Annual report 1996 in English (2.93 Mb) - About H&M

Annual General Meeting of ShareholdersThe Annual General Meeting will be held at the Vinterträdgården,Grand Hôtel, Stockholm (The Royalentrance, Stallgatan 6) on Thursday, 10 April 1997,at 3 p.m.Participation in MeetingThe company complies with legislation governing simplifiedshare handling, and, accordingly, those shareholderswishing to participate in the Meeting must beregistered in the share register maintained by VärdepapperscentralenVPC AB (Swedish Securities RegisterCentre) no later than 27 March 1997.Shareholders, whose shares are registered in thename of a nominee through a bank trust department orprivate stockbroker, must temporarily register theirshares in their own names in order to be entitled toparticipate in the Meeting. The re-registering must becompleted no later than 27 March 1997.Notice of participation in MeetingBesides being registered in the aforementioned register,shareholders who wish to participate in the Meetingmust give notice of their intention to participate tothe company’s head office no later than noon, 7 April1997. Notice in writing should be submitted to H & MHennes & Mauritz AB, Box 1421, S-111 84 Stockholm,Sweden, or by telephone: Int.+46 8 796 54 03.DividendThe resolution of the Annual General Meeting of Shareholderswill specify the closing date for the share registerand the list of creditors etc. attached to the shareregister. The Board of Directors and Managing Directorhave proposed 15 April 1997, as the closing date. Ifthe Annual General Meeting approves the proposal it isestimated that the dividend can be sent out by VärdepapperscentralenVPC AB on 22 April 1997, to thoseregistered in the register or the aforementioned list onthe closing date.SplitThe board of directors have decided to propose to theAnnual General Meeting a 5:1 split of company shareswith 14 May 1997 as record day. Assuming that theAnnual General Meeting approves the proposed split,H&M shares will be listed on the Stockholm StockExchange as split commencing 12 May 1997.ContentsFinancial highlights . . . . . . . . . . . . . . . . . . . . .1Group structure . . . . . . . . . . . . . . . . . . . . . . . .1Report of the Managing Director . . . . . . . . . . . . 2Group review . . . . . . . . . . . . . . . . . . . . . . . . . .4Administration report . . . . . . . . . . . . . . . . . . .12Group income statement . . . . . . . . . . . . . . . . .13Group balance sheet . . . . . . . . . . . . . . . . . . . .14Group cash flow ststement . . . . . . . . . . . . . . .16Parent company income statement . . . . . . . . .17Parent company balance sheet . . . . . . . . . . . .18Parent company cash flow statement . . . . . . . .20Notes to the financial statements . . . . . . . . . .21Proposed distribution of earnings . . . . . . . . . . .23Auditors’ report . . . . . . . . . . . . . . . . . . . . . . .23Five-year summary . . . . . . . . . . . . . . . . . . . . .24H&M share . . . . . . . . . . . . . . . . . . . . . . . . . .25Board of directors . . . . . . . . . . . . . . . . . . . . . .26H&M facts . . . . . . . . . . . . . . . . . . . . . . . . . . .28Addresses . . . . . . . . . . . . . . . . . . . . . . . . . . .29