Annual Report 2020
Tessins VD Jonas Björkman
Tessin Nordic AB (publ.) publishes 2020 Annual Report
Stockholm, Sweden - Tessin’s Annual Report for 2020 is published on the website. Significant events during the financial year includes the acquisition of Groundfounding Oy, the Covid pandemic and the formation of Tessin Service AB.
Acquisition of Groundfunding Oy
The parent company acquired all shares in Groundfunding Oy on 4 March 2020. The acquisition was made to establish a strong platform in Finland enabling Tessin to offer attractive financing opportunities to property developers. The company does significant business in Finland within Tessin’s prioritized target market.
The Covid pandemic
Early in the second quarter, the company decided to utilize the tools made available by the Swedish government, including short-term furloughs of all employees, to mitigate the business impact of the Covid pandemic. The short-term furloughs were in effect from 30 March to 31 July. A number of people not assessed as necessary to the ability to maintain delivery capacity, sales and quality in the short term were made redundant.
Formation of Tessin Service AB
The Tessin Group purchased a “shelf company” in September 2020, which will constitute the wholly owned subsidiary Tessin Service AB. Its operations will include managing certain service commitments towards Tessin’s lenders and borrowers. The exact frameworks of the company’s operations remain to be determined.
More financial information about Tessin is available in the attached Annual Report.