Anders Hedin Invest - Year-end Report 2018 1
I.A. HEDIN BIL AB Reporting standards The Interim
report for the group has been prepared according to IAS 34 Interim Financial Reporting. The same accounting policies and calculation methods have been applied as in the most recent annual report, apart from policies below. New accounting policies At January 1st, 2018 IFRS 9 Financial instruments is applied. IFRS 9 describes classification, valuation and accounting of financial assets and liabilities and replaces IAS 39. It includes for example valuation of future customer credit losses. At January 1st, 2018 IFRS 15 Revenue from Contracts with customers is applied. IFRS 15 describes the timing of accounting of revenues, based on when the control of the assets and the benefit of the assets or services are transferred to the customer. Calculation of the effects of IFRS 9 and IFRS 15 has been done and it has not a material effect of the group. At January 1st, 2019, IFRS 16 Leases replaces the present policies in IAS 17. The standard describes how the assets and liabilities due to the leasing agreement should be accounted in the balance sheet of the lessee. The same policies should be applied on operational and financial leases. All leasing agreements over 12 months should be reported in the balance sheet and the lease payments should be reported as depreciation separated from the interest cost. The debt is accounted as present value of the future lease payments. The policy is applied from January 1st, 2019 and 2018 will not be recalculated. The simplification rule that the right-of-use asset (before adjustments for any advance payments) should correspond to the lease liability has been applied in the transition, and the simplification rule for definition of a lease has been applied, which means that all components in a lease have been regarded as a lease component. The exceptions for not reporting short-term leases and assets of low value have also been applied. The major part of the assets is real estate, where Hedin Bil are operating. The estimated opening balance amounts approximately to 4 500 Mkr. The information provided in Note 8 of the 2017 Annual Report also gives a certain indication of the type and scope of the leases that currently exist. Note 1 Operating segments Due to the investment in Belgium the operating segments according to IFRS 8 have been added to three segments. Hedin Bil refers to sale of new and pre-owned vehicles and aftermarket services in Sweden under the brand of Hedin Bil. Bavaria refers to sale of new and pre-owned vehicles and aftermarket services in Sweden and Norway under the brand of Bavaria and KC Motors. Belgien refers to sale of new and pre-owned vehicles and aftermarket services in Belgium under the brand of Hedin Automotive. Operating segments Hedin Bil 2018 Net sales EBITDA Depreciation Operating profit Financial items Profit before tax Tax expense Profit of the period Investments in fixed assets Operating segments Car sales 2018 Net sales EBITDA Depreciation Operating profit Financial items Profit before tax Tax expense Profit of the period Investments in fixed assets 908 821 492 171 149 300 21 069 2017 -407 340 120 676 287 106 -168 014 119 092 After market 2018 201 993 -95 562 106 431 2017 89 666 -29 838 59 828 Segment reconciliation 2018 19 705 876 11 571 848 3 507 863 2 000 341 -2 170 399 528 016 0 0 0 Group 2017 2018 0 18 310 730 009 -502 902 227 107 -114 143 112 964 -26 108 86 856 2017 -915 143 21 043 340 12 657 046 18 310 395 082 -197 852 197 230 -53 449 143 781 -25 104 118 677 1 058 121 513 240 697 263 416 184 335 351 87 902 21 942 0 3 565 2017 348 768 -171 799 176 969 Bavaria 2018 321 460 -213 551 107 909 2017 43 017 -22 756 20 261 Belgien 2018 13 824 964 11 588 794 6 083 276 1 068 252 1 214 190 394 821 -263 868 130 953 10 410 -22 165 -11 755 2017 0 0 0 0 Segment reconciliation 2018 -79 090 3 318 -3 318 0 Group 2017 2 368 -2 368 0 2018 2017 0 21 043 340 12 657 046 730 009 -502 902 227 107 -114 143 112 964 -26 108 86 856 9 154 1 058 121 394 153 -196 923 197 230 -53 449 143 781 -25 104 118 677 513 240 16 I.A. HEDIN BIL AB│YEAR END REPORT 2018