Additional Disclosures

    General information
    Copenhagen Malmö Port AB with corporate identity number 556027-4077 is a limited company registered in Sweden with its headquarters in Malmö. The address of the head office is Terminalgatan 18, SE 201-25 Malmö. 

    The parent company owns 100% of the subsidiary Copenhagen Malmö Port Norra Hamnen AB, Corp. ID no. 559061-3963, also with headquarters in Malmö. The parent company also consists of the Danish branch, Copenhagen Malmö Port, Filial af Copenhagen Malmö Port AB, Sverige with Corp. ID no. 25 99 60 11 and registered office in Copenhagen, Denmark.

    Accounting principles
    The company applies the Swedish Annual Accounts Act (1995:1554) and the general advice of the Swedish Annual Accounting Standards Board BFNAR 2012:1 Annual Accounts and Consolidated Accounts ("K3").

    The same accounting and valuation principles are applied in the parent company as in the group, apart from in the cases indicated in italics below.

    Consolidated accounts
    The consolidated accounts comprise the parent company Copenhagen Malmö Port AB and the companies over which the parent company directly or indirectly has a controlling influence (subsidiaries). Controlling influence entails an entitlement to structure another company’s financial and operational strategies with the aim of obtaining financial benefits. In assessing whether controlling influence exists, the holding of financial instruments which are potentially qualified to vote should betaken into account as well as financial instruments which can be utilised or converted to equity instruments qualified to vote without delay. Consideration should also be taken to whether the company is able to control operations through an agent. Controlling influence normally exists when the parent company directly or indirectly has shares which represent more than 50% of the votes.

    Lease payments
    All the parent company's lease contracts in which the company is lessee are reported as operational leasing (rental agreement), regardless of whether the agreement is financial or operational.

    Revenues
    Revenues are reported at the fair value of the compensation received or that will be received, with deduction for value added tax, discounts, returns and similar.

    Sales of services
    Revenues from sales of services on current account are reported as revenues in the period the work is performed and materials are supplied or consumed.

    Tangible fixed assets
    Fixed assets are reported at acquisition value after deduction for accumulated depreciation and any write-downs. 

    The acquisition value consists of the purchase price, expenditure that is directly attributable to the acquisition in order to bring it to the location and in the condition to be used. Additional expenses are only included in the asset or reported as a separate asset when it is likely that future economic advantages that are associated with the item will accrue to the company and that the acquisition value for it can be measured reliably. All other costs for repairs and maintenance, as well as additional expenditure, are reported in the income statement in the period when they arise.

    When there is deemed to be a material difference in use of a tangible asset’s significant components, the asset is divided into these components.

    Depreciation of tangible fixed assets is booked in such a way that the asset’s acquisition value, potentially reduced by the estimated residual value at the end of its economic life, is written off lineally over its estimated economic life. If an asset has been divided up into different components, the respective component is written off separately over its economic life. Depreciation commences when the tangible fixed asset can be put into use. The economic life of tangible fixed assets is set at:

    Buildings
    Framework 100 years
    Additional structure/dry walls
    50 years
    Heating, ventilation, sanitation and electricity
    40 years
    Ventilation 20 years
    Facade and roof 40 years
    Transportation (lifts) 25 years
    Cranes 25-30 years
    Building equipment and installations 10-20 years
    Work machinery 7-10 years
    Vehicles and other equipment 5 years
    Computers 3-5 years

     

    Capital allowances other than depreciation according to plan are regarded as accelerated depreciation arrangements which constitute an untaxed reserve.

    Assessed economic life and depreciation methods are reviewed if there are indications that expected use has changed substantially compared with the estimate on the previous balance sheet date. When the company changes its assessment of economic life, it also reviews the asset’s residual value, if any. The effect of these changes is reported prospectively.

    Buildings have no assessed value.

    Removal from the balance sheet
    The reported value for a tangible asset is removed from the balance sheet in connection with disposal or sale, or when no future economic benefits are expected from use or disposal/sale of the asset or the component. The profit or loss that arises when a tangible fixed asset or a component is removed from the balance sheet is the difference between that which is potentially received after deduction for direct sales expenses, and the asset's reported value. The capital gain or capital loss that arises when a tangible fixed asset or a component is removed from the balance sheet is reported in the income statement as other operating income and other operating expense.

    Lease contracts
    A financial lease contract is an agreement according to which the economic risks and benefits that are associated with ownership of an asset are transferred in all essentials from the lessor to the lessee. Other lease contracts are classified as operational lease contracts.

    If rent payments do not coincide with linear accounting and it is assessed that rent that is to be paid includes a financing component, rent arrears are reported at discounted value. 

    The group as lessee
    Assets which are held according to financial lease contracts are reported as fixed assets in the group's balance sheet at actual value at the start of the lease period or at the current value of the minimum leasing fees if this is lower. The liability that the lessee has in relation to the lessor is reported in the balance sheet under the headings Long-term liabilities and Short-term liabilities respectively, with the subheading Liability financial leasing. The lease payments are distributed between interest and amortization of the liability. The interest is distributed over the term of the lease so that each accounting period is charged with an amount equivalent to a fixed interest rate on the liability recorded during the respective period. Interest charges are reported directly in the income statement unless they are directly attributable to acquisition of an asset which of necessity takes a significant period to make ready for the intended use or sale, and the capitalization principle is applied.

    Lease contracts where the economic benefits and risks which are attributable to the leased item in all essentials remain with the lessor, are classified as operational leasing. Payments, including an initial increased rent, according to these contracts are accounted as a cost lineally over the lease period, or alternatively based on the economic benefit over the leasing period.

    Financial instruments
    Financial instruments are reported in accordance with the rules in K3, Chapter 11, which means that valuation is based on acquisition value. Financial instruments reported in the balance sheet include accounts receivable and other receivables, accounts payable and borrowings. The instruments are reported in the balance sheet when the company becomes a party to the contractual provisions. Financial assets are removed from the balance sheet when the right to receive the cash flow from the instrument have expired or been transferred and the group has substantially transferred all risks and rewards of ownership.

    Financial liabilities are removed from the balance sheet when the commitments have been regulated or ceased in some other way.

    Accounts receivable and other receivables
    Receivables are reported as current assets with the exception of items with a due date more than 12 months after the balance sheet date, which are classified as fixed assets. Receivables are recognised at the amount that is expected to be paid after deductions for individually assessed doubtful debts. Receivables that are interest-free or which bear interest which deviates from the market rate and have a duration in excess of 12 months, are reported at a discounted present value and the change in value over time is reported as interest income in the income statement.

    Borrowings and accounts payable
    Borrowings are reported initially at acquisition value after deduction for transaction costs (accrued acquisition value). If the amount reported differs from the amount that is to be repaid on maturity, the difference is periodised as an interest expense over the term of the loan using the instrument's effective rate of interest. The amount reported thus corresponds with the amount to be repaid.

    Current accounts payable are reported at acquisition value.

    Offsetting of financial receivable and financial liability
    A financial asset and a financial liability are only offset and reported at a net amount in the balance sheet when there is a legal right of set-off and when regulation with a net amount is intended to take place or when there is an intention to simultaneously dispose of the asset and settle the liability.

    Impairment test of financial liability
    On every balance sheet date, the company assesses whether there is any indication of impairment in any of the financial fixed assets. Impairment takes place if the depreciation is judged to be permanent. Impairment is reported in the income statement item, Profit/loss from other securities and receivables forming part of the fixed assets. Impairment is tested individually for shares and participations and other individual financial fixed assets that are significant. Examples of indications of impairment are negative economic circumstances or adverse changes in industry conditions in companies whose shares CMP AB has invested in. Impairment for assets valued at accrued acquisition value are measured as the difference between the asset's carrying amount and the present value of the management's best estimate of the future cash flows discounted at the financial asset's original effective interest rate. For assets with floating interest rate, the current rate on the balance sheet date is used as discount rate.

    For the purpose of impairment testing for the securities portfolio with interest rate instruments, an effective interest rate for the portfolio is established correspondingly to that used for discounting. If impairment of shares takes place, the impairment loss is established as the difference between the carrying amount and the highest of fair value with deduction for selling expenses and the present value of the future cash flows (which are based on the management's best estimate).

    Remuneration to employees
    Remuneration to employees in the form of salaries, bonuses, paid holiday, paid sick leave etc., as well as pensions, are reported as they are accrued. With regard to pensions and other post-employment remuneration, they are classified as defined contribution or defined benefit pension plans. The company only has defined contribution pension plans.

    Provisions
    Provisions are reported when the company has an existing obligation (legal or informal) as a result of an incident that has occurred, it is likely that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.

    A provision is reviewed each balance sheet date and adjusted so that it reflects the best estimate of the amount required to settle the existing obligation on the balance sheet date, taking into account risks and uncertainties associated with the obligation. When a provision is calculated by estimating the payments that are expected to be required to settle the obligation, the reported value corresponds to the current value of these payments. 

    Tax
    Total tax comprises current tax and deferred tax. Taxes are reported in the income statement, apart from when the underlying transaction is accounted directly against equity, when pertinent tax effects are reported in equity.

    Current tax  
    Current tax refers to income tax for the present financial year as well as the part of the previous financial year's income tax that has not yet been reported. Current tax is calculated on the basis of the tax rate that applies on the balance sheet date.

    Deferred tax
    Deferred tax is income tax which relates to future financial years as a result of previous events. Accounting takes place according to the balance sheet method. This means that deferred tax liabilities and deferred income taxes recoverable on temporary differences which arise between, respectively, booked and fiscal values for assets and liabilities as well as for other fiscal deductions or deficits.

    Deferred income taxes recoverable are reported net against deferred tax liabilities only if they can be paid with a net amount. Deferred tax is calculated on the basis of the tax rate approved on the balance sheet date. Effects of changes to the applicable tax rates are taken up as income in the period in which the change was legally prescribed. Deferred income taxes recoverable are reduced to the extent that it is unlikely that the underlying income taxes recoverable will be realised within the foreseeable future. Deferred income taxes recoverable are reported as financial assets and deferred tax liability as provision.

    Receivables and liabilities
    Receivables are recognised at the amounts expected to be received. Receivables and liabilities in foreign currencies have been converted into Swedish kronor at closing-date exchange rates. The difference between cost and the value at the closing date has been recognised in the income statement.

    Cash and cash equivalents
    Cash and cash equivalents are constituted solely by bank balances.

    Foreign branch
    The branch’s income statement and balance sheet have been converted in accordance with the monetary/non-monetary method. Monetary items in foreign currency are converted at the rate on the balance sheet date. Non-monetary items are recognised at the rate per day for the business event (date of acquisition).

    Cash flow statement
    The cash flow statement shows changes in the company’s liquid funds during the financial year. The cash flow statement has been prepared according to the indirect method. The cash flow reported solely comprises transactions that entailed payments received or made. 

    Important estimates and assessments
    Estimates and assessments are evaluated continuously and are based on historical experience and other factors, including expectations of future events regarded as reasonable under prevailing circumstances.

    Reserve for bad debts
    The company continually makes an individual assessment of accounts receivable to assess and determine the need for a reserve where full payment is not anticipated.

    Need for restoration of land
    The company and the company's customers sometimes conduct operations that can entail a risk that restoration of land etc. will be required. In most customer agreements, the customer is responsible for this, however, the company continuously assesses and evaluates the need to make provisions for restoration costs.

    Classification of leasing
    The company pays large concession fees for the areas where operations are conducted, as well as for the buildings etc. included. The company classifies the concession fees on an ongoing basis regarding whether they are to be considered as financial or operational leasing. Where the classification is financial, the installation or area is reported in the balance sheet as an asset. 

    Valuation of own assets
    The company has a small number of assets which have a depreciation period longer than the company's Concession agreement with the owners of the area. The company therefore continuously evaluates depreciation rate and asset value. 

     

    Notes

    Note 1 Net sales
      Group   Parent Company 
    (SEK 1,000) 2017 2016  2017 2016
    Terminal income 615,332 606,336  534,698 582,502
    Rental income  152,148 166,913
     150,777 166,860
    Other income  71,971 38,887
     126,737 58,080
    Total  839,451 812,136  812,212 807,442

    Sales per geographic market Group   Parent Company 
    (SEK 1,000) 2017 2016  2017 2016
    Sweden 325,550 329,999 298,310 325,305
    Denmark 513,901 482,137 513,902 482,137
    Total  839,451 812,136 812,212 807,442

     

    Note 2 Information about purchases and sales within the same group
                                                 
                         Parent Company 
    (SEK 1,000)    2017 2016
    Purchases     0% 0%
    Sales   7% 2%

     

    Note 3 Other operating income
      Group Parent company 
    (SEK 1,000)  2017 2016 2017 2016 
    Exchange rate regulation  71,344 68,993  68,345 68,993 
    Capital gain/loss on sale  590 1,290  590 1,290 
    Other  14,718 2,161  14,718 2,161 
    Total  86,652 72,444  83,653 72,444 

     

    Note 4 Other operating expenses
      Group  Parent company 
    (SEK 1,000) 2017  2016 2017  2016 
    Exchange rate regulation 71,521 75,087 71,385 71,774
    Property tax 5,328 5,229 5,328 5,229
    Self-insurance costs -29 5,070 -579 5,036
    Capital gain/loss on sale  0  1,953  0  1,953
    Other  3,417  3,143  3,288  3,138
    Total 80,237 90,482 79,422 87,130

     

    Note 5 Fees to auditors
      Group Parent company 
    (SEK 1,000)  2017 2016  2017 2016
    PwC    
    Audit assignment
     872 325 502 325
    Auditing services in addition to the audit assignment
     730 0  245 0
    Tax consultancy    575 70  525 70
    Other services
     501 0  501 0
    Total
     2,679 395  1,774 395


         
    (SEK 1,000)
     2017 2016  2017 2016
    Deloitte        
    Audit assignment
     0 125  0 0
    Auditing services in addition to the audit assignment
     0 72  0 72
    Tax consultancy
     0 256  0 211
    Total
     0 453  0 283
               
    Total fees to auditors    2,679 848  1,774 678


    Audit assignments include reviewing the annual report and accounts, as well as administration by the Board of Directors and the CEO. Auditing services in addition to audit assignments refers to other tasks that it is incumbent on the company's auditor to perform, as well as consultancy or other assistance as a result of observations in connection with such inspection. Tax consultancy is reported separately. Everything else is included in other services.

     

    Note 6 Number of employees, salaries and remuneration for employees and the Board
    Average number of employees Group Parent company 

     2017 2016  2017 2016
    Malmö
       
    Men  125 158
     83 119
    Women  29 28  26 27 
     154 186  109 146
    Copenhagen
       
    Men  167 162  167 162
    Women  26 29
     26 20
       193 191  193 191
    Total  347 377  302 337
       
      Group  Parent company 
    (SEK 1,000)  2017 2016  2017 2016 
    Board of Directors and CEO
    Salaries and other remuneration,  8,843 7,817  7,723 7,447
    of which bonuses  0 501  0 501
    Social-security contributions,  2,945 3,505 2,130 3,231
    of which pension costs and obligations 1,566 1,915 1,103 1,758

           
    Other employees    
    Salaries and other remuneration,  224,300 210,467
     204,609 204,789
    of which bonuses  0 0  0 0
    Social-security contributions,  50,192 47,561  42,139 45,381
    of which pension costs and obligations  23,843 20,786
     21,618 19,966
       
    Agreements on severance pay in the amount of one year's salary have been concluded with the CEO and for the Deputy CEO.
     
    Female representation on the Board and in management                  Board of Directors CEO and other senior executives
    Proportion of men in group
    92%    62%

     

    Note 7 Operational leasing

    The company has lease expenses for cars, machinery and equipment. Total lease payments in 2017 were 11,196.
    (The nominal values are given in the note below.)


    Group Parent company 
    (SEK 1,000)  2017-12-31 2016.12.31  2017-12-31 2016-12-31
    Maturity      
    Within one year  13,150 6,128  10,350 4,750
    Later than one year but within five years  30,507 13,706  39,779 8,502
    Later than five years  0 0  39,462 0
    Total  43,657 19,834  89,591 13,252

           
      Group  Parent company 
    (SEK 1,000)  2017-12-31 2016.12.31 2017-12-31 2016.12.31
    Maturity        
    Within one year  155,652 132,372  222,802 195,818
    Later than one year but within five years  720,897 675,072  1,004,208 954,370
    Later than five years  2,839,166 2,904,813  3,592,380 3,700,541
    Total  3,715,715 3,712,257 4,819,390 4,850,729

     

    The parent company as lessee
    The parent company has a lease contract with Malmö City on which the subsidiary, Copenhagen Malmö Port Norra Hamnen AB conducts its operations. The relevant area consists of quays, land, railway tracks and buildings consisting of office premises and workshop. The parent company sublets the area to the subsidiary in a lease contract which extends until 2035. The contract is drawn up in such a way that the fee consists primarily of a fixed component.

     


    Note 8 Depreciation and impairment of tangible fixed assets
      Group  Parent Company 
    (SEK 1,000) 2017.12.31 2016.12.31 2017.12.31 2016.12.31
    Cost of goods sold -72,918 -67,707 -35,321 -36,476
    Total -72,918 -67,707 -35,321 -36.476

     

    Note 9 Interest charges and similar expenses
      Group  Parent Company 
    (SEK 1,000) 2017.12.31 2016.12.31 2017.12.31  2016.12.31 
    Interest in respect of financial leasing 11,568 12,029 0 0
    Other 10,524 110 10,424 110
    Total 22,092 12,193 10,424 110

     

    Note 10 Tax
      Group Parent Company 
    (SEK 1,000)  2017 2016  2017 2016
    Current tax   -29,772  -31,889  -29,772  -31,889
    Deferred tax   -585 6,550  737 2,512
    Tax on profit for the year   -30,357 -25,339  -29,035 -29,377
             
    Reconciliation of tax expense for the year:

       
    Reported profit before tax   56,676 31,282  20,594 52,728
    Tax calculated with tax rate of 22%   -12,469 -6,882  -4,531 -11,600
    Tax effect of non-deductible expenses   -1,035 -7,100  -954  -7,100
    Tax effect of non-taxable income   2  4  2  4
    Adjustment from reported to fiscal depreciation on buildings   -376  -279  -349  -279
    Effect of foreign tax   -14,505  -9,997 -14,505  -9,997
    Difference in exchange rate of foreign tax   -584  -356  -584  -356
    Tax effect of impairment of shares in subsidiary   0  0  -8,140  0
    Other adjustments   -1,391  -729  26 -48
    Total   -30,357  -25,339  -29,035  -29,377
    Reported tax expense for the year  -30,357 -25,339  -29,035 -29,377

     

    Note 11 Tangible fixed assets
      Group  Parent Company 
    (SEK 1,000)  2017-12-31 2016.12.31 2017-12-31 2016.12.31
    Buildings and land  
       
    Opening acquisition value  128,387 119,337  125,975 119,337
    Acquisitions for the year  33,000 0  33,000 0
    Reclassifications 284 9,050 284 9,050
    Sales/disposals  0  0  0  -2,412
    Closing accumulated acquisition value  161,671 128,387  159,259 125,975

    Opening depreciation  -31,521 -26,360  -31,019 -26,360
    Depreciation for the year  -6,112 -5,161  -5,992 -5,121
    Sales/disposals  0 0  0 462
    Closing accumulated depreciation  -37,633 -31,521  -37,011 -31,019
    Closing residual value according to plan  124,038 96,886  122,248 94,956
     
      Group    
    (SEK 1,000)  2017-12-31 2016-12-31    
    Buildings and Land attributable to financial leasing        
    Opening acquisition value  510,830 486,227    
    Procurement regulation  5,875 0    
    Acquisitions for the year  0 24,603    
    Sales/disposals  -7,017  0    
    Closing accumulated acquisition value  509,688 510,830    
    Opening depreciation  -84,317 -54,815    
    Procurement regulation  -1,458 0    
    Depreciation for the year   -31,553  -29,502    
    Closing accumulated depreciation  -117,328  -84,317    
    Closing residual value according to plan  392,360  426,513    

    Depreciation of financial lease contracts takes place over the term of the lease, normally 5-35 years.
    For more information regarding lease contracts, see note 19 Financial leasing.

       
      Group    
    (SEK 1,000)  2017-12-31 2016-12-31    
    Machinery assignable to financial leasing        
    Opening acquisition value 0 0    
    Acquisitions for the year 60,212 0    
    Closing accumulated acquisition value 60,212 0    
             
    Opening depreciation 0 0    
    Depreciation for the year  -774  0    
    Closing accumulated depreciation  -774  0    
    Closing residual value according to plan  59,438  0    
             
      Group Parent company
    (SEK 1,000)  2017-12-31 2016-12-31  2017-12-31 2016-12-31
    Plant and other technical equipment
    Opening acquisition value  327,189 348,846  242,651 384,846
    Reclassifications  5,186 4,148  5,186 3,882
    Sales/disposals  -12,361 -25,805  -12,361 -110,077
    Closing accumulated acquisition value  320,014 327,189  235,476 242,651
             
    Impairment at beginning of year  -11,170 -11,170  -11,170 -11,170
    Impairment charge for the year  0 0  0 0
    Impairment at end of year  -11,170  -11,170  -11,170 -11,170
             
    Opening depreciation  -187,763 -193,953  -157,038 -193,953
    Sales/disposals  12,361 25,671  12,361 54,749
    Depreciation for the year  -20,181 -19,481  -15,237 -17,834
    Closing accumulated depreciation  -195,583 -187,763  -159,914 -157,038
    Closing residual value according to plan  113,261 128,256  64,392 74,443
     
      Group Parent company
    (SEK 1,000) 2017-12-31 2016-12-31  2017-12-31 2016-12-31
    Inventory, tools, fixtures and fittings        
    Opening acquisitions value  173,371 178,665  172,671 178,665
    Reclassifications  11,933 23,836  11,128 24,102
    Sales/disposals  -250 -29,130  -250 -30,096
    Closing accumulated acquisition value  185,054 173,371  183,549 172,671
             
    Opening depreciation  -82,155 -95,902  -81,470 -95,902
    Sales/disposals  250 27,310  250 27,953
    Depreciation for the year  -14,298 -13,563  -14,092 -13,521
    Closing accumulated depreciation  -96,203 -82,155  -95,312 -81,470
    Closing residual value according to plan  88,851 91,216  88,237 91,201
             
       Group  Parent company
    (SEK 1,000)  2017-12-31 2016-12-31  2017-12-31 2016-12-31
    Construction in progress and advances
    Opening balance  10,108 9,779  10,108 9,779
    Expenditure for the year  37,594 37,363  36,789 37,363
    Reclassifications during the year  -17,403 -37,034  -16,598 -37,034
    Closing balance  30,299 10,108  30,299 10,108

     

    Note 12 Deferred tax
    Deferred taxes recoverable    
       Group Parent Company 
    (SEK 1,000) 2017-12-31 2016-12-31 2017-12-31 2016-12-31
    Deferred tax in relation to financial leasing 3,223 2,386 0 0
    Deferred tax in respect of temporary difference in lease contract 27,113 26,375 27,112 26,375
    Deferred tax on loss carry-forward 0 2,159 0 2,159
    Total 30,336 30,920 27,112 26,375

    Tax rate for calculation of deferred tax amounts to 22 per cent. The deferred tax asset is not recognised on the carry-forward amount for settlement of foreign tax as at present it is not likely that the amount can be utilised within the prescribed period.

    Deferred tax on lease contracts arises as a temporary difference for the cost, as it does not become deductible until the date of payment, see note 20.

    Deferred tax liability    
       Group Parent Company 
    (SEK 1,000) 2017-12-31 2016-12-31 2017-12-31 2016-12-31
    Deferred tax respect of appreciation of property 7,260 0 7,260 0
    Total 7,260 0 7,260 0

    Tax rate for calculation of deferred tax amounts to 22 per cent. The deferred tax asset is not recognised on the carry-forward amount for settlement of foreign tax as at present it is not likely that the amount can be utilised within the prescribed period.

    Deferred tax on lease contracts arises as a temporary difference for the cost, as it does not become deductible until the date of payment, see note 20.

       Group Parent Company 
    (SEK 1,000) 2017-12-31 2016-12-31 2017-12-31 2016-12-31
    Opening deferred taxes recoverable 0 0 0 0
    Appropriations for the year 7 260 0 7 260 0
    Reversal for the year 0 0 0 0
    Closing deferred taxes recoverable 7,260 0 7,260 0

     

    Note 13 Participation in group companies

    Parent Company
    (SEK 1,000)

    2017-12-31 2016.12.31
    Opening acquisition value 40,050 0
    Investment subsidiaries

    0 40,050
    Closing accumulated acquisition value

    40,050 40,050
             
    Opening impairment  0  0
    Impairment charge for the year      -37,000 0
    Closing accumulated      -37,000  0
    Closing reported value  3,050  40,050
             
    The company's holding of participation in group companies
    The company's name Share of equity Share of voting power Number of participations Booked value 2017.12.31
    Copenhagen Malmö Port Norra Hamnen AB 100% 100% 100,000 3,050
    Closing reported value        3,050
             
    The company's name Corp. ID no. Registered office    
    Copenhagen Malmö Port Norra Hamnen AB 559061-3963 Malmö    

     

    Note 14 Receivables from group companies

    Parent Company
    (SEK 1,000)

    2017-12-31 2016-12-31
    Opening acquisition value 56,650 0
    Additional receivables

    0 56,650
    Closing accumulated acquisition value

    56,650 56,650
    Closing reported value     56,650 56,650

     

    Note 15 Other receivables
       Group Parent Company 
    (SEK 1,000) 2017.12.31 2016.12.31 2017.12.31  2016.12.31 
    Insurance compensation 660 711 660 711
    Other 4,822 3,127 4,822 1,290
    Total 5,482 3,838 5,482 2,001

     

    Note 16 Prepayments and accured income
       Group Parent Company 
    (SEK 1,000) 2017.12.31 2016.12.31 2017.12.31 2016.12.31
    Accrued terminal income etc. 19,013 22,218 15,422 11,642
    Prepaid rents 19,792 16,369 19,792 18,369
    Other 5,275 5,883 5,222 4,030
    Total 44,080 46,470 40,436 34,041

     

    Note 17 Appropriations and untaxed reserves

    Parent Company
    (SEK 1,000)

    2017.12.31 2016.12.31
    Appropriations
    Difference between scheduled depreciation and permissible depreciation for tax purposes

    0 -4,912
    Group contribution provided

    22,900 0
    Total appropriations      22,900  -4,912

     

    Note 18 Provisions

    Group
    Parent Company
    (SEK 1,000) 2017-12-31 2016-12-31 2017-12-31 2016-12-31
    Opening appropriation 26,342 25,059 26,342 25,059
    Rate adjustment for the year 736 1,283 736 1,283
    Closing value other appropriations  27,078  26,342  27,078  26,342

    Appropriations correspond to the compensation the company received from a previous customer related to future environmental requirements for restoration of land in connection with the customer relocating. The obligations are based on thorough studies of the environmental requirements for restoration of land.

    The customer has made a one off payment to CMP corresponding to the obligation. The compensation and appropriation has had no impact on the operating profit during the financial year.

     

    Note 19 Financial leasing

    Financial lease contracts – lessee

    The group has entered into financial lease contracts in respect of buildings & land. The lease contracts are non-terminable and the lease periods vary between 5-35 years. The year's costs with regard to depreciation and interest amount to SEK 43.1 million in the group and SEK 0 million in the parent company. The terms of the lease contract do no give the group the option to acquire the leased assets at the end of the lease period. The due dates for the financial leasing liabilities are clarified below.


    Group                    
    (SEK 1,000) 2017-12-31 2016-12-31
    Maturity

    Within one year 24,569 24,129

    Later than one year but within five years 124,514 114,570

    Later than five years 317,418 301,642

    466,501 440,341






    Long-term part 441,932 416,212

    Short-term part 24,569 24,129

    466,501 440,341

    A financial lease contract is a lease contract according to which the economic risks and benefits that are associated with ownership of an asset are transferred in all essentials from the lessor to the lessee. Our assessment is also that the leased asset is of such a specific character that only the lessee can use the asset without essential changes being made.

    Information about reported values in respect of tangible assets which are held through financial lease contracts is available in note 13.

    The CMP group has a number of significant contracts that are very important in enabling CMP to conduct its operations. These are the concession agreements that the CMP AB group has with its two largest landowners, which are also major owners of CMP. These are By & Havn and Malmö City. The contracts cover almost all areas in which CMP conducts its operations in Malmö. The fees for the concession agreements are deemed to be market-based and the current contracts apply for the period 2011 to 2035. The group largely books the concession agreements evenly throughout the term of the agreement, while the landowners have incrementally increased the annual invoicing from the start of 2011 by almost SEK 10 million per year in accordance with the concession agreements. According to the agreements, they will do this until 2023 and subsequently invoice the same amount until 2035 where only an index linked amount for inflation will be added.

     

    Note 20 Other long-term liabilities

    Group Parent Company
    (SEK 1,000) 2017-12-31 2016-12-31 2017-12-31 2016-12-31
    Long-term liabilities due for payment more than five years after the balance sheet date:
    Other liabilities 266,034 238,199 266,034 238,199
    Total other long-term liabilities 266,034 238,199 266,034 238,199

     

    Note 21 Prepayments and accrued income

    Group Parent Company
    (SEK 1,000) 2017-12-31 2016-12-31 2017-12-31 2016-12-31
    Accured expenses and deferred income
    Accrued salaries, holiday pay and social-security contributions 55,421 55,762 50,740 48,010
    Estimated payroll tax 1,905 1,999 1,645 1,896
    Accrued discounts 25,470 21,841 25,470 21,821
    Prepaid Basic rent reduction 2015-2019 22,068 37,359 22,068 37,359
    Accrued rental costs 48,000 50,028 48,000 50,028
    Other 19,157 18,004 18,419 15,849
    Total accrued expenses and deferred income 172,021 184,993 166,342 174,963

     

    Note 22 Overdraft facility

    The company has a credit facility of SEK 30,000 thousand with SEB Bank. The overdraft facility was not utilised at the closing date.

     

    Note 23 Allocation of profits
    (SEK 1,000) 2017-12-31                    
    The Board of Directors proposes that funds avaliable
    Retained earnings -2,400
    Profit for the year -8,441
    -10,841
    are allocated so that  
    to be carried forward -10,841
       -10,841      

    The parent company's share capital comprises 3,600,000 shares with a quota value of SEK 27.78 per share.

     

    Note 24 Pledged assets
      Group                     
    (SEK 1,000) 2017-12-31 2016-12-31    
    Regarding liabilities to credit institutions      
    Assets held with financial leasing 451 798 426 513

     

    Note 25 Events after the balance sheet date

    No events of a significant character have occurred after the end of the financial year.

     

     


    Malmö, March 12, 2018

     

    Mads Lebech
    Chairman

    Ilmar Reepalu
    Deputy Chairman

    Olof Andersson

    Carsten Koch

    Søren Jespersen

    Anja Sonesson

    Anders Peterson

    Lars Weiss

    Johnny Isager Høvring
    Employee representative

    Gert-Inge Johansson
    Employee representative

    Karsten Jensen
    Employee representative

    Florentina Berisha
    Employee representative

    Barbara Scheel Agersnap
    Chief Executive Officer

    Our auditor's report was submitted on 22 March 2018


    PricewaterhouseCoopers AB

    Mats Åkerlund
    Authorized Public Accountant