AI Annual Report 2019 1
NOT 27 BUSINESS ACQUISITIONS Acquisitions in 2019
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 kSEK 4,058, including goodwill of kSEK 1,696 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 kSEK 2,150 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 kSEK 86,395. This includes acquired customer relations of kSEK 22,651, reported as intangible fixed assets. The amortization period is 7 years. Goodwill amounting to kSEK 48,733 is attributable to synergies with the present operations in Norway. On the 21st of August, Hedin Belgien Bil AB took over two fullservice facilities for Mercedes-Benz located between Ghent and Antwerp. The purchase price was kSEK 265,383. This includes acquired customer relations of kSEK 98,894, reported as intangible fixed assets. The amortization period is 7 years. Goodwill amounting to kSEK 177,003 is attributable to synergies with the present operations in Ghent and Antwerp. On the 22nd of August, one dealership was acquired in Belgium with access on September 16. It is a fullservice dealership for Mercedes-Benz located between Antwerp and Brussels. The purchase price was kSEK 67,043. This includes acquired customer relations of kSEK 19,005, reported as intangible fixed assets. The amortization period is 7 years. Goodwill amounting to kSEK 20,941 is attributable to synergies with the present operations in Belgium. Acquisitions in 2018 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 kSEK 394,271 and included four real estates. The purchase price includes acquired customer relationships of kSEK 41,460 which is reported as intangible fixed assets and amortized over seven years. Goodwill of kSEK 78,424 is attributable to synergies with other car operations and future sales. Acquisition costs amounted to approximately kSEK 600. On May 3, Hedin Mölndal Bil AB agreed to acquire Motorcentralen i Eskilstuna AB, including a sales and after-market dealership for Ford passenger cars and commercial vehicles. The purchase price amounted to kSEK 9,511. Goodwill of kSEK 5,768 is attributable to synergies within the Ford business. The minority stake in GS Bildeler was acquired on June 21 for kSEK 24,292. AB Englunds Bil & Motorverkstad was acquired on May 9 for kSEK 24,000 by Bavaria Sverige Bil AB. The company’s businesses are sales and aftermarket service for a BMW dealership in Luleå. Goodwill of kSEK 18,459 is attributable to synergies within the BMW business in Bavaria. On August 22, Hedin Belgien Bil AB acquired four companies including five dealerships in Antwerp, Belgium. The companies are dealers of Mercedes-Benz passenger cars. The purchase price amounted to kSEK 223,543, including acquired customer relations of kSEK 90,411 which is reported as intangible fixed assets and amortized over seven years. Goodwill of 79,000 kSEK is attributable to synergies with our present business in Belgium. Acquisition costs amounted to approximately kSEK 1,600. On September 28, Skadecenter i Borås AB was acquired by Hedin Göteborg Bil AB for kSEK 23,680. The company runs a body repair workshop in Borås. The acqusition included real estate, which has been transferred to I.A. Hedin Fastighet AB. On October 5, GS Bildeler AS acquired 67 percent in the Norwegian company ConLogo AS for kSEK 2,823, by issue of new shares. The price includes a goodwill of kSEK 1,019. The company is an importer of vehicle care products. I.A. HEDIN BIL AB / ANNUAL REPORT / 2019 69