Annual Report 2009 - Husqvarna Group

84 Husqvarna Annual Report 2009 Notes
Amounts in SEKm unless otherwise stated.
Cont. Note 23
Fair value of the acquired assets and liabilities for all
acquisitions made in 2008
SEKm
Carrying
amount
Fair value
adjustment
Fair value
acquisition
balance
Goodwill 0 0 0
Other intangible assets 0 128 128
Property, plant and
equipment 165 0 165
Other non-current assets 6 0 6
Inventories 162 0 162
Trade receivables 52 0 52
Trade payables –4 0 –4
Other operating liabilities –11 0 –11
Net debt 0 0 0
Net identifiable assets 370 128 498
Goodwill 344
Consideration paid 842
Cash and cash
equivalents acquired 0
Net cash paid 842
Acquisitions for 2008 contributed in total to the Group’s net
sales in an amount of SEK 140m and with operating income of
SEK –17m.
NOTE 24
Remuneration to the Board of Directors, the President and other members of Group Management
The Annual General Meeting 2009 authorized fees to Board
members, totalling SEK 5,345,000, of which 4,820,000 (to the
Chairman SEK 1,600,000 and to each of the seven Board
members, not employed by the company SEK 460,000) to be
paid in cash and synthetic shares, plus an additional total of
SEK 525,000 to be paid in cash as fees for Board Committee
work.
The Board members have the option to choose to receive
25% or 50% of the fees before tax, excl fees for Board committee
work, in the form of synthetic shares. Board members
being non-Swedish tax subjects have, for administrative purposes,
the option to receive 100% of the fees in cash. The
number of synthetic shares received is based on a volume
weighted average of the quoted price of the Husqvarna B
share during the five bank days immediately following the first
quarterly report 2009.
After five years, i e in 2014, the synthetic shares give a right
to receive an amount in cash per synthetic share. Dividends
due to Husqvarna B shares until payment will be granted to the
Board member in the form of additional synthetic shares. There
is no requirement that a Board member remains on the Board
to be entitled to accrued synthetic shares and thus a Board
member is entitled to be paid even if the assignment ends.
Furthermore a Board member may, at termination of the Board
assignment, request payment for the synthetic shares at 12
months after the end of the assignment.
There are no agreements in place governing severance pay
to Board members who are not employed by the Company.