The SMART Group SMART ANNUAL REPORT 2001 - Scandinavia

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Income statementsBalance sheetsGroupParent CompanySEK thousands Note 2001 2000 2001 2000GroupParent CompanySEK thousands Note 31-12-2001 31-12-2000 31-12-2001 31-12-2000ASSETSOperating income, etc.Net sales 1, 2 531,299 582,029 553,457 531,043Capitalised assets 0 8,443 – –Other operating income 3 18,500 0 – –Total income, etc 549,799 590,472 553,457 531,043Operating expensesMiscellaneous external expenses 4, 5 –316,120 –404,244 –384,237 –401,876Personnel expenses 6 –160,222 –173,674 –119,724 –104,268Depreciation of intangible andtangible fixed assets 13, 14 –9,013 –15,219 –7,595 –9,261Items affecting comparability 7 –4,575 27,696 –3,149 38,336Write-down of shares in subsidiary – – 0 –12,600Operating profit 59,869 25,031 38,752 41,374Result from financial investmentsMiscellaneous interest income andsimilar items 8 26,883 14,690 21,629 12,874Interest expense andsimilar items 9 –705 –6,960 –1,318 –9,637Profit after financial items 86,047 32,761 59,063 44,611Appropriations 10 – – –12,685 –10,891Tax on profit for the year –16,983 –16,811 –12,997 –12,401Deferred tax 11 4,254 –4 973 –713 –723Minority shareholding –13,995 20,999 – –PROFIT FOR THE YEAR 59,323 31,976 32,668 21,596Fixed assetsIntangible fixed assetsCapitalised expenditure for researchand development 12 0 0 – –Goodwill 13 0 4,165 – –0 4,165 – –Tangible fixed assetsEquipment, computers and peripherals 14 8,843 15,065 6,121 9,6918,843 15,065 6,121 9,691Financial fixed assetsParticipations in Group companies 15 – – 25,858 25,724Other shares and security holdings 16 30,062 30,082 30,000 30,000Other long-term receivables 4,417 7,365 3,000 3,787Delayed tax debts 11 545 358 1,924 2,63735,024 37,805 60,782 62,148Total fixed assets 48,867 57,035 66,903 71,839Current assetsCurrent receivablesAccounts receivable 80,724 78,919 46,787 49,831Receivables from Group companies – – 1,970 20,216Receivables from Parent Company 17 108,444 154,362 87,066 119,979Other receivables 24,641 45,665 11,508 25,420Prepaid expenses andaccrued income 18 71,291 96,419 31,713 44,627285,100 375,365 179,044 260,073Cash and bank balances 107,877 56,612 40,972 13,792Total current receivables 392,977 431,977 220,016 273,865TOTAL ASSETS 436,844 489,012 286,919 345,70416 17
Statement of changes in financial positionGroupParent CompanySEK thousands Note 31-12-2001 31-12-2000 31-12-2001 31-12-2000GroupParent CompanySEK thousands 2001 2000 2001 2000EQUITY AND LIABILITIESEquity 19Restricted equityShare capital, 200,000 sharesat nominal value SEK100 20,000 20,000 20,000 20,000Restricted reserves 54,669 42,334 4,000 4,000Total restricted equity 74,669 62,334 24,000 24,000Non-restricted equityProfit brought forward – – 2,637 45,731Non-restricted reserves 21,585 61,577 – –Profit for the year 59,323 31,976 32,668 20,596Total non-restricted equity 80,908 93,553 35,305 66,327Total equity 155,577 155,887 59,305 90,327Untaxed reserves 21 – – 45,579 32,894Minority share of equity 20 21,246 –3,082 – –ProvisionsDeferred tax liability 11 3,422 8,489 – –Other provisions 6,214 – – –9,636 8,489 – –Current liabilitiesAdvance payments from customers 0 95 – –Accounts payable 15,544 61,306 4,681 23,108Liabilities to Group companies 1,449 21,648 126,777 130,566Income tax liability 5,895 6,468 4,025 4,027Other current liabilities 37,737 27,723 4,453 3,364Accrued expenses andprepaid income 22 189,760 210,478 42,099 61,418Total current liabilities 250,385 327,718 182,035 222,483TOTAL EQUITY AND LIABILITIES 436,844 489,012 286,919 345,704Sources of fundsProfit after financial items 86,047 32,761 59,063 44,611Adjustments for items not affectingliquidity, etc. 30,883 21,865 14,318 13,530116,930 54,626 73,381 58,141Income tax paid –18,577 –9,990 –12,999 –8,374Cash flow from operationsbefore changes in working capital 98,353 44,636 60,382 49,767Cash flow from changes in working capitalDecrease/increase in accounts –1,805 14,362 3,044 –2,153receivableDecrease/increase in receivables 92,398* –136,887 78,571** –65,834Decrease/increase in accounts –45,763 –2,051 –18,427 –2,368payableDecrease/increase in current liabilities –99,909 97,373 –95 992 94,615Cash flow from current operations 43,274 17 433 27,578 74,027Investment activitiesAcquisition of shares in Group companies – – –1,980 –300Acquisition of tangible fixed assets –4,009 –16,495 –2,132 –5,675Payment related to settlement 12,000 0 – –Acquisition of financial assets 0 –5,219 0 –6,000Sale of tangible fixed assets 0 1,363 0 1,295Sale of subsidiary – – 5,200 –Cash flow from investment activities 7,991 –20,351 1,088 –10,680Financing activitiesAmortisation of liabilities 0 –73,422 0 –65,000Shareholders’ contribution – – –1,486 –14,993Cash flow from financing activities 0 –73,422 –1,486 –79,993Cash flow for the year 51,265 –76,340 27,180 –16,646Liquid assets at beginning of year 56,612 132,952 13,792 30,438Liquid assets at end of year 107,877 56,612 40,972 13,792MEMORANDUM ITEMSGroupParent CompanyNote 31-12-2001 31-12-2000 31-12-2001 31-12-2000Pledged assets 23 none none none noneContingent liabilities 24 852 772 852 772* Changes in the balance of the Group account by –57,786 for 2001 and –48,254 for 2000 are included inDecrease/increase in receivables.** Changes in the balance of the Group account by –36,709 for 2001 and –47,681 for 2000 are included inDecrease/increase in receivables.18 19
Page 1: The SMART GroupScandinavian Multi A
Page 6 and 7: A DRAMATIC YEARDuring 2001 a number
Page 8 and 9: GROUP ACCOUNTS FOR FINANCIAL YEAR 2
Page 12 and 13: Supplementary information, notesGen
Page 14 and 15: Note 7 Items affecting comparabilit
Page 16 and 17: Note 18 Prepaid expenses and accrue
Page 18: Group management at SMARTFive-year

The SMART Group SMART ANNUAL REPORT 2001 - Scandinavia

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