Correction regarding the consolidated cash flow statement for the second quarter 2024
Samhällsbyggnadsbolaget i Norden AB (publ) ("SBB") published on 28 August 2024 the interim report for January-June 2024 in which errors have been identified after the publication. The errors are attributable to the human factor. SBB has produced a correction sheet for the interim report for January-June 2024 which is available on SBB's website. It should be read together with the interim report published on 28 August 2024. The errors identified and corrected relate to the omission of two lines in the Consolidated cash flow statement, condensed on page 22 in the report. This relates to the lines Redemption of hybrid bonds and Buy-back shares, class-D in Financing activities. See table below for more information.
| 1 Jan 2024 | 1 Jan 2023 | 1 Apr 2024 | 1 Apr 2023 | 1 Jan 2023 | |
| Amounts in SEKm | 30 Jun 2024 | 30 Jun 2023 | 30 Jun 2024 | 30 Jun 2023 | 31 Dec 2023 |
| Operating activities | |||||
| Profit before tax, continuing operations | -4,805 | 14,229 | -3,502 | -10,107 | -21,179 |
| Profit before tax, discontinued operations | - | -833 | - | -997 | -6,090 |
| Adjustment for non-cash flow items | |||||
| Depreciation | 10 | 2 | 5 | - | 6 |
| Changes in value, property | 3,579 | 8,284 | 1,595 | 5,952 | 18,051 |
| Dissolution of goodwill following property sales | 320 | 78 | 320 | 78 | 797 |
| Goodwill impairment | - | - | - | - | 1,794 |
| Results, production of residentials | 14 | 2 | 13 | - | 17 |
| Profit from joint ventures and associated companies | 1,987 | 3,661 | 1,795 | 3,292 | 6,017 |
| Changes in the value of financial instruments | 34 | 1,949 | 21 | 750 | 2,580 |
| Dividends from joint ventures and associated companies | 131 | 282 | 131 | 282 | 283 |
| Net interest income | -231 | 3,129 | 143 | 2,051 | 1,818 |
| Interest paid | -911 | -1,094 | -577 | -470 | -2,236 |
| Interest received | 146 | 146 | 77 | 91 | 220 |
| Paid tax | -287 | -460 | -120 | -291 | -856 |
| Cash flow from operating activities before changes in working capital | -13 | 917 | -100 | 632 | 1,222 |
| Cash flow from changes in working capital | |||||
| Increase (-)/Decrease (+) of operating receivables | -282 | 139 | 6 | 660 | 1,057 |
| Increase (+)/Decrease (-) of operating liabilities | -184 | 322 | -272 | -849 | -929 |
| Cash flow from operating activities | -478 | 1,378 | -366 | 450 | 1,350 |
| Investment activities | |||||
| Investments in properties | -566 | -1,767 | -430 | -824 | -2,901 |
| Acquisitions of subsidiaries less acquired cash and cash equivalents | -400 | -753 | -199 | -3 | -1,629 |
| Disposals of subsidiaries less cash and cash equivalents | 9,832 | 296 | 5,814 | 229 | 12,675 |
| Investments/divestitures in equipment, machinery and installations | - | -71 | - | -1 | -75 |
| Investments/disposals in joint ventures and associated companies | -173 | 2,564 | -173 | 2,717 | 2,470 |
| Change in receivables from joint ventures and associated companies | -105 | -476 | -7 | -443 | 781 |
| Cash flow from financial assets | 341 | 663 | 336 | 819 | -194 |
| Change in other non-current receivables | -15 | -1,063 | -22 | -1,172 | -998 |
| Cash flow from investing activities | 8,915 | -606 | 5,320 | 1,323 | 10,129 |
| Financing activities | |||||
| Issue of warrants | 12 | - | 12 | - | - |
| Repurchase warrants | - | -4 | - | - | -5 |
| Repurchase compulsory convertibles | - | - | - | -4 | - |
| Redemption of mandatory convertible | - | -2 | - | -2 | 1 |
| Redemption of hybrid bonds | -713 | - | - | - | - |
| Dividend paid | - | -1,652 | - | -770 | -1,659 |
| Buy-back shares, class-D | -352 | - | -352 | - | - |
| Divestiture to minority | - | 8,654 | - | -9 | 9,057 |
| Contribution from minority | 18 | - | - | - | - |
| Redeemed minority | 47 | -680 | 47 | -680 | - |
| Borrowings | 3,409 | 23,250 | 3,409 | 7,758 | 21,544 |
| Repayment of loans | -8,938 | -31,182 | -5,229 | -11,860 | -38,885 |
| Change in cash collateral | - | -2,178 | - | - | -2,048 |
| Changes in other non-current liabilities raised | -38 | 275 | -93 | 212 | -52 |
| Cash flow from financing activities | -6,555 | -3,520 | -2,206 | -5,356 | -12,047 |
| Cash flow for the period | 1,881 | -2,748 | 2,747 | -3,583 | -568 |
| Cash and cash equivalents at the beginning of the period | 3,845 | 4,429 | 3,003 | 5,299 | 4,429 |
| Cash flow for the period | 1,881 | -2,748 | 2,747 | -3,583 | -568 |
| Translation gains/losses in cash and cash equivalents | 20 | -2 | -4 | -37 | -16 |
| Cash and cash equivalents at the end of the period | 5,747 | 1,679 | 5,747 | 1,679 | 3,845 |
For further information, please contact:
Helena Lindahl, Treasury Director, ir@sbbnorden.se, press@sbbnorden.se
Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) is the Nordic region’s leading property company in social infrastructure. The Company’s strategy is to long term own and manage social infrastructure properties in the Nordics and rent regulated residential properties in Sweden, and to actively work with property development. Through SBB’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the Company an attractive long-term partner. The Company’s series B shares (ticker SBB B) and D shares (ticker SBB D) are listed on Nasdaq Stockholm, Large Cap. Further information about SBB is available at www.sbbnorden.se.