Claesson & Anderzén AB, has today published its Annual Report for 2016, see also www.claessonanderzen.com where the annual report can be downloaded.
Net sales for the Group’s consolidated operations amounted to SEK 1 157m (1 444), of which net sales from the Group´s real estate company, CA Fastigheter AB, amounted to SEK 944 million (1041) and agriculture company, BZK Grain Alliance AB, to SEK 213 million (403). In addition, investment properties were sold for a value of SEK 14 million (835).
CA Fastigheter AB has, despite major sales the previous year managed to maintain an operating profit for 2016 which amounted to 360 MSEK (359). Project development activities have raised a profit of SEK 59 million (64). In 2016, the project portfolio expanded with several major projects primarily in Stockholm. Investment properties were acquired for an amount of SEK 682 million (273) mainly relating to apartment housing in Berlin and Malmö.
Agricultural activity, BZK Grain Alliance AB’s net sales amounted to SEK 213 million (403), a decrease mainly due to the sale in 2015 was affected by high opening stock of crops in combination with low closing balance of stock. Closing balance of stock by end of 2016 were again high which affected sales for 2016 negatively. In addition, the stock of crops are according to accounting principles not reported at market value.
Results of agricultural activities amounted to SEK 79 million (148). Earnings were negatively affected by a reduction in government subsidies which was decided in late 2015 and will be completely abolished in 2017. Yields for 2016 was better than plan for all crops. Compared with the previous year, stock of crops were increased based on the belief that better prices were to be obtained during Q1 2017, which has materialized.
The Group’s holdings in Catella AB, corresponding to 49.9% of the equity, which is reported as an associated company, has strongly contributed to net income. The Group’s share of Catella AB’s profit amounted to SEK 135 million (121).
Profit after financial items for the Group amounted to 352 MSEK (787).
The Group´s equity ratio, based on acquisition prices, amounts to 37.6% (38.8). For the third year, the Group shall, in accordance with new accounting rules, K3, indicate the market value of properties and derivatives. The value is reported only in the notes and the value related to the real estate portfolio amounted to 10.8 billion (8.6) and derivatives – 0.32 billion (- 0.28). Taking into account these values, the Group’s adjusted equity ratio amounts to 60% (58).
The Group does not make any forecasts for future periods.
– ”The results for 2016 are in line with our forecasts. Our real estate company, CA Fastigheter AB, has during the year not sold real estate more than marginally why the results compared with the previous year is unfair. Instead, a series of acquisitions of both investment property and development projects has been made which are expected to bring considerable value to the Group in the long term. The Group’s agricultural companies in Ukraine, BZK Grain Alliance AB reports strong earnings despite lower subsidies from the Ukrainian state. In addition, Catella AB shows continued good earnings and good growth. We are therefore well positioned to continue to develop our portfolio companies”, says Claesson & Anderzén AB’s CEO Johan Damne