Electrolux 2011 Annual Report Download - page 128

Note 9 Financial income and financial expenses
Group Parent Company
2011 2010 2011 2010
Financial income
Interest income
From subsidiaries — — 328 641
From others 336 329 31 48
Dividends from subsidiaries — — 2,150 2,560
Group contribution
from subsidiaries — — 217 227
Other financial income 1 3 1 2
Total financial income 337 332 2,727 3,478
Financial expenses
Interest expenses
To subsidiaries — — –23 –233
To others –598 –404 –474 –275
Group contribution
to subsidiaries — — –52 –29
Exchange-rate differences
On loans and forward
contracts as hedges for
foreign net investments — — 284 218
On other loans and
borrowings, net 74 –16 –58 279
Other financial expenses –50 –36 –21 –18
Total financial expenses –574 –456 –344 –58
Interest income from others, for the Group and the Parent
Company, includes gains and losses on financial instruments
held for trading. Interest expenses to others, for the Group and
the Parent Company, include gains and losses on derivatives
used for managing the Group’s interest fixing and premiums on
forward contracts in the amount of SEK –37m (–109) used as
hedges for foreign net investments. For information on financial
instruments, see Note 18 on page 51.
Note 7 Items affecting comparability
Group
2011 2010
Restructuring and impairment
Appliances plant in Kinston, North Carolina, USA –104 —
Appliances plant in L'Assomption, Canada — –426
Reduced workforce in Major Appliances, Europe –54 –356
Appliances plant in Revin, France — –71
Appliances plant in Forli, Italy — –136
Appliances plant in Motala, Sweden — –95
Reversal of unused restructuring provisions 20 20
Total –138 –1,064
Classification by function in the income statement
Group
2011 2010
Cost of goods sold –138 –1,062
Selling expenses — —
Administrative expenses — –2
Other operating income and expenses — —
Total –138 –1,064
Items affecting comparability in 2011 relates to costs for relocation
of production from the dishwasher factory in Kinston, North
Carolina, and an addition to the downsizing program in Europe
that was initiated in 2010. Items affecting comparability in 2010
relates to restructuring costs for the phase-out of the cooker-pro-
duction factory in Motala, Sweden, and downsizing in several
other production units within Major Appliances Europe. Included
in the 2010 charge is also the closure of the cooker-production
facility in L’Assomption, Canada, announced in December 2010.
Note 8 Leasing
Financial leases
At December 31, 2011, the net carrying amount of the Group’s
financial leases totals SEK 4m (149). The building with the North
American head office in Charlotte, North Carolina, that was previ-
ously leased was acquired during the year. Future financial lease
payments amount to SEK 5m.
Operating leases
The future amount of minimum lease-payment obligations are
distributed as follows:
Operating leases
2012 733
2013–2016 1,638
2017– 583
Total 2,954
Expenses in 2011 for rental payments (minimum leasing fees)
amounted to SEK 839m (807). Among the Group’s operating
leases there are neither material contingent expenses, nor
restrictions.
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