Since the shopping center Mall of Scandinavia was opened in November last year, a review has been made of the project, and a write-down has been made with 800 million. The impairment will be charged to Peab’s construction business in the fourth quarter of 2015. According to a press release.
The underlying operations in Peab generates according to company stable results. The financial position has strengthened markedly in recent years, despite the Mall of Scandinavia charged both net debt and liquidity. The write-down of the project is not affecting liquidity and based on this will not be the board’s decision on the dividend for 2015 will be affected by the write-down, according to Peab.
“The project has been extremely challenging from the contract signed in late 2011. Construction Contract design , major changes in the project together with a lack of dialogue with our clients has led to substantial cost increases, “writes CEO Jesper Göransson.
Despite this, not Peab dividends from fiscal year 2015 to be affected , according to a press release.
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