LFV Annual report 2018 1
C OMMENT S ON THE PR OF IT AND L OS S A CC OUN T
L F V 2018 were received from trade debtors that were reserved as doubtful last year. Provisions for doubtful trade debtors were resolved as payments were received, having a positive effect on this year’s results. Last year, provision costs for doubtful trade debtors were 33 MSEK. Amortisations/depreciations for 2018 amount to 157 MSEK (164). FINANCIAL INCOME AND EXPENSES The sum of financial income and expenses amounted to -145 MSEK (-319). The dominant item in net financial income for the year and the previous year consists of the interest element of the year’s change in pension liability. Changes in net interest and bases of calculation declared as interest expenses, however, are 96 MSEK lower this year than in 2017. As a result of the interest rate situation, the interest income on LFV’s liquid assets has been very low over the last two years. The interest income for 2018 amounts to 1 MSEK (4). LFV HOLDING AB Turnover for the group in 2018 amounts to 32 MSEK, and the result after financial income and expenses is 42 MSEK. The turnover and result are mainly due to the subsidiary LFV Aviation Consulting AB. Turnover according to the 2017 annual report for LFV Holding Group was 59 MSEK, and the result after financial income and expenses was -2 MSEK, which means a 44 MSEK improvement in the result for 2018. The negative result for 2017 was due to a prudent valuation of accrued revenue and claims in LFV Aviation Consulting AB. In 2018, a large proportion of previously doubtful debts were paid and the provisions resolved, which contributed to a positive outcome of 30 MSEK net after the year’s provision for doubtful trade debtors. However, a prudent evaluation of overdue claims has been retained for the 2018 annual accounts. This is based on cash accounting – a positive effect is declared 47 in the result at the time when payment is received. Annual reports for the 2018 financial year for LFV Holding AB and its subsidiaries and associated companies are not yet adopted at their respective annual general meeting.