Annual Report 2004 - HL Display

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CHANGES IN SHAREHOLDERS’ EQUITY Changes in shareholders’ equity Group Parent Company Total Total share- share- Share- Restricted Unrestricted holders Share- Restricted Unrestricted holders’ SEK T capital reserves equity equity capital reserves equity equity Shareholders’ equity, 31 December 2002 38,444 56,507 220,870 315,821 38,444 8,010 166,297 212,751 Transfers between unrestricted and restricted equity — –990 990 — — — — — Group contributions paid — — — — — — –40,944 –40,944 Tax on Group contributions paid — — — — — — 11,464 11,464 Net profit/loss for the year — — –10,109 –10,109 — — 46,772 46,772 Dividend paid — — –12,687 –12,687 — — –12,687 –12,687 Issue of warrants — — 379 379 — — — — Cost of issuing warrants — — –425 –425 — — –425 –425 Shareholders’ equity, 31 December 2003 38,444 55,517 199,018 292,979 38,444 8,010 170,477 216,931 Effect of change in accounting principle — — –466 –466 — — — — Adjusted opening balance, 1 January 2004 38,444 55,517 198,552 292,513 38,444 8,010 170,477 216,931 Transfers between unrestricted and restricted equity — –2,902 2,902 — — — — — Group contributions paid — — — — — — –32,128 –32,128 Tax on Group contributions paid — — — — — — 8,996 8,996 Net profit/loss for the year — — 45,315 45,315 — — 43,779 43,779 Dividend paid — — –12,687 –12,687 — — –12,687 –12,687 Shareholders’ equity, 31 December 2004 38,444 52,615 234,082 325,141 38,444 8,010 178,437 224,891 Comments on Change in shareholders’ equity For definitions, see page 49 Change in equity consists largely of profit/loss SEK 466 T. Existing option schemes will not for the year and the dividend for the year paid to cause any further changes in shareholders’ shareholders. The dividend for 2004 was SEK equity until the warrants are converted into 1.65 per share, i.e. SEK 12.7 M. During 2004, shares (see note 16). Change in shareholders’ HL Display adapted the Swedish Financial equity does not contain a line for translation Accounting Standards Council’s recommenda- differences, as HL Display uses the monetary tion RR 29 Employee benefits, which has led to method, in accordance with Swedish Financial a change in shareholders’ equity by Accounting Standards Council’s recommenda- HL DISPLAY ANNUAL REPORT 2004 34 tion RR 8 The Effects of Changes in Foreign Exchange Rates, to translate the income statements and balance sheets of foreign subsidiaries. This method means that the translation difference arising when currency is converted is included in the income statement rather than being posted directly to equity.
Cash flow statement 35 CASH FLOW STATEMENT Group Parent Company SEK T Note 2004 2003 2004 2003 OPERATING ACTIVITIES Operating profit/loss 80,334 –3,888 –33,860 –31,169 Depreciation 46,460 47,556 1,437 2,197 Other items not effecting the cash flow 4,112 20,010 — 10 Dividends and Group contribution received — — 90,579 83,058 Interest received 2,339 3,130 5,710 6,136 Interest paid –8,487 – 6,839 –1,073 –1,224 Income tax paid –11,195 – 24,151 — –10,655 Cash flow before change in working capital 113,563 35,818 62,793 48,353 Increase (–) / decrease (+) inventories 12,655 – 14,343 — — Increase (–) / decrease (+) in accounts receivables –43,789 – 310 — 4 Increase (–) / decrease (+) in other short-term receivables –4,498 564 –5,732 –8,193 Increase (+) / decrease (–) accounts payable –3,822 13,480 –48 1,539 Increase (+) / decrease (–) other current operating liabilities 20,833 9,261 –32,800 7,199 Total cash flow from operating activities 94,942 44,470 24,213 48,902 INVESTING ACTIVITIES Net investments in intangible fixed assets –558 – 1,404 –163 –314 Net investments in tangible fixed assets –44,804 – 39,282 –181 –406 Investments in Group companies — — –792 –7,944 Investments in other financial assets –14 – 526 — — Cash flow from investment activities –45,376 – 41,212 –1,136 –8,664 FINANCING ACTIVITIES New share issue 732 – 46 — –425 Loans raised 5,089 9,484 — — Amortisation –23,798 – 3,149 –1,699 –29,615 Dividend paid –12,687 – 12,687 –12,687 –12,687 Cash flow from financing activities –30,664 – 6,398 –14,386 –42,727 THE YEAR’S CASH FLOW 18,902 –3,140 8,691 –2,489 Liquid assets at the beginning of the year 94,840 100,388 47,711 50,200 Exchange rate difference on liquid assets –1,729 –2,408 — — Liquid assets at the end of the year 37 112,013 94,840 56,402 47,711 Comments on the consolidated cash flow analysis For definitions, see page 49 Cash flow from operating activities improved cash flow to the order of SEK 64 M. Cash flow to SEK 95 M (44), mainly due to the higher from investing activities fell to SEK –45 M (–41), operating profit. Other items not having an due to an increase in investments. Neverthe- effect on liquidity include write-downs/scrapless investments fell short of depreciation for ping of fixed assets to the order of SEK 1 M net. the year. Investments relate mainly to tangible A low level of income tax as a result of lower fixed assets, such as production equipment taxable profits in 2003 than in 2004 has had including tools for new products. New share a positive effect on cash flow. Tied-up working issue 2004 concerns minority capital contribu- capital fell and this had a positive effect on the tion in the Chinese subsidiary. Operating cash flow amounted to SEK 8.70 (4.12) per share. Cash flow from financing activities amounted to SEK –31 M (–6). The interest bearing net debt fell to SEK 18 M (50). The cash flow analysis was drawn up according to the indirect method. The cash flow reported only includes transactions that involved receipts or payments. 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 and 34: Income statement Comments on the co
Page 35: 33 Group Parent Company BALANCE SHE
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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