Annual Report 2004 - HL Display

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NOTES Note 23 INVENTORIES Group Parent Company SEK T Raw materials and 2004 2003 2004 2003 consumables 29,354 28,785 — — Products in progress 5,450 6,151 — — Finished goods 80,546 91,650 — — Work in progress 523 1,942 — — Total 115,873 128,528 — — Note 24 OTHER RECEIVABLES The Group’s other receivables include income taxes recoverable SEK 8,726 T (13,914) and SEK 5,666 T (7,872) in the parent company. Note 27 PENSION PLANS The group has contribution-based and benefit-based pension plans. In contribution-based plans the company pays fixed contributions to a separate legal entity and has no obligation to pay any further contributions. The group’s net income is charged with costs in line with earnings. In benefit-based plans payment is made to employees and former employees based on salary at retirement and the number of years worked. The group bears the risk for ensuring that the promised payments are made. The balance sheet contains the net value of calculated current value of obligations and actual value of management assets as either an allocation or a long-term receivable. Commitments for retirement pensions and family pensions for 222 salaried employees in Sweden are secured through an insurance policy with Alecta. According to a statement issued by the Financial Accounting Standards Council’s Emergency Group, this is a benefit-based plan involving several employers. For the financial year 2004 the company did not have access to information that enabled it to report this plan as a benefit-based plan. Nor is it evident how a surplus or a shortfall in the plan might affect the size of future contributions by HL Display. The ITP Pension plan that is secured through an insurance policy with Alecta is therefore reported as a contribution-based plan. Employees in HL Display’s subsidiaries in France, Norway and Austria are provided with benefit-based plans. Employees in other countries have contributionbased plans. SEK T Fully or partly funded commitments: 2004 Present value of defined-benefit commitments 1,404 Actual value of administrative assets -913 Accumulated unrealised actuarial gains (+) and losses (-) -53 Total fully or partly funded commitments 438 Unfunded commitments: Present value of unfunded defined-benefit commitments 738 Accumulated unrealised actuarial gains (+) and losses (-) -153 Total unfunded commitments 585 Net amount in the balance sheet (commitment+, asset -) 1,023 The net amount is broken down into the following countries: Norway 438 Austria 266 France 319 1,023 HL DISPLAY ANNUAL REPORT 2004 44 Note 25 PREPAID EXPENSES AND ACCRUED INCOME Group Parent Company SEK T Prepaid: 2004 2003 2004 2003 rents 4,539 4,800 310 292 leasing costs 2,792 2,311 1,202 691 insurance costs costs for IT support 1,393 1,300 214 51 and communication 3,295 2,250 3,295 2,250 Accrued interest income 480 452 480 452 Other items 11,688 7,244 5,128 1,234 Total 24,187 18,357 10,629 4,970 Note 26 UNTAXED RESERVES Parent Company SEK T 2004 2003 Additional depreciation, plant and machinery 53 260 Tax allocation reserve 19,980 25,452 Total 20,033 25,712 Pension expenses 2004 Cost of pensions accrued during the year 555 Administrative expenses 172 Interest expenses 65 Expected return on administrative assets -57 Actuarial gains (-) and losses (+) reported during the year -2 Cost of defined-benefit plans 733 Cost of defined-contribution plans 16,631 Total cost of remuneration following termination of employment 17,364 The cost is reported under the following income statement items Selling expenses 14,586 Administrative expenses 1,910 Research and development expenses 868 Total cost of remuneration following termination of employment 17,364 Net balance-sheet amounts Net amounts as of 31 December 2003 336 Effect of change in accounting principle 1 January 2004 466 Net amounts as of 1 January 2004 802 Cost of defined-benefit plans 733 Payment of remuneration -206 Payment of fees by the company -306 Net amount as of 31 December 2004 1,023 Return on administrative assets Actual return on administrative assets 473 Expected return on administrative assets 269 Actuarial result of administrative assets for the period -204 Actuarial assumptions Discount rate 4.8% Expected return on administrative assets 7.0% Future salary increases 2.6% Future pension increases 2.5% Expected remaining service, years 22.9
Note 28 LONG-TERM LIABILITIES Of long-term liabilities in the Group SEK 3,691 T (7,919) comprises liabilities to credit institutions due for payment more than five years after closing day. The corresponding figure for the parent company is SEK – T (849). Note 29 BANK OVERDRAFT FACILITIES Approved bank overdraft facilities amounted for the Group SEK 156,171 T (161,976) and SEK 80,000 T (80,000) for the Parent Company. Note 30 ACCRUED EXPENSES AND PREPAID INCOME Group Parent Company SEK T 2004 2003 2004 2003 Accrued social security fees 18,439 17,052 2,744 2,543 Accrued holiday pay liability 23,886 23,264 4,516 4,066 Accrued wages/salary 10,308 11,850 — — Other items 39,163 29,819 5,305 782 Total 91,796 81,985 12,565 7,391 Note 33 AVERAGE NUMBER OF EMPLOYEES 2004 2003 Of which Of which Average number Employees men Employees men Parent company, Sweden 51 38 49 35 Subsidiaries, Sweden 484 352 513 383 Total 535 390 562 418 Subsidiaries abroad Belgium 13 8 12 8 France 90 48 84 46 Hong Kong 2 1 2 1 Indonesia 2 1 — — China 6 2 — — South Korea 2 1 — — Latvia 10 6 11 7 Malaysia 4 3 3 2 The Netherlands 27 15 31 18 Norway 21 15 20 14 Poland 33 16 37 18 Romania 3 — 4 2 Russia 21 13 16 11 Switzerland 12 7 9 6 Singapore 14 7 14 7 Slovakia 5 4 4 2 Slovenia 4 2 3 1 Spain 6 3 6 3 Great Britain 83 48 79 50 Taiwan 4 2 2 1 Thailand 5 2 3 – Czech Republic 10 5 12 6 Turkey 5 4 5 4 Germany 18 10 24 16 Hungary 9 4 9 3 Ukraine 7 3 6 3 Austria 16 10 17 10 Total 432 240 413 239 Group total 967 630 975 657 45 Note 31 ASSETS PLEDGED Assets pledged to secure liabilities to credit institutions. Group Parent Company SEK T 2004 2003 2004 2003 Floating charges 81,740 81,740 — — Property mortgages 13,000 13,000 — — Shares in Group undertakings 120,497 106,952 50,947 49,155 Total 215,237 201,692 50,947 49,155 Note 32 CONTINGENT LIABILITIES Group Parent Company SEK T Guarantees on behalf of 2004 2003 2004 2003 other Group companies — — 234,313 204,759 Other guarantees — 38 — 38 Discounted bills — 5,020 — — Total — 5,058 234,313 204,797 Absence through illness as a percentage of normal working hours, employees in the Parent Company 2004 2003 Men 1.9 0.7 Women 6.1 1.7 -29 2.0 0.5 30-49 3.8 1.2 50- 0.9 0.1 Long-term absentees 1.2 0.1 Total 3.1 1.0 The total number of board members in the Group’s companies amounts to 61, of which 2 are women. The total number of employees that are Managing Directors or other senior executives amounted to 81 on closing day. 12 of these are women. NOTES 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 and 36: 33 Group Parent Company BALANCE SHE
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: Note 21 SHARES IN GROUP UNDERTAKING
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

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