Atlas Copco 2008 â tough ending to a record year Annual Report ...

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Financial statements, atlas copco groupConsolidated Statement of Changes in Equity2007 ReservesAmounts in MSEKSharecapitalOtherpaid-incapitalHedgingreserveFairvaluereserveTranslationreserveRetainedearningsTotalMinorityinterestTotalequityOpening balance, Jan. 1 786 4 999 – – –253 27 084 32 616 92 32 708Translation differences, changes during the period 1 895 1 895 4 1 899Hedge of net investments in foreign subsidiaries –824 –824 –824Change in fair values– Cash flow hedges, changes during the period –86 –86 –86– Available-for-sale, changes during the period excl.reclassifications 562 562 562– Available-for-sale, realized and reclassified to incomestatement –15 –15 –15Tax related to items reported in equity 24 231 255 255Net income and expense recognized directly in equity – – –62 547 1 302 – 1 787 4 1 791Profit for the year 7 439 7 439 30 7 469Total recognized income and expense forthe year excl. shareholders’ transactions – – –62 547 1 302 7 439 9 226 34 9 260Dividends –2 899 –2 899 –4 –2 903Redemption of shares –262 –24 154 –24 416 –24 416Increase of share capital through bonus issue 262 –262 – –Redemption of shares –18 18 – –Increase of share capital through bonus issue 18 –18 – –Divestment of series B shares held by Atlas Copco AB 76 246 322 322Acquisition of series A shares –347 –347 –347Share-based payment, equity settled– Expense during the year 89 89 89– Exercise of options –67 –67 –67Acquisition of minority shares in subsidiaries –6 –6Closing balance, Dec. 31 786 5 075 –62 547 1 049 7 129 14 524 116 14 6402008 ReservesAmounts in MSEKSharecapitalOtherpaid-incapitalHedgingreserveFairvaluereserveTranslationreserveRetainedearningsTotalMinorityinterestTotalequityOpening balance, Jan. 1 786 5 075 –62 547 1 049 7 129 14 524 116 14 640Translation differences– Changes during the period, excl. reclassifications 5 763 5 763 1 5 764– Realized and reclassified to income statement –850 –850 –850Hedge of net investments in foreign subsidiaries– Changes during the period, excl. reclassifications –3 432 –3 432 –3 432– Realized and reclassified to income statement 656 656 656Change in fair values– Cash flow hedges, changes during the period –392 –392 –392– Available-for-sale, changes during the period, excl.reclassifications –281 –281 –281– Available-for-sale, realized and reclassified to incomestatement –33 –33 –33Tax related to items reported in equity 102 2 271 2 373 2 373Tax related to items reclassified from equity to incomestatement –749 –749 –749Net income and expense recognized directly in equity – – –290 –314 3 659 – 3 055 1 3 056Profit for the year 10 157 10 157 33 10 190Total recognized income and expense forthe year excl. shareholders’ transactions – – –290 –314 3 659 10 157 13 212 34 13 246Dividends –3 662 –3 662 –5 –3 667Divestment of series B shares held by Atlas Copco AB 54 192 246 246Acquisition of series A shares –699 –699 –699Share-based payment, equity settled– Expense during the year 52 52 52– Exercise of options –47 –47 –47Acquisition of minority shares in subsidiaries 1 1 –4 –3Closing balance, Dec. 31 786 5 129 –352 233 4 708 13 123 23 627 141 23 768See note 20 for additional information.38 Atlas Copco 2008
Consolidated Statement of Cash FlowsIncluding discontinued operationsFor the year ended December 31,Amounts in MSEK Note 2008 2007Cash flows from operating activitiesOperating profit 13 806 12 066Adjustments for:Depreciation, amortization and impairment 7 2 080 1 800Capital gain/loss and other non-cash items –81 –136Operating cash surplus 15 805 13 730Net financial items received/paid 44 –379Taxes paid –3 975 –3 346Cash flow before change in working capital 11 874 10 005Change in:Inventories –2 830 –2 332Operating receivables –1 223 –1 417Operating liabilities 1 062 1 423Change in working capital –2 991 –2 326Net cash from operating activities 8 883 7 679Cash flows from investing activitiesInvestments in rental equipment –1 158 –1 028Investments in other property, plant and equipment –1 741 –1 331Sale of rental equipment 419 586Sale of other property, plant and equipment 96 126Investments in intangible assets –646 –530Sale of intangible assets 1 3Sale of investments 67 172Acquisition of subsidiaries 2 –370 –6 139Divestment of subsidiaries 3 92 –475Acquisition of associated companies 14 –12 –Investment in other financial assets, net –1 141 –1 088Net cash from investing activities –4 393 –9 704Cash flows from financing activitiesDividends paid –3 667 –2 903Redemption of shares – –24 416Repurchase of own shares –453 –25Borrowings 3 085 19 804Repayment of borrowings –1 604 –7 340Payment of finance lease liabilities –67 –63Net cash from financing activities –2 706 –14 943Net cash flow for the year 1 784 –16 968Cash and cash equivalents, Jan. 1 3 473 20 135Net cash flow for the year 1 784 –16 968Exchange-rate difference in cash and cash equivalents 198 306Cash and cash equivalents, Dec. 31 19 5 455 3 473For information on cash flows for continued and discontinued operations, see note 3.Atlas Copco 2008 39
Page 1 and 2: Atlas Copco2008 - tough ending to a
Page 3 and 4: • Strong order growth in most are
Page 5 and 6: Revenues by business areaRevenues b
Page 7 and 8: educing Atlas Copco’s main enviro
Page 9 and 10: Many new products were introduced d
Page 11 and 12: TargetsFinancial targetsAtlas Copco
Page 13 and 14: StructureThe Group is organized in
Page 15 and 16: New divisionEffective January 1, 20
Page 17: 80 000Revenues and marginsMSEK %286
Page 22 and 23: administration reportconcentrated t
Page 24 and 25: administration reportEnvironmental
Page 26 and 27: ADMINISTRATION REPORTCompressor Tec
Page 28 and 29: administration reportThe Compressor
Page 30 and 31: administration reportConstruction a
Page 32 and 33: administration reportThe Constructi
Page 34 and 35: administration reportIndustrial Tec
Page 36 and 37: administration reportThe Industrial
Page 38 and 39: Financial statements, atlas copco g
Page 82 and 83: Financial statements, parent compan
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Financial statements, parent compan
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Audit ReportTo the Annual Meeting o
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Sustainability ReportAtlas Copco’
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SUSTAINABILITY REPORTRoles and resp
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SUSTAINABILITY REPORTSociety and th
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SUSTAINABILITY REPORT10080604020050
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SUSTAINABILITY REPORTIn 2008, CO 2
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SUSTAINABILITY REPORTwinter and coo
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SUSTAINABILITY REPORTNo. of acciden
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SUSTAINABILITY REPORTBusiness Partn
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SUSTAINABILITY REPORTShareholdersTh
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SUSTAINABILITY REPORTSustainability
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Corporate Governance ReportThe Boar
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Corporate Governance ReportBoard of
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Corporate Governance ReportGroup St
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Corporate Governance ReportGroup Ma
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Corporate Governance ReportRemunera
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Corporate Governance ReportBusiness
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The Atlas Copco ShareAt December 31
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the atlas copco shareOwnership stru
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Five Years in SummaryMSEK 2004 1) 2
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Financial InformationWelcome to the
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We are committed to yoursuperior pr
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