Electrolux 2002 Annual Report Download - page 61

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We have audited the annual accounts, the consolidated
accounts, the accounting records and the administration of
the Board of Directors and the President of AB Electrolux
for the year 2002. These accounts and the administration of
the Company are the responsibility of the Board of Directors
and the President. Our responsibility is to express an opinion
on the annual accounts, the consolidated accounts and the
administration based on our audit.
We conducted our audit in accordance with generally
accepted auditing standards in Sweden. Those standards
require that we plan and perform the audit to obtain reason-
able assurance that the annual accounts and the consolidated
accounts are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts
and disclosures in the accounts. An audit also includes assess-
ing the accounting principles used and their application by the
Board of Directors and the President, as well as evaluating the
overall presentation of information in the annual accounts and
the consolidated accounts. As a basis for our opinion concern-
ing discharge from liability we examined significant decisions,
actions taken and circumstances of the company in order to be
able to determine the liability, if any, to the company of any
board member or the President. We also examined whether
any board member or the President has, in any other way,
acted in contravention of the Companies Act, the Annual
Accounts Act or the Articles of Association. We believe that
our audit provides a reasonable basis for our opinion set out
below.
The annual accounts and the consolidated accounts have
been prepared in accordance with the Annual Accounts Act
and, thereby, give a true and fair view of the company’s and
the Group’s financial position and results of operations in
accordance with generally accepted accounting principles in
Sweden.
We recommend to the Annual General Meeting of share-
holders that the income statements and balance sheets of the
Parent Company and the Group be adopted, that the profit for
the Parent Company be dealt with in accordance with the
proposal in the administration report and that the members
of the Board of Directors and the President be discharged
from liability for the financial year.
To the Annual General Meeting of the shareholders of AB Electrolux (Corporate identity No. 556009-4178)
Stockholm, February 11, 2003
PricewaterhouseCoopers AB
Peter Clemedtson Anders Lundin
Authorized Public Accountant Authorized Public Accountant
Partner in Charge
Auditors’report
According to the consolidated financial statements, the Group’s unappropriated earnings amount to SEK 11,648m.
No allocation to restricted equity is required.
Thousands of kronor
The Board of Directors and the President propose that net income for the year 3,550,232
and retained earnings 8,529,019
Totalling 12,079,251
be distributed as follows:
A dividend of SEK 6.00 per share
to each shareholder, totalling1) 1,896,098
To be carried forward 10,183,153
Total 12,079,251
Stockholm, February 11, 2003
Rune Andersson
Chairman of the Board
Jacob Wallenberg
Deputy Chairman
Peggy Bruzelius Thomas Halvorsen Louis R. Hughes Michael Treschow
Karel Vuursteen Bert Gustafsson Ulf Carlsson Ingemar Larsson
Hans Stråberg
President
Proposed distribution of earnings
1) Calculated on the number of outstanding shares as per February 11, 2003. Based on the resolution adopted by the Annual General Meeting in April 2002, a maximum of
11,175,006 additional shares may be repurchased prior to the Annual General Meeting in April 2003, thereby decreasing the total dividend payment.