AI Annual Report 2019 1
Deferred tax liabilities Opening carrying amount
Reported in income statement Change in tax rate Conversion differences Business acquisitions 12/31/2019 -141,104 16,795 0 -998 -34,458 -159,765 12/31/2018 -92,429 8,938 229 500 -58,342 -141,104 Deferred tax liabilities consist of temporary differences between fiscal and carrying values of intangible assets, as well as untaxed reserves. NOT 22 FINANCIAL DEBT 12/31/2019 Non-current borrowings Bond loans Subordinated loan from Parent Company Liability relating to sold cars with repurchase agreements Financial leasing liabilities Other liabilities Other liabilities to credit institutions Current borrowings Overdraft facilities Debt relating to sold cars with repurchase agreements Financial leasing liabilities Liabilities to credit institutions 1,493,400 350,000 1,241,383 4,332,659 25,018 184,655 7,627,115 1,023,408 776,508 500,978 407,331 2,708,225 A bond loan has been issued to finance the business acquisitions. The loan runs for a period of 5 years at floating rate, and is listed on Nasdaq Stockholm. For new loan financing above a certain level and payment of dividends to shareholders, the company must meet certain levels of interest-bearing liabilities in relation to EBITDA and interest coverage ratio. The parent company Anders Hedin Invest AB has submitted a loan of kSEK 350,000. The loan runs without interest and is subordinated to other liabilities. NOT 23 ACCRUED EXPENSES AND PREPAID INCOME Debt relating to employees Interest expense Prepaid income Other items 12/31/2019 303,782 12,922 38,698 230,109 585,511 12/31/2018 300,411 11,804 34,147 117,174 463,526 12/31/2018 1,491,000 350,000 785,390 12,544 24,991 0 2,663,925 1,049,612 576,387 8,188 450,677 2,084,864 The fair value of the loans corresponds to the carrying value, as the discount effect is insignificant. All borrowings are at a variable interest rate. The Group has a granted overdraft of kSEK 1,225,000 (kSEK 1,205,000), renegotiated on an annual of basis. Of the approved overdraft facility, kSEK 1 023 408 (kSEK 1,049,612) has been used as of December 31, 2019. I.A. HEDIN BIL AB / ANNUAL REPORT / 2019 67