Electrolux 2003 Annual Report Download - page 46

44 Electrolux Annual Report 2003
Parent Company
The Parent Company comprises the functions of the Group’s head
office, as well as six companies operating on a commission basis
for AB Electrolux.
Net sales for the Parent Company in 2003 amounted to
SEK 6,713m (6,692), of which SEK 3,882m (3,807) referred to sales
to Group companies and SEK 2,831m (2,885) to external customers.
After appropriations of SEK –143m (–130) and taxes of SEK 362m
(–30), net income for the year amounted to SEK 5,836m (3,550).
Undistributed earnings in the Parent Company at year-end
amounted to SEK 15,172m.
Net financial exchange-rate differences during the year amounted
to SEK 341m (694), of which SEK –29m (–230) comprised realized
exchange-rate losses on loans intended as hedges for foreign net
investments, while SEK 361m (902) comprised exchange-rate
gains on derivative contracts for the same purpose.
There is usually no effect generated by these differences on
Group income, as exchange-rate differences are offset against
translation differences, that is, the change in equity arising from the
translation of net assets in foreign subsidiaries at year-end rates.
Group contributions in 2003 amounted to SEK 1,139m. Group
contributions net after taxes in the amount of SEK 820m is reported
in retained earnings. See change in equity on the next page.
For information on the number of employees, salaries and remuneration, see
Note 28 on page 62. For information on holdings in shares and participations,
see Note 29 on page 65.
Income statement
Amounts in SEKm,
unless otherwise stated Note 2003 2002
Net sales 6,713 6,692
Cost of goods sold –5,848 –5,681
Gross operating income 865 1,011
Selling expenses –660 –640
Administrative expenses –621 –615
Other operating income Note 5 1,840 77
Other operating expenses Note 6 –912 –2,209
Operating income Note 28 512 –2,376
Group contributions — 1,255
Financial income Note 9 5,867 5,459
Financial expenses Note 9 –762 –628
Income after financial items 5,617 3,710
Appropriations Note 22 –143 –130
Income before taxes 5,474 3,580
Taxes Note 10 362 –30
Net income 5,836 3,550
Balance sheet
Amounts in SEKm, Dec. 31, Dec. 31,
unless otherwise stated Note 2003 2002
Assets
Fixed assets
Intangible assets Note 13 580 611
Tangible assets Note 14 533 525
Financial assets Note 15 28,723 34,209
Deferred tax assets 105 —
Total fixed assets 29,941 35,345
Current assets
Inventories, etc. Note 16 409 374
Current receivables
Receivables from subsidiaries 4,205 3,854
Accounts receivables 388 587
Tax refund claim — 41
Other receivables 181 242
Prepaid expenses and accrued income 149 100
4,923 4,824
Liquid funds
Short-term investments 6,946 6,656
Cash and cash equivalents 1,821 1,434
8,767 8,090
Total current assets 14,099 13,288
Total assets 44,040 48,633
Assets pledged Note 19 5 5
Equity and liabilities
Equity Note 20
Share capital Note 21 1,621 1,694
Statutory reserve 2,941 2,868
Retained earnings 9,336 8,529
Net income 5,836 3,550
19,734 16,641
Untaxed reserves Note 22 756 613
Provisions
Provisions for pensions and
similar commitments Note 23 251 245
Other provisions Note 24 247 360
498 605
Financial liabilities
Payable to subsidiaries 11,744 18,751
Bond loans 5,954 7,702
Mortgages, promissory notes, etc. 1,449 1,729
Short-term loans 1,799 532
20,946 28,714
Operating liabilities
Payable to subsidiaries 490 578
Accounts payable 505 471
Other liabilities 85 207
Accrued expenses and
prepaid income Note 25 1,026 804
2,106 2,060
Total equity and liabilities 44,040 48,633
Contingent liabilities Note 26 1,976 2,271