Electrolux 2003 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2003 Electrolux annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 98

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98

Electrolux Annual Report 2003 59
Notes
Value at par
On December 31, 2003, the share capital comprised
10,000,000 A-shares, par value SEK 5 50
314,100,000 B-shares, par value SEK 5 1,571
Total 1,621
A-shares carry one vote and B-shares one-tenth of a vote.
Number of shares Owned by Electrolux Owned by other shareholders Total
Shares at Dec. 31, 2002
A-shares — 10,000,000 10,000,000
B-shares 20,394,052 308,318,528 328,712,580
Repurchased shares
A-shares ———
B-shares 11,331,828 –11,331,828 —
Cancelled shares
A-shares ———
B-shares –14,612,580 — –14,612,580
Sold shares
A-shares ———
B-shares –113.300 113,300 —
Shares at Dec. 31, 2003
A-shares — 10,000,000 10,000,000
B-shares 17,000,000 297,100,000 314,100,000
Note 19 Assets pledged for liabilities to credit institutions
Group Parent Company
2003 2002 2001 2003 2002 2001
Real-estate mortgages 418 1,090 1,384 — — —
Corporate mortgages — 9 28 — — —
Receivables — 124 285 — — —
Inventories — 238 450 — — —
Other 5 447 263 5 5 5
Total 423 1,908 2,410 5 5 5
The sharp reduction of pledged assets in 2003 is mainly due to that the
company in India has ceased pledging assets, the divestment of the
compressor unit in China and renegotiations of bank loans in Germany.
Retained earnings is the sum of the free reserves of the Parent Company
and that portion of each subsidiary’s equity that could be paid as dividend
without requiring the Parent Company to write down the book value of the
subsidiary. The remaining portion of equity is recognized as restricted
reserves.
As of December 31, 2003, Electrolux had repurchased 17,000,000
B-shares, with a total par value of SEK 85m. The average number of
shares during the year has been 313,270,489 (327,093,373).
Note 20 Equity
Unrestricted consolidated earnings amount to SEK 14,130m. No alloca-
tion to restricted reserves is required. The accumulated translation differ-
ences charged to equity since January 1, 1998, amount to SEK –1,583m
(–324). Translation differences in 2003 amount to SEK –1,259m and have
been reduced by SEK 376m, net of taxes, through equity hedging. The
equity method reserve amounted to SEK 62m (–124).
Note 21 Share capital and number of shares