Electrolux 2000 Annual Report Download - page 52

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50 ELECTROLUX ANNUAL REPORT 2000
Note 17. SHARE CAPITAL AND NUMBER OF SHARES (SEKm) Value at par
On December 31, 2000 the share capital comprised the following:
10,000,000 A-shares, par value SEK 5 50
356,169,580 B-shares, par value SEK 5 1,781
Total 1,831
Opening Closing
Note 18. UNTAXED RESERVES, PARENT COMPANY (SEKm) balance Allocations balance
Tax equalization reserve (L-fund) 6 –6 —
Accumulated depreciation in excess of plan on:
Brands 363 66
Machinery and equipment 373 –29 344
Buildings 26 –4 22
Exchange-rate reserve 42 –11 31
Other financial reserves 25 –14 11
Tax allocation reserve 112 — 112
Total 587 –1 586
Note 19. PROVISIONS FOR PENSIONS Group Parent company
____________________ ____________________
AND SIMILAR COMMITMENTS (SEKm) 2000 1999 2000 1999
Interest-bearing pensions 250 295 217 204
Other pensions 1,106 1,227 ——
Other commitments 2,692 2,450 ——
Total 4,048 3,972 217 204
Group Parent company
____________________ ____________________
Note 20. OTHER PROVISIONS (SEKm) 2000 1999 2000 1999
Provision for restructuring 1,020 180 19 7
Guarantee commitments 1,072 1,141 84 76
Pension litigation 2,135 1,841 ——
Other 2,402 2,537 142 123
Total 6,629 5,699 245 206
In 1998 two Group pension funds were
established for the Group’s Swedish com-
panies in order to secure pension com-
mitments related to the ITP plan, i.e. PRI
pensions.
The Electrolux 1997 pension fund
secures pensions earned through 1997,
and the Electrolux 1998 pension fund
secures pensions earned from 1998
onward.The parent company and
Swedish subsidiaries secure PRI pensions
in the latter fund by allocations to own
pension funds. In 2000, SEK 15m was
paid into the 1998 fund.
The year-end market value of assets in
the 1997 and 1998 pension funds
amounted to SEK 1,476m (1,473) and
SEK 123m (108) respectively.The market
value of assets in the 1997 fund exceeded
the capital value of pension commitments
by SEK 656m (397).The market value of
assets in the 1998 fund was SEK 84m
(15) less than the value of pension com-
mitments.A provision has been made in
the balance sheet of the respective units
as of December 31, 2000 for the deficit
in the 1998 fund.
Pension obligations in the amount of
SEK 275m have been prepaid by
Electrolux units to SPP in respect of the
1997 pension fund.This amount will be
refunded to the respective units in
February 2001.
The pension funds are managed by
external investment companies, and the
portfolio comprises both shares and
interest-bearing securities. Most of the
cash assets in the funds had been invested
by year-end 2000.
Other financial reserves include fiscally
permissible allocations referring to receivables in subsidiaries in politically
and economically unstable countries.
A-shares carry one vote and B-shares
one-tenth of a vote. As of December 31, 2000 Electrolux had
repurchased 25,035,000 B-shares, with a
total par value of SEK 125m.
Notes to the financial statements