Electrolux 1996 Annual Report Download - page 44

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Notes to the financial statements
Closing Closing
balance Allocations balance
13. UNTAXED RESERVES, PARENT COMPANY (SEKm) 1995 1996 1996
Tax equalization reserve (L-fund) 32 –7 25
Accumulated depreciation in excess of plan on:
Brand names 200 –66 134
Machinery and equipment 321 9 330
Buildings 30 1 31
Exchange-rate reserve 1 –1 –
Other financial reserves 12 30 42
Tax allocation reserve – 114 114
Total 596 80 676
Other financial reserves include fiscally permissible allocations referring to receivables in subsidiaries in politically and economically
unstable countries.
Share Restricted Unrestricted Net
14. SHAREHOLDERS’ EQUITY(SEKm) capital reserves reserves income Total
Group
Opening balance 1,831 8,936 7,789 2,748 21,304
Transfer of retained earnings, etc. – – 2,748 –2,748 –
Dividend payments – – –915 – –915
Transfers between restricted and unrestricted equity – –398 398 – –
Translation differences, etc. – – 189 – 189
Net income – – – 1,850 1,850
Closing balance 1,831 8,538 10,209 1,850 22,428
Disposable consolidated earnings amount to SEK 12,059m. No allocation to statutory reserves is required.
SEK 2,253m (2,401) referring to the share of equity in timing differences is reported under “Statutory reserves”. This amount can be
transferred to unrestricted reserves but will then be subject to taxation.
Parent company
Opening balance 1,831 2,731 2,890 3,386 10,838
Transfer of net income – – 3,385 –3,386 –1
Dividend payments – 915 – – 915
Net income – 1,263 1,263
Closing balance 1,831 2,731 5,360 1,263 11,185
15. SHARE CAPITAL AND NUMBER OF SHARES (SEKm) Value at par
On December 31, 1996 the share capital comprised the following:
2,000,000 A-shares, par value SEK 25 50
71,233,916 B-shares, par value SEK 25 1,781
Total 1,831
Group Parent company
16. CONTINGENT LIABILITIES (SEKm) 1996 1995 1996 1995
Discounted bills 102 208 ––
Accounts receivable, with recourse 1,791 39 ––
Guarantees and other commitments
On behalf of subsidiaries ––7,388 6,326
Other 331 241 36 34
Capital value of pension commitments in excess of reported liability 74 193 15 12
Total 2,298 681 7,439 6,372
In addition to the above contingent liabilities, guarantees for fulfillment of contractual undertakings are given as part of the Group’s
normal course of business. There was no indication at year-end that payment will be required in connection with any contractual
guarantees.
40
Electrolux Annual Report 1996