Electrolux 2005 Annual Report Download - page 80
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Notes
76 Electrolux Annual Report 2005
Amounts in SEKm, unless otherwise stated
Note 29 Shares and participations
Participation in associated companies
SEKm 2005 2004
Opening balance 196 185
Operating result 4 27
Dividend –3 –11
Tax –1 –5
Exchange difference 5 1
Divestment –77 —
Other — –1
Closing balance 124 196
In item Participation in associated companies is at December 31, 2005, goodwill included
with the amount of SEK 5m (5).
The Group´s share of the associated companies, which all, except for
Atlas Eléctrica, Costa Rica, are unlisted, were at December 31, 2004,
as follows:
Associated companies
2004
Relation to the Electrolux Group 1) Profit & Loss Balance sheet
Net Total Total
SEKm Participation, % Book value Receivables Liabilities Sales Purchases Income result assets liabilities
Eureka Forbes, India 40.0 77 — — — — 841 14 201 8
Nordwaggon, Sweden 50.0 37 — 9 — 57 401 — 1,622 1,548
Atlas Eléctrica, Costa Rica 18.9 46 — 1 — 11 574 16 535 284
Sidème, France 39.3 15 — 73 — 190 478 –1 190 157
Viking Financial Services, USA 50.0 13 127 — — — 25 10 313 287
Other — 8 4 5 5 34 58 4 28 16
Total 196 131 88 5 292 2,377 43 2,889 2,300
1) Seen from Electrolux perspective.
Included in Other are: Diamant Boart, Argentina; A/O Khimki, Russia;
Diamant Boart, the Philippines; Manson Tool, Sweden; and e2 Home,
Sweden.
2005
Relation to the Electrolux Group 1) Profit & Loss Balance sheet
Net Total Total
SEKm Participation, % Book value Receivables Liabilities Sales Purchases Income result assets liabilities
Atlas Eléctrica, Costa Rica 18.9 50 — 1 — 6 687 22 589 328
Nordwaggon, Sweden 50.0 22 — 11 — 72 408 –29 1,519 1,475
Sidème, France 39.3 16 — 79 — 207 528 — 215 179
Viking Financial Services, USA 50.0 27 7 — — — 33 21 99 45
Other — 9 4 4 6 34 60 6 27 15
Total — 124 11 95 6 319 1,716 20 2,449 2,042
1) Seen from Electrolux perspective.
Included in Other are: Diamant Boart, Argentina; A/O Khimki, Russia;
Diamant Boart, the Philippines; Manson Tool, Sweden; and e2 Home,
Sweden.
Market value for Atlas Eléctrica is according to stock market rate at
December 31, 2005, about SEK 28m (24). Although the participation
in Atlas Eléctrica is only 18.9 % it is still included amongst associated
companies since Electrolux has a significant influence in the company.
Electrolux has, jointly with the state-owned company AB Swedecar-
rier, issued letters of support for loans and leasing agreements totaling
SEK 1,400m (1,412) in the associated company Nordwaggon AB.
Other companies
Holding, % Book value, SEKm
Videocon Industries Ltd., India 4.6 214
Firefly Energy Inc., USA 7.5 8
Banca Popolare Friuladria S.p.A., Italy 0.0 3
Business Partners B.V., The Netherlands 0.7 3
Other — 9
Total 237