Annual Report 2012.pdf - Cherry

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Part 2 notes Note 30: Acquisition of companies ADJUSTMENTS IN 2012 OF PREVIOUS ACQUISITIONS AUTOMATENGRUPPEN The terms and conditions required for payment of the conditional proceeds have not been met. The liability for these proceeds has therefore been valued to zero. Since the acquisition was implemented after IFRS 3 began to be applied, the revaluation of SEK 73 446 thousand (23 828) has been reported in the income statement (included in Other operating income) in the consolidated financial statements. Note 32: Discontinued operations MARITIME OPERATIONS Cherry completed on 8 November 2012 the sale of all shares in Cherry Maritime Gaming AB, Astral Maritime Services Ltd and Cherry Services Ltd to Bell Casino AB. The discontinued operations have previously comprised the Maritime segment, which has now been completely discon- 58 | annual report 2012 The goodwill attributable to the Automaten group has undergone an impairment test, whereby a write-down requirement of SEK 73 447 thousand was identified. See also Note 15. During the year no payments concerning conditional proceeds have been made for the Automaten group. Note 31: Transactions with holdings without controlling influence TRANSACTIONS 2012 On 23 February 2012 Cherry reached an agreement on the acquisition of additional shares in the partly-owned subsidiary Cherry Services Ltd and in Briseis Development Corporation. Cherry previously owned 55 percent of the shares and votes in the companies and the agreement concerns the remaining 45 percent. The proceeds amounted to SEK 1 382 thousand and were paid in cash on entry. Since Cherry already had a controlling influence in the company, the acquisition was reported as equity transactions in accordance with IAS 27. Cherry Services Ltd and Briseis Development Corporation were included in the Maritime business operations that were discontinued during the year. tinued as a result of the sale. Cherry received total proceeds of SEK 36.3 million for shares, dividends from the sold companies and repayment of group loans that had been issued to the discontinued companies. Analysis of results from discontinued operations 2012 2011 Earnings 67 733 99 108 Operating expenses -64 874 -96 538 Depreciation -3 637 -6 280 Result from discontinued operations before tax -778 -3 710 Income tax 154 -477 Result from discontinued operations after tax -624 -4 187 Capital loss - - Profit for the year from discontinued operations -624 -4 187 Cash flow attributable to discontinued operations Cash flow from operating activities -2 914 3 623 Cash flow from investment operations 24 386 -2 206 Cash flow from financing operations -1 774 324 Total cash flow 19 698 1 741
Note 33: Events after the end of the reporting period In February 2013 the trademarks and domains related to SverigeAutomaten, NorgesAutomaten and DanmarksAutomaten were sold to Betsson AB (plc). The proceeds amounted to SEK 286.0 million, of which SEK 225 million has been regulated through the delivery of a corresponding new issue of 1 063 895 Betsson B-shares and transfer of CherryCasino.com. The remaining proceeds, SEK 60 million, will be regulated with liquid assets after twelve months. In conjunction with the sale, Cherry acquires the gaming site CherryCasino.com for SEK 1.0 million. Cherry sold its shareholding in Betsson in February, which brought in SEK 228.7 million before deductions for transaction costs. Slot machine sites generated earnings in 2012 of SEK 168.2 million. CherryCasino.com generated earnings in 2012 of SEK 1.5 million. Goodwill arising in conjunction with the acquisition of the Automaten group and which as of 31 December 2012 amounted to SEK 260.6 million, was written-down as a result of the sale to zero in the first quarter of 2013. annual report 2012 | 59
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annUal report 2012 CHerry
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PART 1 REPORT FROM THE CEO Report f
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PART 1 CHERRY - 50 YEAR ANNIVERSARY
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Page 18 and 19: PART 1 AkTIEN The share Cherry’s
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Page 52 and 53: Part 2 notes WRITE-DOWN OF GOODWILL
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Page 60 and 61: Part 2 signAtures / Auditor’s rep
Page 62: Part 2 definitions Definitions EARN
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