ASPECTO 2.1 – Las operaciones de la mina que podrían ocasionar altos niveles de ruido, vibraciones y daños a las estructuras en el pueblo como producto de los
6.8 Ecología acuática
6.8.1 Interacción prevista entre las actividades del proyecto y la biota acuática
39 STOC KHOLMS STADSH US AB ACCOU NTI NG PR I NC I PLES
Tax effects of items reported in the income statement are reported in the income statement. Tax effects of items repor- ted directly against shareholders’ equity are reported against shareholders’ equity. Deferred tax is calculated on all tempo- rary differences arising between reported and fiscal values of assets and liabilities. The main reason for such temporary differences is write-downs of properties.
Deferred tax assets relating to loss carry-forwards or other future fiscal deductions are reported to the extent that it is likely that the deduction can be settled against a future taxation surplus. Deferred tax liability related to temporary differences in investments in subsidiaries and associated companies is not reported in the consolidated accounts since the Parent Company can always control the date for reversal of the temporary differences, and it is not deemed likely that such cancellation is made in the foreseeable future.
The deferred tax liability relating to untaxed reserves is reported in the Parent Company as part of the untaxed reserves.
FI NANC IAL ASSETS
All deposits are made in the Parent Company’s internal bank in accordance with the approved policy. Financial assets are not subject to financial interest risks.
R EC EIVAB LES
Receivables are individually assessed and taken up to the amount expected to be paid.
STOC K
Applying the first-in/first-out principle, equipment is valued at the lower of acquisition value and fair value at the end of the reporting period.
FIXED AN D OTH ER ASSETS
Tangible and intangible fixed assets are written off systemati- cally over the asset’s estimated economic life. Straight-line depreciation is used for all types of assets. The following depreciation periods are applied:
Goodwill 5-10 years
Capitalised development costs 3-5 years Leasehold and similar rights 5 years
Office buildings 50 years
Industrial buildings 3-50 years
Plants and machinery 3-50 years
Equipment, tools, fixtures and fittings 5 years Property, which is not utilised by Group companies, and which are owned for long-term renting, are classified as administra- tion properties in the consolidated financial statements.
LOAN COSTS
Costs for loans are expensed during the related period. All new borrowing is made through the internal bank of the Parent Company, the City of Stockholm. All companies have established a financial policy.
DEVELOPMENT WOR K
Research and development costs are normally expensed as they occur. Certain major development projects have been considered of significant value to the company in years to come and have been capitalised in the balance sheet under “Capitalised development costs”.
LEASI NG AGR EEMENTS
The Stockholms Stadshus AB Group has no financial leasing agreements.
CASH FLOW ANALYSIS
The cash flow analysis is prepared according to the indirect method. The reported cash flow only includes transactions, which involve payments received and made.
The classification as liquid assets includes cash and bank balances and balances in the Parent Company’s internal bank.
NOTES AN N UAL R EPORT 2004 40
Notes
NOTE 1 OPERATI NG I NCOME
Group Parent Company
(MSEK) 2004 2003 2004 2003
State support is included in
the income with 54.3 66.7
A majority of the Group’s operations are located to the Stockholm area. Subsidiaries' turnover, result, balance sheet total and other key ratios are shown in the respective subsidiary’s brief facts tables.
The Group overview on page 15 shows the development over time for certain key ratios per trade.
NOTE 2 OTH ER EXTER NAL COSTS
Group Parent Company
(MSEK) 2004 2003 2004 2003
The following amounts related to auditors’ fees are included:
Audit assignments
Öhrlings PricewaterhouseCoopers 1.3 1.0 0.5 0.3
KPMG 2.9 2.8
Ernst & Young 1.0 1.3
Other assignments
Öhrlings PricewaterhouseCoopers 3.8 3.6 2.7 0.5
KPMG 1.0 1.5
Ernst & Young 0.6 0.4 0.2
Deloitte 0.2
Total auditors’ fees 10.6 10.6 3.6 0.8
Rents
Amount for the year 143.9 273.7 1.2
Commitments within one year 86.4 227.7 Commitments 1 – 5 years 201.6 208.6
More than 5 years 184.5
NOTE 3 PERSON N EL
Group Parent Company
(MSEK) 2004 2003 2004 2003
Average number of employees 3,190 3,244 7 7
Men, % 64.5 65.1 71.4 71.4
Wages, salaries, other remuneration and social security costs
Board and MD 30.1 28.0 1.8 1.6
Social security costs 15.1 31.5 0.4 1.0
(incl. pension costs of) 5.5 22.4 -0.1 0.5
Pension commitments entered
as liabilities amount to 62.4 62.1 0.6 0.5
Pension commitments not entered
as liabilities amount to 5.0 8.3 0.6 0.6
Other employees 1,059.8 1,003.1 3.2 4.0
Social security costs 560.3 535.4 1.5 1.9
(incl. pension costs of) 203.5 213.8 0.4 0.5 Total wages, salaries and
other remuneration 1,089.9 1,031.1 5.0 5.6
Social security costs 575.4 566.9 1.9 2.9
(incl. pension costs of) 208.9 236.2 0.3 1.0
Remuneration paid to senior executives
Members of the Board are elected by the City Council. Of the Board members, five are women and four are men. For deputy members, the distribution is five women and four men. No change has been made since the previous year.
The Chairman has received 64,000 SEK, Vice Chairman 52,000 SEK. The Managing Director is also the City Director of Stockholm. A supple- mentary salary of 144,000 SEK has been paid to the Managing Director. The Deputy Managing Director is employed on the same terms as the City’s chief administrative officers. These terms mean permanent employment entitlement to pension benefits according to PA-KL after 12 years of employment, but not before the age of 60. In the event of termination of employment by the Company, the severance payment entitlement is two years’ salary. Other employees in the Parent Company are leading managers for whom no supplementary salary is paid. They have a right to pension according to PA-KFS or PFA.
Remuneration and other benefits during the year
Name Company Basic Pension Pension- Total
( K S E K ) salary cost agreement
Bosse Sundling, MD Stockholms
and City Director Stadshus AB 144 PA-KL 144 Per Blomstrand, Stockholms
Deputy Managing Stadshus AB 1 081 587 PA-KL 1 668
Director Pension
age from 60
41 STOC KHOLMS STADSH US AB NOTES
Group employees
The number of employees in the Group at year-end 2004 was 3,048, of which 35 per cent were women. Among the men, 29 per cent were aged 55 or older, while the corresponding figure for women was 23 per cent. Of the total annual work time in the Group, 80.8 per cent was so-called worked time, meaning presence at work. Vacation was 9.6 per cent, sick- ness 5.1 per cent, parental leave 2.2 per cent and the rest was other leave. Women have a higher sick leave figure than the men have, 6.3 % compared to 4.4 %. Among men, the sick leave figure was comparatively higher among staff 50 years and older than for women, whose sick leave figure was the highest for the 30-49 age group.
The ratio for those on long-term sick leave was higher for women than for men, around 32 per cent compared to 23 per cent of the total absence due to sick leave. 44 per cent of the total sick leave was 60 days or more. Pages 10 – 11 contain a chart including employee age distribution and sick leave absence.
Group Pension Plans
PA-KL is a remuneration-specific gross pension that has applied to emplo-
yees in the municipality and County Council. For most employees, the pen- sion agreement has been replaced with another agreement, but it is still applied to certain managers. PA-KL means that the employer promises a gross pension equivalent to a certain salary level.
PFA is a pension plan for employees in municipalities and County Councils,
which includes a fee-related old age pension and remuneration-specific supplementary old age pension.
PA-KFS is similar to ITP, a pension plan that applies to employees in munici-
pal companies. It mainly contains a remuneration-specific old age pension, supplementary old age pension and survivor pension.
PENSION PL ANS BASED ON FEES, TH IS YEAR’S FEE/C HANGES
Plans based on fees include:
old age pension PFA and PFA FAstigo 19.8
ITP 20.9
upward adjustment of life annuities and pensions in PA-KL 10.7
complementary PA-KFS 19.5
fees for other pension plans based on fees 12.8 pension fees paid, which have affected the income statement 18.2 remunerations relating to notice, and which
have affected the income statement 5.2
Total effect on the income statement 107.0
PL AN N ED B EN EFIT COMMITMENTS
Income statement
Plans based on benefit commitments include: benefit parts PFA (>7,5 basic amounts) PA-KFS
active PA-KL
Pensions paid during the period, with effect on
the income statement 39.6
Upward adjustment of pension debts at the end of the period 19.8 Debt reduction used in connection with
agreed/guarantee pension -6.4
Remunerations relating to notice, and which
have affected the income statement -3.8
Total effect on the income statement 49.3
Balance sheet
Provisions for pensions bal. b/f 1,028.5
Recalculation of bal. b/f 2004 net 31.9
Net debt after recalculation 1,060.4
Pensions paid, reported against pension debt -30.7 Upward adjustment of debt after new evaluation 84.3
Provisions for pensions bal. c/f 1,114.0
Actuary assumptions
Discounting interest 5.2
Future annual salary increases 3.5
Changes in the income basic amount 2.8
Inflation 2.0
Life expectancy P94
AN N UAL R EPORT 2004 42 NOTES
NOTE 4 DEPR EC IATION ACCOR DI NG TO PL AN
Group Parent Company
(MSEK) 2004 2003 2004 2003
Intangible assets
Capitalised development costs
20.0-33.0 -1.5 -1.0
Leasehold and similar rights
20.0 -0.2 -0.4
Goodwill
10.0-20.0 -1.8 -2.3
Total -3.5 -3.7
Tangible assets Buildings and land
2.0-20.0 -1,389.5 -1,322.0
Plant and machinery
2.0-33.0 -214.9 -182.4 Equipment 2.0-33.0 -74.6 -54.9 -0.1 -0.1 Total -1,679.0 -1,559.3 -0.1 -0.1 Total depreciation -1,682.5 -1,563.0 -0.1 -0.1 NOTE 5 WR ITE-DOWNS
Group Parent Company
(MSEK) 2004 2003 2004 2003
Intangible assets
Shares in associated companies -1.1
Goodwill -1.1
Total -2.2
Tangible assets
Buildings and land -82.4 -1,125.8 Construction in progress -33.9 -32.5
Total -116.3 1,158.3
Current assets
Construction in progress -15.0
Total write-downs -133.5 1,158.3
NOTE 6 ITEMS AFFECTI NG COMPARAB I LITY
Group Parent Company
(MSEK) 2004 2003 2004 2003
Capital gain from sold property with conversion
into tenant-owned apartments 236.5 246.9
Others -9.9 8.1
Total 226.6 255.0
NOTE 7 FI NANC IAL I NCOME
Group Parent Company
(MSEK) 2004 2003 2004 2003
Interest 432.4 605.3 422.1 575.5
Interest subsidies 53.6 34.6
Others 0.9 0.4
NOTES 43 STOC KHOLMS STADSH US AB
NOTE 8 TAX
Group Parent Company
(MSEK) 2004 2003 2004 2003
Information about taxes in the income statement
Current tax rate, % 28.0 28.0 28.0 28.0
Current tax expense
Reported result before tax 919.9 132.8 336.9 550.8 Tax according to current tax rate -257.6 -37.2 -94.3 -154.2 Tax effects of costs
which are not tax-deductible -8.3 -39.0 -1.3 Tax effects of result-related
Group adjustments -29.5
Tax effect of
Group capital gains 27.7 4.9
Tax effect of untaxed reserves -23.2 13.0 Tax effects of income
which is not liable for tax 15.4 13.8 1.6 3.6 Utilised, previously
not reported tax recoverables 2.2 0.2
Current tax expense for the year -273.3 -44.3 -92.7 -151.9 Current tax for previous periods -1.3 120.8 120.5
Deferred tax
Deferred tax expenses
referring to temporary differences -3.0 -42.1 Deferred tax income
referring to temporary differences 0.8 3.5
Reported tax expense -276.8 37.9 -92.7 -31.4
Information about taxes in the balance sheets
Current tax receivables 90.8 16.7
Current tax liabilities 126.1 230.8 54.7 40.8 Deferred tax receivables
Difference between fiscal/book
values of property 172.3 183.4
Non-taxable provisions 31.5 3.3
UER investments 93/94 67.4 70.4
Housing loan item 91.4 95.5
Contingent property sales 58.9 277.5
Income tax recoverables 31.4 31.4
Total deferred tax receivables 421.5 661.5 31.4
Deferred tax liabilities
Deferred tax, overvalues 102.9 152.7
Write-ups 17.9 16.4
Untaxed reserves 1,067.5 1,050.4 Total deferred tax liabilities 1,188.3 1,219.5
Deferred tax liability, net 766.8 558.0 -31.4
NOTE 9 I NTANGI B LE ASSETS
Group Parent Company
(MSEK) 2004 2003 2004 2003
Capitalised development costs
Acquisition value brought forward 7.1 7.6 Acquisitions for the year 11.0
Re-classifications 2.4 -0.1
Disposals -3.2 -0.4
Acquisition value carried forward 17.3 7.1 Write-downs brought forward -6.0 -5.3 Write-downs for the year -1.5 -1.0
Re-classifications -1.6
Disposals 2.7 0.3
Write-downs carried forward -6.4 -6.0
Net value carried forward 10.9 1.1
Leasehold and similar rights
Acquisition value brought forward 27.7 27.7 Acquisition value carried forward 27.7 27.7 Write-downs brought forward -26.6 -26.2 Write-downs for the year -0.2 -0.4 Write-downs carried forward -26.8 -26.6
Net value carried forward 0.9 1.1
Goodwill
Acquisition value brought forward 24.5 41.5
Re-classifications 2.3 -12.5
Disposals -3.5 -4.5
Acquisition value carried forward 23.3 24.5 Write-downs brought forward -19.7 -21.3 Write-downs for the year -1.8 -2.3
Re-classifications -1.2
Disposals 3.5 3.9
Write-downs carried forward -19.2 -19.7 Write-downs brought forward 0.0 -12.6
Re-classifications -0.9
Write-downs this year -1.1
Disposals 12.6
Write-downs carried forward -2.0 0.0
Net value carried forward 2.1 4.8
AN N UAL R EPORT 2004 44 NOTES
NOTE 10 BU I LDI NGS AN D L AN D
Group Parent Company
(MSEK) 2004 2003 2004 2003
Buildings
Acquisition value brought forward 46,910.3 43,304.6
Acquisitions for the year 2,651.2 1,089.2
Sales/disposals -96.4 -129.9
Re-classifications 2,302.2 2,646.4 Acquisition value carried forward 51,767.3 46,910.3
Write-downs brought forward -12,320.3 -11,039.8
Write-downs for the year -1,372.6 -1,304.8
Sales/disposals 33.5 49.0
Re-classifications -40.3 -24.7
Write-downs carried forward -13,699.7 -12,320.3
Write-ups brought forward 1,024.8 1,042.0 Write-downs for the year -16.9 -17.2
Sales/disposals 7.5
Write-ups carried forward 1,015.4 1,024.8 Write-downs brought forward -1,508.2 -386.8 Write-downs for the year -51.3 -1,128.5
Sales/disposals -75.0 7.1
Re-classifications -248.9
Write-downs carried forward -1,883.4 -1,508.2
Net value carried forward,
buildings 37,199.6 34,106.6
Land
Acquisition value brought forward 4,334.0 4,076.9 Acquisitions for the year 72.6 264.4
Sales/disposals 0.9 -3.4
Re-classifications -88.3 -3.9
Acquisition value carried forward 4,319.2 4,334.0 Write-ups brought forward 3.9 3.9 Write-ups carried forward 3.9 3.9 Write-downs brought forward -18.8 -21.5 Write-downs for the year -31.1 2.7
Write-downs carried forward -49.9 -18.8
Net value carried forward, land 4,273.2 4,319.1
Tax assessment value of buildings 35,824.4 45,974.9
Tax assessment value of land 27,585.9 18,117.9
Real value 97,064.1 86,661.1
Write-downs for the year relate to the following subsidiaries: Svenska Bostäder Write-downs of 8 MSEK have been made Familjebostäder: Write-downs of 40 MSEK for nursing homes have been made
Stockholmshem: Write-downs of 31 MSEK for land have been made SISAB: Write-down of 42 MSEK for school premises have been made, reversal of earlier write-downs of 39 MSEK have been made. Real value is calculated as follows:
Svenska Bostäder: Valuation is based on actual conditions and estimates of market yield demands. Each property has been evaluated individually. Familjebostäder: Valuation was made by external, independent evaluators. Stockholmshem: Valuation is mainly done by independent evaluators, complemented with internal yield valuations.
CentrumKompaniet: Has its own model for calculating a market value and totalling of operational nets calculated on the basis of actual value. SISAB: Has its own model based on recovery value.
Stockholms Hamnar: Valuation made by external independent valuation company, based on market value.
For a more detailed account of valuation methods, please consult the annual report of the respective companies.
Summary regarding buildings
held for investment purposes 2004 2003 Of the values for buildings and land above,
the following net values refer to buildings
held for investment purpose 33,572.7 30,942.2
Income 7;637.2 8,875.4
Operation cost -4,671.8 -3,792.7
Other costs -1,597.4 -3,377.7
Financial costs -727.4 -1,100.7
Net income 640.6 604.3
Information on state support
State subsidy included in the operating income 54.3
Interest subsidies included in financial income 56.3 21.7 State contribution, which has reduced facility values 78.3 84.1
NOTES 45 STOC KHOLMS STADSH US AB
NOTE 11 PL ANT AN D M AC H I N ERY
Group Parent Company
(MSEK) 2004 2003 2004 2003
Acquisition value brought forward 4,523.4 4,351.6 Acquisitions for the year 503.4 33.7
Sales/disposals -995.1 -115.3
Re-classifications 26.8 253.4
Acquisition value carried forward 4,058.5 4,523.4 Write-downs brought forward -2,184.8 -2,204.8
Write-downs for the year -214.9 -182.4
Sales/disposals 916.7 111.6
Re-classifications 29.7 90.8
Write-downs carried forward -1,453.3 -2,184.8 Write-downs brought forward -3.1 -3.1 Write-downs carried forward -3.1 -3.1
Net value carried forward
plant and machinery 2,602.1 2,335.5
NOTE 12 EQU I PMENT
Group Parent Company
(MSEK) 2004 2003 2004 2003
Acquisition value brought forward 640.8 553.1 1.5 1.4 Acquisitions for the year 70.5 32.9 0.1 0.1
Sales/disposals -39.7 -32.6
Re-classifications 59.4 87.4
Acquisition value carried forward 731.0 640.8 1.6 1.5 Depreciation brought forward -482.7 -432.6 -0.9 -0.8 Depreciation for the year -74.6 -54.9 -0.1 -0.1
Sales/disposals 38.2 31.7
Re-classifications 6.9 -26.9
Depreciation carried forward -512.2 -482.7 -1.0 -0.9
Net value carried forward, equipment 218.8 158.1 0.6 0.6
NOTE 13 CONSTRUCTION I N PROGR ESS
Group Parent Company
(MSEK) 2004 2003 2004 2003
Acquisition value brought forward 2,978.6 3,508.1 Acquisitions for the year 2,978.2 2,944.9
Sales/disposals -3.7 -13.6
Re-classifications -2,939.5 -3,460.8
Acquisition value carried forward 3,013.6 2,978.6 Write-downs brought forward -67.9 -35.4 Write-downs for the year -33.9 -32.5
Re-classifications 32.0
Write-downs carried forward -69.8 -67.9
Net value carried forward 2,943.8 2,910.7
Write-downs for the year relate to the following subsidiaries:
Stockholmshem, 28 MSEK based on the recovery value being lower than the reported value according to cash flow calculation.
Familjebostäder, 6 MSEK based on the recovery value being lower than the reported value according to cash flow calculation.
AN N UAL R EPORT 2004 46 NOTES
NOTE 14 SHAR ES I N SU BSI DIAR I ES
Group Parent Company
( M S E K ) 2004 2003 2004 2003
Acquisition value brought forward 1,659.7 968.7
Acquisitions for the year 0.4 701.2
Sales/mergers -4.9 -10.2
Acquisition value carried forward 1,655.2 1,659.7
Share % Number Booked value
capital and votes of shares 2004 2003 Corporate ID No. Domicile
AB Svenska Bostäder 94.35% 14,332,300 630.3 630.3 556043-6429 Stockholm
Fastighets AB Burspråket 100.00% 556021-5336 Stockholm
Centrumhuset i Vällingby KB 100.00% 916637-1469 Stockholm
AB Stadsholmen 91.00% 556035-1511 Stockholm
Lodet Fastighets AB 100.00% 556090-0572 Stockholm
Härolden Fastighets AB 100.00% 556102-5916 Stockholm
HB Hvilan-Siljan 100.00% 916581-9807 Falun
Enåborg AB 100.00% 556275-5537 Stockholm
Fastighets AB Centrumhuset Vällingby 100.00% 556203-5559 Stockholm
IT-Bo i Stockholm AB 100.00% 556615-7292 Stockholm
AB Studentskrapan 100.00% 556611-6868 Stockholm
AB Familjebostäder 91.00% 6,825,000 134.2 134.2 556035-0067 Stockholm
FB Servicehus AB 100.00% 556581-7870 Stockholm
AB Stockholmshem 91.00% 16,052,400 260.2 260.2 556035-9555 Stockholm
Västertorp Energi AB 100.00% 556052-2160 Stockholm
Stockholms Stads Bostadsförmedling AB 100.00% 1 000 0.1 0.1 556057-8303 Stockholm
CentrumKompaniet i Stockholm AB 100.00% 1 000 2.0 2.0 556112-1871 Stockholm
Skolfastigheter i Stockholm AB 91.00% 45,500 121.3 121.3 556034-8970 Stockholm
Stockholm Vatten AB 91.00% 1 137 500 114.2 114.2 556175-1867 Stockholm
Stockholms Hamn AB 91.00% 455,000 66.9 66.9 556008-1647 Stockholm
Stockholms Frihamns AB 100.00% 556023-5813 Stockholm
Roslagshamnar AB 91.00% 556189-1010 Stockholm
Stockholms Hamnentreprenad AB 100.00% 556036-9133 Stockholm
Nynärhamns Hamn AB 100.00% 556038-0882 Stockholm
AB Nynäshamns Skeppsmäkleri o speditionskontor AB 100.00% 556022-2514 Nynäshamn
AB Stokab 100.00% 500,000 69.9 69.9 556475-6467 Stockholm
Stockholms Parkering AB 91.00% 36,400 13.8 13.8 556001-7153 Stockholm
Parkab Övervakning AB 100.00% 556611-4012 Stockholm
AB Parkab 100.00% 556009-8138 Stockholm
Stockholms Stadsteater AB 96.40% 12,050 1.2 1.2 556026-1553 Stockholm
Stockholm Globe Arena Fastighet AB 100.00% 1 800 104.0 104.0 556206-4914 Stockholm
AB Stockholm Globe Arena 100.00% 556001-1065 Stockholm
Stockholm MFO AB 100.00% 1,000 0.1 0.1 556051-6949 Stockholm
S:t Erik Försäkrings AB 100.00% 100,000 119.8 119.8 516401-7948 Stockholm
NOTES 47 STOC KHOLMS STADSH US AB
Share % Number Booked value
capital and votes of shares 2004 2003 Corporate ID No. Domicile
AB Glasbrukskvarteret SWF 100.00% 40,000 7.5 7.5 556409-1832 Stockholm
Great European Duck Races AB 100.00% 1,000 0.1 556458-7672 Stockholm
Stockholm Water Action AB 100.00% 1,000 0.1 556489-7899 Stockholm
S:t Erik Markutveckling AB 100.00% 1,000 0.1 0.1 556064-5813 Stockholm
Fastighets AB G-mästaren 100.00% 556605-2170 Stockholm
Fastighets AB Runda Huset 100.00% 556605-2386 Stockholm
Stockholms Näringslivskontor AB 100.00% 21,000 9.1 9.1 556491-6798 Stockholm
Stockholm Visitors Board AB 100.00% 556027-5736 Stockholm
Business Arena Stockholm AB 66.35% 556537-8030 Stockholm
AB Glasbrukskvarteret SML 100.00% 1,000 0.1 0.1 556083-1306 Stockholm
Stockholm Event AB 100.00% 1,000 0.1 556464-7104 Stockholm
AB Stockholms-Turisten 100.00% 1,000 0.1 556063-3140 Stockholm
Sold/merged companies 4.9
Total 1,655.2 1,659.7
NOTE 15 LONG-TERM R EC EIVAB LES ON PAR ENT COMPANY
The Parent Company has liquid assets placed in the City of Stockholm internal bank.
Of the total receivables of 13,600 MSEK, 8,000 MSEK falls due within a year and 100 MSEK later than five years from the end of the reporting period.
NOT 16 SHAR ES I N ASSOC IATED COMPAN I ES
Group Parent Company
( M S E K ) 2004 2003 2004 2003
Acquisition value brought forward 5.6 2.5
Share of result for the year -1.0 3.1
Net value carried forward 4.6 5.6
Share % Number Booked value
capital and votes of shares 2004 2003 Corporate ID No. Domicile
Syvab AB 33.33% 40 0.1 0.1 556255-1928 Stockholm
Ecoferm AB 50.00% 10,000 0.0 1.3 556072-5946 Stockholm
Nynäshamns Mark AB 50.00% 2,000 2.0 2.0 556314-3113 Stockholm
Bodab 50.00% 500 2.5 2.3 556308-6627 Stockholm
AN N UAL R EPORT 2004 48 NOTES
NOTE 17 OTH ER LONG-TERM SECU R ITI ES
Group Parent Company
(MSEK) 2004 2003 2004 2003
Acquisition value brought forward 7.0 7.1
Acquisitions 2.3
Sales/disposals -0.2 -0.1
Accumulated acquisition
values carried forward 9.1 7.0
Net value carried forward 9.1 7.0
NOTE 18 PR EPAI D EXPENSES AN D ACC RU ED I NCOME
Group Parent Company
(MSEK) 2004 2003 2004 2003
Accrued interest income* 204.8 140.1 195.5 129.9
Accrued rents 104.4 51.8
Other accrued income 47.7 46.6
Other pre-paid expenses 83.2 106.9 0.2 1.9
Other items 18.6
Total pre-paid expenses 458.7 345.4 195.7 131.8
*Accrued interest income relates to receivables from City of Stockholm
NOTE 19 U NTAXED R ESERVES
Parent Company
(MSEK) 2004 2003
Tax allocation fund 234.2 169.1
Total 234.2 169.1
NOTE 20 PROVISIONS
Group Parent Company
(MSEK) 2004 2003 2004 2003
Provisions for pensions
Provision at the start of the period 1,028.5 959.7 31.0 30.5 Upward adjustment of bal. b/f 31.9
Provisions for the period 84.3 90.5 1.2 0.5 Used during the period -30.7 -23.1 -1.4
Effect of changed conditions
for discounting 1.4
Provision at the end of the period 1,114.0 1,028.5 30.8 31.0
Other short-term provisions
Provision at the start of the period 73.6 74.3 0.0 0.5 Provisions for the period 16.0
Used during the period -0.7 -0.5
Effect of changed conditions
for discounting 9.9
Provision at the end of the period 99.5 73.6 0.0 0.0
Stockholms Hamn has increased its provision relating to an agreement on expansion of the fuel plant at Brista estimated at 9 MSEK, following an index upward adjustment.
Svenska Bostäder has made a provision of 15 MSEK as a reserve for possible write-down of new production of apartments.
NOTES 49 STOC KHOLMS STADSH US AB
NOTE 21 ACC RU ED EXPENSES AN D PR EPAI D I NCOME
Group Parent Company
(MSEK) 2004 2003 2004 2003
Holiday pay liability 65.9 60.5 0.3 0.3
Social security costs 28.8 24.0 0.1 0.1
Accrued interest 507.6 569.2
Accrued rental costs 903.7 881.3 Other prepaid income 57.6 381.8
Other accrued costs 969.4 405.4 1.9 1.0
Total accrued expenses 2,533.0 2,322.2 2.3 1.4
NOTE 22 TOTAL LIAB I LITI ES
Group Parent Company
(MSEK) 2004 2003 2004 2003
Long-term interest-bearing
liabilities 22,336.5 20,745.8
Current interest-bearing liabilities 5,945.9 5,361.6 769.7 950.6
Of the long-term liabilities, 69.5 (641.5) MSEK in the Group fall due more than five years after the reporting period.
The Parent Company has no long-term liabilities that fall due more than five years after the reporting period.
Borrowing for companies in the Group is done through borrowing from the City of Stockholm internal bank. External loans still exist, but they will be repaid in about a year. The market valuations for the external loans are estimated to 63 MSEK higher, and the loans from the internal bank to 448 MSEK higher than what has been accounted for in the balance sheet. With