Electrolux 2004 Annual Report Download - page 76

72 Electrolux Annual Report 2004
Notes
Amounts in SEKm, unless otherwise stated
Note 31 continued
Summary of the effects that application of US GAAP would have on consolidated net income, equity and the balance sheet
Consolidated net income 2004 2003 2002
Net income as reported in the consolidated income statement 3,148 4,778 5,095
Adjustments before taxes
Acquisitions ——53
Goodwill and other intangible assets 166 193 233
Development costs –367 –316 –156
Restructuring and other provisions 178 — –545
Pensions –312 33 74
Derivatives and hedging –158 191 579
Capitalization of computer software –15 –24 –24
Securities 26–5
Stock-based compensation –87 –7 –69
Taxes on the above adjustments 233 27 73
Net income according to US GAAP 2,788 4,881 5,308
Net income from continuing operations according to US GAAP 2,788 4,879 4,220
Net income/loss from discontinued operations according to US GAAP — 2 1,088
Net income per share in SEK according to US GAAP, basic 9.35 15.58 16.23
Number of shares1), basic 298,314,025 313,270,489 327,093,373
Net income per share in SEK according to US GAAP, diluted 9.34 15.58 16.23
Number of shares1), diluted 298,350,049 313,276,990 327,093,373
1) Weighted average number of shares outstanding through the year, after repurchase of own shares.
Comprehensive income 2004 2003 2002
Net income according to US GAAP 2,788 4,881 5,308
Comprehensive income recognized in accordance
with Swedish accounting principles –2,0531) –1,382 –3,121
Comprehensive income recognized for US GAAP adjustments
Translation differences 9976
Pensions, net of tax –404, — and 18 respectively 5912) 242
Derivatives and hedging, net of tax —, 41 and 72 respectively –2 –104 –183
Comprehensive income according to US GAAP 1,333 3,406 2,122
1) Includes translation differences SEK –451m and adjustment of opening balance SEK –1,602m, further described on page 25 in the Report by the Board of Directors.
2) Includes the corresponding US GAAP adjustment on the adjustment of the opening balance.
Equity 2004 2003 2002
Equity as reported in the consolidated balance sheet 23,410 27,462 27,629
Adjustments before taxes
Acquisitions –546 –564 –594
Goodwill and other intangible assets 548 392 233
Development costs –819 –472 –156
Restructuring and other provisions 167 — —
Pensions 1,102 419 355
Derivatives and hedging 143 303 257
Capitalization of software 52044
Securities 31–5
Revaluation of assets –132 –134 –147
Stock-based compensation –106 –42 –35
Taxes on the above adjustments –208 –37 –77
Equity according to US GAAP 23,567 27,348 27,504
Balance sheet
The table summarizes the consolidated balance sheets prepared in accordance with Swedish accounting principles and US GAAP.
Swedish principles US GAAP
2004 2003 2002 2004 2003 2002
Intangible assets 5,077 4,782 4,928 4,329 4,362 4,411
Tangible assets 16,033 15,638 18,188 15,901 15,504 18,085
Financial assets 4,349 3,190 4,582 4,552 3,461 4,744
Current assets 49,473 53,418 57,726 50,735 55,045 58,855
Total assets 74,932 77,028 85,424 75,517 78,372 86,095
Equity 23,410 27,462 27,629 23,567 27,348 27,504
Minority interests 10 27 592 10 27 592
Provisions for pensions and similar commitments 7,852 5,678 6,018 7,312 6,185 6,162
Other provisions 6,212 5,683 7,580 6,159 6,034 7,897
Financial liabilities 9,843 12,182 15,377 10,585 12,772 15,307
Operating liabilities 27,605 25,996 28,228 27,884 26,006 28,633
Total equity and liabilities 74,932 77,028 85,424 75,517 78,372 86,095