Samhällsbyggnadsbolaget i Norden AB (publ) (”SBB”) has today published its annual and sustainability report for 2021 (the “Annual Report”) in Swedish on its website. In connection with preparing the Annual Report, SBB has made certain revisions of previously published financial reports and key figures for 2020 and 2021. For 2021, changes in value for properties have been decreased by SEK 473 million and deferred tax has been increased by SEK 68 million for 2021. At the same time, profit from property management has been increased by SEK 293 million. The net effect of the revisions is that profit for the year decreased by SEK 247 million to SEK 25,601 million. The adjustment corresponds to approximately 1 percent of the previously communicated profit.
As a consequence of the short seller report from Viceroy Research that was published in February 2022, SBB’s auditors have in connection with the audit of the Annual Report carried out an extensive review and checked and documented every allegation made in the short seller report. In particular, focus has been on valuations and transactions carried out over the past two financial years. The review has involved a lot of resources and has been conducted by an extended auditing team.
SBB has adopted a more cautious and conservative approach to the handling of additional consideration connected to acquisitions and divestments. In addition to this revision, the company has corrected errors in the hedge accounting and in the deferred tax reporting which was noted during the preparation of the Annual Report.
As a result of the above-mentioned revisions, changes in value for properties have decreased by SEK 473 million and deferred tax has increased by SEK 68 million in 2021 compared to the previously reported result. At the same time, profit from property management has increased by SEK 293 million. The net effect of the revision means that the profit for the year decreased from SEK 25,849 million to SEK 25,601 million and earnings per series A and B ordinary share from SEK 17.35 to SEK 17.17. Furthermore, total equity decreases from SEK 83,832 million to SEK 82,971 million. A full explanation of the revisions made of the financial reports for 2020 and 2021 is made in Note 30 of the Annual Report.
The Annual Report is available at https://corporate.sbbnorden.se/, and as an attachment to this press release. The English version of the Annual Report will be available at the latest on 6 April 2022.
For further information, please contact:
Marika Dimming, Investor Relations and Head of Sustainability, [email protected]
This disclosure contains information that Samhällsbyggnadsbolaget i Norden AB is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 02-04-2022 00:14 CET.