Electrolux 1996 Annual Report Download - page 47

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18. (continued)
APPLICATION OF US GAAP WOULD HAVE THE FOLLOWING APPROXIMATE EFFECTS
ON CONSOLIDAT ED NET INCOME, SHAREHOLDERS’ EQUITY AND THE BALANCE SHEET:
A. Consolidated net income (SEKm) 1996 1995
Net income as reported in the consolidated income statement 1,850 2,748
Adjustments before taxes:
Acquisitions –71 105
Timing differences –315 –41
Other –3 41
Taxes 207 61
Approximate net income according to US GAAP 1,668 2,914
Approximate net income per share according to US GAAP, SEK (no. of shares in 1996 and 1995 = 73,233,916) 22.80 39.80
B. Shareholders’ equity (SEKm) 1996 1995
Shareholders’ equity as reported in the consolidated balance sheet 22,428 21,304
Adjustments:
Revaluation of fixed assets –45 – 45
Acquisitions –1,074 –982
Pensions –244 –319
Securities 187 106
Timing differences 330 607
Taxes 181 14
Approximate shareholders’ equity according to US GAAP 21,763 20,685
C. Balance sheet (SEKm)
The table below summarizes the consolidated balance sheets prepared in accordance with Swedish accounting principles and US GAAP.
According to According to
Swedish principles US GAAP
1996 1995 1996 1995
Current assets 56,632 56,620 60,240 56,705
Real estate, machinery and equipment 24,118 22,115 24,037 22,030
Shares and participations 467 578 654 684
Long-term receivables 551 437 551 437
Goodwill 3,465 3,149 2,427 2,207
Other assets 345 257 449 358
Total assets 85,578 83,156 88,358 82,421
Current liabilities 35,326 35,458 34,996 34,936
Long-term liabilities 24,979 24,844 28,935 25,264
Deferred taxes 893 933 712 919
Minority interests 1,952 617 1,952 617
Shareholders’ equity 22,428 21,304 21,763 20,685
Total liabilities and shareholders’ equity 85,578 83,156 88,358 82,421
43
Electrolux Annual Report 1996