Money Buzz! Europa

Category: Gothenburg

  • Electrolux net sales amounted to SEK 23,476m in Q2 2020

    Electrolux net sales amounted to SEK 23,476m in Q2 2020

    Electrolux net sales amounted to SEK 23,476m (29,232). Organic sales declined by 16.6%, due to lower volumes.

    The development of the coronavirus pandemic impacted market demand significantly in our main markets and also resulted in supply constraints in North America.  

    Operating income amounted to SEK -62m (1,219), corresponding to a margin of -0.3% (4.2). Comprehensive cost measures executed to mitigate the effects from the pandemic on earnings.

    Negative currency impact on operating income of approximately SEK 360m.

    Income for the period amounted to SEK -141m (1,006), and earnings per share was SEK -0.49 (3.50). Operating cash flow after investments was SEK 122m (-25).

  • Ericsson reports second quarter results. Sales at SEK 55.6 billion

    Ericsson reports second quarter results. Sales at SEK 55.6 billion

    Ericsson report show that sales were SEK 55.6 (54.8) b. Sales adjusted for comparable units and currency were flat YoY.

    Gross margin excluding restructuring charges improved to 38.2% (36.7%), including the earlier communicated inventory write-down related to Mainland China (SEK -0.9 b., which equals to -1.6 percentage points).           

    Operating income excluding restructuring charges improved to SEK 4.5 b. (8.2% operating margin) from SEK 3.9 b. (7.0% operating margin) driven by improvements in segment Digital Services.            

    Networks sales increased by 4% YoY. Networks operating margin excluding restructuring charges  was 14.1% (15.0%) impacted by strategic contracts and the inventory write-down, partly compensated by operational leverage and a favorable business mix.            

    Digital Services operating income excluding restructuring charges was SEK -0.7 (-1.3) b. Gross margin improved driven mainly by higher software sales while sales declined by -5%.            

    Net income was SEK 2.6 (1.8) b. Free cash flow before M&A was SEK 3.2 (1.6) b. Net cash June 30, 2020, was SEK 37.5 (33.8) b.           

    The Covid-19 pandemic had a limited impact on operating income and cash flow in the quarter.

  • Castellum received a WELL certificate for Malmo Eminent office building

    Castellum received a WELL certificate for Malmo Eminent office building

    Castellum has officially received a WELL certificate for its Eminent office building in Malmö, thus being first to cross the finish line in a race that has involved several property developers in the Nordic region.

    Today, almost all new buildings are certified according to either one of the most prevalent systems such as the Swedish Miljöbyggnad, or international standards Breeam or LEED.

    All of which focus entirely on energy and environmental sustainability.

    The WELL Building Standard – launched in 2016 – focuses on the people that will inhabit the buildings. It is the only international building oriented towards human well-being in the working environment. 

    The aim is to increase well-being by developing environments designed to support health and quality of life. Today, there are more than one hundred WELL certified buildings in the world, with Castellum’s Eminent now being the first such office building in the Nordic countries.

    The basis for Eminent’s WELL certification is seven areas that focus on human health and well-being. All in all, this can increase both productivity and job satisfaction, while decreasing sick leave.

    • Well-being: Atmosphere that supports well-being;
    • Comfort: Good indoor climate;
    • Nourishment: Access to healthy food;
    • Fitness: Promote movement and good ergonomics;
    • Water: Access to clean drinking water;
    • Air: Good ventilation, air filtration;
    • Light: Qualitative and functional light.

    Castellum has several large WELL projects underway, for example Kungspassagen in Uppsala, GreenHaus in Helsingborg, E.ON. in Malmö and Torsgatan in Stockholm.

  • EIB, loan agreement for the modernisation of the Malmö University Hospital

    EIB, loan agreement for the modernisation of the Malmö University Hospital

    The European Investment Bank (EIB) has signed a SEK 3.5 billion (EUR 325 million) loan agreement with the Region of Skane in Southern Sweden to finance the modernisation of the regional University Hospital in Malmö.

    The hospital is currently providing its services from buildings from the sixties and seventies, which are no longer fit for purpose.

    The project supported by the EIB involves the construction of two new buildings with a total surface area of 106,000 m2 and the rehabilitation of about 8,000 m2 within the existing campus of the Malmö University hospital.

    With the implementation of the project the hospital expects to reduce the energy consumption of the overall campus by 17.200 MWh on a yearly basis.

    The works are already underway and foreseen to be finished by June 2025.

  • Polygon enters the Luxembourg market after the acquisition of UTG

    Polygon enters the Luxembourg market after the acquisition of UTG

    Polygon has signed an agreement to acquire UTG in Luxembourg.

    UTG is a growing entrepreneurial company focused on fire damage restoration and asbestos removal with 15 employees and annual sales of about 1.5M EUR.

    “We see fine opportunities entering the market in Luxembourg, it is a market with a high demand on quality services within the property damage industry. Polygon has so far operated in Luxembourg out of our country organizations in Belgium, Germany and France, but now we will be present in the heart of Luxembourg. The acquisition of UTG is a strategically important step since it will enable us to offer and grow our services in a new market and, given our strong presence in the neighboring countries, will enable us to fully leverage our resources and expertise”, says Axel Gränitz, President and CEO of Polygon Group.

    UTG is a well built up brand in Luxembourg since 25 years and was founded by two German brothers. 

  • Storytel is acquiring a 70 percent majority interest in Forlagið

    Storytel is acquiring a 70 percent majority interest in Forlagið

    Storytel AB, Northern Europe’s leading audiobook and e-book streaming service, is acquiring a 70 percent majority interest in Iceland’s leading book publishing house Forlagið.

    The majority seller, Mál og menning Literary Society, will remain a 30 percent minority owner in Forlagið, which will operate independently from Storytel Iceland’s streaming operations on the local market.

    Since previously, Storytel’s publishing business area in the Nordics includes the renowned publishing houses Norstedts Förlagsgrupp (SWE), People’s Press (DEN) and Gummerus Publishers (FIN).

    Who is Forlagið

    Forlagið was founded in 2007 by Jóhann Páll Valdimarsson, Egill Örn Jóhannsson and Mál og menning, the last of which has been the controlling owner since 2017.

    Forlagið has become Iceland’s largest publisher and a dynamic and independent force and voice for Icelandic literature and high quality authorships.

    Today, Forlagið’s publishing operations represent a total yearly production of approximately 150 domestic and translated top titles and a large number of influential and popular Icelandic authors such as Halldór Laxness, Arnaldur Indriðason, Guðrún Helgadóttir, Sjón and Steinunn Sigurðardóttir.

  • H&M will have around 40 stores less at the end of 2020

    H&M will have around 40 stores less at the end of 2020

    H&M net sales decreased by 23% to SEK 83,612 m (108,489) in the first half-year. In local currencies, net sales decreased by 24%.

    Profit after financial items amounted to SEK -3,978 m. The group’s profit after tax amounted to SEK -3,063 m, corresponding to SEK -1.85 per share.

    From 1 March since 31 May online sales increased by 36% in SEK and 32% in local currencies.

    7% of H&M stores are still closed

    From June 1st to date sales decreased by 25% in local currencies compared to the same period the previous year.

    Currently 350 stores, representing 7% of the total number of stores, are still closed. A large number of stores still have local restrictions and limited opening hours.

    A total of 48 of the group’s 51 online markets are open.

    More store closures, less store openings

    For 2020 the pace of closures is being increased and the number of openings reduced compared with what was previously planned.

    Around 170 closures and around 130 openings are planned, resulting in a net decrease in the number of stores of around 40.

  • Castellum to build world’s first climate-neutral police building in Sweden

    Castellum to build world’s first climate-neutral police building in Sweden

    • Castellum will construct an office building in central Örebro for the Swedish Police Authority.
    • The building to be constructed entirely of wood and certified in compliance with the new NollCO2 certification.

    A primary objective is for the building to have net-zero CO2 emissions throughout its lifetime.

    The project is calculated at a cost of approx. MSEK 225 – including acquired building rights of MSEK 15 – and the investment will result in an annual leasing income of MSEK 15.

    What is NollCO2 certification

    The NollCO2 certification was developed by the Sweden Green Building Council as an enrichment level of Miljöbyggnad, BREEAM, LEED and Svanen.

    This is a standard for more sustainable buildings with net-zero greenhouse gas emissions during the building’s entire life-cycle.

    Castellum has participated in SGBC’s development activities related to the NollCO2 certification.  

    How climate neutrality will be achieved for this building

    Climate neutrality is primarily achieved by building the core structures in wood instead of the traditional steel and concrete.

    Utilization of wood means that emissions will be 40% lower compared with traditional construction.

    A further solution for achieving climate neutrality will be to install sun panels on the roof.

    Construction start is planned for the summer of 2020, with completion scheduled for mid-2022.

    Castellum’s climate objectives include becoming 100% climate neutral by 2030, in compliance with national goals for a fossil-free Sweden.

  • Bambuser to offer live video shopping for one of the world’s largest retailers

    Bambuser to offer live video shopping for one of the world’s largest retailers

    Bambuser AB has entered into a pilot agreement worth SEK 350,000 with one of the world’s largest retail companies.

    The agreement concerns Live Video Shopping for one brand in one market during the pilot phase, which lasts for a total of three months.

    The customer in question, not named by Bambuser, is a global fashion group with a portfolio of several brands established in over 50 online markets with approximately 179,000 employees and a total net sales of SEK 233 billion for the 2019 financial year.

    Bambuser introduced Live Video Shopping in 2019, which enables live shopping directly on the brand’s website.

  • Skanska builds office space in Sleepy Hollow, New York

    Skanska builds office space in Sleepy Hollow, New York

    • Skanska has signed a contract with Regeneron Pharmaceuticals Inc. to construct the interior fit-out of their office space in Sleepy Hollow, New York, USA.
    • The contract is worth USD 32 M, about SEK 310 M, which will be included in the US order bookings for the first quarter 2020.

    The project includes the interior fit-out of an approximately 18,500-square-meter space. The scope of work includes upgrades to the existing building, new mechanical distribution, ceilings, LED lighting, flooring and glass front offices.

    Construction began in March of 2020 and is scheduled for completion in July 2021.

    Skanska USA had sales of SEK 74 billion and about 7,900 employees in its operations in 2019.

  • Eltel installs 236.000 smart meters in Sweden for EUR 22 million

    Eltel installs 236.000 smart meters in Sweden for EUR 22 million

    • Eltel has signed a contract with Vattenfall Eldistribution AB to replace 236,000 electricity meters in Sweden.
    • The contract is worth about EUR 22 million.

    Eltel will be responsible for the rollout and implementation of 236,000 smart meters and technology for 15,400 secondary substations metering in the middle and western part of Sweden. The scope includes planning, installation and logistics of new and old meters, and related infrastructure.

    The project is the first of Vattenfall’s four phases to replace and install a total of about 900,000 electricity meters in Sweden in order to meet new requirements from both the EU and the Swedish government by 1 January 2025.

    The project starts in the end of the first quarter 2020 and is expected to be completed in the fourth quarter 2022. The contract includes an option of the remaining three phases, with an additional value of about EUR 49 million.

    Who is Eltel

    Eltel is a Northern European provider of technical services for critical infrastructure networks – Infranets – in the segments of Power, Communication and Other, with operations throughout the Nordics, Poland and Germany.

    In 2019, Eltel had annual sales of EUR 1.1 billion. The total number of employees currently stands at around 6,700. Eltel AB has been listed on Nasdaq Stockholm since 2015.

  • Castellum begins construction of warehouse in Lund

    Castellum begins construction of warehouse in Lund

    • Castellum has started construction on new warehousing facilities, comprising just over 5,000 sq.m. of the Gastelyckan industrial park, in the periphery of central Lund.
    • Total investment, including property acquisition, has been calculated to MSEK 88.

    The planned building will go up in Lund’s largest industrial and business-operations area of Gastelyckan’s southern end, where enterprises mostly carry out vehicle sales, machine/equipment rentals and construction retail activities.

    “Lund is situated in the expanding business region of Öresund and the city enjoys a long tradition of research and entrepreneurship that includes major international and national players. This sort of background convinces us that we’re making a very strong investment for Castellum,” says Henrik Saxborn, CEO at Castellum AB.

    The building will consist of three storage and retail-outlet spaces, of which the largest will be leased by Mobility Motors, Sweden’s largest Nissan dealer. They have signed a ten-year leasing agreement for approx. 2,000 sq.m. for operations comprising a retail storefront/showroom, a mechanical workshop and admin offices, with occupancy planned for yearend 2020/2021.

    Occupancy for remaining tenants is planned for spring, 2021.

    To date, Castellum owns four other properties in the Hasslanda and Gastelyckan industrial and business areas, which are located adjacent to each other.