Anders Hedin Invest - Year-end Report 2018 1
I.A. HEDIN BIL AB Note 2 Acquisitions On April 1s
t, 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. 41 MSEK of the purchase price has been classified as customer relations which is reported as intangible fixed assets, and amortized over seven years. Goodwill of 73 MSEK is attributable to synergies with other car operations and future sales. On May 3rd, 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 21st for 24 MSEK, which includes goodwill of 17 MSEK. AB Englunds Bil & Motorverkstad was acquired on May 9th for 24 MSEK by Bavaria Sverige Bil AB. The business include 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 22nd, Hedin Belgien Bil AB acquired four companies including five dealerships. The companies are dealers of Mercedes-Benz passenger cars. The purchase price amounted to 224 MSEK, including acquired customer relations of 90 MSEK, which 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 28th Skadecenter i Borås AB was acquired by Hedin Göteborg Bil AB for 24 MSEK. The company runs a body repair workshop in Borås. The acqusition included real estate, that has been transfered to I.A. Hedin Fastighet AB. On October 5th, GS Bildeler AS acquired 67 percent in the Norwegian company ConLogo AS for 2 823 kSEK, by issue of new shares. The price includes a goodwill of 1 019 kSEK. The company is an importer of vehicle care products. 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 Audit This interim report has not been reviewed by the auditors. 131 931 302 028 23 262 200 030 199 541 90 770 -371 449 576 113 190 665 -51 394 5 967 -6 124 715 227 -90 770 624 457 I.A. HEDIN BIL AB│YEAR END REPORT 2018 17