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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 m20202019
Share of profit from joint ventures according to equity method47 47
Performance-based compensation13 11
Exchange rate differences-3 4
Total profit57 62
   
 Parent Company
SEK m20202019
Capital gain redemption of fund units58 60
Performance-based compensation13 11
Total profit71 71
   
 Group
SEK m31 Dec 202031 Dec 2019
Opening balance200 215
Redemption of fund units-63 -67
Share of profit from joint ventures according to equity method47 47
Reversal from shareholders’ equity-2 -6
Exchange rate differences-22 11
Closing balance160 200
   
 BEST III
SEK m31 Dec 202031 Dec 2019
Assets  
Acquired loan portfolios328 405
Cash11 12
Total assets339 417
Liabilities  
Current liabilities17 18
Total liabilities17 18
Net assets322 399
Interest income141 136
Other expenses-46 -42
Net profit for the year95 95

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 202031 Dec 2019
Assets  
Current assets24 8
Cash1
Total assets24 9
Liabilities  
Current liabilities27 9
Total liabilities27 9
Net assets-3 0
Interest income64 51
Other expenses-67 -52
Profit before tax-3 -1
Income tax expense0
Net profit for the year-3 -2

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 2020 -
- Årsredovisning 2020 -