20% - Assa Abloy

Notes 9–12
Note 9 Employee benefits
Salaries, wages and other remuneration (of which,
performance-related salary paid to managing directors)
Group
SEK M 2006 2007
Sweden 598 (9) 587 (8)
Finland 314 (0) 329 (0)
Norway 275 (1) 276 (1)
Denmark 152 (1) 185 (0)
United Kingdom 558 (2) 625 (3)
Belgium 70 (0) 67 (0)
Netherlands 217 (1) 227 (2)
France 608 (1) 635 (4)
Germany 553 (4) 554 (4)
Switzerland 226 (3) 212 (1)
Italy 108 (0) 120 (1)
Spain 262 (1) 280 (2)
Czech Republic 72 (0) 90 (0)
Romania 37 (–) 48 (–)
Israel 81 (–) 87 (–)
South Africa 76 (–) 69 (–)
Canada 177 (1) 205 (1)
USA 2,511 (9) 2,666 (8)
Mexico 165 (0) 195 (1)
South America 59 (0) 69 (0)
China 103 (1) 155 (0)
Australia 266 (0) 391 (0)
New Zealand 88 (–) 80 (–)
Other 42 (2) 195 (0)
Total 7,618 (36) 8,347 (36)
Parent company
SEK M 2006 2007
Sweden 109 (6) 96 (6)
Other 7 (–) 12 (–)
Total 116 (6) 108 (6)
Social costs (of which pensions)
Group
SEK M 2006 2007
Total 1,756 (413) 1,719 (384)
Parent company
SEK M 2006 2007
Total 64 (29) 55 (21)
Salaries and remuneration to the Executive Team
Salaries and other remuneration paid to the Executive Team
totaled SEK 63 M (52). Social costs totaled SEK 26 M (23), of
which SEK 13 M (12) are pension costs. The Executive Team
consists of 10 (9) people, all men. Detailed information
about salaries and remuneration to the Executive Team
appears in the Corporate Governance report (pages 49–50).
Salaries and remuneration to the Board of
Directors and the Parent company’s Executive Team
Salaries and other remuneration paid to the Board of Directors
and the Parent company’s Executive Team totaled SEK
34 M (29). Social costs for the Board of Directors and the
Parent company’s Executive Team amounted to SEK 19 M
(18), of which SEK 8 M (9) are pension costs. The Board
(excluding employee representatives) and the Parent company’s
Executive Team consist of 11 (11) people, of whom
1 (1) is a woman.
Severance pay agreement
For the CEO, a period of 24 months’ notice has been agreed
if the company terminates the contract. No severance payment
agreement applies.
ASSA ABLOY
Annual Report 2007
73
Parent company
Absence for illness, % 2006 2007
Total absence for illness 2.5 2.4
– long-term – *
– men 2.9 2.7
– women 1.9 1.8
– aged 29 or younger 0.7 0.9
– aged 30-49 2.9 1.5
– aged 50 or older 1.7 *
* Information not displayed since it could be linked to specific individuals.
Note 10 Exchange-rate differences
in the income statement
Group
Parent
company
SEK M 2006 2007 2006 2007
Exchange-rate differences
reported in the
income statement –9 –20 – –2
Exchange-rate differences
reported in financial
expenses (Note 12) –4 –24 –24 77
Total –13 –44 –24 75
Note 11 Financial income
Group
Parent
company
SEK M 2006 2007 2006 2007
Earnings from participations
in subsidiaries (A) – – 533 1,489
Intra-group interest
income – – 725 803
External interest income
and similar items 30 27 2 2
Total 30 27 1,260 2,294
(A) Earnings from participations in subsidiaries Parent
company
SEK M 2007 2006 2006 2007
Dividends from subsidiaries 1,695 1,489
Impairment of shares
in subsidiaries –1,078 –
Earnings from sales of shares
in subsidiaries –84 0
Total 533 1,489
Impairment of shares in subsidiaries of SEK 1,078 M in 2006
was mainly due to dividends received from subsidiaries.
Note 12 Financial expenses
Group
Parent
company
SEK M 2006 2007 2006 2007
Intra-group interest
expenses
Interest expenses, con-
– – –400 -484
vertible debenture loans
Interest expenses,
–61 –76 –61 –76
other liabilities
Interest expenses,
–574 –625 –158 –88
inter est rate swaps
Interest expenses,
foreign exchange
– 3 – –
forwards
Exchange-rate
differences on financial
–34 –53 1 1
instruments
Fair value adjustments
on derivatives, hedge
–4 –12 –24 77
accounting
Fair value adjustments
on derivatives, non-
23 18 – –
hedge accounting
Fair value adjustments
on borrowings, hedge
–15 –28 37 –30
accounting
Fair value adjustments
–23 –18 – –
on loan receivables – –75 – –75
Other financial expenses –13 –10 –23 –28
Total –701 –876 –628 –703