ANNUAL REPORT 2014 - Anders Hedin Invest AB
ANDERS HEDIN INVEST AB
ANNUAL REPORT 2014
CONTENTS
ANDERS HEDIN INVEST AB IN WORDS AND PICTURES
A word from the CEO ....................................................................................................4
Business concept, strategy, environment and quality ....................................................7
The Group in numbers .................................................................................................8
Company structure......................................................................................................10
I.A. Hedin Bil AB.........................................................................................................12
- Total market ..........................................................................................................16
- Organization...........................................................................................................20
- Brand managers ...................................................................................................21
- Facilities ................................................................................................................22
Car to go Sweden AB ..................................................................................................24
Klintberg & Way AB ....................................................................................................28
Mabi AB .....................................................................................................................32
I.A. Hedin Fastighet AB...............................................................................................36
Hedin IT AB................................................................................................................42
A.H. Värdepapper AB .................................................................................................46
Lasingoo Sverige AB....................................................................................................50
Consensus Asset Management AB..............................................................................54
Ripam Invest AB .........................................................................................................58
Events in 2014 ...........................................................................................................62
Milestones and history ................................................................................................94
Board of Directors and Group Management ................................................................96
ANDERS HEDIN INVEST AB IN NUMBERS
Directors’ Report..........................................................................................................65
Income Statement - Group...........................................................................................68
Balance Sheet - Group................................................................................................69
Cash Flow Statement - Group .....................................................................................71
Income Statement - Parent Company .........................................................................72
Balance Sheet - Parent company.................................................................................73
Cash Flow Statement - Parent Company .....................................................................75
NOTES........................................................................................................................76
ANDERS HEDIN INVEST AB
MB
3
Annual Report
ANDERS HEDIN INVEST AB
2014
A WORD FROM
THE CEO
Welcome to the 2014 Annual Report for the
Anders Hedin Invest Group! The year has flown
by and there have been big changes in the
Group. New businesses have been added and
the automotive segment has expanded into
Stockholm and strengthened its presence in
southern Sweden. The property segment has
opened new facilities and begun a construction and remodelling project to increase sales
areas and strengthen the Hedin Bil brand.
EXPANSION OF OPERATIONS IN HEDIN
BIL CAR COMPANY
Hedin Stockholm Bil AB was launched on
January 1 through the acquisition of Svenska
Bil. Through this takeover, Hedin Bil increased its presence with four new facilities in
Stockholm.
At the end of January, an Opel facility was
opened in Malmö under the Opel Black Box
concept, thereby expanding our brand presence with the Opel name.
With these launches in Stockholm and Malmö,
Hedin Bil is now represented in Sweden’s
three largest cities. In September, four of BilPartner Skåne’s automotive facilities in southern Skåne were acquired: Malmö Jägersro,
Malmö Burlöv, Lund and Trelleborg.
Citroën Center in Spånga, a facility fully dedicated to the Citroën brand, was acquired on
November 24 to become the fifth facility in
greater Stockholm.
EXPANSION OF OPERATIONS IN
ANDERS HEDIN INVEST GROUP
Klintberg & Way AB (”KW Parts”), Europe’s
largest spare parts wholesaler of American
car parts with operations in 37 countries, was
acquired in April. In July, Klintberg & Way
AB launched a subsidiary, KW Wheels AB,
a wholesale company for tyres and rims.
Mabi Rent AB, one of Sweden’s largest independent car rental companies with over 100
stations nationwide, was also acquired in April.
The company also operates in Berlin, Germany.
Car to Go Sweden AB is the company behind
www.carplus.se, an online service for private
vehicle leasing. Anders Hedin Invest AB has
been part-owner of the company since its
start in 2010, but holds 100% ownership from
September.
Lasingoo Sverige AB is jointly owned and
operated by Hedin Bil, AD Bildelar, Autoexperten, Bosch, OKQ8 and Mekonomen
Group (MECA, Mekonomen, MekoPartner,
Speedy). Lasingoo is a search engine for
booking workshop services at fixed rates
directly from your computer or mobile. The
aim is to simplify the encounter between
vehicle owners and workshops.
Hedin IT AB is a new company that will
provide technical support for telephony and
IT services for the entire Group.
Consensus Asset Management AB merged
with Thenberg & Kinde Fondkommission AB
in August and now operates under the name
Consensus. Consensus is a securities broker
active in asset management, corporate finance
and pensions.
This expansion of the Group in Hedin Bil and
new business areas in the automotive industry
fortifies the Anders Hedin Invest Group for an
exciting future.
I would like thank everyone who contributed in
any way to a fabulous 2014.
Anders Hedin, Koncernchef
4
5
Annual Report
ANDERS HEDIN INVEST AB
2014
ANDERS HEDIN INVEST AB
BUSINESS CONCEPT,
STRATEGY, ENVIRONMENT AND QUALITY
BUSINESS CONCEPT
UALITY AND ENVIRONMENTAL POLICIES
OVERALL QUALITY GOALS - (QDS)
The Group will be a leading partner in meeting
the market’s demands for automotive transportation. We create value for our customers
through excellent availability, service and delivery reliability. Our cooperation with customers
and suppliers will lead to long-term sustainability
for continued development.
We work continuously and actively to improve
our quality and environmental targets by listening to the demands and expectations of public
authorities, employees and customers. We strive
to ensure that all of our employees have the
skills and expertise they need to do their job,
and continuously improve our business through
employee commitment and awareness of the
vital role they play in meeting customer
demands.
Quality - fewer claims and complaints
Delivery reliability - improved delivery reliability
Service - improved service
We will take the necessary steps to reduce our
carbon footprint and prevent pollution. Hazardous waste will be handled and recycled or reused in an environmentally sustainable manner.
We will choose suppliers with environmentally
sound and approved products and who actively
work to reduce their carbon footprint wherever
financially viable.
Quality and environmental issues are two vitally
important aspects of Anders Hedin Invest’s
endeavours to take into account all the Group’s
interests throughout its business operations.
Efficient and stable processes are important
in Anders Hedin Invest’s work to ensure high
quality.
STRATEGY
Our overall strategy is profitable growth. Profits
will steadily increase through improved service,
increased productivity, and motivated employees.
Growth will take place in automotive-related
activities.
6
OUR VISION IS TO BE THE
AUTOMOTIVE INDUSTRY’S BEST
COMPANY WITH THE BEST
PRODUCTS AND THE BEST
SERVICE
7
OVERALL ENVIRONMENTAL GOALS
Reduce the compa+ny’s unsorted waste by
separating it into fractions that the waste contractor is able to manage.
Reduced energy consumption
Annual Report
ANDERS HEDIN INVEST AB
2014
ANDERS HEDIN INVEST AB
NET SALES
GROUP
(1985-2014 BARS)
THE GROUP IN NUMBERS
PROFIT BEFORE TAX
(1985-2014 LINE)
2014
2013
2012
2011
2010
7,345,248
5,316,554
5,077,087
5,079,648
4,516,033
147,830
198,306
72,507
11,161
202,971
Balance sheet total
4,659,179
3,067,664
3,077,571
2,869,867
2,577,845
Return on equity %
11
17
8
1
16
Equity/assets ratio %
24
30
26
25
28
1 250
836
853
840
821
2014
2013
2012
2011
2010
203
124
73
146
203
Non-recurring capital gains
-
74
-
-
-
Impairment of shares
-
-
-
-135
-
Structural costs
-45
-
-
-
-
Component allocation of property portfolio
according to K3
-10
-9
-
-
-
Reported profit before tax
148
189
73
11
203
Net sales (thousands SEK)
Profit/loss after financial items
Average number of employees
PERFORMANCE ANALYSIS OPERATING PROFIT BEFORE TAX
NUMBER OF EMPLOYEES
1985-2014
(AVERAGE)
Profit excluding items affecting comparability
8
9
Annual Report
ANDERS HEDIN INVEST AB
2014
COMPANY
STRUCTURE
Mabi Rent AB
(100%)
556675-9394
ANDERS HEDIN INVEST AB
556702-0655
Klintberg & Way AB
(100%)
556563-6932
I.A. Hedin Bil AB
(91%)
556065-4070
Mabi Sverige AB
556334-4901
Klintberg & Way Norge AS
977515998
Mabi Deutschland GmbH
29/405/01734
KW Parts BV
452.881.31
Lasingoo Sverige AB
(16,6%)
556973-1630
Car to Go Sweden AB
(100%)
556787-8052
Hedin IT AB
(100%)
556954-4017
I.A. Hedin Fastighet AB
(100%)
556730-4059
KB Presenten 1
Mölndal
916832-6404
Hedin Kristianstad
Fastighet AB
556633-3794
KB Presenten 2
916564-7802
Hedin Mölndal
Fastighet AB
556660-3535
Hedin Högsbo AB
556217-9670
Hedin Hisingen
Fastighet AB
556926-7189
Hedin Fastighet KB
916892-9959
Hedin Kungsbacka
Fastighet AB
556131-4161
Nideh KB
916895-1946
Hedin Borås
Fastighet AB
556753-4101
KB Högsbo 36:2
916671-9253
Hedin Värnamo
Fastighet AB
556602-7115
Refy 9 KB
916835-1477
Hedin Linköping
Fastighet AB
556646-3260
KW Wheels AB
556969-3624
KW Cars AB
559009-9429
Hedin Göteborg Bil AB
556061-3456
Hedin Helsingborg Bil AB
556134-5710
Hedin Stockholm Bil AB
556944-7492
A.H. Värdepapper AB
(100%)
556707-7440
Branch Gbg/Mölndal
Mercedes-Benz
Branch Gbg/Sisjön
AMG Center
Branch Helsingborg
Cars
Branch Kristianstad
Branch Sthlm/Akalla
Branch Sthlm/
Segeltorp
Branch Gbg/Mölndal
Nissan
Branch Kungsbacka
Branch Helsingborg
Truck & CV Center
Branch Ängelholm
Branch Sthlm/Kista
CV Center
Branch Sthlm/Spånga
Branch Gbg/Mölndal
Car Superstore
Branch Gbg/ Tagene
Multibrand
Branch Halmstad
Branch Varberg
Branch Sthlm/
Östermalm
Branch Sthlm/Kista
Tyre Superstore
Branch Gbg/Åbro
Used Car Center
Branch Gbg/Åbro
Fiat/US Center
Branch Jönköping
Branch Linköping
Branch Malmö
Branch Malmö
(Opel)
Varberg Kardanen KB
916671-9246
Hedin Jönköping
Fastighet AB
556930-5153
Branch Gbg/Hisings Kärra
Fiat
Branch Gbg/Hisings Kärra
Mercedes-Benz
Branch Ljungby
Branch Värnamo
Branch Lund
Branch Burlöv
I.A. Hedin Invest AB
556369-4537
Hedin Malmö
Fastighet AB
556941-6745
Branch Gbg/Hisings Kärra
Multibrand CV
Branch Gbg/Mölndal
CV Center
Branch Anderstorp
Branch Uppsala
Branch Trelleborg
Hedin Pianot 5 AB
556720-7682
Branch Borås
Branch Alingsås
Branch Enköping
Hedin Akalla
Fastighet AB
556955-6508
Hedin Ängelholm
Fastighet AB
556946-9041
Hedin Kista
Fastighet AB
556982-1084
Branch Uddevalla
Branch Vara
Branch Trollhättan
Branch Strömstad
10
Ripam Invest AB
(50%)
556870-7540
Bautastenen Hotell AB
(100%)
556450-8553
Consensus Asset
Management AB (29%)
556898-6037
Marstrands Kurbadhus AB
(100%)
556859-5325
Marstrands Kulturfastighet AB
(90%)
556629-6199
11
Annual Report
ANDERS HEDIN INVEST AB
2014
I.A.HEDIN BIL AB
12
13
Annual Report
ANDERS HEDIN INVEST AB
2014
HUVUDKONTOR
I.A. HEDIN BIL AB
HEDIN GÖTEBORG BIL AB
HEDIN HELSINGBORG BIL AB
HEDIN STOCKHOLM BIL AB
The Hedin Bil Group is wholly owned by the
Hedin family, 91% by Anders Hedin and 9%
by Ingemar Hedin. The Group’s head office
is in Mölndal, Gothenburg. Hedin Bil is the
Nordic region’s largest privately owned automotive dealership.
Akalla
Spånga
Kista
Transportbilscenter
Mercedes-Benz PV/TRP/LV
Fiat
Östermalm
Tagene
Uppsala
Segeltorp
Enköping
Bilvaruhuset
HK/Mölndalsvägen
Nissan
Mercedes-Benz
Stockholm
Transportbilscenter
AMG Performance Center
US Center
Strömstad
Begagnatcenter
Uddevalla
In 2014, Hedin Bil sold 32,480 new and used
vehicles. The goal for 2015 is 40,000.
Linköping
Trollhättan
The parent company, I.A. Hedin Bil AB, has
three subsidiaries: Hedin Göteborg Bil AB
(18 branches), Hedin Helsingborg Bil AB (13
branches) and Hedin Stockholm Bil AB (11
branches). Eleven new branches were added
to the Group in 2014 and we are now represented in 42 modern and attractive facilities
in easily accessible locations from Trelleborg
in the south to Uppsala and Stockholm in the
east, offering full service for 24 brands.
Vara
Alingsås
Göteborg
The company offers a total solution concept
for vehicle ownership through new and used
vehicle sales, workshop services, tyre hotels,
accessory and spare part sales, as well as:
Jönköping
Borås
Mölndal
Anderstorp
Kungsbacka
Värnamo
Varberg
Ljungby
Halmstad
Hedin Bil Finans, in collaboration with DNB
Finans, offers vehicle financing and leasing
options for private customers and companies.
Hedin Bil Insurance, in collaboration with
IF Skadeförsäkring AB, offers a special insurance insurance policy exclusively for Hedin
Bil customers. This policy covers all of our
vehicle brands, new and used.
Hedin Bil Used Vehicle Warranty , in collaboration with IF Skadeförsäkring AB, offers
a mechanical damage warranty on vehicles
up to six years of age. The warranty applies
for twelve months and/or 15,000 kilometres, or until the vehicle has driven 130,000
kilometres.
Hedin Bil New Vehicle Warranty offers
customers the chance to subscribe to supplementary services. These include a two-year
extension to the new vehicle warranty on your
Mercedes-Benz, extending the regular New
Vehicle Warranty by two years.
Hedin Bil Service Agreement, which is
customized to vehicle usage and purpose.
For example, we can offer an agreement that
costs SEK 0.10/kilometre for Mercedes-Benz
commercial vehicles up to 20,000 kilometres
a year. We also offer service agreements that
are valid for three years or three separate
services, whichever comes first.
Hedin Bil Card In collaboration with Resurs
Bank, we offer private and corporate MasterCards with very favourable and flexible
payment solutions. You can divide payment
into six monthly interest-free instalments and
collect bonus points for all your purchases, 5
points for each krona you spend at Hedin Bil
and 1 point per krona for all other purchases.
You also receive discount offers on fuel and
car rental.
CEO: Anders Hedin
EVP & COO: Jörgen Loikas
www.hedinbil.se
Malmö-Burlöv
Ängelholm
Five-year comparison
Kristianstad
2014
2013
2012
2011
2010
6,514,601
4,714,637
4,748,444
5,027,536
4,469,050
104,352
80,957
53,073
148,804
199,088
1,113
836
853
840
821
Helsingborg
Net sales (thousands SEK)
Lund
Profit after financial items
Malmö
Trelleborg
Malmö-Fosie
Malmö-Jägersro
14
Average number of employees
15
Annual Report
ANDERS HEDIN INVEST AB
2014
TOTAL MARKET
FIRST-TIME REGISTERED CARS PER MONTH 2014
THE SWEDISH VEHICLE MARKET
IN 2014
35 000
30 000
20 000
2013
15 000
A total of 180,144 diesel cars were registered in Sweden over they year,
representing 59.3% of the total number of new registrations. In 2013,
there were 166,428 diesel car registrations, accounting for 61.7% of
new registrations.
2014
10 000
5 000
A total of 196,571 new passenger cars with a maximum of 140 g/km
carbon dioxide emissions were registered in 2014, representing 64.6%
of all passenger car registrations. Over the year, 133,482 new passenger
cars with a maximum of 120 g/km carbon dioxide emissions were registered in 2014, accounting for 43.9% of all passenger car registrations.
LIGHT AND HEAVY COMMERCIAL VEHICLES
r
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em
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1999
be
r
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be
to
Ok
em
2014
Se
pt
Au
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r
i
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Ju
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Ju
M
aj
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Ap
M
ar
s
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br
ar
i
0
Fe
Hedin Bil has expanded by 42% over the previous year in 2014 (both
new and used cars).
25 000
In 2014, Hedin Bil sold and delivered a total of 32,480 vehicles, of which
19,458 were new vehicles. Hedin Bil’s total market share of 2014 total
sales was 5.3%, an increase over last year, when Hedin Bil’s market
share was 3.9%.
nu
Hedin Bil expanded by 42% in 2014 (both new and used cars) over
the previous year. We have seen significant growth in 2014, due in part
to the addition of 11 new facilities. Truck registrations in 2014 totalled
47,184, which is an increase of 11.7% over the previous year. Light
commercial vehicles up to 3.5 tonnes totalled 41,933, with this increase of 12.3% making 2014 the third best year ever. Heavy commercial
vehicles over 16 tonnes totalled 4,711, an increase of 8.4% over 2013.
CARS
Ja
New registrations on the Swedish vehicle market increased in 2014 and
a total of 303,948 new passenger cars were registered over the year, an
increase of 12.7% over 2013. This represents the seventh best year ever
for passenger cars since records began in 1946.
10 BEST CAR YEARS
A total of 47,184 light and heavy commercial vehicles were registered
during the year – 11.7% more than 2013. Light commercial vehicles
under 3.5 tonnes dominated.
400 000
350 000
Hedin Bil’s light commercial vehicle sales (up to 3.5 tonnes) accounted
for 7.5% of the Swedish market. Large goods vehicles (over 16
tonnes) are sold by Mercedes-Benz in the Hedin Bil Group, and
comprise 39% of total Mercedes-Benz large goods vehicles
sold in Sweden in 2014.
300 000
250 000
200 000
150 000
2015
Hedin Bil’s goal for 2015 is to strengthen its position
on the vehicle market and strive to achieve greater
market shares in all our brands. We expect to sell
a total of about 40,000 new and used vehicles
within the Hedin Bil Group.
100 000
50 000
0
1988
1987
1976
1989
2007
2011
10 BEST VAN YEARS
2000
2010
10 BEST TRUCK YEARS
50 000
60 000
45 000
40 000
50 000
35 000
40 000
30 000
25 000
30 000
20 000
20 000
15 000
10 000
10 000
5 000
0
16
2011
2007
2014
2006
2012
2008
2010
2013
1989
0
2005
17
2011
2007
2014
2008
2006
2012
1989
2010
2013
2005
Annual Report
ANDERS HEDIN INVEST AB
2014
TOTAL MARKET AND MARKET SHARES
Cars
Mercedes-Benz
Smart
Nissan
Kia
Citroën
Chevrolet
Jeep
Total sold
Sweden
Total sold
via Dealers
Total sold
Hedin Bil
Market
share %
11,535
9,499
3,783
40%
7
6%
122
8,022
7,622
16,546
2,653
35%
4,284
26%
5,696
588
10%
871
395
45%
759
203
27%
Mitsubishi
5,126
1,486
29%
Land Rover
1,079
357
33%
Renault
9,903
429
4%
Dacia
4,778
116
2%
Honda
3,442
160
5%
Jaguar
177
47
27%
819
31%
Alfa Romeo
Fiat
6,166
175
2,631
71
41%
Lancia
315
135
43%
Opel
5,675
462
8%
Subaru*
4,285
91
2%
* Subaru was added as a Group brand in September 2014
Light
Commercial Vehicles
Total sold
Sweden
Total sold
via Dealers
Total sold
Hedin Bil
Market
share %
Mercedes-Benz
3,311
3,088
1,140
37%
Nissan
2,890
2,841
1,048
37%
Mitsubishi
650
79
12%
Citroën
2,788
352
13%
Renault
4,663
127
3%
557
15
3%
Fiat
1,931
290
20%
Opel
1,371
119
9%
Dacia
Heavy
Commercial Vehicles
Mercedes-Benz
18
Total sold
Sweden
Total sold
via Dealers
Total sold
Hedin Bil
Market
share %
500
458
196
39%
19
Annual Report
ANDERS HEDIN INVEST AB
2014
ORGANIZATION
BRAND MANAGERS
I.A. HEDIN BIL AB
- GROUP -
MERCEDES-BENZ PB
JAGUAR AND LAND ROVER
RENAULT AND DACIA
Rickard Magnusson, Cars
Hampus Hedin, Mercedes-AMG
Erik Fagerssson, Cars
Simon Fard, Cars
(Acting) Simon Fard, Commercial Vehicles
Alingsås • Anderstorp • Borås • Enköping
GBG/Hisings-Kärra • GBG/Mölndalsväge MB
GBG/Sisjön • Halmstad • Helsingborg • Jönköping
Kristianstad • Kungsbacka • Linköping • Ljungby
Strömstad • Trollhättan • Uddevalla • Uppsala • Vara
Varberg • Värnamo • Ängelholm
Anders Hedin, President & CEO
Jörgen Loikas, EVP & COO
MERCEDES-BENZ CV
BUSINESS MANAGER
MÖLNDAL/GOTHENBURG
BUSINESS MANAGER
MULTIBRAND
VÄSTERGÖTLAND/BOHUSLÄN
Rickard Magnusson
Oscar Cullberg
Daniel Kjellberg
Gothenburg/Mölndal MB
Gothenburg/Mölndal NA
Kungsbacka
Sisjön
GBG/Mölndal Car Superstore
GBG/Tagene
GBG/Hisings-Kärra
Göteborgs Beg.Center
Åbro
Borås • Alingsås • Vara
Uddevalla • Trollhättan
Strömstad
BUSINESS MANAGER
Lars Holmström, Commercial Vehicles
Alingsås • Anderstorp • Borås • Enköping
GBG/Hisings-Kärra • GBG/Mölndal CV Center Halmstad • Helsingborg • Helsingborg CV
Jönköping • Kristianstad Kungsbacka • Linköping
Ljungby • Strömstad Trollhättan • Uddevalla
Uppsala • Vara • Varberg Värnamo • Ängelholm
MERCEDES-BENZ TRUCKS
BUSINESS MANAGER
COMMERCIAL VEHICLES &
TRUCKS
Lars Holmström
GBG/Hisings-Kärra MB
GBG/Hisings-Kärra Other CV
GBG/Mölndal CV Center
(Acting) Lars Holmström, Trucks
BUSINESS MANAGER
SMÅLAND
BUSINESS MANAGER
SKÅNE
Erik Fagersson
Johan Stålhammar
Jönköping • Linköping
Ljungby • Värnamo
Anderstorp
Helsingborg PB • Kristianstad
Helsingborg Truck & CV
Ängelholm • Malmö
Halmstad • Varberg
BUSINESS MANAGER
UPPLAND
BUSINESS MANAGER
STOCKHOLM
BUSINESS MANAGER
SOUTHERN SKÅNE
Urban Qvarnström
Johan Olsson
Lars Corselli
Uppsala
Enköping
Akalla • Segeltorp • Spånga
Kista CV • Kista Tyre Superstore Östermalm
Malmö • Lund
Burlöv • Trelleborg
SPARE PARTS
MARKETING
DELIVERY OFFICE
ORDER CENTRE
HR
Björn Olsson
Anders Nilsson
Ann Lagerstedt
Jeanette Wångstedt
Bo Westerberg
Magnus Leijon
Charlotte Martinsson
Controller
Service Market/
Purchasing
Controller
Spare parts
Susanne Dehmer
Delivery Manager
IT Manager
CFO
HR Manager
Gothenburg
Skåne
Jeanette Sundin
Stockholm/Uppland
20
Lars Niklasson, Cars
(Acting) Lars Niklasson, Commercial Vehicles
Enköping: Fiat, Fiat Professional
GBG/Hisings Kärra: Fiat, Fiat Professional
GBG/ Mölndal CV: Fiat Professional
GBG/ Åbro US Center: All
Jönköping: Fiat, Fiat Professional, Jeep, Lancia
Kristianstad: Fiat, Fiat Professional, Jeep, Lancia
Linköping: All excl. Abarth
Lund: All excl. Abarth
Malmö: All
STHLM/ Akalla: All
STHLM/ Segeltorp: Alfa Romeo,
Fiat Professional, Jeep, Lancia
STHLM/ Kista TRP: Fiat Professional
Trelleborg: Fiat, Fiat Professional
Uddevalla: Fiat, Fiat Professional, Jeep, Lancia
Uppsala: All excl. Abarth
Varberg: Fiat, Fiat Professional
Värnamo: Fiat, Fiat Professional, Jeep, Lancia
CORVETTE, CADILLAC,
CHEVROLET, DODGE
Alf Persson, Cars
GBG/Åbro US Center
Stockholm/Kista CV (Dodge)
HONDA
Anders Bränholm, Cars
GBG/Mölndal Car Superstore • Varberg
USED CARS
Oscar Cullberg, Manager Used Cars
Borås • Enköping • GBG/Hisings-Kärra (CV)
GBG/Mölndal Car Superstore • GBG/Mölndal CV
Center • Jönköping • Kungsbacka • Malmö
Stockholm/Akalla • Stockholm/Kista CV
Stockholm/Spånga • Strömstad Trelleborg • Uppsala
Alingsås • Anderstorp • Borås • Enköping
GBG/Hisings-Kärra (CV) • GBG/Mölndalsvägen GBG/
Mölndal CV Center GBG/Tagene
GBG/Sisjön • {ut
2}Halmstad • Helsingborg •
Jönköping Kristianstad • Kungsbacka • Linköping •
Ljungby Strömstad • Trollhättan • Uddevalla • Uppsala • Vara Varberg • Värnamo • Ängelholm
FINANCE
GBG/Hisings-Kärra (CV)
GBG/Mölndal Car Superstore
GBG/Tagene • GBG/Mölndal CV Center
Kristianstad • Stockholm/Akalla
Stockholm/Kista CV • Stockholm/Segeltorp
NISSAN
FCA GROUP
IT
Magnus Roslund
Cars and Commercial Vehicles
CITROËN
Ashkan Jamie, Cars
(Acting) Ashkan Jamie, Commercial Vehicles
GBG/Hisings-Kärra (CV)
GBG/Mölndal Car Superstore
GBG/Mölndal CV Center
GBG/Tagene
MITSUBISHI
Borås • GBG/Hisings-Kärra • Halmstad
Helsingborg • Helsingborg CV • Jönköping
Kristianstad • Linköping • Uddevalla • Uppsala
(Abarth, Alfa Romeo, Fiat,
Fiat Professional, Jeep, Lancia)
SERVICE MARKET
Borås (excl. Jaguar) • GBG/Mölndal
Car Superstore • Linköping (excl. Jaguar)
Uppsala • Jönköping (excl. Jaguar)
Värnamo (excl. Jaguar)
Alexander Lind, Cars
(Acting) Alexander Lind, Commercial Vehicles
OPEL
Johan Olsson
Cars and Commercial Vehicles
Malmö
Stockholm/Akalla
Stockholm/Kista CV
Stockholm/Segeltorp
KIA
Lars-Olof Snygg, Cars
Alingsås • Anderstorp • Borås
GBG/Mölndal Car Superstore • GBG/
Tagene • Halmstad • Helsingborg • Jönköping
Kungsbacka • Ljungby • Malmö
Stockholm/Akalla • Stockholm/Segeltorp
Strömstad • Trelleborg • Trollhättan • Uddevalla
Vara • Värnamo • Ängelholm
SUBARU
Lars Corselli, Cars
Stockholm/Akalla • Malmö • Lund
Trelleborg
21
Annual Report
ANDERS HEDIN INVEST AB
2014
HEDIN GÖTEBORG BIL AB
CITY
BUSINESS MANAGER
BRANCH MANAGER
HEDIN HELSINGBORG BIL AB
CARS &
COMMERCIAL VEHICLES
ONLY
COMMERCIAL VEHICLES
TRUCKS
ONLY
AFTERMARKET
ALINGSÅS
BUSINESS MANAGER
BRANCH MANAGER
ONLY
AFTERMARKET
ONLY
COMMERCIAL VEHICLES
ONLY
AFTERMARKET
Urban Qvarnström
Beiar Mahmod
GOTHENBURG
HISINGS-KÄRRA
HALMSTAD
Johan Stålhammar
Per-Erik Persson
Lars Holmström
Lars Holmström
HELSINGBORG CARS
GOTHENBURG MÖLNDAL
CAR SUPERSTORE
Johan Stålhammar
Johan Stålhammar
Oscar Cullberg
Oscar Cullberg
HELSINGBORG
CV & TRUCKS
GOTHENBURG MÖLNDAL
MERCEDES-BENZ
Johan Stålhammar
Jörgen Bengtsson
Rickard Magnusson
Rickard Magnusson
JÖNKÖPING
Erik Fagersson
Erik Fagersson
GOTHENBURG MÖLNDAL
NISSAN
Rickard Magnusson
Rickard Magnusson
KRISTIANSTAD
Johan Stålhammar
Åke Andersson
GOTHENBURG MÖLNDAL
COMMERCIAL VEHICLE CENTER
Lars Holmström
Karl-Gustav Nilsson
LINKÖPING
Erik Fagersson
Harald Hjelm
GOTHENBURG SISJÖN AMG
PERFORMANCE CENTER
LJUNGBY
Erik Fagersson
Jan Johansson
(EJ TRANSPORTBILAR)
GOTHENBURG TAGENE
MALMÖ
Oscar Cullberg
Anders Bränholm
Johan Stålhammar
Staffan Leth
GOTHENBURG ÅBRO
USED CAR CENTER
UPPSALA
Urban Qvarnström
Urban Qvarnström
Oscar Cullberg
Rasmus Johansson
VARBERG
GOTHENBURG ÅBRO
US CENTER
Johan Stålhammar
Denny Neumann
Oscar Cullberg
Lars Niklasson
VÄRNAMO
Erik Fagersson
Johan Brundin
KUNGSBACKA
Rickard Magnusson
Lars Petersson
ÄNGELHOLM
Johan Stålhammar
Pierre Holmgren
STRÖMSTAD
Daniel Kjellberg
Fredrik Larsson
HEDIN STOCKHOLM BIL AB/STOCKHOLM
TROLLHÄTTAN
CITY
Daniel Kjellberg
Daniel Högström
BUSINESS MANAGER
BRANCH MANAGER
UDDEVALLA
CARS &
COMMERCIAL VEHICLES
STOCKHOLM, AKALLA
Daniel Kjellberg
Fredrik Larsson
Johan Olsson
Ashkan Jamie
VARA
STOCKHOLM, KISTA
Daniel Kjellberg
Stefan Kjörk
Johan Olsson
Sasa Cvijanovic
FULL-SERVICE TIRE FACILITY
STOCKHOLM, KISTA
HEDIN STOCKHOLM BIL AB/SKÅNE
CARS &
COMMERCIAL VEHICLES
ONLY
COMMERCIAL VEHICLES
ONLY
AFTERMARKET
COMMERCIAL VEHICLE CENTER
Johan Olsson
Mats Kamryd
STOCKHOLM, SEGELTORP
Johan Olsson
Magnus Roslund
LUND
Lars Corselli
Joakim Olsson
STOCKHOLM, SPÅNGA
Johan Olsson
Alexander Lind
MALMÖ - BURLÖV
Lars Corselli
Lars Corselli
STOCKHOLM, ÖSTERMALM
Johan Olsson
Patrick Bierhance
MALMÖ - JÄGERSRO
Lars Corselli
Lars Corselli
TRELLEBORG
Lars Corselli
Marcus Persson
TRUCKS
ENKÖPING
Daniel Kjellberg
Daniel Kjellberg
FÖRETAGSCHEF
PLATSCHEF
ONLY
COMMERCIAL VEHICLES
Erik Fagersson
Niclas Hijemark
BORÅS
CITY
CARS &
COMMERCIAL VEHICLES
ANDERSTORP
Daniel Kjellberg
Peter Bengtsson
Rickard Magnusson
Hampus Hedin
CITY
22
23
Annual Report
ANDERS HEDIN INVEST AB
2014
CAR TO GO SWEDEN AB
24
25
Annual Report
ANDERS HEDIN INVEST AB
2014
CAR TO GO SWEDEN AB
THE EASY WAY.
CARPLUS.SE
It is important for Hedin Bil’s future to be active in different marketing channels, and since
September 2014, Anders Hedin Invest AB holds 100% ownership in Car To Go Sweden,
www.carplus.se, which offers private vehicle leases over the Internet.
CarPlus gives you flexible and affordable options for privately leasing your vehicle. No down payment, set-up fee or deposit. Insurance, service and 3 years of free roadside assistance included.
We are currently able to offer CarPlus for Mercedes-Benz, Nissan, Kia, Fiat and Citroën.
The company has been operating for five years and is showing positive development in contract
volume and profits. In the second half of 2014, carplus.se had 6-7,000 unique visitors and a
conversion rate of 1%, which is very good.
A large percentage of customers are women. Gender distribution in the automotive industry is
generally about 60% men/40% women. At CarPlus, the distribution is 50/50.
CEO: Anders Hedin
www.carplus.se
Five-year comparison
2014
2013
2012
2011
2010
Net sales (thousands SEK)
1,597
1,552
1,506
715
219
400
273
140
7
-15
1
1
1
1
0
Profit/loss after financial items
Number of employees
26
27
Annual Report
ANDERS HEDIN INVEST AB
2014
KLINTBERG & WAY AB
28
29
Annual Report
ANDERS HEDIN INVEST AB
2014
KW PARTS
SPARE PARTS AND ACCESSORIES
FOR AMERICAN CARS
Anders Hedin Invest AB acquired Klintberg & Way AB in April 2014. The backbone of Klintberg & Way is KW Parts.
KW Parts is General Motors North America Vehicles (GM NAV) Service Market organization in Europe, which also
includes distribution and sales of spare parts and accessories for GM NAV in Europe. KW Parts also has an agreement
with MOPAR (Chrysler, Jeep, Dodge) as spare part distributor to independent customers in Europe.
In 2014, Klintberg & Way launched a new subsidiary, KW Wheels AB, which is a tyre and rim wholesaler. The company primarily sells complete wheels. KW Wheels cooperates with all known tyre
producers and the Swedish agent for Alutec rims.
Operations are currently located in Hisingen, Gothenburg. In September 2015, they will be moving
to new, larger premises in Bäckebol, Gothenburg.
In addition to OEM, KW Parts has direct and indirect agreements with all spare parts manufacturers for American car
parts and accessories. KW Parts is Europe’s largest spare parts wholesaler of American car parts and operates in 37
countries. KW Parts stocks 85,000 of the most sought-after original and alternative spare parts, and provides access to
an additional 3 million parts, with fast delivery thanks to daily air freight from the US.
In March 2015, KW Wheels acquired 70% of Techno Tire AB from Techno Support Sverige AB.
Techno Tire sells tyres via the web portal for tyre shops.
Klintberg & Way AB consists of:
• Subsidiary Klintberg & Way AS in Norway
• Subsidiary KW Parts NV in Belgium
• Subsidiary KW Wheels AB in Sweden
• Subsidiary KW Cars AB in Sweden
CEO: Jörgen Forsberg
They are headquartered in Sätra, Stockholm, with subsidiary Klintberg & Way AS in Asker, Norway and KW Parts NV in
Kortijk, Belgium. The group has 50 employees in Sweden, 7 in Norway and 6 in Belgium. Six local agents are based in
our key markets.
Asker, Norway
Stockholm, Sweden
Kortijk, Belgium
CEO: Jörgen Forsberg
KW Wheels
www.kwparts.se
Five-year comparison Klintberg & Way AB
Net sales (thousands SEK)
Profit after financial items (thousands SEK)
Number of employees
KW WHEELS
WHOLESALER
FOR TYRES AND RIMS
2014
2013
2012
2011
2010
303,788
237,646
238,452
250,270
-
Net sales (thousands SEK)
13,872
4,189
103
12,120
-
Profit after financial items (thousands SEK)
-
Number of employees
70
71
30
66
74
Five-year comparison KW Wheels
2014
2013
2012
2011
2010
54,720
-
-
-
-
8,455
-
-
-
-
5
-
-
-
-
31
Annual Report
ANDERS HEDIN INVEST AB
2014
MABI RENT AB
32
33
Annual Report
ANDERS HEDIN INVEST AB
2014
MABI RENT AB
ONE OF SWEDEN’S LARGEST
INDEPENDENT CAR RENTAL COMPANIES
In early 2014, Anders Hedin Invest acquired listed company MABI Rent AB. MABI Rent AB’s
subsidiary Mabi Sverige AB operates car rental activities.
Mabi is one of Sweden’s largest independent car rental companies. The company has grown
steadily since its start in Stockholm in 1989, and now offers car rentals at 22 of its own stations
and 101 licensed stations at airports and central stations.
The continuous goal is to offer car rentals at competitive prices without compromising on quality,
safety, service or availability. Mabi also offers and develops the FlexiLease concept, giving businesses the opportunity to contract longer rental agreements.
MABI Rent AB operates in Sweden and Germany.
CEO: André Schleeman
www.mabi.se
Stockholm, Sweden
Berlin, Germany
Five-year comparison
Net sales (thousands SEK)
Profit/loss after financial items (thousands SEK)
Number of employees
34
2014
2013
2012
2011
2010
256,997
356,051
235,263
151,802
120,168
5,233
-16,070
1,944
6,339
6,149
67
68
76
41
36
35
Annual Report
ANDERS HEDIN INVEST AB
2014
I.A. HEDIN FASTIGHET AB
36
37
Annual Report
ANDERS HEDIN INVEST AB
2014
I.A. HEDIN FASTIGHET AB
QUALITY, INNOVATION AND NEW
PROJECTS ARE AT THE HEART OF
EVERYTHING WE DO.
HELSINGBORG TRANSPORT- OCH LASTBILSCENTER
UPPSALA
ÄNGELHOLM
I.A. HEDIN FASTIGHETER AB
Hedin Bil’s commercial properties are wholly owned by Anders Hedin Invest AB
through
its real estate company. I.A. Hedin Fastighet AB owns and manages 31 commercial
properties in easter, western and southern Sweden.
Commercial floor space in the Group’s total real estate portfolio (operating properties
and other commercial properties) totals 193,000 square metres. Our new projects will
bring floor space to 215,000 square metres. Estimated market value hovers around the
SEK 2.6 billion mark on current holdings.
HELSINGBORG
VÄRNAMO
In addition to owned properties, the company also rents premises of 47,000 square
metres.
In the fourth quarter of 2014, an agreement was signed to acquire a commercial property in Kista. Two branches of Hedin Stockholm Bil AB, a commercial vehicle centre
and a tyre centre, currently operate in these premises.
CEO: Anders Hedin
Five-year comparison
Net sales (thousands SEK)
Profit/loss after financial items (thousands SEK)
38
2014
2013
2012
146,451
122,248
47,123
37,959
39
2011
2010
102,479
78,343
46,983
26,051
-27,310
12,878
Annual Report
ANDERS HEDIN INVEST AB
2014
I.A. HEDIN FASTIGHET AB
ONGOING PROJECTS
- PROPERTIES
ONE OF OUR PROPERTIES
COMPLETED IN 2011. BORÅS,
A FULL-SERVICE FACILITY
SELLING MERCEDES-BENZ, NISSAN,
KIA, CITROËN AND LAND ROVER.
HEDIN BIL A6
Jönköping
JÖNKÖPING
Operations in Jönköping are moving to an all-new property on the
other side of the motorway to the A6 Center, a large and popular
shopping area. This full-service facility of 22,000 square metres will
handle cars, commercial vehicles and trucks. Due for completion in
2015..
STOCKHOLM - AKALLA CAR CENTER
A major renovation is underway to customize showrooms to each
vehicle brand. As part of this renovation, Opel and DS Store (a
segment of Citroën) will be given their own entrances. The customer
reception and spare parts areas will also be renovated to make them
more accessible to customers. There is the possibility of extending
the existing building by 15,000 square metres.
The first phase of the project is due for completion in May 2015, with
building front completion in September 2015.
HELSINGBORG CAR CENTER
Renovations are planned for existing showrooms and car and sheet
metal workshops for Mercedes-Benz, Nissan and Kia.
Due for completion in 2016.
OM- & TILLBYGGNAD AKALLA 2014-02-10
STOCKHOLM - KISTA COMMERCIAL VEHICLE CENTRE
We have opened a 5,500 square metre Commercial Vehicle Center in
existing premises for Nissan, Fiat, Citroën, Mitsubishi and Dodge. The
building front will be renovated.
Due for completion in 2015.
Hedin Bil Helsingborg: Personbilscentrum - Kv Huggjärnet
40
2014 11 13
41
Annual Report
ANDERS HEDIN INVEST AB
2014
HEDIN IT AB
42
43
Annual Report
ANDERS HEDIN INVEST AB
2014
HEDIN IT AB
HEDIN IT AB
NEW TECHNOLOGY BRINGS
EFFICIENCY AND NEW
POSSIBILITIES
Hedin IT AB is wholly owned by Anders Hedin Invest AB.
Hedin IT is a newly established company with responsibility for the Group’s telephony and IT
support. The company will promote the Group’s advancement and create functional solutions
within IT and telephony to enhance value both internally and externally.
CEO: Anders Hedin
44
45
Annual Report
ANDERS HEDIN INVEST AB
2014
A.H. VÄRDEPAPPER AB
46
47
Annual Report
ANDERS HEDIN INVEST AB
2014
A.H. VÄRDEPAPPER AB
A.H. VÄRDEPAPPER AB
OWNS, MANAGES AND
TRADES IN SECURITIES
Wholly owned by Anders Hedin Invest AB.
A.H. Värdepapper AB owns, manages and trades in securities and
associated activities.
CEO: Anders Hedin
Five-year comparison
Net sales (thousands SEK)
Profit/loss after financial items (thousands SEK)
48
2014
2013
2012
349,313
588,178
327,438
51,530
5,344
79,247
290
-85,316
49
2011
2010
Annual Report
ANDERS HEDIN INVEST AB
2014
LASINGOO SVERIGE AB
50
51
Annual Report
ANDERS HEDIN INVEST AB
2014
LASINGOO SVERIGE AB
Lasingoo is an industry-owned online portal for booking service, primarily for passenger cars.
The portal helps its users monitor all costs related to car ownership and streamlines workshop
appointment-booking processes. Lasingoo is based on a technical platform that aims to be the
global leader in service bookings and other services related to car ownership. The platform has
been operating in Germany since 2012 and will be launched in Sweden in May 2015.
Anders Hedin Invest AB holds a stake of 16.6%. The remainder of the shares are held by Mekonomen (including subsidiaries Mekopartner, MECA and Speedy), Bosch Car Service, Autoexperten, OK/Q8 and AD Bildelar.
Over 1800 workshops are already connected to this unique collaborative venture between the
major automotive workshop players in Sweden.
CEO: Martin Engberg
www.lasingoo.se
52
53
SERVICE FOR
CARS
Annual Report
ANDERS HEDIN INVEST AB
2014
CONSENSUS ASSET
MANAGEMENT AB
54
55
Annual Report
ANDERS HEDIN INVEST AB
2014
CONSENSUS ASSET
MANAGEMENT AB
Consensus Asset Management AB is a fusion of Thenberg & Kinde Fondkommission AB and
Consensus, and has adopted the name Consensus Asset Management AB.
Consensus is a securities brokerage firm active in asset management, corporate finance and
pensions, with headquarters in Gothenburg and offices in Stockholm. The company has a long
history dating back to 1913.
Consensus’ clients include companies, institutions and wealthy private clients. The company’s
main shareholders are Anders Hedin Invest AB and Nilhome AB (Claes-Göran Nilsson).
Consensus’ shares are publicly traded on Aktietorget under the ticker CAM B.
The staff at Consensus have unique and extensive experience and expertise in the areas the
company operates in. The company holds all requisite financial licenses and is monitored by the
Swedish Financial Supervisory Authority.
CEO: Patrik Soko
www.consensusam.se
56
57
SECURITIES BROKER SINCE 1913
Annual Report
ANDERS HEDIN INVEST AB
2014
RIPAM INVEST AB
58
59
Annual Report
ANDERS HEDIN INVEST AB
2014
RIPAM INVEST AB
RIPAM INVEST AB
Ripam Invest AB is 50% owned by Anders Hedin Invest AB and is an investment company that
invests in companies outside Anders Hedin Invest’s core operations. The remaining 50% of the
company is owned by Nilhome AB.
Ripam Invest AB wholly owns Marstrands Kurbadhus AB, which operates hotel activities on
Marstrand. Marstrands Kurbadhus owns 90% of Marstrands Kulturfastighet AB, which owns
the hotel property. The remaining 10% is owned by the Municipality of Kungälv.
Both companies are involved in the design and planning of the property rebuilding project on
Marstrand in the west coast archipelago. The project for a new aquatics facility has now been
launched.
Societetshuset on Marstrand, part of the Bautastenen Hotell AB company, was acquired in
October 2014. Societetshuset offers banquet facilities for weddings and other events.
CEO: Anders Hedin
www.båtellet.se
60
61
INVESTMENT COMPANY
Annual Report
ANDERS HEDIN INVEST AB
2014
EVENTS
2014
}Akalla property
acquired
}Agreement signed
with Lasingoo
Sverige AB
}Klintberg & Way AB
}Opel Malmö acquired and started up in
Black Box
}Reconstruction
begins in Värnamo
}Svenska Bil acquired
along with 4 car facilities in Stockholm
}Fusion of Thenberg/
Consensus
}Reconstruction
begins in Akalla
JANUARY FEBRUARY MARCH
APRIL
MAY
}AutoExpo closes and
operations move to
Akalla
}Reorganization in
Hedin Bil Group,
regions and brand
managers
JUNE
JULY
}KW Wheels AB starts
up
}Building permit acquired for 30,000 m2
extension in Akalla
}Reconstruction
begins in Segeltorp
62
}Citroën/DS launched
in Akalla
}Property Högsbo
inaugurated
}Mabi Rent AB
bought out from the
stock exchange
}New Truck and
Commercial Vehicle
Center opens
in Helsingborg
}ExpoAuto closed and
operations moved to
Akalla
AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
}Citroën Center
Spånga acquired
}Acquisition of BilPartner Skåne with 4
car facilities in greater
Malmö
}Acquisition of remaining 71% of Car to Go
Swedan AB
63
Annual Report
ANDERS HEDIN INVEST AB
2014
DIRECTORS' REPORT
GENERAL INFORMATION ABOUT THE COMPANY
Car rental
Mabi Rent offers short-term car rentals through a complete range of
cars, light trucks, minibuses and a number of special cars for brand
profiling. They also have a long-term leasing concept marketed under
the name Flexilease. Mabi Rent operates mainly through franchises and
has a nationwide station network in Sweden and is also represented in
Berlin, Germany.
The Anders Hedin Invest Group comprises I.A. Hedin Bil Group, I.A
Hedin Fastighet Group, Klintberg & Way Group and Mabi Rent Group,
and subsidiaries Car to Go Sweden AB, Hedin IT AB and A.H. Värdepapper AB. I.A. Hedin Bil AB is 91% owned, and the other companies
are 100% owned.
PARENT COMPANY
GROUP
Anders Hedin Invest AB’s activities consist primarily of managing and
developing ownership in existing subsidiaries. The parent company is
also active in car and boat trading, securities investments and associated
activities. The company trades in listed securities in subsidiary A.H.
Värdepapper AB.
Automotive segment of the Group
The Group conducts trade and workshop activities in the automotive
industry. Sold brands are:
Mercedes-Benz, Jeep, Dodge, Smart, Nissan, Mitsubishi, Citroën,
Fiat, Lancia, Cadillac, Corvette, Chevrolet, Chrysler, Kia, Opel, Dacia,
Renault, Abarth, Honda, Jaguar, Alfa Romeo, Subaru, Range Rover
and Land Rover in all segments. Hedin Bil is currently represented by
41 complete car facilities at attractive locations in southern, western
and eastern Sweden, from Trelleborg/Malmö in the south to Uppsala/
Stockholm in the east, through subsidiaries Hedin Göteborg Bil AB,
Hedin Helsingborg Bil AB and Hedin Stockholm Bil AB with branches.
Change in accounting principle
From 1 January 2014, the Group applies BFNAR 2012:1. The introduction of the new recommendations has resulted in a change in
accounting policies but has not had any effect on the income statement
or balance sheet. To achieve comparability of the Group’s development
and financial position, the comparison year has been restated. For
more information on the effects of the transition to K3, please see note
34.
Property segment of the Group
The I.A Hedin Fastighet AB Group is engaged in property management
through its ownership of shares in Kommanditbolag and shares in
subsidiaries. The Group’s property holdings can largely be attributed
to commercial properties intended for automotive operations. The
operating properties are leased by Hedin Göteborg Bil AB, Hedin
Helsingborg Bil AB, Hedin Stockholm Bil AB, KW Wheels AB and Car
to Go Sweden AB.
Klintberg & Way
Klintberg & Way AB is an authorized spare parts distributor for General
Motors North American Vehicles and Mopar (Chrysler, Jeep, Dodge),
and Europe’s largest spare parts wholesaler of American car parts with
operations in 37 countries. The company is the parent company in KW
Parts Group with subsidiaries in Sweden, Belgium and Norway.
64
65
Annual Report
ANDERS HEDIN INVEST AB
2014
DEVELOPMENT OF THE COMPANY'S OPERATIONS, PERFORMANCE AND FINANCIAL POSITION
Group
EXPECTED FUTURE DEVELOPMENT, SIGNIFICANT RISKS
AND UNCERTAINTIES
31 Dec 2014
31 Dec 2013
31 Dec 2012
31 Dec 2011
31 Dec 2010
7,288,023
5,312,640
5,077,087
5,079,648
4,516,033
147,830
189,268
72,507
11,161
202,971
Balance sheet total
4,524,546
3,128,941
3,077,571
2,869,867
2,577,845
Return on equity %
11
17
8
1
16
Net sales
Profit/loss after financial items
Equity/assets ratio %
Average number of employees
26
30
26
25
28
1,250
836
853
840
821
Definitions:
Return on equity: Ratio of net income to average shareholders’ equity excluding minority interests
Equity/Assets ratio: Shareholders’ equity excluding minority interests divided by total assets
Group
Risks
The Hedin Bil Group has a very strong market position as authorized
dealer of Mercedes-Benz, Jeep, Dodge, Smart, Nissan, Mitsubishi,
Citroën, Fiat, Lancia, Cadillac, Corvette, Chevrolet, Chrysler, Kia, Opel,
Renault, Honda, Jaguar, Dacia, Abarth, Alfa Romeo, Subaru, Range
Rover and Land Rover in all segments.
Car sales are dependent on economic developments and create a
sensitivity in the Group’s sales trends. Reducing this sensitivity in
profitability requires efficient processes and monitoring of the inventory
situation. After the block exemption was changed on 1 July 2013, all
agreements with general agents are rolling two-year contracts. This increases the requirement for good relationships between general agents
and dealers. The Hedin Group aims to be a key partner to all general
agents and build confidence.
The rental car segment of the Group attributable to Mabi Rent AB and
Car to Go Sweden AB will be further developed with focus on new
rental car stations and increased activity in private leasing.
Creating a turnkey concept with financing, insurance, service,
creditcards, and a number of different ownership options contribute
to increased customer loyalty. The Group’s new activities in the area of
car rentals and spare parts is also a step in diversifying and spreading
risks.
The spare part segment of the Group attributable to Klintberg & Way
AB will bring new business areas and develop existing ones. This will
mean increased sales and improved results.
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR AND
AFTER YEAR-END
With a stable earnings trend and good profitability, the Group is
well-equipped both financially and economically for the future.
Automotive segment of the Group attributable to I.A Hedin Bil Group
Parent company
The parent company’s focus and scope are expected to remain the
same in 2015.
Spare parts segment of Group attributable to Klintberg & Way
group
From the start of the year, I.A Hedin Bil AB has been operating in
Stockholm in subsidiary Hedin Stockholm Bil AB through the purchase
of operations from Svenska Bil i Norden. Two complete car facilities,
one in Akalla and one in Segeltorp, as well as a workshop in Östermalm and a tyre workshop in Sollentuna comprised the Stockholm
launch. In January, a car facility was opened in Malmö with Opel sales
under the Black Box concept. In September, the automotive segment
took possession of Bilpartner i Skåne’s four car facilities in Malmö,
Burlöv, Lund and Trelleborg. Citroën Center in Spånga was acquired on
November 24 from Citroën Sverige, thereby becoming the fifth facility
in Stockholm.
Klintberg & Way AB was acquired, bringing sales of spare parts
throughout Europe for US-manufactured cars. Klintberg & Way has
subsidiaries in Norway and Belgium. A subsidiary was added to the
group in the autumn, KW Wheels AB, which mounts tyres on rims and
sells complete wheels.
PROPOSED APPROPRIATION OF
COMPANY’S EARNINGS
The Extraordinary General Meeting on 21 January 2015 approved the proposal to distribute dividends in the amount of SEK 10,000,000.
In March 2015, 70% of the shares in Techno Tire AB were acquired
from Techno Support i Sverige AB. This acquisition provides the opportunity to deliver to both Klintberg & Way’s and Techno Support i Sverige
AB’s customers through the company’s online tool.
A new commercial vehicle facility in Helsingborg was opened in
December, freeing up sales floor space in the existing facility for
passenger cars.
Miscellaneous
The Board of Directors and the CEO propose that the distributable earnings, SEK 195,063,000, be distributed as follows:
Amounts in TSEK
Dividends
10,000
Carried forward
185,063
Total
195,063
Car to Go Sweden AB became part of the group, and the remaining
71% of shares were bought, making the company a wholly owned subsidiary of Anders Hedin Invest AB. The company drives sales of private
leases through www.carplus.se.
The property segment of the Group attributable to I.A Hedin Fastighet Group
THE BOARD’S STATEMENT REGARDING THE PROPOSED
DIVIDEND
The property segment acquired commercial premises in Akalla and
completed the new facility for commercial vehicles in Helsingborg.
Reconstruction of the properties in Akalla and Värnamo began and
will be completed in 2015. The new facility in Ängelholm opened in
January 2015. In Jönköping, construction began on the new 22,000
square metre facility along the E4, which is due for completion in
2016. An agreement was signed for the purchase of a property in
Kista, with transfer of ownership planned for the first quarter of 2015.
This property will include a commercial vehicle facility, which will free
up sales floor space at the Akalla facility.
The proposed dividend is thereby justified in light of the provisions of
chapter 17, section 3, paragraphs 2-3 of the Swedish Companies Act,
ABL (prudence rule).
Subject to the approval of the AGM, dividends will be distributed in
the amount of 10,000,000, which means that non-restricted equity
following the dividend payment will total 175,063,000, as calculated at
the 2015 EGM. The proposed transfer of value in the form of dividends
reduces the company’s equity/assets ratio to 55%. Considering that
the company's activities have continued to be profitable, this equity/
asset ratio is satisfactory. Liquidity in the company can be expected to
remain at a similarly satisfactory level.
Rental car segment of the Group attributable to Mabi Rent Group
For the company’s financial position and results of operations, please
refer to the following income statement and balance sheet with accompanying notes.
It is the Board's opinion that the proposed dividend will not prevent the
company from fulfilling its obligations on either the short or long term,
or prevent it from making necessary investments.
Mabi Rent AB was acquired and delisted from the stock exchange.
This acquisition diversifies the parent group with a rental car company
for both short and long-term rentals. Two car dealerships in the Mabi
Rent group were liquidated and the brands are now represented in the
Akalla facility.
66
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Annual Report
ANDERS HEDIN INVEST AB
2014
INCOME STATEMENT - GROUP
BALANCE SHEET - GROUP
Amounts in TSEK
Note
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
7,288,023
5,312,640
3,879
1,394
7,291,902
5,314,034
-5,890,824
-4,326,378
5.6
-453,173
-227,009
Tangible fixed assets
4
-636,313
-434,158
Buildings and land
-113,128
-89,935
-2,459
-
196,005
236,554
Operating income
Amounts in TSEK
Note
31 Dec 2014
31 Dec 2013
11,055
ASSETS
Fixed assets
Net sales
2.7
Other operating income
3
Operating costs
Goods for resale
Other external expenses
Employee expenses
Depreciation/amortisation of tangible and
and intangible assets
Other operating expenses
Operating profit/loss
Income from financial items
Intangible fixed assets
Concessions, patents, licenses, trademarks
and similar rights
14
22,619
Goodwill
15
58,932
-
81,551
11,055
16
2,476,495
2,036,399
Accrued leasehold
17
2,037
-
Equipment, tools and installations
18
309,158
187,217
Construction in progress and
advance payments for tangible assets
19
52,743
5,117
2,840,433
2,228,733
Financial fixed assets
Income from participation in associated companies
8
2,692
-361
fixed assets
9
880
9,604
Interest income and similar income statement items
10
2,662
1,978
Interest expenses and similar income statement items
11
-54,409
-58,507
Profit/loss after financial items
147,830
189,268
Profit/loss before tax
147,830
189,268
Inventories etc.
-38,389
-42,129
Securities
109,441
147,139
Finished goods and merchandise
Income from other securities and receivables held as
Participations in associated companies
21
11,790
3,328
Other securities held as non-current assets
22
2,161
154
Other non-current receivables
Total fixed assets
3,394
-
17,345
3,482
2,939,329
2,243,270
4,539
-
964,209
606,949
968,748
606,949
302,301
172,148
1,046
-
Current assets
Tax on profit/loss for the year
13
Profit for the year
Attributable to
Current receivables
Parent Company's shareholders
Minority interests
109,081
143,574
360
3,565
Accounts receivable
Receivables from associated companies
Other receivables
73,226
30,138
153,631
69,515
530,204
271,801
86,265
6,921
Total current assets
1,585,217
885,671
TOTAL ASSETS
4,524,546
3,128,941
Prepaid expenses and accrued income
23
Cash and bank balances
68
69
Annual Report
ANDERS HEDIN INVEST AB
2014
BALANCE SHEET - GROUP
CASH FLOW STATEMENT - GROUP
Amounts in TSEK
Note
31 Dec 2014
31 Dec 2013
EQUITY AND LIABILITIES
Amounts in TSEK
Note
31 Dec 2014
31 Dec 2013
Operating activities
Equity
Share capital
24
100
100
Other equity including profit for the year
1,113,935
926,883
Equity attributable to the parent company shareholders
1,114,035
926,983
54,162
53,851
1,168,197
980,834
Minority interests
Total equity
Profit/loss after financial items
30
147,830
189,268
Adjustment for non-cash items, etc.
32
104,618
82,151
252,448
271,419
Income tax paid
Cash flow from operating activities before
-18,661
-10,993
233,787
260,426
changes in working capital
Cash flow from changes in working capital
Provisions
Provisions for pensions and
Increase(+)/Decrease(-) in inventories
-221,066
63,532
Increase(-)/Decrease(+) in operating receivables
-134,089
-17,443
similar obligations
25
59,141
25,811
Deferred tax liabilities
26
170,629
126,537
Increase(+)/Decrease(-) in operating liabilities
229,770
152,348
Cash flow from operating activities
Investing activities
223,665
-60,884
102,297
245,631
-228,612
-28,955
Non-current liabilities
Overdraft facility
28
599,199
201,395
Other liabilities to credit institutions
27
1,552,839
1,317,261
Acquisition of subsidiaries
2,152,038
1,518,656
Disposal of subsidiaries
Current liabilities
8,449
Acquisition of intangible fixed assets
Liabilities to credit institutions
27
Accounts payable
Tax liabilities
Other current liabilities
Accrued expenses and deferred income
29
-8,791
139,367
37,753
338,802
147,940
Disposal of tangible fixed assets
14,789
28,751
14,939
Acquisition of financial fixed assets
-6,050
-1,532
101,069
71,710
Cash flow from investment activities
-531,560
-135,281
366,552
204,761
974,541
477,103
838,789
-
-310,444
-90,145
Acquisition of tangible fixed assets
-302,896
Financing activities
Borrowings
TOTAL EQUITY AND LIABILITIES
4,524,546
3,128,941
Amortisation of loans
Acquisition of minority interest
-49
Dividends paid to the parent company shareholders
PLEDGED ASSETS AND CONTINGENT LIABILITIES
Cash flow from financing activities
31 Dec 2014
31 Dec 2013
Cash flow for the year
Pledged assets for own liabilities and provisions
Cash and cash equivalents at the start of the year
Property mortgages
Exchange rate difference in cash and cash equivalents
Floating charges
Assets with ownership reservation
1,603,850
1,180,030
791,500
572,000
2,395,877
Cash and cash equivalents at year-end
31
1,752,030
Contingent liabilities
Guarantee commitments FPG/PRI
Purchased and residual value guarantees
Guarantees
1,182
516
99,602
56,595
2,894
Total
103,678
70
-20,000
-20,000
508,296
-110,145
79,033
205
6,921
6,716
311
527
Total
-113,243
57,111
71
86,265
6,921
Annual Report
ANDERS HEDIN INVEST AB
2014
INCOME STATEMENT - PARENT COMPANY
BALANCE SHEET - PARENT COMPANY
Amounts in TSEK
Note
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
5,100
-
Tangible fixed assets
5,100
-
Equipment, tools and installations
-5,679
-148
-10
-
-589
-148
Operating income
Amounts in TSEK
Note
31 Dec 2014
31 Dec 2013
18
41
-
41
-
ASSETS
Fixed assets
Net sales
2
Operating costs
Other external expenses
5.6
Depreciation/amortisation of tangible and
and intangible assets
Operating profit/loss
Income from financial items
Financial fixed assets
Participations in Group companies
20
302,237
191,114
Participations in associated companies
21
9,570
3,689
Other securities held as non-current assets
22
1,233
154
Total fixed assets
313,040
194,957
313,081
194,957
126
126
126
126
796
-
Profit/loss from other securities and receivables
held as fixed assets
9
69
-
Current assets
Interest income and similar income statement items
10
10
17
Interest expenses and similar income statement items
11
-5,592
-8,402
-6,102
-8,533
104,241
109,278
Receivables from associated companies
98,139
100,745
Other receivables
1,084
6,647
1,880
6,647
-21,965
-22,162
Cash and bank balances
6,056
505
76,174
78,583
Total current assets
8,062
7,278
321,143
202,235
Profit/loss after financial items
Inventories, etc.
Finished goods and merchandise
Current receivables
Appropriations
12
Profit/loss before tax
Tax on profit/loss for the year
13
Profit for the year
TOTAL ASSETS
72
73
Annual Report
ANDERS HEDIN INVEST AB
2014
BALANCE SHEET - PARENT COMPANY
CASH FLOW STATEMENT - PARENT COMPANY
Amounts in TSEK
Note
31 Dec 2014
31 Dec 2013
EQUITY AND LIABILITIES
Amounts in TSEK
Note
31 Dec 2014
31 Dec 2013
-6,102
-8,533
10
649
-6,092
-7,884
Operating activities
Equity
24
Profit/loss after financial items
Adjustment for non-cash items, etc.
Restricted equity
Share capital (1000 shares)
100
100
100
100
Non-restricted equity
Profit/loss carried forward
Profit for the year
Total equity
118,889
60,307
76,174
78,583
195,063
138,890
195,163
138,990
Income tax paid
-3,534
-3,289
Cash flow from operating activities before
-9,626
-11,173
Increase(-)/Decrease(+) in operating receivables
4,767
-4,039
Increase(+)/Decrease(-) in operating liabilities
5,393
changes in working capital
Cash flow from changes in working capital
Cash flow from operating activities
Non-current liabilities
Other liabilities to credit institutions
27
Liabilities to Group companies
37,730
-
30,142
43,281
Investing activities
67,872
43,281
Acquisition of subsidiaries
Current liabilities
534
-111,123
Acquisition of tangible fixed assets
Liabilities to credit institutions
27
Accounts payable
Liabilities to Group companies
Tax liabilities
Other current liabilities
TOTAL EQUITY AND LIABILITIES
14,320
-
Acquisition of financial fixed assets
101
-
Cash flow from investment activities
5,289
-
38,395
19,964
3
-
58,108
19,964
321,143
202,235
-51
-6,960
-1,582
-118,134
-1,582
Borrowings
156,962
36,348
Amortisation of loans
-13,811
Dividends paid to the parent company shareholders
-20,000
-20,000
123,151
16,348
5,551
-446
505
951
6,056
505
Financing activities
Cash flow from financing activities
Cash flow for the year
Cash and cash equivalents at the start of the year
PLEDGED ASSETS AND CONTINGENT LIABILITIES
31 Dec 2014
31 Dec 2013
Pledged assets
None
None
Contingent liabilities
None
None
74
-15,212
Cash and cash equivalents at year-end
75
Annual Report
ANDERS HEDIN INVEST AB
2014
NOTES
the tax rates and laws decided before the balance sheet date and are
not calculated at present value.
more than 12 months after the balance sheet date, which are classified
as fixed assets. Receivables are carried at the amount expected to be
paid after deductions for individually assessed doubtful receivables.
NOTE 1
NOTES AND ACCOUNTING PRINCIPLES
Borrowings and accounts payable
Borrowings are initially recognized at cost less transaction costs.
Amounts in TSEK unless otherwise stated.
Offsetting of financial receivables and financial liabilities
Financial assets and financial liabilities are offset and recognized with
a net amount in the balance sheet only when legal right of offset exists
and when a settlement with a net amount is intended or when a concurrent sale of the asset and settlement of the liability is intended.
General accounting principles
From the 2014 financial year, Annual Reports are prepared in accordance with the Swedish Annual Accounts Act and the Accounting
Standards Board general guidelines, BFNAR 2012:1 Annual Report
and Group Accounts (K3). Previously, the Annual Accounts Act and
the Swedish Accounting Standards Board general guidelines BFNAR
2008:1 (K2) and BFNAR 2012:1 (K3) were applied. The transition has
been done in accordance with the provisions of chapter 35 of K3.
The following depreciation periods are applied:
Parent
Groupcompany
yearyear
Buildings;
Frame and foundation
120
Frame extensions
80
50
Plumbing, electrical, ventilation
Exterior50
Roof40
Installations25
20-100
Revaluation of building
Expenditure on property
10
Land improvements
5
Building equipment
20-80
3-5
5
Equipment, tools and installations
The effects of the transition to K3 are reported in note 34.
Valuation principles, etc.
Assets, provisions and liabilities are assessed at acquisition value
unless otherwise noted below.
Intangible assets
Intangible assets are recognized at their acquisition value less accumulated amortization and impairment losses.
Borrowing costs
Borrowing costs attributable to purchase, construction or production
of tangible assets that take significant time to complete before they
can be used or sold are included in the asset’s acquisition value. Other
borrowing costs are recognized as expenses in the period for which
they are attributable.
Amortization
Amortization is linear over the asset's estimated useful life. Amortization is recognized as an expense in the income statement.
Group year
year
The following amortization periods are applied:
Acquired intangible assets
5
Acquired intangible assets
5
Leasing
All leases are recognized as operating leases. Lease payments under
operating leases, including raised initial rents but excluding fees for
services such as insurance and maintenance, are recognized as an
expense linearly over the lease term.
Tangible fixed assets
Vehicles in the car rental segment that are purchased with repurchase
agreements, meaning that the selling company buys back the vehicle
at a predetermined residual value, are recognized as operational leases
and not as owned vehicles.
Tangible assets are recognized at their acquisition value less accumulated depreciation and impairment losses plus revaluation. The acquisition value includes, in addition to the purchase price, expenditures
that are directly attributable to the acquisition.
Inventories
Inventories are carried at the lower of cost and net realizable value. Obsolescence risk has been taken into account. Cost is determined using
the first-in, first-out principle. In addition to purchasing expenses,
cost also includes expenses incurred in bringing the products to their
current location and condition.
Additional expenditures
Additional expenditures that meet the asset criteria are calculated in
the asset's carrying value. Expenditures for ongoing maintenance and
repairs are recognized as expenses as they are incurred.
Depreciation/Amortization
Depreciation is linear over the asset's estimated useful life as it reflects
the expected consumption of the asset's future economic benefits.
Depreciation is recognized as an expense in the income statement.
Financial assets and liabilities
Financial assets and liabilities are recognized in accordance with chapter 11 (Financial instruments valued on the basis of cost) in BFNAR
2012:1.
For some of the tangible assets, the difference in consumption of major
components is deemed to be material. These assets have therefore
been split up into components that are depreciated separately. This
applies to the properties owned within the Group.
Financial instruments recognized in the balance sheet include
accounts receivable and other receivables, accounts payable and
loans payable.
Accounts receivable and other receivables
Receivables are recognized as current assets, except for maturities
76
Deferred tax assets have been estimated at no more than the amount
likely to be recovered based on current and future taxable income.
Estimates are re-examined at each reporting date.
In the consolidated balance sheet, untaxed reserves are divided into
deferred tax and equity.
Revenue
The inflows of economic benefits that the company has received or
will receive for its own account are recognized as revenue. Revenue is
measured at the fair value of the consideration received or receivable,
less discounts.
Impairment testing of financial fixed assets
On each balance sheet date, the company assesses whether there
is any indication of impairment requirements in any of the financial
assets. Impairment is recognized if the decline in value is determined
to be permanent.
For the sale of goods, revenue is recognized upon delivery, or when
significant risks and benefits are transferred from the seller to the
buyer in accordance with the terms of sale.
Impairment testing of shares in Group companies
The company tests annually whether any impairment exists for shares
in Group companies and receivables on Group companies. No impairment requirements exist for 2014.
In cases where the sale of goods is combined with a future repurchase
commitment at a guaranteed residual value, a repurchase agreement,
the transaction is recognized as an operating lease, provided that substantial risks remain with the company. Revenue from the transaction
is not reported at the time of the sale, but is instead allocated on a
linear basis from the date of purchase to the date of repurchase. Up to
the date of repurchase, this sale is recognized as deferred income.
Employee benefits
Short-term employee benefits
Short-term employee benefits in the company consist of salary, social
contributions, paid holiday, paid sick leave and bonuses. Short-term
employee benefits are recognized as costs and liabilities when there
are legal or constructive obligations to pay compensation.
Cash Flow Statement
The Cash Flow Statement is prepared using the indirect method.
Reported cash flow only includes transactions that involve cash
payments.
Post-employment employee benefits
Plans for post-employment benefits are classified as either defined
contribution plans or defined benefit plans.
In addition to cash on hand, the company classifies cash and cash
equivalents as balance available at banks and other credit institutions,
and short-term liquid investments that are listed on a marketplace and
have a maturity of less than three months from the acquisition date.
Restricted cash is not classified as cash and cash equivalents. Changes in restricted cash are reported in investing activities.
In defined contribution plans, fixed fees are paid to another company,
usually an insurance company, and there is no further obligation to the
employee once the fee is paid. The size of the employee’s post-employment benefits depend on the contributions paid and the capital return
on these fees.
GROUP ACCOUNTS
The company has a provision for defined benefit plans. Provision to the
PRI debt is made after a PRI-conducted actuarial calculation.
Defined benefit and defined contribution pension plans are recognized
in accordance with current Swedish accounting practice based on the
the Act on Safeguarding of Pension Commitments. All pension premiums are thus expensed during the period they were earned.
Subsidiaries
Subsidiaries are companies in which the parent company directly or
indirectly holds more than 50% of the voting rights, or otherwise has
a controlling influence. Controlling influence is the right to determine a company's financial and operating strategies in order to obtain
economic benefits.
Tax
Tax on the year's profit/loss in the income statement comprises current
tax and deferred tax. Current tax is the income tax for the current fiscal
year relating to the year's taxable income and the portion of the previous fiscal year's income tax that has not yet been recognized. Deferred
tax is the income tax on taxable income relating to future fiscal years as
a result of past transactions or events.
Reporting of business acquisitions is based on a unit perspective.
This means that the acquisition analysis is prepared as of the date
the acquiring party gains controlling influence. From this time, the
acquiring party and the acquired unit are seen as one accounting unit.
The application of unit perspective furthermore means that all assets
(including goodwill) and liabilities, as well as revenue and expenditures, are included in full, even for partially owned subsidiaries.
Deferred tax is recognized for all taxable temporary differences, though
not for temporary differences originating from the first recognition of
goodwill. Deferred tax assets are recognized for deductible temporary
differences and for the possibility of future tax loss carryforwards. This
rating is based on how the carrying value of the corresponding asset or
liability is expected to be recovered or settled. Amounts are based on
The acquisition value of the subsidiary is calculated as the sum of fair
value at the time of acquisition for effected assets, plus the incurred
and assumed liabilities and equity instruments issued, costs that are
directly attributable to the business acquisition and any additional
purchase price. The acquisition analysis determines the fair value, with
some exceptions, at the acquisition date of the acquired identifiable
77
Annual Report
ANDERS HEDIN INVEST AB
2014
future. The resulting estimates for accounting purposes will, by definition, seldom match actual results. The estimates and assumptions that
carry a significant risk for material adjustments in reported values for
assets and liabilities during the following year are outlined below.
assets, assumed liability and minority interest. Minority interest is measured at fair value at the acquisition date. As of the date of acquisition,
the acquired company's revenues and expenditures, identifiable assets
and liabilities, and goodwill or negative goodwill are included in the
Consolidated Financial Statements.
Valuation of inventories
The company’s sales refer to vehicles and compatible activities, such
as spare parts and service. The majority of the products are affected
by a competitive and changing market, where the used market in particular carries a risk of value impairment. In the financial statements,
individual obsolescence tests are conducted on both vehicles and
spare parts inventories.
Goodwill
Goodwill arises when the acquisition of shares in a subsidiary exceeds
the acquisition analysis value of the acquired company's identifiable
net assets. Goodwill is recognized at acquisition value less accumulated amortizations and any impairment losses.
Translation of foreign subsidiaries
The current method is applied for translation of the income statements
and balance sheets in independent foreign operations. Operations
integrated with the parent company are translated using the monetary
method.
The current method means that all assets, provisions and liabilities are
translated at the closing rate and that all items in the profit and loss
statements are translated at average exchange rates. Any translation
differences are reported directly in equity.
Accounting estimates and assumptions
The company makes accounting estimates and assumptions about the
Valuation of properties
The properties are subject to regular valuation by external parties, the
last performed in December 2014. These are based on an estimated
market rent for each property, and not on the internal rent that is set
between the property company and the operating company. Because
the market value corresponds well to the book value, we believe that
the financial statements give an accurate account of the company.
NOTE 4
EMPLOYEES AND PERSONNEL COSTS
Average number of employees
1 Jan 2014
1 Jan 2013
31 Dec 2014
Of which men
31 Dec 2013
Of which men
-
-
-
-
Sweden
1,234
11,095
836
764
Norway
6
6
Belgium
6
6
Parent company
Total in parent company
Subsidiaries
Germany
4
4
Total in subsidiaries
1,250
1,111
836
764
Group totals
1,250
1,111
836
764
31 Dec 2014
31 Dec 2013
Gender distribution in senior management
Number of women Number of women
NOTE 2
NET SALES BY BUSINESS SEGMENT AND GEOGRAPHIC MARKET
Parent company
Board of Directors
20%
20%
0%
0%
20%
20%
0%
0%
1 Jan 2014
31 Dec 2014
1 Jan 2013
31 Dec 2013
-
-
16,866
5,325
3,916
1,568
Other employees
448,312
297,831
Total
465,178
303,156
Social security expenses
188,415
120,637
(of which pension costs)
36,371
22,802
16,866
5,325
3,916
1,568
Other employees
448,312
297,831
Total
465,178
303,156
410
Social security expenses
188,415
120,637
889
984
(of which pension costs) 1)
36,371
22,802
Miscellaneous
1,833
-
Total
3,879
1,394
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
Other senior executives
Group
Group
Board of Directors
Net sales by business segment
Vehicle sales
5,463,404
3,690,233
Service Center
489,597
466,322
Spare parts in automotive activities
509,830
483,254
85,251
66,075
Commission income
Spare parts in wholesale activities
246,732
Car rental activities
120,161
Securities
349,313
588,170
23,735
18,586
7,288,023
5,312,640
Sweden
7,109,062
5,312,640
Norway
25,428
Miscellaneous
152,933
7,288,023
5,312,640
Parent company
Sweden
5,100
5,100
NOTE 3
OTHER OPERATING INCOME
Salaries, other remunerations and social security costs
Parent company
Net sales per geographic market
EU countries
Other senior executives
-
Board of Directors and CEO
Total
Subsidiaries
Board members, CEO and other senior executives
(of which bonuses)
Group
Board members, CEO and other senior executives
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
Group
Rental income
1,157
Contributions received
78
(of which bonuses)
1) Of the Group's pension costs, SEK 1,551,000 (660,000 previous year) is attributable to board members and
the CEO, 4 (2) people. The Group’s outstanding pension obligations for these amount to SEK 0 (previous year 0).
79
Annual Report
ANDERS HEDIN INVEST AB
2014
NOTE 5
FEES AND EXPENSES FOR AUDITORS
NOTE 8
INCOME FROM OTHERS IN COOPERATIVE ASSOCIATION
1 Jan 2014
1 Jan 2013
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
31 Dec 2014
31 Dec 2013
Group
Group
Öhrlings PricewaterhouseCoopers
Capital gains on sale of shares
Audit fees
Tax consultancy
Other services
Total
1,200
576
74
57
-
22
1,274
655
KPMG
Audit fees
364
Other services
373
Total
737
-
Mazars SET
Audit fees
61
Other services
45
Total
106
182
Share in profit under the equity method
2,510
-361
Total
2,692
-361
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
NOTE 9
INCOME FROM SECURITIES AND RECEIVABLES HELD AS
FIXED ASSETS
Group
Capital gain on sale of subsidiaries
7,356
Capital gain on sale of interest rate derivatives
3,350
Impairment of shares
-1,102
Dividends
880
-
The auditing fees for the parent company were charged in their entirety to I.A Hedin Bil AB.
880
9,604
Parent company
Dividends
69
NOTE 6
OPERATIONAL LEASING - LESSEE
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
Expensed leasing fees for the financial year
77,503
12,158
77,503
12,158
Contracted future minimum lease payments under
-
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
2,662
1,978
2,662
1,978
10
17
10
17
NOTE 10
OTHER INTEREST INCOME AND SIMILAR INCOME STATEMENT ITEMS
Group
Total leasing costs
69
Group
Interest income, other
non-terminable contracts mature as follows:
Within one year
80,747
15,270
Parent company
From one to five years
92,004
19,535
Interest income, other
Later than five years
43,507
-
216,258
34,805
No operational leasing exists in the parent company.
NOTE 11
INTEREST EXPENSES AND SIMILAR INCOME STATEMENT ITEMS
NOTE 7
OPERATIONAL LEASING - LESSOR
1 Jan 2014
31 Dec 2014
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
-54,142
-58,507
-267
-
-54,409
-58,507
Interest expenses, Group companies
-4,543
-680
Interest expenses, other
-1,049
-7,073
1 Jan 2013
31 Dec 2013
Group
Group
Interest expenses, other
Leasing income for properties that were subleased
uppgår till
10,250
9,832
Exchange rate losses
Contracted future minimum lease payments under
Parent company
non-terminable contracts mature as follows:
Within one year
14,081
12,252
From one to five years
22,117
19,424
Later than five years
Others
518
36,716
80
-649
-5,592
31,676
81
-8,402
Annual Report
ANDERS HEDIN INVEST AB
2014
NOTE 12
APPROPRIATIONS
NOTE 14
CONCESSIONS, PATENTS, LICENSES, TRADEMARKS
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
104,241
109,278
104,241
109,278
31 Dec 2014
31 Dec 2013
Group
Accumulated acquisition value:
Group contribution
Total
NOTE 13
TAX ON PROFIT/LOSS FOR THE YEAR
-At start of year
11,055
-New acquisitions
8,791
-Business combinations
4,469
-Translation differences for the year
-7
24,308
1 Jan 2014
1 Jan 2013
31 Dec 2014
31 Dec 2013
-Planned depreciation for the year
-1,695
6
Current tax expenses
Period’s tax expenses
-30,765
Adjustment of tax attributable to previous years
-35,714
11,055
Accumulated planned depreciation:
-Translation differences for the year
Group
11,055
Carrying amount at year-end
-1,689
-
22,619
11,055
31 Dec 2014
31 Dec 2013
-375
-31,140
-35,714
Deferred tax expense(-) [/tax income(+)]
Deferred tax on temporary differences
Total reported tax expense in the Group
-7,249
-6,415
-7,249
-6,415
-38,389
-42,129
NOTE 15
GOODWILL
Group
Accumulated acquisition value:
-New acquisitions
Reconcilitaion of effective tax
Profit/loss before tax
147,830
189,268
62,663
-Business combinations
6,765
-Translation differences for the year
Tax at applicable tax rate for parent company
-32,523
70,040
-41,639
Effect of foreign tax rates
-503
Accumulated planned depreciation:
Tax attributable to previous years
-375
-Planned depreciation for the year
Non-deductible expenses
-357
-124
20
1,623
Non-taxable income
Tax effect of change in tax rate
-Translation differences for the year
-345
1,025
Standard interest on tax allocation reserve
-51
Tax effect of Group amortization/depreciation
-5,529
-1,989
-38,389
-42,129
-21,590
-22,162
Parent company
Current tax expenses
Period’s tax expenses
Adjustment of tax attributable to previous years
-375
-21,965
-22,162
98,139
100,745
-21,591
-22,163
1
1
Reconcilitaion of effective tax
Profit before tax
Tax at applicable tax rate for parent company
Non-taxable income
Tax attributable to previous years
-375
Total reported tax expense in the parent company
-21,965
82
-
-10,763
Carrying amount at year-end
-96
Utilization of previously non-capitalized loss
612
-22,162
83
-11,108
-
58,932
-
Annual Report
ANDERS HEDIN INVEST AB
2014
NOTE 16
BUILDINGS AND LAND
NOTE 18
EQUIPMENT, TOOLS AND INSTALLATIONS
31 Dec 2014
31 Dec 2013
Group
31 Dec 2014
31 Dec 2013
-At start of year
369,739
349,154
170,710
43,160
Group
Accumulated acquisition value:
Accumulated acquisition value:
-At start of year
1,771,573
1,682,858
-New acquisitions
191,461
98,782
-New acquisitions
-Business combinations
161,891
70,263
-Business combinations
-Divestitures and disposals
-80,330
2,124,925
1,771,573
22,354
-Divestitures and disposals
-39,322
-Translation differences for the year
10
Accumulated planned depreciation:
-At start of year
-Business combinations
-156,695
-126,247
-
-3,669
-Divestitures and disposals
2,451
-Planned depreciation for the year
-33,294
-29,230
-189,989
-156,695
421,521
426,893
-At start of year
-Planned depreciation for the year on revaluations
-Appreciation for the year
-5,373
-5,372
125,411
Carrying amount at year-end
523,491
369,739
-182,522
-149,765
29,796
22,575
Accumulated planned depreciation:
-At start of year
-Divestitures and disposals
-Planned depreciation for the year
Carrying amount at year-end
Accumulated appreciation:
-22,575
Equipment held under finance leases
-61,607
-55,332
-214,333
-182,522
309,158
187,217
None
None
included at the following amounts
541,559
421,521
2,476,495
2,036,399
Parent company
Accumulated acquisition value:
Market value is determined on an ongoing basis by external parties. Market value amounts to 2,561,500,000, which exceeds the book value. This
was revalued in the amount of 125,411,000 against the revaluation reserve. Provision for deferred tax on revaluation amounted to 27,590,000.
-New acquisitions
51
51
-
-10
-
-10
-
41
-
None
None
31 Dec 2014
31 Dec 2013
5,117
283
52,249
4,834
Accumulated planned depreciation:
-Planned depreciation for the year
NOTE 17
ACCRUED LEASEHOLD
Carrying amount at year-end
31 Dec 2014
31 Dec 2013
Equipment held under finance leases
Group
included at the following amounts
Accumulated acquisition value:
-New acquisitions
132
-Business combinations
2,278
-Translation differences for the year
4
2,414
-
NOTE 19
CONSTRUCTION IN PROGRESS AND ADVANCE PAYMENTS FOR
PROPERTY, PLANT AND EQUIPMENT
Accumulated planned depreciation:
-Planned amortization for the year
-376
-Translation differences for the year
Carrying amount at year-end
Group
-1
-
At start of year
-377
-
Investments
2,037
Reclassifications
-4,623
Carrying amount at year-end
52,743
5,117
31 Dec 2014
31 Dec 2013
-At start of year
191,114
180,009
-Purchases
111,123
11,105
302,237
191,114
NOTE 20
PARTICIPATIONS IN GROUP COMPANIES
Accumulated acquisition value:
Carrying amount at year-end
84
85
Annual Report
ANDERS HEDIN INVEST AB
2014
NOTE 21
PARTICIPATIONS IN ASSOCIATED COMPANIES
List of parent company and Group holdings of shares in Group companies
This refers to participating interest of capital, which also corresponds to the percentage of votes
for the total number of shares.
31 Dec 2014
31 Dec 2013
-At start of year
3,328
59
- Hedin Göteborg Bil AB, 556061-3456, Mölndal
-Purchases
5,910
1,630
- Hedin Helsingborg Bil AB, 556134-5710, Mölndal
-Reclassifications
- Hedin Stockholm Bil AB, 556944-7492, Mölndal
-Profit participation in associated companies
in %
Carrying
Group
amount
Accumulated acquisition value:
91
167,500
Subsidiary / CIN / Domicile
I.A. Hedin Bil AB, 556065-4070, Mölndal
Klintberg & Way AB, 556563-6932, Stockholm
100
70,000
42
2,000
2,510
-361
11,790
3,328
-At start of year
3,689
59
-Purchases
5,910
1,630
-29
2,000
9,570
3,689
Equity
Votes
Carrying
share
share
amount
Carrying amount at year-end
- Klintberg & Way Norge AS, 977515998, Oslo-Asker, Norway
- KW Parts NV, 453881311, Kortjik, Belgium
Parent company
- KW Wheels AB, 556969-3624, Stockholm
Accumulated acquisition value:
Mabi Rent AB, 556675-9394, Stockholm
100
37,544
- Mabi Sverige AB, 556334-4901, Stockholm
- Jönköpings Biluthyrning, 556928-6098, Jönköping
-Reclassifications
- Mabi Deutschland GmbH, 283468037, Berlin, Germany
Carrying amount at year-end
- Autoexpo i Kista AB, 556780-7598, Stockholm
- Expoautos EA AB, 556848-4637, Stockholm
Specification of company's holding of shares and participations in associated companies
A.H. Värdepapper AB, 556707-7440, Mölndal
100
100
Car to Go Sweden AB, 556787-8052, Mölndal
100
3,579
Hedin IT AB, 556954-4017, Mölndal
100
11,105
Consensus Asset Management, 556474-6518, Göteborg
24%
29%
9,540
I.A. Hedin Fastighet AB, 556730-4059, Mölndal
100
12,409
Ripam Invest AB, 556870-7540
50%
50%
30
Subsidiary / CIN / Domicile
- I.A. Hedin Invest AB, 556369-4537, Mölndal
9,570
- Hedin Akalla Fastighet AB, 556955-6508, Mölndal
NOTE 22
OTHER SECURITIES HELD AS NON-CURRENT ASSETS
- Hedin Borås Fastighet AB, 556753-4101, Mölndal
- Hedin Hisingen Fastighet AB, 556926-7189, Mölndal
- Hedin Högsbo AB, 556217-9670, Mölndal
31 Dec 2014
31 Dec 2013
154
3,278
Group
- Hedin Jönköping Fastighet AB, 556930-5153, Mölndal
Accumulated acquisition value:
- Hedin Kista Fastighet AB, 556982-1084, Mölndal
-At start of year
- Hedin Kristianstad Fastighet AB, 556633-3794, Mölndal
-Additional receivables
- Hedin Kungsbacka Fastighet AB, 556131-4161, Mölndal
2,036
-Retiring assets
- Hedin Linköping Fastighet AB, 556646-3260, Mölndal
- Hedin Malmö Fastighet AB, 556941-6745, Mölndal
- Hedin Mölndal Fastighet AB, 556660-3535, Mölndal
-29
-2,000
-Exchange rate differences for the year
-1,019
Carrying amount at year-end
- Hedin Pianot 5 AB, 556720-7682, Mölndal
- Hedin Uppsala Fastighet AB, 556790-3280, Mölndal
-105
-Reclassifications
2,161
154
154
2,851
Parent company
- Hedin Värnamo Fastighet AB, 556602-7115, Mölndal
Accumulated acquisition value:
- Hedin Ängelholm Fastighet AB, 556946-9041, Mölndal
-At start of year
- Särdal Exploatering AB, 556764-9479, Mölndal
-Additional receivables
- Hedin Fastighet KB, 916892-9959, Mölndal
1,108
-Retiring assets
- KB Högsbo 36:2, 916671-9523, Mölndal
-29
-Reclassifications
- Nideh KB, 916895-1946, Mölndal
-2,000
-Exchange rate differences for the year
- KB Presenten 1, 916832-6404, Mölndal
-649
Carrying amount at year-end
- KB Presenten 2, 916564-7802, Mölndal
1,233
- KB Refy 9, 916835-1477, Mölndal
- Varberg Kardanen KB, 916671-9246, Mölndal
- KB Leoparden 2, 916845-7464, Mölndal
Total
302,237
86
-48
87
154
Annual Report
ANDERS HEDIN INVEST AB
2014
Specification of securities
Carrying amount
NOTE 25
PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS
Market value
Group
Listed shares
125
Unlisted shares
31 Dec 2014
2,036
Group
2,161
Pension commitments FPG/PRI
Parent company
Listed shares
31 Dec 2013
59,141
25,811
59,141
25,811
31 Dec 2014
31 Dec 2013
125
Unlisted shares
1,108
NOTE 26
PROVISIONS FOR OTHER TAXES
1,233
NOTE 23
PREPAID EXPENSES AND ACCRUED INCOME
Group
Provisions for other taxes
31 Dec 2014
31 Dec 2013
Accrued bonuses
43,569
42,013
Prepaid rent
42,087
1,222
Other items
67,975
26,280
153,631
69,515
NOTE 24
EQUITY
170,629
126,537
170,629
126,537
31 Dec 2014
31 Dec 2013
Provisions for taxes are attributable to untaxed reserves, deferred tax related to goodwill on consolidation and changes in property values.
NOTE 27
OTHER LIABILITIES TO CREDIT INSTITUTIONS
Group
Share capital
Other equity
incl. profit for the
year
Minority
interests
934,074
53,851
Maturity, within one year from balance sheet date
139,367
37,753
Maturity, 1-5 years from balance sheet date
350,628
151,012
1,202,211
1,166,249
1,692,206
1,355,014
Maturity, later than 5 years from balance sheet date
Group
Opening balance, 1 Jan 2014
100
Effect of retroactive application
-7,191
Adjusted opening balance 1 Jan 2014
100
926,883
53,851
Changes in carrying amounts
Parent company
Maturity, within one year from balance sheet date
14,320
Maturity, 1-5 years from balance sheet date
37,730
52,050
-
31 Dec 2014
31 Dec 2013
NOTE 28
OVERDRAFT FACILITY
reported directly in equity.
Revaluation of fixed assets
97,821
Translation differences
150
-
Total changes in carrying amounts
97,971
Group
-
Transactions with Group shareholders
Dividends
Granted credit limit
678,000
443,000
Unused portion
-78,801
-241,605
Utilized credit
599,199
201,395
31 Dec 2014
31 Dec 2013
Holiday pay and other accrued salaries
83,122
60,710
Social security contributions
45,183
34,629
-20,000
Change in ownership interest in subsidiaries
-49
-
Total transactions with shareholders
Profit for the year
Equity 31 December 2014
100
-20,000
-49
109,081
360
1,113,935
54,162
Parent company
Opening balance, 1 Jan 2014
100
138,890
Adjusted opening balance 1 Jan 2014
100
138,890
Dividends
NOTE 29
ACCRUED EXPENSES AND DEFERRED INCOME
Group
Prepaid income
53,728
Future unrealized income of repurchase agreements
123,661
Other items
-20,000
Profit for the year
76,173
Equity 31 December 2014
100
88
195,063
89
70,315
60,858
39,107
366,552
204,761
Annual Report
ANDERS HEDIN INVEST AB
2014
NOTE 30
INTEREST PAID AND DIVIDENDS RECEIVED
NOTE 32
ADDITIONAL INFORMATION TO THE CASH FLOW STATEMENT
31 Dec 2014
31 Dec 2013
Group
31 Dec 2014
31 Dec 2013
113,128
89,935
Adjustment for non-cash items not included in cash flow etc.
Interest received
Interest paid
2,662
1,978
54,409
58,507
Group
Depreciation/Amortization
31 Dec 2014
31 Dec 2013
Parent company
Interest received
Interest paid
10
17
5,592
8,402
Unrealized exchange differences
-2,415
Gain on sale of fixed assets
-1,043
Profit participation in associated companies
-2,692
-145
Provisions/receivables relating to pensions
-2,368
-1,358
8
1,075
104,618
82,151
31 Dec 2014
31 Dec 2013
Other non-cash items
NOTE 31
CASH AND CASH EQUIVALENTS
31 Dec 2014
31 Dec 2013
Group
Parent company
The following are included in cash and cash equivalents:
Depreciation/amortization and impairment
Cash and bank balances
37,159
6,921
37,159
6,921
-7,356
10
649
10
649
31 Dec 2014
31 Dec 2013
Acquisition of subsidiaries/operations, effect on net proceeds
The above items are classified as cash equivalents on the basis that:
- They have an insignificant risk for fluctuations in value.
- They can easily be converted to cash.
- They have a maximum maturity of 3 months from acquisition.
Group
Acquired assets and liabilities, and equity from previous holdings of successive acquisitions:
Intangible fixed assets
Tangible fixed assets
31 Dec 2014
31 Dec 2013
Parent company
-190,289
Financial fixed assets
-124,722
Operating receivables
Cash and bank balances
6,056
505
6,056
505
-99,091
Total assets
-420,102
Non-current provisions
-64,970
44,842
Loans
118,586
34,000
89,630
2,015
Total liabilities and provisions
253,058
36,015
Purchase price
232,258
5,508
Paid purchase price
232,258
5,508
-3,646
23,447
228,612
28,955
Operating liabilities
Less:
Cash and cash equivalents in the acquired business
Effect on cash and cash equivalents
90
-64,970
-799
Inventories
The following are included in cash and cash equivalents:
-5,201
91
Annual Report
ANDERS HEDIN INVEST AB
2014
REVISIONSBERÄTTELSE
TILL ÅRSSTÄMMAN I ANDERS HEDIN INVEST AB, ORG.NR 556702-0655
NOTE 33
GROUP INFORMATION
Purchases and sales between Group companies
Of the parent company’s total purchases and sales measured in SEK, 81% (0%) of purchases and 100% (0%) of sales are attributable to other
companies within the entire corporate group to which the company belongs.
NOTE 34
EFFECTS OF TRANSITION TO K3
The transition to K3 has been conducted in accordance with K3, chapter 35. Among other things, this means that comparative figures for 2013
have been restated.
The most significant change is that tangible assets, both acquisition value and accumulated depreciation, have been split into components and
that each component is depreciated over its useful life. The company has defined all buildings in the components. Land, land improvements and
building equipment are also separate components.
In cases where the sale of vehicles is combined with a future repurchase commitment at a guaranteed residual value, a repurchase agreement,
the transaction is recognized as an operating lease. Revenue from the transaction is not reported at the time of the sale, but is instead allocated
on a linear basis from the date of purchase to the date of repurchase. Until that time, the revenue is recognized as deferred income.
Report on the Annual Report and Consolidated Financial Statements
Report on other legal and regulatory requirements
I conducted an audit of Annual Report and Consolidated Financial
Statements of Anders Hedin Invest AB for 2014. The company's Annual
Report and Consolidated Financial Statements are included in the
printed version of this document on pages 65-92.
In addition to my audit of the Annual Report and Consolidated Financial
Statements, I have also examined the proposed appropriations of the
company's profit or loss and the administration of the Board of Directors
and the CEO of Anders Hedin Invest AB for 2014.
Responsibilities of the Board of Directors and the CEO for the Annual
Report and Consolidated Financial Statements
Responsibilities of Board of Directors and the CEO
The Board of Directors is responsible for the proposed appropriation of
the company's profit or loss, and the Board of Directors and the CEO
are responsible for administration under the Swedish Companies Act.
The Board of Directors and the CEO are responsible for the preparation
and fair presentation of the Annual Report and Consolidated Financial
Statements in accordance with the Annual Accounts Act, and for such
internal controls that the Board and CEO determine necessary to enable
the preparation of an annual report that is free from material misstatement, whether due to fraud or error.
Auditor's responsibility
My responsibility is to express an opinion with reasonable assurance on
the proposed appropriations of the company's profit or loss, and on the
administration based on my audit. I have conducted my audit in accordance with generally accepted auditing standards in Sweden.
Auditor's responsibility
UB 2013
according to
adopted
balance sheet
Effect of
changed principle
UB 2013
of
K3 regulations
Balance Sheet
2,045,437
-9,038
2,036,399
Equipment, tools and installations
Buildings and land
116,902
70,315
187,217
Deferred tax liabilities
128,384
-1,847
126,537
Accrued expenses and deferred income
134,446
70,315
204,761
5,240,332
-2,520
5,237,812
Income Statement
Net sales
Goods for resale
-4,361,536
35,158
4,326,378
Depreciation of tangible fixed assets
-48,259
-34,485
-82,744
Tax on profit/loss for the year
-43,976
-1,847
-45,823
Mölndal 20 April 2015
Anders HedinJan LitbornHampus Hedin
CEO/Chairman of the Board
My responsibility is to express an opinion on the Annual Report and
Consolidated Financial Statements based on my audit. I conducted my
audit in accordance with the International Standards on Auditing and
generally accepted auditing standards in Sweden. Those standards require that I comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the Annual Report
and Consolidated Financial Statements are free from material misstatement.
As basis for my opinion on the Board of Directors’ proposed appropriations of the company's profit or loss, I examined the Board's reasoned
opinion and a selection of the data for this to determine whether the
proposal is in accordance with the Swedish Companies Act.
As basis for my opinion concerning discharge from liability, in addition to
my audit of the Annual Report and Consolidated Financial Statements,
I examined significant decisions, actions taken and circumstances of
the company in order to determine whether any member of the board or
the CEO is liable to the company. I also examined whether any member
of the Board of Directors or the CEO has in another way acted in contravention of the Swedish Companies Act, Annual Accounts Act or Articles
of Association.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the Annual Report and Consolidated
Financial Statements. The auditor determines which procedures should
be performed, including the assessment of risks for material misstatements in the Annual Report and Consolidated Financial Statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers those parts of the internal controls that are relevant to
the company's preparation and fair presentation of the Annual Report
and Consolidated Financial Statements in order to design audit procedures that are appropriate to the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the company's internal
controls. An audit also involves evaluating the appropriateness of the
accounting policies that have been used and the reasonableness of the
accounting estimates of the Board of Directors and of the CEO, as well
as evaluating the overall presentation in the Annual Report and Consolidated Financial Statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Opinion
I recommend to the Annual General Meeting that the profit be appropriated as proposed in the Directors' Report and grant the Board of
Directors and CEO discharge from liability for the financial year.
Gothenburg, April 30, 2015
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Johan Palmgren
Certified Public Accountant
Opinion
Jan AlkmarkHelena Hedin
In my opinion, the Annual Report and Consolidated Financial Statements have been prepared in accordance with the Annual Accounts
Act and present fairly, in all material respects, the financial position of
Anders Hedin Invest AB and the Group as of 31 December 2014 and of
its financial performance and cash flows for the year in accordance with
the Annual Accounts Act. The Directors' Report is consistent with the
other parts of the Annual Report and Consolidated Financial Statement.
I therefore recommend that the Annual General Meeting adopt the income statements and balance sheets for the Parent Company and the
Group.
92
93
Annual Report
ANDERS HEDIN INVEST AB
2014
In 2014, we sold a total of 32,480 new and used vehicles from 24 brands
at our 42 car facilities. We’ve been in the black every year.
1980s
} took over Thituson Bil AB’s operations in Linköping, Jönköping, Anderstorp, Ljungby and Värnamo, bringing yet another
brand to the company - Land Rover.
2008 } assets and liabilities acquired of bankrupt Uno Asplunds Bil
AB in Borås.
When it all began...
1985 } Ingemar and Anders Hedin open the first facility in Borås.
1990s
42 facilities
24 car brands
1 400 employees
1985 the year it all began
2015 we celebrate our 30th
Expansion begins
1990 } Philipson Halmstad is acquired and we open the all-new
facility the same year.
1995 } Philipson Helsingborg and Ängelholm are acquired and
Philipson Trucks in Halmstad and Hedin Helsinborg Bil AB
are established.
1998 1999 } real estate and construction company K.I. Andersson Bygg
AB in Borås is acquired and Hedin Göteborg Bil AB is established.
2000s
12 new brands are added and 14 companies and properties
are acquired
2001
2009
} dealership agreement with Renault signed.
} complete refurbishment of neighbouring property on Möln-
} Aktiv Bil AB, Hisings Backa, then a Nissan dealership, was
acquired. Our new Mercedes-Benz facility reopens in autumn
2001.
2002 } our newly renovated facility in Alingsås is reopened.
} become west Sweden dealer for the new Smart city car.
2003 } acquisition of Daimler-Chrysler dealership in Gothenburg,
comprising Mercedes-Benz sales and workshop in Hisings-Kärra, and Chrysler and Jeep sales and workshop in
} Bilstudion Göteborg AB dealership for Chevrolet in Göteborg is acquired. Dealership contract with Cadillac Sverige AB
(Cadillac, Chevrolet, Corvette) signed.
} acquisition of Stjärnhuset Bil AB in Kristianstad, thereby
becoming dealer for Mitsubishi.
2005
} Gothenburg Used Car Center opens in Åbro/Mölndal, next
} I.A. Hedin Fastighet AB disposes of its shareholding in real
} Scanauto i Göteborg AB and Andersson Auto i Varberg AB
are acquired.
} Bra Bil AB’s sales and workshop activities for Renault in
Tagene (Gothenburg) are acquired.
} Mercedes-Benz heavy truck activities in Hisings Kärra taken
over.
2011
} reopening of renovated facilities in Tagene, Vara, Anderstorp
and Ljungby.
94
} acquisition of Klintberg & Way AB (KW Parts), authorized
spare parts distributor for General Motors North American
Vehicles and Mopar (Chrysler, Jeep, Dodge), and Europe’s
largest spare parts wholesaler of American car parts. The
in Sweden.
} Klintberg & Way AB launches a new subsidiary: KW Wheels
AB, a wholesaler for tyres and rims, with offices/warehouse in
Tuve, Göteborg.
} acquisition of four of Bil Partner’s automotive facilities in the
south: Malmö Jägersro, Malmö Burlöv, Lund and Trelleborg.
With this acquisition, we welcomed Subaru as a new brand.
} Anders Hedin Invest AB acquires the remaining 71% of the
shares in Car to Go Sweden AB. Founded in 2010, the company offers the CarPlus concept of private car leasing online.
} Citroën’s Citroën Center in Spånga acquired.
2012
} our new facility in Uppsala opens.
} Group is restructured and Hedin Uppsala Bil AB and Hedin
Helsingborg Bil AB merged.
} opening of our new head offices in Mölndal (across the street
} merger of Consensus Asset Management AB (Consensus)
and Thenberg & Kinde Fondkommission AB. Consensus is a
securities brokerage firm based in Gothenburg and active in
asset management, corporate finance and pensions.
} Anders Hedin Invest AB acquires 16.6% ownership in
Lasingoo Sverige AB, an industry-owned online portal for
booking service, primarily for passenger cars.
} two new facilities in Helsingborg and Ängelholm completed.
from the old offices).
} our AMG Performance Center and Mercedes-Benz Fleet
Car Center in Sisjön open.
2013
} Abarth introduced as a new brand in the Group, and dea-
Helsingborg, which opened on 11 December 2014, consists
lership agreement with Suzuki terminated due to low market
of a 5,500 square metre Commercial Vehicle and Truck
volumes.
Center. The new facility in Ängelholm was opened in January
} our Mercedes-Benz facility for cars, vans and trucks in
2015.
Hisings Kärra is rebuilt and reopened in October.
} I.A. Hedin Fastighet AB acquires three properties for lease
metres, thanks to good planning and restructuring of existing
} Svenska Bil’s activities in Stockholm acquired in October,
with official takeover on 1 January 2014. Four facilities are
added and a new subsidiary created in the Hedin Bil Group:
operations.
2014/15 } rebuild and add 15,000 square metres to our existing
property in Stockholm, Akalla. The Segeltorp facility is also
Hedin Stockholm Bil AB.
} Opel Malmö property and bankruptcy estate acquired. Opel
Black Box opens in January 2014 and Opel introduced as a
renovated and extended.
2015 2006 } Bilexa i Göteborg AB, a local dealership for Mitsubishi and
Citroën, is acquired.
} Philipson i Uppsala Bil AB’s operations in Uppsala and
new car facility acquisitions, two newly built facilities, and a
Enköping are acquired.
refurbishment of an existing facility.
2014
} was the most eventful year in the Group’s almost 30-year
history! Three company acquisitions, a partnership in a new
replace the existing facility in Jönköping.
company, a merger of part-owned companies, a total of nine
} a full-service, 22,000 square metre facility in Jönköping for
cars, trucks and vans begins construction. This facility will
new brand in the Group.
} Klintberg & Way AB’s Gothenburg operations in Åbro/Mölndal are acquired.
} reconstruction of our facility in Värnamo, a 320 square
metre extension expanded the showroom by 800 square
to external tenants.
} dealership contract with KIA Motors
Sweden AB signed.
(Akalla). The property is owned by Hedin Akalla Fastighet AB.
} newly built facilities opened in Borås, Kungsbacka and
Varberg.
estate company KIA Fastighet AB.
2007
} took possesion of our commercial property in Stockholm
company currently operates in 37 countries with head offices
2010
} Bilforum i Uddevalla AB acquired, giving us four new branches: Uddevalla, Trollhättan, Strömstad and Vara.
25 successful years
to the US Center.
} facility in Segeltorp increases its sales floor by 600 square
metres.
2010s
Åbro/Mölndal.
2004 dalsvägen and Commercial Vehicle Center opened in 2010.
} Philipson in Göteborg, Alingsås and Kungsbacka are
acquired. Work begins on the extensive refurbishment of the
property on Mölndaslvägen and the head office moves to
Mölndal.
IT ALL BEGAN IN 1985 WHEN FATHER AND SON,
INGEMAR AND ANDERS HEDIN, ACQUIRE
PHILIPSON FACILITY IN BORÅS.
MILESTONES
AND HISTORY
I.A. Hedin Bil AB is a family-owned company established through the acquisition of the Philipsons vehicle facility in Borås. Below is a history of the
company from its start in 1985 to date. A procession of unique events has
led to our position today as one of Sweden’s largest and leading automotive
dealerships. Since 2008, Anders Hedin Invest AB has been the parent
company of the Group.
} publicly traded rental car company Mabi Rent AB acquired.
The company operates in Sweden and Germany.
95
} an all-new Commercial Vehicle Center in Kista, Stockholm
also underway.
Annual Report
ANDERS HEDIN INVEST AB
2014
BOARD OF DIRECTORS AND
GROUP MANAGEMENT
BOARD OF DIRECTORS
ANDERS HEDIN INVEST AB
MANAGEMENT
ANDERS HEDIN INVEST AB
(Group parent company)
Anders Hedin
Chairman
Hampus Hedin
Director
Helena Hedin
Director
Jan Alkmark
Director
Jan Litborn
Director (lawyer at Glimstedt law firm)
Anders Hedin
Jan Alkmark
Per Mårtensson
Jörgen Forsberg
President & CEO
EVP
CFO
Business Developer
I.A. HEDIN BIL AB
MABI RENT AB
Anders Hedin
President
Jörgen Loikas
EVP and
COO
André Schleemann
I.A. HEDIN FASTIGHET AB
KLINTBERG & WAY AB
Anders Hedin
Fritz Persson
Jörgen Forsberg
President
Property Manager
HEDIN IT AB
Anders Hedin
Bo Westberg
Managing Director
A.H. VÄRDEPAPPER AB
President
COO
Anders Hedin
CAR TO GO SWEDEN AB
Anders Hedin
Managing Director
President
96
President
ANDERS HEDIN INVEST AB
Box 2114 ı SE-431Mölndal ı Sweden ı Phone: +46 31 790 00 00
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