Interim Report Q4 2019 1
INTERIM REPORT 2019 | I.A. HEDIN BIL AB | OCTOBER
1ST - DECEMBER 31ST Note 3 Acquisitions On the 12th of February Bavaria Haugesund AS acquired 51 percent of the shares at the price of NOK 1, in MPS Micro-paint Haugesund AS. The company is a service and repair shop for vehicles. On the 18th of February Hedin Belgien Bil AB acquired a body and paint shop next to our dealership in Lier, Belgium. The company, Star repair bvba, has four employees. The purchase price was kEUR 385, including goodwill of kEUR 161 that is attributable to synergies with our present business around Antwerp. GS Bildeler AS acquired 91 percent of the shares in EBC Brakes Norge AS on 26th of February. The purchase price was kNOK 2,000 in a new share issue. EBS Brakes is a wholesaler of automotive brakes and vehicle care products. On the 14th of August, Bavaria Norge AS acquired three BMW dealerships in Ålesund, Molde and Kristiansund. This was achieved through the acquisition of two companies, of which Molde was acquired at 83 percent. The purchase price amounted to kNOK 80,368. This includes acquired customer relations of kNOK 21,070, reported as intangible fixed assets. The amortization period is 7 years. Goodwill amounting to kNOK 45,332 is attributable to synergies with the present operations in Norway. On the 21st of August, Hedin Belgien Bil AB took over two full-service facilities for Mercedes-Benz located between Ghent and Antwerp. The purchase price was kEUR 24,623. This includes acquired customer relations of kEUR 9,175, reported as intangible fixed assets. The amortization period is 7 years. Goodwill amounting to kEUR 16,423 is attributable to synergies with the present operations in Ghent and Antwerp. On the 22 nd of August, one dealership was acquired in Belgium with access on September 16. It is a full-service dealership for Mercedes-Benz located between Antwerp and Brussels. The purchase price was kEUR 6,300. This includes acquired customer relations of kEUR 1,786, reported as intangible fixed assets. The amortization period is 7 years. Goodwill amounting to kEUR 1,968 is attributable to synergies with the present operations in Belgium. The total value of the acquired net assets at the acquisition date is shown in the table below. Intangible fixed assets Tangible fixed assets Financial fixed assets Inventories Operating receivables Cash and cash equivalents Operating liabilities Acquired net assets Goodwill Prov isions Minority interests Financial liabilities Purchase price Liquid funds in acquired businesses Impact on the Group's cash and cash equivalents 140,550 467,673 7,869 185,052 80,521 119,413 -776,571 224,507 250,315 -34,458 -3,063 -12,273 425,028 -119,413 305,615 Audit This interim report has not been reviewed by the auditors. 16