Notes to the accounts
Note 1 - General information
ForSea AB, corporate ID number 556990-7198, is a limited company with registered office in Helsingborg, Sweden. The address of the head office is Bredgatan 5, SE-252 25 Helsingborg. The company and its subsidiaries (“the group”) are engaged in operating ferry services between Helsingborg and Helsingör in the Sound.
The parent company of the largest group of which ForSea AB is a subsidiary is FS Ferries Holding S.à.r.l. with registered office in Luxembourg.
Note 2 - Accounting policies and valuation principles
The company applies the Swedish Annual Accounts Act (1995:1554) and General Recommendation BFNAR 2012:1 Annual Accounts and Consolidated Financial Statements (“K3”) of the Swedish Accounting Standards Board.
The consolidated financial statements comprise the parent company ForSea AB and the companies over which the parent company has direct or indirect control (subsidiaries). Control refers to a right to determine another company’s financial and operational strategies for the purpose of obtaining economic benefits. In assessing whether control exists, account is taken of holdings of financial instruments with potential voting rights that are currently exercisable or convertible into equity instruments with voting rights. Account is also taken of whether the entity is able to direct the activities through an agent. Control normally exists when the parent company directly or indirectly holds shares representing more than 50 per cent of the voting rights.
A subsidiary’s income and expenses are included in the consolidated financial statements from the acquisition date until the time when the parent company no longer has control over the subsidiary. See the section Business combinations for a presentation of acquisitions and sales of subsidiaries.
The accounting policies for subsidiaries are consistent with the group’s accounting policies. All intercompany transactions, balances and unrealised gains and losses related to intercompany transactions have been eliminated in preparing the consolidated financial statements.
The group’s earnings and components of equity are fully attributable to the shareholders of the parent company, and no non-controlling interest is therefore presented.
Business combinations are accounted for in accordance with the purchase method.
The consideration for a business combination is valued at fair value at the acquisition date, which is calculated as the sum of the fair values at the acquisition date of assets paid, liabilities incurred or assumed as well as issued equity instruments and costs directly attributable to the business combination. An example of costs is transaction costs. The consideration comprises contingent consideration, provided that it is probable at the acquisition date that the consideration will be adjusted at a later date and the amount can be reliably estimated. The cost of the acquired entities is adjusted at the balance sheet date and when the final consideration is determined, but not later than one year after the acquisition date.
A provision for costs incurred in restructuring the acquired entity’s business is included in the purchase price allocation only to the extent that the acquired entity meets the criteria for recognition of a provision already before the acquisition date.
Goodwill and negative goodwill
In a business combination where the sum of the consideration, fair value less minority interests and fair value at the acquisition date of previous shareholdings exceeds the fair value at the acquisition date of identifiable acquired net assets, the difference is recognised as goodwill in the consolidated balance sheet. See also the section Goodwill below.
Goodwill is the difference between the cost and the group’s share of the fair value of an acquired subsidiary’s identifiable assets and liabilities at the acquisition date. Goodwill is initially recognised at cost and is subsequently measured at cost less amortisation and impairment. Goodwill is written off over the estimated useful life, which is 20 years.
At each balance sheet date, the company assess whether there is any indication that the value of goodwill is less than its carrying amount. If such indication exists, the company calculates the recoverable amount of goodwill and performs an impairment test.
In the impairment test, goodwill is allocated to cash-generating units. If the recoverable amount for a cash-generating unit is determined to be lower than the carrying amount, the impairment loss is distributed, firstly by reducing the carrying amount of goodwill attributed to the cash-generating unit and then by reducing the carrying amounts of other assets in proportion to the carrying amount of each asset in the unit.
A recognised impairment loss cannot be reversed in a later period.
Revenue is recognised at the fair value of the consideration received or receivable after deducting value-added tax, discounts, returns and similar deductions. Sales of goods are recognised when significant risks and rewards are transferred from the seller to the buyer in accordance with the terms of sale.
The group’s revenue mainly consists of revenue from freight shipments and passenger traffic as well as on-board sales. These are recognised at the time of departure and at the time of sale.
Dividend and interest income
Dividend income is recognised when the owner’s right to receive payment is established.
Interest income is recognised over the term using the effective interest method. The effective interest rate is the rate at which the present value of all future cash inflows and outflows over the fixed-rate term is equal to the carrying amount of the receivable.
A finance lease is a lease that transfers substantially all the economic risks and rewards of owning an asset from the lessor to the lessee. Other leases are classified as operating leases.
The group as lessee
Assets held under a finance lease are accounted for as non-current assets in the consolidated balance sheet and recognised at fair value at the start of the lease term or at the present value of the minimum lease payments if this is lower. The lessee’s liability to the lessor is recognised in the balance sheet under the headings Other non-current liabilities and Other current liabilities. Lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to periods during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Interest expenses are recognised directly in the income statement if they are directly attributable to the purchase of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale, and the capitalisation principle is applied.
Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the user’s benefit.
The parent company’s reporting currency is the Swedish krona (SEK).
Translation of foreign currency items
At each balance sheet date, monetary items in foreign currency are translated at the closing rate. Non-monetary items that are measured at historical cost in a foreign currency are not translated. Foreign exchange differences are recognised in operating profit or as a financial item in the period in which they arise based on the underlying commercial transaction, with the exception of transactions that constitute hedges and meet the criteria for hedge accounting of cash flows or net investments.
Translation of subsidiaries and foreign operations
In preparing consolidated financial statements, the assets and liabilities of foreign operations are translated to Swedish kronor at the closing rate. Income and expense items are translated at the average exchange rate for the period, unless the exchange rate has fluctuated significantly during the period, in which case the transaction date exchange rate is used. Any resulting translation differences are recognised directly in equity. When a foreign subsidiary is divested, such translation differences are recognised in the income statement as part of the capital gain or loss.
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities in this operation and translated at the closing rate.
Employee benefits in the form of salaries, bonuses, paid holiday, paid sick leave, etc. as well as pensions are recognised as they are earned. Pensions and other post-employment benefits are classified as defined contribution or defined benefit pension plans. The group only has defined contribution pension plans. Employees receive no other long-term benefits.
Defined contribution plans
For defined contribution plans, the group pays fixed contributions to a separate independent legal entity and has no obligation to make further payments. Costs are charged to consolidated earnings as the benefits are earned, which is normally at the same time as premiums are paid.
The tax expense consists of the sum of current tax and deferred tax.
Current tax is calculated on the taxable profit for the period. The taxable profit differs from the profit reported in the income statement, as it has been adjusted for non-taxable income and non-deductible expenses and for income and expenses that are taxable or deductible in other periods. The group’s current tax liability is calculated based on the tax rates applying at the balance sheet date.
Deferred tax is recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and the tax base used in calculating the taxable profit. Deferred tax is recognised using the balance sheet liability method. Deferred tax liabilities are recognised for essentially all taxable temporary differences, and deferred tax assets are recognised for essentially all temporary differences to the extent that it is probable that the amounts can be used to offset future taxable profits. Deferred tax liabilities and tax assets are not recognised if the temporary difference is attributable to goodwill.
Deferred tax liability is recognised for taxable temporary differences attributable to investments in subsidiaries, except when the group can control the timing of the reversal of the temporary differences and it is not evident that the temporary difference will be reversed in the foreseeable future.
The carrying amount of deferred tax assets is tested for impairment at each balance sheet date and an impairment loss is recognised to the extent that it is no longer probable that sufficient taxable profits will be available against which the deferred tax asset can be fully or partially offset.
The measurement of deferred tax is based on how the company, at the balance sheet date, expects to recover the carrying amount of the corresponding asset or settle the carrying amount of the corresponding liability. Deferred tax is calculated based on tax rates and tax rules enacted before the balance sheet date.
Deferred tax assets and tax liabilities are offset when they refer to income tax, are paid to the same government agency and when the group intends to settle the tax by paying the net amount.fcapa
Current and deferred tax for the period
Current and deferred tax is recognised as an expense or income in the income statement, except when the tax is related to transactions which are recognised directly in equity. In such cases, the tax is also recognised directly in equity. For current and deferred tax arising on recognition of business combinations, the tax effect is included in the purchase price allocation.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment.
Cost refers to the consideration paid, costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating, and estimated costs of dismantling and removing the item and restoring the site on which it is located. Subsequent expenditures are only included in the asset or presented as a separate asset when it is probable that future economic benefits associated with the item will accrue to the group and the cost of the same can be reliably measured. All other costs for repairs and maintenance as well as subsequent expenditures are recognised in the income statement in the period in which they are incurred.
When the difference in the consumption of the significant components of an item of property, plant and equipment is considered to be material, the asset is divided into these components.
Depreciation of property, plant and equipment is expensed so that the cost of the asset, less any residual value at the end of the useful life, is depreciated on a straight-line basis over the asset’s estimated useful life. If an asset has been divided into components, each component is depreciated separately over its useful life. An item of property, plant and equipment is depreciated from the date when it can be taken into use. The estimated useful lives of property, plant and equipment are as follows:
|Equipment, tools, fixtures and fittings||5 years|
|Computer equipment||3 years|
Land has an unlimited useful life and is therefore not depreciated.
Estimated useful lives and depreciation methods are reviewed if there are indications that the expected use has changed materially compared with the estimate at the previous balance sheet date. When the company changes its assessment of useful lives, the residual value of the asset is also reviewed. The effect of these changes is accounted for prospectively.
The carrying amount of an item of property, plant and equipment is derecognised upon disposal or sale or when no future economic benefits are expected from the use or disposal/sale of the asset or component. The gain or loss arising on derecognition of an item of property, plant and equipment or a component is the difference between what would potentially be received, less deductions for direct selling expenses, and the carrying amount of the asset. The capital gain or loss arising on derecognition of an item of property, plant and equipment or a component is recognised in the income statement as other operating income or other operating expenses.
Separate acquisition of intangible assets
Intangible assets that have been acquired separately are recognised at cost less accumulated amortisation and any accumulated impairment losses. The assets are amortised on a straight-line basis over their estimated useful lives. Estimated useful lives and amortisation methods are reviewed if there is an indication that these have changed compared with the estimate at the previous balance sheet date. The effect of any changes to estimates and judgements is accounted for prospectively. Amortisation begins when the asset is available for use.
Acquisition as part of a business combination
Intangible assets acquired in a business combination are identified and recognised separately from goodwill when they satisfy the definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets consists of their fair values at the acquisition date.
After initial recognition, intangible assets acquired in a business combination are recognised at cost less accumulated amortisation and any accumulated impairment losses in the same way as for separately acquired intangible assets.
Acquisition through internal generation
The group applies the capitalisation model, which means that the work carried out to develop an internally generated intangible asset is divided into a research phase and a development phase. All costs arising from the group’s research phase are expensed as incurred. All development costs are capitalised if all of the following criteria are met:
- it is technically feasible to complete the intangible asset so that it can be used or sold,
- the company intends to complete the intangible asset for use or sale,
- it is possible to use or sell the intangible asset,
- it is probable that the intangible asset will generate future economic benefits,
- adequate technical, economic and other resources are available to complete the development of and use or sell the intangible asset, and
- the expenditure attributable to the intangible asset during its development can be measured reliably.
After initial recognition, internally generated intangible assets are recognised at cost less accumulated amortisation and any accumulated impairment losses. Amortisation begins when the asset is available for use.
Impairment of property, plant and equipment and intangible assets excluding goodwill
At each balance sheet date, the group assesses the carrying amounts of property, plant and equipment and intangible assets to determine whether there is any indication of impairment. If this is the case, the asset’s recoverable amount is calculated to determine the value of any impairment loss. If it is not possible to calculate the recoverable amount for an individual asset, the group will calculate the recoverable amount for the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price which the group expects to realise in a sale between knowledgeable parties who are mutually independent and who have an interest in completing the transaction, less costs directly attributable to the sale. In determining value in use, the estimated future cash flow is discounted to present value using a pre-tax discount rate which reflects the current market assessment of the time value of money and the risks associated with the asset. To calculate future cash flows, the group has used the budget for the coming five years.
If the determined recoverable amount of an asset (or cash-generating unit) is lower than the carrying amount, the carrying amount of the asset (or cash-generating unit) is written down to the recoverable amount. An impairment loss must be recognised immediately in the income statement.
At each balance sheet date, the group determines whether the previously recognised impairment loss is no longer warranted. If this is the case, the impairment loss is partially or wholly reversed. When an impairment loss is reversed the carrying amount of the asset (or cash-generating unit) is increased. The carrying amount of the asset (or cash-generating unit) after a reversal cannot exceed the carrying amount that would have been determined if no impairment loss had been recognised in previous years. A reversal of an impairment loss is recognised directly in the income statement.
A financial asset or financial liability is recognised in the balance sheet when the group becomes party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual right to the cash flow from the asset expires or is settled or when the group loses control over it. A financial liability, or portion of a financial liability, is derecognised when the contractual obligation is discharged or is otherwise extinguished.
On initial recognition, current assets and current liabilities are measured at cost. Non-current receivables and non-current liabilities are measured at amortised cost on initial recognition. Borrowing costs are allocated to accounting periods as part of the interest expense of the loan calculated using the effective interest method (see below).
After initial recognition, current assets are measured using the lower of cost or market method, i.e. at the lower of cost and net realisable value at the balance sheet date. Current liabilities are measured at their nominal amounts.
After initial recognition, non-current receivables and non-current liabilities are measured at amortised cost.
Amortised cost is the amount at which the asset or liability is measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of the initial difference between the amount received/paid and the amount payable/receivable at maturity, and adjusted for impairment losses.
The effective interest rate is the rate that discounts all expected future cash flows through the expected life of the financial asset or financial liability to its initial carrying amount.
The group enters into derivatives transactions for the purpose of managing interest rate risks. Derivatives are accounted for using the lower of cost or market method. Derivatives with negative values are measured at the amount that is most favourable for the company if the obligation is settled or transferred at the balance sheet date. The liability is recognised in other non-current liabilities in the consolidated and parent company balance sheets. At 31 December, the interest rate derivative liability totalled SEK 46.4 million (45.5).
Impairment of non-current financial assets
At each balance sheet date, the group assesses whether there are indications of impairment of one or several non-current financial assets. Examples of such indications include significant financial difficulties of the borrower, a breach of contract or that it is probable that the borrower will enter into bankruptcy.
For non-current financial assets at amortised cost, the impairment loss is calculated as the difference between the asset’s carrying amount and the present value of management’s best estimate of future cash flows discounted at the asset’s original effective interest rate. For variable interest assets, the interest rate on the balance sheet date is used.
For non-current financial assets that are not measured at amortised cost, the impairment loss is calculated as the difference between the asset’s carrying amount and the higher of fair value less costs to sell and the present value of management’s best estimate of future cash flows from the asset.
Inventories are measured at the lower of cost and net realisable value at the balance sheet date. Cost is calculated using the first in, first out method (FIFO). Net realisable value is the realisable value less estimated costs directly attributable to the sale transaction.
Cash and cash equivalents
Cash and cash equivalents include cash and demand deposits with banks and other credit institutions as well as other short-term liquid investments that are readily convertible to cash and subject to an insignificant risk of changes in value. To be classified as cash and cash equivalents, the maturity must not exceed three months from the acquisition date.
Provisions are recognised when the group has a present (legal or constructive) obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount.
A provision is reviewed at each balance sheet date and adjusted to reflect the best estimate of the amount that is required to settle the present obligation at the balance sheet date, taking account of risks and uncertainties associated with the obligation. When a provision is calculated by estimating the expenditures expected to be required to settle the obligation, the carrying amount represents the present value of these expenditures.
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement must be recognised separately as an asset in the consolidated balance sheet when it is virtually certain that reimbursement will be received if the company settles the obligation and the amount can be reliably measured.
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company, or a present obligation that arises from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.
Statement of cash flows
The statement of cash flows shows the group’s changes in cash and cash equivalents during the financial year. The statement of cash flows has been prepared using the indirect method. The reported cash flow only comprises transactions that have resulted in cash inflows and outflows.
Parent company accounting policies
Differences between the group and parent company accounting policies are described below.
Investments in subsidiaries are recognised at cost. Dividends from subsidiaries are recognised as income when the right to receive the dividend is considered to be established and the amount can be reliably measured.
Group contributions received and made are accounted for as appropriations in the income statement.
In the parent company, all leases are accounted for in accordance with the rules for operating leases.
Note 3 - Significant estimates and judgements
Significant judgements made in applying the group’s accounting policies
The following section describes those significant judgements made by management in applying the group’s accounting policies that have the most material impact on the amounts presented in the financial statements.
When there is an indication of potential impairment, management assesses whether the value of the ships needs to be written down. The recoverable amount is determined based on calculations of value in use. These calculations are based on estimated future cash flow.
The group recognises deferred tax when it is probable that future taxable profits will be available against which the tax losses can be used. As a result, a deferred tax asset of kSEK 61,191 has been recognised.
Note 4 - Distribution of net revenue
|Net revenue by business area||2018||2017||2018||2017|
|Transport income||1 000 899||951 317||0||0|
|Other income||366 817||350 653||61 344||48 514|
|Total||1 367 716||1 301 970||61 344||48 514|
Other income in the Group comprise income from onboard sales, charter income and others.
Revenue in the Parent company comprise costs invoiced to group companies.
Note 5 - Information on intra-group purchases and sales
Note 6 - Information on fee to auditor
|audit assignment||2 362||779||950|
|additional audit assignments||761||215||221|
|Total||4 076||1 626||2 124|
Audit assignment refers to the auditor’s fee for the statutory audit. The work includes the audit of the annual accounts and the consolidated financial statements as well as accounting records, the management of the Board of Directors and the CEO as well as fees for audit advice provided in connection with the audit assignment.
Additional audit assignments refers to audit-related consultations.
Note 7 - Number of employees, salaries other remunerations and social costs
|No of employees||Of which are men|
|Average no of employees||2018||2017||2018||2017|
|Total, parent company||29||20||10||7|
|Distribution of senior executives at the closing date|
|other executives, incl. CEO||2||1||2||1|
|other executives, incl. CEO||5||5||5||5|
|Salaries and other remuneration||Soc exp
(incl. pension expenses)
|Salaries and other remuneration, etc.||2018||2017||2018||2017|
|Parent company||17 967||17 529||9 845||9 379|
|(3 663)||(2 523)|
|Subsidiaries||262 778||246 632||40 475||34 838|
|(26 400)||(26 118)|
|Total, group||280 745||264 161||50 320||44 217|
|(30 063)||(28 641)|
|Board of directors/CEO
(incl. bonuses etc.)
|Salaries and other remuneration distributed between directors and employees||2018||2017||2018||2017|
|Parent company||8 338||6 172||9 629||11 357|
|Subsidiaries||2 556||1 537||260 219||245 095|
|Total, group||10 894||7 709||269 848||256 452|
|(1 211)||(1 116)||(695)||(0)|
The expense for defined contribution pension plans amounted to kSEK 30 063 (28 641). The parent company expense for defined contribution plans amounted to kSEK 3 663 (2 523). The group has no defined benefit pension plans.
Of the group's and the parent company's pension expense, kSEK 2 016 (1 232) is related to the Board of Directors and the CEO, whereof kSEK 1 817 is related to the parent company.
Agreement on severance pay
The company and the CEO have a reciprocal notice period of 6 months. Upon termination by the company, severance pay amounts to 12 months’ salary. Severance pay is not offset against other income. In the event the CEO resigns, there is no severance payment.
The company and other senior executives have reciprocal notice periods of 12 months. Upon termination by the company, severance pay amounts to six monthly salaries. Severance pay is not offset against other income. If a senior executive resigns, there is no severance payment.
Note 8 - Profit from shares in group companies
|Dividends||41 280||47 174|
|Total||41 280||47 174|
Note 9 - Other interest receivables and similar income
|Foreign exchange adjustment||2 066||1 885||6||1 885|
|Total||2 066||1 911||6||1 893|
Note 10 - Interest expenses and similar costs
|Interest expense||86 809||74 403||88 500||76 053|
|Interest expense, group companies||128 669||153 983||128 669||156 118|
|Foreign exchange adjustment||44 542||43 303||39 213||33 357|
|Fair value of interest rate derivatives||873||12 847||873||12 847|
|Total||260 893||284 536||257 255||278 375|
Note 11 - Tax on profit
|Current tax||-6 245||-584||0||0|
|Deferred tax||-1 040||-4 115||-8 715||75 274|
|Tax on profit||-7 285||-4 699||-8 715||75 274|
|Reconciliation of the tax expense||2018||2017||2018||2017|
|Reported profit before tax||-107 153||-129 564||-72 343||-76 381|
|Tax calculated according to Swedish tax rate (22%)||23 574||28 504||15 915||16 804|
|Impact from difference in tax rates abroad||0||-396||0||0|
|Impact from changed tax rate in Sweden||-1 923||-4 712|
|Tax impact from non-deductible expenses||-67 269||-72 195||-28 677||-34 009|
|Tax impact from non-taxable income||55||5||9 082||10 703|
|Tonnage taxed activity||38 438||37 054||0||0|
|Tax impact from unrecogn. losses from prev. years||0||2 959||0||81 776|
|Tax impact from unrecognised losses||0||0||0||0|
|Tax from previous years||-160||2 750||-323||0|
|Temporary differences not included in profit||0||-3 380||0||0|
|Total||-7 285||-4 699||-8 715||75 274|
|Reported tax for the year||-7 285||-4 699||-8 715||75 274|
No tax charged directly to the equity.
Note 12 - Capitalized development expenditure and similar work
|Opening balance accumulated costs||19 738||18 269|
|Accumulated costs at year-end||20 182||19 738|
|Opening balance depreciation||-11 995||-7 833|
|Depreciation according to plan||-2 304||-3 886|
|Accumulated depreciation at year-end||-14 519||-11 995|
|Ending balance||5 663||7 743|
Note 13 - Software and licenses
|Opening balance accumulated costs||13 538||520||13 538||520|
|Reclassifications||684||12 794||684||12 793|
|Accumulated costs at year-end||14 696||13 539||14 696||13 538|
|Opening balance depreciation||-2 808||-104||-2 808||-104|
|Depreciation according to plan||-2 863||-2 704||-2 863||-2 704|
|Accumulated depreciation at year-end||-5 671||-2 808||-5 671||-2 808|
|Ending balance||9 025||10 731||9 025||10 730|
Note 14 - Goodwill
|Opening balance accumulated costs||3 085 715||3 041 220|
|Translation impact||65 632||44 495|
|Accumulated costs at year-end||3 151 347||3 085 715|
|Opening balance depreciation||-462 963||-304 123|
|Translation impact||-9 840||-6 389|
|Depreciation according to plan||-157 467||-152 451|
|Accumulated depreciation at year-end||-630 270||-462 963|
|Ending balance||2 521 077||2 622 752|
Note 15 - Construction in progress regarding intangible fixed assets
|Opening balance accumulated costs||5 192||13 203||1 290||12 794|
|Reclassified to software and licenses||-684||-12 794||-684||-12 793|
|Additions||17 544||4 783||6 404||1 289|
|Accumulated costs at year-end||22 052||5 192||7 010||1 290|
Note 16 - Land and buildings
|Opening balance accumulated costs||511 350||493 721|
|Translation impact||20 054||13 571|
|Accumulated costs at year-end||531 636||511 350|
|Opening balance depreciation||-154 906||-131 191|
|Translation impact||-5 938||-3 932|
|Depreciation according to plan||-20 940||-19 783|
|Accumulated depreciation at year-end||-181 784||-154 906|
|Ending balance||349 852||356 444|
Note 17 - Ships
|Opening balance accumulated costs||1 441 324||1 527 465|
|Additions||27 740||12 718|
|Reclassifications from ongoing new plant||292 923||0|
|Translation impact||42 487||-98 859|
|Accumulated costs at year-end||1 804 474||1 441 324|
|Opening balance depreciation||-894 238||-937 693|
|Translation impact||-25 030||105 306|
|Depreciation according to plan||-59 238||-61 851|
|Accumulated depreciation at year-end||-978 506||-894 238|
|Ending balance||825 968||547 086|
ForSea Group has mortgaged parts of the fleet; see note 26 Memorandum items for more information.
Note 18 - Equipment, tools, fixtures and fittings
|Opening balance accumulated costs||261 865||202 919|
|Additions||11 261||52 542|
|Translation impact||9 920||6 404|
|Accumulated costs at year-end||296 221||261 865|
|Opening balance depreciation||-146 892||-137 011|
|Translation impact||-5 439||-3 786|
|Depreciation according to plan||-8 345||-6 095|
|Accumulated depreciation at year-end||-160 676||-146 892|
|Ending balance||135 545||114 973|
Note 19 - Leasing agreements
Operationella leasingavtal - leasetagare
The group acts as lessee under operational leasing agreements primarily for operational and rental contracts for premises. The total of expensed lease payments for the year for operating leases amounts to kSEK 13,958 (15,844) and the parent company of SEK 0. Future minimum lease payments under non-cancellable operating leases are due as follows:
|Within a year||26 078||25 317||0||0|
|Between one and five years||26 274||48 507||0||0|
|Later than five years||11 938||13 928||0||0|
|Total||64 290||87 752||0||0|
Note 20 - Construction in progress and advance payments regarding tangible fixed assets
|Opening balance accumulated costs||309 277||47 955||0||0|
|Additions||20 891||257 555||1 313||0|
|Translation impact||6 637||3 767||0||0|
|Accumulated costs at year-end||30 707||309 277||1 313||0|
Note 21 - Participations in group companies
|Opening balance accumulated costs||4 220 267||4 128 998|
|Revaluation of shares at group value in relation to the merger||0||91 269|
|Accumulated costs at year-end||4 220 267||4 220 267|
|Ending balance||4 220 267||4 220 267|
|Company name||Share||Voting rights||2018-12-31||2017-12-31|
|Forsea Helsingborg AB||100%||100%||1 816 768||1 816 768|
|Forsea Öresund AB||100%||100%||1 539||1 539|
|Forsea Helsingør ApS||100%||100%||2 046 912||2 046 912|
|Forsea Øresund A/S||100%||100%||355 048||355 048|
|Total||4 220 267||4 220 267|
|Forsea Helsingborg AB||556206-4575||Helsingborg|
|Forsea Öresund AB||556536-0889||Helsingborg|
|Forsea Helsingør ApS||33260040||Helsingör|
|Forsea Øresund A/S||19752283||Helsingör|
Note 22 - Deferred tax assets and deferred tax liabilities
|Deferred tax assets|
|Unused tax losses carry forwards||72 448||64 191||72 448|
|Temporary differences in interest rate derivatives||10 020||9 562||10 020|
|Total deferred tax||82 468||73 753||82 468|
|Deferred tax liabilities|
|Temporary differences in tangible assets||88 620||0||0|
|Total deferred tax liabilities||88 620||0||0|
|Deferred tax asset||-82 468||0||0|
|Total deferred tax liabilities, net||7 519||6 152||0||0|
Deferred tax assets are valued at no more than the amount likely to be recovered based on current and future taxable income. The group has unused accumulated tax losses amounting to mSEK 312 by the end of 2018. There is no due date to exploit the tax.
The tax rate used for calculating deferred tax is 20.6–21.4%.
Note 23 - Prepaid expenses and accrued income
|Prepaid expenses||21 053||22 390||550||466|
|Accrued income||605||1 044||0||0|
|Total||21 658||23 434||550||466|
Note 24 - Long-term liabilities
The group and the parent company have long-term debts of mSEK 2,261 with a maturity of more than 5 years, by the end of 2018.
Note 25 - Accrued expenses and deferred income
|Accrued salaries||61 197||61 381||5 431||4 758|
|Port and fairway dues||8 428||7 586||0||0|
|Bunker fuel and vessel expenses||3 161||4 977||0||0|
|Not shown tickets / revenue settlement||1 632||10 316||0||0|
|Accrued interest||949||2 284||949||2 284|
|EU contribution||52 425||51 424||0||0|
|Other items||25 108||41 665||3 396||2 076|
|Total||152 900||179 633||9 776||9 118|
Note 26 - Memorandum items
|Assets in subsidiaries||3 868 383||4 220 267||4 220 267|
|Collateral in vessels||570 235||0||0|
|Total||4 722 601||4 438 618||4 220 267||4 220 267|
Not 27 - Upplysningar om närstående
Moderbolaget har under året betalt ränta till företag i överordnad koncern om 129 Mkr (154 Mkr).
From juni 2018 är Scandlines ett närstående bolag till ForSea koncernen. Parterna har haft transaktioner hela året 2018. Koncernens försäljning till Scandlines under året uppgick till 246 Mkr. Koncernens inköp från Scandlines uppgick till 79 Mkr. Fordringar till Scandlines på balansdagen uppgick till 33 Mkr. Skulder till Scandlines på balansdagen uppgick till 21 Mkr. Samtliga transaktioner sker på marknadsmässiga villkor.
Vidare framkommer information om moderföretagets innehav i dotterföretag i not 21.
Note 28 - Events after the balance sheet date
There have been no significant events after the balance sheet date.
Not 29 - Disposition av företagets vinst (kronor)
|Till årsstämmans förfogande står följande vinstmedel||441 648 000|
|Styrelsen föreslår att:|
|till aktieägarna utdelas||0|
|i ny räkning balanseras||441 648 000|
Helsingborg April 25 2019
Mats Thunes Hope
Volker Klaus Häussermann
Anna Britta Henriques Dalunde
Our audit report was submitted on 25-04-2019