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Note 11 – Shares and participations in joint ventures

Shares and participations in joint ventures relate to Hoist Finance AB’s (publ) holdings in Best III (50 per cent) and PQH Single Special Liquidation S.A (33 per cent). BEST III is a Polish closed-end fund located in Gdynia and designated for the acquisition of individual loan portfolios. The initial investment was PLN 40m (SEK 90m). During the year 2016 Hoist Finance acquired, along with Qualco S.A. and Pricewaterhouse Coopers Business solutions S.A., the Greek company "PQH". PQH is based in Athens and offers advisory services. All joint ventures are consolidated pursuant to the equity method.

Share of profit from joint ventures

 Group
SEK m31 Dec 2021 31 Dec 2020
Share of profit from joint ventures according to equity method5347 
Performance-based compensation-113 
Exchange rate differences9-3 
Total profit6157 
  
 Parent Company
SEK m20212020
Capital gain redemption of fund units6658 
Performance-based compensation-113 
Total profit6671 
  
 Group
SEK m31 Dec 202131 Dec 2020
Opening balance160200 
Redemption of fund units-70-63 
Share of profit from joint ventures according to equity method5347 
Reversal from shareholders’ equity2-2 
Exchange rate differences10-22 
Closing balance155160 
  
 BEST III
SEK m31 Dec 202131 Dec 2020
Assets 
Acquired loan portfolios301328 
Cash1211 
Total assets312339 
Liabilities 
Current liabilities817 
Total liabilities817 
Net assets 305322 
Interest income171141 
Other expenses-71-46 
Net profit for the year10095 

There are no contingent liabilities pertaining to the Group’s interest in this joint venture, nor does the joint venture have any contingent liabilities.

 PQH
SEK m31 Dec 202131 Dec 2020
Assets 
Current assets824 
Cash4
Total assets1324 
Liabilities 
Current liabilities627 
Total liabilities627 
Net assets7-3 
Interest income5564 
Other expenses-45-67 
Net profit for the year10-3 

There are no contingent liabilities pertaining to the Group’s interest in this joint venture, nor does the joint venture have any contingent liabilities.

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- Annual Report 2021 -
- Årsredovisning 2021 -