- Annual report 2008/2009
- Annual report 2009
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Annual Report 2010
- Hemtex 2010
- Hemtex’s operations
- Sustainable development
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Results
- Board of Directors’ report
- Statement of comprehensive income, Group
- Balance sheets, Group
- Changes in shareholders’ equity, Group
- Cash-flow statements, Group
- Income statement, Parent Company
- Statement of comprehensive income, Parent Company
- Balance sheets, Parent Company
- Changes in shareholders’ equity, Parent Company
- Cash-flow statements, Parent Company
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Notes to the financial statements
- 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 profit/loss
- 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 - Paid interest
- Note 28 - Acquisition of subsidiaries/operations
- Note 29 - Financial risks and risk policies
- Note 30 - Transactions with related parties
- Note 31 - Significant events after the close of the fiscal year
- Note 32 - Proposed dividend to shareholders
- Note 33 - Information about the Parent Company
- Proposed appropriation of loss
- Audit report
- Multi-year summary
- Definitions of key data
- Corporate Governance Report
- Information about the Annual General Meeting
- Annual Reports archive
Note 6 - Depreciation/amortization and impairment of tangible and intangible fixed assets
| Group | Parent Company | |||
| 2009* | 2010 | 2009* | 2010 | |
| Capitalized expenditure for computer software | – 2,962 | – 5,968 | – 2,962 | – 5,968 |
| Rental rights | – 3,945 | – 5,285 | – 3,722 | – 5,075 |
| Goodwill | – 36,953 | — | – 27,736 | – 12,864 |
| Equipment, tools, fixtures and fittings | – 22,917 | – 28,346 | – 14,245 | – 20,132 |
| Improvement expenses pertaining to third party properties | – 13,854 | – 5,423 | – 6,849 | – 3,318 |
| Total | – 80,631 | – 45,022 | – 55,514 | – 47,357 |
| * Pertains to the abbreviated fiscal year May 1–December 31, 2010. | ||||
During the abbreviated 2009 fiscal year, a change in useful life from 20 to five years had an impact of SEK 12.7 M on depreciation of improvement expenses pertaining to third party properties.
Goodwill exists for two groups of cash-generating units and as a whole is attributable to the retail sales operations. The groups are reported according to the unit division below.
All goodwill values were tested for each cash-generating unit based on value in use. Value in use is based on the cash flow after tax that is deemed to be generated during the unit’s remaining lifetime. The company’s budget and prepared forecasts were used when calculating the future cash flow for each unit. The budget and forecast are based on actual profits in the operations and the company’s business plan. The budget and forecast normally cover 1–5 years of the useful life, with the remaining time extrapolated based on a growth rate of 2.5% (3).
This measurement is based on cash flow forecasts for coming years, following which a perpetual flow is used, since it is not possible to establish a limited life for this asset. The perpetual growth factor is assessed to match the rate of inflation for coming years. The value in use is calculated based on a discount rate of 15% (12) before tax.
This year’s testing revealed no impairment requirement. In the preceding year, an impairment requirement amounting to SEK 36.9 M was identified, which was charged against operating profit. Of the impairment of goodwill in 2009, SEK 19.5 M pertains to the Danish operation and the remaining SEK 17.4 M to Swedish operations. All goodwill values were tested in conjunction with preparation of the annual accounts at December 31, 2010.
A general analysis of the sensitivity inherent in the variable used was performed. The assumption of a decline in the annual growth rate from 2.5% to 1.5% and an assumption of an increase in the discount interest rate from 15% to 16% before tax would not individually entail any additional impairment requirement.
In the impairment testing of other assets, management had no indication of any impairment requirement existing in the Group.