Electrolux 1999 Annual Report Download - page 51

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Electrolux Annual Report 1999 49
Note 27. US GAAP INFORMATION (continued)
THE FOLLOWING IS A SUMMARY OF THE APPROXIMATE EFFECTS THAT APPLICATION OF US GAAP
WOULD HAVE ON CONSOLIDATED NET INCOME, EQUITY AND THE BALANCE SHEET.
A. Consolidated net income (SEKm) 1999 1998
Net income as reported in the consolidated income statement 4,175 3,975
Adjustments before taxes:
Acquisitions 42 27
Restructuring and other provisions –189 –306
Pensions –41 –41
Foreign currency transactions –35 –8
Taxes on the above adjustments 68 89
Other taxes 33 12
Approximate net income according to US GAAP 4,053 3,748
Approximate net income per share in SEK according to US GAAP 11.05 10.25
(No. of shares 366,169,580)
B. Comprehensive income (SEKm) 1999 1998
Approximate net income according to US GAAP 4,053 3,748
Comprehensive income recognized in accordance with Swedish accounting principles –1,775 855
Comprehensive income recognized for US GAAP adjustments:
Translation differences 828
Securities 11 –56
Pensions –2 –1
Other –1 27
Approximate comprehensive income according to US GAAP 2,294 4,601
C. Equity (SEKm) 1999 1998
Equity as reported in the consolidated balance sheet 25,781 24,480
Adjustments before taxes:
Acquisitions –984 –1,046
Restructuring and other provisions 448 655
Pensions –187 –163
Foreign currency transactions –43 –8
Securities 46 30
Other –19 –18
Taxes on the above adjustments –66 –129
Other taxes 237 217
Approximate equity according to US GAAP 25,213 24,018
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
___________________ ___________________
1999 1998 1999 1998
Intangible assets 3,298 3,327 2,339 2,366
Tangible assets 20,894 21,959 20,851 21,913
Financial assets 3,859 2,599 4,076 2,779
Current assets 53,593 55,404 57,669 58,642
Total assets 81,644 83,289 84,935 85,700
Equity 25,781 24,480 25,213 24,018
Minority interests 825 953 825 953
Provisions for pensions and similar commitments 3,972 4,298 4,160 4,518
Other provisions 5,699 4,026 5,251 3,371
Financial liabilities 23,440 29,070 27,559 32,378
Operating liabilities 21,927 20,462 21,927 20,462
Total liabilities and equity 81,644 83,289 84,935 85,700