IFRS adjustments








Balance sheet at 31 December 2004
      EUR M     SEK M  
  Note SW GAAP Adjustment IFRS SW GAAP Adjustment IFRS
ASSETS
Non-current assets
Goodwill A,B,C 1,553 –10 1,543 14,012 –95 13,917
Intangible rights B 16 8 24 142 79 221
Tangible assets B 572 13 585 5,163 116 5,279
Shares in associates   4   4 36   36
Other long-term financial assets   14   14 130   130
Deferred tax receivables B, C 88 77 165 793 695 1,488
Total non-current assets 2,247 88 2,335 20,276 795 21,071
 
Current assets
Inventories   348   348 3,135   3,135
Accounts receivable   460   460 4,146   4,146
Current tax receivables   19   19 172   172
Other short-term receivables   30   30 266   266
Prepaid expenses and accrued income   29   29 266   266
Short-term investments E 25 –21 4 230 –186 44
Cash and bank balances E 92 –92 831 –831
Cash and cash equivalents E 113 113 1,017 1,017
Total current assets 1,003 1,003 9,046 9,046
TOTAL ASSETS 3,250 88 3,338 29,322 795 30,117
 
Assets pledged   5   5 43   43
 
EQUITY AND LIABILITIES
Equity
Share capital   41   41 366   366
Restricted reserves D 1,009 –1,009 9,106 –9,106
Other contributed capital D 984 984 8,887 8,887
Reserves D –53 –53 –479 –479
Unrestricted reserves D –56 56 –519 519
Net income D 164 –164 1,495 –1,495
Retained earnings including net income A,B,C,D 272 272 2,452 2,452
Minority interests F 3 3 27 27
Total equity 1,158 89 1,247 10,448 805 11,253
 
Minority interests F 3 –3 0 27 –27 0
 
Provisions
Pension provisions G 186 –186 1,677 –1,677
Deferred tax liabilities H 23 –23 209 –209
Other provisions I 75 –75 679 –679
Total provisions 284 –284 0 2,565 –2,565 0
 
Non-current liabilities
Long-term loans   468   468 4,225   4,225
Convertible debenture loans   200   200 1,804   1,804
Deferred tax liabilities H 27 27 245 245
Pension obligations G 186 186 1,677 1,677
Other long-term provisions I 10 10 93 93
Other long-term liabilities   8   8 68   68
Total non-current liabilities 676 223 899 6,097 2,015 8,112
 
Current liabilities
Short-term loans   620   620 5,594   5,594
Accounts payable   169   169 1,521   1,521
Current tax liabilities   34   34 304   304
Short-term provisions I 65 65   586 586
Other short-term liabilities   75   75 677   677
Accrued expenses and prepaid income B 232 –2 230 2,089 –19 2,070
Total current liabilities 1,129 63 1,193 10,185 567 10,752
TOTAL EQUITY AND LIABILITIES 3,250 88 3,338 29,322 795 30,117
 
Contingent liabilities   91   91 817   817
IFRS adjustments
Income statement for 2004
      EUR M     SEK M  
  Note SW GAAP Adjustment IFRS SW GAAP Adjustment IFRS
Sales   2,799   2,799 25,526   25,526
Cost of goods sold B –1,661 –8 –1,669 –15,148 –73 –15,221
Gross income 1,138 –8 1,130 10,378 –73 10,305
 
Selling expenses   –468   –468 –4,272   –4,272
Administration expenses   –206   –206 –1,883   –1,883
R&D costs   –55   –55 –500   –500
Other operating income and expenses   2   2 24   24
Amortization of goodwill A –107 107 –978 978
Share of earnings in associates   1 1 8 8
Operating income 304 100 404 2,770 913 3,683
 
Net financial items   –53   –53 –484   –484
Share of earnings in associates J 1 –1 8 –8
Income before tax 252 99 351 2,294 905 3,199
 
Tax B, C –87 –6 –93 –792 –51 –843
Minority interests F –1 1 –7 7
Net income 164 94 258 1,495 861 2,356
 
Allocation of net income:
Shareholders in ASSA ABLOY AB       257     2,349
Minority interests       1     7
 
Earnings per share
after tax and before dilution, SEK         4.09 2.33 6.42
after tax and dilution, SEK         4.05 2.28 6.33
The table below shows the adjustments (A–J) made in the balance sheets and the income statement presented above. Where an item in a balance sheet or the income statement is affected by several different types of adjustment (Notes A–D), a breakdown and totals are given. The amounts of the other adjustments are given directly in the balance sheets and the income statement above.
Summary of IFRS adjustments (SEK M)
    Balance sheet at 1 January 2004 Income statement for 2004 Balance sheet at 31 December 2004
      Deferred tax Retained Tax   Deferred tax Retained
Note Adjustment Goodwill receivables earnings charge Goodwill receivables earnings
A Reversal of goodwill amortization for 2004         929   929
B Acquisition-related adjustments –166 –16 –32 9 –267 –6 –94
C Deferred tax on tax-deductible goodwill –786 786   –60 –757 701 –57
D Reclassification of equity     592       1,674
    –952 770 560 –51 –95 695 2,452
E Cash and bank balances and Short-term investments (<3 months) moved to Cash and cash equivalents
F Minority interests moved into Equity
G Pension provisions moved from Provisions to Liabilities
H Deferred tax moved from Provisions to Liabilities
I Other provisions split up and moved to Current / Non-current liabilities
J Share of earnings in associates moved into Operating income