Electrolux 2003 Annual Report Download - page 57

Electrolux Annual Report 2003 55
Notes
In 2002, tangible fixed assets in low-performing operations within Consumer
Durables, Europe and Rest of the world and within the compressor opera-
tions were impaired. Discount rates of 11–22% were used when calculating
value in use. The book values for land were SEK 1,160m (1,238).
The tax assessment value for Swedish Group companies was for build-
ings SEK 328m (332), and land SEK 74m (66).
The corresponding book values for buildings were SEK 186m (181),
and land SEK 21m (22). Accumulated write-ups on buildings and land
were at year-end SEK 134m (147).
As described in Note 1, goodwill from four major acquisitions is amortized
over 40 years. The goodwill amortization for these amounted to
SEK 105m in 2003.
In 2002, goodwill in low-performing operations within Consumer Durables,
Rest of the world, and within the compressor operations was impaired.
Discount rates of 13 – 35% were used when calculating value in use.
Machinery Construction
Land and land and technical Other in progress
Group improvements Buildings installations equipment and advances Total
Acquisition costs
Closing balance Dec. 31, 2001 1,738 11,130 40,037 3,532 3,370 59,807
Acquired during the year 5 113 1,227 263 1,727 3,335
Corporate acquisitions 53 478 232 161 5 929
Corporate divestments 2 –336 –3,017 –482 –60 –3,893
Transfer of work in progress and advances 5 223 3,147 –49 –3,326 —
Sales, scrapping, etc. –142 –492 –1,834 –389 –21 –2,878
Exchange-rate differences –129 1,068 –3,844 –184 –617 –5,842
Closing balance Dec. 31, 2002 1,532 10,048 35,948 2,852 1,078 51,458
Acquired during the year 8 225 832 258 2,140 3,463
Corporate acquisitions — — — — — —
Corporate divestments –68 –749 –4,058 –290 –38 –5,203
Transfer of work in progress and advances 15 218 1,555 –1 –1,787 —
Sales, scrapping, etc. –62 –355 –2,301 –297 — –3,015
Exchange-rate differences –56 –750 –2,780 –129 –188 –3,903
Closing balance Dec. 31, 2003 1,369 8,637 29,196 2,393 1,205 42,800
Accumulated depreciation according to plan
Closing balance Dec. 31, 2001 167 5,266 29,530 2,318 — 37,281
Depreciation for the year 17 374 2,894 301 — 3,586
Corporate acquisitions — 220 143 119 — 482
Corporate divestments 10 –147 –2,429 –359 — –2,925
Sales, scrapping, etc. –21 –308 –1,725 –389 — –2,444
Impairment 47 276 672 36 — 1,032
Exchange-rate differences –15 –510 –3,108 –109 — –3,742
Closing balance Dec. 31, 2002 205 5,171 25,977 1,917 — 33,270
Depreciation for the year 11 387 2,423 249 — 3,070
Corporate divestments –36 –454 –3,252 –124 — –3,866
Sales, scrapping, etc. –12 –226 –2,240 –252 — –2,730
Impairment — — 12 1 — 13
Exchange-rate differences –15 –413 –2,086 –81 — –2,595
Closing balance Dec. 31, 2003 153 4,465 20,834 1,710 — 27,162
Net book value Dec. 31, 2002 1,327 4,877 9,971 935 1,078 18,188
Net book value Dec. 31, 2003 1,216 4,172 8,362 683 1,205 15,638
Note 14 Tangible fixed assets
Parent
Group Company
Product Brands,
Goodwill development Software Other Total etc.
Accumulated amortization according to plan
Closing balance Dec. 31, 2001 3,037 — — 259 3,296 30
Amortization for the year 230 5 2 31 268 24
Sold and acquired during the year –35 — — 4 –31 —
Fully amortized –727———–727 —
Impairment 195 — — 1 196 —
Exchange-rate differences –389 — — –109 –498 —
Closing balance Dec. 31, 2002 2,311 5 2 186 2,504 54
Amortization for the year 182 38 5 57 282 34
Sold and acquired during the year –32 — — –1 –33 —
Fully amortized –647 — — –13 –660 —
Impairment ————— —
Exchange-rate differences –284 — — –1 –285 —
Closing balance Dec. 31, 2003 1,530 43 7 228 1,808 88
Net book value Dec. 31, 2002 4,168 171 17 572 4,928 611
Net book value Dec. 31, 2003 3,500 472 137 673 4,782 580
1) Final purchase price allocation of Diamant Boart International.
Note 13 continued