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

Parent CompanyIncome StatementFor the year ended December 31,Amounts in MSEK Note 2008 2007Administrative expenses –287 –292Other operating income A3 223 171Other operating expenses A3 0 –1Operating loss –64 –122Financial income A4 11 925 3 211Financial expense A4 –7 311 –2 804Profit after financial items 4 550 285Appropriations A5 1 178 393Profit before tax 5 728 678Income tax A6 353 –57Profit for the year 6 081 621Statement of Cash FlowsFor the year ended December 31,Amounts in MSEK 2008 2007Cash flows from operating activitiesOperating loss –64 –122Adjustments for:Depreciation 3 3Capital gain/loss and other non-cash items –72 312Operating cash surplus –133 193Net financial items received/paid 5 888 –1 170Taxes paid –177 –344Cash flow before change in working capital 5 578 –1 321Change inOperating receivables –645 701Operating liabilities 303 –86Change in working capital –342 615Net cash from operating activities 5 236 –706Cash flow from investing activitiesInvestments in intangible assets –16 –8Investments in tangible assets –3 –2Investments in subsidiaries –7 270 –5 679Divestment of subsidiaries/repatriation of equity 13 491 –Investments in financial assets –754 –3 581Net cash from investing activities 5 448 –9 270Cash flow from financing activitiesDividends paid –3 662 –2 899Redemption of shares – –24 415Repurchase of own shares, net –453 –26Change in interest-bearing liabilities –3 071 33 680Net cash from financing activities –7 186 6 340Net cash flow for the year 3 498 –3 636Balance SheetAs at December 31,Amounts in MSEK Note 2008 2007ASSETSNon-current assetsIntangible assets A7 28 12Tangible assets A8 7 8Financial assetsDeferred tax assets A9 1 704 132Shares in Group companies A10 87 785 95 152Other financial assets A11 3 531 1 420Total non-current assets 93 055 96 724Current assetsIncome tax receivables 450 320Other receivables A12 11 617 8 315Cash and cash equivalents A13 3 587 89Total current assets 15 654 8 724TOTAL ASSETS 108 709 105 448EQUITY Page 80Restricted equityShare capital 786 786Legal reserve 4 999 4 999Total restricted equity 5 785 5 785Non-restricted equityReserve for fair value –2 842 –557Retained earnings 24 236 28 661Profit for the year 6 081 621Total non-restricted equity 27 475 28 725TOTAL EQUITY 33 260 34 510Untaxed reserves A15 – 1 178PROVISIONSPost-employment benefits A16 55 52Other provisions A17 40 86Total provisions 95 138LIABILITIESNon-current liabilitiesBorrowings A18 52 211 43 654Other liabilities 76 7Total non-current liabilities 52 287 43 661Current liabilitiesBorrowings A18 18 917 24 817Other liabilities A19 4 150 1 144Total current liabilities 23 067 25 961TOTAL EQUITY AND LIABILITIES 108 709 105 448Assets pledged A21 29 23Contingent liabilities A21 411 5 654Cash and cash equivalents, Jan. 1 89 3 725Net cash flow for the year 3 498 –3 636Cash and cash equivalents, Dec. 31 3 587 89Atlas Copco 2008 79