Electrolux 2004 Annual Report Download - page 77

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Electrolux Annual Report 2004 73
According to the consolidated financial statements, the Group’s unappropriated earnings amount to SEK 10,729m.
No allocation to restricted equity is required.
Thousands of kronor
The Board of Directors and the President propose that net income for the year 2,214,478
and retained earnings 10,905,204
Totaling 13,119,682
be distributed as follows:
A dividend of SEK 7.00 per share to each shareholder, totaling1) 2,038,266
To be carried forward 11,081,416
Total 13,119,682
Stockholm, February 14, 2005
Michael Treschow
Chairman of the Board
Peggy Bruzelius
Deputy Chairman
Thomas Halvorsen Aina Nilsson Ström Barbara R. Thoralfsson Karel Vuursteen
Ulf Carlsson Bert Gustafsson Annika Ögren
Hans Stråberg
President
1) Calculated on the number of outstanding shares as per February 14, 2005. Based on the resolution adopted by the Annual General Meeting in April 2004, a maximum
of 13,152,630 additional shares may be repurchased prior to the Annual General Meeting in April 2005, thereby decreasing the total dividend payment.
Proposed distribution of earnings
Auditors’ report
To the Annual General Meeting of the shareholders of AB Electrolux (Corporate Identity Number 556009-4178)
We have audited the annual accounts, the consolidated accounts, the
accounting records and the administration of the Board of Directors
and the President of AB Electrolux for the year 2004. These accounts
and the administration of the company and the application of the
Annual Accounts Act when preparing the annual accounts and the
consolidated accounts are the responsibility of the Board of Directors
and the President. Our responsibility is to express an opinion on the
annual accounts, the consolidated accounts and the administration
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards in Sweden. Those standards require that we plan
and perform the audit to obtain reasonable assurance that the annual
accounts and the consolidated accounts are free of material misstate-
ment. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the accounts. An audit also includes
assessing the accounting principles used and their application by the
Board of Directors and the President and significant estimates made
by the Board of Directors and the President when preparing the annual
accounts and consolidated accounts as well as evaluating the overall
presentation of information in the annual accounts and the consolidat-
ed accounts. As a basis for our opinion concerning discharge from
liability, we examined significant decisions, actions taken and circum-
stances of the company in order to be able to determine the liability,
if any, to the company of any Board member or the President. We also
examined whether any Board member or the President has, in any
other way, acted in contravention of the Companies Act, the Annual
Accounts Act or the Articles of Association. We believe that our audit
provides a reasonable basis for our opinion set out below.
The annual accounts and the consolidated accounts have been pre-
pared in accordance with the Annual Accounts Act and, thereby, give
a true and fair view of the company’s and the Group’s financial position
and results of operations in accordance with generally accepted
accounting principles in Sweden. The statutory administration report
is consistent with the other parts of the annual accounts and the
consolidated accounts.
We recommend to the Annual General Meeting of shareholders that
the income statements and balance sheets of the Parent Company and
the Group be adopted, that the profit for the Parent Company be dealt
with in accordance with the proposal in the administration report and
that the members of the Board of Directors and the President be
discharged from liability for the financial year.
Stockholm, February 28, 2005
PricewaterhouseCoopers AB
Peter Clemedtson Anders Lundin
Authorized Public Accountant Authorized Public Accountant
Partner in Charge