Scania annual report 2003

Notes – Parent Company
All amounts are stated in millions of Swedish kronor (SEK m.) unless otherwise stated.
NOTE 1 Financial income and expenses
2003 2002 2001
Interest income
From subsidiaries 63 102 107
Other 1 12 0
Sub-total 64 114 107
Interest expenses 0 0 –2
Exchange rate differences on forward
contracts for hedging net assets
of foreign subsidiaries 29 68 –54
Dividends 1,500 1,000 650
Net financial items 1,593 1,182 701
NOTE 2 Taxes
2003 2002 2001
Current tax –105 –121 –273
Tax effect due to Group contribution provided, SEK 105 m. (121)
has been reported directly against shareholders’ equity. The tax
payable amounts to zero.
NOTE 4 Shareholders’ equity
Unrestricted
share-
Share Statutory holders’
2002 capital reserve equity Total
Balance, 1 January 2,000 1,120 7,753 10,873
Dividend to shareholders –700 –700
Group contributions –310 –310
Net income for 2002 1,311 1,311
Balance,
31 December 2002 2,000 1,120 8,054 11,174
2003
Balance, 1 January 2,000 1,120 8,054 11,174
Dividend to shareholders –1,100 –1,100
Group contributions –272 –272
Net income for 2003 1,772 1,772
Balance,
31 December 2003 2,000 1,120 8,454 11,574
NOTE 5 Untaxed reserves
Tax allocation reserve 2003 2002 2001
1997 assessment – – 250
1998 assessment – 284 284
1999 assessment 637 637 637
2000 assessment 705 705 705
2001 assessment 634 634 634
2002 assessment 326 326 326
Total 2,302 2,586 2,836
SEK 645 m. (724 and 794, respectively) of “Untaxed reserves” consists
of a deferred tax liability, which is part of the Scania Group’s deferred tax
liabilities.
NOTE 6 Contingent liabilities
2003 2002 2001
Contingent liability related to FPG credit
insurance (Group companies) 1,588 1,457 1,456
Contingent liability related to FPG credit
insurance (associated companies) – – 159
Loan guarantees on behalf
of Group companies 1 22,051 25,228 25,257
Total 23,639 26,685 26,872
1 Most of this item is related to loan guarantees on behalf of borrowings by
Scania CV AB.
NOTE 7 Information regarding compensation
to executive officers and auditors
NOTE 3 Shares in Group companies
Carrying amount
Subsidiary/Corporate ID number/country of registration % ownership 2003 2002 2001
Scania CV AB, 556084-0976, Sweden 100.0 8,401 8,401 8,401
Scania Latin America Ltda, 635,010,727,112, Brazil 100.0 2,257 2,257 2,257
Scania Argentina S.A, 30-51742430-3, Argentina 99.9 1 358 298 298
Scania Chile S.A., 96.538.460-K, Chile 99.9 1 4 – –
Scania del Peru S.A, 101, 36300, Peru 5.2 1 15 15 15
Total 11,035 10,971 10,971
1 The Group’s ownership interest is 100 percent.
The President of Scania AB and the other members of the executive
management hold identical positions in Scania CV AB. Wages, salaries
and other remuneration are paid by Scania CV AB. The reader is
therefore referred to Notes 26 and 28 of the Scania Group. Compensation
of SEK 13,000 (18,000 and 11,000, respectively) was paid to auditors
in 2003 with respect to the Parent Company.
ANNUAL REPORT 2003
76