ANNUAL REPORT Notes
acquisitions . The facility has a term of four years and can be drawn successively . In late June and early July 2015 , SEK 94.0 m was drawn from the facility , of which SEK 43.4 m had a term of six months and SEK 50.6 m a term of 12 months ; however , the debt amount can thereafter be re-borrowed in its entirety within the framework of the credit facility ’ s total amount . In early January 2016 the bank loan with a term of six months was re-borrowed at an unchanged amount with a new term of six months . At the end of January 2016 , an additional SEK 29.5 m of the facility was drawn , with a term of 12 months .
Of amounts due to credit institutions on 31 December 2015 , SEK 66,103 thousand was denominated in SEK , SEK 41,468 thousand was denominated in GBP , and SEK 8,986 thousand was denominated in USD . Of the SEK-denominated liabilities , SEK 15,501 thousand carries variable interest corresponding to the 3-month Stibor rate plus 1.5 percentage points with a quarterly interest rate adjustment , and SEK 50,602 thousand carries a fixed interest rate of 1.2 per cent . The debt in GBP carries fixed interest at approximately 1.9 per cent , and the debt in USD carries fixed interest at a rate of 4.5 per cent .
OTHER INTEREST-BEARING LIABILITIES The other non-current and current interest-bearing liabilities pertain to liabilities for consideration for company acquisitions . The liabilities as at 31 December 2015 carry 2 per cent interest and are denominated in EUR . The liabilities as at 31 December 2014 carried 5 per cent interest are were denominated in SEK .
The non-current liabilities fall due for payment as follows :
Group
Parent Company 31 / 12 / 2015 31 / 12 / 2014 31 / 12 / 2015 31 / 12 / 2014
Opening provisions |
5,365 |
63,171 |
4,757 |
55,621 |
Provisions during the period for restructuring measures |
1,838 |
944 |
— |
— |
Utilised during the period |
– 608 |
– 5,673 |
— |
— |
Estimated contingent consideration for acquisitions |
46,340 |
— |
46,340 |
— |
Revaluation of contingent consideration |
— |
– 34,324 |
— |
– 34,324 |
Contingent consideration paid |
– 4,175 |
– 18,031 |
– 4,175 |
– 16,676 |
Acquired provisions for pension obligations ( see below ) |
5,498 |
— |
— |
— |
Change in provisions for pension obligations |
260 |
– 233 |
– 199 |
– 233 |
Social security costs for incentive programme |
— |
– 1,979 |
— |
– 107 |
Exchange rate differences |
– 769 |
1,490 |
– 14 |
476 |
Total |
53,749 |
5,365 |
46,709 |
4,757 |
Group |
31 / 12 / 2015 |
31 / 12 / 2014 |
Between one and two years after the balance sheet date |
7,217 |
15,501 |
Between two and five years after the balance sheet date |
4,694 |
— |
Total |
11,911 |
15,501 |
FAIR VALUE The carrying amount of interest-bearing liabilities represents a good approximation of the fair value of the liabilities .
NOTE 26 OTHER NON-CURRENT LIABILITIES
Other non-current liabilities as at 31 December 2014 arose in connection with acquisitions in 2014 and will be paid in 2016 . The amount has therefore been reclassified to current liabilities as at 31 December 2015 . The carrying amount represents a good approximation of the fair value of the liabilities .
NOTE 27 PROVISIONS
Group |
Parent Company |
31 / 12 / 2015 31 / 12 / 2014 31 / 12 / 2015 31 / 12 / 2014 |
Estimated contingent consideration for acquisitions |
45,675 |
4,189 |
46,340 |
4,189 |
Approved restructuring measures |
1,838 |
608 |
— |
— |
Pension obligations ( see below ) |
6,236 |
568 |
369 |
568 |
Total |
53,749 |
5,365 |
46,709 |
4,757 |
Of which , to be settled within 12 months |
10,973 |
5,024 |
9,268 |
4,416 |
Of which , expected to be settled after more than 12 months |
42,776 |
341 |
37,441 |
341 |
64
ESTIMATED CONTINGENT CONSIDERATION FOR ACQUISITIONS The increase in estimated contingent consideration in 2015 pertains to the acquisition of Transcat GmbH ( see Note 35 ). The final consideration that corresponds to the provisions as at 31 December 2015 is mainly dependent on the earnings performance and to some extent on the revenue performance of the acquired companies . The payments are expected to be made in 2016 and 2017 .
PROVISIONS FOR RESTRUCTURING MEASURES DURING THE PERIOD AND AMOUNT UTILISED DURING THE PERIOD The amount of provisions during the period and the amount utilised during the period pertain to costs for personnel .
PENSION OBLIGATIONS The acquired German company Transcat PLM GmbH ( name now changed to TechniaTranscat GmbH ) has pension obligations under defined benefit pension plans for five employees . The provision for these pension obligations amounted to SEK 5,867 thousand as at 31 December 2015 and was calculated in accordance with IAS 19 by an independent actuary through application of the Projected Unit Credit Method and using a discount rate of 2.25 per cent . The provision for pension obligations as at 31 December 2015 also includes SEK 369 thousand pertaining to the Parent Company ’ s obligation to pay pension to a former employee . The obligation corresponds to the exact value of a pledged , company-owned endowment insurance policy ( see Note 21 ).
NOTE 28 BANK OVERDRAFT FACILITIES
At 31 December 2015 the Group ’ s companies had committed overdraft facilities worth SEK 103,197 thousand ( 100,000 thousand ), of which SEK 100,000 thousand ( 100,000 thousand ) pertains to the Parent Company . The Parent Company has a contracted overdraft facility from previous years of SEK 100,000 thousand with Nordea . The overdraft facilities were unutilised at both 31 December 2015 and 31 December 2014 .