STENA METALL AB - Stena Metall Group

Financial review | The Group
30 Assets pledged and
contingent liabilities
Aug. 31, Aug. 31,
2005 2004
Assets pledged to credit institutions
Ship mortgages . . . . . . . . . . . . . . . . . . . . . . . . 462.0 462.0
(of which for liability 431.2)
Real estate mortgages . . . . . . . . . . . . . . 116.4 53.8
Leasehold mortgages . . . . . . . . . . . . . . . . — 1.5
Chattel mortgages . . . . . . . . . . . . . . . . . . . . 11.6 5.5
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742.7 714.3
Liquid assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 30.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,335.0 1,267.9
Assets pledged for other liabilities, etc.
Liquid assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 2.2
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 14.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 16.5
Total assets pledged . . . . . . . . . . . . . . . . . 1,347.6 1,284.4
Contingent liabilities
Sureties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.0 —
Guarantees and
contingent liabilities . . . . . . . . . . . . . . . 31.4 23.1
Obligations for partnerships . . . . . . . 4.0 3.2
Total contingent liabilities . . . . . . . . . 50.4 26.3
31 Cash flow
In the statements of cash flow, the effects of acquired
subsidiaries and business units have been excluded
from other changes in the balance sheet. The sum of
payments for these acquisitions after deducting liquid
assets in the acquired units is reported on a separate
line in the statements of cash flow.
Liquid assets consist of cash and bank balances.
Interest paid during the year amounted to –116.9
(–63.2) and interest received to 60.0 (44.7). Dividends
received amounted to 7.1 (4.8).
During the fiscal year companies and business units
were acquired for an aggregate of 308.0. For these
companies, the total value of the acquired assets and
liabilities, purchase prices and the effect on the Group’s
liquid assets were as follows:
32 Leasing
Group as lessee
Operational leases relate primarily to time-chartered vessels.
Properties are leased as well. The cost of operational
leases for the year amounted to 45.4 (29.1)
The Group’s financial leases cover company cars.
Their acquisition value as of the closing day was 49.8
(46.6), while their reported value, net, was 30.7 (32.1).
Future minimum lease fees as of the closing day
amounted to:
Operational Financial
leases leases
Within one year . . . . . . . . . . . . . . . . . . . . . . . . 60.1 9.6
Later than one year
but within five years . . . . . . . . . . . . . . . 196.8 7.7
Later than five years . . . . . . . . . . . . . . . . . 39.6 —
Total minimum lease fees . . . . . . . . . 296.5 17.3
Group as lessor
The Group leases two vessels as part of operational
leases. The acquisition value and reported value, net, of
these vessels as of the closing day was 659.2 (659.2)
and 606.4 (644.4), respectively.
Future minimum lease fees as of the closing day
amounted to:
Total
Within one year . . . . . . . . . . . . . . . . . . . . . . . 63.0
Later than one year
but within five years . . . . . . . . . . . . . . 314.8
Later than five years . . . . . . . . . . . . . . . . . 227.2
Total minimum lease fees . . . . . . . . . 605.0
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192.6
Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141.6
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.4
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –13.4
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –90.9
Assets and liabilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . 279.3
Purchase price paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –308.0
Cash and bank balances in
acquired companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.7
Effect on the Group’s liquid assets . . . . . . . . . . . . . –279.3
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