Anders Hedin Invest - Interim Report Q3 2018 1
I.A. HEDIN BIL AB Note 2 Acquisitions On April 1,
Hedin Belgien Bil AB acquired three companies in Belgium, including seven dealerships in and around Ghent with sales and aftermarket service of Mercedes-Benz passenger cars, commercial vehicles, trucks and Smart. The purchase price amounted to 394 MSEK and included four real estates facilities. 41 MSEK of the pucher price is a located to customer relations which is reported as intangible fixed assets, an amorted over 7 years. Goodwill of 73 MSEK is attributable to synergies with other car operations and future sales. On May 3, Hedin Mölndal Bil AB agreed to acquire Motorcentralen i Eskilstuna AB, including a sales and aftermarket dealership for Ford passenger cars and commercial vehicles. The purchase price amounted to 10 MSEK. Goodwill of 6 MSEK is attributable to synergies within the Ford business. The minority stake in GS Bildeler was acquired on June 21 for 24 MSEK, which includes goodwill of 17 MSEK. Englunds Bil & Motorverkstad AB was acquired on Maj 9 for 24 MSEK by Bavaria Sverige Bil AB. The company’s business are sales and aftermarket service for a BMW dealership in Luleå. Goodwill of 18 MSEK is attributable to synergies within the BMW business in Bavaria. On August 22, Hedin Belgien Bil AB acquired 4 companies including 5 dealerships. The companies are dealers for Mercedes-Benz passenger cars. The purchase price amounted to 224 MSEK, including acquired customer relations of 90 MSEK, whick is reported as intangible fixed assets and amortized over seven years. Goodwill of 75 MSEK is attributable to synergies with our present business in Belgium. On September 28 Skadecenter I Borås AB was acquired by Hedin Göteborg Bil AB for 24 MSEK. The company runs a paint & repair workshop in Borås. The total value of the acquired assets and liabilities is shown in the table below. kSEK Intangible fixed assets Tangible fixed assets Financial fixed assets Inventories Operating receivables Cash and cash equivalents Operating liabilities Acquired net assets Goodwill Provisions Minority interests Financial liabilities Purchase price Liquid funds in acquired businesses Impact on the Group's cash and cash equivalents 131 931 295 237 22 611 198 098 198 215 84 482 -366 618 563 956 189 646 -52 238 6 854 -8 921 699 297 -84 482 614 815 Audit This interim report has not been reviewed by the auditors. 1 JULY - 30 SEPTEMBER I.A. HEDIN BIL AB INTERIM REPORT 2018 17