Revised presentation of Nordic Modular in Kungsleden’s financial reports
As previously mentioned, Kungsleden initiated a process during the summer 2014 to divest the subsidiary Nordic Modular Holding. This means that as of Kungsleden’s interim report for the period January – September 2014, Nordic Modular will be re-classified as a fixed asset for sale in accordance with IFRS 5.
The result of this is that Nordic Modular’s earnings after tax will be presented on a separate row at the end of Kungsleden Group’s Income Statement. In the Statement of Financial Position, Nordic Modular’s assets and liabilities are presented on separate asset and liability rows.
As a consequence, the Group’s Income Statement is simplified as the terms Net Sales and Gross Profit/Loss are replaced by Rental Revenue and Operating Net. Subsequently, Kungsleden’s property movements will become more evident, which is desirable as this is the Group’s core business.
Kungsleden will present its interim report for the period January – September 2014 on Friday October 24 at 7am CET.
For more information, please contact:
Anders Kvist, Deputy CEO and CFO Kungsleden | phone +46 8 503 052 11| anders.kvist@kungsleden.se
Detta pressmeddelande finns tillgängligt på svenska på www.kungsleden.se/pressmeddelanden
Kungsleden AB (publ) discloses the information in this press release according to the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. The information was provided for public release on 21 October 2014 at 15:00 p.m.
Kungsleden’s business concept is to own, manage and improve commercial properties in growth regions in Sweden and to deliver attractive total returns. Kungsleden’s strategies to create value are based on meeting the premises requirements of customers by managing, improving and developing properties and planning consents and by optimising the company’s property portfolio. Kungsleden has been quoted on NASDAQ OMX Stockholm since 1999.
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