Note 31 Acquisitions and divestments

Note 31 Acquisitions and divestments

Acquisitions and divestments had the following effects on PostNord Group’s assets and liabilities, SEKm 2013 2012
Acquisition Divestment Total Acquisition Divestment Total
Goodwill 167
167 436 –44 392
Other intangible fixed assets 30
30 287 –9 278
Other fixed assets 193
193 744 –46 698
Total fixed assets 390
390 1,467 –99 1,368
Current assets 86
86 313 –36 277
TOTAL ASSETS 476
476 1,780 –135 1,645
TOTAL LIABILITIES –175 –1 –176 –852 121 –731
NET ASSETS 301 –1 300 928 –14 914
Capital gain, divested operations/group companies
–1 –1
–5 –5
Other items affecting cash flow –54
–54 –558 39 –519
Purchase price paid/received –301
–301 –928 19 –909
Cash and cash equivalents (acquired/divested) 19
19 66 –12 54
Net effect on cash and cash equivalents –336
–336 –1,420 46 –1,374

Acquisition of subsidiaries

On January 2, 2013 Post Danmark A/S acquired 100% of the shares in Distribution Services A/S. The company has been included in PostNord’s financial statements since January 1, 2013. Distribution Services A/S, a Post Danmark subcontractor since 2003, specializes in the packaging and handling of unaddressed mail. The company became part of business area Mail Denmark as of January 1, 2013. The purchase price totaled SEK 174m. According to the acquisition analysis, the acquisition gave rise to goodwill comprised of synergy effects, result improvement potential and skills and knowledge to develop the business segment.

On April 25, 2013 PostNord signed an agreement for the cash acquisition of 100% of the shares in Bilfrakt Bothnia AB’s subsidiaries Nordisk Kyl AB and Transbothnia AB, with operations in northern Sweden. Through the acquisition, PostNord is broadening the scope of its logistics business in Sweden within mixed cargo, consignment goods and thermal transports. In 2012 the acquired businesses had combined sales of around SEK 1 billion and 285 employees. The purchase price totaled SEK 115m, a portion of which (SEK 10m) is held as security for the seller’s performance of the contract. The companies became part of business area Logistics as of June 1, 2013.

Net sales for Nordisk Kyl Logistik AB totaled SEK 387m in 2013. Net sales totaled SEK 313m during the June–December 2013 holding period. Operating profit in 2013 was SEK –16m. Operating profit during the holding period was SEK –12m. The surplus value of fixed assets (excluding good will) acquired by the Group was written off according to plan at SEK 0m. The acquisition contributed SEK –12m to group operating profit.

Net sales for Transbothnia AB totaled SEK 344m in 2013 and SEK 250m during the June–December 2013 holding period. Operating profit was SEK 9m in 2013 and SEK 8m during the holding period. The surplus value of fixed assets (excluding good will) acquired by PostNord Group was written off according to plan at SEK 1m. The acquisition contributed SEK 7m to group operating profit.

According to the acquisition analysis, the acquisition gave rise to goodwill comprised of synergy effects, result improvement and market positioning potential.

Conditional purchase consideration of SEK 12m, related to the previous acquisition of Roserberg Brevterminal AB, was paid during the period. The acquisition concerns land.

Acquisition of assets and liabilities

On February 1, 2013, PostNord’s wholly-owned subsidiary Tollpost Globe AS signed an agreement to take over the operations of Byrknes Auto AS, one of Norway’s largest thermal carriers. The company mainly offers services for fish and grocery transports. Tollpost Globe AS is part of business area Logistics.

On April 30, 2013, PostNord subsidiaries acquired all operations of ISS Document A/S. On June 1, 2013, PostNord subsidiaries acquired the digitization service and document management assets of Aditro Financial Process AB. The acquisitions are part of business area Mail Denmark.

On August 30, 2012, PostNord subsidiaries acquired Itella’s printing and inserting business in Poland. The acquisition strengthens Strålfors’ position in the Polish market.

According to acquisition analyses, assets were mainly comprised of miscellaneous equipment and intangible assets. The aggregate purchase price for all asset acquisitions totaled SEK 73m.

2013 Jan–Dec, SEKm Goodwill Other intangible assets Other fixed assets Current assets Liabilities Net assets
Acquired





Distribution Services A/S 95
93 21 –35 174
Nordisk Kyl Logistik AB 46 9 86 25 –103 63
Transbothnia AB 26 21 2 40 –37 52
Additional purchase price, Roserberg Brevterminal AB

12

12
Total acquired 167 30 193 86 –175 301
Divested





Tidningstorget AB



–1 –1
Total divested



–1 –1
2012 Jan–Dec, SEKm Goodwill Other intangible fixed assets Other fixed assets Current assets Liabilities Total assets
Acquired





Green Cargo Logistics AB (including subsidiary Green Cargo Logistics A/S) 331 227 69 213 –319 521
Kardinalmärket 1 AB

314 3 –205 112
Kommanditbolaget Sveterm

285 12 –231 66
Reduction of purchase price, Nils Hansson Logistics AB –1



–1
Adjustment of fixed purchase price, Eek Transport AS 1



1
Harlem Transport AS 105 60 27 85 –97 180
Additional purchase price, Roserberg Brevterminal AB

49

49
Total acquired 436 287 744 313 –852 928
Divested





EBT Property B.V. 39
1 25 –55 10
HIT Starintex B.V. Holland

45 5 –45 5
Hit Belgium S.A. 5 9
5 –21 –2
SPOT A/S


1
1
Total divested 44 9 46 36 –121 14