carl bennet ab annual report 2019 box 7171 | address for ... · tion in pharmaceutical and medical...

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Box 7171 | se-402 33 GothenburgAddress for visitors: Arvid Wallgrens Backe 20

Telephone: +46 31 741 64 00 | www.carlbennetab.se

Carl Bennet AB Annual Report 2019

CONTENTS

This is Carl Bennet AB 2 – 3

SHORT FACTS:

Arjo 4 – 5

Elanders 6 – 7

Getinge 8 – 9

Lifco 10 – 11

ANNUAL REPORT

Board of Directors’ Report 12 – 16

Consolidated Income Statement 17

Consolidated Balance Sheet 18

Consolidated Statement of Changes in Equity 19

Consolidated Cash Flow Statement 20

Notes, applying to the Group 21

Parent Company Income Statement 49

Parent Company Balance Sheet 50

Parent Company Statement of Changes in Equity 50

Parent Company Cash Flow Statement 51

Notes, applying to the Parent Company 52

Board of Directors and Senior Executives 53

Auditor’s Report 58

GROUP COMPANIES 60

Unless stated otherwise, all amounts are in millions of Swedish kronor, SEK M. Figures in parentheses refer to the same period in the previous year.

Cover picture: Dragesholm conducts forestry operations at Dragesholm Säteri in Skåne. The landholding is 913 hectares, of which 748 hectares is productive forest land. Felling amounted to about 2,000 cubic metres and sales amounted to SEK 2 million (2).

MEDARBTAREGLOBALT

25 123MKR

NET SALES

60.6SEK BILLION

EQUITY

23.0SEK BILLION

MEDARBTAREGLOBALT

25 123MKR

EMPLOYEES GLOBALLY

28,800MKR

EBIT

5.0SEK BILLION

CARL BENNET AB ANNUAL REPORT 2019 | 3

This is Carl Bennet AB

President & CEO: Magnus Nilsson

Global Supply Chain • Supply chain management• Print & packaging

50.1% of share capital65.9% of votes

Net sales: 11 SEK billion.Sales in more than 30 countries

Result before tax 2019: 0.2 (0.4) SEK billion

Employees: approx. 6,700 (6,700)

Market Cap 2020-03-31: 1.6 SEK billion

President & CEO: Joacim Lindoff

Medical Technology• Acute Care• Long-term Care






President & CEO: Per Waldemarson

Dental and Industry • Dental• Demolition & Tools• Systems Solutions




Employees: approx: 5,400 (4,900)


President & CEO: Mattias Perjos

Medical Technology• Acute Care Therapies• Surgical Workflows• Life Science


Net sales: 26.5 SEK billion.Sales in more than 150 countries

Result before tax 2019: 1.9 (–0.6) SEK billion



■ Countries in the world where the CBAB Group has its own companies. For more information, please see Note 9, Group.

■ In other markets sales are made via distributors and agents.

4 | CARL BENNET AB ANNUAL REPORT 2019

Short facts – Arjo

MEDARBTAREGLOBALT

25 123MKR MEDARBTARE

GLOBALT

25 123MKR

EMPLOYEES GLOBALLY

6,141

EBIT

0.67SEK BILLION

NET SALES

8.9SEK BILLION

NUMBER OF COUNTRIES WHERE ARJO SELLS

PRODUCTS AND SOLUTIONS

>100

The human body is made to move. Research shows that there is a clear link between mobility and people’s physical and mental well-being. At Arjo, we believe that high quality of care and positive clinical outcomes begin by maintaining or improving a patient’s mobility.

Increasing a patient’s mobility during the healthcare process helps decrease unnecessary suffering. This can include loss of muscle strength, blood clots, bedsores, and increased risk of falls, as well as anxiety and depression. By supporting patients maintain their mobility using modern equipment, these complications can be avoided, with improved self-esteem as a result.

For many years, Arjo has worked in close collabo-ration with care homes and healthcare professionals, providing a unique understanding of the challenges that exist in the healthcare sector. We strive to support healthcare facilities in applying their highest profes-

sional skills, enable the development of effective care processes, and provide equipment that improves patient mobility while reducing the risk of work-related inju-ries. Arjo’s approach contributes to improved quality of care and enhanced efficiency, resulting in reduced healthcare costs.

Our offering includes products and solutions for patient transfers, hygiene, disinfection, prevention of pressure injuries and deep vein thrombosis (blood clots) and for diagnostics. We also offer medical beds and various services, such as training in connection with product sales.


Short facts – Elanders

Elanders is a global logistics company with a broad range of services of integrated solutions in supply chain management. The business is mainly run through two business areas, Supply Chain Solutions and Print & Packaging Solutions. Elanders has almost 7,000 employees and operates in some 20 countries on four continents. Elanders’ most important markets are China, Singapore, the United Kingdom, Sweden, Germany and the USA. Elanders’ major customers are active in the areas Automotive, Electronics, Fashion & Lifestyle, Industrial and Health Care & Life Science.

Elanders helps its customers to more efficiently manage their entire supply chain, everything from raw materials to the end product. By optimizing customers’ material and component flows, Elanders actively helps its cus-tomers to reduce their environmental impact and thus contributes to a more sustainable society. Elanders can take a global total responsibility for the entire supply chain, including procurement, warehousing,

configuration, production and distribution. The offer also includes order management, payment solutions and after sales services for our customers. The services are provided by business-oriented employees. They use their expertise and our advanced IT solutions to develop our customers’ offers which are often com-pletely dependent on efficient product, component and service flows as well as traceability and information.

MEDARBTAREGLOBALT


GLOBALT

25 123MKR

EMPLOYEESGLOBALLY

6,664

EBIT

0.36SEK BILLION

NET SALES

11.3SEK BILLION

NUMBER OF COUNTRIES

18

With its investment in an Auto Store solution Elanders has taken another step on its way to becoming a leading supplier of global supply chain management solutions. In a warehouse outside Munich 42 robots pick products from the 20,000 bins inside the Auto Store. The bins stacked in 14 layers on top of each other. The robots can operate 18 hours without charging. When their battery level runs low they return automatically to the charging station until they are ready to pick products anew, round the clock, seven days a week. All the robots together can pick up to 20,000 products during a single day.


Short facts – Getinge

Getinge works to ensure that all people and society have access to the best possible healthcare. Getinge contributes to this through improvements for patients and professionals in hospitals and institutions in life science using technology, infrastructure design and workflow expertise. In addition, Getinge is at the customers’ side, ready to provide technical support, training, on-site consultation and financial ser vices. The operations are conducted in the following three business areas.

Acute Care Therapies The offering contains solutions for cardiac, pulmonary and vascular therapies, and a broad selection of technologies and therapies for life support in acute health conditions, as well as respirators for mobile ventilation, and portable, acute treatment of cardiac and pulmo-nary patients.

Surgical Workflows Products and solutions to optimize quality, safety and capacity use of sterilization departments and oper-ating rooms. The product portfolio contains, for example, operating tables and lights and systems for the cleaning, disinfection and steriliza-tion of instruments, and advanced hospital IT systems.

Life Science Equipment, technical expertise and consultation to prevent contamina-tion in pharmaceutical and medical device production. The business area also works to ensure research integrity in biomedical research and in simplifying qualification pro-cesses.

MEDARBTAREGLOBALT


GLOBALT

25 123MKR

EMPLOYEES GLOBALLY

10,538

EBIT

2.37SEK BILLION

NET SALES

26.6SEK BILLION

SALES IN

130COUNTRIES

Getinge supplies its customers in healthcare and life science with necessary knowledge, technology and resources to save lives and achieve the best possible clinical outcomes.


Short facts – Lifco

Lifco offer a safe haven for small and medium-sizedbusinesses. Lifco acquire and develop market-leadingniche businesses with the potential to deliver sustainable earnings growth and robust cash flows.

The companies in Lifco’s Dental business area are lead-ing suppliers of consumables, equipment and technical service to dentists across Europe, and the business area also has operations in the US. Lifco sells dental technol-ogy to dentists in the Nordic countries and Germany, and develops and sells medical record systems in Denmark, Sweden and Germany. The business area also includes a number of manufacturers which pro-duce denture attachments, disinfectants, saliva ejec-tors, bite registration and dental impression materials, bonding agents and other consumables that are sold to dentists through distributors around the world.

Demolition & Tools develops, manufactures and sells equipment for the construction and demolition indus-tries. Lifco is the world’s leading supplier of demolition robots and crane attachments. The company is also one of the leading global suppliers of excavator attach-ments.

The Systems Solutions business area comprises com-panies which offer systems solutions. Systems Solutions has five divisions: Construction Materials, Contract Manufacturing, Environmental Technology, Service and Distribution, and Forest. The divisions are leading players in their geographic markets.

MEDARBTAREGLOBALT


GLOBALT

25 123MKR

EMPLOYEES GLOBALLY

5,443

EBIT

2.1SEK BILLION

NET SALES

13.8SEK BILLION

COUNTRIES

30

ErgoPack is the leading manufacturer of ergonomic and mobile pallet strapping systems, which are used globally in different industries.


Board of Directors’ report

The Board of Directors and Chief Executive Officer of Carl Bennet AB (publ), Corporate ID Number 556379-0715, hereby present their annual report and consolidated financial statements for the financial year 2019.

Operations

Carl Bennet AB (CBAB) was founded in 1989 by Carl Bennet. The company is the main owner of the listed companies Arjo AB (publ), Elanders AB (publ), Getinge AB (publ) and Lifco AB (publ). Operations are also conducted through the subsidiary companies Drages holm AB and Symbrio AB. The Group operates globally in various industries with market-leading positions. The Group operates in medical technology, healthcare, dental care, equipment for the forestry industry and finance. CBAB’s operations consist of sup-porting its subsidiaries and associates with knowledge and financing for the long-term development of the Group in its respective areas of operation. The Group has about 29,000 employees in 47 countries.

The GroupEconomic overviewIn 2019 the Group’s net sales grew by 10 per cent to SEK 60,567 million (55,005). Sales increased in all the listed companies. The Group’s largest market is Europe, with just over 50 per cent, followed by the USA with 25 per cent and Asia, 16 per cent.

Operating profitThe Group’s operating profit increased to SEK 5,028 million (2,509), which corresponds to 8.3 per cent (4.6) of net sales.

Net financial income/expenseNet financial income/expense was SEK 96 million (–757), as the market valuation of securities held as current assets had a positive effect of SEK 853 million on earnings.

Profit before taxThe profit before tax increased to SEK 5,124 million (1,752).

TaxesThe Group’s tax expense was SEK –1,479 million (–910), which corresponds to a tax rate of 29 per cent. The tax rate was negatively affected by the new base erosion and anti-abuse tax (BEAT) introduced on the American market.

Financial position and equity/assets ratioThe Group’s equity increased as at 31 December 2019 to SEK 84,733 million (81,066), of which the share of non-controlling interests was SEK 61,693 million (59,633). Thus the Group’s equity/assets ratio is 63.4 per cent (65.0 per cent).

The Group’s interest-bearing net debt has increased to SEK 26,418 million (22,714). This is mainly due to the introduction of IFRS16 Leases.

Cash flowCash flow from operating activities was SEK 8,386 million (5,546).

EmployeesAt the close of the year the Group had 28,827 employees (28,296), a small increase since the previous year. The average number of employees also increased slightly to 28,825 (28,714).

Events after the balance sheet dateCOVID-19 has affected many countries and impacted all companies in the Group. The managements of the respective sub-groups are following the situation closely. It is not currently possible to determine the ef-fects of this.

Carl Bennet AB Carl Bennet AB’s share of equity increased to SEK 23,040 million (21,434) and Carl Bennet AB’s net asset value increased to SEK 43,706 million (25,218).

At 31 March 2020, net asset value had decreased to SEK 34,163 million (29,916).

At 31 March 2020, Carl Bennet AB’s share of equity amounted to SEK 23,450 million (22,147).


Five-year comparison

Group 2019 2018 2017 2016 2015

Net sales, SEK M 60,567 55,005 49,403 45,070 42,410

EBITDA, SEK M 8,246 5,662 6,784 6,921 6,758

EBITA, SEK M 7,076 4,499 5,655 5,890 5,584

EBITA margin, % 11.7 8,2 11,5 13,1 13,2

Operating profit (EBIT), SEK M 5,028 2,509 3,529 3,822 4,013

Profit before tax, SEK M 5,124 1,752 3,323 3,676 3,408

Equity, SEK M 84,733 81,066 80,265 75,746 72,093

Net debt, SEK M *) –24,130 –20,426 –20,111 –25,062 –22,757

Average number of employees 28,825 28,714 27,213 23,638 22,151

Number of employees at year-end 28,827 28,296 28,460 25,689 22,022

Equity/assets ratio, % 63 65 66 63 64

Carl Bennet AB (parent company)

Net asset value, SEK M 43,706 25,218 24,912 22,337 23,177

Net receivables, SEK M *) 1,833 1,605 2,194 2,885 2,686

Share of the Group’s equity, SEK M 23,040 21,434 19,733 18,838 17,321

*) Including investments held as current assets.Net receivable +, net liability –.

Carl Bennet AB’s net asset value (NAV) SEK M

31 Dec 2019 31 Dec 2018

NAVShare of NAV,

% NAVShare of NAV,

%

Arjo AB 3,069 7 1,931 8

Elanders AB 1,545 4 1,545 6

Getinge AB 9,492 22 4,359 17

Lifco AB 26,034 60 14,906 59

Other securities 3,203 7 2,271 9

Share portfolio – market value 43,343 99 25,012 99

Cash 363 1 206 1

Total 43,706 100 25,218 100

Net asset value development

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

50 000

2019201820172016201520142013201220112010

In 2019 net asset value increased by 73.7 per cent, in comparison with Nasdaq Stockholm’s growth of 27.5 per cent.


Net sales by business segment, SEK M

Group 2019 2018

Arjo AB (medical technology) 8,925 8,217

Elanders AB (supply chain, print & packaging) 11,254 10,742

Getinge AB (medical technology) 26,559 24,172

Lifco AB (dental, demolition & tools, systems solutions) 13,845 11,956

Dragesholm AB (forestry) 2 2

Symbrio AB (IT) 51 47

Parent company 0 0

Elimination –69 –131

Total 60,567 55,005

Operating profit (EBIT) by business segment, SEK M

Group 2019 2018

Arjo AB 671 493

Elanders AB 359 459

Getinge AB 2,372 –284

Lifco AB 2,059 1,902

Dragesholm AB –1 –1

HealthInvest Partners AB 2 6

Symbrio AB 4 2

Parent company –438 –68

Total 5,028 2,509

The consolidated financial statements and other disclosures for the Group comprise the following sub-groups and associated companies:

Number of shares

Share of equity, %

Share ofvoting

rights, %

Arjo AB 68,119,630 25.00 53.20

Elanders AB 17,718,409 50.11 65.88

Getinge AB 54,550,169 20.00 50.10

Lifco AB 45,513,260 50.10 68.85

Dragesholm AB – 100.00 100.00

HealthInvest Partners AB – 26.21 26.21

Symbrio AB – 66.84 66.84

Significant events in 20192019 was a very good stock market year and Carl Bennet AB’s net asset value grew by SEK 18,694 million from SEK 25,218 million to SEK 43,706 million, which corresponds to 73.7 per cent, in comparison with Nasdaq Stockholm, which grew by 27.5 per cent.

The market valuation of the portfolio of investments held as current assets made a positive contribution of SEK 853 million to earnings.

The Parent CompanyCarl Bennet AB is the main owner and parent company of the listed companies Arjo AB, Elanders AB, Getinge AB, Lifco AB and the unlisted companies Dragesholm AB and Symbrio AB. The parent company’s revenue is mainly from dividends from subsidiaries. During the

year, the parent company invested SEK 79 million in current investments and the company’s net receivable at the close of the year was SEK 363 million. In 2017 and 2018 the company issued synthetic options to Board members and the Management Team of Arjo and Executive Team of Getinge. As the share price rose substantially in 2019, the parent company’s provision for these commitments impacted earnings by SEK 353 million. At the same time Carl Bennet AB’s net asset value increased by 73.7 per cent.

Operations of subsidiariesArjo ABArjo is a global supplier of medical devices and solu-tions that help customers improve their clinical and financial results. Arjo creates value through solutions,

BOARD OF DIRECTORS’ REPORT


services and products that prevent injury and avoidable complications. The company focuses on the needs of the individual, thus contributing to higher quality of care. Customers are mainly private and public institutions in emergency care and long-term care. Arjo sells products and services to customers in more than 100 countries, divided into three geographical areas: North America, Western Europe and Rest of the World. Manufacturing is at five production facilities in the Dominican Repub-lic, Canada, China, Poland and the United Kingdom.

Consolidated net sales were SEK 8,925 million (8,217) and profit before tax was SEK 542 million (395). The average number of employees was 6,151 (6,123).

Elanders ABElanders is a global supplier with a broad service offer of integrated solutions in supply chain management. Operations are run through two business areas; Supply Chain Solutions and Print & Packaging Solutions. The Group operates in some 20 countries on four continents. The most important markets are China, Singapore, the United Kingdom, Sweden, Germany and the USA.

Net sales increased to SEK 11,254 million (10,742) and the profit before tax was SEK 216 million (366). The average number of employees was 6,696 (7,153).

Getinge ABGetinge is a global provider of products and solutions for operating rooms, intensive-care units and steriliza-tion departments serving 38 countries and with pro-prietary production in seven countries. Operations are conducted in three business areas – Acute Care Therapies, Life Science and Surgical Workflows. Sales take place through proprietary companies and distribu-tors in 130 countries. Approximately 70% of sales are conducted through the Group’s proprietary sales companies and the remaining 30% are sold by agents and distributors in markets for which Getinge lacks proprietary representation. Production is conducted at a total of 19 facilities in France, China, Poland, Sweden, Turkey, Germany and the US.

Net sales were SEK 26,559 million (24,172) and profit before tax was SEK 1,909 million (–624). The average number of employees was 10,684 (10,540).

Lifco ABThe Lifco Group is a conglomerate of small and medium- sized companies. The business idea is to acquire and develop market-leading niche companies with potential for delivering sustainable profit growth and robust cash flows. Business is conducted in three business areas: Dental, Demolition & Tools and Systems Solutions. Lifco has more than 160 operating companies in30 countries and a large number of customers indifferent industries.

The group’s net sales increased to SEK 13,845 million (11,956).

The operating profit increased to SEK 2,059 million (1,902). The profit before tax increased to SEK 1,996 million (1,858). The average number of employees increased to 5,255 (4,860).

Dragesholm ABDragesholm conducts forestry operations at Dragesholm Säteri in Skåne. The landholding is 913 hectares, of which 748 hectares is productive forest land. Felling amounted to about 2,000 cubic metres and sales amounted to SEK 2 million (2).

Symbrio ABSymbrio is an IT company that develops and sells a cloud-based purchasing and invoice management system. The company mainly operates in the con-struction and installation industry. During 2019 sales increased to SEK 51 million (47) and profit before tax was SEK 4 million (2). The average number of employ-ees increased to 35 (34).

Operations of associatesHealthInvest Partners ABHealthInvest Partners is a fund management company that manages a mutual fund, HealthInvest Small & Microcap Fund. The focus of the fund is investment in shares of companies operating in the global healthcare sector. The company has 3 (4) employees.

ResearchCarl Bennet AB provides approximately SEK 14 million (14) in research funding to the following universities, university colleges and institutions:

• Professorship in Marine Governance Law, School of Business, Economics and Law at the University of Gothenburg• Professorship in Human Resource Management, Göteborgs Universitet• BioVentureHub, AstraZeneca, Gothenburg• Research for innovation, Halmstad University• Detecting fibrillation/preventing stroke, Karolinska Institute/Danderyd University Hospital• Industry-employed doctoral student, Japan, Stockholm School of Economics• Corporate governance in Sweden, Stockholm School of Economics• The digitization of society, Linköping University• Professorship in Life-course epidemiology, Uppsala University

In addition to the research funding listed above, Carl Bennet AB is one of the sponsors of the Nobel Week Dialogue, which is a full day of lectures and panel discussions aimed at bringing together Nobel Laureates, a selected group of leading researchers, decision-makers and thinkers from all over the world. The purpose of


BOARD OF DIRECTORS’ REPORT

the event is to deepen the dialogue between the research community and the rest of society on matters that are important in a global perspective. The conference is held every other year in Gothenburg. The company also participates in a number of projects and collaborates with the expert body, the Royal Swedish Academy of Engineering Sciences (IVA).

The research initiatives are aimed at building up and strengthening knowledge environments from a national as well as international perspective. This will create development opportunities for the companies in the Carl Bennet AB Group.

SustainabilitySustainability is an important and integral part of the Group’s businesses. The parent company’s greatest impact is through being a long-term and active owner, while imposing high sustainable development require-ments on subsidiaries and associates. The parent com-pany does not have any own manufacturing and has only a few employees. Consequently, please refer to the sub-groups’ published annual reports and sustainability reports for performance indicator reporting.

Carl Bennet AB was an initiator of the Swedish Industry for Quality Education in India project, together with Arjo, Elanders, Getinge and another six Swedish companies. Run by the non-profit organisation Pratham, the project is aimed at enabling 30,000 vulnerable children in India to receive an education over a three-year period. Carl Bennet AB has also funded research at the Stockholm School of Economics with the aim of evaluating the project and developing new, innovative education methods.

The parent company was one of the initiators behind the introduction of the Secondary School Apprentice-ships (GLA) scheme in Sweden. GLA is a new appren-tice s hip scheme that will bring Sweden more in line with existing European schemes, where students attend school while working and receiving a salary. The scheme was established in close collaboration with the West Swedish Chamber of Commerce and with support from the Apprentice ship Centre of the Swedish National Agency for Education. The Swedish Secondary School Apprentice campaign describes a form of education in which businesses and schools take joint responsibility for educating tomorrow’s workers. The initiative is aimed at encouraging more students to apply for voca-tional courses at upper secondary school and improve employers’ access to skilled labour.

Carl Bennet AB is also a partner of the WIN WIN Gothenburg Sustainability Award, an international prize awarded annually since 2000 aimed at recognis-ing people or organisations that make important contri-butions to sustainable development.

Outlook, risks and uncertaintiesThe Group will continue to develop its businesses with a long-term perspective. Priority will be given to achiev-ing organic growth, supplemented by acquisitions.

COVID-19 has during the spring 2020 affected many countries and impacted all companies in the Group. The managements of the respective sub-groups are fol-lowing the situation closely. It is not currently possible to determine the effects of this.

Risks and uncertainties in the Group are related mainly to changes in teh exonomic environment. How-ever, the wide range of areas of activity and geographic markets in which the Group operates creates a good balance of risks. See also Note 5.

Proposed appropriation of profitThe following profits are at the disposal of the Annual General Meeting:

Retained earnings 7,594Net profit for the year –30 SEK M 7,564

The Board of Directors proposes the following appropriation of profit:

dividend to the shareholder 110carried forward 7,454 SEK M 7,564 The parent company has made a group contribution of SEK 1,380 thousand to Dragesholm AB, 556672-9538.

In view of the above and other information that has come to its knowledge, and based on a broad assessment of the company’s and Group’s financial situation, the Board of Directors believes the proposed dividend is justifiable with regard to the equity require-ments arising from the nature, scope and risks associ-ated with the business and the consolidation require-ments, liquidity and position of the company and Group.

The Board of Directors’ view is that the proposed dividend will not prevent the company, or the other companies in the Group, from fulfilling their obliga-tions in the short and long term, or from carrying out necessary investments. The proposed dividend can therefore be justified under the provisions of the Swedish Companies Act, Chapter 17, Section 3, paragraphs 2–3 (the prudence concept).

For more information on the results and financial position of the Group and parent company, please refer to the income statements, balance sheets, cash flow statements and accompanying notes set out below.


Statement of comprehensive income, SEK M

2019 2018

Net profit for the year 3,645 842

Other comprehensive income

Items that will not be reclassified to the income statement:

Actuarial gains/losses related to pensions –532 219

Items that can later be reclassified to the income statement:

Translation differences 1,029 1,384

Change in value of cash flow hedges 219 –112

Change in value of net investment hedge in foreign operations 128 –146

Income tax related to other income and expense items –59 340

Other comprehensive income for the year, net after tax 785 1,685

Comprehensive income for the year 4,430 2,527

Comprehensive income for the year attributable to:

Shareholders of the parent company 1,701 929

Non-controlling interests 2,729 1,598

4,430 2,527

Group

Consolidated income statement, SEK M

Note 2019 *) 2018

Net sales 5 60,567 55,005

Cost of goods sold –36,899 –33,722

Gross profit 23,668 21,283

Selling expenses –9,174 –8,545

Administrative expenses –7,733 –6,767

Research and development costs –1,103 –1,007

Restructuring and integration costs –462 –149

Profit from interests in associates 2 6

Other operating income 6 290 403

Other operating expenses 6 –460 –2,715

Operating profit 7, 8, 9 5,028 2,509

Financial income 10 948 312

Financial expenses 10 –852 –1,069

Net financial income/expenses 96 –757

Profit before tax 5,124 1,752

Tax on profit for the year 11 –1,479 –910

Net profit for the year 3,645 842

Net profit for the year attributable to:Shareholders of the parent company 1,479 509

Non-controlling interests 2,166 333

3,645 842

*) The companies in the group applies IFRS 16 Leases from January 1, 2019 and comparative figures have not been restated since the Group has chosen to apply the modified retrospective approach.


Consolidated balance sheet, SEK M

Note 31 Dec 2019 *) 31 Dec 2018

ASSETS

Non-current assetsIntangible assets 12 89,946 87,548

Property, plant and equipment 13 6,012 5,759

Rigth-of-use assets 14 4,563 –

Derivatives 15,16 15 –

Interests in associates 17 10 16

Investments held as non-current assets 16 95 17

Other non-current financial receivables 16 97 110

Deferred tax assets 18 2,621 2,581

Total non-current assets 103,359 96,031

Current assetsInventories 19 8,167 7,839

Accounts receivables 16, 20 11,661 11,204

Derivatives 15, 16 20 32

Other current receivables 16 1,872 2,100

Prepaid expenses and accrued income 21 1,734 1,505

Investments held as current assets 16 3,212 2,288

Cash and cash equivalents 16, 23 3,676 3,579

Total current assets 30,342 28,547

Assets held for sale – 74

TOTAL ASSETS 133,701 124,652

EQUITY AND LIABILITIES

EquityShare capital 24 1 1

Reserves 1,000 668

Retained earnings 22,039 20,765

Equity attributable to shareholders of the parent company 23,040 21,434

Non-controlling interests 61,693 59,632

Total equity 84,733 81,066

Liabilities 22

Non-current liabilitiesInterest-bearing borrowings 25, 26 11,450 14,350

Leasing liabilities 14, 26 3,309 –

Other liabilities 25, 26 1,202 688

Provision for pensions 26, 27 4,001 3,273

Derivatives 25 – 81

Deferred tax liability 18 2,405 2,012

Other provisions 28 2,630 2,292

Total non-current liabilities 24,997 22,696

Current liabilitiesInterest-bearing borrowings 25, 26 10,274 8,803

Leasing liabilities 14, 26 1,294 –

Other provisions 28 875 1,006

Advances from customers 275 923

Accounts payable 5,175 3,720

Derivatives 15, 25 57 158

Other liabilities 25 1,683 1,673

Accrued expenses and deferred income 29 4,338 4,563

Total current liabilities 23,971 20,846

Liabilities held for sale – 44

TOTAL EQUITY AND LIABILITIES 133,701 124,652


GROUP


Consolidated statement of changes in equity, SEK M

Share capital Reserves

Retained earnings (incl.

net profit for the year) Total

Non-con-trolling

interestsTotal

equity

Opening balance, January 1, 2018 1 298 19,434 19,733 60,532 80,265

Comprehensive income for the year – 370 559 929 1,597 2,526

Effect of acquisition from NCI (minority) – – 897 897 –1,802 –905

Dividends – – –100 –100 –693 –793

Other – – –25 –25 –2 –27

Closing balance, December 31, 2018

1 668 20,765 21,434 59,632 81,066

Comprehensive income for the year – 332 1,369 1,701 2,729 4,430

Dividends – – –90 90 –646 –736

Other – – –5 –5 –23 –28

Closing balance, December 31, 2019

1 1,000 22,039 23,040 61,693 84,733


GROUP

Consolidated cash flow statement, SEK M

Not 2019 *) 2018

Operating activitiesProfit after net financial income/expenses 5,124 1,752

Adjustment for non-cash items, etc. 33 4,432 5,199

Income tax paid –1,235 –1,136

Cash flow from operating activities before changes in working capital 8,321 5,815

Changes in working capitalIncrease/decrease in inventories –12 –329

Increase/decrease in current receivables 11 –219

Increase/decrease in current liabilities 64 279

Cash flow from operating activities 8,384 5,546

Investing activitiesInvestments in intangible assets 12 –1,145 –1,057

Investments in property, plant and equipment 13 –1,271 –1,253

Sale of property, plant and equipment 13 168 73

Acquired businesses and operations 12, 13 –1,785 –1,529

Investments in financial assets –159 –16

Sale of non-current financial assets – 278

Cash flow from investing activities –4,192 –3,504

Financing activities 33

Increase/decrease in non-current receivables –2 –11

Borrowings 14,565 11,239

Repayment of loans –16,854 –12,736

Amortization of lease liabilities –1,149 –

Realized derivatives attributable to financing activities 65 –

Dividends paid –736 –793

Transaction with shareholders with non-controlling interest –69 –

Cash flow from financing activities –4,180 –2,301

Cash flow for the year 12 –259

Cash and cash equivalents at the beginning of the year 3,579 3,724

Translation differences 85 114

Cash and cash equivalents at year-end 23 3,676 3,579



Notes, applying to the Group

NOTE 1 General information

Carl Bennet AB is a Swedish limited liability company with its registered office in Gothenburg. The Group’s principal business and its subsidiaries are described in the Board of Directors’ Report in this annual report. These consolidated financial statements and annual report were appro-ved for publication by the Board of Directors on 28 April 2020.

Unless otherwise stated, all amounts are stated in millions of Swedish kronor (SEK M). Figures in parentheses refer to the previous year.

NOTE 2 Summary of significant accounting principles

Significant accounting principles applied in preparing these consolidat-ed financial statements are described in the following. Unless otherwise stated, these principles have been applied consistently for all the years presented.

2.1 Basis of preparation of financial statementsThe consolidated financial statements for the Carl Bennet AB Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as well as interpretations from the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the EU (see “New standards applied in advance” below). Recommen-dation RFR 1 Supplementary Financial Reporting Rules for Corporate Groups of the Swedish Financial Reporting Board and the Swedish Annual Accounts Act have also been applied.

The consolidated financial statements have been prepared by apply-ing the cost method, except with regard to remeasurement of available-for-sale financial assets and liabilities (including derivatives), which are measured at fair value through profit or loss. Significant accounting principles applied in preparing these consolidated financial statements are described in the following. Unless otherwise stated, these principles have been applied consistently for all the years presented. The financial statements of the parent company have been prepared in accordance with Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board and the Swedish Annual Accounts Act. In cases where the parent company applies different accounting policies than the Group, this is stated separately in connec-tion with the parent company’s notes on page 52.

Preparing financial statements in compliance with IFRS requires the use of important accounting estimates. Management is also required to make certain judgements in applying the Group’s accounting principles, see Note 4.

Standards, amendments and interpretations of existing standards which became effective in 2019 IFRS 16 “Leases” will be applied from 1 January 2019 and replaces IAS 17 “Leases” and the related interpretations, IFRIC 4, SIC-15 and SIC-27. The standard requires that assets and liabilities attributable to all leases be recognised in the balance sheet, with a few exceptions. This accounting is based on the view that the lessee has the right to use an asset for a specific period of time and at the same time an obligation to pay for this right. For the lessor the financial reporting will remain essentially unchanged. Short-term leases and leases for which the underlying asset is of low value are exempted. Since IFRS 16 means that lessees must recognise all significant leases on the balance sheet, this will result in an increased balance sheet total for the Group. At the same time the operating profit will increase in comparison with today, as some lease payments will be recognised as an interest expense in net financial income. The Group’s initial lease liabilities as at 1 January 2019 amounted to SEK 4,900 million with associated rights of use of about SEK 4,900 million as at 1 January 2019. Altogether this means that several of the Group’s key figures may have been affected by the new standard compared with the comparative year.

Standards, amendments and interpretations of existing standards which have not yet become effectiveA number of new standards and interpretations will become effective for financial years beginning after 1 January 2020 and have not been applied in preparing these financial statements. None of these new standards and interpretations are expected to have any significant impact on the Group’s financial statements, with the exception of the following.

2.2 ConsolidationSubsidiariesAll companies in which the Group has a controlling interest are classi-fied as subsidiaries. The Group controls a company when it is exposed to or has the right to a variable return on its interest in the company and is able to affect the return through its influence in the company. Subsidiaries are included in the consolidated financial statements as of the date at which the controlling interest is transferred to the Group. They are excluded from the consolidated financial statements as of the date on which the controlling interest ceases to exist.

The purchase method is applied in accounting for the Group’s business combinations. The consideration paid for the acquisition of a subsidiary comprises the fair value of the transferred assets, liabilities and any shares issued by the Group. The consideration also includes the fair value of all assets or liabilities that are a consequence of a contingent consideration arrangement. Acquisition-related costs are charged to expense as incurred. Identified assets acquired and liabili-ties assumed in a business combination are initially measured at fair value at the acquisition date.

For each acquisition, i.e. on an acquisition by acquisition basis, the Group determines whether to recognise a non-controlling interest in the acquired entity at fair value or at the interest’s proportional share of the acquired entity’s net assets.

The amount by which the consideration, any non-controlling interest and the fair value of the previous equity interest in the acquired entity at the acquisition date exceeds the fair value of the identified net assets is recognised as goodwill.

Intercompany transactions, balances, income and expenses, and unrealised gains and losses on transactions between Group companies are eliminated. Where applicable, the accounting principles for subsid-iaries have been amended to guarantee a consistent application of the Group’s principles.

Change in equity interest in a subsidiary without loss of controlTransactions with non-controlling interests which do not lead to loss of control are accounted for as equity transactions, i.e. transactions with owners in their role as owners. In case of acquisitions from non-control-ling interests, the difference between the fair value of the consideration paid and the actual acquired portion of the carrying amount of the sub-sidiary’s net assets is recognised in equity. Gains and losses on sales to non-controlling interests are also recognised in equity.


NOTE 2 Summary of significant accounting principles (cont.)

AssociatesAssociates are those entities in which the Group has significant influence, but not control, which normally applies for shareholdings representing between 20 and 50 per cent of the voting rights. Interests in associates are accounted for using the equity method.

2.3 Translation of foreign currencyFunctional currency and reporting currencyThe various entities in the Group have the local currency as their func-tional currency, as the local currency has been defined as the currency of the primary economic environment in which each entity operates. Swedish kronor (SEK), the functional and reporting currency of the parent company and Group, is used in the consolidated financial statements.

Transactions and balancesTransactions in foreign currency are translated to the functional cur-rency at transaction date exchange rates. Foreign exchange gains and losses arising from such transactions and upon translation of monetary assets and liabilities in foreign currency at closing rates are recognised in the income statement.

Foreign exchange gains and losses attributable to loans and cash are accounted for in the income statement as financial income or expense. All other foreign exchange gains and losses are accounted for as other operating income or other operating expenses in the income statement.

Translation of foreign Group companies Results and financial position for those entities which have a different functional currency than the reporting currency are translated to the Group’s reporting currency. Assets and liabilities for each balance sheet are translated from the functional currency of the foreign operation to the Group’s reporting currency, SEK, at the closing rate. Income and ex-penses for each income statement are translated to SEK at the average rate. Translation differences arising on translation of foreign operations are recognised in other comprehensive income.

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.

Business combinationsThe purchase method is used to account for subsidiaries. Acquired identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The excess of the cost of acquisition over the fair value of the share of the identifiable net assets and liabili-ties acquired is recognised as goodwill. The cost of acquisition consists of the fair value of the assets transferred to the seller and liabilities incurred or assumed at the date of exchange. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Addi-tional considerations are recognised as a financial liability until settled. All acquisition related costs are recognised as expenses. Companies acquired in the current year are included in the Group’s accounts as of the date of acquisition. Divested companies are included in the Group’s accounts up to the date of divestment.

Discontinued operationsA discontinued operation is part of a company that is divested, distrib-uted to shareholders or classified as held for sale and that constitutes a significant independent business or geographical segment. Profit from discontinued operations is presented separately from continuing opera-tions in the income statement.

2.4 Intangible assetsGoodwillGoodwill arises on the acquisition of subsidiaries and associates and refers to the amount by which the consideration exceeds Carl Bennet AB’s share of the fair value of identifiable assets, liabilities and contin-gent liabilities in the acquired entity and the fair value of non-controlling interests in the acquired entity.

Goodwill is always considered to have an indefinite useful life and is

therefore tested annually for impairment rather than written down on an ongoing basis. Goodwill is stated at cost less any accumulated impair-ment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to cash-generating units or groups of units that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill has been allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is monitored at operating segment level.

TrademarksTrademarks which have been acquired separately are recognised at cost while trademarks which have been acquired through a business combination are recognised at fair value at the acquisition date. Trade-marks can have either a definite or an indefinite useful life. Trademarks with a definite useful life are stated at cost less accumulated amortisa-tion and any impairment. The assets are amortised on a straight-line basis over the estimated useful life, which normally ranges from 3–15 years.

Customer relationships, technical knowledge, etc.Acquired intangible assets are recognised separately from goodwill if they meet the definition of an asset, are separable or arise from contractual or other legal rights and their market value can be reliably measured. Acquired intangible assets are measured at market value and amortised on a straight-line basis over their estimated useful life, which normally ranges from 3–15 years.

Capitalised development expenditure Capitalised development expenditure refers to internally generated intangible assets and is only recognised as an asset if an identifiable asset has been created, it is probable that the asset will generate future economic benefits and the expenditure incurred in developing the asset can be reliably measured.

Intangible assets are stated at cost less accumulated amortisation. The cost of an internally generated intangible asset is the sum of the expenditure incurred from the date when the intangible asset first meets the criteria for capitalisation described above.

The asset is amortised as of the date when it can start to be used. The useful life is determined based on the period in which the expected benefits are expected to accrue to the company. The assets are deemed to have useful lives ranging from 3–15 years and are amortised on a straight-line basis over this period.

Development expenditure which does not meet the above criteria are expensed as incurred. Previously expensed development expenditure is not capitalised in subsequent periods. Expenditure for research is charged to earnings as incurred.

2.5 Impairment of non-financial non-current assetsAssets with indefinite useful lives, such as goodwill, or assets which are not yet available for use, are not amortised but tested annually for impairment. Assets which are depreciated or amortised are tested for impairment when an event or change of circumstance indicates that the carrying amount may not be recoverable. The difference between the carrying amount and recoverable amount is recognised as an impair-ment loss. The recoverable amount is the higher of the fair value of the asset less costs to sell and value in use. In testing for impairment, assets are grouped to the lowest levels at which there are separate identifiable cash flows (cash-generating units). For other assets than goodwill, which were previously written down, an impairment test is made at each balance date to determine if a reversal is required.

2.6 Property, plant and equipmentProperty, plant and equipment are recognised at cost less deprecia-tion and any impairment losses. Cost includes expenditure that is directly attributable to the purchase and for bringing the asset to its place of use and preparing it for use in accordance with the purpose of the purchase. Expenditure for enhancing the asset’s performance increases the carrying amount of the asset if the investment is expected

NOTES, APPLYING TO THE GROUP



to generate future economic benefits. All other forms of repairs and maintenance are recognised as expenses in the income statement in the periods in which they are incurred.

Each part of an item of other property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreci-ated separately. Land is not depreciated. Assets are depreciated on a straight-line basis as follows:

Land improvements 20-50 yearsBuildings 10-50 yearsMachinery 3-25 yearsEquipment 3-10 yearsProduction tools 5 yearsEquipment held for hire 5 yearsCars 4-5 yearsComputer hardware 3-5 yearsFixed equipment 5-15 years

Residual values and useful lives of assets are tested at the end of each reporting period and adjusted where required. An asset’s carrying amount is written down to the recoverable amount immediately if the carrying amount exceeds the estimated recoverable amount.

Gains and losses on the sale of an item of property, plant and equip-ment is determined by comparing the sale proceeds and the carrying amount, whereby the difference is recognised in other operating income or other operating expenses in the income statement.

Biological assets Biological assets consist of standing timber, which is accounted for in accordance with IAS 41 Agriculture while the land is accounted for as property, plant and equipment. Both standing timber and land have been valued at the combined cost for the timber and land, as the asset (standing timber) cannot be valued separately in a reliable manner.

2.7 Financial instrumentsInitial recognitionFinancial assets and financial liabilities are recognized when the Group becomes party to the contractual terms of the instrument. Purchases and sales of financial assets are recognized on the transaction date, which is the date on which the Group undertakes to buy or sell the asset.

A financial asset is derecognized from the balance sheet when the contractual rights to the asset are realized, extinguished or the com-pany loses control over them. A financial liability is derecognized from the balance sheet when the contractual obligation has been fulfilled or in some other manner extinguished.

Financial instruments are initially measured at fair value plus transac-tion costs that are directly attributable to the acquisition or issue of a financial asset or financial liability for example fees and provisions.

Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount presented in the balance sheet only when there is a legally enforceable right to set off the recognised amounts and an intention to settle them on a net basis or to realise the asset and settle the liability simultaneously.

ClassificationThe Group classified its financial assets and liabilities depending on the purpose for which the financial asset or liability was acquired.

Financial assets measured at amortized costAssets held for the purpose of collecting the contractual cash flows that are solely payments of principal and interest on the principal amount are measured at amortized cost. Assets in this category is initially measured at fair value including transaction costs. After the acquisition date, they are recognized at amortized cost using the effective interest method. The carrying amount of the assets are adjusted for any impair-ment for expected credit losses. Interest income from these financial assets is recognized using the effective interest method and is included

in financial income. Assets in this category comprise long-term financial receivables, accounts receivable and other current receivables. They are included in current assets with the exception of items that fall due more than 12 months after the end of the reporting period, which are classified as non-current assets.

Impairment of financial assets measured at amortized costThe Group assesses the future expected credit losses related to assets measured at amortized cost and recognizes a reserve for such credit losses (“loss allowance”) on each reporting date. For accounts receiv-able, the Group applies the simplified approach for loss allowance, meaning that the reserve will correspond to the expected loss for the full lifetime of the receivable. To measure the expected credit losses, accounts receivables have been grouped on the basis of shared credit risk characteristics and days past due. The Group uses forward-looking variables for expected credit losses. Expected credit losses are recog-nised in the consolidated statement of comprehensive income under the item “Selling and administrative expenses”.

Financial liabilities measured at amortized costThe Group’s other financial liabilities are initially measured at fair value, net after transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Long-term liabilities have an expected term longer than one year while current liabilities have a term of less than one year. This category includes liabilities to credit institutions accounts payable and other current li-abilities.

Financial assets at fair value through profit or lossFinancial assets in this category consist of securities held as current assets. They are included in current assets if they are expected to be settled within 12 months of the close of the reporting period, otherwise they are classified as non-current assets. All securities held as current assets are recognised at fair value through profit or loss.

Derivatives and hedge accounting The Group’s derivatives have been acquired for the purpose of hedging the risks of interest and currency exposures to which the Group is ex-posed. All derivatives are recognised at fair value in the balance sheet while revaluations are classified differently depending on whether the derivative is classified as a hedging instrument or not. If the derivative is not classified as a hedging instrument changes in value are recognised directly in the income statement.

For derivatives or other financial instruments which meet the criteria for hedge accounting in accordance with the cash flow hedge method or hedging of a net investment in a foreign operation the effective portion of the change in value is recognised in other comprehensive income. Accumulated changes in value from cash flow hedges are reclassified from equity to the income statement at the same time as the hedged item affects the income statement. Accumulated changes in value from net investment hedges are reclassified from equity to profit or loss when the foreign operation is wholly or partially sold. Interest-bearing liabilities for which hedge accounting is applied in accordance with the fair value hedge method are recognised at fair value in respect of the hedged risk. The effect of the hedge is recognised in the same line as the hedged item.

2.8 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is calculated using the first in, first out method (FIFO). The value of inventories includes a related portion of indirect costs. The value of fin-ished products includes raw materials, direct labour, other direct costs and production-related overheads including depreciation.

The cost consists of the purchase price from subcontractors and costs for customs and freight. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs to complete and sell. Inventory obsolescence is estimated continuously over the course of the year.



2.9 Current and deferred tax

The tax expense for the period comprises current and deferred tax. The current tax expense is calculated based on those tax rules which have been enacted or substantively enacted by the balance sheet date in those countries where the parent company and its subsidiaries operate and generate taxable revenue.

Deferred tax is recognised, in accordance with the balance sheet liability method, for all temporary differences between the carrying amounts and tax bases of assets and liabilities in the consolidated financial statements. However, deferred tax is not recognised if it is incurred as a result of a transaction constituting the initial recognition of an asset or liability which is not a business combination and which at the time of the transaction affects neither the accounting profit nor the tax profit. Deferred income tax is calculated by applying tax rates that have been enacted or announced at the balance sheet date and that are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled.

The valuation of tax loss carryforwards and the company’s ability to use unused tax loss carryforwards are based on the company’s esti-mates of future taxable income in different tax jurisdictions and include assumptions on whether expenses which have not yet been taxed are deductible. Deferred tax is recognised through the income statement except in those cases where the deferred tax is attributable to items which are accounted for in other comprehensive income, in which case the deferred tax is recognised together with the underlying transaction in other comprehensive income (see Note 18).

Deferred tax assets and tax liabilities are offset when there is a legally enforceable right to set off current tax assets and tax liabilities, and when the deferred tax assets and tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, where there is an intention to settle the bal-ances on a net basis.

2.10 Employee benefitsRetirement benefit obligationsThe Group has both defined benefit and defined contribution pen-sion plans, some of which hold assets in separate trusts or equivalent vehicles. The Group’s Swedish companies are generally covered by the ITP Supplementary Pension Plan for Salaried Employees in Industry and Commerce. Defined benefit plans The defining characteristic of a defined benefit plan is that it specifies an amount for the post-employment benefit which an employee will receive upon retirement, normally based on one or several factors, such as age, length of service and salary. The liability that is recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the report-ing period less the fair value of the plan assets, with adjustments for unrecognised actuarial gains and losses and unrecognised past service costs. The defined benefit pension obligation is calculated annually by independent actuaries by applying the projected unit credit method. The present value of the defined benefit obligation is determined by discounting estimated future cash flows using the yield on high-quality corporate bonds issued in the same currency as that in which the payments will be made and with maturities comparable to that of the specified pension obligation. All remeasurements of retirement benefit obligations and plan assets, plus any payroll tax, are recognised in other comprehensive income.

Defined contribution plans In a defined benefit pension plan, the Group pays contributions to pub-licly or privately managed pension schemes on a mandatory, contractu-al or voluntary basis. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as personnel costs when they fall due.

Prepaid contributions are recognised as an asset to the extent that cash repayments or reductions of future payments may accrue to the Group.

2.11 Revenue recognitionRevenue comprises the fair value of what has been obtained or will be obtained for sold goods and services and leasing in the ordinary course of business in the Group. Revenue is recognised exclusive of value-added tax, discounts and returns and after elimination of intercompany sales.

The Group’s overall performance obligations can be divided into products and services.

Revenue is recognised when essentially all risks and rights associ-ated with ownership have been transferred to the buyer, which normally takes place upon delivery, the price has been determined and the col-lection of the amount due is reasonably secure.

Revenue for services is recognised as the services are performed. For large projects which stretch across more than one reporting period and for which the outcome can be reliably measured, income and expenses are recognised based on the degree of completion of the project at the balance sheet date by applying the percentage of completion method.

Interest incomeInterest income is recognised over the term of the loan by applying the effective interest method.

DividendsDividend income is recognised when the right to receive payment has been established.

2.12 LeasesThe Group’s leases mainly comprise the right-of-use regarding prem-ises and equipment. The leases are recognised as a right-of-use asset with a corresponding lease liability when the leased asset is available for use by the Group. Short-term leases and leases for which the under-lying asset is of low value are exempted.

Each lease payment should be divided between amortisation of the lease liability and a financial cost. The financial cost should be allocated over the lease term, so that each reporting period is charged with an amount corresponding to a fixed interest rate for the liability recognised under each period.

The lease term is determined as the non-cancellable period of the lease, together with periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.

The Group’s lease liabilities are recognised at the present value of the Group’s fixed lease payments (including in-substance fixed lease pay-ments). Purchase options are included if it is reasonably certain that the Group will exercise the option to acquire the underlying asset. Penalties for terminating the lease are included if the lease term reflects that the lessee will exercise an option to cancel the lease. Lease payments are discounted with the interest rate implicit in the lease, if this rate can easily be determined. Otherwise, the Group’s incremental borrowing rate is applied.

The Group’s right-of-use assets are recognised at cost, and include initial present value of the lease liability, adjusted for lease payment made at or before the commencement date and any initial direct ex-penses. Restoration costs are included in the asset if a corresponding provision for restoration costs exists. The right-of-use asset is depreci-ated on a straight-line basis over the asset’s useful life and the lease term, whichever is the shortest.



2.13 ProvisionsProvisions are recognised when the Group has a legal or constructive obligation as a result of a past event and it is more probable than not that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Provisions for warranty costs are estimates of submitted warranty claims and are estimated based on combined experience in the form of statistics on historical claims, expected costs for measures and the average time from the occurrence of the fault to the filing of a claim against the Group.

Provisions for restructuring include costs for termination of leases and for redundancy payments. Provisions for restructuring are recog-nised when a detailed formal plan for the measure exists and a well founded expectation among those affected has been created. No provi-sions are made for future operating losses.

2.14 Contingent liabilitiesContingent liabilities refer to obligations not recognised as liabilities/provisions because either it is probable that an outflow of resources will be required to settle the obligation or that no sufficiently reliable estimate of the amount can be made.

2.15 Share capitalOrdinary shares are classified as equity.

2.16 Cash Flow StatementThe cash flow statement has been prepared using the indirect method. This means that the operating profit is adjusted for transactions which have not resulted in incoming or outgoing payments during the period.


NOTE 3 Financial risk management

3.1 Financial risk factorsThe Carl Bennet AB Group is a conglomerate with operations in dif-ferent industries and a wide geographic spread, which constitute risk-limiting factors. Despite this, the Group is in the course of its operations exposed to various types of financial risk related to accounts receiv-ables, accounts payables, loans and derivatives: market risk (mainly comprising interest rate risk and currency risk, and to a smaller extent also price risk), credit risk and liquidity risk. The management of risks and responsibility for the Group’s overall financial activities are both centralised and decentralised. The Group has no central finance depart-ment, but a financial policy is adopted annually by the parent company in the Board of Directors of the sub-groups (Getinge, Arjo, Lifco and Elanders). As the subsidiaries’ policies differ, only the parent company’s policy is set forth in the risk descriptions. The defined objectives for the Group’s capital structure are aimed at securing the ability to continue the operations.

a) Market risk(i) Currency riskThe subsidiaries are exposed to currency risk, as a large part of their operations are conducted outside Sweden. Currency risk is the risk that changes in exchange rates will have an impact on earnings and equity. Currency exposures arise in connection with payment flows in foreign currencies (transaction exposure) and upon translation of the balance sheets and income statements of foreign subsidiaries into Swedish kronor (translation exposure). In each sub-group, currency risks are managed through the use of derivatives to hedge currency flows against exposures to sudden changes in exchange rates. In the parent company, derivatives are not used to hedge flows in foreign cur-rency, mainly because the exposure to foreign currencies in the parent company is low.

(ii) Interest rate riskThe Group has analysed its sensitivity to changes in interest rates.If the average interest rate for the currencies represented in the Group’s loan portfolio at year-end were to change temporarily by 1 percentage point the impact on earnings would be SEK +/- 194 million (171) on an annual basis. The market value of financial interest rate derivatives that meet the criteria for a cash flow hedge, which is recognised in equity, was SEK 15 million (–81) at 31 December 2019.

(iii) Price riskThe parent company is exposed to price risk in respect of shares due to investments held by the parent company, which are classified as either available-for-sale financial instruments or as assets at fair value through profit or loss. To manage the price risk resulting from invest-ments in shares, the parent company seeks to achieve a good spread of investments.

b) Financing riskFinancing risk is defined as the risk that the company will be unable to meet its liabilities due to insufficient liquidity or difficulties in obtain-ing funding. The parent company has been debt-free since November 2014.

c) Credit riskCredit risk, or counterparty risk, is the risk that a counterparty in a financial transaction will fail to meet its obligations at maturity. Credit risk arises partly in financial and partly in commercial transactions. To reduce its financial credit risk, the parent company invests its liquidity with banks of high creditworthiness, such as SEB and Handelsbanken, and uses highly liquid instruments. The commercial exposure consists refers mainly to the credit risk in the Group’s accounts receivables and consists of the risk that customers will be unable to meet their payment obligations. The parent company does not have any commercial expo-sure. The carrying amount of the Group’s accounts receivables in the balance sheet shows the maximum exposure to credit risk. Due to its diversification across different industries and diversified customer base, the Group does not have any significant concentrations to individual customers. Accounts receivables in the subsidiaries are tested for im-pairment on an ongoing basis. The tests take the form of individual as-sessments but are also based on historical data on defaulted payments (see also Note 20 for an analysis of accounts receivables).

d) Liquidity riskLiquidity risk is the risk that the Group will not have sufficient liquid as-sets to meet its obligations in respect of financial liabilities. The Group has a balanced debt ratio, and it is considered that the Group’s liquidity planning ensures that there are sufficient liquid assets in the parent company and subsidiaries to provide the cash assets required to meet the needs of the ongoing operations in the Group.

At 31 December 2019, the Group had liquidity of SEK 3,676 million (3,579). The Group has credit facilities and external borrowings. Other future liquidity requirements refer to the payment of accounts payables and other current liabilities.



NOTE 3 Financial risk management (cont.)

Cash flow for financial liabilities

At December 31, 2019 < 1 year 1–2 years 2–5 years > 5 years

Interest bearing borrowings 10,285 5,816 5,215 437

Lease liabilities 1,291 1,258 1,430 624

Derivatives 57 – – –

Accounts payable 3,895 – – –

Other liabilities 835 109 410 400

Total 16,363 7,183 7,055 1,461

3.2 Management of capital riskThe Group’s goal in respect of capital structure is to secure its ability to continue its operations with the aim of continuing to generate a return for its shareholders and benefits for other stakeholders, and to maintain an optimal capital structure in order to keep the costs for capital down.

At year-end 2019, the Group had net debt of SEK 24,130 million (20,426), representing a net debt/equity ratio of 0.28 (0.29). Equity at the same date was SEK 84,733 million (81,066), representing an equity/assets ratio of 63.37 (65.01) per cent.

3.3 Calculation of fair valueLevel 1 includes securities in the form of shares and funds that are traded in an active market. The fair value of financial instruments that are traded in an active market is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices from an exchange are easily and regularly available, and these prices represent actual and regularly occurring market transactions.

Level 2 includes derivatives. Fair value of financial instruments which are not traded in an active market is determined with the help of valu-ation techniques. Fair value of interest rate swaps is calculated as the present value of estimated future cash flows based on observable yield curves. Fair value of currency futures contracts is determined by refer-ence to prices of currency futures on the balance sheet date and by discounting the resulting value to present value. No transfers between Level 1 and Level 2 were made during the year.

Netting of financial assets and liabilitiesBorrowings and financial instruments in the Group are recognised on a gross basis.

The Group has concluded ISDA agreements with all significant counter-parties for borrowing and trading in financial instruments. This means that all receivables and liabilities of the Group are fully nettable. The Group has recognised its basis swaps in the balance sheet on a net basis, offset against loans. The value of basis swaps recognised on a net basis at 31 December 2019 is SEK M – (–).

The Group does not recognise any other significant assets and liabili-ties on a net basis.

Borrowings and financial instruments in the group recognised

Assets Liabilities Net

Loans – –21,724 –21,724

Interest rate derivatives 23 –50 –27

Foreign exchange derivatives 12 –7 5

Total 35 –21,781 –21,746

NOTE 4 Significant estimates and judgements

Estimates of the values of balance sheet items and judgements made when applying accounting principles are continually evaluated and are based on historical experience and other factors, including expecta-tions of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and judgmentsThe Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates and assumptions which have a signifi-cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Goodwill impairment testingEach year, the Group tests goodwill for impairment in accordance with the accounting principle described in Note 2. Recoverable amounts for

cash-generating units have been determined by calculating value in use or fair value less selling expenses. For calculations of value in use certain estimates need to be made. The impairment tests are per-formed at operating segment level. The carrying amount of goodwill is SEK 78,038 million (76,179). The goodwill impairment tests performed as at 31 December 2019 did not indicate any impairment.

Tax loss carryforwardsEach year, the Group assesses whether there is reason to recognise deferred tax assets in respect of tax loss carryforwards for the year. A deferred tax asset is recognised for tax loss carryforwards only to the extent that it is probable that these can be used to offset future taxable profits and taxable temporary differences. Changes in assumptions about future forecast taxable income can result in significant differences in the valuation of deferred taxes. For more information, see Note 18.


Net sales per revenue classification 2019 2018

Sale of goods 44,484 41,107

Service contracts 12,446 10,979

Spare parts 1,547 885

Leasing 2,090 2,034

Total 60,567 55,005

Net sales by geographic market 2019 2018

Sweden 2,996 2,858

Rest of Europe 28,116 25,938

North America 15,929 13,897

South America 992 941

Asia 9,836 8,701

Australia 1,424 1,419

Africa 1,274 1,251

Total 60,567 55,005

NOTE 5 Net sales per revenue classification and geographic market

Contract assets and contract liabilitiesThe Group has contrack assets in the form of contract work in progress, which are presented in the item inventories. The Group has also contract assets which refer to accrued income relating to service, projects that are recognized according to the percentage of completion method and other income. Contract liabilities refers to advances from customers and deferred income relating to service and other.

The Group recognises the following revenue-related contract liabilities: 31 Dec 2019 31 Dec 2018

Advance payment from customers 6,599 5,626

Other customer contract liabilities 601 509

Total contract liabilities 7,200 6,135

Of the total contract liabilities of SEK 6,135 million recognised at the beginning of the financial year, revenue related to contract liabilities of SEK 6,065 million was recognised during the financial year.

Other operating income 2019 2018

Foreign exchange gains 140 223

Other 150 180

Total 290 403

Other operating expenses 2019 2018

Foreign exchange losses –138 –260

Cost of product liability claims related to Mesh in Getinge – –1,800

Getinge’s ongoing investigations in Brazil –22 –350

Other –300 –284

Total –460 –2,694

NOTE 6 Other operating income and expenses



NOTE 8 Expenses by category and depreciations

Expenses by category 2019 2018

Employee costs 18,790 16,799

Material costs (freight, distribution) 26,365 22,859

Depreciation, amortisation and impairment 4,778 3,127

Operating lease payments – 1,288

Other expenses 4,976 5,968

Total 54,909 50,041

Depreciation and amortisation by function 2019 2018

Cost of goods sold –2,533 –1,474

Selling expenses –1,271 –943

Administrative expenses –884 –558

Research and development costs –90 –37

Restructuring costs –30 –

Total –4,808 –3,012

NOTE 7 Audit fees

2019 2018

PwCAudit engagement 48 47

Audit services in addition to audit engagement 9 2

Tax advisory services 1 4

Other services 11 5

Total 70 58

OtherAudit engagement 2 2

Audit services in addition to audit engagement 0 15

Tax advisory services 11 2

Other services 15 15

Total 28 34

The Group total 98 92

Audit engagement refers to the auditing of the annual report, consoli-dated financial statements and accounting records, and of the Chief Executive Officer’s management of the company, other tasks incumbent on the company’s auditor as well as advice and other assistance occa-sioned by observations made in the course of such auditing procedures or the carrying-out of such other tasks. All other activities undertaken by the auditors are defined as other services. Tax advisory services refer mainly to general corporate tax matters. Other services refer to advice on financial reporting, and to services provided in connection with acquisitions.


NOTE 9 Average number of employees and personnel costs

Average number of employees, total

2019 2018

Women Men Total Women Men Total

Australia 241 238 479 151 315 466

Austria 109 128 237 40 190 230

Belgium 64 84 148 34 110 144

Brazil 73 92 165 66 110 176

Canada 305 225 530 179 342 521

China 975 1,219 2,194 1,122 1,435 2,557

Colombia 12 19 31 14 16 30

Costa Rica 14 42 56 36 52 88

Czech Republic 203 342 545 183 350 533

Denmark 126 316 442 122 317 439

Dominican Republic 175 443 618 463 161 624

Estonia 80 130 210 87 131 218

Finland 48 158 206 47 157 204

France 794 837 1,631 531 1,026 1,557

Germany 2,207 4,332 6,539 2,068 4,717 6,785

Hong Kong 40 45 85 39 41 80

Hungary 128 207 335 122 187 309

India 203 410 613 88 505 593

Ireland 21 14 35 4 31 35

Italy 165 245 410 108 204 312

Japan 71 187 258 54 187 241

Latvia 7 4 11 8 4 12

Lithuania 11 2 13 8 1 9

Mexico 25 39 64 27 37 64

Netherlands 138 236 374 97 270 367

New Zealand 26 23 49 11 45 56

Norway 105 343 448 93 322 415

Philippines 83 120 203 89 159 248

Poland 618 952 1,570 760 752 1,512

Portugal 6 15 21 8 17 25

Romania 1 – 1 – – –

Russia 17 41 58 17 40 57

Serbia 6 11 17 6 11 17

Singapore 311 390 701 258 333 591

Slovakia 1 2 3 1 2 3

Slovenia 4 24 28 5 20 25

South Africa 71 42 113 48 58 106

South Korea 10 10 20 7 11 18

Spain 50 80 130 40 81 121

Sweden 818 2,093 2,911 738 1,971 2,709

Switzerland 54 60 114 27 78 105

Taiwan 16 21 37 17 21 38

Thailand 54 91 145 53 89 142

Turkey 270 240 510 260 229 489

U.A.E. 30 50 80 20 61 81

UK 868 828 1,696 455 1,241 1,696

USA 1,710 2,029 3,739 1,233 2,432 3,665

Vietnam – 2 2 – 4 4

Group total 11,364 17,461 28,825 9,846 18,868 28,714



NOTE 9 Average number of employees and personnel costs (cont.)

Average number of employees by group

Arjo Elanders Getinge Lifco Other 2019 2018

Australia 217 – 229 33 – 479 466

Austria 107 44 38 48 – 237 230

Belgium 74 – 65 9 – 148 230

Brazil 17 48 100 – – 165 177

Canada 396 – 120 14 – 530 521

China 233 657 538 766 – 2,194 2,557

Colombia – – 31 – – 31 30

Costa Rica – – 56 – – 56 88

Czech Republic 14 326 36 169 – 545 533

Denmark 30 – 146 266 – 442 439

Dominican Republic 618 – – – – 618 624

Estonia – – – 210 – 210 218

Finland – – 34 172 – 206 204

France 490 – 1,031 110 – 1,631 1,557

Germany 395 3,419 1,956 769 – 6,539 6,785

Hong Kong 22 4 54 5 – 85 80

Hungary – 327 – 8 – 335 309

India 167 208 238 – – 613 593

Ireland 23 – 12 – – 35 35

Italy 123 20 155 112 – 410 312

Japan 17 – 241 – – 258 241

Latvia – – – 11 – 11 12

Lithuania – – – 13 – 13 11

Mexico – 19 45 – – 64 64

Netherlands 164 46 111 53 – 374 367

New Zealand 32 – – 17 – 49 56

Norway 17 – 29 401 1 448 414

Philippines – – – 203 – 203 248

Poland 761 332 466 11 – 1,570 1,512

Portugal – – 21 – – 21 24

Romania – 1 – – – 1 –

Russia – 2 48 8 – 58 57

Serbia – – 17 – – 17 17

Singapore 42 583 56 20 – 701 590

Slovakia – – 3 – – 3 3

Slovenia – – – 28 – 28 25

South Africa 90 – 23 – – 113 106

South Korea 2 – 14 4 – 20 18

Spain 27 – 101 2 – 130 121

Sweden 185 152 1,226 1,310 38 2,911 2,707

Switzerland 53 – 51 10 – 114 105

Taiwan – 5 32 – – 37 38

Thailand – – 145 – – 145 142

Turkey – – 510 – – 510 489

U.A.E. 12 – 63 5 – 80 81

UK 982 200 294 220 – 1,696 1,696

USA 841 303 2,347 248 – 3,739 3,665

Vietnam – – 2 – – 2 2

Group total 6,151 6,696 10,684 5,255 39 28,825 28,714


NOTE 9 Average number of employees and personnel costs (cont.)

Salaries and remuneration 2019 2018

Board and CEOs 688 621

Other employees 14,149 12,912

14,837 13,533

Statutory and contractual social security contributions 2,763 2,511

Retirement benefit costs for Board Members and CEOs 75 66

Retirement benefit costs for other employees 673 645

Other personal costs *) 353 –

Total 18,701 16,755

*) Option Plan, for more information see, note 32

Board members and senior executives

Board members at balance sheet date 2019 2018

Women 23% 21%

Men 77% 79%

CEOs and other senior executives at balance sheet date 2019 2018

Women 26% 26%

Men 74% 74%

For further information and a description of remuneration of senior executives in subsidiaries and sub-groups, see the annual reports of each subsidiary. For information on remuneration of the Board of Directors and CEO of the parent company, see Note 5, Parent company.

Financial income 2019 2018

Interest income on bank balances 24 28

Foreign exchange gains 28 149

Profit from other securities – 59

Unrealised changes in value of other securities 853 –

Dividends from other securities 41 52

Other financial income 2 24

Total 948 312

Financial expenses

Interest expense on borrowings –633 –652

Interest expense on finance lease liabilities –106 –52

Foreign exchange losses –40 –3

Unrealisazed changes in value of other securities – –312

Write-downs – –3

Other financial expenses –73 –47

Total –852 –1,069

Net financial income/expenses 96 −757

NOTE 10 Financial income and expenses



2019 2018

Current tax for the year –1,277 –1,075

Deferred tax –162 317

Current tax attributable to prior years –40 –152

Tax expense –1,479 –910

The relationship between tax expense for the year and reported profit is shown in the table below. The tax on the profit for the year has been calculated at 21.4% (22%). Tax for other countries has been calculated at the applicable local tax rates.

The relationship between the year’s tax expense and the recognized profit before tax, SEK M 2019 2018


Tax at applicable tax rate in Sweden, 21.4% (22%) –1,096 –385

Tax effects of:

– Non-taxable income 50 54

– Non-deductible expenses –129 –231

Adjustment for other tax rates in foreign subsidiaries –143 –123

Revaluation of deferred tax –98 –70

Tax loss carryforwards for which no deferred tax asset has been recognised –1 11

Use of previously unrecognised tax loss carryforwards 2 –4

Adjustment relating to prior years –64 –162

Recognized tax expense –1,479 –910

NOTE 11 Tax on profit for the year

The Group’s tax expense was SEK –1,479 million (–910), which corresponds to a tax rate of 29 per cent (52 per cent). The tax rate was negatively affected by the new base erosion and anti-abuse tax (BEAT) introduced on the American market. The high tax rate in the previous year was largely due to non-deductible costs related to a corporate fine in Getinge.


* Goodwill* Trade-

marksCap. dev.

costs

Customer relation-

ships Trademarks

Other intangible

assets Total

Cost, Jan 1, 2019 77,641 2,039 7,747 6,704 646 9,318 104,095

Investments 1 – 570 – – 547 1,118

Acquisition of companies 971 290 – 967 6 13 2,247

Sales/disposals –4 – –49 – – -207 –260

Reclassifications 6 – 1 – 11 -8 10

Translation differences 948 26 85 205 20 237 1,521

Accumulated cost, Dec 31, 2019

79,563 2,355 8,354 7,876 683 9,900 108,731

Amortization and write-downs, Jan 1, 2019 –1,462 –419 –4,097 –3,633 –561 –6,375 –16,547

Amortization for the year – –40 –575 –598 –14 –773 –2,000

Acquisition of companies –3 – – – –4 –5 –12

Sales/disposals 4 – 48 – – 205 257

Impairment – – –31 – – –17 –48

Reclassifications – – – – –5 5 0

Translation differences –64 –2 –47 –131 –19 –172 –435

Accumulated amortization and write-downs, 31 Dec, 2019

–1,525 –461 –4,702 –4,362 –603 –7,132 –18,785

Closing carrying amount, Dec 31, 2019

78,038 1,894 3,652 3,514 80 2,768 89,946

Cost, Jan 1, 2018 75,324 1,894 7,131 6,110 586 8,476 99,521

Investments – – 631 1 – 419 1,051

Acquisition of companies 568 106 – 359 – 28 1,061

Sales/disposals – –17 –68 – – –368 –453

Reclassifications 60 – –157 –98 16 279 100

Translation differences 1,689 56 210 332 44 484 2,815

Accumulated cost, Dec 31, 2019

77,641 2,039 7,747 6,704 646 9,318 104,095

Amortization and write-downs, Jan 1, 2018 –1,414 –390 –3,609 –2,953 –492 –5,407 –14,265

Amortization for the year – –38 –581 –525 –12 –717 –1,873

Acquisition of companies – – – – – –1 –1

Sales/disposals – – 49 – – 353 402

Impairment – – –15 – – –102 –117

Reclassifications –1 16 147 44 –16 –160 30

Translation differences –47 –7 –88 –199 –41 –341 –723


–1,462 –419 –4,097 –3,633 –561 –6,375 –16,547

Closing carrying amount, Dec 31, 2018

76,179 1,620 3,650 3,071 85 2,943 87,548

* Indefinite useful life

NOTE 12 Intangible assets



Buildings and land

Plant and machinery

Equipment, tools, fixtures

and fittingsEquipment

held for hire

Assets under

construction Total

Cost, Jan 1, 2019 4,482 3,599 5,030 4,705 311 18,128

Investments 78 191 397 445 184 1,295

Acquisition of companies 72 410 84 – 5 571

Sales/disposals –114 –161 –385 –516 –1 –1,177

Reclassifications 91 46 –172 71 –211 –175

Translation differences 112 81 111 176 7 486

Accumulated cost, Dec 31, 2019 4,721 4,167 5,065 4,881 295 19,128

Amortization and write-downs, Jan 1, 2019 –2,321 –2,722 –3,558 –3,768 – –12,369

Depreciation for the year –163 –231 –438 –338 – –1,170

Acquisition of companies –36 –277 –46 – – –359

Sales/disposals 41 137 360 461 – 999

Impairment –5 –4 –13 – – –22

Reclassifications –4 24 112 3 – 135

Translation differences –53 –58 –82 –137 – –330


–2,541 –3,131 –3,665 –3,779 – –13,116

Closing carrying amount, Dec 31, 2019 2,180 1,035 1,398 1,102 295 6,012

Cost, Jan 1, 2018 4,186 3,458 4,732 4,333 306 17,015

Investments 58 159 444 355 307 1 323

Acquisition of companies 8 –89 22 – – –59

Sales/disposals –16 –118 –393 –341 –2 –870

Reclassifications 37 44 29 148 –312 –54

Translation differences 209 145 196 210 12 773

Accumulated cost, Dec 31, 2018 4,482 3,599 5,030 4,705 311 18,128

Amortization and write-downs, Jan 1, 2018 –2,087 –2,639 –3,327 –3,493 – –11,546

Depreciation for the year –160 –213 –450 –340 – –1,163

Acquisition of companies –2 79 –9 – – 68

Sales/disposals 15 107 343 251 – 716

Impairment – – – – – –

Reclassifications 15 51 27 –25 – 68

Translation differences –102 –107 –142 –161 – –512


–2,321 –2,722 –3,558 –3,768 – –12,369

Closing carrying amount, Dec 31, 2018 2,161 878 1,472 937 311 5,759

NOTE 13 Property, plant and equipment


NOTE 14 Leases

Right-of-use assets BuildingPlant and

machinery EquipmentCars and

other vehicles Other Total

Cost, Jan 1, 2019 3,809 152 441 723 17 5,142

Entered into new leasing contracts 847 46 78 152 – 1,123

End of lease contracts –91 –8 –105 –18 – –222

Reassessment/modifications 15 7 0 0 – 22

Translation differences 58 0 3 6 –– 67

Accumulated cost, Dec 31, 2019 4,638 197 417 863 17 6,132

Depreciation and write-downs, Jan 1, 2019 0 –9 –122 0 – –131

Depreciation for the year –1,070 –64 –110 –316 –6 –1,566

End of lease contracts 21 8 69 18 – 116

Reassessment/modifications 0 0 0 0 – 0

Translation differences 11 0 –1 2 – 12

Ackumulated depreciation and write-downs, Dec 31, 2019

–1,038 –65 –164 –296 –6 –1,569

Closing carrying amount, Dec 31, 2019 3,600 132 253 567 11 4,563

Recognized cost for lease contracts, SEK M

Depreciation on right-of-use assets –1,566

Interest expense on lease liabilities –152

Cost related to short-term leases –34

Cost related to low value leases –168

Total –1,920

Lease liabilites, SEK M

Short-term 1,294

Long-term 3,309

Total 4,603

The total cashout-flow for leasing contracts in 2019 amounted to SEK 1,824 million.

Transition to IFRS16 As from January 1, 2019 the Group applies IFRS 16 Leases. The Group has decided to apply the modified retrospective approach andaccordingly has not restated comparative figures. Instead, right-ofuse assets for leased assets have been valued at an amount corresponding to the outstanding lease obligations on January 1, 2019.

When the standard was introduced, right-of-use assets of SEK 5,027 million and lease liabilities of SEK 4,956 million were recognized onnew rows in the consolidated balance sheet. Right-of-use assets are primarily attributable to leased premises and vehicles. In theincome statement, operating leasing costs have been replaced by costs for depreciation of right-of-use assets and interest expensesattributable to lease liabilities. For more information about IFRS 16, see Note 2 Summary of significant accounting principles.



NOTE 14 Leases (cont.)

Some parts of the notes refer to transition information.

Future minimum lease payments under non-cancellable operating leases fall due as follows for 2018:

2018

Nominal valuesDue within one year 1,521

Due later than one year but within five years 3,024

Due later than five years 417

Total 4,962

Operating lease payments in the Group for 2018 were SEK 1,734 million. Lease payments for assets held under operating leases are reported in expenses by function.

Future minimum lease payments under non-cancellable operating leases under which the Group is the lessor fall due as follows:

2018

Nominal valuesDue within one year 20

Due later than one year but within five years 53

Due later than five years 3

Total 76

The present value of future minimum lease payments is accounted for as a liability to credit institutions, partly as a current liability and partly as a non-current liability.

Reconciliation leases from IAS 17 to IFRS16

Operating lease obligations as of December 31, 2018 4,960

Discount effect −613

Short-term leases and low-value leases −163

Less corrections/reclassifications −107

Translation differences −5

Effect from extension options 686

Finance lease at December 31, 2018 198

Lease liability under IFRS 16 at January 1, 2019 4,956

Prepaid lease payments 71

Right-of-use assets under IFRS 16 at January 1, 2019 5,027

Group’s weighted average borrowing rate 2,90%


2019 2018

Assets Liabilities Assets Liabilities

Interest rate/foreign exchange derivatives – fair value hedges *) 8 50 − –

Interest rate swaps – cash flow hedges 15 – − 81

Currency futures contracts – cash flow hedges 12 7 32 158

Total 35 57 32 239

of which, short-term 20 57 32 158

of which, long-term 15 – – 81

Total 35 57 32 239

*) Combined instruments recognised in consolidated net debt.

2019 2018

(Notional) principal

amount **)

Fair value

(Notional) principal

amount **)

Fair value

Interest rate derivatives 1,745 15 3,144 –81

Foreign exchange derivatives 4,476 –37 6,612 –126

Total 6,221 –22 9,756 –207

*) Combined instruments.**) Notional principal amount refers to the nominal amount in foreign currency at the closing rate. The carrying amount of interest rate

derivatives and combined instruments refers to accrued interest. The fair value of derivatives is determined with the help of valuation techniques based on observable market data.

Distribution of currency for outstanding derivative instruments in nominal amounts 2019 2018

CAD 330 386

CNY 33 121

EUR 1,111 2,836

GBP 1,394 1,446

JPY – 952

SEK 1,000 1,500

USD 1,616 1,989

Other 737 526

Total 6,221 9,756

Maturity structure for outstanding derivative instruments

2020 2021 2022 2023 2024 Total

Interest-rate derivatives – – 1,745 – – 1,745

Currency derivatives 4,476 – – – – 4,476

Total 4,476 – 1,745 – – 6,221

Reserve of cash-flow hedgeThe table below shows the composition of the Group’s reserve of cash flow hedges and the change in each component during the year.

Currency forwards

Interest-rate swaps Total

Opening balance 2019 –48 –62 –110

Change in fair value of hedging instruments recognized in other comprehensive income 12 71 83

Reclassification to profit or loss 61 24 85

Deferred tax –16 –22 –38

Closing balance 2019 9 11 20

NOTE 15 Derivatives



At December 31, 2019

Assets at fair value

through profit or loss

Assets held for sale

Derivatives used for hedging

Asset at amortized

cost Total

Derivatives, long- and short-term 8 − 27 − 35

Accounts receivables − − − 11,661 11,661

Investments held as non-current assets − − – 95 95

Other non-current financial receivables − − – 39 39

Other receivables − – − 948 948

Investments held as current assets 3,212 − − − 3,212

Cash − − − 3,676 3,676

Total 3,220 – 27 16,419 19,666


Derivatives, long- and short-term − − 32 − 32

Accounts receivables − − − 11,204 11,204

Investments held as non-current assets − − − – -

Other non-current financial receivables − − − 85 85

Other receivables − 74 − 10 84

Investments held as current assets 2,288 − − − 2,288

Cash − − − 3,579 3,579

Total 2,288 74 32 14,878 17,272

Investments held as non-current assets comprise Swedish listed shares and funds and Swedish unlisted shares, see also Note 11, Parent company.

NOTE 16 Financial instruments by category – Assets in the balance sheet

Company name Corporate ID Registered office

HealthInvest Partners AB 556680-4810 Stockholm, Sweden

LOGworks GmbH HRB 246165 Böblingen, Germany

Share of equity, %

Share of voting rights,%

Number of shares

Carrying amount 2019

Carrying amount 2018

HealthInvest Partners AB 26 26 386 6 10

LOGworks GmbH 49 0 0 4 6

Total 10 16

2019 2018

Cost at beginning of year 16 16

Investments – 6

Sale of interests – –

Share of earnings for the year –6 –6

Cost at end of year 10 16

Opening revaluation/impairment − −

Changes for the year

– Sales – –

Closing accumulated revaluation/impairment – –

Carrying amount at end of year 10 16

NOTE 17 Interests in associates


NOTE 18 Deferred tax

Deferred tax assets relate to the following temporary differences and tax loss carryforwards 2019 2018

Deferred tax assets relating to:

Non-current assets 250 333

Non-current financial receivables and derivatives 4 32

Current assets 586 464

Provisions 1,145 53

Tax loss carryforwards 1,868 1,868

Other 387 1,230

Netting against deferred tax liabilities –1,619 –1,399

Deferred tax assets 2,621 2,581

Deferred tax liabilities relate to the following temporary differences 2019 2018

Deferred tax liabilities relating to:

Non-current assets –2,764 –2,461

Current assets –209 –371

Provisions –13 –26

Other –1,038 –553

Netting against deferred tax assets 1,619 1,399

Deferred tax liabilites –2,405 –2,012

Maturity structure of tax loss carryforwards 2019 2018

Maturity within 1 to 3 years 3 4

Maturity within 4 years 9 7

Maturity within 5 years 4 6

Maturity after 5 years 55 40

No maturity date 1,797 1,811

1,868 1,868

At year-end 2019, there were unrecognized tax assets pertaining to loss carryforwards and unutilized interest deductions amounting to SEK 391 million (440).

2019 2018

Finished products and goods for resale 4,422 4,271

Raw materials and consumables 2,865 2,674

Work in progress 765 744

Contract work in progress 8 3

Advances to suppliers 107 147

Total 8,167 7,839

Of the Group’s inventories, SEK 8,113 million (7,807) is measured at cost and SEK 54 million (32) at net realizable value. At December 31, 2019, the Group’s provisions for obsolescence totaled SEK 1,349 million. The write-down amount was SEK 200 million (192) and is included in cost of goods sold.

NOTE 19 Inventories



2019 2018

Accounts receivables 12,083 11,614

Loss allowance –422 –410

Total 11,661 11,204

At December 31, 2019, unimpaired accounts receivables were SEK 8,411 million (7,648).

Accounts receivable net, after provision for expected credit losses, theoretically constitutes maximum exposure for the calculatedrisk of losses. Accordingly, the carrying amount of accounts receivable represents the fair value. Confirmed credit losses in relation to net sales amounted to 0.1% (0.1) for the 2019 fiscal year. The loss allowance is based on historical credit losses and taking into consideration current and forward-looking information aboutcustomers’ payment capacity.

At December 31, 2019, the Group had recognised impaired accounts receivables of SEK 422 million (410). Provisions have been made for the full amount of these accounts receivables.

NOTE 20 Accounts receivables

Changes in the provision for doubtful accounts receivables are as follows:

2019 2018

Opening balance 410 440

In newly acquired companies 13 9

Change for the year recognised in income statement 39 6

Receivables written off during the year as uncollectible –12 –18

Reclassifications –38 –40

Foreign exchange gains/losses on receivables in foreign currency 10 13

Closing balance 422 410

Provisions and reversals of provisions for doubtful accounts receivables are included in selling expenses in the income statement. There were no other significant past due receivables at December 31, 2019, or at 31 December 2018.

2019 2018

Accrued income 1,134 1,113

Prepaid rents 33 45

Prepaid insurances 74 53

Prepaid lease payments – 8

Other items 493 286

Total 1,734 1,505

NOTE 21 Prepaid expenses and accrued income

2019 2018

Bank overdraft facilities, drawn amount 558 258

Bank overdraft facilities, agreed limit 3,174 3,185

NOTE 22 Bank overdraft facilities

2019 2018

Cash in the balance sheet and cash flow statement include the following items:Cash and bank balances 3,676 3,579

NOTE 23 Cash

Number of shares

(thousands)Share

capital

January 1, 2018 105 1

December 31, 2018 105 1

December 31, 2019 105 1

The share capital comprises 105,000 shares, of which 5,000 shares entitle the holder to 10 voting rights per share and 100,000 shares entitle the holder to 1 voting right per share. The total number of voting rights is thus 150,000. All shares issued by the parent company are fully paid up.

NOTE 24 Share capital



Liabilities at fair value

through profit or loss

Derivatives used for hedging

Liabilities at amortized

cost Total

Interest-bearing borrowings (excl. finance lease liabilities) – – 21,724 21,724

Finance lease liabilities – − 4,603 4,603

Derivatives 50 7 – 57

Accounts payable – − 3,882 3,882

Other liabilities – − 1,754 1,754

Total 50 7 31,963 32,020


Interest-bearing borrowings (excl. finance lease liabilities) – – 22,954 22,954

Finance lease liabilities – − 198 198

Derivatives 10 229 10 249

Accounts payable – − 3,720 3,720

Other liabilities 515* − 33 548

Total 525 229 26,915 27,669

*) Other liabilities classified as financial instruments refer to mandatory put/call options related to non-controlling interests as well as additional considerations.

NOTE 25 Financial instruments by category – Liabilities in the balance sheet

Interest-bearing liabilities 2019 2018

Non-current liabilitiesLiabilities to credit institutions 11,450 14,230

Provisions for pensions – interest-bearing 3,841 3,140

Lease liabilities 3,309 120

Other liabilities – 769

Total 18,600 18,259

Current liabilitiesLiabilities to credit institutions 9,716 8,467

Bank overdraft facilities, drawn amounts 558 258

Lease liabilities 1,294 78

Total 11,568 8,803

Total interest-bearing liabilities 30,168 27,062

Maturities 2019 2018

Portion of non-current liabilities maturing later than five years from the balance sheet dateLiabilities to credit institutions 459 680

Finance lease liabilities – –

Other liabilities 3,538 74

Total 3,997 754

NOTE 26 Borrowings


NOTERNOTES, APPLYING TO THE GROUP

NOTE 26 Borrowings (cont.)

Net interst-bearing debt

Cash and cash

equivalents

Interest- bearing

loans

Provision for pensions,

interest-bearing Total

Net debt at January 1, 2019 –3,579 23,153 3,140 22,714Cash flow affecting net debt –7 –3,436 –55 –3,498

Other non-cash items – 2,706 710 3,416

Exchange rate differences –84 605 47 568

Reclassifications –79 3,295 – 3,218

Net debt at December 31, 2019 –3,749 26,324 3,841 26,416

Net debt at January 1, 2018 –3,724 23,509 3,268 23,053Cash flow affecting net debt 211 –1,468 –30 –1,287

Other non-cash items 41 4 –140 –95

Exchange rate differences –82 1,093 133 1,144

Reclassifications –25 15 –91 –101

Net debt at December 31, 2018 –3,579 23,153 3,140 22,714

Reconciliation of net interest-bearing debt 2019 2018

Interest-bearing current loans 11,568 8,803

Interest-bearing long-term loans 14,756 14,350

Provision for pension, interest-bearing 3,841 3,140

Less cash and cash equivalents –3,749 –3,579

Total 26,416 22,714

Dec 31, 2019

Funded pension

plans

Unfunded pension

plans Total

Present value of obligations –3,998 –3,294 –7,292

Fair value of plan assets 3,291 – 3,291

Net provision in the balance sheet –707 –3,294 –4,001

Dec 31, 2018

Present value of obligations –3,224 –2,866 –6,090

Fair value of plan assets 2,817 – 2,817

Net provision in the balance sheet –407 –2,866 –3,273

NOTE 27 Provisions for pensions and similar obligations

Defined contribution plans: The employees in the majority of countries in which the Group operates are covered by defined contribution pen-sion plans. The pension plans mainly comprise retirement pensions. Premiums are paid over the course of the year by each company in the Group to a separate legal entity, such as an insurance company. Some employees pay a portion of the premiums themselves. The size of the premiums paid by the employee and the Group company is normally based on a specified portion of the employee’s salary.

Defined benefit plans: The Group has defined benefit plans in a few countries, including Sweden, Germany, the US and the UK. The pension plans mainly comprise retirement pensions. Each employer

normally has a commitment to pay a lifetime pension. Vesting is based on the number of years of service. The employee must be covered by the plan for a certain number of years to achieve full entitlement to a retirement pension. The plans are funded through payments from each Group company and in some cases from the employees themselves. The retirement benefit obligation is normally calculated at year-end using actuarial assumptions. If significant changes occur during the year a new calculation is made. Gains and losses arising from changed assumptions are recognised in other comprehensive income. The sum-mary below specifies the net value of defined benefit obligations:


NOTER

NOTE 27 Provisions for pensions and similar obligations (cont.)

The change in the defined benefit obligation during the year is as follows: 2019 2018

Opening balance –3,273 –3,404Costs for service in the current year –48 –58

Costs for service in previous years – –40

Interest expense (+)/Interest income (-) –78 –70

Gains and losses from settlements – 2

Gains and losses from acquisitions and sales of operations – –42

Return on plan assets 263 –45

Gains/(loss) attributable to changed demographic assumptions 17 –27

Gains/(loss) attributable to changed financial assumptions –966 330

Experience-based gains/(losses) –12 –15

Special employer’s contribution on actuarial assumptions –20 15

Restriction in plan surpluses with regard to asset ceilings 10 –6

Exchange-rate differences –51 –95

Contributions paid by employer 42 73

Paid benefits 115 109

Closing balance –4,001 –3,273

Of which

Interest-bearing pension commitments –3,841 –3,164

Non-interest-bearing pension commitments –160 –109

Sensitivity of the defined benefit obligation to changes in the key weighted assumptions: 2019 2018

Discount rate +1% 145 889

Inflation +1% 84 –73

Salary increases +1% –107 –619

The sensitivity analyses above are based on a change in an assumption, while all other assumptions remain constant. It is unlikely that this will happen in practice, and changes in some of the assumptions may correlate. The calculation of sensitivity in the defined-benefit commitments for material actuarial assumptions uses the same method as that used in the calculation of pension liabilities.

Composition of defined benefit obligations and plan assets

Present value of

obligationFair value of plan assets

Net pension liability

Sweden –770 90 –680

Germany –2,573 39 –2,534

UK –2,462 2,354 –108

USA –1,322 802 –520

Other countries –165 6 –159

Total –7,292 3,291 –4,001

The key actuarial assumptions are the following: 2019 2018

Weighted averages, %

Discount rate 1.7 2.7

Expected salary increases 2.6 2.7

Expected inflation 1.6 1.6

The plan assets had the following fair values at balance sheet date: 2019 2018

Shares 2,615 2,211

Other 676 606

Total 3,291 2,817

All plan assets are listed on an exchange.



Warranty provision

Restructur-ing reserve Personnel

Costs for premises Other Total

Value January 1, 2019 285 492 77 28 2,416 3,298

Additional provisions 151 320 436 30 86 1,024

Acquisition of companies 4 – – – –13 –9

Used during the year –87 –334 –11 –9 –318 –759

Reversal of unused provisions –28 –42 – –12 –4 –86

Reclassifications 19 – 13 – –94 –62

Translation differences 5 8 2 –1 86 99

December 31, 2019 349 444 517 36 2,159 3,505

Of which

Short-term 875

Long-term 2,630

Value January 1, 2018 266 739 36 16 484 1,541

Additional provisions 104 98 48 20 2,032 2,302

Acquisition of companies – –38 – – 10 –28

Used during the year –62 –313 –8 –8 –120 –511

Reversal of unused provisions –28 –27 – –3 –20 –78

Reclassifications –2 – - 3 3 4

Translation differences 7 32 1 – 28 68

December 31, 2018 285 491 77 28 2,416 3,298

Of which

Short-term 1,004

Long-term 2,293

Expected timing of outflow

Within 1 year 270 336 35 30 206 875

Within 3 years 52 108 456 6 1,015 1,639

Within 5 years 26 – 23 – 866 915

Later than 5 years 1 – 3 – 72 76

December 31, 2019 349 444 517 36 2,159 3,505

NOTE 28 Provisions

NOTE 27 Provisions for pensions and similar obligations (cont.)

Disclosure on the financial reporting of multi-employer defined benefit pension plans with Alecta Retirement and family pension obligations for salaried professionals in Sweden are secured through an insurance policy with Alecta. According to a statement from the Swedish Financial Reporting Board, UFR 10, this is a multi-employer defined benefit plan. For the financial year 2019, the company has not had access to such information as would enable it to account for this plan as a defined benefit plan. The ITP pension plan secured through an insurance policy with Alecta is, therefore, accounted for as a defined contribution plan. The premium for defined benefit retirement and family pensions is calculated individu-

ally and depends on factors such as salary, previously earned pension and expected remaining period of service. Alecta’s surplus can be distributed to the policyholders and/or insured parties. At the end of 2019, Alecta’s surplus, as defined by the collective funding ratio, was 148 (142) per cent. The collective funding ratio is defined as the market value of Alecta’s assets as a percentage of its insurance commitments calculated using Alecta’s actuarial assumptions, which do not comply with IAS 19.


2019 2018

Accrued salary-related expenses 2,503 2,344

Accrued interest expense 43 55

Warranty provision, commissions, bonuses to customers, etc. 268 282

Other items 1,525 1,882

Total 4,339 4,563

NOTE 29 Accrued expenses and deferred income

2019 2018

Relating to liabilities to credit institutionsProperty mortgages 19 15

Floating charges 127 127

Other pledged assets 359 547

Total 505 689

Other pledged assets refer primarily to collateral in the form of shares in subsidiaries. A small portion of the item refers to assets subject to retention of title clauses.

NOTE 30 Pledged assets

Contingent liabilities 2019 2018

Warranties 422 513

Other contingent liabilities 109 74

Total 531 587

NOTE 31 Contingent liabilities

Transactions between Carl Bennet AB, sub-groups and their sub sidiaries, which are associated companies of Carl Bennet AB, have been eliminated in the consolidated accounts. The arm’s length principle and market pricing are applied to supply of products and services between group companies. Intra-group sales amounted to SEK 26,810 million (25,791) in 2019. During 2018 Carl Bennet AB issued synthetic options in Getinge to Board Members and the Executive Team of Getinge AB and in 2017 synthetic options were also issued to Board Members and the Management Team of Arjo AB. The options were issued at a price corresponding to the estimated market value. One of the Board Members, Erik Gabrielson, is a partner of the law firm Advokatfirman Vinge, which received SEK 7 million (7) for day-to-day legal advisory services.

No Board Member or senior executive has or has had any direct or indirect participation in any business transactions between themselves and Carl Bennet AB, that are or were of an unusual nature with regard to terms or conditions.

For further information, please see the annual reports of the sub-groups.

NOTE 32 Related-party transactions

Adjustment for non-cash items, etc. 2019 2018

Depreciation, amortisation and impairment of property, plant and equipment and intangible assets 4,750 3,007

Increase/decrease in provisions 337 1,571

Market valuation, investments held as current assets –853 309

Other 198 312

Total 4,432 5,199

NOTE 33 Additional cash flow statement disclosures



During the year, the Lifco Group acquired Indexator Rotator Systems and the majority of the shares of Brian James Trailers, EroPack, Hammer, Rustibus Worldwide and UK POS.

During 2018 Arjo Group acquired ReNu Medical.

In the Elanders Group, the acquisition of Spreckley Ltd was finally settled on 1 January 2019, at which time a supplementary purchase consideration of SEK 5 million was paid. Provision for this purchase consideration had already been made.

NOTE 34 Business combinations

Acquisition-related expenses of SEK 29 million are included in administrative expenses in the consolidated income statement for the year. Since the respective consolidation dates, the acquired companies have added SEK 815 million to consolidated net sales and SEK 178 million to EBITA. If the businesses had been consolidated as of 1 January 2019, net sales for the year would have increased by a further SEK 535 million and EBITA would have increased by a further SEK 109 million.

The following purchase price allocation includes all acquisitions made during the year:

Net assets, SEK M

Assets and liabilities at acquisition

dateAdjustment to fair value

Fair value

Intangible assets 11 1,241 1,252

Property, plant and equipment 208 – 208

Other current assets 535 45 490

Cash 166 – 166

Interest-bearing liabilities – – –

Other current liabilities –465 –281 –746

Net assets 455 915 1,370

Goodwill 957

Total net assets 2,327

Effect of cash flow, SEK M

Consideration 2,327

Of consideration, not paid –452

Cash and cash equivalent in aquired companies –166

Consideration paid relating to acquisitions from previous years 72

Total cash flow effect 1,781

NOTE 35 Divested businesses

Divested operations in 2019In 2019 the Arjo group divested Acare Medical Sciences Co,. Ltd, the Groups low-spec medical beds business to CBL based in China. Teh divestment involves a production and sales unit in Zhuhai, China with 186 employessa and sales of about SEK 80 M. Te divestment did not have any significant captital gain effect.

Divested operations during 2018 In 2018 Elanders signed a contract to transfer its Beijing, China opera-tions in Print & Packaging Solutions to Edelmann. This unit had nearly 170 employees and annual net sales of around SEK 80 million. The sales had a positive effect on cash flow of about SEK 23 million and a minor negative effect on the operating result.

In November 2018 Elanders’ subsidiary LGI signed a contract with Adecco for the divestiture of 51% of the shares in LOGworks, Elanders’ staffing services in Germany that employs around 500 people. The sales had a minor positive effect on cash flow and the result.

Assets and liabilities in divested operations 2018Book value

in the Group

Intangible assets 0

Tangible assets –17

Inventory –6

Accounts receivable –33

Cash and cash equivalents –41

Accounts payable 15

Current liabilities 24

Total –64

Cash and cash equivalents received 65

Effect on cash and cash eqivalents for the group 24


NOTE 36 Condensed financial information for significant subsidiaries

The Group’s share of earnings in the subsidiary company Arjo AB and its share of the assets (including goodwill) and liabilities are as follows:

Arjo AB: Condensed balance sheet 2019 2018

Assets

Non-current assets 10,023 8,547

Current assets 4,399 4,589

Total assets 14,422 13,136

Equity and liabilitiesEquity 5,914 5,427

Non-current liabilities 2,982 3,153

Current liabilities 5,526 4,556

Total equity and liabilities 14,422 13,136

Condensed income statementIncome 8,925 8,217

Profit before tax 542 395

Other comprehensive income 234 215

Total comprehensive income 637 511

Dividends received by the parent company from Arjo AB 37 34

The Group’s share of earnings in the subsidiary company Elanders AB and its share of the assets (including goodwill) and liabilities are as follows:

Elanders AB: Condensed balance sheet 2019 2018

AssetsNon-current assets 6,026 4,274








Profit before tax 216 366


Total comprehensive income 199 348

Dividends received by the parent company from Elanders AB 51 46



NOTE 36 Condensed financial information for significant subsidiaries (cont.)

The Group’s share of earnings in the subsidiary company Getinge AB and its share of the assets (including goodwill) and liabilities are as follows:

Getinge AB: Condensed balance sheet 2019 2018









Profit before tax 1,909 –624

Other comprehensive income 360 1,216

Total comprehensive income 1,616 277

Dividends received by the parent company from Getinge AB 55 82

The Group’s share of earnings in the subsidiary company Lifco AB and its share of the assets (including goodwill) and liabilities are as follows:

Lifco AB: Condensed balance sheet 2019 2018











Total comprehensive income 1,673 1,585

Dividends received by the parent company from Lifco AB 209 182

For further information, see the published annual reports of each subsidiary.

NOTE 37 Events after the end of the financial year

COVID-19 has affected many countries and impacted all companies in the Group. The managements of the respective sub-groups are following the situation closely. It is not currently possible to determine the effects of this.


Parent Company

Parent Company income statement, SEK M

Note 2019 2018

Net sales 2 0 0

Gross profit 0 0

Administrative expenses 3 –424 –54

Research and development costs –14 –14

Operating profit 3, 4, 5 –438 –68

Result from participations in Group companies 355 345

Result from participations associated companies 6 11

Result from other financial assets 41 108

Interest income and other similar income 1 23

Interest expenses and other similar expenses 0 –1

Profit after financial items 6 –36 418

Appropriations 7 –1 –1

Tax on profit for the year 8 7 –20

Net profit for the year –30 397

The parent company has no items which are accounted for as Other comprehensive income. Total comprehensive income is, therefore, the same as profit for the year.


Parent Company balance sheet, SEK M

Note 31 Dec 2019 31 Dec 2018

ASSETS

Non-current assetsTangible fixed assets 2 1 1

Non-current financial assets

Interests in Group companies 9 6,028 6,028

Interests in associates 10 7 7

Non-current receivables from Group companies 4 36 36

Deferred tax assets 14 8

Total non-current assets 6,086 6,080

Current assetsPrepaid expenses and accrued income 3 4

Investments held as current assets 11 1,470 1,399

Cash and bank balances 363 206

Total current assets 1,836 1,609

TOTAL ASSETS 7,922 7,689

EQUITY AND LIABILITIES

EquityRestricted equity

Share capital 24, Group 1 1

Non-restricted equity

Retained earnings 7,594 7,287

Net profit for the year –30 397

Total equity 7,565 7,685

Non-current liabilitesOther provisions 353 –

Total non-current liabilites 353 –

Current liabilitiesAccounts payable 1 0

Other current liabilities 0 1

Accrued expenses and deferred income 3 3

Total current liabilities 4 4

TOTAL EQUITY AND LIABILITIES 7,922 7,689

The parent company has no pledged assets or contingent liabilities.

PARENT COMPANY

Parent Company statement of changes in equity, SEK M

Share capital

Non-restricted

equityTotal

equity

Opening balance, January 1, 2018 1 7,887 7,888Dividend – –100 –100

Net profit for the year – 397 397

Closing balance, December 31, 2018 1 7,684 7,685

Dividend – –90 –90

Net profit for the year – –30 –30

Closing balance, December 31, 2019 1 7,564 7,565

The parent company has no items which are accounted for as Other comprehensive income. Total comprehensive income is, therefore, the same as profit for the year.

The share capital comprises 105,000 shares, of which 5,000 shares entitle the holder to 10 voting rights per share and 100,000 shares entitle the holder to 1 voting right per share. The total number of voting rights is thus 150,000. All shares issued by the parent company are fully paid up. The parent company has no treasury shares.


Parent Company cash flow statement, SEK M

Note 2019 2018

Cash flow from operating activitiesProfit after net financial income –36 418

Adjustment for non-cash items, etc. 12 361 –3

Cash flow from operating activities before changes in working capital 325 415

Cash flow from changes in working capitalIncrease/decrease in current receivables 0 0

Increase/decrease in other current operating liabilities 0 0

Cash flow from operating activities 325 415

Investing activitiesInvestments in subsidiaries – –906

Non-current receivables 1 0

Acquisition of short-term securities –79 –15

Sale of investments held as current assets – 278

Cash flow from investing activities –78 –643

Financing activitiesDividends paid –90 –100

Cash flow from financing activities –90 –100

Cash flow for the year 157 –328

Cash at beginning of year 206 534

Cash at end of year 363 206


Notes, applying to the Parent Company

2019 2018

PwCAudit engagement –1 –1

Total –1 –1

Audit engagement refers to the auditing of the annual report, consoli-dated financial statements and accounting records, and of the Chief Executive Officer’s management of the company, other tasks incumbent on the company’s auditor, as well as advice and other assistance occa-sioned by observations made in the course of such auditing procedures or the carrying-out of such other tasks. All other services are classified as other engagements.

NOTE 3 Audit fees

2019 2018


Closing cost 3 3

Opening depreciation –2 –2Depreciation for the year 0 0

Closing accumulated depreciation

–2 –2

Closing carrying amount 1 1

NOTE 2 Equipment

NOTE 1 Accounting principles

The financial statements of the Parent Company were prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2, Reporting of Legal Entities. In accordance with the regulations stipulated in RFR 2, in the annual financial statements for a legal entity, the Parent Company is to apply all of the IFRS/IAS regulations and statements that have been endorsed by the EU where possible within the framework of the Swedish Annual Accounts Act and with consideration of the link between accounting and taxation. The recommendation specifies which exceptions and additions are to be made from IFRS/IAS. Provisions conforming to IFRS/IAS are stated in Note 2 Summary of significant accounting principles, for the consolidated financial statements. The Parent Company applies the accounting policies detailed for the Group with the exception of the following:

FormatsThe format prescribed in the Swedish Annual Accounts Act is used for the income statements and balance sheets. The statement of changes in equity follows the format used in the Group but contains the columns specified in the Annual Accounts Act. The formats for the parent com-pany have different names compared with the consolidated financial statements, primarily with regard to financial income and expenses, and items in equity.

Shares in associated companies and subsidiariesShares in associated companies and subsidiaries are reported in the parent company according to the acquisition method. Acquisition- related costs for subsidiaries, which are expensed in group accoun-ting, are included as part of the acquisition value for participation in subsidiaries. Reported values are tested on every balance sheet date in order to determine if the need for write-downs is indicated. Impairment losses are recognized in the item “Result from participations in Group companies”.

Group and shareholder contributions Group and shareholder contributions are recognized according to the alternative rule in the Swedish Financial Reporting Board Recommen-dation RFR 2. This means that received and paid group contributions are reported as appropriations. Shareholder contributions are activated in shares and participations, as long as write-downs are not required.

Lease agreementsIFRS 16 Leases är not applied in the parent company. All leasing agree-ments are recognized as operational leases.

Financial instrumentsThe parent company does not apply IAS 39 Financial Instruments: Recognition and Measurement. Instead, financial instruments are accounted for in accordance with the Swedish Annual Accounts Act.

Standards, amendments and interpretations of existing standards that have taken effect in 2019No new standards, amendments or interpretations that have had signi-ficant effect on the company’s financial reports have come into effect during 2019.


NOTE 4 Related-party transactions

Transactions between Carl Bennet AB, sub-groups and their subsidiaries, which are associated companies of Carl Bennet AB, have been elimi-nated in the consolidated accounts. The arm’s length principle and market pricing are applied to supply of products and services between group companies. Intra-group sales amounted to SEK 26,810 million (25,791) in 2019. During 2018 Carl Bennet AB issued synthetic options in Getinge to Board Members and the Executive Team of Getinge AB and in 2017 synthetic options were also issued to Board Members and the Management Team of Arjo AB. The options were issued at a price

corresponding to the estimated market value. One of the Board Members, Erik Gabrielson, is a partner of the law firm Advokatfirman Vinge, which received SEK 7 million (7) for day-to-day legal advisory services.

No Board Member or senior executive has or has had any direct or indirect participation in any business transactions between themselves and Carl Bennet AB, that are or were of an unusual nature with regard to terms or conditions.

For further information, please see the annual reports of the sub-groups.

Average number of employees 2019 2018

Women 3 3

Men 1 1

Total 4 4

Distribution of senior executives and Board members at the closing date, per cent

Board members at balance sheet dateWomen 20% 20%

Men 80% 80%

CEO and other senior executivesWomen 50% 50%

Men 50% 50%

Personnel costs

Salaries and remuneration of the Board and CEO 4 4

Salaries and remuneration of other employees 3 4

Statutory and contractual social security contributions 6 2

Retirement benefit costs for other employees 1 –

Other personal costs *) 353 –

Total 367 10

*) Option Plan Getinge and Arjo.

NOTE 5 Average number of employees and personnel costs

Board of Directors of Carl Bennet AB: Carl Bennet, Chairman

Johan Stern, Vice chairman

Nina Bennet, Board Member

Dan Frohm, Board Member

Erik Gabrielson, Board Member

Management of Carl Bennet AB: Carl Bennet, Chief Executive Officer

Veronica Christiansson, Chief Financial Officer

Employees of Carl Bennet AB: Gunnel Magnusson, Executive Assistant

Anna Svenningson, Accounting and IT Officer


NOTES, APPLYING TO THE PARENT COMPANY

2019 2018

Group contributions paid –1 –1

Total –1 –1

NOTE 7 Appropriations

2019 2018

Deferred tax 7 –20

Total –20 –20

The relationship between tax expense for the year and reported profit is shown in the table below. The tax on the profit for the year has been calculated at 21.4% (22%).

The relationship between the year’s tax expense and the recognized profit before tax 2019 2018

Profit before tax –37 418

Tax at applicable tax rate in Sweden, 21.4% (22%) 8 −92

Tax effects of:

Non-taxable income 77 78

Non-deductible expenses –79 –3

Adjustment from previous year 1 –3

Total 7 –20

NOTE 8 Tax on profit for the year

2019 2018

Result from participations in Group companiesDividend 355 345

Result from participations in associated companiesDividend 6 11

Result from other financial assetsDividend from other securities 49 52

Result from other securities 0 59

Write-downs –8 –3

41 111

Interest income and other similar incomeInterest income 1 1

Premiums for synthetic option scheme in Getinge – 22

1 23

Write-downs of other securities 0 –3

NOTE 6 Result from financial items


Name of Group company Corporate ID Registered office

Arjo AB 559092-8064 Malmö

Elanders AB 556008-1621 Mölndal

Getinge AB 556408-5032 Gothenburg

Lifco AB 556465-3185 Enköping

Dragesholm AB 556672-9538 Gothenburg

Symbrio AB 556570-1488 Stockholm

Share of equity, %

Share of voting

rights, %Number

of shares

Carrying amount

2019

Carrying amount

2018

Arjo AB 18,217,200 A

49,902,430 B

25.00 53.20 68,119,630 1,182 1,182

Elanders AB 1,814,813 A

15,903,596 B

50.11 65.88 17,718,409 811 811

Getinge AB 18,217,200 A

36,332,969 B

20.00 50.10 54,550,169 3,095 3,095

Lifco AB 6,075,970 A

39,437,290 B

50.10 68.85 45,513,260 911 911

Dragesholm AB 100.00 100.00 1,000 0 0

Symbrio AB 66.84 66.84 7,317,638 29 29

Total 6,028 6,028

NOTE 9 Interests in Group companies

2019 2018

Cost at beginning of year 6,028 5,122

Investments – 906

Cost at end of year 6,028 6,028

Carrying amount at end of year 6,028 6,028

Name of associate Corporate ID Registered office

HealthInvest Partners AB 556680-4810 Stockholm

Share of equity, %

Share of voting

rights, %Number

of shares

Carrying amount

2019

Carrying amount

2018

HealthInvest Partners AB 26.2 26.2 386 7 7

Total 7 7

2019 2018


Sale – –

Cost at end of year 7 7

Accumulated impairment at beginning of year – –

Changes for the year – –

Sale – –

Accumulated impairment at end of year 0 0

Carrying amount at end of year 7 7

NOTE 10 Interests in associates


NOTES, APPLYING TO THE PARENT COMPANY

Available-for-sale financial assets include the following: 2019 2018

Other investments held as current assets

Listed shares and interests 1,462 1,383

Unlisted shares and interests 8 16

1,470 1,399

Cost at beginning of year 1,403 1,661

Additional securities 79 16

Divested securities 0 –274

Cost at end of year 1,482 1,403

Accumulated impairment at beginning of year –4 –1

Impairment of the year –8 –3

Accumulated impairment at end of year –12 –4

Total carrying amount at end of year 1,470 1,399

Of which, listed shares

Carrying amount 1,462 1,383

Market value or equivalent 3,205 2,271

NOTE 11 Other investments held as current assets

2019 2018

Write-downs 8 –3

Increase/decrease provisions 353 –

Total 361 –3

NOTE 12 Adjustments for non-cash items, etc. NOTE 13 Events after the end of

the financial year

COVID-19 has affected many countries and impacted all companies in the Group. The managements of the respective sub-groups are following the situation closely. It is not currently possible to determine the effects of this and how it will affect the Parent company.


This annual report will be submitted for adoption at the Annual General Meeting on 28 April 2020.

Gothenburg, 28 April 2020

Carl BennetCEO and

Chairman of the Board

Johan SternVice chairman

We presented our Auditor’s Report on 28 April 2020.

PricewaterhouseCoopers AB

Magnus Willfors Authorized Public Accountant

Nina Bennet

Erik Gabrielson

Dan Frohm

The Annual General Meeting is asked to resolve on the appropriation of the following earnings:

2019

Retained earnings 7,594

Net profit for the year –30

7,564

NOTE 14 Proposed appropriation of retained earnings

The Board of Directors proposes the following appropriation of retained earnings:

2019

dividend to the shareholder 110

carried forward 7,454

7,564


Report on the annual accounts and consolidated accountsOpinionsWe have audited the annual accounts and consolidated accounts of Carl Bennet AB for the year 2019 The annual accounts and consolidated accounts of the company are included on pages 12-57 in this document.

In our opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of parent company and the group as of 31 December 2019 and their financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The statu-tory administration report is consistent with the other parts of the annual accounts and consolidated accounts.

We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Basis for OpinionsWe conducted our audit in accordance with Inter-national Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our respon-sibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical respon-sibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Responsibilities of the Board of Directors and the Managing DirectorThe Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair pre-sentation in accordance with the Annual Accounts Act. The Board of Directors and the Managing Director are also responsible for such internal control as they deter-mine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts and consolidated accounts, The Board of Directors and the Managing Director are responsible for the assessment of the com-pany’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intend to liquidate the company, to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilityOur objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstate-ment, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reason able assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts.

To the general meeting of the shareholders of Carl Bennet AB, corporate identity number 556379-0715

Auditor’s reportUnofficial translation


Report on other legal and regulatory requirementsOpinionsIn addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Carl Bennet AB for the year 2019 and the proposed appropriations of the company’s profit or loss.

We recommend to the general meeting of shareholders that the profit be appropriated (dealt with) in accor-dance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year.

Basis for OpinionsWe conducted the audit in accordance with generally accepted auditing standards in Sweden. Our respon-sibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical respon-sibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Responsibilities of the Board of Directors and the Managing DirectorThe Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the group’s type of operations, size and risks place on the size of the parent company’s and the group’s equity, consolidation requirements, liquidity and position in general.

The Board of Directors is responsible for the com-pany’s organization and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the group’s financial situation and ensuring that the com-pany’s organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner.

Auditor’s responsibilityOur objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect:

• has undertaken any action or been guilty of any omission which can give rise to liability to the company, or

• in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.

Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reason-able degree of assurance whether the proposal is in accordance with the Companies Act.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act.

A further description of our responsibility for the audit of the administration is available on Revisors-inspektionen’s website www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report.

Göteborg, 28 April 2020 PricewaterhouseCoopers AB

Magnus WillforsAuthorized Public Accountant


AUSTRALIA

Arjo Australia Pty Ltd461B Nicholson Road Canning Vale, 6155 Western AustraliaTel: +61893374111MD: Michael Luxton

Arjo Hospital Equipment Pty Ltd461B Nicholson Road Canning Vale, 6155Western AustraliaTel: +61893374111MD: Michael Luxton

Joyce Healthcare Group Pty Ltd461B Nicholson Road Canning Vale, 6155Western AustraliaTel: +61893374111MD: Michael Luxton

AUSTRIA

Arjo Austria GmbHLemboeckgasse 49A/ 4.OG1230 ViennaTel: +43186656MD: Torsten van Steelandt

BELGIUM

ArjoHuntleigh NVEvenbroekveld 169420 Erpe-MereTel: +3253607380MD: Marc Tielens

BRAZIL

Arjo Brasil Equipamentos Médicos ItdaRua Marina ciufuli zenfelice, 32905040-000, São PauloTel: +055 11 3588-5088MD: Fernando Hernandez

CANADA

Arjo Canada Inc90-350 Matheson Blvd. WestL5R 3R3 MississaugaTel: +9052387880MD: Anne Sigouin

ArjoHuntleigh Magog Inc2001 TanguayMagog, Quebec, J1X 5Y5Tel: +8198680441MD: Mikael Persson

CZECH REPUBLIC

Arjo Czech Republic s.r.o.Na Strzi 1702/65140 00 Praha 4Tel: +420225092388MD: Konrad Pianko

CHINA

Arjo (Suzhou) Medical Equipment Trading Co., LtdNo. 158 Fangzhou Road, SIP,Suzhou, Jiangsu215024 Suzhou, JiangsuTel: +86 512 6956 0783MD: Jos Oudakker

Arjo (Suzhou) Co., LtdNo 158, Fangzhou Road215024 SIP SuzhouTel: +8651262838966MD: Kevin Zhao

DENMARK

Arjo Danmark A/SVassingerødvej 52DK-3540 LyngeTel: +4549138486MD: Vegard Oulie

DOMINICAN REPUBLIC

Arjo Dominican Republic SA PIISA Industrial Park, Haina91000 San CristobalTel: +8099080055MD: Mikael Persson

FRANCE

Arjo France S.A.S.2 Avenue Alcide de Gasperi59436 Roncq CedexTel: +33320281313MD: Rob Geraerdts

GERMANY

Arjo Deutschland GmbHPeter-Sander-Straße 1055252 Mainz-KastelTel: +4961341860MD: Andreas Aerni

Huntleigh Healthcare GmbHIndustriering Ost 6647906 KempenTel: +49215255111MD: Peter Cashin

HONG KONG

Arjo Hong Kong LimitedUnit 408 & 411-414 Manhattan Centre, 8 Kwai Cheong Road, Kwai Chung, New Territories, Hong KongTel: +85229607600MD: Michael Luxton

INDIA

ArjoHuntleigh Healthcare India Pvt. Ltd.1401, 1410 Remi Commercio, Plot No. 14, Shah Industrial Estate, Off Veera Desai Road, Andheri (W)Mumbai - 400053Tel: +91-22-26378300MD: Chander Tahiliani

IRELAND

ArjoHuntleigh Ireland LtdEA House Damastown Industrial ParkMulhuddartDublin 15Tel: +35318098960MD: Bettina Fitt

ITALY

Arjo Italia SpaVia G.Peroni 400/40200131 RomeTel: +390687426211MD: Marco Salvatore

JAPAN

Arjo Japan K.K.9th Floor, Landic Toranomon 2nd Building 3-7-8 Toranomon, Minato-ku, 105-0001 TokyoTel: +81364356401MD: Ikuro Yoshizumi

NETHERLANDS

Arjo Nederland BVBiezenwei 214004 MB TIELTel: +31344640800MD: Marc Tielens

Huntleigh Holdings BVBiezenwei 214004 MB TIELTel: +31344640800MD: Christian Merks

NEW ZEALAND

Arjo New Zealand Limited34 Vestey Drive Mt Wellington, Auckland 1060 PO Box 132262, Sylvia ParkAuckland 1644Tel: +6495735344MD: Anthony Blyth

Group companies

ARJO ABHEAD OFFICEArjo ABHans Michelsensgatan 10, 211 20 Malmö, SwedenTel: +46 10 335 45 00President & CEO: Joacim Lindoff

CARL BENNET ABBox 7171 | SE-402 33 Gothenburg

Address for visitors: Arvid Wallgrens Backe 20Telephone: +46 31 741 64 00 | www.carlbennetab.se

CEO: Carl Bennet


NORWAY

Arjo Norge ASOluf Helsets vei 50694 OsloTel: +4722080050MD: Vegard Oulie

POLAND

ArjoHuntleigh Polska Sp. z o.o.ul. Ks. Piotra Wawrzyniaka 262-052 KomornikiTel: +48616621550MD: Bartłomiej Kornaszewski

SINGAPORE

Boxuan Medical Equipment Pte Ltd31 Kaki Bukit Road 3, #05-06/07 Techlink, Lobby BSingapore 417818Tel: +6562027373MD: Craig Roddy

Arjo South East Asia Pte. Ltd.31 Kaki Bukit Road 3, #05-06/07 Techlink, Lobby BSingapore 417818Tel: +62027366MD: Michael Luxton

SOUTH AFRICA

ArjoHuntleigh South Africa Pty LtdPO Box 16216Pretoria North 0116Tel: +27125272000MD: Abdullah Ebrahim

Huntleigh Africa Pty LtdPO Box 16216Pretoria North 0116Tel: +27125272000MD: Abdullah Ebrahim

Huntleigh Provincial Sales Pty LtdPO Box 16216Pretoria North 0116Tel: +27125272000MD: Abdullah Ebrahim

SOUTH KOREA

Arjo Korea Co., Ltd2212, 22F Seoul City Tower,110 Huam-ro, Jung-guSeoul, 04637Tel: +8225676502MD: Michael Luxton

SPAIN

Arjo Iberia S.L.7, Calle Carrer de l’Alguer, Nave 408130 Santa Perpetua de Mogoda BarcelonaTel: +34902430702MD: Mauricio Benito

SWEDEN

Arjo IP Holding ABHans Michelsensgatan 10211 20 MalmöTel: +46 10 335 45 00MD: Ingrid Carlsson

Arjo Treasury ABHans Michelsensgatan 10211 20 MalmöTel: +46 10 335 45 00MD: Joacim Lindoff

Huntleigh Technology Ltd FilialHans Michelsensgatan 10211 20 MalmöTel: +46 10 335 45 00MD: Joacim Lindoff

Arjo Sverige ABHans Michelsensgatan 10211 20 MalmöTel: +46 10 494 77 60MD: Vegard Oulie

ArjoHuntleigh ABHans Michelsensgatan 10211 20 MalmöTel: +46 10 335 45 00MD: Joacim Lindoff

ArjoHuntleigh International ABHans Michelsensgatan 10211 20 MalmöTel: +46 10 335 45 00MD: Victor Nilsson

SWITZERLAND

Arjo Switzerland AGFabrikstrasse 84614 HaegendorfTel: +41613379777MD: Torsten van Steelandt

UK

Huntleigh (SST) LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

Huntleigh Diagnostics LimitedArjo Huntleigh House,Houghton Hall Business Park,Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

Huntleigh International Holdings LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

Huntleigh Luton LtdArjo Huntleigh House, Houghton Hall Business Park, Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

Huntleigh Properties LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

Pegasus LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

1st Call Mobility LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton Regis, Dunstable,BedfordshireLU5 5XFTel: +441279 425648MD: Bettina Fitt

ArjoHuntleigh International LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton Regis, Dunstable,BedfordshireLU5 5XFTel: +441582745577MD: Paul Lyon

Arjo UK LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton Regis, Dunstable,BedfordshireLU5 5XFTel: +441582413104MD: Bettina Fitt

Huntleigh Healthcare LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton Regis, DunstableLU5 5XFTel: +442920485885MD: Peter Cashin

Huntleigh Technology LtdArjo Huntleigh House,Houghton Hall Business Park,Houghton RegisLU5 5XFTel: +441582745767MD: Khizer Ibrahim

U. A. E.

Arjo Middle East FZ-LLCOffice 908, 9th floor, north tower, HQ Building, Dubai Scienc Park, Al Barscha South.P.O.Box. 11488, DubaiTel: +971 4 874 8053MD: Chander Tahiliani

USA

Arjo Holding USA, Inc.2349 W. Lake St.Addison, IL 60101Tel: +18003231245MD: Chris Dorsey

Arjo, Inc.2349 W. Lake St.Addison, IL 60101Tel: +18003231245MD: Anne Sigouin

ReNu Medical, Inc.830 80th St SWEverett, WA, 98203Tel: +14253531110MD: Randy Long


GROUP COMPANIES | ELANDERS AB

AUSTRIA

LGI Austria GmbH

ViennaFrankstahlstraße 12361 LaxenburgAustria Web: www.lgi.deE-mail: [email protected]: +43 2236 860 936 110Fax: +43 2236 860 936 111President: Bernd Schwenger

BRAZIL

Mentor Gerenciamento de Supply Chain (Brasil) LtdaAvenida Ferraz Alvim 832 – Serraria 09980 -025 – Diadema – SP BrazilWeb: www.mentormedia.comE-mail: [email protected]: +55 11 3195 3430President: Kok Khoon Lim

CZECH REPUBLIC

LGI Logistics Group International

c/o LGI Czechia s. r. o.

PraguePode bradská 60125090 JirnyCzech Republic Web: www.lgi.deE-mail: [email protected]: +420 281 049 080Fax: +420 281 049 099 President: Bernd Schwenger

F.V.Veselého 2635/1519300 Horní PocerniceCzech Republic Web: www.lgi.deE-mail: [email protected]: +420 702 204 318 President: Bernd Schwenger

ZákupyNadrazni 29547123 ZákupyCzech Republic Web: www.lgi.deE-mail: [email protected]: +420 487 828 018Fax: +420 487 828 016 President: Bernd Schwenger

Mladá Boleslav Plazy 138 29301 Mladá BoleslavCzech Republic Web: www.lgi.deE-mail: [email protected]: Bernd Schwenger

Mentor Media Czech s.r.o.Vlastimila Pecha 2Brno, 627 00, Czech RepublicWeb: www.mentormedia.com/csE-mail: [email protected]: +420 515 577 401President: Kok Khoon Lim

CHINA

Asiapack (Shenzhen) Co., Ltd. 3rd floor, Nb.2 Jinsheng 4th Rd, Lanzhu Rd North side. Shenzhen Export Processing Zone Pingshan, Shenzhen 518118 ChinaWeb: asiapack.comE-mail: [email protected]: +86 755 8966 6950President: Kok Khoon Lim

Chengdu Mentor Media Co., Ltd High -tech Comprehensive Bonded Zone Chengdu Shuangliu Park, Gongxing Town Chengdu City 610213, ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86 -28 6708 2288Fax: +86 -28 6708 2285President: Kok Khoon Lim

Mentor Media (Chongqing) Co., Ltd Unit 4, 5, 6, Level 3, HP PC Factory, No.22, Xi Yuan Yi Lu, Shapingba District,Chongqing City, 401332 ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86 -23 8652 9808Fax: +86 -23 8652 9828President: Kok Khoon Lim

Mentor Media CBZ (Chongqing) Co., Ltd No. 6-2 Zongbao Road, Shapingba District, Chongqing City, 40133 ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86 -23 6562 0388Fax: +86- 23 6566 0985President: Kok Khoon Lim

Mentor Supply Chain (Chong Qing-CBZ) Co., Ltd The ground floor, No. 6-2 Zongbao Road, Shapingba District, Chongqing City, 401331 ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86 -23 6562 0388Fax: +86- 23 6566 0985President: Kok Khoon Lim

Mentor Media (Kunshan) Co., Ltd No.48, Factory Building, Central Avenue, Kunshan Export Processing Zone, Kunshan City, Jiangsu Province 301, ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86- 512 5772 0005Fax: +86- 512 5772 0228President: Kok Khoon Lim

Mentor Media (Shenzhen) Co., Ltd Unit 302-304, No.6 Hongmian Dao, Futian Free Trade Zone, Shenzhen, 518038, ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86-755 8348 0418Fax: +86-755 8359 5154President: Kok Khoon Lim

Mentor Media (Shenzhen) Logistics Ltd 4th Floor, Area A, A420-A423, North Area No. 9 Road, Yantian Bonded Zone ShenZhen, 518000, ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86-0755-83480418Fax: +86-0755-83595154 President: Kok Khoon Lim

Mentor Media (Xiamen) Co., Ltd No. 56 HuLi Dadao, 3rd Floor, Unit S1 & S2 HuLi District, Xiamen, Fujian, 361006 ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86 -592 570 3399 / +86 -592 570 3377Fax: +86 -592 570 3377President: Kok Khoon Lim

Shanghai Mentor Media Co., Ltd Floor 2, Unit 4 East Side, Land 71#, No. 211 Qinqiao Road, Pudong, Shanghai, 201206, ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86-21 5834 1893/5834 2368/5834 1699Fax: +86-21 5834 0155President: Kok Khoon Lim

Mentor Shanghai Trading Co., LtdUnit A-808C, No.188 Yesheng Road, China (Shanghai) Pilot Free Trade Zone (Yangshan), Shanghai, 201308, ChinaWeb: www.mentormedia.com E-mail: [email protected]: +86-21 5834 1893/5834 2368/5834 1699Fax: +86-21 5834 0155President: Kok Khoon Lim

GERMANY

d|o|m Deutsche Online Medien GmbHAnton -Schmidt -Straße 5,71332 Waiblingen, GermanyWeb: www.deutsche -online-medien.de E-mail: info@d -o -m.orgTel: +49 71 51 165 17 0Fax: +49 71 51 165 17 99President: Michael Gross

Elanders Germany GmbH Anton -Schmidt -Straße 15,71332 Waiblingen, GermanyWeb: www.elanders.com/gerE-mail: [email protected]: +49 71 51 95 63 0Fax: +49 71 51 95 63 109President: Sven Burkhard

fotokasten GmbH Anton -Schmidt -Straße 5,71332 Waiblingen, GermanyWeb: www.fotokasten.deTel: +49 71 51 165 17 0Fax: +49 71 51 165 17 99President: Michael Gross

ELANDERS ABHEAD OFFICEElanders ABFlöjelbergsgatan 1 C, 431 35 Mölndal, SwedenWeb: www.elanders.com E-mail: [email protected]: +46 31 750 00 00President & CEO: Magnus Nilsson


LGI Logistics Group International GmbH

Corporate HQ Hewlett-Packard-Straße 1/1 71083 Herrenberg GermanyWeb: www.lgi.deE-mail: [email protected]: +49 7032 2291 0Fax: +49 7032 2291 111 President: Bernd Schwenger

AREA STUTTGART-KARLSRUHE

BöblingenHewlett-Packard-Straße 271034 BöblingenTel: +49 7031 3060 402Fax: +49 7031 3060 420

Schickardstraße 2771034 BöblingenTel: +49 7031 3060 208

Hans-Klemm-Straße 2771034 BöblingenTel: +49 7031 3060 400 Fax: +49 7031 3060 465

BondorfAm Römerfeld 471149 BondorfTel: +49 7457 955 6051Fax: +49 7457 955 6309

ButzbachAm Magnapark 3-5 35510 Butzbach Tel: +49 6441 8707 105

EhningenMercedesstraße 1071139 EhningenTel: +49 7031 3060 400Fax: +49 7031 3060 465

EsslingenFritz-Müller-Straße 11673730 EsslingenTel: +49 711 45984 130Fax: +49 711 45984 140

Freiberg am Neckarc/o LGI FreightLog GmbH Murrerstraße 1 71691 Freiberg am Neckar Tel: +49 7032 2291 403

GomaringenSiemensstraße 4 72810 Gomaringen Tel: +49 7121 9456 413

GroßbottwarSchleifwiesenstraße 25-2771723 Großbottwar Tel: +49 711 4598 4130

HerrenbergHeisenbergstraße 271083 HerrenbergTel: +49 7032 2291 0Fax: +49 7032 2291 111

Heilbronnc/o AUDI AGAlexander Baumann Straße 45 Building K40 74078 HeilbronnTel: +49 172 734 93 81

ReutlingenMax-Planck-Straße 77-8372766 ReutlingenTel: +49 7032 8939 343Fax: +49 7032 8939 310

Markwiesenstraße 5172766 ReutlingenTel: +49 7121 9456 363

Heubergstraße 672766 ReutlingenTel: +49 7121 9456 485

Sindelfingen c/o Daimler AG Building 46/48 71063 Sindelfingen Stuttgart Tel: +49 172 8307245

Stuttgartc/o Daimler AG Am Nordkai 370327 Stuttgart Tel: +49 162 2594881

Stuttgart Airportc/o ITG Air & Sea GmbHGottlieb-Manz-Straße 1270794 Filderstadt-BernhausenTel: +49 711 797 309 0 Fax: +49 711 797 309 15

WaghäuselKarlsruher Straße 61 68753 WaghäuselTel: +49 7254 9580 113Fax: +49 7254 9580 199

WinnendenMax-Eyth-Straße 1471364 WinnendenTel: +49 711 4598 4130

AREA HAMBURG-BREMEN

Bremenc/o ITG Air & Sea GmbH Pieperstraße 1-328195 BremenTel: +49 421 175 69 0Fax: +49 421 175 69 19

Hamburgc/o ITG Air & Sea GmbHWeg beim Jäger 218-222 22335 HamburgTel: +49 40 500 62 0Fax: +49 40 598 033

Hamburg-AltenwerderAltenwerder Hauptstraße 17-2321129 HamburgTel: +49 4033 3966 160Fax: +49 4033 3966 190

Hamburg-BillbrookWerner-Siemens-Straße 3922113 HamburgTel: +49 40 19 735 22Fax: +49 40 81973 520

Troplowitzstraße 1022529 HamburgTel: +49 40 333 966 127Fax: +49 40 333 966 290

AREA FRANKFURT-HEIDELBERG

Mörfelden-Walldorf (FrankfurtAirport)c/o ITG Air & Sea GmbH Hessenring 1364546 Mörfelden-WalldorfTel: +49 6105 968 52 0 Fax: +49 6105 968 52 80

Wieslochc/o Heidelberger Druckmaschinen AG Gutenbergring 19Building 2+1169168 WieslochTel: +49 6222 8221 36Fax: +49 6222 8265 812

AREA MUNICH-NUREMBERG

KöschingEinsteinstraße 685092 KöschingTel: +49 8456 916 7147

ManchingKönigsaue 285077 ManchingTel: +49 8459 3334 150Fax: +49 8459 3334 190

Nurembergc/o ITG GmbH Internationale Spedition + Logistik Andernacher Straße 53 90411 NürnbergTel: +49 911 350 187 0 Fax: +49 911 350 187 19

Schwaig (Munich Airport) c/o ITG GmbH Internationale Spedition + Logistik Eichenstraße 285445 Schwaig (Oberding)Tel: +49 8122 567 1300Fax: +49 08122 567 1301

c/o ITG Air & Sea GmbHEichenstraße 285445 Schwaig (Oberding)Tel: +49 8122 567 1300Fax: +49 8122 567 1301

AREA BERLIN-DRESDEN

Neustadt in SachsenKirschallee 601844 Neustadt in Sachsen Tel: +49 3596 586 60 Fax: +49 3596 586 699

WerderAm Magna Park 4OT Plötzin14542 Werder (Havel)Tel: +49 33 275749 120 Fax: +49 33 275749 190

AREA DÜSSELDORF

Düsseldorf Airportc/o ITG Air & Sea GmbH Ungelsheimer Weg 640474 DüsseldorfTel: +49 211 566 236 0 Fax: +49 211 566 236 30

HertenFriedrich-Bergius-Straße 1-345699 HertenTel: +49 2366 5011 110Fax: +49 2366 5011 190

HünxeWerner-Heisenberg-Straße 146569 HünxeTel: +49 281 16400 102Fax: +49 281 16400 109

Neussc/o ITG GmbH Internationale Spedition + LogistikGraf-Landsberg-Straße 3-541460 NeussTel: +49 2131 1282 0Fax: +49 2131 1282 242

AREA ERFURT

Erfurtc/o LGI TechLog GmbHJoseph-Meyer-Straße 399095 Erfurt Tel: +49 36204 722 201

myphotobook GmbH Oranienstraße 18310999 Berlin, GermanyWeb: www.myphotobook.deTel: +49 180 5 846 846Fax: +49 3052 0 047 441President: Michael Gross

Schmid Druck + Medien GmbHGewerbepark 586687 Kaisheim, GermanyWeb: www.druckerei-schmid.de E-mail: [email protected]: +49 90 99 96 95 0Fax: +49 90 99 96 95 30MD: Sven Burkhard

HONG KONG

Asiapack Ltd2/F, Dorset House, Taikoo Place 979 King’s Road, Quarry Bay Hong KongWeb: asiapack.com E-mail: [email protected]: +852 2735 1163President: Kok Khoon Lim


GROUP COMPANIES | ELANDERS AB

HUNGARY

Elanders Hungary Kft

Zalalövo Újmajor u. 2,8999 Zalalövo, HungaryWeb: www.elanders -hungary.com E-mail: info@elanders -hungary.comTel: +36 92 57 25 00Fax: +36 92 57 10 78President: Sven Burkhard

Jászberény 5100 Jászberény, Fémnyomó u. 1., HungaryWeb: www.elanders- hungary.com E-mail: info@elanders- hungary.comTel: +36 92 57 25 00Fax: +36 92 57 10 78President: Sven Burkhard

LGI Hungária Logisztikai Kft.

BudapestM1 Üzleti Park B/6 épület H 2071 PátyHungary Web: www.lgi.deE-mail: [email protected] Tel: +36 23 312 978President: Bernd Schwenger

Tormásrét utca 10. H 2051 BiatorbágyHungary Web: www.lgi.deE-mail: [email protected] Tel: +36 23 311 504President: Bernd Schwenger

INDIA

Mentor Printing and Logistics Pvt. Ltd

Registered Office and Print & Packaging Operations – DTA Unit (Domestic Tariff Area)B-49 / B -50, SIPCOT Industrial Park, Irukkattukottai – 602 117, Sriperumbudur Taluk, Tamilnadu. IndiaWeb: www.mentormedia.com E-mail: [email protected]: +91 44 7110 3600Fax: +91 44 7110 3902

SCM Operations – DTA Unit. (Domestic Tariff Area)B -51, SIPCOT Industrial Park, Irukkattukottai – 602 117, Sriperumbudur Taluk, Tamilnadu. IndiaWeb: www.mentormedia.com E-mail: [email protected]: +91 44 7110 3600Fax: +91 44 7110 3902

SCM Operations – SEZ Unit – (Special Economic Zone) Plot No. DV -2, SIPCOT HI -TECH SEZ,Sriperumbudur, Kancheepuram (Dist.) – 602 106, Tamilnadu. IndiaWeb: www.mentormedia.com E-mail: [email protected] Tel: +91 44 6714 4218Fax: +91 44 6714 4246President: Kok Khoon Lim

ITALY

Elanders Italy S.r.l.Via Delle Industrie 8,31050 Ponzano Veneto (TV), ItalyTel: +39 422 44 22 53Fax: +39 422 44 22 53MD: Nicola Scabbia

MEXICO

Mentor Media Juárez S.A. de C.V. Avenida Libre Comercio No. 2164, Parque Industrial las Américas Cd. Juárez, Chihuahua C.P. 32596. MexicoWeb: www.mentormedia.com E-mail: [email protected]: +52 656 257 1600Fax: +52 656 257 1601President: Kok Khoon Lim

NETHERLANDS

ITG Global Logistics BV

AmsterdamKaapstadweg 34A1047 HG AmsterdamNetherlandsWeb: www.lgi.deE-mail: [email protected]: +31 20 8515 740Fax: +31 20 8515 701President: Bernd Schwenger

Nieuw-VennepLireweg 5 F2153 PH Nieuw-VennepNetherlandsWeb: www.lgi.deE-mail: [email protected]: +31 20 8515 700Fax: +31 20 8515 701President: Bernd Schwenger

RotterdamVan Weerden Poelmanweg 10 3088 EB RotterdamNetherlandsWeb: www.lgi.deE-mail: [email protected]: +31 10 8511 600Fax: +31 10 8511 601President: Bernd Schwenger

POLAND

Elanders Polska Sp. z o.o.

PłonskUl. Mazowiecka 2,09 -100 Płonsk, PolandWeb: www.elanders.com/pol, www.elanders.plE-mail: [email protected]: +48 23 662 23 16Fax: +48 23 662 31 46Operations Manager: Detlef Giebel

Wrocław Wrocławska str. 33D, 55 -095 Długołeka PolandWeb: www.elanders.com/pol, www.elanders.plE-mail: [email protected]: +48 71 346 06 78Operations Manager: Detlef Giebel

LGI Polska Sp. z. o. o.

Wrocławul. Magazynowa 2 Bielany Wroclawskie 55-075 KobierzycePolandWeb: www.lgi.deE-mail: [email protected] Tel: +48 71 38 22 525Fax +48 71 72 24 142President: Bernd Schwenger

ROMANIA

LGI Romania s.r.l.

AradI nr. 5A, Zona Industriala VestRO-310502 AradRomaniaWeb: www.lgi.deE-mail: [email protected] Tel: +43 2236 860 465President: Bernd Schwenger

RUSSIA

OOO ITG International Transport + Logistics

MoscowOstrovnaya Ulitsa 2121552 MoscowRussiaWeb: www.lgi.deE-mail: [email protected] Tel: +7 495 234 69 84Fax: +7 495 234 69 84President: Bernd Schwenger

SINGAPORE

Mentor Media Ltd Corporate HQ47 Jalan Buroh, #08-02 Singapore 619491Web: www.mentormedia.com E-mail: [email protected]: +65- 6631 3333Fax: +65-6896 3826President: Kok Khoon Lim

Mentor Media Ltd Fulfillment Plant 24 Penjuru Road, #09-02, #09-02A & #10-01 Singapore 609128 Web: www.mentormedia.com E-mail: [email protected] President: Kok Khoon Lim

KWE Jurong Hub3A, 3B, 4A, 4B, 7 Bulim Street Singapore 648175 Web: www.mentormedia.com E-mail: [email protected] President: Kok Khoon Lim

SWEDEN

Elanders Sverige AB

Mölnlycke (Gothenburg) Box 137435 23 Mölnlycke, SwedenWeb: www.elanders.se E-mail: [email protected]: +46 31 750 00 00MD: Mattias Olofsson

Viared (Borås)Box 22035501 14 Borås, SwedenWeb: www.elanders.se E-mail: [email protected]: +46 31 750 00 00MD: Mattias Olofsson

Vällingby (Stockholm)Box 518162 15 Vällingby, SwedenWeb: www.elanders.se E-mail: [email protected]: +46 31 750 00 00MD: Mattias Olofsson

LGI Logistics Group International AB

BoråsViaredsvägen 14504 64 Borås, SwedenWeb: www.lgi.deE-mail: [email protected] Tel: +46 706 790 614President: Bernd Schwenger


TAIWAN

Mentor Media Taiwan BranchRm. 2, 7F., No.146,Wenxing Rd., Guishan Township,Taoyuan County, 33377 TaiwanWeb: www.mentormedia.com E-mail: [email protected]: +886- 3 -3279389#429 Fax: +886 -3 -3279380/3279382President: Kok Khoon Lim

UK

Elanders LtdMerlin Way, New York Business Park, North Tyneside, NE27 0QG, EnglandWeb: www.elanders.com/uk E-mail: [email protected]: +44 1912 80 04 00Fax: +44 1912 80 04 01MD: Chris Hewitt

Elanders McNaughtan’s Ltd (Elanders Packaging)Unit 4, 21 James Street Righead Industrial Estate BellshillML4 3LU ScotlandWeb: www.elanders.com/uk E-mail: [email protected]: +44 1236 733 833MD: Chris Hewitt

LGI Logistics Group International UK

Milton Keynes6 Deans RoadOld WolvertonMK12 5NA Milton KeynesEngland Web: www.lgi.deE-mail: [email protected]: +44 19 08318 748President: Bernd Schwenger

Spreckley Limited79 Arnold RoadNottingham NG6 0EDUnited KingdomWeb: www.spreckleys.comE-mail: [email protected]: +44 115 978 3786Fax: +44 115 978 3784MD: Chris Hewitt

USA

ElandersUSA, LLC

Acworth 4525 Acworth Industrial Drive Acworth, Georgia 30101, USAWeb: www.elandersamericas.comTel: +1 770 917 70 00Fax: +1 770 917 70 20President: Thomas Sheehan

Kennesaw Kennesaw 1925 Shiloh road 30144 Kennesaw, Georgia, USAWeb: www.elandersamericas.comTel: +1 770 917 70 00Fax: +1 770 917 70 20President: Thomas Sheehan

ITG International Transports, Inc.

Boston6 Kimball LaneSuite 230MA 01940 LynnfieldWeb: www.lgi.deE-mail: [email protected]: +1 617 455 60 20Fax: +1 617 455 60 15President: Bernd Schwenger

Mentor Media (USA) Supply Chain Management, Inc3768 Milliken AvenueEastvale, CA 91752Web: www.mentormedia.com E-mail: [email protected]: +1 909 930 0800Fax: +1 909 930 0807President: Kok Khoon Lim

Midland Information Resources Company5440 Corporate Park Drive Davenport, IA 52807, USAWeb: www.elandersamericas.comTel: +1 563 359 3696Fax: +1 563 823 7651MD: Thomas Sheehan


GROUP COMPANIES | GETINGE AB

AUSTRALIA

Getinge Australia Pty LtdLevel 2, 4 Talavera RoadMacquarie Park NSW 2113Tel: +61 1800 438 464MD: Jaylea Strauch

AUSTRIA

Getinge Österreich GmbHLemböckgasse 49AT-1230 ViennaTel: +43 1 8651 4870MD: Josef Hinterberger

BELGIUM

Getinge Belgium NVAlfons Gossetlaan 17BE-1702, Groot BijgaardenTel: +32 24 67 8585MD: Bettina Quaedvlieg

BRAZIL

Getinge do Brasil EquipamentosMedicos Ltda.Avienda Manuel Bandeira, 291, Bloco B - Conj. 33 e 34Vila Leopoldina BR-05317-020, São PauloTel: +55 11 2608 7400MD: Marcio Mazon

CANADA

Getinge Canada Ltd90 Matheson Blvd. West - suite 300Mississauga, Ontario L5R 3R3Tel: +1 905 629 8777MD: Therese Mueller

CHINA

Getinge (Shanghai) Trading Co. Ltd.No.3, Lane 128, Lin Hong Road, Changning DistrictCN–200 335 ShanghaiTel: +86 21 61973999MD: Florian Mond

Maquet (Shanghai) Medical Equipment Co. Ltd.No.3, Lane 128, Lin Hong Road, Changning DistrictCN–200 335 ShanghaiTel: +86 21 61973999MD: Florian Mond

Maquet (Suzhou) Co. Ltd. No. 158, Fang Zhou RoadCN–215024 SuzhouTel: +86 512 6283 9880MD: Shukun Liu

Suzhou Maquet Medical Engineering Co. LtdNo.158 Fangzhou RoadCN–215024 SuzhouTel: +86 512 6283 8861MD: Florian Mond

COLOMBIA

Maquet Colombia S.A.S.Carrera 16 No. 95 – 70 Of. 701Bogotá, D.C.Tel: +57 1 7438124MD: Marcio Mazon

COSTA RICA

Getinge Shared Services Costa Rica SA Avenida Escazu Edificio 101B Piso #5Escazu, San Jose 10203Tel: +506 4100 - 5523MD: Niclas Sjöswärd

CZECH REPUBLIC

Getinge Czech Republic, s.r.o Na Strzi 1702/65CZ–140 00 Praha 4Tel: +420 261 142 520MD: Jirí Lacina

DENMARK

Getinge Cetrea A/S Brendstrupgårdsvej 21FDK–8200 AarhusTel: +45 38 400 570MD: Carin Kuylenstierna

Getinge Danmark A/SIndustriparken 44BDK–2750, BallerupTel: +45-459 32 727MD: Magnus Back

Getinge IT Solutions ApSAmaliegade 4.1DK–1256 CopenhagenTel: +45 33 33 88 55MD: Michael Lunau

FINLAND

Getinge Finland Oy Rietomtevägen 7 CFI–02200 EsboTel: +358–96 82 41 20MD: Magnus Back

Maquet Finland Oy Rietomtevägen 7 CFI–02200 EsboTel: +358–96 82 41 250MD: Magnus Back

FRANCE

Getinge France SAS7 avenue du Canada CS20049FR– 91942 Courtaboeuf Les UlisTel: +33–164 868 900MD: Stéphane Le Roy Getinge Infection Control SAS30 Boulevard de l’industrieFR–31170 TournefeuilleTel: +33–561 155 111MD: Frédéric Pette

Getinge La Calhène SAS1 Rue du Comte de DonegalFR–41100 VendomeTel: +33–254 734 747MD: Boris Leonard

Getinge Lancer SAS30 Boulevard de l IndustrieFR–31170 TournefeuilleTel: +33–561 155 111MD: Julien Albouy Meyer

Intervascular SASZ.I. Athelia 1FR-13 600, La CiotatTel: +33-442 084 646MD: Jocelyn Lebrun

Maquet SASParc de Limere Avenue de la Pomme de PinCS 10008 ArdonFR–45074 OrleansTel: +33 238 258 888MD: Gregory Pinaton

GERMANY

Getinge IT SolutionsSüdportal 5DE–22848 NorderstedtTel: +49 40. 514 35–0MD: Dr. Matthias Rath

Getinge Hospital Solution GmbHKehler Strasse 31DE–76437 RastattTel: +49–7222 932–0MD: Dr. Björn Werner

Maquet Cardiopulmonary AGKehler Strasse 31DE–76437 RastattTel: +49–7222 932–0MD: Lena Hagman & Markus Medart

Maquet GmbH Kehler Strasse 31DE–76437 RastattTel: +49–7222 932–0MD: Dr. Dieter Engel & Dr. Benno Bröcher

Maquet Holding B.V. & Co KGKehler Strasse 31DE–76437 RastattTel: +49–7222 932–0MD: Matthias Gelsok

Getinge Financial Services GmbHKehler Strasse 31DE-76437 RastattTel: +49-7222 932-0MD: Peter Hjalmarson & Sebastien Blanche

Getinge Deutschland GmbHKehler Strasse 31DE–76437 RastattTel: +49–7222 932–0MD: Josef Hinterberger

MediKomp GmbHKehler Strasse 31DE–76437 RastattTel: +49–7222 932–0MD: Özgür Yildiz & Markus Medart

Pulsion Medical Systems SEHans–Riedl–Strasse 21DE–85622 , FeldkirchenTel: +49–894 599 140MD: Stephan Haft & Dr. Sergej Kammerzell

HONG KONG

Getinge Group Hong Kong Ltd26/F, Port 3333 Tseuk Luk StreetSan Po Kong , KowloonTel: +852–2207 6111MD: CM Leung

GETINGE AB

HEAD OFFICEGetinge ABLindholmspiren 7A, SE–417 56 GöteborgTel: +46 10 335 0000President & CEO: Mattias Perjos


INDIA

Getinge Medical India Pvt Ltd203–204, Fulcrum “B” Wing, 2nd Floor,Airport Road, Andheri EastIN–400 099, MumbaiTel: + 91 22 6233 2100MD: Dr. Gurmukh Advani

IRELAND

Getinge Treasury IrelandInternational House, Harbourmaster Place,IFSC, Dublin 1Tel: +353 86 9805182MD: Peter Hjalmarson

Maquet Ireland LtdB6 Calmount Business Park, Ballymount, Dublin 12Tel: +44 (0) 191 5196200MD: Avril Forde

ITALY

Getinge Italia S.r.l.Via Gozzano 1420092 Cinisello Balsamo (MI)Tel: +39 026 111 35200MD: Roberto Chareun

JAPAN

Getinge Group Japan K.K.Sphere Tower Tennoz 23F2–2–8 Higashi–shinagawa, Shinagawa–ku,JP–140–0002, TokyoTel: +81–3–5463–8310MD: Hideaki Yamashita

MEXICO

Maquet Mexicana, S. de R.L. de C.V.Montecito 38, piso 10, oficina 33, Col. Napoles 03810, Mexico D.F.Tel: +52 55 9000 8970MD: Paul Barber

NETHERLANDS

Getinge Netherlands B.V.Oscar Romerolaan 3NL-1216, TJ HilversumTel: +31 (0) 344-809 900MD: Bettina Quaedvlieg

NORWAY

Getinge Norge ASStrandveien 13,NO–1366, LysakerTel: +47 2303 5200MD: Magnus Back

POLAND

Getinge IC Production Poland SP. z.o.o.ul. Szkolna 30PL–62–064 PlewiskaTel: +48 61 630 9900MD: Jakub Cegieła

Getinge Poland Sp z.o.o.ul. Osmańska 14PL–02–823 WarszawaTel: +48–22 882 06 26MD: Joanna Miros–Gorecka

Getinge Shared Services Sp. z o.o.Klimeckiego 1PL–30–705 KrakowTel: +48 12 385 42 22MD: Agnieszka Obuchowska

PORTUGAL

Getinge Group Portugal Unipessoal LdaRua Poeta Bocage, 2-2G,PT-1600-233, LisboaTel: +351 214 189 815MD: Manuel Moreno

RUSSIA

Maquet LLCStanislavskogo street 21, Building 3RU–109004, MoscowTel: +7 495 514 0055MD: Kseniya Ulyanova

SERBIA

Getinge Group South East Europe Ltd.Spaniskih Boraca 311070, BelgradeTel: + 381 11 785 63 70MD: Jirí Lacina

SINGAPORE

Getinge Singapore Pte. Ltd20 Bendemeer Road BS Bendemeer Centre #06–04339914 SingaporeTel: +65–6 396 7298MD: Teodor Johansson

Maquet South East Asia Pte. Ltd20 Bendemeer Road BS Bendemeer Centre #06–01/02339914 SingaporeTel: +65–6 296 1992MD: Teodor Johansson

SLOVAKIA

Maquet Slovakia s.r.o.Pribinova 25SK–811 09, BratislavaTel: +42 1 2335 59150MD: Jirí Lacina

SOUTH AFRICA

Maquet Southern Africa (Pty) Ltd.4 Bridle Close, Woodmead Office Park, Van Reenen AvenueWoodmead, SandtonMD: Karen Botma

SOUTH KOREA

Maquet Medical Korea Co., Ltd.13F KeumKang Building, 304, Bongeunsa-ro, Gangnam-gu06143, SeoulTel: +82 2567 1240MD: Hyun Dong Kim

Getinge Korea Co. Ltd.13F KeumKang Building, 304, Bongeunsa-ro, Gangnam-gu06143, SeoulTel: +82 255 822 71MD: Hyun Dong Kim

SPAIN

Getinge Group Spain S.L. C/Marie Curie 5, Edificio Alfa Planta 6ES–28521 Rivas Vacia MadridTel: +34 91 678 1652MD: Manuel Moreno

SWEDEN

Getinge ABLindholmspiren 7ASE–417 56 GöteborgTel: +46 10 335 0000MD: Mattias Perjos Getinge Disinfection ABLjungadalsgatan 11SE–352 46 VäxjöTel: +46 10 335 9800MD: Leif Persson

Getinge Infection Control ABEkebergsvägen 26SE–305 75 GetingeTel: +46 10 335 0000MD: Christian Lambrant

Getinge Sterilization ABEkebergsvägen 26SE–305 75 GetingeTel: +46 10 335 0000MD: Anna Eklöf–Persson

Getinge Sverige ABEkebergsvägen 26SE–305 75 GetingeTel: +46 10 335 0000MD: Magnus Back

Getinge Treasury ABLindholmspiren 7ASE–417 56 GöteborgTel: +46 10 335 0000MD: Peter Hjalmarson

Maquet Critical Care ABBox 6108SE–171 06 SolnaRöntgenvägen 2SE–171 54, SolnaTel:+46 10 335 7300MD: Ulf Andersson

SWITZERLAND

Getinge Schweiz AG Quellenstrasse 41bCH-4310 RheinfeldenTel: +41 (0)61 836 47 70MD: Josef Hinterberg

TAIWAN

Getinge Group Taiwan Co. Ltd.Rm. 08, 6F., No. 288, Sec. 6, Civic Blvd.Xinyi Dist. 110 Taipei CityTel: + 886–2–81616588MD: Jeff Kuo

THAILAND

Getinge Thailand5 soi 4 Krungthep Kreetha Road Huamark BangkapiTH–10240 BangkokTel: +66 2 704 4388MD: Yaowapa Hatthasakul

TURKEY

Getinge Stericool Medikal Aletler Sanayi ve Ticaret Anonim SirketiAhievran 1. OSB Kırımhanlıgı Cad. No:6 SincanTR–06935 AnkaraTel: +90 312 387 39 40MD: Mehmet Nuri Ak

Maquet Cardiopulmonary Medikal Teknik San.Tic.Ltd.Sti.Serbest Bolge R Ada, 108/1,109/1,110/1,111/1Parseller 1 Cadde Dıs Kapı No:8 Adres No: 2419050956TR–07070 AntalyaTel: +90 242 249 90 00MD: Murat Calik

Maquet Tibbi Sistemler San. Ve Tic.Ltd. A.S. Buyukhanlı Plaza Kucukbakkalkoy Mahallesi Defne Sokak No:3 Kat.834750 IstanbulTel: +90 216 444 66 78MD: Vecihe Özek

Trans Medikal Aletler Sanayi ve Tic A.S Ahievran 1. OSB Kırımhanlıgı Cad. No:6 SincanTR–06935 AnkaraTel: +90 312 385 77 20MD: Mehmet Nuri Ak


GROUP COMPANIES | GETINGE AB

UK

Getinge IT Solutions LtdUnit 5 Bowling Hill Business Park, Chipping SodburyBS37 6JL, BristolTel: +44 (0) 1454 318373MD: Michael Lunau

Getinge UK Ltdi2 Oakham Business Park, Hamilton WayNG18 5FB Mansfield NottinghamTel: +44 (0) 1773 814730MD: Avril Forde

Maquet Ltd14–15 Burford Way, Boldon Business Park,NE35 9PZ SunderlandTel: +44 191 519 6200MD: Avril Forde

U. A. E.

Getinge Group Middle East FZ-LLCG05 Laboratory Building Dubai Science ParkBox 214742 Dubai,Tel: +971 4 447 0963MD: Salah Malek

USA

Atrium Medical Corporation40 Continental BoulevardMerrimack, NH 03054Tel: +1 603 880 1433MD: Chad Carlton

Datascope Corp.15 Law DriveFairfield, NJ 07004Tel: +1–800–777–4222MD: Philip Freed

Getinge Group Logistics Americas LLC45 Barbour Pond DriveWayne, NJ 07470Tel: +1 973–709–7000MD: Frank Kuzar

Getinge USA Sales, LLC1777 East Henrietta RoadRochester, NY 14623–3133Tel: +1 585 475 1400MD: Eric Honroth

Lancer Sales USA Inc1150 Emma Oaks Trail 140Lake Mary, FL 32746Tel: +1–407–327–8488MD: Sean Herdlein

Maquet Cardiovascular LLC45 Barbour Pond DriveWayne, NJ 07470Tel: +1 973–709–7000MD: Philip Freed

SteriTec Products Mfg. Co., Inc74 Inverness Drive EastEnglewood, CO 80112Tel: +1 303 660 4201MD: Dale Schuster


AUSTRALIA

Auger Torque Australia Pty. Ltd122 Boundary Road, RockleaQueensland 4106, AustraliaWeb: augertorque.com.auE-mail: [email protected]: +61 73274 2077MD: Kelvin Hamilton

Brokk Australia Pty.9 Colorado CourtMorphett Vale SA 5162, AustraliaWeb: brokkaustralia.com.auTel: +61 8 8387 7742MD: Wilhelm Visser

Doherty Couplers & Attachments Ltd2/2642 Ipswich Road, Darra, Queensland 4106, Australia Web: dohertydirect.netE-mail: [email protected]: +61 1800 057 021MD: Jeremy Doherty

AUSTRIA

Mars Greiftechnik GmbHGrenzlandstrasse 53950 Gmünd, AustriaWeb: kinshofer.comTel: +43 2852 5443 8MD: Thomas Friedrich

M+W Dental Handels GmbHAlbert-Schweitzer-Gasse 6A 1140 Wien, AustriaWeb: mwdental.atE-mail: [email protected]: +43 800 500 809MD: Wolfgang Schuster

Silvent Central Europe GmbHStadtwerk Hochhaus, Strubergasse 265020 Salzburg, AustriaWeb: silvent.comE-mail: [email protected]: +41 800 917 631MD: Anders Erlandsson

BELGIUM

Brokk BeNeLux SARL Avenue FONSNY 46/591060 Saint Gilles, Belgium Web: brokk.comE-mail: [email protected] Tel: +32 472 67 15 50 MD: Michel Sanz

Modul-System N.V./S.A.Wayenborgstraat 152800 Mechelen, BelgiumWeb: modul-system.beE-mail: [email protected]: +32 15 28 52 00MD: Kathleen Smets

Rustibus NVNoordersingel 72140 Antwerpen, Belgium Web: rustibus.comE-mail: [email protected] Tel: +32 3227 2096 MD: Terje Braathen

CANADA

Hultdins, Inc.22 Morton AvenueEast Brantford, Ontario, CanadaWeb: hultdins.comE-mail: [email protected]: +519 754 00 44MD: Gerry Mallory

Kinshofer Liftall Inc.5040 Mainway Drive, Unit #11Burlington, ON L7L 7G5, CanadaWeb: kinshofer.comE-mail: [email protected]: +1 905 335 2856MD: Thomas Friedrich

CHINA

Auger Torque China Co. LtdBaozchan Road, Tongy i Industizone, Dongwu, Yinzhou, Ningbo 315114, ChinaWeb: augertorque.com MD: Alistair Brydon

Brokk Beijing Machines Co. LtdA1208, No. 18 Beitaipingzhuang Road, Haidian District, Beijing, ChinaWeb: brokk.com.cnE-mail: [email protected]: +86 10 8225 5331MD: William Liu

Darda-Kinshofer (Beijing) Construction Machinery Co. LtdUnit #306, Landmark Tower 28 Dongsanhuan Road, Beijing 100004, ChinaWeb: darda.com.cnE-mail: [email protected]: +86 10 6590 6422MD: Samuel Zhang

Rapid Granulate Machinery (Shanghai)1st floor, Building 3, 299#KongQue Road, Lujia town, KunShani, ChinaWeb: rapidgranulator.comE-mail: [email protected]: +86 21 6760 1875MD: Anders Mårtensson

Silvent (Shanghai) Trading Co. Ltd22nd floor, NO 1375 Middle Huai Hai Road Shanghai, ChinaWeb: silvent.comE-mail: [email protected]: +86 21 335 655 75MD: Anders Erlandsson

Si Zhou Dental (Shenzhen) Co. Ltd8/F, Block 12, CuiGang Industrial District 6 HuaiDe Zone, Fuyong, Baoan, Shenzhen518103 Guangdong, ChinaE-mail: [email protected] Tel: +86 755 27864816MD: Charles Mamish

TMC Compressors China Ltd.Room 1719, Level 17, No. 268 Xizang Rd. (M) Haungpu District, Shanghai 200001, ChinaE-mail: [email protected] MD: Roger Chen

CZECH REPUBLIC

Dent Unit s.r.oRomas Stárek Obvodní 23/3650332 Hradec Králové, Czech Republic Web: dentunit.czE-mail: [email protected] Tel: +420 495 454 394MD: Pavel Hartman

Dentamed (C R) spol. s.r.oPod Lipami 2620/41130 00 Praha 3, Czech RepublicWeb: dentamed.czE-mail: [email protected]: +420 266 007 111MD: Pavel Smazik

Kinshofer CZ s.r.o.Cs.Legií 568378 10 Ceske Velenice, Czech RepublicWeb: kinshofer.comE-mail: [email protected]: +42 384 795 100MD: Thomas Friedrich

DENMARK

3D Dental ApSKildeparken 12, 26A8722 Hedensted, Denmark Web: 3d-dental.dkE-mail: [email protected]: +45 76 40 93 00MD: Charlotte Kammersgaard

Al dente Software A/S Nydamsvej 88362 Hørning, DenmarkWeb: aldente.dkE-mail: [email protected]: +45 87 68 16 01MD: Vibeke Mikkelsen

Dansk Nordenta A/SNydamsvej 88362 Hørning, DenmarkWeb: nordenta.dkE-mail: [email protected]: +45 87 68 16 11MD: Claus Holmgaard

Eldan Recycling A/SVaerkmestervej 45600 Faaborg, DenmarkWeb: eldan-recycling.comE-mail: [email protected]: +45 63 61 25 45MD: Toni Reftman

Elit Scandinavian ApSGI Skivevej 73 B8800 Viborg, DenmarkWeb: elit.dkE-mail: [email protected]: +45 48 44 60 60MD: Magne Barli

Modul-System HH A/SMidtager 282650 Brøndby, DenmarkWeb: modul-system.dkE-mail: [email protected]: +45 70 25 21 60MD: Lennart Nielsen

Proline Danmark ApSLunikvej 242670 Greve, Denmark Web: prolineas.dkE-mail: [email protected]: +45 6361 8545MD: Henrik Sörensen

LIFCO ABHEAD OFFICELifco ABVerkmästaregatan 1, SE-745 85 Enköping, SwedenWeb: www.lifco.seE-mail: [email protected]: +46 72 717 59 05 President & CEO: Per Waldemarson


GROUP COMPANIES | LIFCO AB

ESTONIA

AS HekotekPõrguvälja tee 9Lehmja, Rae vald753 06 Harjumaa, EstoniaWeb: hekotek.eeE-mail: [email protected]: +372 605 1450MD: Heiki Einpaul

DAB Eesti OÜKungla 2-208765 05 Saue, EstoniaWeb: dabdental.eeE-mail: [email protected]: +372 6 39 13 20 MD: Agne Bagdziunaite

Leab Eesti OÜPõikmäe 1 Tänassilma Tehnopark764 06 Saku vald, EstoniaWeb: leab.seE-mail: [email protected]: +372 6503 200MD: Erki Hirv

FINLAND

Hammasväline OyPL 15, 021 01 Espoo, FinlandWeb: hammasvaline.fiE-mail: [email protected] Tel: +358 10 588 6000MD: Kalle Salmela

Heinola Sahakoneet OyPL 24 Tehtaantie 181 01 Heinola, FinlandWeb: heinolasm.fiE-mail: [email protected]: +358 3 848 411MD: Jan Räsänen

Modul-System Finland OyPL 118, 01301 Vantaa, FinlandWeb: modul-system.fiE-mail: [email protected]: +358 20 771 0880MD: Jirka Sottinen

Prolinesystems Relining OySahaajankatu 1200880 Helsinki, FinlandWeb: prolineoy.fiE-mail: [email protected]: +358 40 560 29 68MD: Risto Heiniemi

FRANCE

Albro Technologies SARL646 Rue Juliette Récamier 699 70 Chaponny, France Web: rapidgranulator.comE-mail: [email protected]: +33 472 15 22 80MD: Anders Mårtensson

Brokk France SARLZI Inova 3000881 51 Thaon les Vosges cedex, FranceWeb: brokk.frE-mail: [email protected]: +33 3 29 390 390MD: Michel Sanz

Denterbridge SAS 6 Rue Villaret de Joyeuse 750 17 Paris, France Web: denterbridge.frE-mail: [email protected] Tel: +33 1 40 55 95 55MD: Charles Mamisch

Kinshofer France SARL8 B Rue Gabriel Voisin, CS 4003 516 88 Reims CEDEX 2Web: kinshofer.comE-mail: [email protected]: +33 388 3955 00MD: Thomas Friedrich

Modul-System S.A.40 Avenue Graham BellZAC Léonard de Vinci776 00 Marne la Vallé, FranceWeb: modul-system.frE-mail: [email protected]: +33 1 60 17 64 75MD: Philippe Tavel

Silvent South Europe SARLTecnopolis Bat P, 5 Chemin des Presses, CS 20014068 00 Cagnes Sur Mer, FranceWeb: silvent.comE-mail: [email protected]: +33 4 93 14 29 90MD: Anders Erlandsson

GERMANY

Brian James Trailers GmbHGöhrener Strasse 6044 63 Störmthal, Germany Web: brianjamestrailers.deE-mail: [email protected] Tel: +49 34297 14548-3 MD: Lewis James

Brokk DA GmbHFriedenweiler strasse 37 C798 77 Friedenweiler, Germany Web: brokk.deE-mail: [email protected] Tel: +49 7654 21297-0 MD: Andreas Ruf

Computer konkret AGTheoder-Körner-Strasse 6082 23 Falkenstein, Germany Web: ivoris.deE-mail: [email protected] Tel: +49 3745 7824 33MD: Michael Brand, Jens-Peter Eibisch

Darda GmbHIm Tal 1 78176 Blumberg, GermanyWeb: darda.deE-mail: [email protected]: +49 7702 4391 0MD: Gerhard Darda

Demolition & Recycling Tools Rental GmbHRaiffeisenstrasse 12836 07 Holzkirchen, Germany E-mail: [email protected]: Thomas Friedrich

DentalTiger GmbHRobert-Bosch-Strasse 15354 40 Linden, GermanyWeb: dentaltiger.deE-mail: [email protected]: +49 64 03 774 20 60MD: Jonas Redin

EDP European Dental Partner Holding GmbHRoggenhorster Strasse 7235 56 Lübeck, GermanyE-mail: [email protected]: +49 451 29 26 910MD: Charles Mamish, Per Waldemarson, Reinhold Kuhn

ErgoPack Deutschland GmbHHanns-Martin-Schleyer- Strasse 21, 894 15 Lauingen (Donau), Germany Web: ergopack.deE-mail: [email protected] Tel: +49 9072 70283-8 MD: Andreas Kimmerle

InteraDent Zahntechnik GmbHRoggenhorster Strasse 7235 56 Lübeck, GermanyWeb: interadent.comE-mail: [email protected]: +49 4 51 8 79 85 0MD: Thomas Albrecht

Kinshofer GmbHRaiffeisenstrasse 12836 07 Holzkirchen, GermanyWeb: kinshofer.comE-mail: [email protected]: +49 8021 8899 0MD: Thomas Friedrich

MDH AG Mamisch Dental HealthSchenkendorfstrasse 29454 72 Mülheim an der Ruhr, GermanyWeb: mdh-ag.deE-mail: [email protected]: +49 208 469 599 0MD: Charles Mamisch, Patrick Koose

M+W Dental Müller und Weygandt GmbHReichardsweide 40636 54 Büdingen, Germany Web: mwdental.deE-mail: [email protected] Tel: +49 60 42 88 00 88 VD: Janos Szabo

Modul-System Fahrzeugeinrichtungen GmbHBruder-Kremer-Strasse 6655 49 Limburg, GermanyWeb: modul-system.deE-mail: [email protected]: +49 6476 9124-0MD: David Mickelson

PP Greiftechnik GmbHRaiffeisenstrasse 12836 07 Holzkirchen, GermanyTel: +49 8021 8899 0MD: Thomas Friedrich

Praezimed Service GmbHVolkdorfer Grenzweg 143223 59 Hamburg, GermanyWeb: praezimed.deE-mail: [email protected]: +49 40 645 088 0MD: Reinhold Kuhn

Rapid Granulier-Systeme GmbH & Co. KGBruchweg 3638 01 Kleinostheim, Germany Web: rapidgranulator.comE-mail: [email protected]: +49 6027 4665 01MD: Jürgen Prössler

Rapid Granulier-Systeme Geschäftsfürungs GmbH Bruchweg 3638 01 Kleinostheim, GermanyWeb: rapidgranulator.com E-mail: [email protected] Tel: +49 6027 4665 01MD: Jürgen Prössler

Schwan Aligner GmbHEschenallee 36140 50 Berlin, Germany Web: schwan-aligner.deE-mail: [email protected] Tel: +49 30 52 67 50 50 MD: Fabian Schwan, Dennis Schmidt

Smilodentax GmbHWiltzlebenstrasse 15454 72 Mülheim an der Ruhr, GermanyWeb: smilodentax.deE-mail: [email protected]: +49 208 740 500MD: Charles Mamisch

Wachtel AGDuttweilerstrasse 11687 66 Hockenheim, GermanyWeb: wachtel-ag.deE-mail: [email protected]: +49 6205 27 900 86MD: Denis Wachtel


HONG KONG

Perfect Ceramic Dental Company LtdRM 1809, Office Tower Two, Grand Plaza 625, Nathan Road Kowloon, Hong KongE-mail: [email protected]: +852 2783 7768MD: Charles Mamisch

HUNGARY

M+W Dental Magyarország Kft.Csillaghegyi út 19-21 1037 Budapest, HungaryWeb: mwdental.huE-mail: [email protected]: +36 1 436 9790MD: János Szabó

ITALY

Brokk Italia S.R.L. Via Paolo da Cannobio 9 20122 Milano, Italy Web: brokk.com/itE-mail: [email protected]: +39 33 1854 5276 MD: Roberto Ruberto

Hammer S.R.LVia Oleifici dell´Italia Meridionalte Lotto G1 700 56 Mofetta, BA, ItalyWeb: hammereurope.comE-mail: [email protected] Tel: +39 080 337 5317MD: Valerio Modugno

Rapid Italy S.R.L. Via Sopracornio 7B300 10 Campolongo Maggiore Venezia, ItalyWeb: rapidgranulator.comE-mail: [email protected]: +39 49 972 8252MD: Anders Mårtensson

Rhein’83 S.R.L Via Zago 10/ABC 401 28 Bologna, Italy Web: rhein83.comE-mail: [email protected]: +39 051 244510MD: Gianni Storni

LATVIA

DAB Dental Latvia SIA Dzelzavas iela 1171021 Riga, LatviaWeb: dabdental.lvE-mail: [email protected]: +371 677 847 56MD: Beate Gaile

LITHUANIA

DAB Dental UABLaisves pr. 5706144 Vilnius, LithuaniaWeb: dabdental.ltE-mail: [email protected]: +370 8 800 200 33MD: Agne Bagdziunaite

NETHERLANDS

Demolition and Recycling Equipment B.V.Den Hoek 325431 NS Cuijk, NetherlandsWeb: en.demarec.nlE-mail: [email protected]: +31 485 442 300MD: Ruud de Gier, Marcel Vening

Modul-System Netherland B.V.Govert van Wijnkade 423144 EG Maassluis, NetherlandsWeb: modul-system.nlE-mail: [email protected]: +31 10 592 80 38MD: Kathleen Smets

P-line Netherlands B.V. Hoge Rijndijk 2592382 AM Zoeterwoude, NetherlandsWeb: proline-group.nlE-mail: [email protected]: +31 85 273 76 50MD: Frans van Veen

Silvent Benelux B.V. Jan Campertstraat 56416 SG Heerlen, Netherlands Web: silvent.comE-mail: [email protected] Tel: +31 2026 236 10MD: Anders Erlandsson

NEW ZEALAND

Doherty Engineered Attachments Ltd98 Paerangi Place, Tauriko3171 Tauranga, New ZealandWeb: dohertydirect.netE-mail: [email protected]: +64 7 574 3000MD: Jeremy Doherty

NORWAY

Auto-Maskin ASHvamsvingen 222013 Skjetten, NorwayWeb: auto-maskin.comE-mail: [email protected]: +47 64 84 52 00 MD: Svein Arild Hagnaess

Blinken ASPostboks 1221620 Gressvik, NorwayWeb: blinken.noE-mail: [email protected]: +47 90 70 11 00MD: Joar Johannessen

Brokk Norge ASIndustriveien 22-241400 Ski, Norway Web: brokk.com/no E-mail: [email protected]: +47 9483 9507 MD: Dag-Helge Andresen

Cenika ASIndustrigata 133414 Lierstranda, NorwayWeb: cenika.noE-mail: [email protected]: +47 32 24 03 00 MD: Svein Tore Moe

Dental-Direct ASKrogh Tverrmyra 163185 Skoppum, Norway Web: dental-direct.noE-mail: [email protected] Tel: +47 33 07 15 00MD: Michael Kammersgaard

Elit ASHellenvegen 92022 Gjerdrum, NorwayWeb: elit.noEmail: [email protected]: +47 63 93 88 80MD: Magne Barli

Fiberworks ASEikenga 11, 0579 Oslo, Norway Web: fiberworks.noE-mail: [email protected]: +47 23 03 53 30MD: Roger Wahlgren

Hekotek Norge ASc/o TMC AS Postboks 3 Furuset1001 Oslo, Norway Web: hekotek.eeE-mail: [email protected]: Rain Nuka

Hydal ASHydrovegen 1604265 Håvik, NorwayWeb: hydal.noE-mail: [email protected]: +47 52 84 81 00MD: Hagbard Sandhåland

Jacobsen Dental ASBoks 97, Alnabru0614 Oslo, NorwayWeb: Jacobsen-dental.noE-mail: [email protected]: +47 22 79 20 20MD: Björn Myhre

LIC Scadenta ASPostboks 443, Hamangskogen 60 1338 Sandvika, NorwayWeb: licscadenta.noE-mail: [email protected]: +47 67 80 58 80MD: Arild Haugeland

Modul-System ASKragerudveien 80, Hellerudsletta2013 Skjetten, NorwayWeb: modul-system.noE-mail: [email protected]: +47 67 07 72 73MD: Henrik Persson

Nessco Holding ASProfessor Birkelandsvei 24D 1081 Oslo, NorwayMD: Per Alf Kjellin

Nessco ASProfessor Birkelandsvei 24D 1081 Oslo, NorwayWeb: nessco.noE-mail: [email protected]: +47 22 91 85 00MD: Christian Ness

Nordesign ASGranåsveien 77048 Trondheim, NorwayWeb: nordesign.noE-mail: [email protected]: +47 73 84 95 50MD: Steinar Schrødter

Proline Norge ASFrysjaveien 350884 Oslo, NorwayWeb: proline-group.comE-mail: [email protected]: +47 81 50 08 98MD: Tellef Ingvaldstad

Rustibus Worldwide AS Bekkjarviksundet 195397 Bekkjarvik, Norway Web: rustibus.comE-mail: [email protected] Tel: +47 959 670 02 MD: Kristian Dalseide

Tamrotor Marine Compressors ASProfessor Birkelands Vei 24D 1081 Oslo, NorwayWeb: tmc.noE-mail: [email protected]: +47 22 91 85 00MD: Per Alf Kjellin

Technomedics Norge AS Gramveien 681832 Askim, NorwayWeb: technomedics.noE-mail: [email protected]: +47 69 88 79 20MD: Arild Haugeland



PHILIPPINES

InteraDent Zahntechnik, Inc.Pascor DriveRP-1704 Paranaque, Metro Manila, PhilippinesE-mail: [email protected]: +63 2 852 4029MD: Dieter Schneider

West Road Properties, Inc.Interadent Building, L3275 Pascor Drive Sto. Niño, Parañaque City, PhilippinesE-mail: [email protected]: +63 2 852 4029

POLAND

Modul-System Polska Sp. z.o.o.Jaworowa, ul.Drukarska 1, Warsaw, PolandWeb: modul-system.plE-mail: [email protected]: +48 22 878 14 91MD: Marcin Papuzinski

RUSSIA

Sorb OOO10th Krasnoyarmeyskaya lit. B 190103 St. Petersburg, RussiaWeb: sorb-spb.ruE-mail: [email protected]: +7 812 327 3655MD: Olga Sizemova

SINGAPORE

Brokk Asia-Pacific Plc. Ltd51 Bukit Batok Crescent, Unity 04-26 Centre, 658077 SingaporeWeb: brokk.com/sgpE-mail: [email protected]: +65 6316 2500MD: Richard Yip

Rapid Granulator Singapore Pte Ltd63, Hillview Ave. 10-17A Lam Soon Industrial Building669569 Singapore, SingaporeWeb: rapidgranulator.comE-mail: [email protected]: Anders Mårtensson

Rustibus PTE LtdBlk 18 Boon Lay Way, #08-145 TradeHub 21609 966 Singapore, Singapore Web: rustibus.comE-mail: [email protected] Tel: +65 6262 5226 MD: Bala Murugan

TMC Compressors Asia Pte Ltd21 Bukit Batok Crescent #15-79 WCEGA Tower658 065 Singapore, SingaporeE-mail: [email protected]: +65 6659 0987MD: Phlip Goh

SLOVENIA

Prodent International d.o.o.Zvezna ulica 2A1000 Ljubljana, SloveniaWeb: prodent.siE-mail: [email protected]: +368 1 5204 800MD: Vojco Andjelic

SPAIN

Silvent Iberica S.L . Calle Tanger 86080 18 Barcelona, Spain Web: silvent.comE-mail: [email protected] Tel: +34 93 170 61 20MD: Anders Erlandsson

SWEDEN

Ahlberg Cameras ABGösvägen 22761 41 Norrtälje, SwedenWeb: ahlbergcameras.comE-mail: [email protected]: +46 176 20 55 00MD: Joakim Ahlberg

Almaso För Tandvården AB Kyrkostigen 5247 62 Veberöd, SwedenWeb: almasoft.seE-mail: [email protected]: +46 46 23 81 80MD: Marcus Johansson

Aquajet Systems Holding ABBrunnsvägen 15574 53 Holsbybrunn, Sweden Web: aquajet.seE-mail: [email protected] Tel: +46 383 508 01MD: Roger Simonsson

Aquajet Systems ABBrunnsvägen 15574 53 Holsbybrunn, SwedenWeb: aquajet.seE-mail: [email protected]: +46 383 508 01MD: Roger Simonsson

Auto-Maskin Sverige ABDrakegatan 5412 50 Göteborg, SwedenWeb: auto-maskin.comE-mail: [email protected]: +47 64 84 52 00MD: Albin Dennevi

Blinken Tools ABSågverksgatan 32652 21 Karlstad, SwedenWeb: blinken.euE-mail: [email protected]: +46 54 21 60 60 MD: Christer Åslund

Brokk ABBox 730, Risbergsgatan 67931 27 Skellefteå, SwedenWeb: brokk.comE-mail: [email protected]: +46 910 711 800MD: Martin Krupicka

Cenika ABVerkstadsvägen 24245 34 Staffanstorp, SwedenWeb: cenika.seE-mail: [email protected]: +46 40 631 55 00 MD: Thomas Jensen

DAB Dental ABFinvids väg 8194 47 Upplands Väsby, SwedenWeb: dabdental.seE-mail: [email protected]: +46 8 506 505 00MD: Jonas Redin

DentalEye ABKavallerivägen 30174 58 Sundbyberg, Sweden Web: dentaleye.comE-mail: [email protected] Tel: +46 8 621 07 00MD: Marcus Johansson

Directa ABBox 723, Finvids väg 8194 27 Upplands Väsby, SwedenWeb: directadental.comE-mail: [email protected]: +46 8 506 505 75MD: Henric Karsk

Elit Scandinavian ABBox 132517 23 Bollebygd, SwedenWeb: elitsg.seE-mail: [email protected]: +46 19 500 3010MD: Magne Barli

Ellman Produkter ABBox 423, 194 04 Upplands Väsby, SwedenWeb: ahrendental.comE-mail: [email protected]: +46 8 646 11 02MD: Jonas Redin

Endomark Dental ABVerkmästaregatan 1745 85 Enköping, SwedenWeb: endomark.seE-mail: [email protected]: +46 171 230 30MD: Torbjörn Hansson

ERC Systems AB Skalles Väg 14605 97 Norrköping, Sweden Web: ercsystems.seE-mail: [email protected] Tel: +46 11 13 00 60MD: Robin Öhrn

Haglöf Sweden ABKlockaregatan 8882 30 Långsele, SwedenWeb: haglofsweden.comE-mail: [email protected]: +46 620 255 80MD: Fredrik Holm

Haglöf Sweden Produktion ABKlockaregatan 8882 30 Långsele, SwedenE-mail: [email protected]: +46 620 255 80MD: Fredrik Holm

Hultdin System ABSkolgatan 12939 31 Malå, SwedenWeb: hultdins.seE-mail: [email protected]: +46 953 418 00MD: Josef Alenius

Håells ABBox 148431 22 Mölndal, SwedenTel: +46 31 7468700MD: David Mickelson

Indexator Rotator Systems ABBox 11, 922 21 Vindeln, Sweden Web: indexator.seE-mail: [email protected] Tel: +46 933 148 00 MD: Josef Alenius

J.H. Orsing AB Box 16077250 16 Råå, SwedenWeb: orsing.seE-mail: [email protected]: +46 42 29 55 00MD: Henric Karsk

Lifco Dental ABVerkmästaregatan 1745 39 Enköping, SwedenWeb: lifcodental.se E-mail: [email protected] Tel: +46 171 478450MD: Jonas Redin

Lifco Dental International ABVerkmästaregatan 1745 85 Enköping, SwedenE-mail: [email protected]: +46 171 478450MD: Jonas Redin

Lövånger Elektronik Göteborg ABBanehagsliden 5414 51 Göteborg, Sweden Web: leab.seE-mail: [email protected] Tel: +46 70 718 87 00MD: Ulf Westergren


Lövånger Elektronik Uppsala ABFribergavägen 3744 96 Järlåsa, SwedenWeb: leab.seE-mail: [email protected]: +46 18 39 11 28MD: Sauli Tulkki

Lövånger Elektronik ABKyrkren 2932 61 Lövånger, SwedenWeb: leab.seE-mail: [email protected]: +46 913 245 00MD: Ivan Vincent

Lövånger Elektronik Fagersta ABKnutsvägen 2 737 33 Fagersta, Sweden Web: wintech.seE-mail: [email protected] Tel: +46 223 420 50MD: Joan Öberg

Modul-System HH Van Equipment ABBox 148431 22 Mölndal, SwedenMD: David Mickelson

Modul-System HH ABBox 148, Kryptongatan 24431 22 Mölndal, SwedenWeb: modul-system.comE-mail: [email protected]: +46 31 746 87 00MD: David Mickelson

Nordenta ABVerkmästaregatan 1745 85 Enköping, SwedenWeb: nordenta.seE-mail: [email protected]: +46 171 230 00MD: Torbjörn Hansson

Preventum Partner ABKungsgatan 35B736 32 Kungör, SwedenWeb: preventum.nuE-mail: [email protected]: +46 227 120 60MD: Marcus Johansson

Proline Syd ABStenyxegatan 14213 76 Malmö, SwedenWeb: proline-group.comE-mail: [email protected]: + 46 40 671 79 90MD: Mats Hallström

Proline Väst ABDatavägen 18436 32 Askim, SwedenWeb: proline-group.comE-mail: [email protected]: +46 31 68 62 40MD: Johan Kling

Proline Öst ABJägerhorns väg 9141 75 Kungens Kurva, SwedenWeb: proline-group.comE-mail: [email protected]: +46 8 594 774 50MD: Anna Fernandez

Proline Nord ABUtjordsvägen 9M802 91 Gävle, SwedenWeb: proline-group.comE-mail: [email protected]: +46 26 54 22 00MD: Per-Olof Nilsson

Proline Group ABBox 114, Hovslagarevägen 31192 54 Sollentuna, SwedenWeb: proline-group.comE-mail: [email protected]: +46 8 594 774 50MD: Niklas Persson

Pro 10 Optix ABVikdalsvägen 50131 52 Nacka Strand, SwedenWeb: prooptix.seE-mail: [email protected]: +46 8 120 477 50 MD: Tom Nordin

Rapid Granulator ABBox 9333 02 Bredaryd, SwedenWeb: rapidgranulator.comE-mail: [email protected]: +46 370 86 500MD: Martin Linder

Redoma Recycling ABStenyxegatan 14213 76 Malmö, SwedenWeb: redoma.comE-mail: [email protected] Tel: +46 40 31 22 30MD: Toni Reftman

RF System ABFurutorpsgatan 6288 34 Vinslöv, SwedenWeb: rf-system.seE-mail: [email protected]: +46 44 817 07MD: Hans Valdemarson

Silvent ABVevgatan 15504 64 Borås, SwedenWeb: silvent.comE-mail: [email protected]: +46 33 23 79 00MD: Anders Erlandsson

Sorb Industri ABc/o Lifco AB745 85 Enköping, Sverige Web: sorb.seTel: +46 910 174 00MD: Martin Linder

Texor ABBox 204, Alfavägen 1921 24 Lycksele, SwedenWeb: texor.seE-mail: [email protected]: +46 950 27540MD: Josef Alenius

Wexman ABKöttorp, Sandgärdet522 91 Tidaholm, Sweden Web: wexman.seE-mail: [email protected] Tel: +46 502 188 90MD: Peter Ström

Zetterströms Rostfria ABProstgårdsvägen 5655 60 Molkom, SwedenWeb: zetterstroms.seE-mail: [email protected]: +46 553 790 800MD: Nicklas Berglund

SWITZERLAND

Brokk Switzerland GmbHVorderschlundstrasse 56010 Kriens, Switzerland Web: brokk.com/chE-mail: [email protected]: +41 41 755 39 77MD: Dieter Kaupp

M+W Dental Swiss AGLänggstrasse 158308 Illnau, SwitzerlandWeb: mwdental.chE-mail: [email protected]: +41 800 002 300MD: Franziska Knobloch

UK

Auger Torque Europe LtdHazleton, Cheltenham,GL54 4DX, United Kingdom Web: augertorque.comE-mail: [email protected]: +44 1451 861652MD: Alistair Brydon

Brian James Trailers Holding LimitedSopwith Way, Drayton Field Industrial Estate, DaventryNN11 8PB Northamptonshire, United Kingdom Web: brianjamestrailers.co.ukE-mail: [email protected] Tel: +44 1327 308833 MD: Lewis James

Brian James Trailers LimitedSopwith Way, Drayton Field Industrial Estate, DaventryNN11 8PB Northamptonshire, United Kingdom Web: brianjamestrailers.co.ukE-mail: [email protected] Tel: +44 1327 308833 MD: Lewis James

Brokk UK LtdUnit 2A Moss End Business Village, Crooklands, Milnthorpe, LA7 7NU Cumbria, United KingdomWeb: brokk.com/ukTel: +44 15395 66055MD: Nathan Sayers

Kinshofer UK Ltd4 Milton Industrial Court, Horsfield Way, BredburyStockport, Cheshire SK6 2TA, United Kingdom Web: kinshofer.co.ukE-mail: [email protected]: +44 161 406 7046MD: Alistair Brydon

Modul-System LtdMaddison house, Thomas RoadHP10 OPE Buckinghamshire, United Kingdom Web: tevo.eu.comE-mail: [email protected] Tel: +44 1628 528 034 MD: Paul Railston

Silvent UK LtdUnit 4330 Waterside Centre, Birmingham Business ParkBirmingham B37 7YN, United KingdomWeb: silvent.comE-mail: [email protected]: +44 800 432 0190MD: Anders Erlandsson

Topdental (Products) Ltd12 Ryefield Way, SilsdenWest Yorkshire BD20 OEF, United KingdomWeb: topdentaldirect.comE-mail: [email protected]: +44 1535 652 750MD: Daniel Rollén

UK Point of Sale Group LimitedUnit A, Horsfield Way, Bredbury Park Industrial EstateSK6 2TD Stockport, United Kingdom Web: ukpos.comE-mail: [email protected] Tel: +44 161 431 4400 MD: Jason Leslie

U. A. E.

Brokk Middle EastPO Box 5005132/Office No.1103 Jafza One Tower A, Jebel Ali Free Zone, Dubai, United Arab EmiratesWeb: brokk.comE-mail: [email protected]: +971 4 8170278MD: Haitham Gouda


USA

Ahlberg Cameras, Inc.419B Raleigh StreetWilmington, NC 284 12, USAWeb: ahlbergcameras.comE-mail: [email protected]: +1 (0) 910 399 4240MD: Joakim Ahlberg

Auto-Maskin Holding, Inc951 FM 646, East Suite A27TX 775 39 Dickinson Texas, USAMD: Svein Arild Hagnaess

Auto-Maskin LLC951 FM 646, East Suite A27TX 775 39 Dickinson Texas, USAWeb: auto-maskin.comE-mail: [email protected]: +1 281 724 8630MD: Geary Long

BINC Delaware, Inc.1144 Village WayMonroe WA 982 72, USAWeb: brokkinc.comE-mail: [email protected]: +1 360 794 1277MD: Lars Lindgren

Brokk Bricking Solutions, Inc. 1144 Village WayMonroe WA 982 72, USAWeb: brickingsolutions.comE-mail: [email protected]: +1 360 794 1277MD: Heather Harding

Brokk Sales Canada, Inc.1144 Village WayMonroe WA 982 72, USAWeb: brokkinc.comE-mail: [email protected] Tel: +1 360 794 1277 MD: Lars Lindgren

Directa, Inc.64 Barnabas Road, Unit 3Newtown, CT 064 70, USAWeb: directadental.comE-mail: [email protected]: +1 203 491 2273 MD: Henric Karsk

Eldan, Inc.6311 Inducon Corporate Drive Unit 14 Sanborn, NY 141 32, USAWeb: eldan.usE-mail: [email protected]: +1 716 731 4900MD: Toni Reftman

Haglof, Inc.100 Solleftea DriveMS 39 110 Madison, USAWeb: haglofinc.comE-mail: [email protected]: +1 601 856 5119MD: Fredrik Holm

Kinshofer Holding, Inc.6420 Inducon Drive Suite GSandborn, NY 14132, USAWeb: kinshofer.comE-mail: [email protected]: +1 905 335 2856 MD: Thomas Friedrich

Kinshofer USA, Inc.6420 Inducon Drive Suite GSanborn, NY 14132, USAWeb: kinshofer.comE-mail: [email protected]: +1 716 731 4333 MD: Thomas Friedrich

Parkell, Inc.300 Executive DriveEdgewood, NY 117 17, USAWeb: parkell.comE-mail: [email protected]: +1 631 249 1134MD: Henrik Karsk

Rapid Granulator, Inc.555 West Park RoadLeetsdale, PA 15056, USAWeb: rapidgranulator.comE-mail: [email protected]: +1 814 437 7164MD: Jim Hoffman

Rustibus, Inc.2901 WestSam Houston pkway, North Suite E-315Houston, TX 77043 USA Web: rustibus.comE-mail: [email protected] Tel: +1 832 203 7170 MD: Kristian Dalseide

Silvent North America, Inc.6370 Ameriplex DrivePortage, Indiana 46368, USAWeb: silvent.comE-mail: [email protected]: +1 800 263 5638MD: Keith Timmons

Solesbee’s Equipment & Attachment LLC2640 Jason Industrial ParkwayGA 301 87 Winston, USAWeb: solesbees.comE-mail: [email protected]: +1 770 949 9231MD: David Jenkins


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2019

Box 7171 | se-402 33 GothenburgAddress for visitors: Arvid Wallgrens Backe 20

Telephone: +46 31 741 64 00 | www.carlbennetab.se

Carl Bennet AB Annual Report 2019

carl bennet ab annual report 2019 box 7171 | address for ... · tion in pharmaceutical and medical...

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