Annual report 2011 - Trelleborg

70
CONSOLIDATED BALANCE SHEETS
COMMENTS ON THE
CONSOLIDATED BALANCE SHEETS
The Group’s capital employed increased to sek 19,574 m (18,091),
up sek 1,483 m, or 8 percent.
Capital employed is specified as follows:
sek m 2011 2010
Inventories 4,001 3,433
Operating receivables 5,534 5,094
Operating liabilities –6,430 –6,372
Working capital, continuing operations 3,105 2,155
Non-current assets 16,415 15,589
Participations in associated companies 54 41
Capital employed, continuing operations 19,574 17,785
Discontinued operations – –
Capital employed in assets held for sale – 306
Capital employed in the Trelleborg Group 19,574 18,091
The increase in capital employed for the year in continuing
operations of sek 1,789 m was attributable to:
sek m 2011
Company acquisitions 760
Discontinued operations 797
Change in non-current assets 97
Change in participations in associated companies 7
Exchange-rate effects when translating foreign subsidiaries 128
Total change in capital employed 1,789
Excluding company acquisitions and exchange-rate effects, the level
of tied-up working capital in continuing operations increased during
the year by sek 797 m. The change was due mainly to a rise in inventories
and operating receivables. This development is the result of
higher sales. Efforts aimed at enhancing the efficiency of working
capital continued in 2011 and, despite the rise in sales, working
capital efficiency remained at a favorable level. Acquired operations
increased capital employed by sek 760 m, of which sek 695 m per-
Trelleborg Group, change in total equity
Total equity Attributable to Parent Company’s shareholders Non-controlling
interests
Share capital Other capital
contributions
Other reserves Profit brought
forward
sek m 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Opening balance, January 1 2,620 2,620 226 226 –562 643 9,795 8,769 117 103 12,196 12,361
Total comprehensive income –84 –1,205 1,817 1,162 20 17 1,753 –26
Dividend –474 –136 –3 –3 –477 –139
Acquisitions 32 32 –
Closing balance, December 31 2,620 2,620 226 226 –646 –562 11,138 9,795 166 117 13,504 12,196
For other reserves, see also Note 26.
The Board of Directors and the President propose a dividend of sek 2.50 per share (1.75), a total of sek 678 m (474).
Annual Report 2011 Trelleborg AB
tained to property, plant and equipment and intangible assets.
Exchange-rate effects increased capital employed in continuing
operations by sek 128 m.
Gross capital expenditure in continuing operations for the year
totaled sek 1,135 m (822). Investments for the year are distributed
as follows: sek 1,074 m in property, plant and equipment and sek
61 m in intangible assets.
Depreciation and amortization in continuing operations for the
year amounted to sek 910 m (1,014). Impairment losses totaled sek
3 m (70).
Return on capital employed (ROCE) for the Group rose to 13.9
percent (10.1). For continuing operations excluding items affecting
comparability, ROCE increased to 13.5 percent (11.9). The improved
earnings generation and continued favorable efficiency of the management
of working capital had a positive impact on returns.
Equity
Total equity increased during the year by sek 1,308 m to sek 13,504
m (12,196). Translation differences reduced total equity by a net
amount of sek 29 m, including exchange-rate differences (net after
tax) on hedging instruments.
Total dividends amounted to sek 477 m (139), of which sek 3 m
(3) was distributed to non-controlling interests.
Capital structure
SEK M
25,000
20,000
15,000
10,000
5,000
0
2007 2008 2009 2010 2011
Equity, SEK M Capital employed, SEK M
Total