I.A. Hedin Bil - Annual Report 2018 1
NOTE 20 DEFERRED TAX Deferred tax assets Opening
carrying amount Reported in income statement Recognized in other comprehensive income Change in tax rate Conversion differences Business acquisitions The deferred tax assets mainly consist of temporary differences between fiscal and carrying values of assets and liabilities, and losses carried forward. Deferred tax liabilities Opening carrying amount Reported in income statement Change in tax rate Conversion differences Business acquisitions Deferred tax liabilities consist of temporary differences between fiscal and carrying values of intangible assets, as well as untaxed reserves. NOTE 21 FINANCIAL DEBT 12/31/2018 Long term debt Bond loans Subordinated loan from Parent Company Debt relating to sold cars with repurchase agreements Financial leasing liabilities Other debts Other liabilities to credit institutions Short-term debt Overdraft facilities Debt relating to sold cars with repurchase agreements Financial leasing liabilities Liabilities to credit institutions 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. 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 12/31/2017 1,488,600 350,000 856,428 19,348 2,258 19,175 2,735,809 415,911 407,382 8,281 167,326 998,900 The fair value of the loans corresponds to the carrying value, as the discount effect is insignificant. All loans are at a variable interest rate. The contractual due dates for the majority of the loans fall due during 2019. The Group has a granted overdraft of kSEK 1,205,000 (kSEK 1,147,658), renegotiated on an annual of basis. Of the approved overdraft facility, kSEK 1,049,612 (kSEK 415,911) has been used as of December 31, 2018. 12/31/2018 -92,429 8,938 229 500 -58,342 -141,104 12/31/2017 -6,276 3,655 0 0 -89,808 -92,429 12/31/2018 25,030 2,244 380 -146 -811 23,145 49,842 12/31/2017 14,381 -10,000 1,072 0 0 19,577 25,030 72 I.A. HEDIN BIL AB / ANNUAL REPORT / 2018