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70 Electrolux Annual Report 2003
Notes
The following is a summary of the effects that application of US GAAP would have on consolidated net income, equity and the balance sheet.
Note 30 continued
Amounts in SEKm, unless otherwise statedAmounts in SEKm, unless otherwise stated
Consolidated net income 2003 2002 2001
Net income as reported in the consolidated income statement 4,778 5,095 3,870
Adjustments before taxes
Acquisitions — 53 304
Goodwill and other intangible assets 193 233 —
Development costs –316 –156 —
Restructuring and other provisions — –545 –296
Pensions1) 33 74 308
Derivatives and hedging 191 579 –33
Capitalization of computer software –24 –24 17
Securities 6–5—
Stock-based compensation –7 –69 34
Taxes on the above adjustments1) 27 73 –19
Other taxes — — –444
Net income according to US GAAP 4,881 5,308 3,741
Net income from continuing operations according to US GAAP 4,879 4,220 4,042
Net income/loss from discontinued operations according to US GAAP 2 1,088 –301
Net income per share in SEK according to US GAAP 15.60 16.25 11.00
Number of shares2) 313,270,489 327,093,373 340,064,997
1) After adjustments as described on page 69.
2) Weighted average number of shares outstanding through the year, after repurchase of own shares.
Comprehensive income 2003 2002 2001
Net income according to US GAAP 4,881 5,308 3,741
Comprehensive income recognized in accordance with Swedish accounting principles –1,382 –3,121 1,815
Comprehensive income recognized for US GAAP adjustments
Translation differences 9 76 –49
Pensions, net of tax —, 18 and 12 respectively1) 2 42 –18
Derivatives and hedging, net of tax 41, 72 and –1 respectively –104 –183 4
Securities, net of tax —, — and 20 respectively — — –28
Comprehensive income according to US GAAP 3,406 2,122 5,465
1) After adjustments as described on page 69.
Equity 2003 2002 2001
Equity as reported in the consolidated balance sheet 27,462 27,629 28,864
Adjustments before taxes
Acquisitions –564 –594 –711
Goodwill and other intangible assets 392 233 —
Development costs –472 –156 —
Restructuring and other provisions — — 545
Pensions1) 419 355 239
Derivatives and hedging 303 257 –67
Capitalization of software 20 44 68
Securities 1–5—
Revaluation of assets –134 –147 –159
Stock-based compensation –42 –35 34
Taxes on the above adjustments1) –37 –77 –222
Equity according to US GAAP 27,348 27,504 28,591
1) After adjustments as described on page 69.
Balance sheet
The table summarizes the consolidated balance sheets prepared in accordance with Swedish accounting principles and US GAAP.
Swedish principles US GAAP
2003 2002 2001 2003 2002 2001
Intangible assets 4,782 4,928 5,159 4,362 4,411 4,565
Tangible assets 15,638 18,188 22,526 15,504 18,085 22,351
Financial assets 3,190 4,582 4,666 3,461 4,744 4,689
Current assets1) 53,418 57,726 62,096 55,045 58,855 63,601
Total assets 77,028 85,424 94,447 78,372 86,095 95,206
Equity1) 27,462 27,629 28,864 27,348 27,504 28,591
Minority interests 27 592 699 27 592 699
Provisions for pensions and similar commitments 5,678 6,018 4,095 6,185 6,162 4,403
Other provisions1) 5,683 7,580 8,341 6,034 7,897 8,081
Financial liabilities 12,182 15,377 22,914 12,772 15,307 23,412
Operating liabilities 25,996 28,228 29,534 26,006 28,633 30,020
Total equity and liabilities 77,028 85,424 94,447 78,372 86,095 95,206
1) After adjustments as described on page 69.