Electrolux 2004 Annual Report Download - page 66

62 Electrolux Annual Report 2004
Notes
Amounts in SEKm, unless otherwise stated
Note 27 Acquired and divested operations
The assets and liabilities in 2003 refer to the divestments of Compres-
sors and Vestfrost.
The acquired and divested assets and liabilities in 2002 refer mainly
to the acquisition of Diamant Boart International and the divestments of
the remaining part of the Leisure appliance product line, the European
motor operation and Zanussi Metallurgica.
Note 28 Employees, salaries, remunerations and employer contributions
In 2004, the average number of employees was 72,382 (77,140), of
whom 48,039 (51,240) were men and 24,343 (25,900) women. A
detailed specification of the average number of employees by country
has been submitted to the Swedish Companies Registration Office and
is available on request from AB Electrolux, Investor Relations and
Financial Information. See also Electrolux website
www.electrolux.com/ir
In addition to the above contingent liabilities, guarantees for fulfillment
of contractual undertakings are given as part of the Group’s normal
course of business. There was no indication at year-end that payment
will be required in connection with any contractual guarantees.
Electrolux has, jointly with the state-owned company AB Swedecarrier,
issued letters of support for loans and leasing agreements totaling
SEK 1,412m in the associated company Nordwaggon AB.
Average number of employees, by geographical area
Group
2004 2003 2002
Europe 35,623 39,514 42,601
North America 21,547 21,169 20,117
Rest of the world 15,212 16,457 19,253
Total 72,382 77,140 81,971
Note 26 Contingent liabilities
Group Parent Company
2004 2003 2002 2004 2003 2002
Discounted bills ——10 ———
Accounts receivable, with recourse 468 370 182 — — —
Guarantees and other commitments
On behalf of subsidiaries — — — 1,317 1,804 2,129
Other 855 728 666 55 146 112
Employee benefits in excess of reported liabilities — 81 91 24 26 30
Total 1,323 1,179 949 1,396 1,976 2,271
Group
Acquisitions Divestments Net
2004 2003 2002 2004 2003 2002 2004 2003 2002
Fixed assets — — 654 — –1,600 –1,407 — –1,600 –753
Inventories — — 605 — –482 –651 — –482 –46
Receivables — — 610 — –1,146 –1,280 — –1,146 –670
Other current assets — — 22 — –98 –267 — –98 –245
Liquid funds — — 203 — –389 –76 — –389 127
Loans — — –789 — 870 746 — 870 –43
Other liabilities and provisions — — –907 — 1,531 1,744 — 1,531 837
Purchase price — — –1,745 — 1,246 3,846 — 1,246 2,101
Liquid funds in acquired/divested operations — — 203 — –389 –75 — –389 128
Effect on Group liquid funds — — –1,542 — 857 3,771 — 857 2,229
Salaries, other remuneration and employer contributions
2004 2003 2002
Salaries and Employer Salaries and Employer Salaries and Employer
remuneration contributions remuneration contributions remuneration contributions
Parent Company 1,140 659 1,081 647 993 559
(of which pension costs) (187)1) (194)1) (196)1)
Subsidiaries 15,874 4,983 16,073 4,958 18,415 5,764
(of which pension costs) (660) (713) (713)
Group total 17,014 5,642 17,154 5,605 19,408 6,323
(of which pension costs) (847) (907) (909)
1) Includes a net cost reduction of SEK 3m in 2004, costs of SEK 1m in 2003 and SEK 19m in 2002, referring to the President and his predecessors.