Annual Report 2010 - CDON Group

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88 CDON Group AB Årsredovisning Annual report 2010 CDON Group AB Årsredovisning 2010 Audit Report − translation Audit Report − translation To the annual meeting of the shareholders of CDON Group AB To Corporate the annual identity meeting number of the 556035-6940 shareholders of CDON Group AB Corporate identity number 556035-6940 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 CDON Group AB for the We year have 2010. audited The annual the annual accounts accounts, and the the consolidated consolidated accounts accounts, of the company accounting are records included and in the the administration printed version of of the this board document of directors on pages and 7-87. the managing The board director of directors of CDON and the Group managing AB for director the year are responsible 2010. The annual for these accounts accounts and and the the consolidated administration accounts of the of company the company as well are as included for the in the printed application version of the of Annual this document Accounts on Act pages when 7-87. preparing The board the of annual directors accounts and the and managing the application director of are international responsible financial for these reporting accounts standards and the IFRSs administration as adopted of by the the company EU and as the well Annual as for Accounts the application Act when preparing of the Annual the consolidated Accounts Act accounts. when preparing Our responsibility the annual is accounts to express and an the opinion application on the of international annual accounts, financial the consolidated reporting standards accounts IFRSs and as the adopted administration by the EU based and on the our Annual audit. Accounts Act when preparing the consolidated accounts. Our responsibility is to express an opinion on the annual We conducted accounts, our the audit consolidated in accordance accounts with and generally the administration accepted auditing based standards on our audit. in Sweden. Those standards require that we plan and perform the audit to obtain reasonable assurance that We the conducted annual accounts our audit and in the accordance consolidated with accounts generally are accepted free of material auditing misstatement. standards in Sweden. An audit Those includes standards examining, require on a that test we basis, plan evidence and perform supporting the audit the to amounts obtain and reasonable disclosures assurance in the that the accounts. annual An accounts audit also and includes the consolidated assessing accounts the accounting are free principles of material used misstatement. and their application An audit by includes board of examining, directors and on the a test managing basis, evidence director supporting and significant the amounts estimates and made disclosures by the board in the of accounts. directors and An audit the managing also includes director assessing when the preparing accounting the annual principles accounts used and and their the consolidated application by board accounts of directors as well as and evaluating the managing the overall director presentation and significant of information estimates in made the annual by the accounts board of and directors the consolidated and the accounts. managing As director a basis when for our preparing opinion the concerning annual accounts discharge and from the liability, consolidated we accounts examined as signi¬ficant well as evaluating decisions, the actions overall taken presentation and circumstances of information of the in company the annual in accounts order to and be the able consolidated to determine accounts. the liability, As a if basis any, for to the our company opinion concerning of any board discharge member from or the liability, managing we examined director. We signi¬ficant also examined decisions, whether actions board taken member and circumstances or the managing of the director company has, in in order any other to be able way, to acted determine in contravention the liability, of if the any, Companies to the company Act, the of Annual any board Accounts member Act or the managing Articles of director. Association. We We also believe examined that whether our audit board provides member a reasonable or the managing basis for director our opinion has, set in any out other below. way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. The annual accounts We believe have that been our prepared audit provides in accordance a reasonable with basis the Annual for our Accounts opinion set Act out and below. give a true and fair view of the company’s financial position and results of operations in accordance with The generally annual accepted accounts accounting have been principles prepared in in Sweden. accordance The with consolidated the Annual accounts Accounts have Act been and give a true prepared and fair in accordance view of the with company’s international financial financial position reporting and results standards of operations IFRSs as in adopted accordance by the with generally EU and the accepted Annual Accounts accounting Act principles and give in a Sweden. true and The fair view consolidated of the group’s accounts financial have been position and prepared results of in operations. accordance A corporate with international governance financial statement reporting has been standards prepared. IFRSs The as adopted statutory by the EU administration and the Annual report Accounts and the Act corporate and give governance a true and fair statement view of are the consistent group’s financial with the position other and results parts of of the operations. annual accounts A corporate and the governance consolidated statement accounts. has been prepared. The statutory administration report and the corporate governance statement are consistent with the other parts We recommend of the annual to accounts the annual and meeting the consolidated of shareholders accounts. that the income statement and balance sheet of the parent company and the income statement and the statement of financial position of We the recommend group be adopted, to the that annual the meeting profit of of the shareholders parent company that the be income dealt with statement in accordance and balance with the sheet proposal of the in the parent statutory company administration and the income report statement and that and the board the statement of directors of financial and the position managing of the director group be be discharged adopted, that from the liability profit for of the the financial parent company year. be dealt with in accordance with the proposal in the statutory administration report and that the board of directors and the managing director Stockholm be 20 discharged April 2011 from liability for the financial year. Stockholm KPMG AB 20 April 2011 KPMG AB George Pettersson Authorized Public Accountant George Pettersson Authorized Public Accountant
CDON Group AB AB Annual Årsredovisning report 2010 2010 Definitions Definitions Earnings per share Earnings for the year attributable to the parent company’s shareholders divided by average number of shares. Equity per share Equity attributable to the parent company’s shareholders divided by average number of shares. Equity/asset ratio The equity/assets ratio equals equity including non-controlling interests, expressed as a percentage of total assets. Net cash flow from operations Cash flow from operating activities is calculated as operating income before depreciation, amortisation and other non-cash items, plus/minus changes in working capital. Net debt / Net cash Net debt equals total interest-bearing liabilities, less interest bearing current and non-current assets and cash and cash equivalents. Operating income (EBIT) Operating income is earnings before interest and tax (EBIT). Operating margin Operating margin is operating income as a percentage of net sales. Return on capital employed Return on capital employed equals operating income for the four last quarters divided by average capital employed for the same period, as a percentage. Capital employed is calculated as the average of total non-current assets, cash and working capital, less provisions. Return on equity Return on equity equals net income for the four last quarters divided by average equity for the same period, as a percentage. Working capital Working capital equals the total of inventory and current receivables, less trade accounts payable and other current liabilities. 89
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Annual Report 2010 - CDON Group

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