Annual Report 2004 - HL Display

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BALANCE SHEET Balance sheet HL DISPLAY ANNUAL REPORT 2004 32 Group Parent Company SEK T per 31 December Note 2004 2003 2004 2003 ASSETS 17 Fixed assets Intangible fixed assets 18 Computer systems 3,470 6,188 1,210 2,173 Goodwill — 1,216 — — Total intangible fixed assets 3,470 7,404 1,210 2,173 Tangible fixed assets 19 Land and buildings 0 0 — — Plant and machinery 130,789 131,397 470 600 Capital expenditure on leasehold property 6,557 5,986 — — Total tangible fixed assets 137,346 137,383 470 600 Financial fixed assets 20 Shares in Group undertakings 21 — — 50,947 49,155 Participating interests 22 10,000 10,000 16,751 16,051 Deferred tax assets 15 12,586 15,705 — 1,221 Other long-term receivables 978 964 — — Total financial fixed assets 23,564 26,669 67,698 66,427 Total fixed assets 164,380 171,456 69,378 69,200 Current assets Inventories 23 115,873 128,528 — — Current receivables Accounts receivable trade 241,728 197,939 — — Receivables from Group companies — — 155,891 159,995 Other receivables 24 27,932 34,424 11,441 13,908 Prepaid expenses and accrued income 25 24,187 18,357 10,629 4,970 Total current receivables 293,847 250,720 177,961 178,873 Cash and bank 112,013 94,840 56,402 47,711 Total current assets 521,733 474,088 234,363 226,584 TOTAL ASSETS 3 686,113 645,544 303,741 295,784 Comments on the consolidated balance sheet For definitions, see page 49 Total assets increased by SEK 41 M or 6 per cent. Working capital increased by SEK 19 M and there was an improvement in liquidity. Fixed assets decreased, due to the fact that investments were below depreciation for the year. The capital turnover rate increased to 1.97 (1.74) times. Investments During the period, net investments in fixed assets amounted to SEK 42 M (39) and mainly relate to production equipment. Depreciation according to plan amounted to SEK 46 M (48) for the period. Inventories and accounts receivable Inventories fell by SEK 13 M as of 31 December, and represent 9 (11) per cent of net sales. Accounts receivable as of 31 December increased by SEK 44 M. Accounts receivable increased by 18 (17) per cent in relation to net sales. The average credit period increased to 56 (53) days.
33 Group Parent Company BALANCE SHEET SEK T per 31 December Note 2004 2003 2004 2003 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity Restricted equity Share capital (7,688,872 shares, nominal SEK 5) 38,444 38,444 38,444 38,444 Restricted reserves 52,615 55,517 8,010 8,010 Total restricted equity 91,059 93,961 46,454 46,454 Unrestricted equity Unrestricted reserves 188,767 209,127 134,658 123,705 Net profit/loss for the year 45,315 –10,109 43,779 46,772 Total unrestricted equity 234,082 199,018 178,437 170,477 Total shareholders’ equity 325,141 292,979 224,891 216,931 Minority interests 97 — — — Untaxed reserves 26 — — 20,033 25,712 Provisions Deferred tax liabilities 15 13,260 13,876 — — Other provisions 27 1,023 — — — Provisions 14,283 13,876 — — Long-term liabilities 28 Liabilities to credit institutions 55,730 65,581 — 1,699 Other liabilities 1,173 840 — — Total long-term liabilities 56,903 66,421 — 1,699 Short-term liabilities Accounts payable trade 77,996 81,818 8,443 8,491 Bank overdraft facilities 29 73,140 76,657 — — Liabilities to Group companies — — 34,120 33,165 Liabilities to associated companies — — 700 — Income tax liabilities 6,105 1,262 — — Other liabilities 40,652 30,546 2,989 2,395 Accrued expenses and pre-paid income 30 91,796 81,985 12,565 7,391 Total current liabilities 289,689 272,268 58,817 51,442 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 686,113 645,544 303,741 295,784 Assets pledged 31 215,237 201,692 50,947 49,155 Contingent liabilities 32 — 5,058 234,313 204,797 Shareholders’ equity As of 31 December 2004, HL Display’s equity amounted to SEK 325 M (293). Equity per share amounted to SEK 42.29 (38.10). The equity/assets ratio was 47 (45) per cent. Liabilities Long-term liabilities fell by SEK 10 M. Current liabilities rose by SEK 17 M. The debt/equity ratio fell to 0.40 (0.49) times. As of 31 December, interest-bearing liabilities amounted to SEK 130 M (145), of which current liabilities accounted for SEK 73 M (78). HL DISPLAY ANNUAL REPORT 2004
Page 1 and 2: HL Display Annual Report 2004
Page 3 and 4: The year in brief . Group net sales
Page 5 and 6: ments. These customers have now ins
Page 7 and 8: panies are measured on the basis of
Page 9 and 10: DEVELOPMENT OF OPERATING EXPENSES,
Page 11 and 12: HL Display’s new Slimline shelf-e
Page 13 and 14: emphasis on further developing its
Page 15 and 16: The new EasyShelf system makes it e
Page 17 and 18: the region attractive to the multin
Page 19 and 20: Developments during the year Sales
Page 21 and 22: Competitors The competitive situati
Page 23 and 24: 21 Super GB uses colour codes to he
Page 25 and 26: the company’s products. This mean
Page 27 and 28: EMPLOYEE FACTS Employee categories
Page 29 and 30: Customer agreements are normally re
Page 31 and 32: 29 THE HL DISPLAY SHARE Options sch
Page 33: Income statement Comments on the co
Page 37 and 38: Cash flow statement 35 CASH FLOW ST
Page 39 and 40: Financial instruments An explanatio
Page 41 and 42: Note 3 BREAKDOWN OF NET SALES BY GE
Page 43 and 44: Note 15 TAX ON PROFIT FOR THE YEAR
Page 45 and 46: Note 21 SHARES IN GROUP UNDERTAKING
Page 47 and 48: Note 28 LONG-TERM LIABILITIES Of lo
Page 49 and 50: Note 35 TRANSACTIONS WITH RELATED P
Page 51 and 52: Nine year summary 49 NINE-YEAR SUMM
Page 53 and 54: Board procedures 2004 HL Display’
Page 55 and 56: 50 years of HL Display It was 50 ye

Annual Report 2004 - HL Display

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