Electrolux 1998 Annual Report Download - page 52

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Notes to the financial statements
50
Electrolux Annual Report 1998
Note 25. (continued)
APPLICATION OF US GAAP WOULD HAVE THE FOLLOWING APPROXIMATE EFFECTS
ON CONSOLIDATED NET INCOME, EQUITY AND THE BALANCE SHEET
A. Consolidated net income (SEKm) 1998 1997
Net income as reported in the consolidated income statement 3,975 352
Adjustments before taxes:
Acquisitions 27 6
Timing differences –306 669
Other –49 19
Taxes on above adjustments 89 –191
Other taxes 12 –39
Approximate net income according to US GAAP, excluding divested operation 3,748 816
Divested operation –61
Approximate net income according to US GAAP 3,748 877
Approximate net income per share in SEK according to US GAAP,
excluding divested operation 10.25 2.25
Approximate net income per share in SEK according to US GAAP 10.25 2.40
(No. of shares in 1998 after a 5:1 stock split: 366,169,580)
B. Comprehensive income (SEKm) 1998 1997
Approximate net income according to US GAAP 3,748 877
Translation differences 910 473
Securities, unrealized changes in value –56 –32
Provisions for pensions (minimum liability) –1 –51
Approximate comprehensive income according to US GAAP 4,601 1,267
C. Equity (SEKm) 1998 1997
Equity as reported in the consolidated balance sheet 24,480 20,565
Adjustments:
Acquisitions –1,046 –1,090
Pensions –163 –127
Securities 30 123
Timing differences 655 971
Other –26 –45
Taxes on the above adjustments –129 –247
Other taxes 217 182
Approximate equity according to US GAAP 24,018 20,332
D. 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
1998 1997 1998 1997
Intangible assets 3,327 3,517 2,366 2,546
Tangible assets 21,959 22,519 21,913 22,442
Financial assets 2,599 1,744 2,779 1,876
Current assets 55,404 51,860 58,642 55,710
Total assets 83,289 79,640 85,700 82,574
Equity 24,480 20,565 24,018 20,332
Minority interests 953 913 953 913
Provisions for pensions and similar commitments 4,298 6,247 4,518 6,461
Other provisions 4,026 4,656 3,371 3,685
Financial liabilities 29,070 28,479 32,378 32,403
Operating liabilities 20,462 18,780 20,462 18,780
Total liabilities and equity 83,289 79,640 85,700 82,574