Additional Disclosures

    The accounting policies applied comply with the Swedish Annual Accounts Act and the recommendations and statements of the Swedish Accounting Standards Board and Föreningen Auktoriserade Revisorer (FAR), the professional institute for authorised public accountants in Sweden. The following valuation and translation policies have been applied in the annual accounts:

    Non-current assets

    Property, plant and equipment is carried at cost less scheduled depreciation based on the assets’ expected useful economic lives.

    Assets are depreciated as follows:

    Buildings 20-50 years
    Cranes 25-30 years
    Permanent building equipment and installations 10-20 years
    Work machinery 7-10 years
    Vehicles and other equipment 5 years
    Computers 3-5 years

    Tax depreciation in excess of scheduled depreciation is regarded as accelerated depreciation,
    which constitutes an untaxed reserve.

    Buildings have no assessed value.

    Receivables and liabilities

    Receivables have been carried at the amounts at which they are 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 comprise cash and bank balances and short-term investments.

    Foreign branch

    The income statement and balance sheet of the CMP's foreign branch have been converted using the current exchange rate method and the translation difference has been recognised in equity.

     

     

    Notes

    Note 1 Net sales
    (SEK 1,000) 2012 2011
    Terminal income 570,276 559,274
    Rental income 136,044
    142,923
    Other income 18,819
    24,774
    Total 725,139 726,971



    Note 2 Fees to auditors
    (SEK 1,000) 2012 2011
    Audit engagement 490 490
    Audit services in addition to audit engagement 63 78
    Tax advice 78 95
    Other services 138 82
    Total 769 745
    Audit engagement refers to the examination of the annual accounts and accounting records as well as the Board of Directors’ and Chief Executive Officer’s administration.
    Audit services in addition to audit engagement refer to other tasks that the company’s auditor is required to perform as well as advice or other assistance occasioned by observations made in the course of the aforesaid examination. Tax advice is accounted for separately. Everything else refers to other services.



    Note 3 Number of employees, salaries and remuneration for employees and Directors
    Average number of employees 2012 2011
    Malmö
    Men 184
    195
    Women 22 23
      206
    218
    Copenhagen
    Men 171 178
    Women 24
    25
      195 203
    Total 401 421
     
    Staff costs
    (SEK 1,000) 2012 2011
    The Board, CEO and Deputy CEO
    Salaries and other remuneration 6,657
    6,182
    of which bonuses 547 264
    Social-security contributions, 3,581 3,442
    of which pension costs and obligations 1,660
    1,582
    Other employees
    Salaries and other remuneration 208,901
    218,313
    of which bonuses 600 287
    Social-security contributions, 52,976 51,799
    of which pension costs and obligations 21,753
    21,933
     
    Agreements on severance pay in the amount of two years' salary have
    been concluded with the CEO and Deputy CEO.
    Female representation on the Board and in management Board CEO and other
    senior executives
    Share of men in group 100% 100%



    Note 4 Property, plant and equipment
    (SEK 1,000) 31.12.2012 31.12.2011
    Buildings and land facilities
    Cost at beginning of year
    76,222
    76,245
    Foreign exchange adjustment to opening value
    -953 -83
    Purchases
    7,044
    60
    Cost at end of year
    82,313 76,222
    Depreciation at beginning of year
    -13,039
    -10,332
    Foreign exchange adjustment to opening value
    294 19
    Depreciation charge for the year
    -2,825 -2,726
    Depreciation at end of year
    -15,570 -13,039
    Planned residual value at end of year
    66,743 63,183
    Machinery and other technical plant
    Cost at beginning of year
    375,917 326,815
    Foreign exchange adjustment to opening value
    -7,818 -676
    Purchases
    59,347
    51,125
    Sales/disposals
    -20,881
    -1,347
    Cost at end of year
    406,565 375,917
    Impairment at beginning of year
    -11,170 -11,170
    Impairment charge for the year
    0 0
    Impairment at end of year
    -11,170 -11,170
    Depreciation at beginning of year
    -201,026 -181,807
    Foreign exchange adjustment to opening value
    4,392 340
    Sales/disposals
    20,881 1,347
    Depreciation charge for the year
    -21,304 -20,906
    Depreciation at end of year
    -197,057 -201,026 
    Planned residual value at end of year
    198,338 163,721
    Equipment, tools and installations
    Cost at beginning of year
    90,346
    73,072
    Foreign exchange adjustment to opening value
    -2,344 -193
    Purchases
    7,723
    17,467
    Cost at end of year
    95,725
    90,346
    Depreciation at beginning of year
    -58,692 -54,054
    Foreign exchange adjustment to opening value
    1,813
    147
    Depreciation charge for the year
    -7,167 -4,785
    Depreciation at end of year
    -64,046 -58,692
    Planned residual value at end of year
    31,679 31,654
    Work in progress and advances
    Opening balance
    16,154 7,369
    Expenditure for the year
    90,049 77,556
    Reclassifications during the year
    -74,114 -68,764
    Foreign exchange adjustment
    -534 -7
    Closing balance
    31,555 16,154
    Lease payments
    (SEK 1,000)
    The company has lease expenses for cars, machinery and equipment.

    Total lease payments in 2012 were 3,264.
    Future known lease payments are as follows:
    2013: 2.503, 2014: 1.326, 2015: 750, 2016: 302, 2017: 97




    Note 5 Other receivables
    (SEK 1,000) 31.12.2012 31.12.2011
    Insurance compensation 7,953 0
    Other 7,168 2,607
      15,121 2,607



    Note 6 Prepaid expenses and accrued income
    (SEK 1,000) 31.12.2012 31.12.2011
    Accrued terminal income, etc. 18,211 16,391
    Accrued interest income 331
    758
    Prepaid expenses 18,343
    13,714
      36,885
    30,863



    Note 7 Appropriations and untaxed reserves
    (SEK 1,000) 31.12.2012 31.12.2011
    Balance-sheet allocations
    Difference between scheduled depreciation and
    permissible depreciation for tax purposes
    -7,559 -2,663
    Total appropriations -7,559 -2,663
    Untaxed reserves
    Accumulated additional depreciation 112,199 119,758
    Total untaxed reserves 112,199 119,758


    Note 8 Significant accruals
    (SEK 1,000) 31.12.2012 31.12.2011
    Accrued expenses and deferred income.
    Accrued salaries, holiday pay and social-security contributions 50,074
    52,298
    Estimated payroll tax 4,991 2,517
    Accrued discounts 20,272 21,625
    Other 11,270
    8,961
    Total accrued expenses and deferred income 86,607
    85,401



    Note 9 Equity
    (SEK 1,000) Share capital Share premium acc. Statutory reserve Translation diff., branch Non-restricted equity Total equity
    Opening balance 100,000 20,000 388 -17,668 259,350 362,070
    Translation difference, affiliate       -8,957   -8,957
    Dividend to shareholders         -129,600 -129,600
    Profit for the year         82,738 82,738
    Total at end of year 100,000 20,000 388 -26,625
    212,488 306,251

    The company’s share capital comprises 3,600,000 shares with a nominal value of SEK 33.33 per share.




    Note 10 Overdraft facility
    The company has a SEK 30,000,000 credit line with Danske Bank. The overdraft facility was undrawn at the closing date.

     

     
     

      Malmö, March 8, 2013  
     
    Anders Rubin
    Chairman
     
         
    Peter Maskell
    Vice Chairman
    Mads Lebech Stefan Lindhe
         
    Michael Soetman Åke Svensson Lars Weiss
         

    Søren Balken Petersen
    Employee representative

    Kerry Forsberg
    Employee representative
    Curt Hansson
    Employee representative
         
    Søren Nyegaard
    Employee representative
    Johan Röstin
    Chief Executive Officer
         
      My audit report was submitted on March 8, 2013
     
       Torbjörn Svensson
    Authorised Public Accountant