Annual report 2011 - Trelleborg

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86 NOTES – GROUP Note 16 Financial non-current assets sek m 2011 2010 Plan assets 29 29 Financial assets at fair value in profit and loss 32 20 Loan receivables 190 116 Derivative instruments (Note 23) 10 35 Other non-current receivables 38 18 Total 299 218 Carrying amount corresponds to fair value. Note 17 Parent Company and Group holdings of shares and participations in Group companies 1) Company Registration number Domicile/ country No. of shares Owner- Carrying ship amount, percent sek m Dormviltre AB 556728–8716 Trelleborg 1,000 100 56 Dormvilelva AB 556853–1593 Trelleborg 1,000 100 0 Dormviltolv AB 556853–1619 Trelleborg 1,000 100 0 Dormviltretton AB 556853–1627 Trelleborg 1,000 100 0 Dormvilfjorton AB 556853–1486 Trelleborg 1,000 100 0 Dormvilfemton AB 556853–1635 Trelleborg 1,000 100 0 Trelleborg Sealing Solutions Belgium SA Belgium 100 100 51 Trelleborg do Brasil Solucões em Vedacão Ltda Brazil 8,307,200 100 19 Trelleborg Sealing Solutions Bulgaria EOOD Bulgaria 10,000 100 16 Trelleborg Sealing Solutions Silcotech Bulgaria OOD Bulgaria 0 50 2 Trelleborg Sealing Solutions Czech s.r.o Czech Republic 0 100 48 Trelleborg Sealing Solutions Hong Kong Ltd China 484,675 100 1 Trelleborg Sealing Solutions Hungary Kft Hungary 0 100 1 Trelleborg Sealing Solutions o.o.o. Russia 0 100 2 Trelleborg Sealing Solutions Korea Ltd South Korea 57,750 75 4 Trelleborg Sealing Solutions Japan KK Japan 333 100 99 Trelleborg Sealing Solutions Polska Sp.zo.o Poland 12,800 100 6 Trelleborg Sealing Solutions Finland Oy Finland 15 100 75 Trelleborg Sealing Solutions Switzerland SA Switzerland 1,000 100 47 Trelleborg Sealing Solutions Silcotech AG Switzerland 0 100 82 Trelleborg Sealing Solutions Sweden AB 556204–8370 Jönköping 2,500 100 167 Lebela Förvaltnings AB 556054–1533 Trelleborg 60,000 100 35 Trelleborg Sealing Solutions Austria GmbH Austria 0 100 28 Trelleborg Tigveni SRL Romania 700 100 8 Trelleborg Tyres Lanka (Private) Ltd Sri Lanka 16,272,537 100 91 Trelleborg Wheel Systems Liepaja SIA Latvia 8,502,000 100 106 Trelleborg Wheel Systems Argentina S.A Argentina 1,850,000 100 5 Chemtrading Alpha Holding AG Switzerland 100 100 3 Trelleborg Holding Switzerland AG Switzerland 0 201 Trelleborg Wheel Systems China Holding AB 556739–6998 Trelleborg 1,000 100 64 Trelleborg Automotive Shanghai Holdings AB 556742–8742 Trelleborg 1,000 100 10 Trelleborg Industrial Products Finland Oy Finland 0 100 203 MHT Takentreprenören i Malmö AB 556170–2340 Malmö 1,000 100 Trelleborg Automotive Czech Republic S.r.o Czech Republic 100,000 100 19 Trelleborg Automotive China Holding AB 556052–1485 Trelleborg 4,500,000 100 19 Trelleborg Autotmotive Forsheda AB 556742–8767 Trelleborg 1,000 100 10 Trelleborg Automotive Group AB 556730–4448 Trelleborg 1,000 100 2 Trelleborg Automotive Dej S.R.L Romania 2,775 100 141 Trelleborg Engineered Systems Lithuania UAB Lithuania 232,600 100 70 Trelleborg Sealing Profiles Lithuania UAB Lithuania 100 100 Trelleborg Corporation USA 2,592 100 3,211 Trelleborg Coated Systems US Inc USA 1,000 100 Trelleborg Engineered Systems Italy SpA Italy 25,600,000 100 Trelleborg Sealing Solutions US, Inc USA 7,500 100 Trelleborg Offshore US Inc USA 1,000 100 Trelleborg Wheel Systems Americas Inc USA 1,000 100 Trelleborg Automotive USA Inc USA 100,000 100 Trelleborg Automotive Mexico SA de CV Mexico 108,963,373 100 Trelleborg Croatia D.O.O Croatia 0 100 2 Trelleborg Engineered Systems China Holding AB 556223–5910 Trelleborg 1,000 100 11 Trelleborg Engineered Systems Group AB 556055–7711 Trelleborg 1,250 100 5 Trelleborg Engineered Systems Qingdao Holding AB 556715–4991 Trelleborg 1,000 100 40 Trelleborg Holding AB 556212–8255 Trelleborg 1,000 100 741 Trelleborg Sealing Profiles Sweden AB 556026–2148 Trelleborg 12,000 100 Trelleborg Automotive do Brasil Industria e Comercio de autopecas Ltda Brazil 48,214,017 100 Trelleborg Automotive Spain SA Spain 600,000 100 Trelleborg Industrial Products Sweden AB 556048–3629 Örebro 15,000 100 Annual Report 2011 Trelleborg AB Company Registration number Domicile/ country No. of shares Owner- Carrying ship amount, percent sek m Trelleborg Industrial AVS AB 556020–2862 Sjöbo 500 100 5 Trelleborg International AB 556033–0754 Trelleborg 1,500 100 3,152 Trelleborg Sealing Solutions Germany GmbH Germany 1 100 Trelleborg Wheel Systems Germany GmbH Germany 2 100 Trelleborg Automotive Germany GmbH Germany 2 100 Trelleborg Sealing Profiles Germany GmbH Germany 1 100 Trelleborg Wheel Systems Belgium NV Belgium 11,075,114 100 Trelleborg Holding Danmark A/S Denmark 21,000 100 631 Trelleborg Holding France SAS France 586,782 100 1,119 Trelleborg Industrie SAS France 649,800 100 Trelleborg Sealing Solutions France SAS France 8,427 100 Trelleborg Wheel Systems France SAS France 9,060 100 Trelleborg Reims SAS France 100,200 100 Trelleborg Kunhwa Co Ltd South Korea 3,570,000 51 Trelleborg Modyn SAS France 720,000 100 Trelleborg Holdings Italy S.r.l Italy 0 100 1,163 Trelleborg Sealing Solutions Italia SpA Italy 1,112,140 100 Trelleborg Holding Norge AS Norway 10,000 100 Trelleborg Offshore Norway AS Norway 7,000 100 Trelleborg Holdings (UK) Ltd UK 20,000,000 100 2,987 Trelleborg Sealing Solutions UK Ltd UK 10,050,000 100 Trelleborg Industrial Products UK Ltd UK 1 100 Trelleborg Offshore UK Ltd UK 41,590 100 Trelleborg Hong Kong Holdings Ltd China 10,000 100 61 Wuxi Trelleborg Vibration Isolators Co Ltd China 0 100 Trelleborg Industri AB 556129–7267 Trelleborg 725,000 100 197 Trelleborg Insurance Ltd Bermuda 50,000 100 118 Trelleborg International BV Netherlands 41 100 3,150 Trelleborg Pipe Seals Lelystad BV Netherlands 30,000 100 Trelleborg Wheel Systems Italia SpA Italy 11,000 100 Trelleborg Marine Systems Japan Kabushiki Kaisha Japan 20 100 2 Trelleborg Material & Mixing Lesina s.r.o. Czech Republic 0 100 12 Trelleborg Moulded Components Wuxi Holding AB 556715–4983 Trelleborg 1,000 100 29 Trelleborg Protective Products AB 556010–7145 Trelleborg 100,000 100 26 Trelleborg Treasury AB (publ) 556064–2646 Stockholm 5,000 100 15,001 Trelleborg Wheels AB 556056–2620 Sävsjö 40,000 100 10 Trelleborg Wuxi Holding AB 556119–8820 Trelleborg 25,000 100 96 Trelleborg Automotive Kalmar AB 556325–7442 Kalmar 60,000 100 235 Trelleborg China Holding AB 556030–7398 Trelleborg 200,000 100 43 TSS Silcotech Hong Kong Holding AB 556742–8775 Trelleborg 1,000 100 3 Trelleborg Forsheda AB 556052–2996 Värnamo 8,640,000 100 643 Total Parent Company 34,384 1) The table shows directly owned subsidiaries and indirectly owned companies with annual sales exceeding SEK 250 M. A complete list of companies is appended to the Annual Report filed with Bolagsverket (Swedish Companies Registration Office). GRI: 2.3
Note 18 Deferred tax assets/tax liabilities sek m Deferred tax assets 2011 Deferred tax liabilities Net Deferred tax assets 2010 Deferred tax liabilities Net Intangible assets 7 350 –343 13 342 –329 Land and buildings 63 156 –93 68 152 –84 Machinery and equipment 132 153 –21 126 163 –37 Financial non-current assets 4 9 –5 4 8 –4 Inventories 107 3 104 78 2 76 Current receivables 13 5 8 12 4 8 Pension provisions 109 14 95 108 11 97 Other provisions 45 29 16 71 30 41 Non-current liabilities 24 0 24 14 3 11 Current liabilities 105 2 103 109 5 104 Losses carried forward 756 – 756 838 0 838 Total 1,365 721 644 1,441 720 721 Offsetting of assets/liabilities –434 –434 –400 –400 Total 931 287 644 1,041 320 721 Less tax receivables/liabilities held for sale – –3 –5 2 Continuing operations 931 287 644 1,038 315 723 Deferred tax assets and liabilities are offset when the deferred tax pertains to the same tax authority. Change in deferred tax on temporary differences and losses carried forward Balance, January 1 Recognized in profit and loss Recognized in other comprehensive income/directly against equity Acquired/divested tax assets/liabilities Translation differences Less tax receivables/ Balance, December 31, liabilities held for sale continuing operations sek m 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Intangible assets –329 –213 –10 –148 –4 32 –343 –329 Land and buildings –84 –81 –15 –11 6 0 8 –93 –84 Machinery and equipment –34 –40 12 –1 1 0 4 3 –21 –34 Financial non-current assets –4 –3 –29 228 27 –230 1 1 –5 –4 Inventories 77 87 27 –3 0 0 –8 1 104 77 Current receivables 9 13 –1 –5 1 0 0 –1 1 8 9 Pension provisions 97 130 –1 –21 –1 –12 95 97 Other provisions 41 125 –25 –62 –9 –13 16 41 Non-current liabilities 11 16 12 –5 1 24 11 Current liabilities 104 123 –20 –5 19 –6 –1 –1 1 –7 103 104 Losses carried forward 835 1,051 –79 –113 4 –9 –4 –91 –3 756 835 Exchange-rate differences 1 –4 –1 4 0 0 Total 723 1,208 –128 –150 46 –235 9 –19 –6 –83 – 2 644 723 Less discontinued operations –1 –5 Continuing operations –129 –155 Note 19 Inventories sek m 2011 2010 Raw materials and consumables 1,257 1,119 Work in progress 560 497 Finished products and goods for resale 2,158 1,798 Contracted work in progress 4 1 Advances to suppliers 22 18 Total 4,001 3,433 Impairment of obsolete inventories amounted to SEK 311 M (265). Note 20 Current operating receivables sek m 2011 2010 Accounts receivable 4,492 4,197 Provision for bad debts –102 –95 Bills receivable 80 76 Operating receivables, associated companies 6 5 Other current receivables 506 345 Derivative instruments (Note 23) 22 51 Prepaid expenses and accrued income (Note 21) 512 520 Total 5,516 5,099 The receivables are recognized in amounts that correspond to fair value. Age analysis of accounts receivable sek m 2011 2010 Receivable not yet due 3,840 3,619 Due, but not impaired: 90 days 108 109 Total 4,492 4,197 Provision for bad debts –102 –95 Total 4,390 4,102 Provision for bad debts sek m 2011 2010 Opening balance 95 124 New provisions recognized in profit and loss 26 24 Utilization of reserve attributable to identified bad debt loss –13 –24 Reversals recognized in profit and loss –13 –21 Other 8 6 Translation difference –1 –8 Assets held for sale – –6 Closing balance 102 95 Note 21 Prepaid expenses and accrued income NOTES – GROUP sek m 2011 2010 Interest 7 0 Pension costs 3 3 Tools 179 131 Derivative instruments (Note 23) 6 4 Other 317 382 Total 512 520 Annual Report 2011 Trelleborg AB 87
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ANNUAL REPORT WE SEAL, DAMP AND PRO
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TRELLEBORG IN BRIEF GLOBAL LEADER I
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sek 29,106 m Demand was significant
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Trelleborg will be able to allocate
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FURTHER DEVELOPMENT OF ANTIVIBRATIO
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Continuing operations Net sales and
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KEY FIGURES Market position, no. 1-
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KEY FIGURES 2011 2010 Net sales, se
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KEY FIGURES Net sales and ROS* 2011
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KEY FIGURES 2011 2010 Net sales, se
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About the material’s properties N
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WE ARE GROWING IN PACE WITH GLOBALI
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INCREASED GLOBAL PRESENCE +11% Nort
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OUR FINANCIAL TARGETS Trelleborg sh
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EXCELLENCE - CONTINUOUS IMPROVEMENT
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Turcon® M12 is the name of a new p
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Moreover, because selected parts of
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The elevated risk level has been de
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Financial risks, cont. Maturity ter
Page 39 and 40: CORPORATE GOVERNANCE Trelleborg is
Page 41 and 42: Independence of the Board The Board
Page 43 and 44: Name Nina Udnes Tronstad Heléne Vi
Page 45 and 46: Name Maurizio Vischi Sören Anderss
Page 47 and 48: President and Group Management The
Page 49 and 50: Control staff function works in acc
Page 51 and 52: As part of the infrastructure proje
Page 53 and 54: TARGET INDICATORS OUTCOME AND PROGR
Page 55 and 56: GOVERNANCE AND CODE OF CONDUCT Gove
Page 57 and 58: ACTIVE STAKEHOLDER DIALOG Trellebor
Page 59 and 60: in the voluntary reporting process
Page 61 and 62: workplaces globally. Trelleborg’s
Page 63 and 64: RESPONSIBILITY FOR SOCIETY AND THE
Page 65 and 66: ASSURANCE REPORT Auditor’s Report
Page 67 and 68: Our finances ......................
Page 69 and 70: CONSOLIDATED INCOME STATEMENTS sek
Page 71 and 72: Operating profit In addition to dis
Page 73 and 74: Income statement per quarter Contin
Page 75 and 76: CONSOLIDATED BALANCE SHEETS Decembe
Page 77 and 78: COMMENTS ON THE CONSOLIDATED CASH-F
Page 79 and 80: Note 1 General information The Pare
Page 81 and 82: Dividend income Dividend income is
Page 83 and 84: loss. If the loan, and consequently
Page 85 and 86: Assets and liabilities by business
Page 87 and 88: Note 4 Auditor’s remuneration sek
Page 89: Note 15 Intangible assets Buildings
Page 93 and 94: Note 26 Equity Specification of oth
Page 95 and 96: At December 31, 2010 Assets at fair
Page 97 and 98: Note 36 Events after the closing da
Page 99 and 100: PARENT COMPANY, TRELLEBORG AB Chang
Page 101 and 102: Note 45 Property, plant and equipme
Page 103 and 104: Proposed treatment of unappropriate
Page 105 and 106: TEN-YEAR OVERVIEW Trelleborg Group
Page 107 and 108: Swedish and foreign ownership, base
Page 109 and 110: Spain Production: Burgos, Cascante,
Page 111 and 112: FINANCIAL DEFINITIONS AND GLOSSARY
Page 113 and 114: ADRESSES Head offices Trelleborg AB
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Annual report 2011 - Trelleborg

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