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 m | 31 Dec 2021 | 31 Dec 2020 |
| Share of profit from joint ventures according to equity method | 53 | 47 |
| Performance-based compensation | -1 | 13 |
| Exchange rate differences | 9 | -3 |
| Total profit | 61 | 57 |
| Parent Company | ||
| SEK m | 2021 | 2020 |
| Capital gain redemption of fund units | 66 | 58 |
| Performance-based compensation | -1 | 13 |
| Total profit | 66 | 71 |
| Group | ||
| SEK m | 31 Dec 2021 | 31 Dec 2020 |
| Opening balance | 160 | 200 |
| Redemption of fund units | -70 | -63 |
| Share of profit from joint ventures according to equity method | 53 | 47 |
| Reversal from shareholders’ equity | 2 | -2 |
| Exchange rate differences | 10 | -22 |
| Closing balance | 155 | 160 |
| BEST III | ||
| SEK m | 31 Dec 2021 | 31 Dec 2020 |
| Assets | ||
| Acquired loan portfolios | 301 | 328 |
| Cash | 12 | 11 |
| Total assets | 312 | 339 |
| Liabilities | ||
| Current liabilities | 8 | 17 |
| Total liabilities | 8 | 17 |
| Net assets | 305 | 322 |
| Interest income | 171 | 141 |
| Other expenses | -71 | -46 |
| Net profit for the year | 100 | 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 m | 31 Dec 2021 | 31 Dec 2020 |
| Assets | ||
| Current assets | 8 | 24 |
| Cash | 4 | 0 |
| Total assets | 13 | 24 |
| Liabilities | ||
| Current liabilities | 6 | 27 |
| Total liabilities | 6 | 27 |
| Net assets | 7 | -3 |
| Interest income | 55 | 64 |
| Other expenses | -45 | -67 |
| Net profit for the year | 10 | -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.