Electrolux 2004 Annual Report Download - page 27
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0403020100
20
16
12
8
4
0
SEK
Excluding items
affecting comparability
Including items
affecting comparability
ments in subsidiaries, resulting mainly from the strengthening of
the Swedish krona against the US dollar.
Transaction effects, net of hedging contracts, amounted to
approximately SEK 130m and referred largely to the strengthening
of the British pound against the euro.
The effect of changes in exchange rates on income after financial
items amounted to approximately SEK –87m.
For additional information on effects of changes in exchange rates, see the
section on Foreign exchange risk in Note 2, Financial risk management, on
page 48.
Net sales and expenses, by currency
Share of Share of Average Average
net sales, expenses, exchange exchange
% % rate 2004 rate 2003
SEK 4 8 ——
USD 37 40 7.33 8.08
EUR 32 369.129.13
GBP 5 2 13.38 13.25
Other 22 14 ——
Total 100 100
Net income per share
Net income declined by 34.1% to SEK 3,148m (4,778),
corresponding to a decline of 30.8% in net income per share to
SEK 10.55 (15.25) before dilution.
Net income per share
Net income per share declined by 30.8% to SEK 10.55. Excluding items affect-
ing comparability, net income per share declined by 11.1% to SEK 14.87.
Items affecting comparability
The above income figures for 2004 include items affecting compa-
rability in the amount of SEK –1,960m (–463). These items include
charges for restructuring, mainly involving plant closures, as well as
costs for settlement of a lawsuit in the US. See table on page 24.
Consolidated income statement
Amounts in SEKm, unless otherwise stated Note 2004 2003 2002
Net sales Note 4 120,651 124,077 133,150
Cost of goods sold –91,006 –93,742 –101,705
Gross operating income 29,645 30,335 31,445
Selling expenses –17,369 –16,877 –17,738
Administrative expenses –5,513 –5,699 –5,405
Other operating income Note 5 91 130 135
Other operating expenses Note 6 –180 –251 –272
Items affecting comparability Note 7 –1,960 –463 –434
Operating income 1) Notes 4, 8, 28 4,714 7,175 7,731
Financial income Note 9 583 794 947
Financial expenses Note 9 –938 –963 –1,133
Income after financial items 4,359 7,006 7,545
Taxes Note 10 –1,210 –2,226 –2,459
Minority interests in net income Note 11 –1 –29
Net income 3,148 4,778 5,095
Net income per share, SEK Note 12 10.55 15.25 15.58
After dilution 10.54 15.24 15.57
Net income per share according to US GAAP, SEK Note 31 9.35 15.58 16.23
After dilution 9.34 15.58 16.23
Average number of shares, millions Note 12 298.3 313.3 327.1
After dilution 298.6 313.6 327.3
1) Operating income includes depreciation
and amortization in the amount of: 3,178 3,353 3,854
Report by the Board of Directors for 2004