- Annual report 2008/2009
-
Annual report 2009
- 2009 in brief
- President’s comments
- Hemtex share
- Presentation of business operations
- Board of Directors’ report
- Income statements
- Balance sheets
- Changes in consolidated shareholders’ equity
- Changes in Parent Company shareholders’ equity
- Cash-flow statements
-
Notes
- Note 1 - Accounting principles
- Note 2 - Segment reporting
- Note 3 - Other operating income
- Note 4 - Employees and personnel costs
- Note 5 - Fees to auditors
- Note 6 - Depreciation/amortization and impairment of tangible and intangible fixed assets
- Note 7 - Exchange-rate differences that affected profits
- Note 8 - Net financial items
- Note 9 - Appropriations
- Note 10 - Taxes
- Note 11 - Earnings per share
- Note 12 - Intangible fixed assets
- Note 13 - Tangible fixed assets
- Note 14 - Financial fixed assets
- Note 15 - Deferred tax assets/deferred tax liabilities
- Note 16 - Prepaid expenses and accrued income
- Note 17 - Shareholders’ equity
- Note 18 - Untaxed reserves
- Note 19 - Liabilities to credit institutions
- Note 20 - Overdraft facilities
- Note 21 - Derivative assets/derivative liabilities
- Note 22 - Accrued expenses and deferred income
- Note 23 - Pledged assets
- Note 24 - Contingent liabilities
- Note 25 - Leasing fees relating to operational leasing
- Note 26 - Adjustments for non-cash flow items
- Note 27 - Transactions not entailing payment
- Note 28 - Paid interest
- Note 29 - Acquisition of subsidiaries/operations
- Note 30 - Financial risks and risk policies
- Note 31 - Transactions with related parties
- Note 32 - Events after the closing date
- Note 33 - Important estimates and assessments
- Note 34 - Proposed dividend to shareholders
- Note 35 - Information about the Parent Company
- Proposed distribution of earnings
- Audit report
- Nine-year summary
- Board of Directors
- Corporate Governance
- Management
- Hemtex stores
- Information about the AGM
- Annual reports archive
- Annual Report 2010
- Annual Reports archive
Note 29 - Acquisition of subsidiaries/operations
| Fair value | |||
| Carrying amount | Fair value | recognized | |
| 2007/2008 | before acquisition | adjustment | in the Group |
| Tangible fixed assets | 225 | — | 225 |
| Inventories | 1,245 | — | 1,245 |
| Total identified net assets | 1,470 | ||
| Goodwill | 200 | ||
| Total identified net assets including goodwill | 1,670 | ||
| Purchase price paid | 1,670 | ||
| Effect on consolidated cash and cash equivalents | 1,670 |
In April 2008, one franchise store was acquired in Motala, with annual sales of SEK 6.2 M. The purchase price totaled SEK 1.7 M and was paid in cash. The assets and liabilities in the store amounted to SEK 1.5 M, resulting in goodwill of SEK 0.2 M. The store contributed SEK 0.4 M in sales and SEK 0.0 M in operating profit during the fiscal year.
No intangible assets other than goodwill and Rental rights were identified in the acquisitions of franchise stores that took place in the fiscal years 2005/2006, 2006/2007 and 2007/2008. Goodwill values arising in conjunction with these acquisitions represent the value of established businesses and payment for future economic benefits that can be identified in each case and which are also not possible to report separately.
Since Hemtex AB supplied most of the goods that the acquired franchise stores sold, the Group’s sales will not be affected by all of the sales contributions at the consumer level mentioned above. The estimated sales increase for the Group amounts to about half of the acquired sales.
| Fair value | |||
| Carrying amount | Fair value | recognized | |
| 2008/2009 | before acquisition | adjustment | in the Group |
| Tangible fixed assets | 522 | — | 522 |
| Inventories | 1,191 | — | 1,191 |
| Total identified net assets | 1,713 | ||
| Goodwill | 6,500 | ||
| Total identified net assets including goodwill | 8,213 | ||
| Purchase price paid | 8,213 | ||
| Effect on consolidated cash and cash equivalents | 8,213 |
In June 2008, one franchise store was acquired in Östersund, with annual sales of SEK 5.5 M. The purchase price totaled SEK 8.2 M and was paid in cash. The assets and liabilities in the store amounted to SEK 1.7 M, resulting in goodwill of SEK 6.5 M. The store contributed SEK 5.5 M in sales and SEK 0.9 M in operating profit during the fiscal year.
No intangible assets other than goodwill and Rental rights were identified in the acquisitions of franchise stores that took place in the fiscal years 2007/2008 and 2008/2009. Goodwill values arising in conjunction with these acquisitions represent the value of established businesses and payment for future economic benefits that can be identified in each case and which are also not possible to report separately.
Since Hemtex AB supplied most of the goods that the acquired franchise stores sold, the Group’s sales will not be affected by all of the sales contributions at the consumer level mentioned above. The estimated sales increase for the Group amounts to about half of the acquired sales. No acquisitions were made during the shortened 2009 fiscal year.
During the abbreviated 2009 fiscal year, there were no acquisitions.