Bromma risk 2
Based on the company’s new 5-year business plan, the Board of Directors has established new financial targets: Operating margin >10.0%, debt/equity ratio >40.0%, return on equity >15.0%.Notice to attend an Extraordinary General Meeting on Mato resolve on the Board’s proposal on a rights issue of shares or convertibles and to conclude the sale of the Järnet and Älvsjö Quarters projects.Agreement signed regarding divestment of the Järnet and half of Älvsjö Quarters projects, letter of intent regarding the sale of Tellus Towers to parties related to SSM.Erik Lemaitre, EVP Business Development and member of SSM’s Executive Management Team, announced he would leave SSM for another position during Q2 2020 at the latest.On February 4, 2020, SSM summoned a meeting with its bondholders through a procedure in writing to resolve on amending the terms and conditions of the bonds.
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On January 15, the company’s main owner, Eurodevelopment, sold 11,600,000 shares (corresponding to 29.55 percent of the share capital and votes in SSM) to Amasten Fastighets AB through subsidiary and 3,800,000 shares (corresponding to 9.7 percent of the share capital and votes in SSM) to Gösta Welandsson.Significant events after the balance sheet Mattias took over as permanent President & CEO in January 2020. Mattias Lundgren appointed Interim CEO in June 2019.Production started for 178 rental units at Täby Turf and project taken over by property company Willhem.Cash flow from operating activities was -63.9 MSEK (172.4).Based on the review, SSM plans focus on rental projects and selected co-op projects in the near future.Excluding revaluations and non-recurring items, the operating loss totaled -415.5 MSEK (51.8). Operating loss excluding revaluations and non-recurring items was -59.2 MSEK (65.3).The review confirmed SSM’s strong core but led to significant, non-cash impairment losses for the year. SSM divested its contracting operations and a review of SSM’s operations and current market situation was carried out.Net sales for projects run entirely by SSM totaled 212.3 MSEK (652.5).Peter Wågström appointed new Board member, CFO Casper Tamm to leave company in Q2 2020.
Bromma risk 2 full#
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Net sales for projects run entirely by SSM increased to 36.1 MSEK (58.2).Foundation for growth with a balanced risk-taking Thu, 07:30 CET