Annual Report 2009 - Husqvarna Group

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90 Husqvarna Annual Report 2009 Auditors´ Report To the Annual Meeting of the shareholders of Husqvarna AB (publ) Corporate identity number 556000-5331 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 Husqvarna AB for 2009. The company’s annual accounts and the consolidated accounts are included in the printed version on pages 31–91. The Board of Directors and the Managing Director are responsible for these accounts and the consolidated accounts and the administration of the company as well as for the application of the Annual Accounts Act when preparing the annual accounts and the application of international financial reporting standards IFRSs as adopted by the EU and the Annual Accounts Act when preparing the consolidated accounts. 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 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 have been prepared in accordance with the Annual Accounts Act and give a true and fair view of the company’s financial position and results of operations in accordance with generally accepted accounting principles in Sweden. The consolidated accounts have been prepared in accordance with international financial reporting standards IFRSs as adopted by the EU and the Annual Accounts Act and give a true and fair view of the Group’s financial position and results of operations. The statutory administration report is consistent with the other parts of the annual accounts and the consolidated accounts. We recommend to the annual meeting of shareholders that the income statement and balance sheet 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 Directors be discharged from liability for the financial year. Stockholm 23 February 2010 PricewaterhouseCoopers AB Anders Lundin Authorized Public Accountant Auditor in charge Christine Rankin Johansson Authorized Public Accountant
Husqvarna Annual Report 2009 91 Definitions Capital indicators Net assets – Total assets exclusive of liquid funds and interestbearing financial receivables less operating liabilities, noninterest-bearing provisions and deferred tax liabilities. Operating working capital – Inventories and trade receivables less trade payables. Working capital – Current assets exclusive of liquid funds and interest-bearing financial receivables less operating liabilities and non-interest-bearing provisions. Net debt – Total interest-bearing liabilities less liquid funds. Interest bearing liabilities – Long-term and short-term borrowings and fair value derivative liabilities. Liquid funds – Cash and cash equivalents, short term investments and fair value derivative assets. Net debt/equity ratio – Net debt in relation to total adjusted equity. Equity/assets ratio – Equity as a percentage of total assets. Capital employed – Total liabilities and equity less non-interest-bearing debt including deferred tax liabilities. Other key ratios Average number of shares – Weighted number of outstanding shares during the period, after repurchase of own shares. Earnings per share – Income for the period divided by the average number of shares. Net sales growth – Net sales as a percentage of the preceding period. Gross margin – Gross operating income as a percentage of net sales. Operating margin – Operating income as a percentage of net sales. Return on equity – Income for the period as a percentage of average equity. Return on capital employed – Operating income plus financial income as a percentage of average capital employed. Operating cash flow – Total cash flow from operations and investments, excluding acquisitions and divestment of operations. Capital expenditure – Property, plant and equipment and capitalization of product development and software. EBITDA – Earnings before interests, taxes, depreciation, impairment and amortization. Value creation – Operating income less the weighted average cost of capital (WACC) on average net assets: (Net sales – operating costs – operating income) – (WACC x average net assets). Excluding acquisitions – Figures excluding acquisitions are reported in order to make the current period comparable with the corresponding period in the previous year. Adjustment is made for acquisitions with annual sales of SEK 100m or more. Interest coverage ratio – Income after financial items plus financial costs divided with financial costs. Some of the historical key figures for 2005–2006 are calculated pro forma or based on combined financial statements. For more information, see the Five-year review on pages 92–93.
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Annual Report 2009
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Net sales Operating income and marg
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Husqvarna Annual Report 2009 1 High
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History Husqvarna Annual Report 200
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Report by the President Husqvarna A
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Strategy Husqvarna Annual Report 20
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Financial goals Husqvarna Annual Re
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Husqvarna Annual Report 2009 15 New
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Consumer Products Husqvarna Annual
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Consumer Products Husqvarna Annual
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Husqvarna Annual Report 2009 23 Pro
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A new series of zero-turn mowers fo
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Professional Products Husqvarna Ann
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The Husqvarna share Husqvarna Annua
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Husqvarna Annual Report 2009 31 Rep
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Page 119 and 120: Sustainable development Husqvarna A
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