contents - Hedin Bil

Transcription

CONTENTS
ANDERS HEDIN INVEST AB – BACKGROUND AND PRESENTATION
The Group in figures................................................................................................. 4
The year in brief........................................................................................................ 5
Statement by the CEO............................................................................................... 7
Business concept, strategy, environment and quality................................................. 8
Corporate structure................................................................................................. 10
I.A. Hedin Bil AB..................................................................................................... 13
- Full Service ....................................................................................................... 15
- Total market....................................................................................................... 17
- Organisation...................................................................................................... 21
- Car brands and Brand managers....................................................................... 23
Car to Go Sweden AB.............................................................................................. 27
Klintberg & Way AB................................................................................................. 29
- KW Parts........................................................................................................... 31
- KW Wheels........................................................................................................ 33
- KW Cars............................................................................................................ 35
- Dawa Däck ....................................................................................................... 37
Mabi Rent AB ........................................................................................................ 39
I.A. Hedin Fastighet AB........................................................................................... 41
Hedin IT AB............................................................................................................ 47
A.H. Värdepapper AB.............................................................................................. 49
Lasingoo Sverige AB................................................................................................ 51
Consensus Asset Management AB.......................................................................... 53
Ripam Invest AB..................................................................................................... 55
Events following the year-end.................................................................................. 57
Five-year summary, SEK.......................................................................................... 59
Five-year summary, EUR......................................................................................... 60
Milestones and history........................................................................................... 104
Board of Directors and Group Management........................................................... 106
ANDERS HEDIN INVEST AB – FINANCIAL STATEMENTS
Directors' Report..................................................................................................... 61
Consolidated Statement of Earnings and Total Comprehensive Income..................... 64
Balance Sheet – Group........................................................................................... 65
Changes in Equity – Group...................................................................................... 67
Cash Flow Statement – Group................................................................................. 68
NOTES.................................................................................................................... 69
For further information on the effects of the transition to K3, see note...................... 88
Income Statement – Parent Company...................................................................... 93
Balance Sheet – Group........................................................................................... 94
Cash Flow Statement – Parent Company................................................................. 96
Changes in Equity................................................................................................... 96
Parent Company Notes........................................................................................... 97
Audit Report......................................................................................................... 103
Anders Hedin Invest AB Official Annual Report-pages 61-102. Only the original version of the Official Annual
Report has been audited by the company's auditor. The Annual Report is published in both Swedish and English.
The Swedish version is the original and has been translated into English.
AVERAGE NUMBER OF EMPLOYEES
1985-2015
1,400
1,200
1,000
800
600
400
200
0
1985
1990
1995
2000
2005
2010
2015
NET TURNOVER AND EARNINGS BEFORE TAXE: GROUP
COLUMNS - NET TURNOVER, LINES - EARNINGS BEFORE TAX
10,000,000
250,000
9,000,000
8,000,000
200,000
7,000,000
6,000,000
150,000
5,000,000
4,000,000
100,000
3,000,000
2,000,000
50,000
1,000,000
0
4
ANDERS HEDIN INVEST AB ANNUAL REPORT / 2015
0
2015
IN BRIEF
•
•
•
•
•
•
•
•
•
•
•
When summarising 2015, we can conclude that last year's
investments have proved to be effective and we are continuing to
expand. This positive development has allowed us to access new
markets and the companies that make up Anders Hedin Invest
have become stronger during the course of the year.
Start-up of the new dealership in Ängelholm.
New centre for commercial vehicles opened in Kista, Stockholm in recently acquired premises.
Acquisition of Techno Tire AB, which deals in tyres, wheel rims, and complete wheels via an e-commerce portal.
Start-up of KW Cars AB The company deals in the import and sales of vehicles from USA.
Acquisition of Dawa Däck AB, which is an independent tyre wholesaler and is licensed to sell Kumho, Nankang and Sonar
products.
Hedin Bil will become the Renault and Dacia dealership for Halmstad.
Commencement of construction of a new dealership in Jönköping.
Increase in turnover of 26% to SEK 8,726 million (6,939).
Hedin Bil increased car sales by 26% to 40,918 units (32,480).
Profit after financial items rose by 60% to SEK 238 million (148).
Cash flow from current operations amounted to SEK 299 million (102).
THE GROUP IN NUMBERS
Amounts in TSEK
2015
2014
2013
2012
2011
8,725,618
6,938,710
5,312,640
5,077,087
5,079,648
237,639
148,081
189,268
72,507
11,161
Balance sheet total
5,499,831
4,540,870
3,131,575
3,077,571
2,869,867
Return on equity %
15
11
17
8
1
Equity/assets ratio %
24
26
30
26
25
1,322
1,250
836
853
840
Net turnover
Profit after financial items
Average number of employees
PERFORMANCE ANALYSIS – OPERATING PROFIT BEFORE TAX
Amounts in MSEK
Profit, excluding items affecting comparability
Inventory depreciation
Non-recurring capital gains
Relocation costs
2015
2014
2013
2012
2011
251
193
115
73
146
-9
-
-
-
-
-
-
74
-
-
-4
-
-
-
-
Impairment of shares
-
-
-
-
-135
Structural costs
-
-45
-
-
-
Profit before tax
238
148
189
73
11
5
“The Group will be a leading partner in meeting
the market’s demands for automotive transportation.
We create value for our customers through excellent
availability, service and delivery assurance. Our
cooperation with customers and suppliers will lead to
long-term sustainability for continued development”
Anders Hedin Invest AB
6
STATEMENT
BY THE CEO
The Swedish car market set a new sales record and so did we. Investments in new car dealerships for 2014 have now been integrated and
we can see a positive development. Other acquisitions made during
2014 – Klintberg & Way, Mabi Rent and the remaining 71% in Car to
Go Sweden – have all set new records and contributed to the Group's
positive development. The Hedin Fastighet Group has completed construction projects in Stockholm, Gothenburg, Helsingborg, Ängelholm
and Värnamo. The Anders Hedin Invest Group is now well positioned
to face new challenges as it enters 2016. Prospects are good as it
embarks on the next phase in the Group's development.
CAR OPERATIONS, HEDIN BIL
In 1985, my father Ingemar and I started up I.A. Hedin Bil AB in Borås.
We celebrated this anniversary by offering our customers attractive
deals that were well received by the market, resulting in new sales
records. Whilst the Swedish market for passenger cars increased by
13.5%, our sales increased by 26%. Delivering almost 41,000 vehicles demands high standards on the part of the organisation. To
sustain efficiency we have centralised delivery administration at the
branch in Mölndal.
During 2015, Hedin Bil implemented a number of measures to further
develop the organisation and expand the company, with the ultimate
aim of strengthening the Hedin Bil brand. The goal and strategy behind these activities is to create a reliable and efficient organisation
for the employees, promoting job satisfaction and assuring them that
their skills are appreciated. Managers are able to lead successfully
and with clear management principles founded on reliability, credibility and accessibility.
REPLACEMENT PARTS WHOLESALER KLINTBERG & WAY
During 2015, Klintberg & Way (KW Parts) rationalised its organisation, closed down a warehouse in Norway and transferred stocks for
the European market from Belgium to Germany. These initiatives, in
conjunction with the growing strength of the US dollar, have had an
impact on profitability. Nevertheless, the company has still managed to
report an increase in operating profit. KW Cars, a recent start-up, has
begun importing American commercial vehicles and pick-ups. Dawa
Däck, an independent tyre dealer, was acquired during the year to
complement tyre operations. The subsidiary company KW Wheels has
developed very well, and good business relationships between Dawa
Däck and Hedin Bil have opened up further business opportunities for
all concerned. Techno Tire became a group subsidiary and provided
an IT portal which facilitates customer business.
Welcome to the 2014 Annual Report
for the Anders Hedin Invest Group. The
Group celebrated its 30th anniversary
by setting new records for the majority
of the subsidiaries.
RENTAL CAR OPERATIONS, MABI RENT.
2015 was a record year with 19 new rental stations, resulting in a total
of 154 stations at the end of the year. This expansion has increased
profitability despite major investments in the new dealerships. The car
rental market has developed very well, and Mabi is set to become a
leader in this expanding sector.
PERSONAL CAR LEASING OPERATIONS, CAR TO GO
Personal leasing arrangements are sold via the portal www.carplus.se.
Personal car leasing has become an established form of personal car
management. It is the fastest growing market for "car ownership", and
Car to Go has increased its market share from 3.3% to 5.8%.
PROPERTY BUSINESS, HEDIN FASTIGHET
The new car dealership in Ängelholm began operating in January, and
in May the car dealership in Värnamo was reopened after being redeveloped and extended. Construction of the dealership in Jönköping
began in January 2015 and is due to be completed in September 2016.
In April, an office and car dealership facility was acquired in Kista,
which now includes a commercial vehicle centre and the head offices
of Klintberg & Way. By the end of the year, the property group managed
207,500 square metres of floor space as well as 22,000 square metres
of property in Jönköping that are under construction. Hedin Bil is the
main tenant.
LASINGOO SVERIGE
The company is owned and operated in collaboration with the
Mekonomen Group (Mekonomen, MECA, MecoPartner, Speedy), AD
Bil-delar, Autoexperten, Bosch and OKQ8. Lasingoo is a search engine
for booking workshop services at fixed rates directly on your computer
or mobile. Operations began in spring 2015 and bookings have increased steadily.
CONSENSUS ASSET MANAGEMENT
Consensus is a securities broker where the primary focus is on asset
management, corporate finance and pensions. Operations have expanded considerably and profitability is satisfactory.
I would like to thank everyone who contributed in any way to an outstanding anniversary year.
Anders Hedin, CEO
7
BUSINESS CONCEPT, STRATEGY,
ENVIRONMENT AND QUALITY
BUSINESS CONCEPT
OVERALL QUALITY GOALS – (QDS)
The Group will be a leading partner in meeting market demands for automotive transportation. We generate value for our customers through
first-rate availability, service and delivery reliability. Our cooperation with
customers and suppliers will lead to long-term sustainability and continued development.
Quality – fewer claims and complaints
Delivery reliability – improved delivery reliability
Service – improved service
STRATEGY
Our overall strategy is profitable growth. Profits will increase steadily
through improved service, greater productivity and motivated employees. Growth will take place in automotive-related activities.
QUALITY AND ENVIRONMENTAL POLICIES
We work continuously to improve our quality and environmental targets by listening to the demands and expectations of public agencies,
employees and customers. We strive to ensure that all our employees
have the skills and expertise they require to discharge their duties and
continuously improve our operations through the loyalty of our employees and their awareness of the vital role they play in meeting customer
demands.
We will take the necessary steps to continuously reduce our carbon
footprint and prevent pollution. Hazardous waste will be handled and
recycled or reused in an environmentally sustainable manner. We will
choose suppliers with environmentally sound and approved products
and who actively work to reduce their carbon footprint wherever it is
economically viable.
8
OVERALL ENVIRONMENTAL GOALS
Reduce the company’s unsorted waste by separating it into fractions
that the waste contractor is able to manage.
Reduced energy consumption
Quality and environmental issues are two vitally important aspects of
Anders Hedin Invest's endeavours to take account of all the Group’s
business interests. Efficient and stable processes are important in Anders Hedin Invest's work to ensure high quality.
9
COMPANY STRUCTURE
ANDERS HEDIN INVEST AB
556702-0655
Mabi Rent AB
(100%)
556675-9394
Klintberg & Way AB
(100%)
556563-6932
I.A. Hedin Bil AB
(91%)
556065-4070
Mabi Sverige AB
556334-4901
Klintberg & Way Norge AS
977515998
Mabi Deutschland GmbH
29/405/01734
KW Parts NV
452.881.31
Lasingoo Sverige AB
(16.6%)
556973-1630
Car to Go Sweden AB
(100%)
556787-8052
KW Cars AB
559009-9429
Dawa Däck AB
556437-9344
KW Wheels AB
556969-3624
Techno Tire AB
556937-4902
Hedin Göteborg Bil AB
556061-3456
Hedin Helsingborg Bil AB
556134-5710
Hedin Stockholm Bil AB
556944-7492
Branch Gbg/Mölndal
Mercedes-Benz
Branch Gbg/Sisjön
AMG Center
Branch Helsingborg
Cars
Branch Kristianstad
Branch Sthlm/Akalla
Branch Sthlm/Segeltorp
Branch Gbg/Mölndal
Nissan
Branch Kungsbacka
Branch Helsingborg
Truck & CV Center
Branch Halmstad
Branch Sthlm/Kista
CV Center
Branch Sthlm/Spånga
Branch Gbg/Mölndal
Car Superstore
Branch Gbg/ Tagene
Multibrand
Branch Jönköping
Branch Ängelholm
Branch Sthlm/Östermalm
Branch Sthlm/Kista
Tyre Superstore
Branch Gbg/Åbro
Used Car Center
Branch Gbg/Åbro
Fiat/US Center
Branch Ljungby
Branch Varberg
Branch Malmö
Branch Malmö
(Opel)
Branch Gbg/Hisings
Kärra, Fiat
Branch Gbg/Hisings
Kärra, Mercedes-Benz
Branch Anderstorp
Branch Linköping
Branch Lund
Branch Burlöv
Branch Gbg/Hisings
Kärra, Multibrand CV
Branch Gbg/Mölndal
CV Center
Branch Enköping
Branch Värnamo
Branch Trelleborg
Branch Borås
Branch Alingsås
Branch Uddevalla
Branch Vara
Branch Trollhättan
Branch Strömstad
10
Branch Uppsala
Hedin IT AB
(100%)
556954-4017
I.A. Hedin Fastighet AB
(100%)
556730-4059
A.H. Värdepapper AB
(100%)
556707-7440
KB Presenten 1
Mölndal
916832-6404
Hedin Kristianstad
Fastighet AB
556633-3794
KB Presenten 2
916564-7802
Hedin Mölndal
Fastighet AB
556660-3535
Hedin Fastighet KB
916892-9959
Hedin Hisingen
Fastighet AB
556926-7189
Nideh KB
916895-1946
Hedin Kungsbacka
Fastighet AB
556131-4161
KB Högsbo 36:2
916671-9253
Hedin Borås
Fastighet AB
556753-4101
Refy 9 KB
916835-1477
Hedin Värnamo
Fastighet AB
556602-7115
Varberg Kardanen KB
916671-9246
Hedin Linköping
Fastighet AB
556646-3260
I.A. Hedin Invest AB
556369-4537
Hedin Jönköping
Fastighet AB
556930-5153
Hedin Pianot 5 AB
556720-7682
Hedin Malmö
Fastighet AB
556941-6745
Hedin Ängelholm
Fastighet AB
556946-9041
Hedin Akalla
Fastighet AB
556955-6508
Hedin Högsbo AB
556217-9670
Hedin Kista
Fastighet AB
556982-1084
Ripam Invest AB
(50%)
556870-7540
Bautastenen Hotell AB
(100%)
556450-8553
Consensus Asset
Management AB (29%)
556898-6037
Marstrands Kurbadhus AB
(100%)
556859-5325
Marstrands Kulturfastighet AB
(90%)
556629-6199
Hedin Uppsala
Fastighet AB
556790-3280
11
12
“In 2015, Hedin Bil celebrated
its 30th anniversary. On May 2
1985, Ingemar and Anders
started their first dealership in
Borås”
30
1985-2015
I.A. HEDIN BIL AB
CEO: Anders Hedin | Deputy CEO and Operating Manager: Jörgen Loikas | www.hedinbil.se
91% of I.A. Hedin Bil AB (Hedin Bil) is owned by Anders Hedin and 9% by Ingemar
Hedin. The Group’s head office is in Mölndal, Gothenburg.
The Parent Company, I.A. Hedin Bil AB, has three subsidiaries: Hedin Göteborg Bil AB
(18 branches), Hedin Helsingborg Bil AB (13 branches) and Hedin Stockholm Bil AB
(11 branches). We have branches at 25 locations, from Uppsala in the north to Trelleborg
in the south. We run our operations in 42 attractive facilities and we have a full service
offering for 24 car brands. The company had an average of 1,183 employees during the
past year. Hedin Bil is the largest, privately owned car dealership in the Nordic region and
has a full service offering with regard to private and corporate car ownership. Financing,
service agreements and insurance are just some of the components that make up our
total concept. This enables us to provide a simple and affordable solution to the customer.
ANNIVERSARY AND ALL TIME HIGH
2015 was an excellent year for passenger cars, not only for Hedin Bil, but also for the
entire industry.
New records were set month after month, both in car sales and after-sales. We ended the
year with total sales of 40,918 vehicles. The effects of investments made during 2014,
including new branches, have been very positive. We increased our share of the Swedish
market to 6.1%, compared to 5.3% the previous year. We ran a number of marketing
campaigns during the year to celebrate our 30th anniversary as a car dealership.
42
DEALERSHIPS
30
YEARS IN THE BUSINESS
24
CAR BRANDS
40,918
SOLD VEHICLES
RATIONALISED DELIVERIES AND REDUCED STOCK
Vehicle Administration, which is responsible for all the Hedin Bil Group's vehicle deliveries, has been rationalised and all delivery administration now takes place via the Mölndal
branch. Part of this reorganisation has been to divide the staff into product teams in order
to achieve maximum possible efficiency, which in turn ensures that we have the right
person in the right place.
The focus during the year was largely on reducing stock, despite the significant increase
in sales. Vehicle stocks overall have been reduced by 5%. Stocks of older vehicles have
been reduced by 27%.
Multi-year comparison
Net turnover (TSEK)
2015
2014
8,075,853
6,514,601
158,553
114,205
1,183
1,113
13
14
“Hedin Bil is a full-service
company that offers financing,
insurance, warranties, service
agreements and much more”
FULL SERVICE
AT HEDIN BIL
The company offers a total concept for vehicle ownership through new and used vehicle sales, workshop services, tyre storage, accessory and replacement part sales, as
well as:
Hedin Bil Finance collaboration with DNB Finans, which offers car loan deals or leasing
for private and corporate customers .
Hedin Bil Insurance, run in collaboration with IF Skadeförsäkring AB, offers a special
insurance policy exclusively for Hedin Bil customers. This policy covers all our vehicle
brands, both new and used.
Hedin Bil Used Vehicle Warranty, arranged in collaboration with IF Skadeförsäkring AB,
offers a mechanical damage warranty on vehicles up to six years old. The warranty is valid
for twelve months and/or 15,000 kilometres, or until the vehicle has covered 130,000
kilometres.
Hedin Bil New Vehicle Warranty offers customers the chance to access supplementary services. These include a two-year extension to the new vehicle warranty on your
Mercedes-Benz, extending the regular New Vehicle Warranty by two years.
Hedin Bil Service Agreement, which is customised to vehicle usage and purpose. We
can offer, for example, an agreement that costs SEK 0.10/kilometre for Mercedes-Benz
commercial vehicles up to 20,000 kilometres per year. We also offer service agreements
that are valid for three years or three separate services, whichever comes first.
Hedin Bil Card, run in collaboration with Resurs Bank, offers private and corporate MasterCards with very favourable and flexible payment solutions. You can split the payments
for up to six months, interest-free, and you are awarded bonus points for every purchase
you make.
15
10 BEST CAR YEARS
350,000
340,000
330,000
320,000
310,000
300,000
290,000
280,000
270,000
260,000
2015 1988 1987 1976 1989 2007 2011 2014 1999 2000
10 BEST COMMERCIAL VEHICLE YEARS
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2011 2015 2007 2014 2006 2012 2008 2010 2013 1989
10 BEST TRUCK YEARS
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
16
1989 2008 2007 2006 2011 2005 2012 2015 2014 2013
“2015 was a fantastic
year for passenger cars and
the best in our history,
beating the previous record
for 1988”
TOTAL MARKET
2015 was the best year on record for passenger cars, beating the previous record
set in 1988. A stable labour market in conjunction with unprecedented low interest
rates gave households considerable purchasing power. The current small stock of used
vehicles also means that customers receive good prices for their trade-in when they
buy a new vehicle.
Hedin Bil's total sales during the 2015 anniversary year (both used cars and new cars)
increased by 26%, or a total of 40,918 vehicles, of which 25,142 were new vehicles.
CARS
A total of 345,108 new cars were registered in 2015, up 13.5% on 2014. The figures for
2015 were the highest ever and beat the previous record of 343,963 set in 1988. New
car sales increased in all regions during the year. Hedin Bil's sales of new cars rose by
29% compared to the previous year, and accounted for 6.1% of the Swedish market.
The most popular model at Hedin Bil was Mercedes-Benz, which saw a 38% increase in
sales, followed by KIA and Nissan.
345,108
PASSENGER CARS
50,255
COMMERCIAL VEHICLES AND
TRUCKS
COMMERCIAL VEHICLES AND TRUCKS
Truck registrations in 2015 totalled 50,255, which is an increase of 6.5% compared
to the previous year. Commercial vehicles up to 3.5 tonnes totalled 44,798, an increase of 6.8%, while heavy trucks over 3.5 tonnes totalled 4,827, an increase of 2.5%.
Hedin Bil increased sales by 23%, while sales for heavy trucks fell by 26%. Hedin Bil's
market share for commercial vehicles up to 3.5 tonnes was 8.6% and the market share
for heavy trucks starting at 3.5 tonnes was 3%. The most popular commercial vehicle
brand at Hedin Bil was Mercedes-Benz, with annual sales rising by 29%, closely followed
by Nissan and Citroën.
NEW CAR REGISTRATIONS PER MONTH 2015
40,000
35,000
30,000
25,000
2014
20,000
2015
15,000
10,000
5,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
17
18
TOTAL MARKET AND MARKET SHARES (NEW VEHICLES)
Cars
Mercedes-Benz
Total sales, Sweden
14,021
Kia
18,157
Nissan
10,550
Total sales, retailers Total sales, Hedin Bil
12,148
5,225
Market share %
43%
5,075
28%
3,688
35%
10,229
Mitsubishi
6,513
1,258
19%
Citroën
5,352
1,187
22%
Fiat
3,425
1,076
31%
Opel
6,571
890
14%
11,308
547
5%
1,272
421
33%
985
385
39%
Subaru
5,439
369
7%
Honda
3,581
231
6%
Lancia
334
163
49%
Jaguar
234
121
52%
4,370
106
2%
Renault
Jeep
LandRover
Dacia
DS
201
81
40%
AlfaRomeo
125
72
58%
Chevrolet
126
58
46%
Cadillac
71
54
76%
Abarth
75
37
49%
Corvette
60
36
60%
244
6
2%
Smart
Total sales, Sweden
Total sales, dealers
Total sales, Hedin Bil
Market share %
Mercedes-Benz
Light commercial vehicles
4,800
3,861
1,438
30%
Nissan
2,589
2,545
906
35%
Citroën
2,893
554
19%
Fiat Professional
1,544
297
19%
901
210
23%
Renault
Mitsubishi
4,922
209
4%
Opel
1,290
191
15%
Dodge
320
69
22%
Dacia
577
27
5%
Heavy trucks
Mercedes-Benz
Total sales, Sweden
Total sales, dealers
Total sales, Hedin Bil
Market share %
606
414
148
24%
19
20
ORGANISATION
I.A. HEDIN BIL AB
- GROUP Anders Hedin, President & CEO
Jörgen Loikas, EVP & COO
FINANCE
HR
Magnus Leijon
CFO
Charlotte Martinsson
HR Manager
SALES
MARKETING
Hampus Hedin
Controller,
Vehicle sales
Ann Lagerstedt
Team Leader,
Marketing
CAR ADMINISTRATION
IT
Jeanette Wångstedt
OTD Manager
Bo Westberg
IT Manager
SERVICE CENTRE
SPARE PARTS
Björn Olsson
Controller,
Service Market
Reine Jansson
Controller, Spare Parts
BUSINESS MANAGER
MÖLNDAL/GOTHENBURG
BUSINESS MANAGER
MULTIBRAND
VÄSTERGÖTLAND/BOHUSLÄN
BUSINESS MANAGER
BUSINESS MANAGER COMMERCIAL VEHICLES & TRUCKS
BUSINESS MANAGER
SMÅLAND
Rickard Magnusson
Oscar Cullberg
Daniel Kjellberg
Lars Holmström
Erik Fagersson
BUSINESS MANAGER
SKÅNE
BUSINESS MANAGER
UPPLAND
BUSINESS MANAGER
STOCKHOLM
BUSINESS MANAGER
SOUTHERN SKÅNE
Johan Stålhammar
Urban Qvarnström
Johan Olsson
Mats-Åke Andersson
21
24
CAR BRANDS
22
CAR BRANDS AND BRAND MANAGERS
MERCEDES-BENZ CARS
JAGUAR AND LAND ROVER
SMART
Brand Manager: Hampus Hedin
Sales Manager: Rickard Magnusson
Erik Fagerssson, Cars
Rickard Magnusson, Cars
Borås (excl. Jaguar) • GBG/Mölndal
Bilvaruhuset • Linköping (excl. Jaguar)
Uppsala • Jönköping (excl. Jaguar)
Värnamo (excl. Jaguar)
GBG/Mölndalsvägen • Helsingborg
Alingsås • Anderstorp • Borås • Enköping
GBG/Hisings-Kärra • GBG/Mölndalsvägen MB
GBG/Sisjön • Halmstad • Helsingborg • Jönköping
Kristianstad • Kungsbacka • Linköping • Ljungby
Strömstad • Trollhättan • Uddevalla • Uppsala
Vara • Varberg • Värnamo • Ängelholm
MERCEDES-BENZ
COMMERCIAL VEHICLES
Lars Holmström, Commercial Vehicles
GBG/Hisings-Kärra • Mölndal LCV Center
Halmstad • Helsingborg LCV • Jönköping
Kristianstad • Kungsbacka • Linköping • Ljungby
Strömstad • Trollhättan • Uddevalla • Uppsala
Vara • Varberg • Värnamo
MERCEDES-BENZ TRUCKS
MITSUBISHI
Magnus Roslund, Cars and Commercial Vehicles
GBG/Hisings-Kärra (LCV) • Mölndal Bilvaruhuset
GBG/Tagene • Mölndal LCV Center • Kristianstad
Stockholm/Akalla • Stockholm/Kista LCV
Stockholm/Segeltorp • Uppsala
HONDA
Andreas Jonsson, Cars
Mölndal Bilvaruhuset • Varberg
Björn Janström, Trucks
CITROËN
Borås • GBG/Hisings-Kärra • Halmstad
Helsingborg • Helsingborg LCV • Jönköping
Kristianstad • Linköping • Uddevalla • Uppsala
Stefan Karlander, Cars and Commercial Vehicles
NISSAN
(Acting) Johan Olsson, Cars
Henrik Skottheim, Commercial Vehicles
Borås • Enköping • GBG/HisingsKärra (LCV) • Mölndal Bilvaruhuset
GBG/Mölndal LCV Center • Jönköping
Kungsbacka • Malmö • Stockholm/Akalla
Stockholm/Kista LCV • Stockholm/Spånga
Strömstad • Trelleborg • Uppsala
GBG/Hisings-Kärra (LCV) • GBG/Mölndalsvägen
Mölndal LCV Center • GBG/Tagene
Halmstad • Helsingborg • Helsingborg LCV Center
Kista LCV Center • Kristianstad • Kungsbacka
Ljungby • Linköping • Strömstad • Trollhättan
Uddevalla • Uppsala • Vara • Varberg
Värnamo • Ängelholm
DS
FCA GROUP
Johan Olsson, Cars and Commercial Vehicles
(Abarth, Alfa Romeo, Fiat,
Fiat Professional, Jeep, Lancia)
Peter Gustafsson, Cars and Commercial Vehicles
Enköping: Fiat, Fiat Professional
GBG/Hisings Kärra: Fiat, Fiat Professional
Mölndal LCV Center: Fiat Professional
GBG/Åbro US Center: All
Jönköping: Fiat, Fiat Professional, Jeep, Lancia
Kristianstad: Fiat, Fiat Professional, Jeep, Lancia
Linköping: All, excluding Abarth
Lund: All, excluding Abarth
Malmö: All
Norrköping: Fiat, Jeep, Fiat Professional
STHLM/Akalla: All
STHLM/Segeltorp: Alfa Romeo,
Fiat Professional, Jeep, Lancia
STHLM/Kista LCV: Fiat Professional
Trelleborg: Fiat, Fiat Professional
Uddevalla: Fiat, Fiat Professional, Jeep, Lancia
Uppsala: All, excluding Abarth
Varberg: Fiat, Fiat Professional
Värnamo: Fiat, Fiat Professional, Jeep, Lancia
Örebro: Fiat, Alfa Romeo, Jeep, Fiat Professional
Stefan Karlander, Cars
Borås • Göteborg • Malmö • Stockholm/Akalla
Stockholm/Spånga • Uppsala
OPEL
Karlskoga • Linköping • Norrköping • Malmö
Stockholm/Akalla • Stockholm/Kista LCV
Stockholm/Segeltorp • Uppsala • Örebro
SUBARU
Sara Bygdeus, Cars
Karlskoga • Kristianstad • Lund • Malmö
Stockholm/Akalla • Trelleborg
RENAULT AND DACIA
Oscar Cullberg, Cars and Commercial Vehicles
GBG/Hisings-Kärra (LCV)
Mölndal Bilvaruhuset
Mölndal LCV Center
GBG/Tagene
CORVETTE, CADILLAC,
CHEVROLET, DODGE
Rasmus Johansson, Cars
GBG/Åbro US Center
Stockholm/Kista LCV (Dodge)
FORD
Anderz Larqvist, Cars
GBG/Sisjön • Kungsbacka • Sthlm/Nacka
Sthlm/Segeltorp
ISUZU
Christer Åkerlund, Commercial Vehicles
Örebro
USED CARS
Oscar Cullberg, Head of Used Car Sales
KIA
Lars-Olof Snygg, Cars
Alingsås • Anderstorp • Borås
Mölndal Bilvaruhuset • GBG/Tagene
Halmstad • Helsingborg • Jönköping
Kungsbacka • Ljungby • Malmö
Stockholm/Akalla • Stockholm/Segeltorp
Strömstad • Trelleborg • Trollhättan • Uddevalla
Vara • Värnamo • Ängelholm
23
HEDIN GÖTEBORG BIL AB
CITY
Business Manager
Site Manager
CARS
COMMERCIAL VEHICLES
TRUCKS
AFTERMARKET
ONLY
TRUCKS
AFTERMARKET
ONLY
ALINGSÅS
Daniel Kjellberg
Peter Bengtsson
BORÅS
Daniel Kjellberg
Daniel Kjellberg
HISINGS-KÄRRA MERCEDES
Lars Holmström
Lars Holmström
HISINGS-KÄRRA FIAT
Lars Holmström
Lars Holmström
HISINGS-KÄRRA LCV
Lars Holmström
Lars Holmström
MÖLNDAL BILVARUHUSET
Oscar Cullberg
Oscar Cullberg
MÖLNDAL MERCEDES-BENZ
Rickard Magnusson
Rickard Magnusson
MÖLNDAL NISSAN
Rickard Magnusson
Rickard Magnusson
MÖLNDAL LCV BILCENTER
Lars Holmström
Karl-Gustav Nilsson
SISJÖN AMG
PERFORMANCE CENTER
Rickard Magnusson
Anders Peterson
GOTHENBURG TAGENE
Oscar Cullberg
Anders Bränholm
USED CAR CENTRE
Oscar Cullberg
Stefan Karlander
ÅBRO US CENTER
Oscar Cullberg
Rasmus Johansson
KUNGSBACKA
Rickard Magnusson
Lars Petersson
STRÖMSTAD
Daniel Kjellberg
Fredrik Larsson
TROLLHÄTTAN
Daniel Kjellberg
Daniel Högström
UDDEVALLA
Daniel Kjellberg
Fredrik Larsson
VARA
Daniel Kjellberg
Stefan Kjörk
HEDIN HELSINGBORG BIL AB
CITY
Business Manager
Site manager
CARS
ANDERSTORP
Erik Fagersson
Johan Brundin
ENKÖPING
Urban Qvarnström
Beiar Mahmod
HALMSTAD
Johan Stålhammar
Per-Erik Persson
24
COMMERCIAL VEHICLES
HEDIN HELSINGBORG BIL AB
CITY
Business Manager
Site manager
CARS
COMMERCIAL VEHICLES
TRUCKS
AFTERMARKET
ONLY
HELSINGBORG
Johan Stålhammar
Johan Stålhammar
HELSINGBORG
LCV & TRUCKS
Johan Stålhammar
Jörgen Bengtsson
JÖNKÖPING
Erik Fagersson
Erik Fagersson
KRISTIANSTAD
Johan Stålhammar
Anders Stark
KRISTIANSTAD
Johan Stålhammar
Åke Andersson
LINKÖPING
Erik Fagersson
Harald Hjelm
LJUNGBY
Erik Fagersson
Jan Johansson
UPPSALA
Urban Qvarnström
Urban Qvarnström
VARBERG
Johan Stålhammar
Christian Zimmerman
VÄRNAMO
Erik Fagersson
Haris Dzafic
ÄNGELHOLM
Johan Stålhammar
Pierre Holmgren
HEDIN STOCKHOLM BIL AB/STOCKHOLM
CITY
Business Manager
Site manager
CARS
COMMERCIAL VEHICLES
AFTERMARKET ONLY
CARS
COMMERCIAL VEHICLES
AFTERMARKET ONLY
STOCKHOLM, AKALLA
Johan Olsson
Ashkan Jamie
STOCKHOLM, KISTA
LCV CENTER
Johan Olsson
Mats Kamryd
STOCKHOLM, SEGELTORP
Johan Olsson
Magnus Roslund
STOCKHOLM, SPÅNGA
Johan Olsson
Selahattin Unsal
STOCKHOLM, ÖSTERMALM
Johan Olsson
Patrick Bierhance
HEDIN STOCKHOLM BIL AB/SKÅNE
CITY
Business Manager
Site manager
LUND
Mats-Åke Andersson
Joakim Olsson
MALMÖ
LCV CENTER
Mats-Åke Andersson
Mats-Åke Andersson
MALMÖ - BURLÖV
Mats-Åke Andersson
Christoffer Hammar
MALMÖ - JÄGERSRO
Mats-Åke Andersson
Mats-Åke Andersson
TRELLEBORG
Mats-Åke Andersson
Marcus Persson
25
26
“No down payments, set-up fees
or deposits. Insurance,
maintenance service and roadside
assistance included for 3 years.
www.carplus.se - the easy way.”
CAR TO GO
SWEDEN AB
5.8%
MARKET SHARE
12
CEO: Anders Hedin | www.carplus.se
Car To Go Sweden AB, including the private leasing service Carplus.se, was acquired
during 2014 and is a wholly owned subsidiary of Anders Hedin Invest AB.
CAR BRANDS
CarPlus provides flexible and affordable private leasing options. No down payment, setup fee or deposit. Insurance, service and three years' free roadside assistance are included. We currently offer CarPlus for Mercedes-Benz, Nissan, Kia, Fiat, Honda, Opel,
Renault, Dacia, Mitsubishi, Citroën, DS and Subaru.
TOTAL MARKET
The private market in Sweden has developed well and private leasing continues to be an
increasingly popular alternative to conventional car ownership. This is clearly reflected
in the number of new contracts for the year. In 2015, there were 27,213 private leasing
contracts, representing 17.8% of all newly registered cars acquired by private customers.
The general focus for the year was on increasing sales and offering a wider selection of
car brands, including several attractively packaged car models at CarPlus.se. Efforts have
been made to improve and rationalise processes in collaboration with suppliers. New
cooperation agreements have been signed and the company is now better positioned to
face future challenges. A new website has been launched at Carplus.se to enhance the
customer's experience of reliability and safety. The website now contains several offers,
and a better filter function makes for a smoother, easier and faster consumer experience.
MARKETING
A total of 1,572 cars were delivered during 2015, which means that deliveries improved
by 164% compared to 2014. CarPlus has also increased its market share from 3.3% to
5.8% for 2015. The most popular brand at CarPlus is Kia, while the most popular model
is the Fiat 500. Deliveries and new orders continue to increase, which bodes well for
2016 as a whole.
2015
2014
Net turnover (TSEK)
2,057
1,597
961
400
1
1
27
“The Klintberg & Way Group operates in
three business areas: replacement parts,
tyres/rims and imports of cars from the US”
28
“Anders Hedin Invest AB
acquired Klintberg & Way AB
in April 2014”
8
KLINTBERG & WAY
CEO: Jörgen Forsberg | www.kwparts.se
2015 was a special year for Klintberg & Way. The company celebrated its 40th anniversary and a whole range of exciting events took place at the subsidiaries.
Klintberg & Way offers products and services to the car industry and operates primarily in
Sweden and Europe. Klintberg & Way is undergoing considerable expansion and as a result of acquisitions the company has grown by 250% during the last 18 months. The goal
is for Klintberg & Way to become a significant player in Europe with regard service and
product provision to the automotive industry and the car trade. Klintberg & Way currently
manages KW Parts, KW Wheels, KW Cars, Dawa Däck and Techno Tire.
The company is located in Kista, but also carries on operations in Gothenburg, Kortrijk
(Belgium), Oslo (Norway) and Butzbach (Germany).
COMPANIES
+250%
18-MONTH PERIOD
THE GROUP IN NUMBERS
•
•
•
•
•
•
In 2015, turnover increased from SEK 304 million to SEK 560 million (+84%).
Operating profit increased from SEK 14 million to SEK 20 million (+43%).
KW Parts was affected negatively during the year by the strengthening of the US
dollar against the Swedish krona.
KW Parts was burdened by non-recurring costs amounting to SEK 4 million due to
relocation to Butzbach and Sätra.
Depreciation of KW Parts stock by SEK 9 million is included in the report.
At the end of the year, KW Parts employed 96 people.
Net turnover (TSEK)
2015
2014
559,258
303,788
21,811
13,872
84
70
29
30
“The core business of
Klintberg & Way is
KW Parts”
KW PARTS
CEO: Jörgen Forsberg | www.kwparts.se
85,000
ITEMS IN STOCK
37
The core business of Klintberg & Way is KW Parts, which also operates as the General
Motors North America Vehicles (GM NAV) Service Market organisation in Europe, and
includes distribution and sales of replacement parts and accessories for GM NAV in
Europe.
MARKET
COUNTRIES
KW Parts is Europe’s largest replacement p arts wholesaler of US car parts, and operates in 37 countries. 2015 was a satisfactory year despite the challenges caused by the
weakening of the Swedish krona against the US dollar. Despite this, and certain additional
larger non-recurring cost items, the company succeeded in achieving a slightly better
operating result compared to 2014.
RELOCATION OF STOCK
In June, the storage facility in Norway was closed and relocated to Sweden. Klintberg &
Way retain a presence there in the form of two employees.
In order to improve efficiency and establish a closer relationship with the bulk of its customers, KW Parts relocated its EU stock from Kortrijk in Belgium to Butzbach in Germany.
Net turnover (TSEK)
2015
2014
256,796
233,613
-6,491
5,417
61
65
31
32
“KW Wheels was founded
in 2014 as a wholesaler of
tyres and rims, and deals
primarily in complete wheels”
KW WHEELS
CEO: Jörgen Forsberg | www.kwwheels.se
KW Wheels was founded in 2014 as a wholesale retailer of tyres and rims. Complete
wheels comprise the majority of sales.
KW Wheels cooperates with all known tyre producers and holds the Swedish licence for
Alutec rims. Following a very positive start to 2014, KW Wheels outgrew its facilities in
Grimbodalen in Gothenburg. To increase production capability and improve stock capacity, KW Wheels relocated to new facilities at Hisingen.
60,000
WHEELS SOLD
5,000
SQUARE METRES, OF WARE
HOUSE SPACE
NEW ACQUISITIONS AND EXPANDED SERVICES
During the year, KW Wheels acquired an e-commerce portal as part of its goal to
improve and modernise customer services. By September, the portal was fully operational
and we expect the portal to contribute to our sales goals for 2016 being achieved through
increased accessibility and improved customer friendliness.
In 2015, we also began developing the KW Däckdepå workshop concept, which offers
tyre services to our customers. Concept roll-out will continue throughout 2016.
Net turnover (TSEK)
2015
2014
126,291
54,720
15,458
8,455
8
5
33
34
“The company was founded
in April 2015 and imports
US-produced cars”
KW CARS
CEO: Jörgen Forsberg | www.klintbergway.com
The company was founded in April 2015 and imports cars from the US.
IMPORTS ONTO THE SWEDISH MARKET
In 2015, KW Cars began, on a small scale, importing and selling cars from the US, predominantly Dodge Rams and Chevrolet Silverados.
NEW DEALERSHIP
In August 2015, KW Cars started up its first dealership. The dealership is located at Grimbodalen 6 in Gothenburg. It sells replacement parts and also runs a complete tyre shop
within the framework of the KW Däckdepå concept. Following a cautious start in 2015,
we expect a significant increase in turnover. A workshop for cars from the US will start up
in the same facilities in 2016.
2015
2014
Net turnover (TSEK)
13,480
-
-1,974
-
2
-
35
36
“Dawa Däck is a
Gothenburg-based company
in tyre wholesaling”
DAWA DÄCK
CEO: Jan Sand | www.dawadack.se
8%
OF THE SWEDISH MARKET
30
The acquisition of Dawa Däck from Sjätte AP fonden was completed in August 2015,
following approval by the Competition Authority.
OPERATIONS.
Dawa Däck is one of Sweden's largest wholesalers of tyres and also imports brand names
such as Kumho, Nankang and Sonar. The goal is to provide a broad range of products
to satisfy as large a share of the market as possible. Dawa will continue to be developed
during 2016.
EMPLOYEES
Net turnover (TSEK)
2015
2014
311,249
290,352
13,286
3,304
29
34
37
38
ANDERS HEDIN
HEDININVEST
INVESTAB
ABANNUAL
/ ÅRSREDOVISNING
REPORT / 2015
/ 2015
“Mabi is one of Sweden’s
largest independent car rental
companies”
MABI RENT AB
CEO: André Schleemann | www.mabi.se
154
OFFICES
74
Mabi Rent offers short-term car rentals with a complete range of cars, commercial
vehicles, minibuses and a number of specialised cars for brand profiling. It also has
a long-term leasing concept marketed under the name Flexilease. Mabi Rent runs
operations in Sweden and Germany (Mabi Sverige AB and Mabi Deutschland GmbH).
By profiling specialised car models, such as convertibles and more exclusive models,
the company has achieved a greater degree of recognition and a higher profile. This
branding has been reinforced through strategic marketing in the press and investment in
personalised number plates.
During the year, the company invested in increasing business to business sales and procurement of public contracts to maintain its positive rate of expansion. The vehicle fleet
comprises 2,100 vehicles.
REGIONS
27
CAR BRANDS
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR.
A total of 19 offices were opened and general agreements have been entered into with a
number of municipal authorities and county councils, making Mabi their preferred rental
car provider.
FUTURE DEVELOPMENTS
Currently, Mabi has an 8% share of the car rental market, which is an improvement on
the previous year. The goal for the coming years is to increase market shares by expanding the network of stations. Turnover and demand in the car rental industry continues to
increase at a stable pace.
Net turnover (TSEK)
2015
2014
193,693
256,997
8,840
5,976
55
67
39
40
I.A. Hedin Fastighet AB's
ambition is to develop and
manage properties in which
people and companies can
meet and interact.
I.A. HEDIN
FASTIGHET AB
CEO: Anders Hedin | www.andershedininvest.se
Hedin Bil’s commercial properties are wholly owned by Anders Hedin Invest AB via
the property company. The company owns and manages 31 commercial properties in
eastern, western and southern Sweden.
I.A. Hedin Fastighet AB's ambition is to develop and manage properties in which people
and companies can meet and interact.
31
PROPERTIES
252,500
SQUARE METRES OF
FLOOR SPACE
Commercial floor space in the Group's property
portfolio (including business properties and other
commercial properties) totals 207,500 square
metres. Our new projects will increase the floor
space to 252,500 square metres.
The estimated market value of current holdings is
in excess of SEK 2.8 billion. In addition to owned
properties, the company also rents premises with a
total floor space of 47,000 square metres.
Net turnover (TSEK)
2015
2014
175,249
146,451
78,658
47,123
-
-
41
One of the properties that will be
completed during 2016 is in Akalla,
Stockholm.
42
ONGOING PROJECTS
- PROPERTIES
STOCKHOLM – AKALLA CAR CENTRE
A major renovation project was completed at the end of the year to customise showrooms for each vehicle brand. As part of the renovation, Opel
and DS Store (a segment of Citroën) acquired their own entrances. The customer reception and replacement parts areas will also be refurbished
and remodelled to make them more accessible to customers. Reconstruction of the pre-existing building was completed in 2015. Extensions will
commence during 2016 and will include 8,500 square metres of retail space, integrated with a covered parking facility with 470 spaces. The
extension will comprise a total of 20,000 square metres.
JÖNKÖPING
Operations in Jönköping are relocating to a completely new property
on the other side of the motorway in the highly popular A6 Center retail
park. This 22,000 square metre full-service facility will handle cars,
commercial vehicles and trucks. Due for completion in 2016.
HELSINGBORG CAR CENTRE
Reconstruction and extension of the present passenger car facilities
will be completed in 2017. This will become a modern car facility with
expanded retail space of 3,000 square metres.
43
Alingsås
Gothenburg Begagnat Center Åbro
Anderstorp
Gothenburg AMG Center Sisjön
Enköping
Gothenburg Transportbilscenter
Gothenburg Hisings Kärra
Jönköping
Kristianstad
Kungsbacka
Linköping
Malmö Opel
Stockholm Akalla
Stockholm Kista Transportbilscenter
Stockholm Segeltorp
Uddevalla
44
Borås
Uppsala
Vara
Varberg
Gothenburg Bilvaruhuset
Gothenburg Mercedes Benz
Gothenburg Tagene
Gothenburg US Center Åbro
Gothenburg Nissan
Halmstad
Helsingborg personbilar
Helsingborgs Transport och Lastbilscenter
Ljungby
Lund
Malmö Burlöv
Malmö Jägersro
Stockholm Spånga
Strömstad
Trelleborg
Kristianstad
Trollhättan
42
DEALERSHIPS
Värnamo
Kristianstad
Östermalm
Ängelholm
45
46
“New technology
generates greater
efficiency and new
opportunities”
HEDIN IT AB
CEO: Anders Hedin | www.andershedininvest.se
Hedin IT was founded in 2014 and is wholly owned by Anders Hedin Invest AB. Its
purpose is to support core business operations and provide a beneficial environment
for IT operations within the Group. The company services the entire Anders Hedin Invest Group and is responsible for telephony and IT support. The company will promote
the Group's advancement and create functional solutions within IT and telephony to
enhance value both internally and externally.
50,000
WEBSITE VISITORS
16,000
CUSTOMER CALLS PER MONTH
MARKETING
In the automotive industry, IT is shifting increasingly away from being a mere support
function towards becoming a key part of the marketing system, although its back office
function continues to be the primary purpose. Marketing operations are conducted via
various mobile and stationary applications – for service bookings for example – which in
turn communicate with our business systems. The fact that we can now draw up and sign
digital finance agreements marks the beginning of a period of rapid development and at
the same time offers significant environmental benefits.
COMMUNICATION
In 2015, we launched a new Intranet and an employee portal for the Hedin Bil Group.
The purpose of the Intranet is to provide support for the staff in their day-to-day work
by making information more accessible within the organisation. The employee portal is
part of the HR Department's strategy to provide managers and staff with a safe, reliable
working environment and at the same time strengthen our business structure to maintain
a healthy organisation.
SECURITY
IT security is becoming an increasingly important issue and we are preparing to face the
threats posed by a digital society in which a growing volume of corporate information
can be accessed through smartphones or tablets. We are working proactively to counter
computer viruses, Trojans and other forms of attack through greater corporate awareness
and providing training to deal with such risks.
47
48
“Manages and trades
in securities”
A.H. VÄRDEPAPPER AB
CEO: Anders Hedin
Wholly owned by Anders Hedin Invest AB.
A.H. Värdepapper AB owns, manages and trades in securities and
associated activities.
Net turnover (TSEK)
2015
2014
60,720
349,313
-14,142
5,344
-
-
49
50
“Consensus is a securities
trading company approved
by the Financial Supervisory
Authority and is currently
undergoing substantial
growth and expansion”
CONSENSUS ASSET
MANAGEMENT AB
CEO: Patrik Soko | www.consesusam.se
Consensus is a securities trading company approved by the Swedish Financial Supervisory Authority and it is currently experiencing substantial growth and expansion. The
company has its head office in Mölndal and a branch in Stockholm. The company has
also established the Mötesplats (Meeting Place) concept in Borås.
CORPORATE ACTIVITIES
55%
EQUITY RATIO
35
TURNOVER, MSEK
The Consensus business model is to operate actively in corporate finance, investment
management and pensions to offer companies, trusts, institutions and high net worth
individuals the best, personal services in the market, coupled with the best possible
conditions for securing value growth and a higher return on investment. Consensus
Insurance provides pensionrelated solutions, risk insurance and endowment insurance
to small and medium-sized companies, as well as the owners and private customers.
• During the first quarter, Thenberg & Kinde Fondkommission AB merged with Consensus Asset Management AB and retained the Consensus company name.
• Turnover in 2015 increased by 40% to SEK 35 million. The following comparative
figures for 2014 represent a pro forma calculation before the merger.
• Operating profit increased by SEK 6.6 million, starting with a negative figure of
approx. SEK 3 million and ending with a positive figure of appr. SEK 5.2 million.
• Profit after appropriations and financial items totalled SEK 0.9 million.
• The equity ratio is 55%.
35
27
21.3
Turnover, MSEK
15
Operating profit, MSEK
8
3.6
-3
-1
-3
-7.5
2015
2014
2013
2012
2011
51
52
“Lasingoo is an industryowned online portal for
booking services, primarily
for passenger cars”
LASINGOO SVERIGE AB
CEO: Malin Landberg | www.lasingoo.se
Lasingoo is a wide-ranging, sector-owned portal for service bookings, mainly for passenger cars.
The portal helps its users to monitor all costs related to car ownership and streamlines
workshop bookings. The portal has been operating in Germany since 2012 and was
launched in Sweden in May 2015.
16.6%
OWNERSHIP INTEREST
1,900
ASSOCIATED WORKSHOPS
Lasingoo is owned and managed jointly by AD Bildelar, Autoexperten, Bosch, Hedin Bil,
OKQ8 and the Mekonomen Group (MECA, Mekonomen, MekoPartner, Speedy). This
represents a unique venture by the largest car workshop operators in Sweden, and as
many as 1,900 workshops are currently linked to the service.
53
54
“50% of Ripam Invest
AB is owned by Anders
Hedin Invest AB and is a
development company”
RIPAM INVEST AB
CEO: Anders Hedin | www.båtellet.se
Anders Hedin Invest AB owns 50% of Ripam Invest AB, which is an investment company that invests in companies outside the core operating areas of Anders Hedin
Invest. The remaining 50% of the company is owned by Nilhome AB.
Ripam Invest AB is the sole owner of Marstrands Kurbadhus AB, which carries on hotel
operations in Marstrand. Marstrands Kurbadhus owns 90% of Marstrands Kulturfastighet
AB, which in turn owns the hotel property. The remaining 10% is owned by the Municipality of Kungälv.
Both companies are involved in the design and planning of a property redevelopment
project in Marstrand in the west coast archipelago. Project planning for a new open-air
bathing facility, spa resort and hotel is currently at the planning amendment stage and is
due to be completed during 2016.
Societetshuset in Marstrand, part of the Bautastenen Hotell AB company, was acquired in
October 2014. Societetshuset offers banqueting facilities for weddings and other events.
55
“From zero to eleven billion. A positive
upturn, and an exciting future ahead of us”
56
EVENTS AFTER THE
END OF THE
REPORTING PERIOD
2016 began with a number of company
acquisitions. As a result, we are also expanding our brand selection to include 25
brands within I.A. Hedin Bil AB.
Following acquisitions during the first and second quarters of 2016, the I.A. Hedin Bil
Group will manage auto retailing operations at 52 locations and plans to sell 52,000
vehicles this year, spread across 25 brands.
The Anders Hedin Invest Group's projected turnover for the current year is SEK 11
billion.
52
CAR FACILITIES
ACQUISITION OF JOHAN KLASÉN BIL IN HALMSTAD.
I.A. Hedin Bil AB, via its subsidiary company Hedin Helsingborg Bil AB, will increase
and expand operations in Halmstad by acquiring Johan Klasén Bil AB. The company
premises and an adjacent building are included in the acquisition. Hedin Bil's present
premises in Stenalyckan will be realigned to become a sole Mercedes-Benz facility.
Brands such as Nissan, Kia, Renault and Dacia will be relocated to the acquired adjacent
property, which will be converted into a new car dealership.
HEDIN BIL ACQUIRES BIVA AB AND BILCITY FOR
KRISTIANSTAD OPERATIONS.
BIVA AB's car businesses in Linköping, Norrköping, Uppsala, Örebro and Karlskoga,
which also includes Bilcity in Kristianstad, were acquiered in April. These acquisitions
further strengthen the Hedin Bil brand name in the Uppsala, Linköping and Kristianstad
markets, where we have already established successful dealerships. Örebro, Karlskoga
och Norrköping represent new markets. In conjunction with the acquisitions, a new company will be added to the Hedin Bil Group – Hedin Örebro Bil AB.
ACQUISITION OF BILIA'S FORD OPERATIONS
IN GOTHENBURG AND STOCKHOLM.
25
CAR BRANDS
1,650
NUMBER OF EMPLOYEES
SEK
11 billion
PROJECTED TURNOVER
Hedin Bil has entered into an agreement with Bilia AB to take over Ford operations
in Gothenburg and will also establish Ford dealerships in Kungsbacka, Stockholm and
Nacka. In conjunction with these acquisitions, a further company will be established
within the Hedin Bil Group – Hedin Mölndal Bil AB.
I.A. HEDIN FASTIGHET AB
In conjunction with car operations-related acquisitions, the property group has taken
possession of business premises in Karlskoga, Linköping, Halmstad and Kristianstad.
Further premises have been acquired adjacent to the procured property in Halmstad in
order to establish a complete business location for the Nissan, Kia, Renault and Dacia
brands. In all, the property group has 42 properties and the total floor space is 275,854
square metres.
57
58
FIVE-YEAR SUMMARY - SEK
Net sales
2015
2014
2013
2012
2011
8,725,618
6,938,710
5,312,640
5,005,489
5,006,632
Operating profit
277,788
194,906
236,554
134,984
126,036
Financial income and expense
-40,149
-46,825
-47,286
-62,477
-114,875
Profit before tax
237,639
148,081
189,268
72,507
11,161
Tax
-51,956
-30,169
-42,129
-10,492
-16,867
Profit for the year
185,683
117,912
147,139
62,015
-5,706
Intangible fixed assets
104,112
92,980
11,055
Tangible fixed assets
3,439,485
2,841,376
2,230,217
2,115,381
1,873,809
Financial fixed assets
29,147
21,297
4,632
3,337
1,307
1,215,177
964,209
606,949
670,481
716,153
368,740
302,301
172,148
160,576
166,104
Inventories
Accounts receivables
Other current assets
343,170
318,707
106,574
127,796
112,494
Total assets
5,499,831
4,540,870
3,131,575
3,077,571
2,869,867
Equity
1,323,502
1,169,347
958,286
853,646
759,834
591,946
368,272
223,019
1,796,971
1,740,693
Non-curent liabilities
638,171
338,802
147,940
180,695
126,090
Other liabilities
Accounts payables
2,946,212
2,664,449
1,802,330
246,259
243,250
Total equity and liabilities
5,499,831
4,540,870
3,131,575
3,077,571
2,869,867
298,554
102,297
245,631
195,003
26,382
Cash Flow from Operating activities
-503,054
-531,560
-135,281
-227,858
-358,054
Cash Flow from Financing activities
Cash flow from Investing activities
159,439
508,296
-110,145
26,279
339,534
Cash flow for the year
-45,061
79,033
205
-6,576
7,862
Equity to assets ratio
24%
26%
30%
26%
25%
Return on equity
15%
11%
17%
8%
1%
1,322
1,250
836
853
840
Number of employees
59
FIVE-YEAR SUMMARY - EUR
2015
2014
2013
2012
2011
955,185
732,704
596,256
580,010
559,400
Operating profit
30,409
20,581
26,549
15,641
14,082
Financial income and expense
-4,395
-4,945
-5,307
-7,240
-12,835
Profit before tax
26,014
15,637
21,242
8,402
1,247
Tax
-5,688
-3,186
-4,728
-1,216
-1,885
Profit for the year
20,327
12,451
16,514
7,186
-638
11,397
9,818
1,241
0
0
376,517
300,040
250,305
245,119
209,364
Financial fixed assets
3,191
2,249
520
387
146
133,024
101,817
68,120
77,692
80,017
40,366
31,922
19,321
18,607
18,559
Net sales
Inventories
Accounts receivables
Other current assets
37,567
33,654
11,961
14,808
12,569
Total assets
602,061
479,501
351,467
356,613
320,656
Equity
144,883
123,479
107,552
98,916
84,898
64,800
38,888
25,030
208,224
194,491
Non-curent liabilities
Accounts payables
69,860
35,776
16,604
20,938
14,088
Other liabilities
322,519
281,357
202,282
28,535
27,179
Total equity and liabilities
602,061
479,501
351,467
356,613
320,656
32,682
10,802
27,568
22,596
2,948
Cash Flow from Operating activities
-55,069
-56,131
-15,183
-26,403
-40,006
Cash Flow from Financing activities
Cash flow from Investing activities
17,454
53,674
-12,362
3,045
37,937
-4,933
8,346
23
-762
878
24%
26%
30%
26%
25%
15%
11%
17%
8%
1%
1,322
1,250
836
853
840
Equity to assets ratio
Return on equity
Number of employees
60
DIRECTOR'S REPORT
The Board and CEO of Anders Hedin Invest AB, corporate identity no. 556702-0655, hereby approves
the Annual Report and Consolidated Financial Statement for the fiscal year 1/1/2015 - 31/12/2015.
GENERAL INFORMATION ABOUT THE GROUP
Anders Hedin Invest Group is a family business and runs businesses
primarily within sales and services of vehicles, property, wholesale of
spare parts and tyres and car rental businesses.
Vehicle segment of the Group
I.A. Hedin Bil Group runs trade and repair shops in the vehicle industry. Brands sold are Mercedes-Benz, Jeep, Dodge, Smart, Nissan,
Mitsubishi, Citroën, Fiat, Lancia, Cadillac, Corvette, Chevrolet, Chrysler, Kia, Opel, Dacia, Renault, Abarth, Honda, Jaguar, Alfa Romeo,
Subaru, Range Rover and Land Rover in all segments.
Hedin Bil is currently represented at 42 complete dealerships at attractive locations in south, west and east Sweden, from Trelleborg/
Malmö in the south to Uppsala/Stockholm in the east, through subsidiaries Hedin Göteborg Bil AB, Hedin Helsingborg Bil AB and Hedin
Stockholm Bil AB with branches.
Properties
The I.A Hedin Fastighet AB Group is engaged in property management
through its ownership of shares in limited partnerships and shares in
subsidiaries. The Group’s property holdings can largely be attributed to commercial properties intended for automotive operations. The
operating properties are leased by Hedin Göteborg Bil AB, Hedin Helsingborg Bil AB, Hedin Stockholm Bil AB, KW Wheels AB and Car to
Go Sweden AB.
Wholesale of spare parts and tyres
Klintberg & Way AB is an authorized spare parts distributor for General Motors North American Vehicles and Mopars (Chrysler, Jeep,
Dodge), and Europe’s largest spare parts wholesaler of American car
parts, with operations in 37 countries. The company is the Parent
Company for the KW Parts Group, with subsidiaries in Sweden, Belgium and Norway. Since August 2015, the group also includes Dawa
Däck which conducts import and wholesales of tyres. The company is
authorised to sell Kumho, Nankang and Sonar products. KW Wheels,
which started up in 2014, assembles and sells complete wheels on
the Swedish market.
Car rentals
Mabi Rent offers short-term car rentals through a complete range of
cars, light trucks, minibuses and a number of special cars for brand
profiling. They also have a long-term leasing concept marketed under
the name Flexilease. Mabi Rent operates mainly through franchises
and has a nationwide station network in Sweden, and is also represented in Berlin, Germany.
Other investments
The company owns investments in Consensus Asset Management
AB and Ripam Invest AB and also conducts securities trading via the
company AH Värdepapper AB.
Parent company
Anders Hedin Invest AB’s activities consist primarily of managing and
developing ownership in existing subsidiaries.
61
KEY FIGURES
Amount in TSEK
31/12/2015
31/12/2014
31/12/2013
31/12/2012
31/12/2011
8,725,618
6,938,710
5,312,640
5,077,087
5,079,648
237,639
148,081
189,268
72,507
11,161
Balance sheet total
5,499,831
4,540,870
3,131,575
3,077,571
2,869,867
Return on equity %
15
11
17
8
1
Net Sales
Equity/Assets ratio %
24
26
30
26
25
1,322
1,250
836
853
840
Definitions
The figures for 2015 and 2014 have been calculated in accordance with International Financial Reporting Standards. Previous years have not been adjusted and have been
accounted for in accordance with the previously used principles.
Return on equity: Ratio of net income to average shareholders’ equity excluding minority interests
Equity/Assets ratio: Shareholders’ equity excluding minority interests divided by total assets
SIGNIFICANT EVENTS OF THE FISCAL YEAR
Vehicle segment of the Group
In January, operations in Ängelholm relocated to new premises which
entailed larger facilities and a better location. In April, a new commercial car dealership started up in Kista to conduct sales and car repairs.
During the year, Hedin Bil has continued to focus on increasing profitability.
Property segment of the Group
In March, the property Group acquired a property in Kista. This property now includes a commercial dealership and a tyre hotel run by
Hedin Bil. The property also includes offices which are being renovated and will be rented out upon completion.
The new facility in Ängelholm opened in January. Reconstruction in
Värnamo was finalised in May and reconstruction in Akalla was finalised in March 2016.
Construction of a new facility is underway in Jönköping and is projected to be finalised in the autumn of 2016. Project planning for the
reconstruction of the passenger cars dealership is underway in Helsingborg and construction will commence during 2016. The property in
Akalla will be extended by 20,000sqm, and comprise 15,000sqm of
parking space and 5,000sqm retail space. The extension is projected
to be concluded in early 2017.
Car rental section of the Group
The Mabi group has expanded its number of stations. Currently, we
run a total of 150 stations of which 39 are owned by us and 111 are
franchises.
Spare parts branch of the group
In 2015, Techno Tire AB was acquired from Techno Support i Sverige
AB. This acquisition provides the opportunity to deliver to both Klintberg & Way’s and Techno Support i Sverige AB’s customers through
the company’s online tool.
Import and sales of American cars, accessories, complete wheels and
tuning products have started up in the newly formed company Klintberg & Way Cars AB (KW Cars). There is a car dealership and showroom in Gothenburg.
Dawa Däck AB was acquired in August. The company is authorised to
sell Kumho, Nankang and Sonar products.
SUBSEQUENT EVENTS
Hedin Bil has acquired Johan Klasén Bil AB as of 1/3/2016, which operates a car dealership in Halmstad. The acquisition also included 2 properties consisting of a car dealership and an undeveloped site. A new car
dealership for the Nissan and Kia brands will be developed there.
62
Hedin Bil has acquired Biva AB from OK Ekonomisk Förening which
has dealerships in Örebro, Karlskoga, Norrköping and Linköping, as
well as Bilcity i Kristianstad AB which has dealerships in Kristianstad.
The business properties have also been included in the acquisitions in
Örebro, Karlskoga, Linköping and Kristianstad.
Hedin Bil has also acquired Bilias Ford operations in Gothenburg.
Hedin Bil plans to start up new Ford dealerships in Kungsbacka,
Stockholm and Nacka.
The acquisitions from OK and Bilia require approval from the Competition Board, which is expected to be granted in April 2016.
FUTURE DEVELOPMENT
Group operations for the coming year are expected to continue in the
same direction as the year 2015.
With a stable earnings trend and good profitability, the Group is wellequipped both financially and economically for the future.
RISKS
Car sales are dependent on economic developments and represent
a sensitivity in the Group’s sales trends. Reducing sensitivity in profitability requires efficient processes and monitoring of inventory conditions. After the block exemption was changed on 1 July 2013, all
agreements with general agents are now rolling two-year contracts.
This increases the requirement for good relationships between general
agents and dealers. The Hedin Group aims to be a key partner to all
general agents and to build confidence.
Creating a turnkey concept with financing, insurance, service, cards,
and a number of different ownership options contribute to increased
customer loyalty.
Opportunities for risk spreading are created by the Group's diversity of
operations in the car industry, such as sales, repair shops, car rentals,
and spare parts areas.
ENVIRONMENTAL WORK
The Group continues to work on improving environmental efforts in
cooperation with our customers, employees and authorities. Hedin
Bil's car repair shops are ISO-certified in line with 14001. We train
our employees in how to reduce environmental impact and prevent
pollution. Hazardous waste will be handled and recycled or reused in
an environmentally sustainable manner.
EMPLOYEES
PARENT COMPANY
The average number of employees increased from 1,250 to 1,322
during the year. During 2015, Hedin Bil implemented a number of
measures to develop the company and strengthen the Hedin Bil brand
as an employer. The goal and purpose of these measures are to create
a more reliable and efficient organisation where employees are characterized by their competence and job satisfaction, and for managers
to be able to lead successfully through clearly defined leadership principles founded in Reliability, Credibility and Accessibility
Anders Hedin Invest AB’s activities consist primarily of managing and
developing ownership in existing subsidiaries. Profit after financial
items amounted to -10,415 TSEK(-6 102) and the net earnings for the
year amounted to 83,401 TSEK (76,174).
During the past year, the Group has focused on clearly defining both
structure and company culture in order to strengthen the organisation's customer focus, quality and competitive edge in a fast moving
and changing market.
Turnover for 2015 amounted to 8,725,618 TSEK (6,938,710), an increase of 26%. Profit before tax for 2015 amounted to 237,639 TSEK
(148,081) and net turnover at 185,683 TSEK (117,912). Profit adjusted before items affecting comparability amounted to 251 MSEK (193
MSEK).
Profit excluding items affecting comparability
2015
2014
251
193
Inventory depreciation
-9
Relocation Costs
-4
Structural costs
Profit before taxes
The Board of Directors and the CEO propose that the distributable
earnings, 248,464,000 SEK, be distributed as follows:
Amount in TSEK
Dividend of 30,000 SEK per stock.
Carried forward
TURNOVER AND PROFIT
Comparability Items (MSEK)
PROPOSAL FOR EARNINGS DISTRIBUTION
Total sum
30,000
218,464
248,464
To see the company’s financial position and results of operations,
please refer to the following income statement and balance sheet with
accompanying notes.
-45
238
148
FINANCIAL POSITION
As of 31 December 2015, cash resources and short term investments
amounted to 42,468 TSEK (90 804). In conjunction with unused overdrafts, payment ability amounted to 218 MSEK (170).
As of 31 December 2015, the consolidated balance sheet amounted to
5,499,831 TSEK (4,540,870). Investments in tangible and intangible
fixed assets and company acquisitions amounted to 534,107 TSEK
(540,299).
63
CONSOLIDATED STATEMENT OF PROFIT AND COMPREHENSIVE INCOME
Amount in TSEK
Note
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
8,725,618
6,938,710
Operating income
Net sales
Other operating income
4.8
5
12,054
37,333
8,737,672
6,976,043
-6,949,759
-5,547,159
Operating expenses
Goods for resale
Other external costs
Employee benefit expenses
7.8
-602,049
-472,372
6
-751,707
-636,242
-134,849
-122,905
Depreciation of amortisation and impairment
Other operating expenses
9
-21,520
-2,459
277,788
194,906
10
1,435
3,542
Financial costs
11
-42,804
-54,409
Income from shares in associated companies
12
1,220
4,042
237,639
148,081
-51,956
-30,169
185,683
117,912
184,461
117,552
1,222
360
185,683
117,912
-997
-372
Operating profit
Profit from financial items
Financial Income
Profit before tax
Income tax
Profit for the year
13
Profit for the year attributable to:
Parent Company's Shareholders
Holdings with non-controlling interests
Profit for the year
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of pension obligations, net after taxes
The year's changes in revaluation reserve, net after taxes
113,420
-997
113,048
-531
150
-531
150
Items that may be reclassified to profit or loss
Translation differences
Other comprehensive income
Earnings for the year
-1,528
113,198
184,155
231,110
182,933
230,750
1,222
360
184,155
231,110
Earnings for the year attributable to
the Parent Company's shareholders
Earnings for the year
64
CONSOLIDATED BALANCE SHEET
Amount in TSEK
Note
31/12/2015
31/12/2014
31/12/2013
ASSETS
Fixed assets
Intangible assets
Intangible rights
15
33,826
22,619
11,055
Goodwill
15
70,286
70,361
0
104,112
92,980
11,055
Tangible assets
Land and Buildings
16
2,668,928
2,477,438
2,037,883
Equipment and Tools
16
552,430
311,195
187,217
Constructions in progress
17
218,127
52,743
5,117
3,439,485
2,841,376
2,230,217
18
12,868
11,648
3,328
4,236
2,161
154
25
10,247
4,094
1,150
Financial assets
Investments in associated companies
Other securities held as non-current assets
Deferred tax asset
Other long term receivables
Total fixed assets
1,796
3,394
0
29,147
21,297
4,632
3,572,744
2,955,653
2,245,904
1,215,177
964,209
606,949
1,215,177
964,209
606,949
368,740
302,301
172,148
1,266
1,046
0
Current assets
Inventories etc.
Goods for resale
Current receivables
Account receivables
19
Receivables from associated companies
Short term investments
20
1,507
4,539
0
88,999
73,226
30,138
210,437
153,631
69,515
670,949
534,743
271,801
40,961
86,265
6,921
Total current assets
1,927,087
1,585,217
885,671
TOTAL ASSETS
5,499,831
4,540,870
3,131,575
Other receivables
Prepaid expenses and accrued income
Cash and cash equivalents
21
22
65
CONSOLIDATED BALANCE SHEET
Amount in TSEK
Note
31/12/2015
31/12/2014
31/12/2013
EQUITY AND LIABILITIES
Equity
23
Share capital (1,000 shares)
Reserves
Other equity including profit for the year
Equity attributable to the parent company shareholders
Total Equity
100
100
100
155,969
158,488
45,486
1,112,049
956,597
858,849
1,268,118
1,115,185
904,435
55,384
54,162
53,851
1,323,502
1,169,347
958,286
Non-current liabilities
Provisions for pensions
24
73,047
74,116
30,016
Deferred tax liability
25
208,137
196,727
146,494
Other non-current liabilities
27
223,429
85,136
46,509
Liabilities to credit institutions
26
87,333
12,293
0
591,946
368,272
223,019
Total non-current liabilities
Current liabilities
66
Overdraft facility
26
516,972
599,199
201,395
26
1,974,816
1,679,913
1,355,014
Accounts payable
638,171
338,802
147,940
Current tax liability
16,661
28,751
14,939
Other liabilities
27
168,790
139,594
95,516
Accrued expenses and deferred income
28
268,973
216,992
135,466
Total current liabilities
3,584,383
3,003,251
1,950,270
TOTAL EQUITY AND LIABILITIES
5,499,831
4,540,870
3,131,575
CONSOLIDATED STATEMENT FOR CHANGES IN EQUITY
Amounts in TSEK
Equity 01/01/2014
.
Equity
Reserves
100
45,486
Profit for the year
Change in translation reserve for the year
150
Change in revaluation reserve for the year
112,852
Measurement of Pension Obligations
Other comprehensive income for the year
113,002
Total
Holdings with
non-controlling
interest
Total
Equity
858,849
904,435
53,851
958,286
117,552
117,552
360
117,912
150
150
568
113,420
113,420
Other Equity
including
profit for the
year
-372
-372
196
113,198
-372
0
113,198
-49
-49
Transactions with owners
Change of ownership in subsidiary companies
Dividends to shareholders
Closing Balance 31 December 2014
100
158,488
Profit for the year
Changes in translation reserve for the year
-531
Changes in revaluation reserve for the year
-1,988
-20,000
1,115,185
54,162
1,169,347
-20,000
184,461
184,461
1,222
185,683
-531
-531
1,988
0
0
-997
-997
-997
-2,519
991
-1,528
-30,000
-30,000
155,969
1,112,049
1,268,118
Measurement of Pension Obligations
Other comprehensive income for the year
-20,000
956,597
0
-1,528
55,384
1,323,502
Transactions with owners
Closing Balance 31 December 2015
100
-30,000
Revaluation reserve of 267,609 TSEK (271,151) after tax, attributable to previous appreciations of tangible fixed assets in subsidiary
companies, is included in the retained earnings.
67
CONSOLIDATED CASH FLOW STATEMENT
Amounts in TSEK
Note
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
237,639
148,081
Operating Activities
Adjustments for non-cash items
31
140,342
85,168
-50,556
-18,661
327,425
214,588
Increase(+)/Decrease(-) in inventories
-118,220
-221,066
Increase(+)/Decrease(-) in receivables
-71,610
-134,089
Income tax paid
Cash flow from operating activities before working capital changes
Cash flow from changes in working capital
Increase(+)/Decrease(-) in payables
159,790
242,864
Cash flow from operating activities
298,554
102,297
-50,611
-228,612
Investing Activities
Purchase of subsidiary
Purchase of intangible assets
32
-9,628
-8,791
-472,699
-302,896
Sale of property plant and equipment
33,184
14,789
Increase in other non-current assets
-2,200
-6,050
69
0
-503,054
-531,560
1,114,784
838,789
-925,345
-310,444
Purchase of property plant and equipment
Decrease in other non-current assets
Cash flow from investing activities
Financing Activities
Borrowings
Repayment of debts
Acquisition of minority interest
0
-49
-30,000
-20,000
Cash flow from financing activities
159,439
508,296
-45,061
79,033
86,265
6,921
-243
311
40,961
86,265
Dividends paid
Cash and cash equivalents at the beginning of the year
Exchange rate differences
Cash and cash equivalents at the end of the year
68
NOTES
NOTE 1
SIGNIFICANT FINANCIAL REPORTING STANDARDS
Amounts in TSEK unless otherwise stated.
The consolidated financial statement complies with International
Financial Reporting Standards (IFRS) as adopted by the EU. Furthermore, complementary consolidated standards included in RFR1 have
been implemented, as issued by the Council for Financial Reporting. Assets and liabilities have been valuated according to historical
acquisition values with exception for certain financial assets that can
be sold, and financial assets and liability which are valuated at fair
value in the Income Statement. Property and land are appraised in
accordance with the revaluation method.
This Annual Report constitutes the first annual report by Anders
Hedin Invest AB in accordance with IFRS standards. Historical financial information has been adjusted from 1/1/2014, which is the date
for the transition to IFRS accounting procedures. Explanations for the
transition from previously used accounting principles to IFRS, and the
effects of this change to the Income Statement and equity capital, are
included in Note 36.
The Board approved this consolidated financial statement on
23/3/2016.
Issuing statements in accordance with IFRS standards requires certain, significant estimates for accounting purposes. Furthermore,
management is required to make certain assessments when following
consolidated reporting standards. The areas that involve a high degree
of complex assessment, or in which estimates and assessments are of
significance to the Consolidated Financial Statement, are described
in Note 3.
New or changed financial reporting standards 2015
At the time of publication for this Annual Report, a number of standards and interpretations have been published which have not yet entered into force. No new changes are planned before current planned
dates. There were no significant effects on the Group's accounts as a
result of new or changed IFRS standards in 2015.
IFRS 9 Financial instruments manage classification, appraisals and
financial assets and liability statements, and introduces new rules for
hedge accounting. The complete version of IFRS 9 was published in
July 2014. It replaces sections of IAS 39 that handle classification and
appraisals of financial instruments and introduces a new depreciation
model. The Group has not yet evaluated how hedge accounting will be
affected by the new rules. The new standard will be implemented at
the latest by the fiscal year beginning 1/1/2018. The standard has not
yet been adopted by the EU.
IFRS 15 Revenue from Contracts with Customers is the new standard for income recognition. IFRS 15 replaces IAS 18 Income and IAS
11 Construction Contracts. IFRS 15 is based on the principle that
income is reported once the customer has retained control of the sold
product or service – a principle that replaces the earlier principle of
reporting income when the risks and benefits have been passed on to
the customer. A company can choose between "full retro-activity" or
prospective application including further information. At present, the
Group cannot estimate the impact of the new rules on the financial
statements.
The new standard will be implemented at the latest for the fiscal year
that begins 1/1/2018. The standard has not yet been implemented
by the EU.
IFRS 16 Leases was published in January 2016 and is a new leasing
standard which will replace IAS 17 Leasing agreement as well as the
associated interpretations IFRIC 4, SIC-15 and SIC-27. The standard
requires that assets and liabilities attributable to all leasing agreements, with a few exceptions, are reported in the balance sheet. This
accounting method is based on the view that the lessee has the right to
utilize an asset for a specific time period and a simultaneous obligation
to pay for this right. Accounting practices for the lessor will in general
remain unchanged. This standard will be implemented for the fiscal
year that begins 1/1/2019 or later. Earlier implementation is allowed.
The EU has not yet adopted the standard. The Group has not yet evaluated the impact of IFRS 16.
Consolidated Financial Statement
The Consolidated Financial Statement has been issued in accordance
with the principles described in IFRS 10,
Consolidated Financial Statement. Subsidiaries are companies in
which the Parent Company directly or indirectly holds more than 50%
of the voting rights, or otherwise has a controlling interest. The Group
has controlling interests in a company when it is exposed to or has
the right to variable yields from shares in the company, and can affect
returns by way of its controlling interests in the company. The company is included in the Consolidated Financial Statement on the date the
controlling interests are transferred to the Group. They are excluded
from the Consolidated Financial Statement on the date the controlling
interests expire. Internal transactions within the Group, balance sheet
items, and unrealized gains and losses stemming from transactions
between Group companies are eliminated.
Acquisition method
The acquisition method is used for statements of the Group's business
combinations. The purchase price for the acquisition of a subsidiary
company is based on fair value of assets and liabilities. The purchase
price also includes all assets and liabilities at fair value as a result of
a contingent consideration agreement. Later fair value adjustments of
contingent consideration agreements that are classified as an asset or
liability are reported in accordance with IAS 39 either in the Income
Statement or in Other Comprehensive Income. Contingent consideration agreements that are classified as equity are not reappraised and
the following adjustment is reported under equity capital.
If the purchase price exceeds fair value of identifiable acquired net assets, the difference is reported as goodwill. If the amount exceeds fair
value of the acquired net assets, in the event of an acquisition at a low
purchase price, the difference is reported in the income statement.
Costs related to acquisitions are expensed as they arise.
Changes in ownership shares in a subsidiary company without changes
in controlling interests.
Transactions with proprietors without controlling interest that do not
result in loss of controlling interest are reported as equity transactions;
i.e., as transactions made by the owners in their role as owner. A
change in ownership share is reported via an adjustment of the carrying amount for the holdings with both controlling and non-controlling
interests in order to reflect changes in their relative holdings in the
subsidiary company. In acquisitions from the holder with non-controlling interests, the difference between fair value and the actual,
acquired share of the reported value of the subsidiary company's net
assets is reported under equity.
69
Associates
Associates are all companies in which the Group has significant but
not controlling interests, which generally applies to shareholdings of
20 - 50% of the votes. Holdings in associated companies are reported in accordance with the equity method. When applying the equity
method, the investment is initially valuated according to the acquisition value, and the reported value is thereafter increased or reduced to
take into account the Group's share of the associate company's gains
or losses after the acquisition. The Group's reported value for holdings
in associated companies includes goodwill that is identified during the
acquisition. The Group's shar e of profit that has arisen after the acquisition is reported in the Income Statement, and its share of changes
in Other Comprehensive Income after the acquisition is reported in
Other Comprehensive Income, including corresponding adjustments
to the reported value of the holdings. When the Group's shares in an
associate company's losses amounts to or exceeds its holdings in the
associate company, including unsecured claims, the Group does not
report further losses unless the Group has accepted legal liability or
informal obligations or otherwise made payments on behalf of the
associate company.
Translation of currencies
The parent company's functional currency is Swedish Krona which
also is the currency used in statements by the Parent Company and
the Group. All foreign Group companies report in their functional currency which is translated according to the balance sheet date. Income
items are adjusted to the average exchange rate. Translation differences that arise are expensed under equity and reported under Comprehensive Income.
Transactions in foreign currencies are translated to the functional currency according to exchange rates on the date of the transaction or the
date the items are adjusted. Foreign exchange gains and losses that
arise from payment of such transactions and translation of monetary
assets and liabilities in foreign currencies at the balance sheet date
are reported in the Income Statement. Foreign exchange gains and
losses that are attributable to loans and liquid assets are reported in
the Income Statement as financial income or costs. All other foreign
exchange gains and losses are reported under Operating Profit.
Goodwill
Goodwill that arises as a result of business acquisitions is included in
intangible assets. Goodwill is not depreciated; instead, an impairment
test is conducted annually or more often if events or changes of conditions indicate a possible depreciation in value. Goodwill is recognized
at acquisition value less impairment losses. In the event of the sale of a
unit, the goodwill carrying amount is included in the resulting gain/loss.
In order to conduct an impairment test, goodwill arising from business
acquisitions is distributed to cash generating units that can be expected to benefit from acquisition synergies. Each unit or group of units
that the goodwill is distributed to represent the lowest level in the Group
at which the relevant goodwill is supervised by internal management.
70
preciation of property. Valuations are conducted with sufficient regularity to ensure that fair value of the revalued asset does not deviate
significantly from the carrying amount. Accumulated depreciation at
the time of the revaluation is eliminated against the asset's revaluated
acquisition value, after which the net amount comprises the asset's revaluated amount. All other tangible fixed assets are reported at acquisition value less depreciation. Costs directly attributable to acquisition
are included in the acquisition value.
Additional costs are included in the asset's carrying amount, or noted
as an individual asset as is appropriate, only when there is a likelihood of future financial benefits attributable to the asset benefiting
the Group, and the asset's acquisition value can be measured with a
degree of reliability. Carrying amount for the replaced item is removed
from the balance sheet. All other forms of reparations and maintenance are reported as costs in the Income Statement as they arise.
Revaluation of the carrying amount that arises as a result of revaluation
of land and buildings is noted under Other Comprehensive Income
and Reserves in Equity. Depreciation that levels out previous revaluation of the same asset is transferred From Reserve in Equity to Other
Comprehensive Income. All other depreciations are booked. The difference that arises from the depreciation based in the asset's reported
revaluated amount (booked depreciation) and depreciation based on
original acquisition value is annually transferred from Reserve to Retained Earnings.
Land is not depreciated. Depreciation of other assets in order to distribute their acquisition value or revaluated amounts down to the estimated residual interest during the projected period of utility are conducted linearly in accordance with the following:
Buildings
25-100 years
Machinery
10-15 years
Equipment in buildings
15-80 years
Equipment and tools
3-5 years
The assets' residual interest and period of utility is tested at the close
of each accounting period and adjusted as needed. An asset's carrying amount and period of use is immediately depreciated to its recoverable amount if the asset's carrying amount exceeds its estimated
recoverable amount.
Gains and losses that arise from sales are established by comparing
sales revenue and the carrying amount and are noted under Other
Operating Income in the Income Statement.
Intangible rights
Intangible rights consist primarily of investments and development of
IT systems, programs and licenses. Maintenance costs for software
are booked as they arise. Software development costs and expenses
for improved operational systems are reported as an asset if they are
technically usable and there are sufficient resources to pursue further
development and implement thereafter.
Acquisition costs for software acquired through business acquisitions
are reported at fair value at the time of the acquisition.
Impairment of non-financial assets
Intangible assets that have an undefined period of utility or intangible
assets that are not ready for use are not written off; instead, they are
tested annually depending on impairment requirements. Assets that
are amortised are assessed in the event that changes in conditions
indicate that the carrying amount may not be recoverable. Impairment
is valuated in accordance with the amount that the carrying amount
exceeds its recoverable amount. The recoverable amount constitutes
the higher amount of the asset's fair value less sales expenses and its
value of use. In impairment tests the assets are grouped at the lowest
level where there are generally independent cash flows (cash generating units). Previously impairment loss in assets (other than goodwill)
are tested at each balance sheet date to see if reversal is required.
Land and buildings refers primarily to dealerships, repair shops, storage facilities and offices. Land and buildings is reported at its revalued
amount calculated by an external and unaffiliated appraiser less de-
Financial instruments
Classification
The Group classifies financial assets in the following categories: Financial assets revaluated at fair value in the Income Statement, loans
receivable and accounts receivable, and recoverable financial assets.
The classification is dependent on the purpose for which the financial
assets was acquired. Management establishes classification of the financial assets at the first accounting date.
projected within 1 year, they are classified as operating assets. Otherwise, they are accounted for as fixed assets. Account receivables are
initially accounted for at fair value and thereafter at accrued acquisition value using the effective interest method.
Financial assets revaluated at fair value in the Income Statement.
Financial assets revaluated at fair value in the Income Statement are
financial assets that are held for trading. A financial asset is classified
in this category in the event it has been acquired primarily to be sold
in the near future. Derivatives are classified as being held for trading
in the event they are not classified as securities. Assets in this category
are classified as current assets in the event they are to be settled within
12 months, or are otherwise classified as fixed assets.
Cash and cash equivalents include, both with regards to the balance
sheet and the cash flow statement, cash, bank deposits and other short
term investments that expire within 3 months of the acquisition date.
Loans receivable and accounts receivable
Loans receivable and accounts receivable are financial assets that are
not derivatives, that have established or establishable payments and
are not accounted for in an active market. Receivables are recognized
as current assets, except for maturities more than 12 months after the
balance sheet date, which are classified as fixed assets. The Group's
receivables are comprised of accounts receivable and other receivables in the balance sheet.
Disposable financial assets
Disposable financial assets are assets that are not derivatives and have
been identified as disposable or have not been classified in any other
category. They are included in fixed assets unless management plans
to dispose of the asset within 12 months after the balance sheet date.
Accounting and valuation
Purchases and sales of financial assets are accounted for on the trade
date that the Group commits to purchasing or disposing of the asset.
Financial assets are originally accounted for at fair value including
transaction expenses, which also applies to all financial assets that
are not valuated at fair value in the income statement. Financial assets
valuated at fair value in the income statement are originally accounted
for at fair value, while attributable transaction costs are noted in the
income statement. Financial assets are eliminated from the balance
sheet when the right to procure cash flows from the instruments have
expired or been transferred and the Group has largely transferred all
risks and benefits attributable to the right of ownership. Disposable financial assets and financial assets valuated at fair value in the income
statement are booked after the acquisition date at fair value. Receivables are booked after the acquisition date at accrued acquisition value.
Changes in fair value attributable to the category of financial instruments that are valuated at fair value in the Income Statement are
booked for the period they arise in and are included under Operating
Profit. Dividend incomes from securities in the category financial assets are valuated at fair value in the income statement under Other
Operating Income.
Accounts payable
Accounts payable are obligations to settle payment for goods or services that have been acquired in the course of business operations.
Accounts payable are classified as short term liabilities in the event
that they expire within a year. Otherwise, they are accounted for as
long term liabilities. Accounts payable are initially accounted for at fair
value and thereafter at accrued acquisition value using the effective
interest method.
Loans
Loans from credit institutions are initially accounted for at fair value,
net value after transaction costs. Loans are thereafter accounted for
at accrued value, and differences between recovered amount (net
amount after transaction costs) and repayment amount are accounted
for in the Income Statement, distributed throughout the loan period.
Loans are classified as short term liabilities in the event the agreed
upon expiration date is within 12 months, including in the event the
loan is projected to be renewed without changes in amortization rates.
Bank overdrafts are accounted for under Current Liabilities to Credit
Institutions in the balance sheet.
Borrowing costs
Borrowing costs that are directly attributable to purchases, construction and production of tangible fixed assets, which take a significant
amount of time to complete, are accounted for as a part of these assets' acquisition value. Activation expires when the asset is ready for
use. Other borrowing costs are recognized as expenses in the period
to which they are attributable.
Current and deferred taxes
Tax costs include current and deferred taxes. Taxes are accounted for
in the Income Statement, with exception for taxes attributable to items
under Other Comprehensive Income or to Equity Capital. In those cases, the taxes are also accounted for under Other Comprehensive Income and Equity. The current tax cost is calculated in accordance with
tax regulations that are valid at the date of the balance sheet or have
been for all practical purposes adopted in countries where the parent
or subsidiary company operates and generates taxable revenue.
Inventories
Inventories are carried at the lowest end of acquisition cost and net realizable value. Acquisition cost is established by using the first-in-first-out
method (FIFO). The net realizable value of the estimated disposal price
in current operating activities, less applicable variable costs of disposal.
Deferred taxes are reported for all temporary changes that arise in the
difference between the taxable value of assets and liabilities and their
reported valuation in the Consolidated Financial Statement. Deferred
taxes, however, are not accounted for in the event they arise due to the
initial goodwill booking. Neither are deferred taxes booked in the event
they arise as a result of a transaction that represents the first report of
an asset or liability that is not a business acquisition and, at the time
of the transaction, do not affect carrying amount or taxable income.
Deferred taxes are calculated using tax rates that have come into force
or have been published at the time of the balance sheet date, and that
are projected to be in force when the relevant deferred tax payment is
realized or the deferred tax is settled. Deferred taxes are accounted for
to the extent that it is likely that future taxable surpluses will be available, against which temporary changes can be utilized.
Account receivables
Account receivables are sums to be paid by customers for items or
services purchased during daily operations. In the event payment is
Employee benefits
Plans for post-employment benefits are classified as either defined
contribution plans or defined benefit plans. In defined contribution
Derivative instruments and hedging instruments
Derivative instruments are accounted for in the balance sheet on the
date the contract enters into agreement and are valuated at fair value,
both initially and in later revaluations. The Group uses derivative instruments only to a limited extent and does not use hedging accounting.
71
plans, fixed fees are paid to another company, usually an insurance
company, and there is no further obligation to the employee once the
fee is paid. The extent of the employee’s post-employment benefits depends on the contributions paid and the capital return on these fees.
Obligations for defined benefit plans are met partly through the PRI
system and partly through an insurance policy at Alecta. Defined
pension plans via the Alecta insurance policy are accounted for as
a defined contribution pension plan. All pension premiums are thus
expensed during the period they were earned. The liability accounted
for in the Balance Sheet that is attributable to defined benefit pension
plans is based in the current value of the defined benefit plan obligation at balance sheet closing date. The defined benefit pension plan is
calculated annually by unaffiliated actuaries using the projected unit
credit method.
Current value of the defined benefit plan is established via discounting
of estimated future cash flows using tax rates for first class mortgage
bonds that have been issued in the same currency used for reimbursements in accordance with maturities that are relevant to the
pension plan obligation. Revaluation gains and losses that arise as
a result of precedence based adjustments and changes in actuarial
estimates are accounted for under Other Comprehensive Income for
the period they arise in. They are included under Retained Earnings
under Changes in Equity and in the Balance Sheet. Costs attributable
to services performed for previous periods are accounted for in the
Income Statement.
Reserves
Reserves are accounted for in the Balance Sheet in the event the
Group has a legal or informal commitment that has resulted from previous events, and when there is a likelihood that an outflow of resources may be required to regulate the commitment, and the amount can
be projected with a degree of reliability. No reserves are held for future
operative losses.
Revenue recognition
Revenue is valuated at fair value of the realized amount or the amount
that will be realized for sold goods and services after deduction of
discount returns and VAT.
The Group reports revenue when the amount can be measured reliably, which entails a likelihood that future financial benefits will pass
on to the company, and special criteria have been met for each of
the Group's business operations. The Group bases its estimates in
historical results and takes into consideration the type of customer,
transaction and unique conditions for each individual case.
In cases where the sale of goods is combined with a future repurchase
commitment at a guaranteed residual value, a repurchase agreement,
the transaction is recognized as an operating lease. The revenue is
distributed linearly from the sales date to the repurchase date. The
asset is accounted for as a fixed asset, and its disposal is accounted
for under Other Liabilities.
Provisions for transferred financial assets are accounted for continuously for the contract period.
Leasing
Leasing in which a significant amount of the risks and benefits of the
ownership are retained by the lessor are classified as operational leasing. Payments made for the leasing period are expended in the Income
Statement linearly for the leasing period. Financial leasing occurs in
the event that the financial risks and benefits attributable to ownership
are transferred to the lessee. Assets that are leased in accordance with
financial leasing agreements are accounted for as fixed assets and are
depreciated during the leasing period. Obligations for future leasing expenses are accounted for as long term and short term liabilities. Leasing payments are accounted for as interest and amortization of liability.
72
Cash flow statement
Cash flow analysis is established in accordance with the indirect method. Reported cash flow only includes transactions that involve cash
payments.
In addition to cash on hand, the company classifies cash and cash
equivalents as balance available at banks and other credit institutions,
and short-term liquid investments that are listed on a marketplace and
have a maturity of less than three months from the acquisition date.
Restricted cash is not classified as cash and cash equivalents. Changes in restricted cash are reported in investing activities.
Parent Company accounting policies
The Parent Company complies with RFR2 Accounting for legal entities as well as the Annual Accounts Act. The Parent Company applies
other accounting policies than does the Group in the cases reported
below. Income and balance sheets comply with the statement format
of the Annual Accounts Act. The statement of changes in equity comply with the Group's statement format but shall include those columns
indicated in the AAA. Further, this entails differences in the terminology used in the Consolidated Financial Statement, primarily with
regards to financial income and expenses and equity capital.
Shares in subsidiary companies are accounted for at acquisition value,
less depreciation deductions. Group subsidies are accounted for in the
Income Statement under Adjustments.
Financial instruments are accounted for at acquisition value. All leasing agreements are accounted for as operational leasing agreements,
including the first raised rent cost, but not including costs for services
such as insurances
and maintenance, accounted for linearly for the leasing period.
NOTE 2
FINANCIAL RISK MANAGEMENT
Financial risk factors
The Group is exposed through its operations to a number of financial
market risks (currency risks, interest risks) credit risks and liquidity
risks. The Group's overall risk management policy includes carefully
monitoring the developments in financial markets and to adopt appropriate measures to reduce potential disadvantageous effects on the
Group's financial earnings.
Risk management is supervised by a central financial division in accordance with policies adopted by the Board. The CEO approves the
undertaken risk management measures in accordance with policies in
close collaboration with the operative units in the Group.
Currency risks
The Group is exposed to currency risks that arise as a result of exposure to foreign currencies. Purchases made within the spare parts
operations are primarily paid in USD while sales are received in EUR.
Currency risks arise as a result of future business transactions, reported assets and net investments in operations abroad.
Since the Group is exposed to currency risks to a limited extent, it has
been decided to not secure current payment flows.
If the Swedish Krona had been weakened or strengthened by 10% in
relation to the US Dollar, all other variables constant, annual income
as of 31/12/2015 would have amounted to 13,024 TSEK (7,833 TSEK)
lower/higher as a result of changes in purchase prices.
If the Swedish Krona had been weakened or strengthened by 10%
in relation to the Euro, all variables constant, annual income as of
31/12/2015 would have been 1,608 TSEK (505 TSEK) lower/higher as
a result of changes in purchase prices.
Interest rate risks of borrowing
The Group's interest rate risks arise as a result of long term borrowing.
In general, the Group does not use derivative instruments to adjust
underlying interest exposure. During 2014 and 2015, the Group's
loans at variable interest rates were in Swedish krona, amounting to an
average interest rate of between 0.6-1.6% If the interest rates on loans
in Swedish Krona had been 1 per cent higher, all variables constant
as of 31/12/2015, the estimated gains after taxes for the fiscal year
would have been 24 MSEK (2014: 19 MSEK) higher/lower, primarily
as a result of effects arising from higher/lower interest rates for loans
with variable interest rates.
Credit risks
Credit risks are managed at Group level, with exception for credit risks
attributable to outstanding accounts receivable. Each Group company
is responsible for following up and analysing credit risks for each new
customer prior to offering standard terms and conditions for payment
and delivery. Credit risks arise as a result of cash and cash equivalents, derivative instruments, holdings in credit institutions and bank
deposits, as well as exposure to credit toward customers including outstanding receivables and agreed upon transactions. Credit limits are
followed up regularly, and management does not expect any losses as
a result of payment defaults from any parties. The credit risk involved
in receivables is specified in Note 19.
Liquidity risks
Cash flow projections are established by the Group's business operating companies and aggregated by the Group's CFO. The Group's CFO
carefully monitors current prognoses for the Group's liquidity reserves
in order to ensure that the Group has sufficient liquidity to satisfy any
requirements in ongoing operations while simultaneously maintaining
sufficient flexibility in agreed upon credit facilities that have not been
used to ensure that the Group does not exceed the credit limits of any
of the Group's borrowing facilities.
The table below analyses the Group's financial obligations distributed
over the period between the balance sheet date until the agreed upon
expiration date. Amounts in the table are agreed upon non-discounted
cash flows.
Maturities
Liabilities to credit
institutions
Financial leasing liabilities
< 1 year
1-2 years
> 2 years
1,987,891
30,133
0
6,607
6,798
51,500
Overdraft facilities
522,142
0
0
Accounts payable
632,152
0
0
Other liabilities
Total
64,844
0
0
3,213,636
36,931
51,500
Agreed upon expiration date for the larger part of the loans is 2016,
but is expected to be extended at the same amortization rate. Of obligations to credit institutions, 78,723 TSEK will be amortized and
57,562 TSEK attributable to vehicle financing for car rental operations
will be settled during 2016. The remainder will be renewed.
Calculation of fair value
Classification of financial instruments valuated at fair value has been
conducted in accordance with a fair value hierarchy which defines the
various levels as follows:
Level 1 indicates quoted prices in active markets for identical assets
and liabilities.
Level 2 indicates observable data concerning assets or liabilities
other than quoted prices, in line with Level 1, either directly (i.e.,
as price quotes) or indirectly, (i.e., attributable to price quotes).
Level 3 indicates information on assets or liabilities that are not based
in observable market information.
Financial instruments valuated at fair value in the income statement
are classified as Level 1. Fair value of financial liabilities are equivalent
to the carrying amount. Property and land are valuated at fair value in
accordance with the revaluation method and classified as level 3, see
also Note 3.
NOTE 3
ESTIMATES AND ASSESSMENTS
Estimates and assessments are valuated continuously and are based
in historical precedence and other factors, including expectations of
future events that are likely to occur under current conditions. The
company makes estimates and assumptions about the future. The resulting estimates for accounting purposes will, by definition, seldom
match actual results. The estimates and assumptions that carry a significant risk of material adjustments in reported values for assets and
liabilities during the following year are outlined below.
Goodwill impairment testing
The Group tests annually for impairment for goodwill in accordance
with the Group's accounting principles. Recoverable values for cash
generating units have been established by calculating value of utilization. These calculations include by necessity certain estimates (note
13).
Repurchase agreements
In some car sales, the Group may occasionally commit to repurchase
agreements, which entail a commitment to repurchase a sold good at
a pre-agreed residual value. This occurs primarily in connection with
car sales in private leasing. The agreements are reported as operational leasing agreements in accordance with the Group's accounting principles. The agreements entail a residual value risk in that the
company may be forced to sell used cars at a loss in the future in the
event that value developments are weaker than predicted at the time
of the agreement. Continuous assessments of these vehicles' future
net worth are carried out. The cars are reported as vehicles under
tangible assets and repurchase agreements under Other Liabilities.
Inventories
Valuation of used cars is estimated at the lowest acquisition value and
net realizable value. Net realizable value is established based in estimated realizable value less sales costs. Net realizable value was lower
than acquisition value by the amount of 16,194 TSEK (13,592).
Valuation of properties
The properties are subject to regular valuation by external parties,
last performed in December 2014. Valuation is based in estimates of
market value based in analyses of prepaid items. Value is estimated
based in a market adapted cash flow analysis which simulates projected future income and costs and analyses market expectations of
the relevant item. Vacancies have been taken into consideration to
the extent that such exist, as well as to property leases. Internal use
of property has been estimated based in an estimate of market-valued
leases for each area and 10 year contract. Direct returns requirements
vary between 6,0-8,0 % depending on region. Annual inflation has
been estimated at 2%.
In the event that direct return requirements change by +/- 0,5 per
cent, the market value would change by 95 MSEK. Rate of interest
varies between 8,0-10,0 %. If the rate of interest changes by +/- 0,5
per cent, the market value would change
by 85 MSEK.
73
NOTE 4 NET SALES PER EACH BRANCH AND GEOGRAPHIC MARKET
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
6,589,086
5,463,404
Service Centre
645,923
489,597
Spare parts in automotive activities
708,384
509,830
Commission income
119,529
85,251
Spare parts in wholesale activities
443,219
246,732
Car rental activities
193,693
120,161
Net sales by business segment
Vehicle sales
Other
25,784
23,735
8,725,618
6,938,710
Sweden
8,533,211
6,760,349
Norway
23,493
25,428
Net sales per geographic market
EU countries
168,914
152,933
8,725,618
6,938,710
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
Income from leases
356
1,157
Contributions received
433
889
3,137
27,806
NOTE 5 OTHER OPERATING INCOME
Negative goodwill
Trades in secureities
5,648
Other
8,128
1,833
Total
12,054
37,333
NOTE 6 EMPLOYEE EXPENSES
01/01/2015 -
01/01/2014 -
31/12/2015
Males
31/12/2014
Males
Sweden
1,308
1,160
1,234
1,095
Norway
4
4
6
6
Belgium
6
6
6
6
Germany
4
4
4
4
1,322
1,174
1,250
1,111
Overall Group
The Board is made up of 5 members of which 1 is female. 5 (4) other leading managers of which 0 are female.
Board members, CEO and other senior exectives
(of which bonuses)
01/01/2014 -
31/12/2015
31/12/2014
12,426
9,733
(2,324)
(1,497)
Other employees
499,191
455,445
Total salaries and other remuneration
511,617
465,178
Social security costs
171,496
152,044
43,600
36,371
726,713
653,593
Pension costs
Salaries and compensation to the Parent Company's CEO and Board that have
been paid during the year amount to 3,482 (2,277) for 3 persons (2). Corresponding
pension costs amount to 956 (800).
74
01/01/2015 -
NOTE 7 REMUNERATION TO ACCOUNTANTS
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
1,594
1,266
167
364
1,761
1,691
PwC
441
74
KPMG
393
0
834
0
343
435
76
373
The accounting mission
PwC
KPMG
Mazars SET
61
Tax consultancy
Other operations
PwC
KPMG
Mazars SET
45
419
853
The audit assignment entails examination of the Annual Report and accounts as well as the Board's and CEO's administration, other tasks
that are incumbent on the accountant as well as to provide advice
as a result of observations made during examination . All other items are other tasks.
NOTE 8 LEASING AGREEMENTS
The group as lessee
Operational leasing
Operational leasing agreements refer primarily to cars used in car rental operations. It refers to purchased cars in combination with obligations for future repurchases at a fixed residual value. Properties are also leased.
Operational leasing agreements costs for the year amounted to 81,407 (77,503).
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
Future minimum leasing costs as of the Balance Sheet date amounted to:
For one year
Between one and five years
Later than five years
89,741
80,747
134,761
92,004
26,271
43,507
250,773
216,258
The Group as lessor
Assets that are leased out in accordance with operational leasing agreements are reported as tangible fixed assets. Such assets consist of
leasing out property and cars sold in combination with commitments to future repurchase agreements at a fixed residual value. Leasing
income for the year amounts to 56,450 (43,396).
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
73,081
37,771
108,539
56,348
Future minimum leasing costs amount as of the Balance Sheet date to:
For one year
1,455
518
183,075
94,637
75
NOTE 9 OTHER OPERATING EXPENSES
Trades in securities
Revaluation of securities
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
1,240
0
-14,760
0
Other
-8,000
-2,459
Total
-21,520
-2,459
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
0
880
Interest revenue
1,435
2,662
Total
1,435
3,542
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
-41,774
-54,142
-974
-267
-56
0
-42,804
-54,409
01/01/2015 -
01/01/2014 -
NOTE 10 FINANCIAL INCOME
Dividends
NOTE11 FINANCIAL COSTS
Interest expenses
Foreign exchange losses
Other
Total
NOTE 12 INCOME FROM SHARES IN ASSOCIATED COMPANIES
31/12/2015
31/12/2014
Ripam Invest AB
545
3,734
Consensus Asset Management AB
675
-1,224
0
1,532
1,220
4,042
Income from successive acquisitions
Total
76
NOTE 13 TAX ON PROFITS FOR THE YEAR
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
-37,884
-30,765
Current taxes
Tax on profit/loss for the year
Adjustment of tax attributable to previous years
-462
-375
-38,346
-31,140
Deferred taxes
-13,610
971
Total
-51,956
-30,169
Profit before tax
237,639
148,081
Tax at applicable tax rate for Parent Company (22%).
-52,281
-32,578
4
-503
Deferred taxes refer primarily to depreciation of
tangible fixed assets
Reconciliation of effective tax
Effect of foreign tax rates
Tax attributable to previous years
Non-deductible expenses
Non-taxable income
-28
-375
-746
-357
26
20
0
-96
Utilization of previously non-capitalized loss
179
1,025
Standard interest on tax allocation reserve
-24
-51
Tax effect of change in
tax rate
Other permanent differences
914
2,746
-51,956
-30,169
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
NOTE 14 FOREIGN EXCHANGE RATE DIFFERENCES
Foreign exchange rate differences are reported in the Income Statement accordingly:
Financial costs
Total
3,037
1,111
-7,631
-2,205
-974
-267
-5,568
-1,361
77
NOTE 15 INTANGIBLE ASSETS
Intangible
rights
Goodwill
Total
Acquisition value
Opening balance 1/1/2014
11,055
11,055
Purchases
8,791
63,329
72,120
Business combinations
4,469
6,765
11,234
-7
267
260
Closing balance 31/12/2014
24,308
70,361
94,669
Purchases
10,458
10,458
3,391
3,391
Sales/disposals
-528
-528
-34
-75
-109
37,595
70,286
107,881
Accumulated amortisation
Amortisation for the year
0
0
-1,695
-1,695
6
6
-1,689
Amortisation for the year
-2,632
-2,632
528
528
24
24
Sales/disposals
Closing balance, 31/12/2015
-3,769
0
0
-1,689
-3,769
Book value 31/12/2014
22,619
70,040
92,659
33,826
70,286
104,112
Impairment testing of goodwill
Goodwill is monitored by management at the Group level. Impairment testing of goodwill attributable to cash generating units and other
intangible assets is conducted annually. Estimated recovery values are based on management's expectations of future earnings and cash
flow. The estimated cash flows are based in 5 year prognoses based in estimated market developments. After the 5 year period, the cash
flow is based in a permanent growth of 2%
In calculations of recovery values for cash generating units, a discount factor of 8.7% (7.8%) before tax based in WACC (weighed average
cost of capital) has been used. These calculations indicated no need for depreciation of cash generating units, even taking into account
reasonable changes in conditions.
78
NOTE 16 TANGIBLE ASSETS
Land and
Buildings
Equipment
and Tools
Leasing vehicles
Total
Acquisition value
2,136,163
280,248
89,491
2,505,902
Purchases
191,461
84,350
86,492
362,303
161,891
24,632
0
186,523
Revaluation
118,932
Sales/disposals
-13,169
Purchases
-39,322
14
2,608,447
376,075
149,830
3,134,352
263,214
130,134
222,260
615,608
1,436
-27,811
-7,271
2,843,850
Depreciation for the year
1,436
-41,113
-76,195
500,295
330,977
3,675,122
-98,280
-163,346
-19,176
-280,802
-38,667
-28,837
-33,146
-100,650
3,643
26,153
29,796
-26,153
14
Sales/disposals
118,932
-79
-79
Accumulated depreciation
Revaluation
5,938
Sales/disposals
Sales/disposals
-1
-1
-131,009
-188,541
-26,169
-345,719
-47,507
-43,529
-41,273
-132,309
3,594
1,282
19,322
24,198
-174,922
-230,722
-48,120
-453,764
5,938
66
66
2,477,438
187,534
123,661
2,788,633
2,668,928
269,573
282,857
3,221,358
The Group owns properties which are used in operations. As of 1/1/2014 the Group changed its accounting principles with regards to
valuation of property from the acquisition method to the revaluation method. The book value as of 31/12/2015 would have amounted to
2,667,985 (2,476,495) if the properties had been valuated according to acquisition value less accrued depreciation.
Assets that are leased out in accordance with operational leasing agreements are reported as tangible fixed assets. These assets consist of
cars sold in combination with commitments to repurchase them at a fixed residual value.
79
Finance lease agreements
Assets that are leased according to finance lease agreements are included in the inventories as follows:
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
Finance leases (included above)
Acquisition value
86,148
-7,385
78,763
0
Future minimum lease payments amount as of Balance Sheet date to:
For one year
8,415
61,678
0
70,093
0
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
52,743
5,117
Investments
217,950
52,249
Reclassifications
-52,566
-4,623
Total
218,127
52,743
NOTE 17 CONSTRUCTIONS IN PROGRESS
At the beginning of the year
NOTE 18 INVESTMENTS IN ASSOCIATED COMPANIES
Equity
share
Voting
share
31/12/2015
31/12/2014
Consensus Asset Management, 556474-6518, Göteborg
24%
29%
7,785
7,110
Ripam Invest AB, 556870-7540, Mölndal
50%
50%
Subsidiary / CIN / Domicile
Carrying value
5,083
4,538
12,868
11,648
11,648
3,328
Accumulated acquisition values
Opening carrying amount
Acquisitions for the year
5,910
Reclassifications
Profit participation in associated companies
Closing carrying amount
-100
1,220
2,510
12,868
11,648
As of 31/12/2015, fair value of the Group's interests in Consensus Asset Management AB, which is listed at Aktietorget, amounts to 23 794
TSEK Net assets amount to 25,023 TSEK and earnings after tax at 3,809 TSEK The company complies with accounting principles in accordance with International Financial Reporting Standards.
Ripam Invest AB is unlisted. Earnings for 2015 amount to 1,090 TSEK.
80
NOTE 19 ACCOUNT RECEIVABLES
Expiration date
31/12/2015
31/12/2014
Not overdue
174,118
139,011
Overdue up to 30 days
152,010
117,448
34,635
36,156
Overdue 30-60 days
Overdue more than 60 days
7,977
9,686
368,740
302,301
31/12/2015
31/12/2014
1,507
4,539
1,507
4,539
31/12/2015
31/12/2014
114,381
43,569
56,608
42,087
Provisions have been made for doubtful receivables to the amount of 4,735 TSEK (4,439).
NOTE 20 FINANCIAL ASSETS REVALUATED AT FAIR VALUE IN THE INCOME STATEMENT
Listed securities
NOTE 21 PREPAID EXPENSES AND ACCRUED INCOME
Accrued bonuses
Prepaid leases
Other items
39,448
67,975
210,437
153,631
31/12/2015
31/12/2014
40,961
86,265
40,961
86,265
Translation reserve
Total
NOTE 22 CASH AND CASH EQUIVALENTS
Cash and Bank
NOTE 23 EQUITY
Specification of reserves
Change in the revaluation reserve for the year, net after
taxes
Revaluation reserve
45,486
45,486
112,852
112,852
Change in the translation reserve for the year, net after taxes
Closing balance, 31/12/2014
Change in the revaluation reserve for the year
158,338
150
150
158,488
-1,988
Change in the translation reserve for the year
150
156,350
-1,988
-531
-531
-381
155,969
Revaluation reserve
The reserve covers revaluation of assets such as land and buildings. The revaluated amount consists of the buildings' fair value at the time
of revaluation. In conjunction with depreciations, the revaluation reserve is freed of the same amount as the period's depreciation of surplus
value.
The revaluated amount is deprecated and a transaction from the revaluation reserve to retained earnings is carried out.
In the event that a property value increases as a result of revaluation, this increase is reported under Other Comprehensive Income. In the
event a property's value decreases as a result of revaluation, it is reported in the Income Statement.
Translation reserve
Exchange rate differences that are attributable to revaluation of the Group's foreign subsidiary companies' functional currencies are accrued
in the translation reserve. In the event of the disposal of a foreign operation, the accrued revaluated currency effect is reported as reserve in
the Income Statement and is included in gains or losses when sold.
81
The Group owns 91% of I.A. Hedin Bil AB. Financial information for I.A. Hedin Bil AB is summarized below.
Information that pertains to amounts before Group-internal eliminations.
Summarized information of the Balance Sheet
Fixed assets
Current assets
31/12/2015
31/12/2014
709,352
711,189
1,460,633
1,345,162
Long term liabilities
-301,240
-168,866
Short term liabilities
-1,258,684
-1,275,986
610,061
611,499
31/12/2015
31/12/2014
8,086,642
6,548,842
158,553
114,205
-442
18,143
31/12/2015
31/12/2014
Net assets
Summarized information of the earnings
Earnings
Profit for the year
Cash flow analysis in summary
-67,952
-8,151
Cash flow from investment activities
270,281
-191,721
-211,619
208,628
-9,290
8,756
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
74,116
30,016
Cash flow from financial activities
Adjustments of cash and cash equivalents
NOTE 24 PENSIONS
Transferred benefits
46,226
Transference of ITPK
-83
Pension payments
-4,312
-4,509
Interest rates
1,966
2,094
Revaluation as a result of changes in financial estimates.
2,103
2,689
-826
-2,317
73,047
74,116
Revaluation as a result of precedence based estimates.
Defined benefit pension plans
For officials in Sweden, the IT 2 Plan's defined benefit pension plans are ensured both with regards to age and family pensions via an insurance policy at Alecta. According to the Council for Financial Reporting, UFR 10 Classification of ITP plans that are financed via insurances at
Alecta, this is considered as a defined benefit plan that includes several employers. For the fiscal years 2015 and 2014 the company has not
been able to access information necessary to report proportional participation in the plan's obligations, managed assets, and costs, which
has entailed that it has not been possible to report the plan as a defined benefit plan. Pension plan ITP 2 which is secured via an insurance
policy at Alecta is therefore reported as an defined contribution plan. The premium for the defined benefit age and family plan is calculated
individually and is based on, among other things, salary, previous earnings and expectations of remaining years of service. Fees for pension
insurances at Alecta amount to 12,072 (13,415) for the year.
The Group also has defined benefit plans in Sweden which are secured via FPG/PRI. These plans are close-ended and no new earnings are
added. Pension liabilities for these amount to 73,047 (74,116). For actuarial calculations, a discount rate of 2,5% (2,75%) and an inflation
rate of 1,5% (1,5%) have been applied.
Sensitivity analysis
Assessments
Changes
Discount rates
0.5%
-4,106
Inflation
0.5%
4,470
+1
2,691
Life span
82
NOTE 25 DEFERRED TAXES
Deferred tax asset
Recognized in the Income Statement
Recognized in Other Comprehensive Income
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
4,094
1,150
-2,128
-878
280
118
8,001
3,704
10,247
4,094
Deferred taxes consist of loss carryforwards amounting to 5,449 (0), of which the larger amount is projected to be used during the year
2016. The remainder refers to temporary differences that will not be settled within 12 months.
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
196,727
146,494
11,410
-1,613
Recognized in Other Comprehensive Earnings
0
31,990
0
19,856
208,137
196,727
Recognized in the Income Statement
Deferred taxes refer primarily to the difference between carrying amount and taxable amount with regards to tangible fixed assets that are
not projected to be settled within 12 months.
NOTE 26 BORROWING
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
Long term loans
Finance lease liabilities
58,298
0
29,035
12,293
87,333
12,293
516,972
599,199
Short term loans
Overdraft facilities
Finance lease liabilities
Construction loans
6,607
0
130,391
0
1,837,818
1,679,913
2,491,788
2,279,112
The fair value of loans corresponds to the carrying amount, since the discount effect is insignificant. All loans are at variable interest rates.
Contractual maturity date with regards to the larger part of loans is 2016. Of the amounts recognized as short term under Liabilities to Credit
Institutions, amortization is planned at 78,723 TSEK. Repayments of vehicle financing in car rental operations will amount to 57,562, and
the remainder will be renewed.
The Group has an approved overdraft facility amounting to 693,000 (678,000) which is renegotiated annually. Of the overdraft, 516,972
(599,199) has been appropriated as of 31/12/2015
83
NOTE 27 OTHER LIABILITIES
31/12/2015
31/12/2014
223,429
85,136
223,429
85,136
VAT
17,190
18,613
Withheld staff taxes
12,798
11,162
Liabilities attributable to sold cars with repurchase
agreements
59,429
38,525
Other long term liabilities
Liabilities attributable to sold cars with repurchase
agreements.
Other short term liabilities
Other liabilities
79,373
71,294
168,790
139,594
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
198,249
131,938
Deferred income
24,933
24,196
Other items
45,791
60,858
268,973
216,992
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
1,930,415
1,603,850
851,500
791,500
NOTE 28 ACCRUED EXPENSES AND DEFERRED INCOME
Staff expenses
NOTE 29 PLEDGED ASSETS
Property mortgages
Company mortgages
Account receivables
60,919
527
2,842,834
2,395,877
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
NOTE 30 CONTINGENT LIABILITIES
Guarantee commitments FPG/PRI
Repurchase and residual value guarantees
Security commitment
1,144
1,182
202,420
99,602
8,640
2,894
212,204
103,678
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
134,849
122,905
NOTE 31 ITEMS THAT DO NOT AFFECT CASH FLOW
Amortisation
Depreciation of financial assets
14,760
0
Negative goodwill
-3,137
-27,806
Unrealized foreign exchange differences
762
-2,415
Gain on sales of fixed assets
-3,547
-2,393
Profit participation in associated companies
-1,220
-2,692
Provisions/receivables relating to pensions
-1,982
-2,368
-143
-63
140,342
85,168
Other items that do not affect cash flow
84
NOTE 32 CASH FLOW ANALYSIS
Business combinations 2014
On the 1/1/2014 IA Hedin Bil AB, via Hedin Stockholm Bil AB, acquired the assets and liabilities of Svenska Bil i Norden AB for 12,760
TSEK. The negative goodwill of 19,046TSEK that resulted from this was reported in conjunction with the acquisition.
On the 10/4/2014, 100% of Klintberg & Way was acquired at 70,000 TSEK. Goodwill amounting to 17,802 TSEK that arose from this acquisition is attributable to expected synergy effects in conjunction with car operations.
In April 2014, 100% of Mabi Rent AB was acquired at 38,713 TSEK. The difference of 40,630 TSEK between the acquisition price and net
assets has been classified as goodwill and is attributable to synergy effects between car rental operations and car sales.
On the 30th October 2014, the remaining 71% per cent of Car to Go Sweden AB were acquired, making it now a fully owned subsidiary
company. In connection with this, a goodwill value of 4,897 TSEK that is attributable to collaboration and developments in private leasings
has been reported.
On November 24th, I.A. Hedin Bil AB, via Hedin Stockholm Bil AB, acquired the car dealership Citroen Sverige AB at 14,195 TSEK. The
negative goodwill that resulted from this amounts to 8,760 TSEK and was expensed at the time of the acquisition.
On the 1/4/2014, 100% of Klövern Gunilla AB was acquired at 108,375 TSEK. The company owns the properties Varmvattnet 3 in Stockholm and has later been merged into Hedin Akalla Fastighet AB. The difference between the purchase price and the booked net assets are
attributable to tangible fixed assets.
Business combinations 2015
On 8/8/2015, Dawa Däck was acquired at 50,000 TSEK. A negative goodwill at 3,137 has been expensed in connection with the acquisition.
The total value of the acquired assets and liabilities is shown in the table below, which also shows cash flow effects related to the acquisitions.
2015
2014
Intangible assets
2,124
5,201
Tangible assets
2,167
190,289
Financial assets
Inventories
Operating receivables
Operating liabilities
Acquired net assets
8,001
799
146,264
124,722
48,220
148,229
1,339
3,646
-120,698
-93,945
87,417
378,941
-3,137
-27,806
-32,330
-118,586
Goodwill
Negative goodwill
Loans
63,329
Non-current provisions
Purchase price
-63,620
51,950
232,258
Liquid assets of the acquired businesses
-1,339
-3,646
Effects on the Group's liquidity
50,611
228,612
If the acquisitions had been consolidated from the 1/1/2014, the Group's Income Statement would report turnover amounting to 7,446,244
TSEK and earnings after tax of 117,378 TSEK.
If Dawa Däck had been consolidated from 1/1/2015, the Group's Income Statement would report turnover amounting to 8,938,414 TSEK
and earnings after tax of 186,311 TSEK.
Interest payments
Paid interest
Received interest
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
42,804
54,409
1,435
2,662
85
NOTE 33 FINANCIAL INSTRUMENTS
Financial instruments are presented by category below
31/12/2015
at fair value in
the Income Statement
Financial
assets
that are disposable
Loans and
receivables
Total
475,423
475,423
40,961
40,961
516,384
522,127
Other financial
liabilities
Total
2,514,216
2,514,216
638,171
638,171
64,905
64,905
3,217,292
3,217,292
Loans and
receivables
Total
Assets
Long term securities holdings
4,236
4,236
Accounts payable and other receivables
1,507
1,507
Total assets
1,507
4,236
31/12/2015
Liabilities
Loans
Accounts payable
Financial leasing liabilities
31/12/2014
Financial
instruments at fair value in
the Income Statement
Financial
assets that
are disposable
Assets
Long term securities holdings
2,161
2,161
Accounts payable and other receivables
379,967
379,967
86,265
86,265
466,232
472,932
Other financial
liabilities
Total
2,291,405
2,291,405
338,802
338,802
2,630,207
2,630,207
4,539
4,539
Total assets
31/12/2014
4,539
2,161
Liabilities
Loans
Accounts payable
The interest on outstanding debts is variable, which entails that the carrying amount corresponds to fair value.
86
NOTE 34
ASSOCIATE TRANSACTIONS
Board Member Helena Hedin owns 4 properties via a limited company, which are used in vehicle operations. Rental contracts have
been established in accordance with market related conditions. Rental
payments have been made to the amount of 7,887
(1,972).
One resident property was sold to Anders Hedin in December 2015.
The sale was conducted at market value based on the valuations of 2
external, unaffiliated appraisers.
The Group retains loans from shareholders and associates to shareholders to the amount of 62,380 (58,418) Interest is replaced by the
government borrowing rate plus 3 per cent.
NOTE 35
SUBSEQUENT EVENTS
Hedin Bil has acquired Johan Klasén Bil AB which runs a car dealership in Halmstad as of 1/3/2016. The acquisition also included 2 properties consisting of a car dealership and an undeveloped site. A new
car dealership for the brands Nissan and Kia will be developed there.
Hedin Bil has acquired Biva AB from OK Ekonomisk Förening, which
has dealerships in Örebro, Karlskoga, Norrköping and Linköping, as
well as Bilcity i Kristianstad AB which has dealerships in Kristianstad.
The business properties have also been included in the acquisitions in
the cities of Örebro, Karlskoga, Linköping and Kristianstad.
Hedin Bil has also acquired Bilias Ford operations in Gothenburg.
Hedin Bil plans to start up new Ford dealerships in Kungsbacka,
Stockholm and Nacka.
The acquisitions from OK and Bilia require approval by the Competition Board, and are expected to be approved in April 2016.
NOTE 36
EFFECTS OF THE TRANSITION TO IFRS
Anders Hedin Invest AB published its Annual Report in accordance
with the Annual Accounts Act up until 31/12/2014, and the Accounting Board's general recommendations BFNAR 2012:1 for annual
reports and consolidated financial statements (K3). Since 2015, the
Group publishes its financial reports in accordance with International
Financial Reporting Standards (IFRS).
The Parent Company complies with RFR2 accounting for legal entities
since 2015. The transition has no significant effect on the Parent Company's income and position.
Choices made concerning the transition to IFRS
The transition to IFRS is reported in accordance with IFRS1, at the
time of the first application of IFRS standards. The main rule is that all
applicable IFRS and IAS standards that are in force and approved by
the EU shall be applied retro-actively. However, IFRS 1 includes transitional rules that allow the company some leeway. Exceptions from
full retro-active application of all standards that the Group has chosen
to implement in the transition that are allowed according to IFRS are
reported below.
Exceptions for business combinations
Standard IFRS 1, which regulates the transition to IFRS, offers opportunities to apply the principles of IFRS3 Business Combinations, either
prospectively or from a specific date prior to the transition. This allows
for leeway with regards to full retro-active implementation which would
require revaluation of all business combinations prior to the transition
date. The Group has chosen to apply IFRS 3 prospectively for business combinations that take place after the date of transition to IFRS.
Business combinations that occurred before the transition period have
therefore not been revaluated.
Reconciliation to previous accounting principles
and IFRS.
In accordance with IFRS 1, the Group shall provide reconciliation of
equity capital and total earnings in accordance with previous accounting principles, and equity and total earnings in accordance with IFRS.
The Group's transition had no impact on total cash flows from current
operations, investment operations or financial operations. The tables
below show the reconciliation of equity and total earnings to previously applied accounting principles and IFRS principles for each period
respectively.
Intangible assets of unpredictable life span
In accordance with previous accounting principles, all intangible assets are estimated to have a defined utility period, and depreciations
are therefore reported that correspond to this. IFRS presumes that certain intangible assets have an undefined utility period, and therefore
depreciation is not applicable to such assets. Instead, these assets are
impairment tested annually. Intangible assets with an undefined utility
period within the Anders Hedin Invest Group include goodwill. Other
intangible assets are depreciated as planned.
Revaluation method
Tangible assets are recognized at their acquisition value less accumulated depreciation and impairment losses plus revaluation. In compliance with IFRS, properties are revaluated in accordance with the
revaluation method. This entails that external valuation of the properties is conducted regularly. In the event that property value has decreased, the revaluation is reported under profit for the year, and in the
event that property values exceed the booked values, the revaluation
is reported in Other Comprehensive Income, unless it is a return for a
previous depreciation.
For companies that trade in securities, previous trades are reported
under Net Turnover and Merchandise. Since the transition to IFRS,
this is reported in the Income Statement on the row for Other Operating Income. Holdings were previously reported as stock and as a result
of the transition to IFRS are now reported as short term investments.
Pensions
Commitment to defined benefit plans is established partly through the
security ensured by the PRI system. This safeguard has been closed
for many years and no new earnings occur.
The liability reported in the Balance Sheet in relation to defined pension plans corresponds to the present value of the defined benefit plan
commitment at the closing of the year. The defined benefit plan is
calculated annually by unaffiliated actuaries using the projected unit
credit method. This results in a difference in comparison to previous
accounting principles.
87
REVALUATION OF THE GROUP'S INCOME STATEMENT
Amount in TSEK
Note
Previous principles
Effect of transition
2014
IFRS
2014
Operating earnings
Net sales
1
7,288,023
-349,313
6,938,710
1.2
3,879
33,454
37,333
7,291,902
-315,859
6,976,043
Operating expenses
Goods for resale
1
-5,890,824
343,665
-5,547,159
2
-453,173
-19,199
-472,372
Employee benefit expenses
Depreciation amortisation and impairment
3.4
-636,313
71
-636,242
-113,128
-9,777
-122,905
-2,459
Operating profit
196,005
-2,459
-1,099
194,906
Financial income
Financial costs
Income from shares in associated companies
5
Profit before tax
Income tax
Profit for the year
88
6
3,542
3,542
-54,409
-54,409
2,692
1,350
4,042
147,830
251
148,081
-38,389
8,220
-30,169
109,441
8,471
117,912
REVALUATION OF THE GROUP'S BALANCE SHEETS
Amount in TSEK
Note
Previous accounting
principles
Impact of transition
Opening balance
IFRS
31/12/2013
31/12/2013
11,055
11,055
ASSETS
Fixed assets
Intangible assets
Intangible rights
11,055
0
11,055
2,036,399
1,484
2,037,883
Tangible assets
Land and buildings
7
Equipment and tools
Constructions in progress
187,217
187,217
5,117
5,117
2,228,733
1,484
2,230,217
Financial assets
Shares in associated companies
Deferred tax asset
Other long-term receivables
Total fixed assets
3,328
8
3,328
1,150
1,150
3,482
1,150
4,632
2,243,270
2,634
2,245,904
154
154
Current assets
Inventories etc.
Goods for resale
606,949
606,949
606,949
0
606,949
Current receivables
172,148
172,148
Other receivables
Account receivables
30,138
30,138
69,515
69,515
271,801
TOTAL ASSETS
0
6,921
271,801
6,921
885,671
0
885,671
3,128,941
2,634
3,131,575
89
Amount in TSEK
Note
Previous accounting
principles
Opening balance
IFRS
31/12/2013
31/12/2013
100
100
EQUITY
Share capital
Reserves
7
Equity attributable to the Parent Company Shareholders
45,486
45,486
926,883
-68,034
858,849
926,983
-22,548
904,435
53,851
Total Equity
53,851
980,834
-22,548
958,286
9
25,811
4,205
30,016
8
126,537
19,957
146,494
10
1,317,261
-1,270,752
46,509
1,469,609
-1,246,590
223,019
Current liabilities
Overdraft facility
10
37,753
201,395
1,317,261
1,355,014
Accounts payable
147,940
147,940
14,939
14,939
Other liabilities
10
71,710
23,806
95,516
10
204,761
-69,295
135,466
678,498
1,271,772
1,950,270
3,128,941
2,634
3,131,575
90
201,395
REVALUATION OF THE GROUP'S BALANCE SHEETS.
Amount in TSEK
Note
Previous accounting
principles
Opening balance
IFRS
31/12/2014
31/12/2014
22,619
22,619
ASSETS
Fixed Assets
Intangible assets
Intangible rights
Goodwill
3
58,932
11,429
70,361
81,551
11,429
92,980
2,476,495
943
2,477,438
2,037
-2,037
0
309,158
2,037
311,195
Tangible assets
Land and buildings
7
Accrued leasehold
Equipment and tools
Construction in progress
52,743
52,743
2,840,433
943
2,841,376
11,790
-142
11,648
Financial assets
5
Deferred tax assets
2,161
8
Other long term receivables
2,161
4,094
4,094
17,345
3,952
21,297
2,939,329
16,324
2,955,653
3,394
Total fixed assets
3,394
Current assets
Inventories etc.
Goods for resale
Securities
964,209
11
964,209
4,539
-4,539
0
968,748
-4,539
964,209
Current receivables
Accounts receivable
302,301
Other receivables
1,046
11
0
1,046
4,539
4,539
73,226
73,226
153,631
153,631
530,204
302,301
4,539
86,265
534,743
86,265
1,585,217
0
1,585,217
TOTAL ASSETS
4,524,546
16,324
4,540,870
91
Amount in TSEK
Note
Previous accounting
principles
Opening balance
IFRS
31/12/2013
31/12/2013
100
100
EQUITY
Share capital
Reserves
7
159,056
Equity attributable to the parent company shareholders
1,113,935
-157,906
956,029
1,114,035
1,150
1,115,185
1,168,197
1,150
1,169,347
59,141
14,975
74,116
54,162
Total Equity
159,056
54,162
9
8
170,629
26,098
196,727
10
1,552,839
-1,455,410
97,429
1,782,609
-1,414,337
368,272
1,540,546
1,679,913
Current liabilities
Overdraft facility
599,199
10
599,199
Accounts payable
338,802
338,802
28,751
28,751
Other liabilities
10
10
101,069
38,525
139,594
366,552
-149,560
216,992
1,573,740
1,429,511
3,003,251
4,524,546
16,324
4,540,870
NOTE 1
NOTE 7
Securities trading has been adjusted from turnover and merchandise
to other operating income or other operating costs.
Revaluation of property in accordance with the revaluation method.
NOTE 2
Revaluation of the acquisition of Svenska Bil i Norden AB and Citroen
Sverige AB has entailed that remuneration in the form of lease
subsidies for 2 years has been reclassified from reimbursement of
expenses to negative goodwill.
NOTE 3
NOTE 8
Deferred tax attributable to revaluation of pensions reserves. Deferred
tax is reported for all appreciations of properties. In accordance with
IFRS, deferred tax shall not be reported under surplus tangible fixed
assets attributable to acquisitions, and has therefore been eliminated.
NOTE 9
Reversal of deprecation attributable to goodwill amounts to 10,763.
Revaluation of pension reserves has been calculated by external
actuaries.
NOTE 4
NOTE 10
Properties are valuated according to the revaluation method. Deprecation of properties to be reported in the Income Statement amount
to 20,540
Reclassification of liabilities
NOTE 5
Revaluation of successive acquisitions of associated companies
NOTE 6
Deferred tax on deprecation of property in accordance with the revaluation method, as well as deferred tax on business combinations
92
139,367
NOTE 11
Reclassification of securities that are held in securities trading operations.
PARENT COMPANY'S INCOME STATEMENT
Amount in TSEK
01/01/2015 -
01/01/2014 -
Note
31/12/2015
31/12/2014
1
11,458
5,100
11,458
5,100
-25,001
-5,679
-10
-10
-13,553
-589
Operating income
Net sales
Operating expenses
2.3.4
Depreciation and amortisation
Operating profit
Anticipated dividends from subsidiary companies
9,100
Profit/loss from securities held as non-current assets
-56
69
Interest income and similar items
5
77
10
Interest expenses and similar items
6
-5,983
-5,592
-10,415
-6,102
114,627
104,241
104,212
98,139
-20,811
-21,965
83,401
76,174
Profit/loss after financial items
Appropriations
7
Profit for the year
Taxes
Profit for the year
8
There is no Other Comprehensive Income item for the Parent Company.
93
PARENT COMPANY'S BALANCE SHEET
Amount in TSEK
Note
31/12/2015
31/12/2014
273
0
273
0
31
41
31
41
ASSETS
Fixed assets
Intangible assets
Concessions, patents, licences and similar rights
Tangible assets
Equipment, tools, fixtures and fittings
9
Financial assets
Shares in group companies
10
303,406
302,237
11
9,570
9,570
12
Total fixed assets
3,308
1,233
316,284
313,040
316,588
313,081
0
126
0
126
Current assets
Inventories etc.
Goods for resale
Current receivables
Receivables from group company
Other receivables
Cash and bank balances
TOTAL ASSETS
94
25,585
1,266
796
16,343
1,084
393
43,587
1,880
689
6,056
44,276
8,062
360,864
321,143
PARENT COMPANY'S BALANCE SHEET
Amount in TSEK
Note
31/12/2015
31/12/2014
100
100
100
100
Retained earnings
165,063
118,889
Profit for the year
83,401
76,174
248,464
195,063
248,564
195,163
31,800
0
31,800
0
Equity
Restricted equity
Share capital (1,000 shares)
Non-restricted equity
Total Equity
Untaxed reserves
Tax allocation reserve
Total untaxed reserves
Liabilities to Group companies
0
30,142
Total long term liabilities
0
30,142
37,983
52,050
Current liabilities
Accounts payable
13
3,222
101
Liabilities to Group companies
22,898
5,289
15,692
38,395
0
3
705
0
80,500
95,838
360,864
321,143
Pledged assets
None
None
Contingent liabilities
None
None
Other short term liabilities
Pledged assets and contingent liabilities
95
PARENT COMPANY'S CASH FLOW ANALYSIS
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
-10,415
-6,102
-9,034
10
-43,514
-3,534
-62,963
-9,626
-15,996
4,767
Increase(+)/Decrease(-) in payables
3,823
5,393
-75,136
534
-1,169
-111,123
Amount in TSEK
Note
Operating activities
Adjustments for non-cash items
14
Income tax paid
Cash flow from operating activities before working capital changes
Cash flow from changes in working capital
Increase(+)/Decrease(-) in inventories
Investing activities
Purchase of subsidiaries
Purchase of intangible assets
Purchase of tangible assets
Purchase of other non-current assets
Disposal of other non-current assets
-273
0
0
-51
-2,200
-6,960
69
0
-3,573
-118,134
Borrowings
117,409
156,962
Repayment of debts
-14,067
-13,811
Dividends paid
-30,000
-20,000
Cash flow from financing activites
73,342
123,151
-5,367
5,551
Cash flow from investing activities
Financing activities
Cash and cash equivalents at the beginning of the year
6,056
505
689
6,056
Share capital
Total
100
138,890
138,990
Cash and cash equivalents at the end of the year
PARENT COMPANY'S REPORT OF
CHANGES IN EQUITY
Amount in TSEK
Opening balance as of 1/1/2014
Profit for the year
100
Profit for the year
96
100
76,173
76,173
-20,000
-20,000
195,063
195,163
83,401
83,401
-30,000
-30,000
248,464
248,564
NOTES
Amounts in TSEK unless otherwise stated.
NOTE 1
NET SALES
Net Turnover refers primarily to debiting for the group's mutual
services.
NOTE 2
EMPLOYEE EXPENSES
The Parent Company has no employees Persons employed in group
management positions are employed by I.A. Hedin Bil AB.
NOTE 3
REMUNERATION TO ACCOUNTANTS
Audit fees have been fully charged to I.A. Hedin Bil AB as a whole
NOTE 4 LEASING AGREEMENTS
Costs for operational leasing agreements for the year amounted to 6,311(0).
Future minimum leasing costs amount as of the Balance Sheet date amounted to
Within one year
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
8,415
0
27,349
0
0
0
35,764
0
01/01/2015 -
01/01/2014 -
NOTE 5 INTEREST INCOME AND SIMILAR ITEMS
31/12/2015
31/12/2014
Interest revenue
77
10
Total
77
10
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
External interest expenses
-1,102
-1,049
Interest expenses, Group companies
-4,881
-4,543
Total
-5,983
-5,592
01/01/2015 -
01/01/2014 -
NOTE 6 INTEREST EXPENSES AND SIMILAR ITEMS
NOTE 7 APPROPRIATIONS
31/12/2015
31/12/2014
Group contribution
146,427
104,241
Tax allocation reserve
-31,800
0
Total
114,627
104,241
97
NOTE8 INCOME TAXES
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
-20,994
-21,590
183
-375
-20,811
-21,965
Profit before tax
104,212
98,139
Tax at applicable tax rate
-22,927
-21,591
183
-375
Current taxes
Current tax on profits
Adjustment of tax attributable to previous years
Reconciliation of effective tax
Tax attributable to previous years
Non-deductible expenses
-69
0
2,002
1
-20,811
-21,965
31/12/2015
31/12/2014
51
0
0
51
51
51
Opening balance
-10
0
-10
-10
Closing balance
-20
-10
31
41
31/12/2015
31/12/2014
302,237
191,114
1,169
111,123
303,406
302,237
Non-taxable income
NOTE 9 EQUIPMENTS, TOOLS, FIXTURES AND FITTINGS
Acquisition value
Opening balance
Purchases
Closing balance
Book value
NOTE 10 SHARES IN GROUP COMPANIES
Acquisition value:
At the start of the year
Additions
Closing balance
98
List of Parent Company and subsidiaries' holdings of shares in Group companies
This refers to capital shares, and corresponds with the number of votes for total amount of shares.
I.A. Hedin IT AB, 556065-4070, Mölndal
in per cent
Carrying amount
91
167,500
100
70,000
100
38,713
- Hedin Göteborg Bil AB, 556061-3456, Mölndal
- Hedin Helsingborg Bil AB, 556134-5710, Mölndal
- Hedin Stockholm Bil AB, 556944-7492, Mölndal
Klintberg & Way AB, 556563-6932, Stockholm
- Klintberg & Way Norge AS, 977515998, Oslo-Asker, Norway
- KW Parts NV, 453881311, Kortjik, Belgium
- KW Wheels AB, 556969-3624, Stockholm
- Dawa Däck AB, 556437-9344, Göteborg
- Klintberg & Way Cars AB, 559009-9429, Stockholm
Mabi Rent AB, 556675-9394, Stockholm
- Mabi Sverige AB, 556334-4901, Stockholm
- Mabi Deutschland GmbH, 283468037, Berlin, Germany
A.H. Värdepapper AB, 556707-7440, Mölndal
100
100
Car to Go Sweden AB, 556787-8052, Mölndal
100
3,579
Hedin IT AB, 556954-4017, Mölndal
100
11,105
I.A. - Hedin Fastighet KB, 556730-4059, Mölndal
100
12,409
- I.A. Hedin IT AB, 556369-4537, Mölndal
- Hedin Akalla Fastighet AB, 556955-6508, Mölndal
- Hedin Borås Fastighet AB, 556753-4101, Mölndal
- Hedin Hisingen Fastighet AB, 556926-7189, Mölndal
- Hedin Högsbo AB, 556217-9670, Mölndal
- Hedin Jönköping Fastighet AB, 556930-5153, Mölndal
- Hedin Kista Fastighet AB, 556982-1084, Mölndal
- Hedin Kristianstad Fastighet AB, 556633-3794, Mölndal
- Hedin Kungsbacka Fastighet AB, 556131-4161, Mölndal
- Hedin Linköping Fastighet AB, 556646-3260, Mölndal
- Hedin Malmö Fastighet AB, 556941-6745, Mölndal
- Hedin Mölndal Fastighet AB, 556660-3535, Mölndal
- Hedin Pianot 5 AB, 556720-7682, Mölndal
- Hedin Uppsala Fastighet AB, 556790-3280, Mölndal
- Hedin Värnamo Fastighet AB, 556602-7115, Mölndal
- Hedin Ängelholm Fastighet AB, 556946-9041, Mölndal
- Särdal Exploatering AB, 556764-9479, Mölndal
- Hedin Fastighet KB, 916892-9959, Mölndal
- KB Högsbo 36:2, 916671-9523, Mölndal
- Nideh KB, 916895-1946, Mölndal
- KB Presenten 1, 916832-6404, Mölndal
- KB Presenten 2, 916564-7802, Mölndal
- KB Refy 9, 916835-1477, Mölndal
- Varberg Kardanen KB, 916671-9246, Mölndal
Total
303,406
99
NOTE 11 SHARES IN ASSOCIATED COMPANIES
Ownership
Voting rights share
Carrying amount
31/12/2015
31/12/2014
Consensus Asset Management, 556474-6518, Göteborg
24%
29%
9,540
9,540
Ripam Invest AB, 556870-7540, Mölndal
50%
50%
30
30
9,570
9,570
9,570
3,689
Accumulated acquisition value
Opening
Acquisitions for the year
5,910
Reclassifications
Closing
-29
9,570
9,570
NOTE 12 OTHER SECURITIES HELD AS NON-CURRENT ASSETS
Carrying amount
12/31/2015
31/12/2014
0
125
3,308
1,108
3,308
1,233
Opening
1,233
154
Investments for the year
2,200
1,108
-125
-29
3,308
1,233
31/12/2015
31/12/2014
37,983
52,050
37,983
52,050
Listed shares
Unlisted shares
Accumulated acquisition value
Disposals for the year
Closing carrying amount
NOTE 13 LOANS
Short term loans
The fair value of loans corresponds to the carrying amount, since the discount effect is insignificant. All loans are at variable interest rates
which overall amount to approximately 1.6%. Agreed upon expiration date will occur for all loans during 2016.
NOTE 14 CASH FLOW
01/01/2015 -
01/01/2014 -
31/12/2015
31/12/2014
Depreciation
10
10
Gain on sale of fixed assets
56
Items that do not affect cash flow
Anticipated dividends from subsidiaries
-9,100
-9,034
10
01/01/2015 31/12/2015
01/01/2014 31/12/2014
5,983
5,592
77
10
Interest payments
Paid interest
Received interest
100
NOTE 15
GROUP INFORMATION
Of the Parent Company’s total purchases and sales measured in SEK, 40 % (81 %) of purchases and 98 % (100 %) of sales are attributable
to other companies within the entire corporate group to which the company belongs.
NOTE 16
EFFECTS ON THE PARENT COMPANY OF THE TRANSITION TO IFRS STANDARDS
This Annual Report is our first annual report that complies with IFRS standards and covers the period for the Group's first annual report in
accordance with IFRS.
As a result of the Group's conversion to IFRS accounting principles on the 1st January 2014, the Parent Company also converted on 1st
September 2013, and adopted RFR2 accounting for legal entities. The comparative year is adjusted in accordance with IAS 8 accounting
principles, changes in estimates and assessments and errors. The transition to RFR 2 has not had any effect on the Parent Company's equity.
101
PROPOSAL FOR EARNINGS DISTRIBUTION
The Board of Directors and CEO propose to give note at the AGM of retained earnings in the Parent Company:
Opening balanced earnings
165,063
Profit for the year
83,401
248,464
Disposed as follows:
SEK30,000 per share to Shareholders
30,000
Carried forward
218,464
Total
248,464
Subject to the approval of the AGM, dividends will be distributed in
the amount of 30,000, which means that non-restricted equity following the dividend payment will total 218,464. The proposed transfer
of value in the form of dividends reduces the company’s equity/
assets ratio to 61 %. Considering that the company's activities have
continued to be profitable, this equity/asset ratio is comfortable. The
company's liquidity is also estimated to maintain a similarly safe level.
It is the Board's opinion that the proposed dividend will not prevent
the company from fulfilling its obligations on either the short or long
term, or prevent it from making necessary investments. The proposed dividend is thereby justified in light of the provisions of chapter
17, section 3, paragraphs 2-3 of the Swedish Companies Act, ABL
(prudence rule). .
SIGNED
Mölndal 23/03/2016
Anders HedinJan LitbornHelena Hedin
Executive Director / CEO
Board Member Board Member
Hampus Hedin Jan Alkmark
Board MemberBoard Member
This audit report submitted 31st March 2016.
Johan Palmgren
Authorised public accountant
102
AUDIT REPORT
TO THE ANNUAL GENERAL MEETING OF ANDERS HEDIN INVEST AB, CIN 556702-0655
Report on the Annual Report and Consolidated Financial Statements
I conducted an audit of Annual Report and Consolidated Financial
Statements of Anders Hedin Invest AB for 2015. The company's
Annual Report and Consolidated Financial Statements are included in
the printed version of this document on pages 61-102.
Responsibilities of the Board of Directors and the CEO for the Annual
Report and Consolidated Financial Statements
The Board of Directors and management are obliged to submit an
annual report that presents conditions accurately in compliance with
the Annual Accounts Act, as well as a consolidated financial statement
that presents conditions accurately in compliance with International
Financial Reporting Standards as adopted by the EU, and in compliance with the AAA, and also for any internal control that the Board
and CEO may find necessary in order to submit an annual report and
consolidated statement that contain no material errors, whether due to
irregularities or errors.
Auditor's liability
My responsibility is to express an opinion on the Annual Report and
Consolidated Financial Statements based on my audit. I have executed the audit in compliance with International Standards on Auditing
and Swedish Auditing Standards. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Annual Report and Consolidated Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the Annual Report and Consolidated Financial Statements. The auditor determines which procedures
should be performed, including the assessment of risks for material
misstatements in the Annual Report and Consolidated Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers those parts of the internal controls that
are relevant to the company's preparation and fair presentation of the
Annual Report and Consolidated Financial Statements in order to design audit procedures that are appropriate to the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of
the company's internal controls. An audit also involves evaluating the
appropriateness of the accounting policies that have been used and
the reasonableness of the accounting estimates of the Board of Directors and of the CEO, as well as evaluating the overall presentation in
the Annual Report and Consolidated Financial Statements.
The Management Report complies with other components of the
Annual Report and the Consolidated Financial Statement.
I therefore endorse that the AGM approves the Income Statement and
Balance Sheet for the Parent Company and Group.
Notes on other requirements in accordance with laws and provisions.
In addition to my audit of the Annual Report and Consolidated Financial Statements, I have also examined the proposed appropriations
of the company's profit or loss and the administration of the Board of
Directors and the CEO of Anders Hedin Invest AB for 2015.
Responsibilities of the Board of Directors and the CEO
The Board is responsible for proposing adjustments to the company's
gains and losses, and the Board and CEO are also responsible for its
administration in accordance with the Swedish Companies Act.
Liability of the Auditor
My responsibility is to comment with reasonable confidence on the
proposal for adjustments to the company's gains and losses and its
administration, based on my audit. I have conducted the audit in compliance with accepted auditing standards.
As basis for my opinion on the Board of Directors’ proposed appropriations of the company's profit or loss, I examined the Board's reasoned
opinion and a selection of the data for this to determine whether the
proposal is in accordance with the Swedish Companies Act.
As basis for my opinion on discharge from liability, I have examined
material decisions, activities and conditions of the company in order
to assess whether any Board Member or the CEO is liable to the company, apart from my audit of the Annual Report and the Consolidated
Financial Statement. I have also examined whether any Board Member or CEO has acted in violation of the Swedish Companies Act, the
Annual Accounting Act or the Articles of Association.
I believe the audit evidence I have examined has sufficient and adequate grounds for my statement.
Statement
I endorse that the AGM distributes the gains according to the proposal
in the Management Report and grant the power of discharge for the
fiscal year for the Board Members and CEO.
Gothenburg, March 31, 2016
I believe that the audit evidence I have examined has sufficient and
adequate grounds for my statement.
Statement
In my opinion, the Annual Report and Consolidated Financial Statements have been prepared in accordance with the Annual Accounts
Act and present fairly, in all material respects, the financial position of
Anders Hedin Invest AB and the Group as of 31 December 2015 and
of its financial performance and cash flows for the year in accordance
with the Annual Accounts Act. The Consolidated Financial Statement
has been submitted in compliance with the Annual Accounting Act
and provides for all material purposes, as of 31st December 2015, an
accurate description of the Group's financial position and its financial
result and cash flow in compliance with international Financial Reporting Standards as adopted by the EU and the Annual Accounting Act.
Johan Palmgren
Chartered accountant
103
MILESTONES
AND HISTORY
2006 1980S
1985 •Ingemar and Anders Hedin open the first facility in Borås.
1990S
1990 • Philipson Halmstad is acquired and we open the all-new
facility in 1992.
1995 • Philipson Helsingborg is acquired, as well as Ängelholm
and also Philipson Lastbilar in Halmstad.
1998 • acquired property and construction company K.I.
Andersson Bygg AB in Borås.
1999 • Philipson in Göteborg, Alingsås and Kungsbacka are
acquired.
• A large reconstruction of the head offices at
Mölndalsvägen commenced.
2000S
2001 2002 • acquired Aktiv Bil AB, Hisings Backa.
• our newly renovated facility in Alingsås is reopened.
• became west Sweden dealer for the new Smart city car.
2003 • acquired Daimler-Chrysler's dealership in
Gothenburg.
2004 • acquired Bilstudion Göteborg AB's Chevrolet dealership
in Gothenburg.
• acquisition of Stjärnhuset Bil AB in Kristianstad, Became
dealer for Mitsubishi
2005 • Gothenburg Used Car Center opens in Åbro/Mölndal, next
to the US Centre.
• Bilforum i Uddevalla AB acquired,
• I.A. Hedin Fastighet AB disposes of its shareholding in real
estate company KIA Fastighet AB.
• Klintberg & Way AB’s Gothenburg operations in Åbro/
Mölndal are acquired
104
• acquired Bilexa i Göteborg AB.
• Philipson i Uppsala Bil AB’s operations in Uppsala and
Enköping are acquired
2007 • dealership contract with KIA Motors Sweden AB signed
• took over Thituson Bil AB's operations in Linköping,
Jönköping, Anderstorp, Ljungby and Värnamo. Became
licensed dealer for Land Rover.
2008 • assets and liabilities acquired from bankrupt Uno
Asplunds Bil AB in Borås
2009 • dealership agreement with Renault signed.
• Complete renovation of Transportbilscenter, which was
reopened 2010.
2010S
2010
• Scanauto i Göteborg AB and Andersson Auto i Varberg AB
are acquired.
• acquired Bra Bil AB's dealership and repair shop
for Renault in Tagene (Göteborg).
• Mercedes-Benz heavy truck activities in Hisings Kärra
taken over.
2011 • reopening of renovated facilities in Tagene, Vara,
Anderstorp and Ljungby.
• newly built facilities opened in Borås, Kungsbacka and
Varberg.
2012 • our new facility in Uppsala opens.
• Corporate restructuring and
consolidation of Hedin Uppsala Bil AB and Hedin
Helsingborg Bil AB.
• Opened new head offices in Mölndal.
• opened AMG Performance Center and Mercedes-Benz
Företagscenter in Sisjön.
2013 • introduced Abarth as a new brand to the Group.
”It all began in 1985 when
father and son, Ingemar and
Anders Hedin, acquired the
Philipsons car dealership in
Borås“
2013
• reconstruction of the Mercedes-Benz dealership for
passenger cars and commercial and heavy trucks in
Hisings Kärra.
• I.A. Hedin Fastighet AB acquired 3 properties for external
tenants.
• Svenska Bil’s activities in Stockholm acquired in October,
with official takeover on 1 January 2014. Four facilities are
added and a new subsidiary created in the Hedin Bil
Group: Hedin Stockholm Bil AB.
• Opel Malmö property and bankruptcy estate acquired.
Opel Black Box opens in January 2014 and Opel
introduced as a new brand in the Group.
• 2014 was the most eventful year in the Group's almost
30-year history! Three company acquisitions, a partnership
in a new company, a merger of part-owned companies, a
total of nine new car facility acquisitions, two newly built
facilities, and a refurbishment of an existing facility.
2014 • publicly traded rental car company Mabi Rent AB
acquired.
• took possession of our commercial property in Stockholm
(Akalla).
• acquisition of Klintberg och Way AB (KW Parts).
• Klintberg & Way AB launches a new subsidiary: KW
Wheels AB
• acquisition of four of Bil Partner’s automotive facilities
in the south: Malmö Jägersro, Malmö Burlöv, Lund and
Trelleborg.
With this acquisition, we welcomed Subaru as a new brand.
• Anders Hedin Invest AB acquires the remaining 71% of
the shares in Car to Go Sweden AB.
• Citroën’s Citroën Center in Spånga acquired.
• merger of Consensus Asset
Management AB (Consensus) and Thenberg & Kinde
Fondkommission AB.
• Anders Hedin Invest AB purchased 16,6 % of shares in
Lasingoo Sverige AB.
• two new facilities in Helsingborg and Ängelholm completed
2014 • reconstruction of our dealership in Värnamo.
• began reconstruction and extension of our current
property in Akalla, Stockholm. The Segeltorp facility is also
undergoing renovation and extension.
2015 • 30th Anniversary!
• new dealership in Ängelholm opens.
• construction of new full service station in Jönköping
begins.
• acquisition of business property in Kista for a new
commercial car centre.
• Klintberg & Way via subsidiary company acquire 70 % of
Techno Tire AB with online wheel sales.
• an all-new Commercial Vehicle Centre in Kista, Stockholm
also underway.
• new dealership in Värnamo opens.
• KW Cars opens in April.
• DS Store opens - a new concept store for the premium DS
brand in Akalla, Stockholm.
• acquired through Klintberg & Way the wholesaler Dawa
Däck AB, which will be run as a subsidiary to KW Wheels
• KW Cars opens a store in Gothenburg
• official retailers for Renault and Dacia in Halmstad
• acquired remaining 30 % of Techno Tire AB.
2016 • acquired Klasén Bil i Halmstad. Business property and
adjacent property were included in the acquisition.
• acquires BIVA AB's car dealerships in Karlskoga, Örebro, Linköping, Norrköping and Uppsala; the acquisition also
includes Bilcity in Kristianstad. Business
properties are included in the acquisition in Karlskoga,
Linköping, Kristianstad and Örebro.
• acquisition of Bilias Ford operations in Gothenburg,
Stockholm, Nacka and Kungsbacka. An additional brand
has been added to the Hedin Bil Group.
105
BOARD OF DIRECTORS AND GROUP MANAGEMENT
BOARD OF DIRECTORS
(Group Parent Company)
Anders Hedin, President
Hampus Hedin, Board Member
Helena Hedin, Board Member
Jan Alkmark, Board Member
Jan Litborn, Board Member (Glimstedt Law Firm)
MANAGEMENT
Anders Hedin, President and CEO
Jan Alkmark, Deputy CEO
Per Mårtensson, CFO
Jörgen Forsberg, Business Developer
I.A. HEDIN BIL AB
MABI RENT AB
Anders Hedin, CEO
Jörgen Loikas, VP & COO
André Schleeman, CEO
I.A. HEDIN FASTIGHET AB
KLINTBERG & WAY AB
Anders Hedin, CEO
Fritz Persson, Property Manager
Jörgen Forsberg, CEO
HEDIN IT AB
A.H. VÄRDEPAPPER AB
Anders Hedin, CEO
Bo Westberg, Operations Manager
Anders Hedin, CEO
CAR TO GO SWEDEN AB
Anders Hedin, CEO
106

contents - Hedin Bil

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