On 9 March 2016, the Extraordinary General Meeting resolved on the distribution of all Addtech shares in AddLife AB to the shareholders of Addtech. The first day of trading of AddLife’s Class B shares on Nasdaq Stockholm was 16 March 2016.
The distribution resulted in a non-recurring non-cash gain of SEK 1,562 million, which is the difference between the market value of AddLife’s shares (based on the average trading price on the first trading day) of SEK 1,927 million and the consolidated value as of 29 February 2016 of SEK 365 million. The consolidated value of AddLife mainly related to goodwill and other current assets. The gain also includes transaction costs and foreign exchange gains totalling SEK 12 million.
Profit after tax from the distributed operation through 29 February 2016 amounted to SEK 1,636 million.
Total cash from the distribution of AddLife AB was SEK -81 million.
The divestment has been reported separately as discontinued operations in the income statement in accordance with IFRS 5. A discontinued operation is recognised separately from continuing operations in the income statement with retroactive effect for earlier periods. AddLife is recognised as a discontinued operation below.
| Profit for discontinued operations for the period, SEKm | 2015/2016 | 2014/2015 |
|---|---|---|
| Operting income | 1,402 | 1,057 |
| Operating expenses | -1,303 | -952 |
| Operating profit | 99 | 105 |
| Profit from disposal operations | 1,562 | - |
| Financial items | -3 | -2 |
| Profit before tax | 1,658 | 103 |
| Income tax expense | -22 | -24 |
| Profit after tax | 1,636 | 79 |
| Cash flow attributable to discontinued operations, SEKm | 2015/2016 | 2014/2015 |
|---|---|---|
| Cash flow from operating activities | 109 | 120 |
| Cash flow from investing activities | -266 | -15 |
| Cash flow from financing activities | 76 | -100 |
| Cash flow for the period | -81 | 5 |
| Assets of discontinued operations as of the disposal date, SEKm | |
|---|---|
| Goodwill | 543 |
| Intangible non-current assets | 261 |
| Property, plant and equipment | 70 |
| Non-current financial assets | 10 |
| Inventories | 224 |
| Other current assets | 325 |
| Total assets | 1,433 |
| Liabilities of discontinued operations as of the disposal date, SEKm | |
| Deferred tax liabilities | 58 |
| Non-current liabilities | 611 |
| Current liabilities | 348 |
| Total liabilities | 1,017 |