2 (187.1) hotel covering 12,000 sqm and an additional block in the devel- ·· Equity per share: 11.32 (5.98) 150 rental apartments covering opment of the new Bålsta cen- 10,500 sqm. trum, in Håbo Municipality in the Significant events during the – Bålsta centrum in Håbo Munic- northern region of the Greater quarter ipality, in the northern Greater Stockholm area. The total area of ·· Magnolia Bostad is strengthening Stockholm region: production the project is around 11,000 sqm, its organization and has recruit- of around 200 apartments roughly 140 apartments and a ed twelve employees within the with a total area of around grocery store totaling 3,000 sqm. areas of transactions, finance and 20,800 sqm. ·· Risto Silander and Andreas marketing. – Oceanhamnen in Helsingborg: Rutili are elected to the Board of ·· Magnolia Bostad is increasing its production of 109 rental apart- Directors of Magnolia Bostad at ownership in the Mustard Factory ments with a total area of 8,500 the Annual General Meeting on (Senapsfabriken) through acqui- sqm. April 22. sition and a forward contract to ·· Magnolia Bostad announces its 80.25 percent, and thus is entitled Significant events after the quarter intention to proceed with an initial to 76.30 percent of the profit. ·· Magnolia Bostad signs an agree- public offering of the company's ·· Fredrik Lidjan assumes the post ment with SigtunaHem for the shares on Nasdaq First North, of President. He succeeds Andreas acquisition of two properties in with the goal of commencing Rutili, who was elected to the Märsta, Sigtuna Municipality. trade in the share in June 2015. company's Board of Directors at The agreement covers 42 tenant- the Annual General Meeting in owned apartments under con- 1) Information in parentheses refers to April. struction next to Valsta centrum Q1 2014.
Key ratios – Group 2015 2014 2014 SEK million March 31 March 31 Dec 31
Sales 19.4 3.5 140.5
Operating profit/loss 146.1 –2.6 47.3
Operating margin (%) 754.4 –74.2 33.7
Profit/loss after financial items 138.7 –2.9 29.8
Net profit/loss for the year 138.7 –2.9 29.2
Cash flow from operating activities 30.9 –16.6 –229.1
Return on equity (%) 45.7 1) –1.6 13.4
Equity/assets ratio (%) 32.4 2) 52.6 32.0
Earnings per share (SEK) 4.43 –0.09 0.95
Number of outstanding shares 31,288,942 31,288,942 31,288,942
Return on capital employed (%) 14.9 –0.5 9.1
Return on total equity (%) 13.9 –0.5 8.7
Interest coverage ratio (multiple) 17.8 –1.6 2.4
Equity per share (SEK) 11.32 3) 5.98 8.10
1) Excluding the minority 2) Including the minority 3) Excluding the minority share
Magnolia Bostad | Q1 2015 2 A word from the President Magnolia is now taking the next step in its development
I am pleased to report the results ployees will result in lower interest burg and Helsingborg. The projects from my first quarter as President. expenses, improved possibilities further strengthen our project port- The company starts 2015 with for new business and continued folio and play an important role, not a strong quarter and reports an development of Magnolia Bostad's in least because they help solidify operating profit of SEK 146.1 million organization. our already strong reputation in the (–2.6) for the period. Profit after tax country's municipalities. Magnolia was SEK 138.7 million (–2.9). Project portfolio Bostad is now viewed as a natural Over the past few years we have partner and welcome participant Initial public offering built up an attractive project portfo- in land allocation competitions. We We have recently initiated a process lio that is now beginning to gener- are proud of this confidence and that will lead to an initial public of- ate solid profits for the company. we believe it will lead to many new, fering of the Magnolia Bostad share The portfolio currently consists of interesting transactions. on Nasdaq First North. The aim around 5,000 apartments in around of the IPO is to give the company 25 projects. Construction on the ma- Enhanced organization financial strength for continued jority of the projects will be relatively During the quarter we enhanced the growth. evenly distributed over the next organization with twelve new em- three years. ployees within transactions, finance In addition to infusing new capital and marketing. It will be exciting to into Magnolia Bostad, an IPO is also During the first few months of the continue to develop Magnolia Bos- a sign of quality. The increase in year, we have won no less than three tad's organization, which is already credibility that the company gains land allocation competitions – in strong and contains some of the among credit institutions, munici- Bålsta in the northern part of the industry's best forces. palities and potential future em- Greater Stockholm region, Gothen- Well-equipped for growth I have followed Magnolia Bostad since it was founded, first as a member of the Board of its par- ent company and a member of its investment committee, and later in my role to develop its rental apart- ment business, and now as the President since March. The company is well-equipped for future growth, with a healthy balance sheet, a competent organization and a well- stocked, attractive project portfolio that has an appropriate balance of risks.
I am pleased to have the privilege of leading Magnolia Bostad now that, with the listing on Nasdaq First North, we are starting a new chapter in the company's history. The listing is the next natural step in Magnolia Bostad's development.
Stockholm in May 2015
Fredrik Lidjan President
Magnolia Bostad's President Fredrik Lidjan.
Magnolia Bostad | Q1 2015 3 Residential projects
Oceanhamnen Helsingborg
Oceanhamnen at the entrance to Helsingborg's harbor has a spectacular location looking out over Öresund, and it is only a mere stone's throw from the central train station. A new neighborhood is being planned for this area, with apartments, offices, restaurants and stores close to the water.
The project places considerable focus on the environment and sus- tainability, with well thought-out material choices and smart techno- logical solutions. In order decrease Project info Location: Helsingborg the need for a car, the area will Type of ownership: Rental offer both a car sharing and a bike Total area: 8,500 sqm sharing service, and the buildings Number of apartments: will be equipped with schedules 109 that show the departures of nearby Architect: Link Arkitektur public transportation in real time. and Batteriið Arkitekter
Magnolia Bostad | Q1 2015 4 Market and the organization
Market trends has fallen steadily since 2008. owned apartments increased by 5 Today's investment market is char- This development shows that the percent, the Greater Gothenburg acterized by considerable demand residential sector is judged to be area by 11 percent and the Greater for newly constructed apartments. a stable investment sector facing Malmö area by 3 percent. According to a report published low risks. According to NAI Svefa by the National Board of Housing, Analys, the direct return require- Changes to the organization Building and Planning in March, ment for centrally located residen- Erik Rune took over as CFO in Feb- more than 70,000 apartments will tial units in Stockholm, Gothen- ruary. He has considerable expe- need to be built every year in the burg and Malmö during Q1 2015 is rience in the real estate industry. next few years, compared to the estimated to be 1.50 percent, 2.25 Erik comes most recently from a most recent years’ production of percent and 2.75 percent, respec- position as CFO in the Nordic region less than 30,000 new homes a year. tively. within CBRE Global Investors. Before that he was the President of The macroeconomic situation is According to Statistics Sweden, the Nordic operations for London & also beneficial, with the economy growth of rents for newly con- Regional Properties. experiencing good growth and structed apartment buildings in households and companies in Sweden is showing an increase In March, Fredrik Lidjan took over Sweden taking a positive approach of 10 percent during the period as President of Magnolia Bostad. to the future. Low inflation has re- 2009–2013. Since the introduction He was previously responsible for sulted in record-low interest rates, of presumptive rents between 2006 rental apartment development which further increases demand as and 2013, average rent increased by within the company, and before well as our possibilities for securing 32 percent from SEK 1,211/sqm to this he was active in the owner's good, cost-efficient financing. SEK 1,602/sqm. Board of Directors and the compa- ny's investment committee. Fredrik The liquidity in the property market Lidjan's predecessor, Andreas Rutili, continues to increase. In 2014, the Tenant-owned apartments was elected the Board of Directors total transaction volume in Swe- Apartment prices in Sweden's at Magnolia Bostad's Annual Gen- den was SEK 158 billion, which is a metropolitan areas continued to in- eral Meeting in April to. new record. The residential sector crease during the first few months was largest, totaling SEK 35 billion, of the year, primarily due to the The organization was strengthened which corresponds to 27 percent of record-low interest rates. According during the quarter with an addi- the total transaction volume, ac- to SBAB's Mäklarbarometer (Real tional eleven employees in trans- cording to real estate advisor DTZ Estate Barometer) that was pub- actions, marketing and sales and in its report, Investment Market lished in April, the metropolitan ar- finance, including Henrik Meeths Update Q1 2015. eas' residential markets are hotter (Analysis Manager), Andreas Wallin than ever. Increasing demand and (Regional Manager South and West Rental apartments low supply is resulting in reduced Sweden) and Magnus Ericsson IPD Svenskt Bostadsindex indicates sales times and rising prices. Ac- (Regional Manager Mid-Sweden). that residential properties appre- cording to the same survey, demand Magnolia Bostad will continue to ciated four percent in 2014. The is expected to decline slightly in the recruit new employees in coming favorable interest rate has had a future, while prices are expected to quarters. In total, the company's positive impact on property values. continue to rise. organization currently consists of 30 employees. The direct return requirement for In Sweden as a whole, prices for centrally located residential prop- tenant-owned apartments in- erties in the metropolitan areas of creased during the first quarter by 8 Stockholm, Gothenburg and Malmö percent according to Mäklarstatis- tik. All metropolitan areas showed a clear rise in prices. In the Greater Stockholm area, prices for tenant-
Magnolia Bostad | Q1 2015 5 Project portfolio Ongoing projects Type of Number Estimated owner- of housing Gross area construction Estimated Project Property City Type of project ship units (sqm) Phase start occupancy
Valsta Torg Sigtuna Valsta 3:190 Sigtuna New production TO 42 1,974 S 2014 2015
M6 Muttern 6 Stockholm Renovation TO 55 2,900 1) S 2015 2016
Head Office Kvarngärdet 28:7 Uppsala New production TO 45 3,500 S 2015 2016
Lake View Svedje 1:307 and Åre New production C 14 1,300 S 2015 2016 others
Lumen Trapphuset 1 Sollentuna New production TO 92 6,600 S 2015 2017
Head Office Kvarngärdet 28:6 Uppsala New production TO 45 3,600 S 2015 2017
Åby Ängar Vallentuna-Åby 1:94 Vallentuna New production R 137 7,800 S 2015 2017
Mariastaden Slagan 1 Helsingborg New production R 289 14,300 S 2015 2017
Mustard Factory Kungsängen 25:1 Uppsala New production R 1,150 66,000 CD 2016 2017 (Senapsfabriken) 2) (Rental)
Östra Sala Backe Östra Sala Backe, Uppsala New production R 112 6,700 CD 2016 2017 E2, kv 5
Åby Ängar Vallentuna-Åby 1:149 Vallentuna New production R 140 7,900 CD 2016 2018
Mustard Factory Kungsängen 25:1 Uppsala New production TO 400 29,000 CD 2016 2018 (Senapsfabriken) 2) (Tenant-owned) 3)
Norefjell 4) Norefjell Norefjell, New production C 100 12,000 CD 2017 2018 Norway
Norrbacka Sigtuna Norrbacka Sigtuna New production R 180 15,000 ZP 2016 2017 1:32-36
Orminge centrum Orminge 52:1 Nacka New production R 400 35,000 ZP 2017 2018
Norefjell 4) Sandumseter Norefjell, New production C 275 28,000 ZP 2017 2018 Norway
Bålsta centrum Part of Väppeby 7:7 Bålsta New production R/TO 340 31,800 ZP 2017 2018
Kopplingsboxen 26 Kopplingsboxen 26 Stockholm New production TO 20 1,130 ZP 2017 2018
Oceanhamnen Part of Gamla Helsingborg New production R 109 8,500 ZP 2017 2019 Staden 1:1, etc.
Frihamnen Part of Lundby Gothenburg New production Hotel - 12,000 ZP 2018 2019 vassen 736:168
Frihamnen Part of Lundby Gothenburg New production R 150 10,500 ZP 2018 2019 vassen 736:168
Skogskarlen 3 Skogskarlen 3 Solna New construc TO 130 8,000 ZP 2018 2019 tion/renovation
Instrumentet 2 Instrumentet 2 Stockholm New production TO 100 6,100 ZP 2019 2020
Total 4,325 319,604
1) Living area. 2) Magnolia Bostad's ownership amounts to 80.3%, including forward transactions. Magnolia Bostad's share of profits amounts to 76.3%, including forward transactions. 3) Magnolia Bostad entered into an agreement to sell this part of the property in February 2013, assuming that the land can be divided as intended. 4) Magnolia Bostad's share amounts to 16%. Types of ownership: R – rental TO – tenant-owned C – condominium Project phases: ZP – Zoning plan CD – Concept development/completed building rights S – Sales
Breakdown by project phase, sqm Breakdown by type of ownership, sqm Breakdown by location, sqm
Zoning plan Greater Stockholm Concept develop Rental Uppsala ment completed Tenant-owned The Öresund region building rights and condominiums and Gothenburg Sales Associated companies Other
Magnolia Bostad | Q1 2015 6 Residential projects Sold projects Number Type of of Gross owner- housing area Construc Project City Type of project Type ship units (sqm) Phase tion start Occupancy
Traversen 18 Sollentuna New Apartment Rental 230 13,600 Sold, under 2014 2015 production building production
Nya Parken Allé Norrköping New Apartment Rental 268 16,600 Sold, under 2014 2016 production building production
Tibble 19:1 Kungsängen New Apartment Rental 40 2,600 Sold, under 2014 2016 production building production
Tibble 20:2 Kungsängen New Apartment Rental 93 5,250 Sold, under 2014 2016 production building production
Total 631 38,050
Residential projects Traversen 18 Greater Stockholm
Magnolia Bostad acquired Tra- versen 18 in the Turebergs Allé area between Sollentuna centrum and Stinsens köpcentrum in the fall of 2013. This area has grown with many popular apartments in recent years. An agreement was also signed with Veidekke Entreprenad for the construction of 230 well- planned and modern rental apart- ments. The property was divested to the Aberdeen Residential Fund.
Project facts Location: Sollentuna Type of ownership: Rental Total area: 13,600 sqm Number of apartments: 230 Architect: Lindberg Stenberg Arkitekter Occupancy: 2015
Magnolia Bostad | Q1 2015 7 Financial performance
Profit/loss for Q1 2015 Balance sheet at March 31, 2015 –1.2 million (0). Financing activities Consolidated net sales for Q1 The balance sheet total at the end amounted to SEK –0.6 thousand 2015 totaled SEK 19.4 million (3.5). of Q1 2015 was SEK 1,317.2 million (–0.6). The total interest-bearing During the quarter Magnolia ac- (792.4), which is an increase of SEK borrowings amounted to SEK 787.6 quired a majority of 80.25% in the 524.8 million compared to Decem- million (152.1) on March 31. previously held associated com- ber 2014. This increase is primarily pany, Moutarde Holding AB (the due to the acquisition of the major- Stock Kungsängen 25:1 property, previous- ity in the Kungsängen 25:1 proper- F. Holmström Fastigheter AB, in ly the Slotts mustard factory). This ty. Equity attributable to Parent which Fredrik Holmström has a revaluation had a positive impact Company shareholders during Q1 controlling interest through com- on operating profit for the quarter, 2015 amounted to SEK 354.1 million panies, holds a 78.0 percent stake which increased to SEK 146.1 million (253.4), the minority's share of in Magnolia Bostad. As of March (–2.6). equity amounted to 73.1 (0). The eq- 31 2015, the company had issued uity/assets ratio increased slightly 31,288,942 shares to 21 stockhold- Net financial items were SEK –7.4 to 32.4 percent (32.0). ers. The share is not traded on an million (–0.4), and the change is active market. due to the higher interest expenses Cash flow and financing attributable to an increase in bank Consolidated available liquidity at Accounting and measurement funding in conjunction with invest- the end of the period was SEK 67.0 principles ments in new projects and the bond million (6.6). Cash flow from oper- The Swedish Annual Accounts that was issued during the second ating activities in the first quarter Act and the Swedish Accounting quarter of 2014. Profit before tax totaled SEK 30.9 million (–16.6). Standards Board's general guide- was SEK 138.7 million (–2.9). During the quarter, cash flow from line, BFNAR 2012:1 (K3), apply investing activities totaled SEK 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 excep- tion of the definitions of the equity/ Equity and total assets, SEK thousand assets ratio and return on equity, which have been adjusted due to 1 500 000 the introduction of the minority's share of equity.
Equity/assets ratio Equity including the minority's share of equity less deferred tax as a percentage of the balance sheet 1 000 000 total.
Return on equity Profit after financial items as a per- centage of average equity, including the minority. 500 000 This report has been reviewed by the Company’s auditors.
0 2012 2013 2014 Q1 2015
Equity Balance sheet total
Magnolia Bostad | Q1 2015 8 Annual accounts Consolidated income statement
2015 2014 2014 SEK thousand Jan–March Jan–March Jan–Dec
Operating income
Net sales 19,363 3,459 140,541
Total income 19,363 3,459 140,541
Operating expenses
Production and operating costs –2,186 –1,994 –75,420
Other external costs –2,644 –1,541 –9,679
Personnel costs –4,026 –2,157 –5,560
Depreciation, amortization and impairment of property, plant and equipment and intangible assets –8,365 –334 –1,399
Profit/loss from participations in associated companies –528 – –1,152
Other operating expenses –8,132 – –
Revaluation during transfer from associated company to subsidiary 152,592 – –
Operating profit/loss 146,074 –2,567 47,332
Profit/loss from financial items
Interest income and similar profit/loss items 914 745 3,412
Interest expenses and similar profit/loss items –8,281 –1,115 –20,940
Profit/loss before tax 138,708 –2,937 29,804
Tax on profit/loss for the period – – –608
NET PROFIT/LOSS FOR THE PERIOD 138,708 –2,937 29,196
Attributable to:
Parent Company shareholders 138,708 –2,937 29,196
Minority holding – – –
Magnolia Bostad | Q1 2015 9 Annual accounts Consolidated balance sheet
2015 2014 2014 SEK thousand March 31 March 31 Dec 31
ASSETS
Non-current assets
Intangible assets
Goodwill 5,646 6,846 5,946
Other intangible assets 258 295 8,304
Total intangible assets 5,904 7,141 14,249
Property, plant and equipment
Equipment, tools, fixtures and fittings 284 203 199
Total property, plant and equipment 284 203 199
Financial assets
Participations in associated companies 1,152 1,575 39,832
Receivables from associated companies 23,541 23,541 23,541
Other securities held as non-current assets 30,614 30,614 30,614
Other long-term receivables 10,623 17,950 15,109
Total financial assets 65,929 73,680 109,096
Total non-current assets 72,117 81,024 123,544
Current assets
Development and project properties 1,046,222 212,583 424,231
Tenant-owned apartments 9,092 – 9,092
Accounts receivable 605 441 1,057
Receivables from associated companies 3,424 51,452 9,598
Tax assets – 116 –
Other receivables 117,752 3,300 186,952
Prepaid expenses and accrued income 982 568 517
Cash and bank balances 67,041 6,590 37,399
Total current assets 1,245,118 275,050 668,845
TOTAL ASSETS 1,317,235 356,074 792,389
Magnolia Bostad | Q1 2015 10 Annual accounts Consolidated balance sheet
2015 2014 2014 SEK thousand March 31 March 31 Dec 31
EQUITY AND LIABILITIES
Equity
Share capital 125,156 125,156 125,156
Equity method reserve – – 38,068
Other equity 90,192 64,907 60,997
Net profit/loss for the period 138,708 –2,937 29,196
Equity attributable to Parent Company shareholders 354,056 187,126 253,416
Minority's share of equity 73,149 – –
Total equity 427,205 187,126 253,416
Provisions
Provision for deferred taxes 169 – 169
Other provisions 55,661 – –
Total provisions 55,830 – 169
Liabilities
Long-term liabilities
Interest-bearing liabilities 775,509 146,049 494,353
Other long-term liabilities 100 – 100
Total long-term liabilities 775,609 146,049 494,453
Current liabilities
Liabilities to credit institutions – 6,000 –
Accounts payable 11,861 2,615 15,131
Liabilities to Group companies – 11,089 –
Liabilities to associated companies – 13 –
Income tax liabilities 779 – 1,138
Other current liabilities 27,689 815 17,336
Accrued expenses and deferred income 18,262 2,367 10,746
Total current liabilities 58,590 22,899 44,350
Total liabilities 834,199 168,948 538,803
TOTAL EQUITY AND LIABILITIES 1,317,235 356,074 792,389
Magnolia Bostad | Q1 2015 11 Annual accounts Consolidated cash flow statement
2015 2014 2014 SEK thousand Jan–March Jan–March Jan–Dec
Operating activities
Profit/loss after financial items 138,708 –2,937 29,804
Adjustments for non-cash items, etc. –142,775 3,268 4,407
–4,067 331 34,211
Income tax paid –510 –132 3,635
Cash flow from operating activities before changes in working capital –4,577 199 37,846
Cash flow from changes in working capital
Reduction (+)/increase (-) of development and project properties –31,040 –2,976 –68,383
Decrease(+)/increase(-) in current receivables 68,139 –3,235 –203,324
Decrease(+)/increase(-) in current liabilities –1,653 –10,590 4,750
Cash flow from operating activities 30,869 –16,602 –229,111
Investing activities
Acquisition of intangible fixed assets – – –8,083
Acquisition of property, plant and equipment –142 – –88
Sale of property, plant and equipment 2 – –
Investment in financial assets –4,031 – –6,660
Disposal/reduction of financial assets 3,000 – –
Cash flow from investing activities –1,171 – –14,831
Financing activities
Shareholders’ contributions received – – 53
Borrowings – – 366,704
Repayment of borrowings –55 –64 –103,666
Paid dividends – – –5,006
Cash flow from financing activities –55 –64 258,085
Cash flow for the period 29,643 –16,666 14,143
Cash and cash equivalents at the beginning of the period 37,399 23,256 23,256
Cash and cash equivalents at the end of the period 67,041 6,590 37,399
Magnolia Bostad | Q1 2015 12 Annual accounts Changes in equity, Group
Equity Net profit/ Total equity, Share method loss for the principal Minority Group, SEK thousand capital reserve Other equity year owner interest Total equity
Amount at beginning of the period 125,156 38,068 60,996 29,196 253,416 253,416
Transfer of profit/loss for the year to non-restricted reserves 29,196 –29,196 0 0
Redistribution during transfer from associated company to subsidiary –38,068 –38,068 –38,068
Acquisition of subsidiaries 0 73,149 73,149
Net profit/loss for the period 138,708 138,708 138,708
Amount at the end of the period 125,156 – 90,192 138,708 354,056 73,149 427,205
Magnolia Bostad | Q1 2015 13 Annual accounts Parent Company income statement
2015 2014 2014 SEK thousand Jan–March Jan–March Jan–Dec
Operating income – – –
Operating expenses
Other external costs –24 –6 –480
Personnel costs –432 – –
Operating profit/loss –456 –6 –480
Profit/loss from financial items
Interest income and similar profit/loss items 4,650 16 12,620
Interest expenses and similar profit/loss items –5,229 –545 –14,789
Profit/loss before tax –1,035 –535 –2,650
NET PROFIT/LOSS FOR THE PERIOD –1,035 –535 –2,650
Magnolia Bostad | Q1 2015 14 Annual accounts Parent Company balance sheet
2015 2014 2014 SEK thousand March 31 March 31 Dec 31
ASSETS
Non-current assets
Financial assets
Participations in Group companies 88,822 88,822 88,822
Receivables from Group companies 234,016 – 234,016
Participations in associated companies 1,850 1,450 1,850
Receivables from associated companies 27,241 26,541 27,241
351,929 116,813 351,929
Total non-current assets 351,929 116,813 351,929
Current assets
Development and project properties 3,823 – 3,823
Accounts receivable 3 3 3
Receivables from Group companies 15,315 75,037 10,778
Receivables from associated companies 312 3,297 221
Other receivables 2 – 1
Prepaid expenses and accrued income 23 14 74
19,479 78,351 14,900
Cash and bank balances 1,720 14 551
Total current assets 21,199 78,365 15,451
TOTAL ASSETS 373,128 195,178 367,381
Magnolia Bostad | Q1 2015 15 Annual accounts Parent Company balance sheet
2015 2014 2014 SEK thousand March 31 March 31 Dec 31
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 125,156 125,156 125,156
125,156 125,156 125,156
Non-restricted equity
Profit/loss carried forward 8,074 15,620 10,724
Net profit/loss for the period –1,035 –535 –2,650
7,039 15,085 8,074
Total equity 132,195 140,241 133,230
Liabilities
Long-term liabilities
Interest-bearing liabilities 220,571 23,271 220,034
Other long-term liabilities – 111 –
Total long-term liabilities 220,571 23,381 220,034
Current liabilities
Accounts payable 16 140 69
Liabilities to Group companies 3,948 31,306 1,948
Other current liabilities 12,051 6 12,000
Accrued expenses and deferred income 4,347 105 100
Total current liabilities 20,362 31,556 14,117
Total liabilities 240,934 54,938 234,151
TOTAL EQUITY AND LIABILITIES 373,128 195,178 367,381
Magnolia Bostad | Q1 2015 16 Annual accounts Changes in equity, Parent Company
Profit/loss Net profit/loss Parent Company, SEK thousand Share capital carried forward for the year Total equity
Amount at beginning of the period 125,156 10,724 –2,650 133,230
Profit/loss for the year carried forward – –2,650 2,650 –
Net profit/loss for the period – – –1,035 –1,035
Amount at the end of the period 125,156 8,074 –1,035 132,194
Magnolia Bostad | Q1 2015 17 Head Office, Uppsala
Financial Calendar
·· Interim Report January-June: August 17 ·· Interim Report January-September: November 9 ·· Year-end Report January-December: February 26, 2016
Contact
For additional information, please contact: Fredrik Lidjan, President [email protected] +46 (0) 70 223 43 47
Erik Rune, VP/CFO [email protected] +46 (0)73 399 40 30
Magnolia Bostad | Q1 2015 18 Magnolia Bostad AB Grev Turegatan 11 A Box 5853, 102 40 Stockholm Switchboard: +46 (8) 470 50 80 www.magnoliabostad.se