Electrolux 2003 Annual Report Download - page 58

56 Electrolux Annual Report 2003
Notes
provision for bad debts at year-end was SEK 1,012m (1,459). Electrolux
has a significant concentration on a number of major customers primarily
in the US and Europe. Receivables concentrated to customers amounting
to SEK 300m or more represent 31% of the total accounts receivable.
Note 15 Financial fixed assets
Group Parent Company
2003 2002 2001 2003 2002 2001
Participations in associated companies 185 167 190 — — —
Participations in other companies 55 167 204 96 141 125
Shares in subsidiaries — — — 21,663 24,200 25,088
Long-term receivables in subsidiaries — — — 6,936 9,645 6,331
Long-term holdings in securities 149 175 172 — — —
Other receivables 887 1,082 1,322 28 223 257
Total 1,276 1,591 1,888 28,723 34,209 31,801
A specification of shares and participations is provided in Note 29 on page 65.
Note 16 Inventories
Group Parent Company
2003 2002 2001 2003 2002 2001
Raw materials 3,111 4,017 4,585 118 147 134
Products in progress 598 778 898 47 15 18
Finished products 11,313 11,153 11,876 244 212 656
Advances to suppliers 37 71 93 — — —
Advances from customers –114 –405 –451 — — —
Total 14,945 15,614 17,001 409 374 808
Amounts in SEKm, unless otherwise stated
Note 17 Accounts receivable
At year-end 2003, accounts receivable, net of provisions for doubtful
accounts, amounted to SEK 21,172m (22,484), representing the maxi-
mum possible exposure to customer defaults. The book value of
accounts receivable is considered to represent fair value. The total
Note 18 Financial instruments
Financial instruments is defined in accordance with the Swedish Financial
Accounting Standard Council’s standard RR 27, which is based on IAS 32.
Additional and complementary information is presented in the following
Notes to the Annual Report: Note 1 “Accounting and valuation principles”
discloses the accounting and valuation policies adopted and Note 2
“Financial risk management” describes the Group’s risk policies in general
Note 14 continued
and regarding the principal financial instruments of Electrolux in more
detail. Note 17 describes the accounts receivables and related credit
risks.The information in this note highlights and describes the principal
interest-bearing financial instruments of the Group regarding specific major
terms and conditions when applicable, and the exposure to interest rate
risk and the fair values at year-end.
Tax assessment value for buildings was SEK 95m (95), and land
SEK 20m (17). The corresponding book values for buildings were
SEK 8m (10), and land SEK 5m (5). Undepreciated write-ups on buildings
and land were SEK 2m (2).
Machinery Construction
Land and land and technical Other in progress
Parent Company improvements Buildings installations equipment and advances Total
Acquisition costs
Closing balance Dec. 31, 2001 7 74 1,371 336 38 1,826
Acquired during the year — — 87 21 16 124
Transfer of work in progress and advances — — 25 — –25 0
Sales, scrapping, etc. — — –143 –53 — –196
Closing balance Dec. 31, 2002 7 74 1,340 304 29 1,754
Acquired during the year — — 70 99 9 178
Transfer of work in progress and advances — — 1 — –1 —
Sales, scrapping, etc. — — –127 –48 — –175
Closing balance Dec. 31, 2003 7 74 1,284 355 37 1,757
Accumulated depreciation according to plan
Closing balance Dec. 31, 2001 2 62 1,041 169 — 1,274
Depreciation for the year — 2 105 34 — 141
Sales, scrapping, etc. — — –135 –51 — –186
Closing balance Dec. 31, 2002 2 64 1,011 152 — 1,229
Depreciation for the year — 2 95 33 — 130
Sales, scrapping, etc. — — –123 –12 — –135
Closing balance Dec. 31, 2003 2 66 983 173 — 1,224
Net book value Dec. 31, 2002 5 10 329 152 29 525
Net book value Dec. 31, 2003 5 8 301 182 37 533