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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
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
25.0% of share capital53.2% of votes
Net sales: 9 SEK billion.Sales in more than 100 countries
Result before tax 2019: 0.5 (0.4) SEK billion
Employees: approx. 6,100 (6,200)
Market Cap 2020-03-31: 13.5 SEK billion
President & CEO: Per Waldemarson
Dental and Industry • Dental• Demolition & Tools• Systems Solutions
50.1% of share capital68.9% of votes
Net sales: 14 SEK billion.Sales in more than 100 countries
Result before tax 2019: 2.0 (1.9) SEK billion
Employees: approx: 5,400 (4,900)
Market Cap 2020-03-31: 33.2 SEK billion
President & CEO: Mattias Perjos
Medical Technology• Acute Care Therapies• Surgical Workflows• Life Science
20.0% of share capital50.1% of votes
Net sales: 26.5 SEK billion.Sales in more than 150 countries
Result before tax 2019: 1.9 (–0.6) SEK billion
Employees: approx. 10,500 (10,500)
Market Cap 2020-03-31: 51.9 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.
6 | CARL BENNET AB ANNUAL REPORT 2019
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
25 123MKR MEDARBTARE
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.
8 | CARL BENNET AB ANNUAL REPORT 2019
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
25 123MKR MEDARBTARE
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.
10 | CARL BENNET AB ANNUAL REPORT 2019
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
25 123MKR MEDARBTARE
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.
12 | CARL BENNET AB ANNUAL REPORT 2019
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).
CARL BENNET AB ANNUAL REPORT 2019 | 13
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.
14 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 15
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
16 | CARL BENNET AB ANNUAL REPORT 2019
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.
CARL BENNET AB ANNUAL REPORT 2019 | 17
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.
18 | CARL BENNET AB ANNUAL REPORT 2019
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
*) 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.
GROUP
CARL BENNET AB ANNUAL REPORT 2019 | 19
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
20 | CARL BENNET AB ANNUAL REPORT 2019
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
*) 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.
CARL BENNET AB ANNUAL REPORT 2019 | 21
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.
22 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 23
NOTE 2 Summary of significant accounting principles (cont.)
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.
24 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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.
NOTE 2 Summary of significant accounting principles (cont.)
CARL BENNET AB ANNUAL REPORT 2019 | 25
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 2 Summary of significant accounting principles (cont.)
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.
26 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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.
CARL BENNET AB ANNUAL REPORT 2019 | 27
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
28 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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.
CARL BENNET AB ANNUAL REPORT 2019 | 29
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
30 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
CARL BENNET AB ANNUAL REPORT 2019 | 31
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
32 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
Profit before tax 5,124 1,752
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.
CARL BENNET AB ANNUAL REPORT 2019 | 33
* 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
Accumulated amortization and write-downs, 31 Dec, 2018
–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
34 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
Accumulated amortization and write-downs, 31 Dec, 2019
–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
Accumulated amortization and write-downs, 31 Dec, 2018
–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
CARL BENNET AB ANNUAL REPORT 2019 | 35
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.
36 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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%
CARL BENNET AB ANNUAL REPORT 2019 | 37
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
38 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
At December 31, 2018
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
CARL BENNET AB ANNUAL REPORT 2019 | 39
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
40 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
CARL BENNET AB ANNUAL REPORT 2019 | 41
At December 31, 2019
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
At December 31, 2018
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
42 | CARL BENNET AB ANNUAL REPORT 2019
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:
CARL BENNET AB ANNUAL REPORT 2019 | 43
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.
44 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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.
CARL BENNET AB ANNUAL REPORT 2019 | 45
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
46 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
CARL BENNET AB ANNUAL REPORT 2019 | 47
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
Current assets 3,179 3,463
Total assets 9,205 7,737
Equity and liabilitiesEquity 2,777 2,707
Non-current liabilities 3,793 2,642
Current liabilities 2,635 2,388
Total equity and liabilities 9,205 7,737
Condensed income statementIncome 11,254 10,742
Profit before tax 216 366
Other comprehensive income 46 89
Total comprehensive income 199 348
Dividends received by the parent company from Elanders AB 51 46
48 | CARL BENNET AB ANNUAL REPORT 2019
NOTES, APPLYING TO THE GROUP
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
AssetsNon-current assets 30,219 29,204
Current assets 14,494 14,148
Total assets 44,713 43,352
Equity and liabilitiesEquity 20,973 19,655
Non-current liabilities 13,876 13,692
Current liabilities 9,864 10,005
Total equity and liabilities 44,713 43,352
Condensed income statementIncome 26,559 24,172
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
AssetsNon-current assets 12,894 9,897
Current assets 4,684 3,926
Total assets 17,578 13,823
Equity and liabilitiesEquity 7,972 6,748
Non-current liabilities 3,660 3,120
Current liabilities 5,946 3,955
Total equity and liabilities 17,578 13,823
Condensed income statementIncome 13,846 11,956
Profit before tax 1,996 1,858
Other comprehensive income 145 165
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.
CARL BENNET AB ANNUAL REPORT 2019 | 49
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.
50 | CARL BENNET AB ANNUAL REPORT 2019
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.
CARL BENNET AB ANNUAL REPORT 2019 | 51
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
52 | CARL BENNET AB ANNUAL REPORT 2019
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
Cost at beginning of year 3 3
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.
CARL BENNET AB ANNUAL REPORT 2019 | 53
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
54 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 55
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
Cost at beginning of year 7 7
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
56 | CARL BENNET AB ANNUAL REPORT 2019
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.
CARL BENNET AB ANNUAL REPORT 2019 | 57
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
58 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 59
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
60 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 61
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
62 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 63
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
64 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 65
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
66 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 67
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
68 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 69
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
70 | CARL BENNET AB ANNUAL REPORT 2019
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
CARL BENNET AB ANNUAL REPORT 2019 | 71
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
72 | CARL BENNET AB ANNUAL REPORT 2019
GROUP COMPANIES | LIFCO AB
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
CARL BENNET AB ANNUAL REPORT 2019 | 73
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
74 | CARL BENNET AB ANNUAL REPORT 2019
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
GROUP COMPANIES | LIFCO AB
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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