050825 Interim Report

1 Interim Report January - June 2005 • Profit for the period after tax amounted to SEK 595.9 million (376.6). The in-crease can be attributed to unrea...

0 downloads 23 Views 86KB Size
Interim Report January - June 2005 •

Profit for the period after tax amounted to SEK 595.9 million (376.6). The increase can be attributed to unrealised changes in property values.



Gross profit from property management fell by 4.2 per cent to SEK 403.0 million (420.7) for comparable holdings.



Group net sales for the period amounted to SEK 667.6 million (687.4). The decrease can be attributed mainly to the sale of properties during 2004. The net rents for comparable holdings remained essentially unchanged.



The rental vacancy level at the period-end was 8.2 per cent (8.2 at the year-end).



Profit per share was SEK 2.89 (1.83).

_____________________________ CONSOLIDATED RESULTS Property management1 Gross profit for the year totalled SEK 403.0 million (432.6), a fall of 6.8 per cent or 4.2 per cent for comparable holdings. The fall can be attributed to property sales in 2004 and costs for adaptation of premises for new tenants and store transfers at NK. Net rents from property management during the period amounted to SEK 626.9 million (646.7). The net rents for comparable holdings remained essentially unchanged. Of the net rents from property management, the Stockholm City East Business Area accounted for SEK 194.7 million (196.5), the Stockholm City West Business Area for SEK 230.7 million (246.2), the NK Business Area for SEK 131.0 million (136.8) and the Gothenburg Business Area for SEK 70.5 million (67.2). Property management costs totalled SEK 223.9 million (214.1). Of the costs, the Stockholm City East Business Area accounted for SEK 66.4 million (62.7), the Stockholm City West Business Area for SEK 80.2 million (77.3), the NK Business Area for SEK 56.6 million (52.7) and the Gothenburg Business Area for SEK 20.7 million (21.4).

SEK m Net rents Costs Gross profit

Sth East 194.7 -66.4

Sth West 230.7 -80.2

NK 131.0 -56.6

Gbg 70.5 -20.7

Total 626.9 223.9

128.3

150.5

74.4

49.8

403.0

The turnover-based rent supplements for the NK properties will be reported during the fourth quarter. During the preceding year the turnover-based rent supplement amounted to SEK 5.3 million. Apart from this there are no seasonal variations with regard to rent. Other operations Other operations include parking operations at Parkaden in Stockholm and conference operations at the World Trade Center in Stockholm. Net revenue amounted to SEK 40.7 million (40.7), costs amounted to SEK 35.9 million (36.9) and gross profit amounted to SEK 4.8 million (3.8). Other income statement items Central administration totalled SEK -13.7 million (-13.4). Changes in value in investment properties totalled SEK 500.0 million (17.6).

1

The properties Schönborg 6 and Roddaren 58, which have been sold, were included up to May 5 and June 29, 2004 respectively. Otherwise the property holdings remained unchanged between the first two quarters of 2005 and the same period in 2004.

1

Financial income and expense Net financial income and expense amounted to SEK -64.6 million net (-90.4). The lower cost can be explained by a lower average interest level. Tax The Group’s tax (both actual and deferred) for the period totalled SEK -233.6 million (+26.4), of which SEK -78.6 million was actual tax and SEK -155.0 million deferred tax. Profit for the period The profit for the period after tax was SEK 595.9 million (376.6).

INVESTMENTS AND SPECIAL PROJECTS Investments in properties and equipment for the period totalled SEK 35.3 million (37.2)

PROPERTY PORTFOLIO With effect from 2005, investment properties will be reported at the fair value in the Group's financial reports. The book value of Hufvudstaden’s property portfolio as of June 30, 2005 was SEK 15,533.8 million (15,000.0 at the turn of the year) and the rentable space was 407,380 square metres (407,375 at the turn of the year). The total rental vacancy level as of June 30 was 8.2 per cent (8.2 at the turn of the year) and the total floor space vacancy level was 9.6 per cent (9.5 at the turn of the year). Market value and net asset value At the end of each year Hufvudstaden makes an internal valuation of the fair value of each individual property. The valuation is made on the basis of a yield valuation. To assure the valuations, external valuations are requested for part of the property holdings. The internal valuation of the properties is updated on an ongoing basis during the year to take into account purchases, sales and investments. Hufvudstaden also examines on an ongoing basis if there are indications of changes in the fair value of the properties. This can take place in the form of, for example, major lettings, notice of termination, and material changes in the yield requirements. Considering the above, it is estimated that the value of the property holdings has increased by SEK 0.5 billion during the period and consequently the fair value of the properties as of June 30, 2005 is estimated at SEK 15.5 billion. The increase can be attributed mainly to an estimated lower direct yield requirement as a result of the continued high level of interest in commercial properties on the part of both Swedish and international investors and an historically low interest rate level. In the above valuation, the average direct yield requirement for the property holdings was 6.0 per cent (6.2 at the turn of the year). Based on this valuation, the net asset value is SEK 10.1 billion, or SEK 49 per share after tax. When calculating the net asset value, computed deferred tax has been used. This has been estimated at 10 per cent of the difference between the assessed fair value and the fiscal residual value of the properties. This has been assessed in the light of current tax legislation, which means that proper-

ties can be sold via a limited company without tax implications. The seller, however, loses the basis for depreciation and it is expected they will be compensated for this. The effect of the above has been set at 10 per cent. If the tax rate according to the balance sheet (28 per cent) is used in the computation, the net asset value would have amounted to SEK 7.8 billion, or SEK 38 per share.

RENTAL MARKET Market rents for office space in central Stockholm that has been well adapted to operational needs continued to stabilize during the period, mainly as a result of good economic growth and an unchanged level of vacant space in modern, efficient, centrally located premises. In the case of premises of a lower standard, rents have fallen as a result of reduced demand and a rising level of vacant space. In the case of new office leases in Stockholm's most attractive locations within the Golden Triangle, at Norrmalmstorg and in the Hötorget area, rents were noted of SEK 3,000-3,800 per square metre per year, excluding the property tax supplement. Demand for retailing premises in the same area continued to be good. Rents for prime location retailing space have levelled out at SEK 10,000-12,000 per square metre per year, excluding the property tax supplement. Interest in modern office and retailing premises in the most sought-after sub-markets in Gothenburg continued to be stable despite a slightly higher level of vacant space. However, there has been a fall in interest in older premises of a lower standard. Market rents for office premises in prime locations were SEK 1,600-1,800 per square metre per year, excluding the property tax supplement. In the case of prime location retailing premises, the market rent was SEK 5,000-8,500 per square metre per year, excluding the property tax supplement. The Group's ongoing renegotiations for both office and retailing premises have proceeded as we expected. During the period a total of approximately 34,000 square metres have been renegotiated at a value of approximately SEK 101 million. On average, these renegotiations have resulted in a decrease of rents of 9 per cent.

FINANCING STRUCTURE Hufvudstaden’s borrowing as of June 30, 2005 amounted to SEK 3,670.0 million (3,135.0 at the turn of the year). The average fixed interest period was 34 months (27 at the turn of the year), the average capital tie-up period was 37 months (19 at the turn of the year) and the average interest cost was 3.9 per cent (4.2 at the turn of the year). Net liabilities amounted to SEK 3,646.4 million (3,120.7 at the turn of the year). The fair value of interest rate swaps as of June 30 was SEK -124.7 million (-56.9 as of January 1, 2005). The change in the value of financial instruments from January 1 to June 30, 2005 has affected the hedging reserve in equity by SEK 48.8 million.

2

Capital tie-up structure, June 30, 2005 Maturity Volume date SEK m 2005 290.0 2006 790.0 2007 790.0 2008 600.0 2010 500.0 2011 350.0 2013 350.0 Total 3,670.0

Share, % 8 21 21 16 14 10 10 100

Fixed interest structure, June 30, 2005 Maturity date 2005 2006 2007 2008 2010 2011 2013 Total

Volume, SEK m 590.0 1,080.0 200.0 600.0 500.0 350.0 350.0 3,670.0

Share, % 16 29 5 16 14 10 10 100

Average APR, % 2.3 4.2 3.5 4.8 4.1 3.9 4.1 3.9

BUY-BACK OF COMPANY SHARES As of June 30, 2005, the Company held 5,006,000 A shares, equivalent to 2.4 per cent of the total number of shares issued. No buy-backs were made during the year or after the end of the reporting period. At the 2005 Annual General Meeting the Board was granted renewed authorization to acquire up to 10 per cent of all issued shares and to assign company shares. Buy-back of shares as of June 30, 2005, million shares Total Held by no. of Hufvudshares staden As of January 1, 2005 211.3 5.0 Buy-back As of June 30, 2005 211.3 5.0

Other shareholders 206.3 206.3

PARENT COMPANY The Parent Company's accounting records are not covered by IFRS. The profit for the period after net financial income and expense was SEK 152.6 million (594.0). Liquid funds at the period-end amounted to SEK 21.1 million (18.9). Investments in property and equipment during the period amounted to SEK 13.7 million (9.8). Second quarter2 The gross profit from property management was SEK 199.2 million (216.0). The fall can be attributed to increased costs for adaptation of premises. Net rents totalled SEK 313.3 million (321.4). The net rents for comparable holdings remained essentially unchanged. Property management costs amounted to SEK 114.1 million (105.4).

The gross profit from Other operations was SEK 2.6 million (1.4). Net revenue was SEK 20.5 million (19.9) and operating costs SEK 17.9 million (18.5). The changes in value of investment properties totalled SEK 500.0 million (17.6). ACCOUNTING PRINCIPLES This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting, which is in compliance with the requirements in Swedish Financial Accounting Standards Council recommendation RR 31, Interim Financial Reporting for Groups. The accounting principles applied in this interim report are those presented in the 2004 Annual Report, Note 39. It is stated that the International Financial Reporting Standards (IFRS) will be applied with effect from 2005 and that the comparative information for 2004 has been recomputed in accordance with the new principles, with the exception of the information referring to financial instruments. In accordance with the rules for the transition to IFRS, the new principles are applied to financial instruments only with regard to the parts of the accounting records that refer to 2005. The effect on equity at the beginning of the year of the recomputation to the new principles is stated on page 8. The effects of the recomputation of comparative figures for profit for the first and second quarters of 2004 as well as equity at the end of the quarters are presented on pages 8-9. The equivalent information for the full year 2004 and equity at the beginning and end of 2004 is presented in Note 39 in the 2004 Annual Report. According to IFRS 1, the accounts should be prepared according to the IFRS standards that will apply on December 31, 2005. These standards should also have been approved by the EU. The accounting records are based on the current IFRS and interpretations thereof, which could be changed before December 31, 2005 with a subsequent effect on the amounts reported. Hufvudstaden's financial objectives have not been changed as a result of the introduction of IFRS. This means that the dividend should be more than half of the net profit from current operations, i.e. excluding unrealised changes in value, and that the equity/assets ratio is at least 40 per cent over time. The Company applies the ITP plan through insurance with Alecta, which is classified as a defined benefit plan covering several employers. This means that the Company should report its proportional part of the defined benefit obligations and management assets linked to the plan. According to information from Alecta, they are unable to furnish this information and consequently the plan will be reported as a defined contribution plan. FORTHCOMING INFORMATION Interim Report, January-September 2005 Year-end Report for 2005 Annual General Meeting 2006 in Stockholm

November 1, 2005 February 9, 2006 (date changed) March 23, 2006

This information is also published on Hufvudstaden’s website, www.hufvudstaden.se 2

The comparative figures refer to Q2, 2004

3

CONSOLIDATED INCOME STATEMENTS - SUMMARY AprilJune 2005

AprilJune 2004

JanuaryJune 2005

JanuaryJune 2004

JanuaryDecember 2004

313.3 20.5 333.8

321.4 19.9 341.3

626.9 40.7 667.6

646.7 40.7 687.4

1,273.4 85.1 1,358.5

-0.4 -29.7 -47.0 -10.6 -26.3 -0.1 -114.1 -17.9 -132.0

-1.9 -11.9 -54.6 -8.4 -28.3 -0.3 -105.4 -18.5 -123.9

-1.8 -37.7 -109.7 -21.2 -53.2 -0.3 -223.9 -35.9 -259.8

-11.7 -18.9 -109.5 -16.9 -56.6 -0.5 -214.1 -36.9 -251.0

-23.0 -46.3 -219.5 -35.7 -106.1 -0.8 -431.4 -74.4 -505.8

Gross profit - of which Property management - of which Other operations

201.8 199.2 2.6

217.4 216.0 1.4

407.8 403.0 4.8

436.4 432.6 3.8

852.7 842.0 10.7

Central administration Operating profit before changes in value

-7.3 194.5

-7.3 210.1

-13.7 394.1

-13.4 423.0

-29.4 823.3

SEK m Net revenue Property management Other operations Operating expenses Special projects Maintenance Operations and administration Ground rents Property tax Depreciation Property management expenses Other operations Operating expenses

Changes in value, properties Realised Unrealised Operating profit Financial income and expense Profit after financial income and expense Tax Profit for the period

500.0 694.5 -37.0

17.6 227.7 -43.9

500.0 894.1 -64.6

17.6 440.6 -90.4

17.9 279.5 1,120.7 -224.4

657.5 -184.4 473.1

183.8 74.2 258.0

829.5 -233.6 595.9

350.2 26.4 376.6

896.3 -124.9 771.4

Average number of outstanding shares after buy-backs during the period

206,265,933

206,265,933

206,265,933

206,265,933

206,265,933

2.29

1.25

2.89

1.83

3.74

Profit per share for the period, SEK CONSOLIDATED BALANCE SHEETS - SUMMARY SEK m Investment properties Other fixed assets Total fixed assets

June 30, 2005 15,533.8 69.0 15,602.8

June 30, 2004 14,686.0 84.6 14,770.6

December 31, 2004 15,000.0 83.6 15,083.6

Current assets Total assets

70.1 15,672.9

387.8 15,158.4

58.7 15,142.3

Equity

7,820.7

7,745.1

8,139.8

Long-term interest-bearing liabilities Pension provisions Deferred tax liability Total long-term liabilities

2,890.0 5.2 3,561.8 6,457.0

2,180.0 4.7 3,297.1 5,481.8

2,180.0 4.9 3,441.8 5,626.7

780.0 545.1 70.1 1,395.2 15,672.9

1,300.0 467.1 164.4 1,931.5 15,158.4

955.0 350.7 70.1 1,375.8 15,142.3

Other short-term interest-bearing liabilities Other liabilities Provisions Total short-term liabilities Total equity and liabilities

4

PLEDGED ASSETS AND CONTINGENT LIABILITIES SEK m Pledged assets Mortgages Endownment insurances Total pledged assets

June 30, 2005

June 30, 2004

December 31, 2004

1,716.3 3.3 1,719.6

1,803.9 2.9 1,806.8

1,516.3 3.0 1,519.3

None

None

None

Contingent liabilities CHANGE IN EQUITY

SEK m Opening balance Effect of change in accounting principle Adjusted opening balance Changed accounting principle IAS 39 Change in hedging reserve for the period Dividend Profit for the period Closing balance

JanuaryJune 2005 5,208.9 2,930.9 8,139.8 -41.1 -48.8 -825.1 595.9 7,820.7

JanuaryJune 2004 4,792.3 2,823.7 7,616.0 -247.5 376.6 7,745.1

JanuaryDecember 2004 4,792.3 2,823.7 7,616.0 -247.5 771.3 8,139.8

CONSOLIDATED CASH FLOW STATEMENTS - SUMMARY

SEK m Profit after financial income and expense Adjustment for items not included in the cash flow Depreciations/Impairments Tax paid Cash flow from current operations before changes in working capital Increase/decrease in operating receivables Increase/decrease in operating liabilities Cash flow from current operations Sales of properties/subsidiaries Property investments Investments in equipment Amortisation - long-term receivable Cash flow from investment operations Loans raised Amortisation of loan liability Dividend paid Cash flow from financing operations Cash flow for the period Liquid funds at the beginning of the period Liquid fund at the end of the period

JanuaryJune 2005 829.5 -499.7 1.6 -50.7

JanuaryJune 2004 350.2 -16.0 4.1 -81.9

JanuaryDecember 2004 896.3 -390.0 9.2 -87.7

280.7 -1.7 41.7 320.7 -33.8 -1.5 14.0 -21.3 565.0 -30.0 -825.1 -290.1 9.3 14.3 23.6

256.4 -25.1 -1.2 230.1 171.2 -35.0 -2.2 13.1 147.1 400.0 -670.5 -247.5 -518.0 -140.8 162.4 21.6

427.8 -8.3 -106.8 312.7 463.5 -68.7 -3.7 11.2 402.3 290.0 -905.6 -247.5 -863.1 -148.1 162.4 14.3

5

PROPERTY MANAGEMENT RESULTS (COMPARABLE HOLDINGS) JanuaryJune 2005 626.9 -223.9 403.0

SEK m Net revenue Property costs Gross profit

JanuaryJune 2004 627.7 -207.0 420.7

JanuaryDecember 2004 1,252.2 -425.0 827.2

FINANCIAL RESULTS - SUMMARY SEK m Income Costs Gross profit Central administration Changes in value, properties Net financial income/expense Tax Profit for the period

Jan-Mar 2005 333.8 -127.8 206.0 -6.4 -27.6 -49.2 122.8

Jan-Mar 2004 346.1 -127.1 219.0 -6.1 -46.5 -47.8 118.6

Apr-Jun 2005 333.8 -132.0 201.8 -7.3 500.0 -37.0 -184.4 473.1

Apr-Jun 2004 341.3 -123.9 217.4 -7.3 17.6 -43.9 74.2 258.0

Jan-Jun 2005 667.6 -259.8 407.8 -13.7 500.0 -64.6 -233.6 595.9

Jan-Jun 2004 687.4 -251.0 436.4 -13.4 17.6 -90.4 26.4 376.6

KEY RATIOS

Equity/assets ratio, % Equity per share, SEK Book value of properties per share, SEK Number of outstanding shares at the period-end Number of registered shares at the period-end

June 30, 2005 49.9 37.92 75.31 206,265,933 211,271,933

June 30, 2004 51.1 37.55 71.20 206,265,933 211,271,933

December 31, 2004 53.8 39.46 72.72 206,265,933 211,271,933

Stockholm, August 25, 2005

Ivo Stopner President

AUDITOR'S REVIEW REPORT I have carried out an outline audit of this Interim Report according to the recommendation issued by FAR. An outline audit is materially limited compared with a full audit. Nothing has emerged to indicate that this Interim Report does not comply with the stipulations in the Swedish Stock Exchange Act and the Swedish Annual Accounts Act. Stockholm, August 25, 2005

Bo Ribers Authorized Public Accountant

6

DEFINITIONS Annual rent. Gross rent calculated on an annual basis, excluding the turnover-based rent supplement. Vacant premises are reported at the market rent. Central administration. Costs for Group management and Group staff functions, costs for maintaining the Company’s stock exchange listing and other costs common to the Company. It should be noted that Central administration attributable to Other operations is included in the Other operations item. Equity per share. Equity in relation to the number of outstanding shares after buy-backs at the end of the period.

and bordered by Birger Jarlsgatan, Norrlandsgatan and Hamngatan. Investments. Expenses related to value-enhancing improvements are capitalized. Rebuilding costs of a maintenance nature are charged to profit. Net liabilities. Interest-bearing liabilities less interestbearing assets. Profit per share. Profit for the period in relation to the average number of outstanding shares after buy-backs during the period.

Equity/assets ratio. Equity in relation to total assets.

Property tax supplement. Property tax payments received from tenants.

Floor space vacancy level. Vacant floor space in square metres in relation to the total rentable floor space.

Rental vacancy level. Vacant floor space at an estimated market rent in relation to the total annual rent.

Golden Triangle. The central business district in Stockholm, between Stureplan, Norrmalmstorg and Nybroplan

Tax. Total tax for the Group comprises both actual tax and deferred tax.

Hufvudstaden AB (publ) NK 100, SE-111 77 Stockholm Visiting address: Regeringsgatan 38 Telephone: +46 8-762 90 00 Fax: +46 8-762 90 01 E-mail: [email protected] Website: www.hufvudstaden.se Company registration number: 556012-8240 Registered office: Stockholm

7

Reporting according to the International Financial Reporting Standards (IFRS) With effect from 2005, all listed companies within the European Union shall apply the International Financial Reporting Standards (IFRS), which also includes the current International Accounting Standards (IAS) in their consolidated accounts. The rules for how recomputation should take place for those companies that are applying the rules for the first time are to be found in IFRS 1, First-time Adoption of International Financial Reporting Standards. The standard stipulates that at least one comparative year be recomputed. A so-called opening balance as of January 1, 2004 should therefore be prepared, which explains how the transition from national accounting principles to IFRS affects equity. There should also be an explanation of how the financial position, results and cash flow for the comparison year 2004 are affected if the IFRS are applied instead of national accounting principles. Effects of reporting according to IFRS on the Hufvudstaden Group The effects of recomputation of comparative figures regarding the results for the whole of 2004 as well as equity at the beginning and end of 2004 are presented in the 2004 Annual Report, Note 39. The most material effects of the recomputation regarding the profit for the first 6 months of 2004 and equity as of June 30, 2004 that arise in the Group in conjunction with the transition to IFRS refer to the reporting of investment properties and deferred tax. With effect from January 1, 2005, financial instruments will be reported in accordance with IFRS. In accordance with the transition rules, the comparative figures for financial instruments for 2004 have not been recomputed. The effect of recomputation to the new principles will affect equity as of January 1, 2005. According to IFRS 1, the accounts are drawn up according to the IFRS standards that will apply on December 31, 2005. These standards will also have been approved by the EU. The effects of the recomputation to IFRS which are reported below are therefore preliminary and are based on the current IFRS and interpretations thereof which could be changed before December 31, 2005, with a subsequent effect on the amounts reported. Hufvudstaden has investment properties which are reported according to IAS 40, Investment property. Investment properties are reported at the fair value as opposed to reporting at the acquisition value adjusted for accumulated depreciation and impairment losses and gains according to earlier accounting principles. After taking into account the tax effects, the effect on equity of reporting at fair value is SEK 3,250 million as of January 1, 2004. Investments made during the first 6 months have increased the value of the investment properties. The valuation of the property holdings as of June 30, 2004 compared with the preceding valuation is not considered to give rise to any unrealized change in value.

According to IAS 40 it is not permitted to depreciate investment properties that are valued at fair value. Depreciation for the first quarter of 2004 has been reversed, which has improved profit by SEK 38 million after taking into account the tax effects. In accordance with IAS 40, charges for special projects and maintenance are only expensed if they meet the demands in the standard regarding expensing. Costs which do not meet the demands according to the standard have been capitalized as an investment property. After taking into account the tax effects, the profit for the first 6 months of 2004 improved by SEK 4 million. Reporting of financial instruments will from January 1, 2005 take place in accordance with IAS 32, Financial instruments, Disclosure and Presentation, and IAS 39, Financial instruments, Recognition and Measurement. IAS 32 corresponds essentially to RR 27, Financial instruments: Disclosure and Presentation, which Hufvudstaden has applied since January 1, 2003. As regards financial instruments, Hufvudstaden will in the future, where the conditions are met, also apply hedge accounting. This means that hedge accounting will be applied for the derivatives acquired with the aim of changing the fixed interest period of existing and planned loans and thus assure the interest level during the term of the derivative. According to IAS 39, the basic rule is that loans are valued at the amortized cost and derivatives are valued at fair value with changes in value charged to profit. By Hufvudstaden applying hedge accounting for a large proportion of the portfolio and reporting changes in value in a hedging reserve in equity, the changes in value that will arise in the Income Statement will decrease compared with if hedging is not applied. The effect on equity is estimated at SEK -41 million after taking the tax effects into account. The Group's reporting of the cash flow is not considered to have been affected to any material extent by the introduction of IFRS. A quantification of the effects in conjunction with the transition to IFRS can be seen in the tables below.

8

CHANGE IN EQUITY

-

4,792.3 -247.5 97.6

Acc effects, June 30, 2004 4,792.3 4,642.4 -247.5 512.2 414.6

4,792.3

4,642.4

5,057.0

5,057.0

3,250.1 -

2,823.7 19.0 2.0 -

2,844.7 18.6 2.0 -189.9

3,250.1 37.6 4.0 -189.9

-

-

12.7

12.7

Deferred tax attributable to the acquisition of business operations Total effects of IFRS

-426.4 2,823.7

2,844.7

2,688.1

-426.4 2,688.1

Equity, IFRS

7,616.0

7,487.1

7,745.1

7,745.1

Jan-Mar 2004

Apr-Jun 2004

Jan-Jun 2004

Profit for the period according to earlier legislation and recommendations

97.6

414.6

512.2

Investment properties Reversal, depreciation Reversal, project expenses Reversal, result from property sales

26.4 2.8 -

25.8 2.8 -263.8

52.2 5.6 -263.8

-

17.6

17.6

-8.2 118.6

61.0 258.0

52.8 376.6

SEK m Equity, opening balance Equity, preceding period Dividend Profit for the period Equity according to earlier legislation and recommendations Effects of IFRS, opening balance Investment properties Effects of IFRS, preceding balance Reporting of investment properties at fair value Reversal, depreciation Reversal, project expenses Reversal, result from property sales Realised change in value, properties, according to IFRS

Opening balance 4,792.3

March 31, 2004

June 30, 2004

Deferred tax

CHANGE IN PROFIT SEK m

Realised change in value, properties, according to IFRS Deferred tax Deferred tax Profit for the period, IFRS

9