Annual Report 2004 - HL Display

More documents

Recommendations

Info

AUDIT REPORT Audit report To the annual general meeting of the shareholders of HL Display AB (publ). Company registration number 556286 - 9957. We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the board of directors and the managing director of HL Display AB (publ) for the year 2004. These accounts and the administration of the company and the application of the Annual Accounts Act when preparing the annual accounts and the consolidated accounts are the responsibility of the board of directors and the managing director. Our responsibility is to express an opinion on the annual accounts, the consolidated accounts and the administration based on our audit. We conducted our audit in accordance with generally accepted auditing standards in Sweden. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual accounts and the consolidated accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and their application by the board of directors and the managing director and significant estimates made by the board of directors and the managing director when preparing the annual accounts and consolidated accounts as well as evaluating the overall presentation of information in the annual accounts and the consolidated Stockholm, 4 February 2005 KPMG Bohlins AB Bo Ribers Åsa Wirén Linder Authorised Public Accountant Authorised Public Accountant HL DISPLAY ANNUAL REPORT 2004 48 accounts. As a basis for our opinion concerning discharge from liability, we examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any board member or the managing director. We also examined whether any board member or the managing director has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. We believe that our audit provides a reasonable basis for our opinion set out below. The annual accounts and the consolidated accounts have been prepared in accordance with the Annual Accounts Act and, thereby, give a true and fair view of the company’s and the group’s financial position and results of operations in accordance with generally accepted accounting principles in Sweden. The statutory administration report is consistent with the other parts of the annual accounts and the consolidated accounts. We recommend to the general meeting of shareholders that the income statements and balance sheets of the parent company and the group be adopted, that the profit of the parent company be dealt with in accordance with the proposal in the administration report and that the members of the board of directors and the managing director be discharged from liability for the financial year.
Nine year summary 49 NINE-YEAR SUMMARY AND DEFINITIONS Income statement (SEK T) 2004 2003 2002 2001 2000 1999 1998 1997 1996 Net sales 1,311,003 1,129,005 1,154,407 1,071,934 873,921 768,451 646,646 481,057 356,118 Operating income 80,334 –3,888 75,967 83,031 47,731 55,401 69,042 63,615 46,895 Depreciation 46,460 47,556 49,231 46,572 40,197 31,255 25,660 21,311 18,151 Profit after financial items 68,409 –9,212 65,353 81,831 44,095 47,125 70,969 63,603 46,166 Net profit for the year 45,315 –10,109 43,900 55,513 26,747 32,277 44,644 43,461 32,290 Balance sheet (SEK T) 2004 2003 2002 2001 2000 1999 1998 1997 1996 Fixed assets 164,380 171,456 193,697 197,742 186,099 168,241 131,584 94,118 63,662 Current assets 521,733 474,088 456,711 436,897 315,701 262,131 253,053 204,371 149,282 Total assets 686,113 645,544 650,408 634,639 501,800 430,372 384,637 298,489 212,944 Shareholders’ equity 325,141 292,979 315,821 283,667 238,919 222,168 199,887 164,469 128,697 Minority interests 97 — — — — 33 — — 109 Provisions 14,283 13,876 23,478 26,121 16,997 14,051 18,167 11,784 6,442 Long-term liabilities 56,903 66,421 66,444 107,037 84,949 53,461 47,055 22,830 12,551 Current liabilities 289,689 272,268 244,665 217,814 160,935 140,659 119,528 99,406 65,145 Shareholders’ equity and liabilities 686,113 645,544 650,408 634,639 501,800 430,372 384,637 298,489 212,944 Key ratios 2004 2003 2002 2001 2000 1999 1998 1997 1996 Average number of employees 967 975 925 855 773 706 582 464 347 Net sales per employee, SEK T 1,356 1,158 1,248 1,254 1,131 1,088 1,111 1,037 1,026 Net sales increase, % 16.1 –2.2 7.7 22.7 13.7 18.8 34.4 35.1 18.5 Profit margin, % 5.2 –0.8 5.7 7.6 5.0 6.1 11.0 13.2 13.0 Equity/assets ratio, % 47.4 45.4 48.6 44.7 47.6 51.6 52.0 55.1 60.5 Debt/equity ratio 0.40 0.49 0.44 0.45 0.42 0.32 0.31 0.21 0.14 Return on total capital, % 12.4 –0.2 12.0 16.0 11.0 12.9 21.9 26.2 25.7 Return on equity after tax, % 14.7 –3.3 14.6 21.2 11.6 15.3 24.5 29.6 28.1 Return on capital employed, % 17.9 –0.3 16.8 23.3 15.5 18.6 32.5 38.7 35.9 Interest coverage ratio 5.8 –0.2 6.6 10.2 7.0 9.3 19.6 20.0 20.1 Net investments incl. acquisitions, SEK T 42,489 39,344 44,401 47,517 58,099 67,913 63,756 41,340 24,496 Liquid assets, SEK T 112,013 94,840 100,388 65,201 31,328 22,935 38,701 59,951 44,211 Development costs, SEK T 42,142 36,958 32,897 30,589 26,902 24,581 21,197 16,654 13,12 Definitions Direct yield Dividend as percentage of share price on 31 December. Equity per share Reported equity divided by number of shares at year-end. Equity per share after dilution Reported equity divided by number of shares after dilution. Value added per employee Operating profit plus cost of salaries and social security payments divided by the average number of employees. Average collection period Accounts receivables on 31 December divided by net sales increased by 20 per cent VAT (average VAT in the Group) multiplied by 365 days. Capital turnover rate Net sales in relation to average balance sheet total. Cash flow In and out flow of liquid funds. Operational cash flow per share Changes in liquid assets in any given year from operational activities after deduction of interests and tax payments, plus investments in intangible and tangible operational fixed assets, divided by number of shares at year-end. P/E ratio Share price on 31 December divided by earnings per share after tax. Return on equity after tax Profit after tax in relation to average equity. Return on capital employed Profit after financial items plus financial expenses in relation to average capital employed. Capital employed is the balance sheet total less noninterest bearing liabilities. Return on total capital Profit after financial items plus financial expenses in relation to average balance sheet total. Interest-bearing net liability Interest-bearing liabilities minus interest-bearing assets. Interest coverage ratio Profit after financial items plus financial expenses in relation to financial expenses. Debt/equity ratio Interest bearing liabilities in relation to equity. Equity/assets ratio Equity including minority share in relation to balance sheet total. Development expenses Development expenses are expenses for production, materials and product development. Earnings per share after tax Earnings after tax divided by the number of shares at year-end. Earnings per share after standard tax Earnings before financial items, less 28 per cent standard tax divided by the number of shares at year-end. Earnings per share after dilution Earnings after tax divided by the number of shares after dilution. Profit margin Profit after financial items in relation to net sales. 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 and 46: Note 21 SHARES IN GROUP UNDERTAKING
Page 47 and 48: Note 28 LONG-TERM LIABILITIES Of lo
Page 49: Note 35 TRANSACTIONS WITH RELATED P
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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?