Electrolux 1998 Annual Report Download - page 47

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45
Electrolux Annual Report 1998
In 1998 two Group pension funds were
established for the Group’s Swedish
companies in order to secure pension
commitments related to the ITP plan,
i.e. PRI pensions. The Electrolux
Group’s 1997 fund secures pensions
through 1997, and the Electrolux
Group’s 1998 fund secures pensions
from 1998 onward. During the year
SEK 1,083m was allocated to the 1997
fund. An allocation to the 1998 fund
will be made during the spring 1999.
The market value of assets in the 1997
fund amounted to SEK 1,179m at year-
end 1998, which exceeded the pension
obligations by SEK 39m.
Note 18. PROVISIONS FOR PENSIONS Group Parent company
AND SIMILAR COMMITMENTS (SEKm) 1998 1997 1998 1997
Interest-bearing pensions 283 1,514 192 848
Other pensions 1,486 1,409 ––
Other commitments 2,529 3,324 ––
Total 4,298 6,247 192 848
Group Parent company
Note 19. OTHER PROVISIONS (SEKm) 1998 1997 1998 1997
Provision for restructuring 687 1,809 17 68
Guarantee commitments 1,215 1,136 76 68
Other 2,124 1,711 56 20
Total 4,026 4,656 149 156
Group
Note 20. INTEREST-BEARING LIABILITIES (SEKm) 1998 1997
Short-term loans 11,275 9,788
Long-term loans 17,795 18,691
Interest-bearing pensions 283 1,514
Total 29,353 29,993
1998 1997
Group long-term borrowings by currency: SEKm SEKm
USD 9,200 9,657
ITL 1,893 1,291
FRF 1,576 1,417
SEK 272 253
ESP 1,000 1,429
DEM 824 780
Other currencies 3,030 3,864
Total 17,795 18,691
1998
Long-term borrowings mature as follows: SEKm
1999 3,699
2000 3,005
2001 3,006
2002 1,866
2003 603
2004 2,903
Thereafter, through 2037 2,713
Total 17,795
At year-end 1998 the Group had unutilized credit facilities
in the amount of SEK 22,031m (19,244).