Additional Disclosures

    Accounting principles

    The accounting principles applied are in line with the Swedish Annual Accounts Act and the recommendations and statements from the Swedish Accounting Standards Board and the Föreningen Auktoriserade Revisorer (FAR), the professional institute for authorised public accountants in Sweden. The following valuation and translation principles have been applied in the annual accounts:

    Property, plant and equipment

    Property, plant and equipment is carried at cost less scheduled depreciation based on the expected economic lives of the assets.

    Assets are depreciated as follows:

    Buildings 20-50 years
    Cranes 25-30 years
    Building equipment and installations 10-20 years
    Work machinery 7-10 years
    Vehicles and other equipment 5 years
    Computers 3-5 years

    Tax depreciation in excess of scheduled depreciation is regarded as accelerated depreciation which constitutes an untaxed reserve. The buildings have no assessed value. 

    Receivables and liabilities 

    Receivables have been carried at the amounts at which they are expected to be received.

    Receivables and liabilities in foreign currencies have been converted to Swedish kronor at closing-date exchange rates. 

    The difference between the cost and the value at the closing date has been recognised in the income statement. 

    Liquid assets

    Liquid assets consist only of bank balances. 

    Foreign branch 

    The income statement and balance sheet of the branch have been converted using the current exchange rate method, whereby the translation difference has been recognised in equity.

    Notes

    Note 1 Net sales
    (SEK 1,000) 2013 2012
    Terminal income 557,168
    570,276
    Rental income 135,729
    136,044
    Other income 25,173
    18,819
    Total 718,070 725,139



    Note 2 Fees to auditors
    (SEK 1,000) 2013 2012
    Audit engagement 550 490
    Audit services in addition to audit engagement 71 63
    Tax advice 85 78
    Other services 75 138
    Total 781 769

    Audit engagement refers to the examination of the annual accounts and accounting records as well as the Board of 
    Directors’ and Chief Executive Officer’s administration.

    Audit services in addition to audit engagement refer to other tasks that the company’s auditor is required to perform as well as advice or other assistance occasioned by observations made in the course of the aforesaid examination. Tax advice is accounted for separately. Everything else refers to other services. 




    Note 3 Number of employees, salaries and remuneration for employees and directors
    Average number of employees 2013 2012
    Malmö
    Men 180
    196
    Women 27 24
    207
    220
    Copenhagen
    Men 168 171
    Women 25
    24
      193 195
    Total 400 415
    Staff costs
    (SEK 1,000) 2013 2012
    The Board, CEO and Deputy CEO
    Salaries and other remuneration 6,178
    6,657
    of which bonuses 0 547
    Social-security contributions, 8,438 3,581
    of which pension costs and obligations 6,497
    1,660
    Other employees
    Salaries and other remuneration 200,761
    208,901
    of which bonuses 0 600
    Social-security contributions, 48,992 52,976
    of which pension costs and obligations 18,879
    21,753
    Agreements on severance pay in the amount of two years' 
    salary have been concluded with the CEO and Deputy CEO. 
    Female representation on the Board and in management Board CEO and other
    senior executives
    Share of men in group 100% 100%



    Note 4 Property, plant and equipment
    (SEK 1,000) 31.12.2013 31.12.2012
    Buildings and land facilities
    Cost at beginning of year
    82,313
    76,222
    Foreign exchange adjustment to opening value
    859 -953
    Purchases
    0
    7,044
    Cost at end of year
    83,172 82,313
    Depreciation at beginning of year
    -15,570
    -13,039
    Foreign exchange adjustment to opening value
    -330 294
    Depreciation charge for the year
    -3,208 -2,825
    Depreciation at end of year
    -19,108 -15,570
    Planned residual value at end of year
    64,064 66,743
    Machinery and other technical plant
    Cost at beginning of year
    406,565 375,917
    Foreign exchange adjustment to opening value
    7,635 -7,818
    Purchases
    6,216
    59,347
    Sales/disposals
    -19,056
    -20,881
    Cost at end of year
    401,360 406,565
    Impairment at beginning of year
    -11,170 -11,170
    Impairment charge for the year
    0 0
    Impairment at end of year
    -11,170 -11,170
    Depreciation at beginning of year
    -197,057 -201,026
    Foreign exchange adjustment to opening value
    -3,900 4,392
    Sales/disposals
    19,052 20,881
    Depreciation charge for the year
    -26,667 -21,304
    Depreciation at end of year
    -208,572 -197,057
    Planned residual value at end of year
    181,618 198,338
    Equipment, tools and installations
    Cost at beginning of year
    95,725
    90,346
    Foreign exchange adjustment to opening value
    2,192 -2,344
    Purchases
    35,311
    7,723
    Cost at end of year
    133,228
    95,725
    Depreciation at beginning of year
    -64,046 -58,692
    Foreign exchange adjustment to opening value
    -1,753
    1,813
    Depreciation charge for the year
    -8,177 -7,167
    Depreciation at end of year
    -73,976 -64,046
    Planned residual value at end of year
    59,252 31,679
    Work in progress and advances
    Opening balance
    31,555 16,154
    Expenditure for the year
    28,691 90,049
    Reclassifications during the year
    -43,794 -74,114
    Foreign exchange adjustment
    532 -534
    Closing balance
    16,984 31,555
    Lease payments
    (SEK 1,000)
    The company has lease expenses for cars, machinery and equipment.

    Total lease payments in 2013 were 4,563. Future known lease payments are as follows: 2014: 4,747, 2015: 3,664, 2016: 2,331, 2017: 1,449, 2018: 899.

    The basic rent and financial rent for the year under the concession agreement amount to SEK 136,231 thousand.  Future known basic rent and financial rent under the concession agreement amount to: 2014: 157,200, 2015: 165,800, 2016: 177,900, 2017: 190,000, 2018: 202,000




    Note 5 Other receivables
    (SEK 1,000) 31.12.2013 31.12.2012
    Insurance compensation 3,612 7,953
    Other 963 7,168
    4,575 15,121



    Note 6 Prepaid expenses and accrued income
    (SEK 1,000) 31.12.2013 31.12.2012
    Accrued terminal income, etc. 19,821 18,211
    Accrued interest income 0
    311
    Prepaid expenses 15,042
    18,343
    34,863
    36,885



    Note 7 Appropriations and untaxed reserves
    (SEK 1,000) 31.12.2013 31.12.2012
    Balance-sheet allocations
    Difference between scheduled depreciation and
    permissible depreciation for tax purposes
    -34,397 -7,559
    Total appropriations -34,397 -7,559
    Untaxed reserves
    Accumulated additional depreciation 77,802 112,199
    Total untaxed reserves 77,802 112,199


    Note 8 Significant accruals
    (SEK 1,000) 31.12.2013 31.12.2012
    Accrued expenses and deferred income.
    Accrued salaries, holiday pay and social-security contributions 48,106
    50,074
    Estimated payroll tax 3,265 4,991
    Accrued discounts 23,276 20,272
    Other 9,042
    11,270
    Total accrued expenses and deferred income 83,689
    86,607



    Note 9 Equity
    (SEK 1,000) Share capital Share premium acc. Statutory reserve Translation diff., branch Non-restricted equity Total equity
    Opening balance 100,000 20,000 388 -26,625 212,488 306,251
    Translation difference, affiliate 8,216 8,216
    Dividend to shareholders -53,100 -53,100
    Profit for the year 90,656 90,656
    Total at end of year 100,000 20,000 388 -18,409
    250,044 352,023

       The company’s share capital comprises 3,600,000 shares with a nominal value of SEK 27.78 per share.




    Note 10 Overdraft facility
    The company has a SEK 30,000,000 credit line with Danske Bank. The overdraft facility was undrawn at the closing date.

     

     
     

    Copenhagen, March 18, 2014

    Peter Maskell
    Chairman 

    Ilmar Reepalu 
    Deputy Chairman

    Olof Andersson Mads Lebech
    Stefan Lindhe Michael Soetmann Åke Svensson

    Lars Weiss 

    Jacob Fogh

    Employee representative

    Curt Hansson
    Employee representative

    Søren Nyegaard
    Employee representative

    Göran Sjöström
    Employee representative

    Johan Röstin
    Chief Executive Officer

    My auditor's report was presented on March 18, 2014 
                  
    Torbjörn Svensson
    Authorized Public Accountant