Annual Report 2004 - HL Display

Income statement
Comments on the consolidated income statement
For definitions, see page 49
The Group’s sales increased by 16 per cent
compared with 2003. Changes in the value of
the Swedish krona compared with HL Display’s
export currencies at the beginning of the year
affected net sales positively to the order of
SEK 17 M. The gross margin has suffered from
an increasing incidence of high prices of raw
materials, while restraint and stricter control
of expenses has meant a lower level in relative
terms. Expenses has only increased by 3 per
cent. Operating profit/loss for the year rose to
SEK 80 M (-4). Changes in the value of the Swedish
krona compared with HL Display’s export
currencies at the beginning of the year affected
operating profit positively by SEK 9 M. Net interest
income/expense for the period amounted
31
INCOME STATEMENT
Group Parent Company
SEK T Note 2004 2003 2004 2003
Net sales 3, 4 1,311,003 1,129,005 76,344 79,130
Costs of goods/services sold –726,914 –622,122 –44,943 –56,126
Gross profit/loss 584,089 506,883 31,401 23,004
Selling expenses –346,402 –329,366 –11,583 –8,140
Administrative expenses –119,140 –127,075 –41,728 –34,801
Research & Development expenses –42,142 –36,958 –15,383 –12,593
Other operating income 5 9,796 5,658 3,734 2,178
Other operating expenses 5 –5,867 –23,030 –301 –817
Operating profit/loss 6, 7, 8, 9 80,334 –3,888 –33,860 –31,169
Income from shares in Group undertakings
Income from other securities and receivables
10 — — 79,839 79,059
accounted for as fixed assets 11 574 –277 4,908 4,886
Other interest income and similar items 12 1,886 2,606 830 1,179
Other interest expense and similar items 13 –14,385 –7,653 –1,046 –1,594
Profit/loss after financial items 68,409 –9,212 50,671 52,361
Appropriations 14 — — 5,679 5,183
Profit/loss before tax 68,409 –9,212 56,350 57,544
Tax on profit for the year 15 –23,729 –897 –12,571 –10,772
Minority shares in profit for the year 635 — — —
NET PROFIT/LOSS FOR THE YEAR 45,315 –10,109 43,779 46,772
Net profit/loss per share 16 5.89 –1.31 5.69 6.08
Profit/loss per share after dilution 16 5.88 –1.31 5.68 6.07
to SEK -6 M (-4), while translation differences
and other currency effects amounted to
SEK -6 M (-1). Profit/loss after financial items
increased to SEK 68 M (-9), corresponding to
a profit margin of 5 (-1) per cent. Profit/loss for
the year increased to SEK 45 M (-10).
HL DISPLAY ANNUAL REPORT 2004