{"id":1261985,"date":"2023-08-08T13:12:05","date_gmt":"2023-08-08T12:12:05","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/"},"modified":"2023-08-08T13:12:05","modified_gmt":"2023-08-08T12:12:05","slug":"the-curious-case-of-sbbs-earnings-double-take","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/","title":{"rendered":"The curious case of SBB\u2019s earnings double take"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>Receive free Property sector updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>We\u2019ll send you a <i>myFT Daily Digest<\/i> email rounding up the latest<!-- --> <!-- -->Property sector<!-- --> news every morning.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=bec77229-9057-45d4-8ea9-b5516fc885c1&amp;concept-id=1106eddf-ef00-43cb-93b2-ec1b7053fd12\"><\/iframe><\/div>\n<div data-attribute=\"article-content-body\">\n<p>Sorry we\u2019re a bit late to this, we were reading the company name.<\/p>\n<p><a href=\"https:\/\/markets.ft.com\/data\/equities\/tearsheet\/summary?s=SBB%20B:STO\" data-trackable=\"link\">Samh\u00e4llsbyggnadsbolaget i Norden<\/a>, the Swedish property company commonly referred to as SBB, has published second-quarter results twice. <\/p>\n<p>The report that\u2019s on SBB\u2019s website is different to the one that was sent last month to investors, analyst and the media. <\/p>\n<p>There\u2019s SBB\u2019s <a href=\"https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/uploaded-files\/2189315-f48a2d5e-0791-4456-9048-c3bcc6e28679.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">emailed version<\/a> (which at pixel time is also available on the site of <a href=\"https:\/\/mb.cision.com\/Main\/15487\/3805029\/2189315.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">PR company Cision<\/a>) and <a href=\"https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/uploaded-files\/sbb-sbb-interim-report-january-june-2023-net-operating-income-in-comparable-portfolios-increased-b-230714-38bfb3a6-f9ba-44fe-bc21-1e2d59c9a755.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">this version<\/a> currently shared on <a href=\"https:\/\/corporate.sbbnorden.se\/en\/wp-content\/uploads\/sites\/2\/2023\/07\/sbb-sbb-interim-report-january-june-2023-net-operating-income-in-comparable-portfolios-increased-b-230714.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">SBB\u2019s investor relations page<\/a>. For convenience we\u2019ll call these version one and version two, respectively. <\/p>\n<p>PDF metadata suggests the files may have been switched post publication: version one was last modified at 11.15pm on July 13, the night before results day. Version two was updated at 3.25pm on results day itself, July 14. <\/p>\n<p>And importantly for a company facing a liquidity crunch, the two versions present significantly different balance sheets. Some SKr3.2bn ($300mn) of debt classified as long-term in version one is reclassified as short-term in version two. Here\u2019s an annotated comparison:<\/p>\n<div class=\"n-content-layout\" data-layout-width=\"full-grid\">\n<figure class=\"n-content-picture n-content-picture--wide n-content-layout__container\"><picture><source media=\"screen and (min-width: 980px)\"  data-id=\"https:\/\/api.ft.com\/content\/c0436cd6-3c72-4cc7-ab5a-fa351dafdda5\" data-original-image-width=\"1035\" data-original-image-height=\"919\"><img decoding=\"async\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/08\/The-curious-case-of-SBBs-earnings-double-take.png\" data-id=\"https:\/\/api.ft.com\/content\/2cbebe8e-483d-489b-831a-f7ede90d6190\" data-image-type=\"image\" data-original-image-width=\"1035\" data-original-image-height=\"919\" aria-hidden=\"true\" alt=\"\"\/><\/source><\/picture><\/figure>\n<\/div>\n<p>[<a href=\"https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/c0436cd6-3c72-4cc7-ab5a-fa351dafdda5.png\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">zoom<\/a>]<\/p>\n<p>SBB did not flag or even formally acknowledge the revisions, we\u2019ve been told by analysts and investors. We\u2019ve contacted the company with a request for comment and will update this post as soon as we hear back.<\/p>\n<p><em><strong>Update, 15:25 GMT:<\/strong> <\/em>We\u2019ve heard back. Helena Lindahl, SBB\u2019s treasury director, says by email:<\/p>\n<blockquote class=\"n-content-blockquote\">\n<p>In our report for the second quarter, our debt maturity profile was correctly described in the underlying data on page 19. Later on reporting day, we corrected an editing error in the balance sheet with regards to the maturity profile. Due to the nature of the edit, a press release was not warranted.\u00a0<\/p>\n<\/blockquote>\n<p>SBB put <a href=\"https:\/\/www.ft.com\/content\/15495f47-7b58-4586-8bf6-f5eec519eb34\" data-trackable=\"link\">itself up for sale in May<\/a>, having been crushed by a combination of rising debt refinancing costs, falling property values, aggressive shorting by hedge funds and attacks from an <a href=\"https:\/\/corporate.sbbnorden.se\/en\/clarification-on-allegations-from-viceroy\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">activist short seller<\/a>. Sweden\u2019s Financial Supervisory Authority said last month it would investigate whether SBB had <a href=\"https:\/\/www.ft.com\/content\/1a50c3a5-7f7c-4460-a61f-ec185920c72a\" data-trackable=\"link\">broken accounting rules<\/a> around property valuations and asset acquisitions in its 2021 annual report. <\/p>\n<p>The shares are down 94 per cent since the start of 2021 and its senior unsecured bonds maturing in 2029 have been trading at around 57 cents on the euro. Last month, a bondholder group called on Leiv Synnes, SBB\u2019s newly installed chief executive officer, to outline the reasons for what it called \u201c<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-24\/embattled-sbb-gets-list-of-bondholder-demands-as-pressure-mounts\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">unexplained cash burn<\/a>\u201d and threatened legal action if its demands to appoint new board members are not met.<\/p>\n<p>The extra short-term debt revealed in release version two \u201cmeaningfully impacts our calculation of SBB\u02bcs funding hole,\u201d said CreditSights. By its estimates SBB now needs to find SKr6.9bn over the next 12 months:<\/p>\n<blockquote class=\"n-content-blockquote\">\n<p>The outlook for SBB is bleak. This new round of confusion regarding restatements of their accounts leaves us beyond frustrated. However, given the recent news and as the bonds approach their recent lows, we are not sure how much worse it can get.<\/p>\n<\/blockquote>\n<p>Shortly after publishing results, SBB abandoned a plan to sell its <a href=\"https:\/\/corporate.sbbnorden.se\/en\/sbb-and-brookfield-discontinue-discussions-on-the-sale-of-sbbs-remaining-stake-in-the-social-infrastructure-portfolio-for-education\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">educational properties portfolio<\/a> to joint venture partner Brookfield. It\u2019s now investigating raising cash against its residential business, which has a book value of SKr36.5bn, via a partial IPO or 50 per cent stake sale to institutional investors, React News and Bloomberg <a href=\"https:\/\/reactnews.com\/article\/sbb-mulls-e3bn-resi-carve-out-via-ipo\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">reported on Friday<\/a>.<\/p>\n<p>Margins on residential property are lower than for commercial so fair values are more sensitive to small changes in yields, meaning the amount of cash a part-disposal can raise is unlikely to offer more than a short-term fix, says CreditSights:<\/p>\n<blockquote class=\"n-content-blockquote\">\n<p>As we have said repeatedly, we are very cautious on SBB\u02bcs ability to execute on an asset sale given the uncertainty with regards to \u201cfair value\u201d and that it would enter into negotiations from a position of weakness. We were not surprised the EduCo deal fell apart, and we remain skeptical that SBB is able to sell a stake in its Residential assets to a co- investor.\u2009[.\u2009.\u2009.]\u2009<\/p>\n<p>With regards to an IPO, if SBB is willing to meet the equity market where it finds buyers for its Residential business, an IPO is certainly within the realm of possibility in our view. However, based on SBB\u02bcs and Balder\u02bcs EV\/Portfolio ratios, we think a discount in the range of -15% to -25% is a fair base case range for the IPO. Assuming secured debt at that entity with an LTV around 23% (in line with SBB as a whole) and a 49% stake sale, this would imply proceeds to SBB in the range of SEK 12-10 bn.<\/p>\n<p>This would clearly plug the SEK 6.9 bn funding hole, but it would not also cover debt maturing over the next 24 months (from 3Q24-2Q25 SEK 12.7 bn). Assuming SBB can roll all its bank debt, we estimate this would cover its bond maturities through the EUR 1.75% Jan-25s.<\/p>\n<\/blockquote>\n<p>The only other change we\u2019ve spotted between SBB\u2019s two results statements is in the introductory \u201ckey ratios\u201d table, where the interest coverage ratio is 2.8 times in version one and 2.9 times in version two. It\u2019s probably a typo, since the higher number appears elsewhere in the text of both filings. <\/p>\n<p>Given some bond investors have been claiming SBB <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2023-06-20\/real-estate-woes-rebel-sbb-bondholders-have-picked-a-tricky-fight\" target=\"_blank\" rel=\"noreferrer noopener\" data-trackable=\"link\">changed its definition of interest coverage<\/a> to dodge a covenant breach, putting the wrong ratio figure in a KPI table isn\u2019t ideal. But when the corporate name itself looks like a keyboard malfunction, perhaps such carelessness is inevitable.<\/p>\n<p><strong>Update, 15:25 GMT:<\/strong> There\u2019s one more edit we missed! Version one is signed off with what appears to be the CEO\u2019s direct email; it\u2019s replaced in version two with a generic investor-relations email. O\u00f6ps!<\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Receive free Property sector updates We\u2019ll send you a myFT Daily Digest email rounding up the latest Property sector news every morning. Sorry we\u2019re a bit late to this, we were reading the company name. Samh\u00e4llsbyggnadsbolaget i Norden, the Swedish property company commonly referred to as SBB, has published second-quarter results twice. The report that\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1261986,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-1261985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The curious case of SBB\u2019s earnings double take - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The curious case of SBB\u2019s earnings double take - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"Receive free Property sector updates We\u2019ll send you a myFT Daily Digest email rounding up the latest Property sector news every morning. Sorry we\u2019re a bit late to this, we were reading the company name. Samh\u00e4llsbyggnadsbolaget i Norden, the Swedish property company commonly referred to as SBB, has published second-quarter results twice. The report that\u2019s [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-08T12:12:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/08\/The-curious-case-of-SBBs-earnings-double-take.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"The curious case of SBB\u2019s earnings double take\",\"datePublished\":\"2023-08-08T12:12:05+00:00\",\"dateModified\":\"2023-08-08T12:12:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/\"},\"wordCount\":972,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/08\/The-curious-case-of-SBBs-earnings-double-take.jpg\",\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/\",\"url\":\"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1\",\"name\":\"The curious case of SBB\u2019s earnings double take - 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Sorry we\u2019re a bit late to this, we were reading the company name. Samh\u00e4llsbyggnadsbolaget i Norden, the Swedish property company commonly referred to as SBB, has published second-quarter results twice. The report that\u2019s [&hellip;]","og_url":"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1","og_site_name":"Business Telegraph","article_published_time":"2023-08-08T12:12:05+00:00","og_image":[{"width":900,"height":506,"url":"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/08\/The-curious-case-of-SBBs-earnings-double-take.jpg","type":"image\/jpeg"}],"author":"businesstelegraph","twitter_card":"summary_large_image","twitter_misc":{"Written by":"businesstelegraph","Estimated reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1#article","isPartOf":{"@id":"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/"},"author":{"name":"businesstelegraph","@id":"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78"},"headline":"The curious case of SBB\u2019s earnings double take","datePublished":"2023-08-08T12:12:05+00:00","dateModified":"2023-08-08T12:12:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/"},"wordCount":972,"publisher":{"@id":"https:\/\/www.businesstelegraph.co.uk\/#organization"},"image":{"@id":"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1#primaryimage"},"thumbnailUrl":"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/08\/The-curious-case-of-SBBs-earnings-double-take.jpg","articleSection":["Real Estate"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.businesstelegraph.co.uk\/the-curious-case-of-sbbs-earnings-double-take\/","url":"https:\/\/www.ft.com\/content\/bec77229-9057-45d4-8ea9-b5516fc885c1","name":"The curious case of SBB\u2019s earnings double take - 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