CAPÍTULO IV: Régimen de inversiones de los fondos de pensiones
Artículo 70. Inversiones aptas de los fondos de pensiones 57 Son activos aptos para la inversión de los fondos de pensiones:
9. Valores e instrumentos financieros de renta fija y variable distintos de los previstos en
Group
SEK M Note Dec. 31, 2005 Dec. 31, 2004 ASSETS
Fixed assets Intangible fixed assets
Capitalized expenditure for
computer programs 15 1 0
Total intangible fixed assets 1 0 Tangible fixed assets
Managed properties 16,17 640 989
Equipment 18 4 5
Total tangible fixed assets 644 994 Financial fixed assets
Other long-term securities 0 0
Total financial fixed assets 0 0
Total fixed assets 645 994
Current assets Inventories, etc. Inventories, fuel 1 1 Total inventories 1 1 Current receivables Customer/rental receivables 56 61 Receivables related to construction in progress 20 34 23 Other receivables 97 116
Prepaid expenses and accrued income 35 15
Total current receivables 222 215 Short-term investments 19 1,079 934 Cash and cash equivalents 19 193 312
Properties held for resale 21 234 –
Total current assets 1,729 1,462
TOTAL ASSETS 2,374 2,456
Group
SEK M Note Dec. 31, 2005 Dec. 31, 2004 SHAREHOLDERS’ EQUITY 22
Share capital 10 10
Other capital provided 2 2
Profit carried forward 2,068 2,091
Total shareholders’ equity 2,080 2,103 LIABILITIES
Long-term liabilities
Deferred tax liability 23 78 68
Total long-term liabilities 78 68 Current liabilities
Advance payment from customers 30 117
Accounts payable – trade 51 61
Tax liabilities 0 4
Other liabilities 20 17
Accrued expenses and prepaid income 24 106 86
Total current liabilities 207 285
Liabilities directly tied to
fixed assets held for resale 21 9 –
TOTAL SHAREHOLDERS’ EQUITY
AND LIABILITIES 2,374 2,456
Pledges 13 13
Bank guarantees 13 13
Comments on the consolidated balance sheet
Intangible fixed assets
Pertains to Cenit project guidance system which was placed in oper- ation during 2005.
Tangible fixed assets
These assets consist largely of managed properties, SEK 640 M (989). The value reported is the assumed market value based on external and internal valuations carried out during November and December 2005.
At the beginning of the year, Vasallen’s property portfolio was organized in two main groups: managed properties and develop- ment properties (operations properties). At the beginning of the year, development properties were booked at SEK 243 M, with work in progress at SEK 30 M. The organization of the portfolio is based on continuous transition from development properties to managed properties proceeding in pace with the properties being constructed and improved. This work proved to be much more extensive and complicated than had been anticipated originally. Accordingly, the decision was reached at year-end to reclassify the entire portfolio to managed properties. In the balance sheet, a retroactive change of the properties’ classification has been entered to provide improved comparability.
A minor part of fixed assets consist of equipment intended mainly for administration, SEK 4 M (5). Equipment is depreciated at the highest permissible amount for tax purposes.
Inventories
The asset consists of heating oil for the heating boiler at Ing 1, Almnäs.
Current receivables
Accounts receivables and rental receivable amounted to SEK 56 M (61) at year-end and pertained to receivables with an immediate impact after year-end.
Receivables for construction in progress amounting to SEK 34 M (23) relate to work conducted by Vasallen Teknik och Projekter- ing outside the Group. Other receivables of SEK 97 M (116) mainly
comprised receivables relating to completed property and company sales, and VAT receivables. Prepaid expenses and accrued income amounted to SEK 35 M (15). The largest item consists of accrued interest income on investments having a term exceeding three months compared with the preceding year.
Current receivables of SEK 1,079 M (934) pertain to invest- ments in securities with a total term of more than three months. Cash and cash equivalents of SEK 193 M (312) comprise cash and bank/giro balances and short-term investments with a total term of less than three months.
Facilities being held for resale amounted to SEK 234 M (–) and pertain to assets in the following companies: Prope I in Falun, Prope III in Linköping and F10 in Ängelholm.
Shareholders’ equity
Consolidated shareholders’ equity declined to SEK 2,080 M (2,103). The decline in income for the year to SEK 73 M is attribut- able to the dividend paid on the preceding year’s SEK 96 M.
Deferred tax liability
Pertains to deferred tax on untaxed reserves of SEK 21 M (22) and deferred tax on the surplus value of the property portfolio, SEK 64 M (64) (the difference between the market value and original book value according to Swedish accounting regulations), less SEK 7 M (18) pertaining to deferred tax claim on the write-down of tangible fixed assets.
Current liabilities
Advance payments from customers amounting to SEK 30 M (117) mainly pertain to prepaid contracting work. Accounts payable – trade of SEK 51 M (61) refer to ongoing supplier credits. Other lia- bilities of SEK 20 M (17) consist mainly of current liabilities origi- nating from completed property transactions and advance pay- ments for sold tenant-owner units. Accrued expenses and prepaid income of SEK 106 M (86) comprise prepaid rental revenues, liabili- ties to employees (bonus) and normal accrued expenses from ongo- ing administration.
Liabilities directly tied to fixed assets held for resale amounted to SEK 9 M (–).
Parent Company SEK M Note Dec. 31, 2005 Dec. 31, 2004 ASSETS
Fixed assets Intangible fixed assets
Capitalized expenditure for
computer programs 15 1 0
Total intangible fixed assets 1 0 Tangible fixed assets
Equipment 18 2 2
Total tangible fixed assets 2 2 Financial fixed assets
Participations in Group companies 25 320 318
Total financial fixed assets 320 318
Total fixed assets 323 320
Current assets Current receivables
Accounts receivable – trade 0 0
Receivables from Group companies 65 174
Other receivables 21 46
Prepaid expenses and accrued income 23 4
Total current receivables 109 224 Short-term investments 19 1,079 934 Cash and cash equivalents 19 184 299 Total current assets 1,372 1,457
TOTAL ASSETS 1,695 1,777
Parent Company SEK M Note Dec. 31, 2005 Dec. 31, 2004 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity 22 Restricted equity Share capital 10 10 Statutory reserve 2 –
Share premium reserve – 2
12 12
Non-restricted equity
Profit brought forward 1,588 1,681
Profit for the year 17 11
1,605 1,692 Total shareholders’ equity 1,617 1,704
Untaxed reserves 26 54 58
Current liabilities
Accounts payable – trade 5 5
Tax liabilities – 4
Other liabilities 12 1
Accrued expenses and prepaid income 24 7 5
Total current liabilities 24 15 TOTAL SHAREHOLDERS’ EQUITY
AND LIABILITIES 1,695 1,777
Pledges None None
Contingent liabilities None None