050617-04 Arsrapport -04 GB

Transcription

r e p o r t
2004
a n n u a l
Contents
2004
3
Company profile
4
Key Figures and
financial ratios
5
Annual Report
Directors' report
6
Profit and loss account
10
Balance sheet
11
Cash flow analysis
12
Notes
13
Auditors' report
22
The product groups
23
Corporate structure
27
Financial calendar
2
1. Quarter report 2005
10. May 2005
General Meeting
10. May 2005
30. August 2005
27. October 2005
4. Quarter report 2005/Interim profit
17. February 2006
2004
Turnover
The consolidated turnover for the Hjellegjerde® Group totalled NOK 494.0 million against NOK 420.3 million in 2003.
Results
The consolidated operating profit for the year was NOK 22.3 million against NOK 16.4 million for the previous year, an
improvement of NOK 5.9 million. The operating margin was 4.5% against 3.9% in 2003.
Profit before tax for 2004 was NOK 13.1 million against NOK 11.3 million for the previous year.
Reorganisational Work
The company concluded an extensive process of structural reorganisation in 2004. The company has achieved significant
rationalisation and efficiency enhancement gains by specialising its four production facilities so that the production units each
focus on one of the company’s four product lines.
This will enable the company further to strengthen its international position and improve its existing competitive advantages in
terms of product concepts, production facilities and logistics systems.
Share Issue
In September 2004, the company implemented a preferential public share issue of NOK 25.5 million with the issue of 750,000
shares of NOK 34.00. The object of the increase in share capital was twofold. It will be necessary for the company to increase
its investments in market activities in order to meet its strategic objectives in the short term. The company will increase the
marketing of its priority product lines. This will include focusing on brand-building activities for Northern Comfort® and
investments in studio solutions on priority markets. Furthermore, the company is to continue its work to optimise the value
chain for Northern Comfort®, especially for the factory in Sykkylven. Investments in rationalisation and quality improvements
have partially been made, including through a new wholly automated finishing plant.
Organisational and Structural Changes
In the past year, Hjellegjerde has commenced a systematic brand-building process based on the Group’s new brand strategy.
Under this strategy, Hjellegjerde’s defined product lines and Hjellegjerde as a corporate brand are to be established and
knowledge and recognition of the product lines and brands are to be increased over time. Tactical brand building and
accompanying investments will be a target area in the future. The brand building is to be supported by, among other
measures, the establishment of more studio solutions with dealers on the main markets and by own training programmes for
salespersons in the shops. The Northern Comfort® product line will be given special priority both nationally and internationally.
The company has strengthened its internal resources in this area.
In the course of 2004, Hjellegjerde® France SARL has been redefined from a “representation office” to a profit centre with
independent reporting responsibility. Hjellegjerde®’s defined product lines will be introduced in the USA, supported by marketing and brand building that are more in conformity with this. Hjellegjerde USA Inc. has acquired a new management as well
as better sales and administrative support.
As from 2005, the Scansit® Collection will have more selective distribution with greater focus on volume per customer.
As at the year-end, the Hjellegjerde® Group had 574 employees, equal to 498 man-years. In comparison, the Group had 551
employees and 492 man-years as at 31.12.2003.
Market Focusing
The company priorities the work aimed at focusing on and preparing its four product lines for the markets.
The company’s overall objective and strategy are to utilise the growth potential of the company’s internationally oriented
product lines – Northern Comfort®, Modi® and Scansit®.
The Hjellegjerde® Collection (sofas and recliners) is aimed at the Nordic markets and will be developed and adapted to the
Northern Comfort® Collection.
3
2004
c o m p a n y
p r o f i l e
Vision
Hjellegjerde® aims to be a leading, innovative supplier of Nordic furniture concepts.
The market is to experience Hjellegjerde as the most exciting, innovative supplier of holistic furniture concepts with a clear
Nordic touch. Our insight into Nordic lifestyle and culture and our ability to communicate this clearly through our furniture
design must be our signature.
Mission
Hjellegjerde®’s mission is to meet quality-minded consumers’ requirements for functional and comfortable
seating furniture of high-quality design, rooted in Nordic furniture design traditions. The products must be
based on holistic and conceptual solutions that provide added value in terms of seating comfort and quality.
Brand knowledge is to provide certainty and added value for the customer.
Through the Group’s new brand strategy, Hjellegjerde will establish and increase knowledge and recognition of defined
product lines and Hjellegjerde as a corporate brand over time. Tactical brand building and accompanying investments will be a
target area in the future.
The competence in strategic marketing and product development will be concentrated and localised in Norway and with
product development competence where this is found to be expedient.
Hjellegjerde®’s objective is to carry on furniture production based on knowledge, technology and the local network in
Sunnmøre. Hjellegjerde® operates four specialised production units, each specialising in one of the four prioritised product
lines:
1. In Sykkylven for the Northern Comfort® product line
2. In Stordal for Modi®
3. In Lithuania for the Hjellegjerde® Collection – sofas and related chairs adapted to the Scandinavian markets
4. In Thailand for the Scansit® Collection
Hove Møbler AS will be a specialised centre of competence for the development and production of laminates – primarily for
use in the Group’s own product groups, but also as a quality supplier to other manufacturers.
The Company
71.5% of the turnover goes to markets outside Norway.
A schematic chart of the corporate structure and organisation is found on page 27.
The Business Activities
The business activities in Hjellegjerde® are divided into the following four product areas:
• Northern Comfort®
• Scansit®
• Modi®
• Hjellegjerde® Collection
Further information about product areas, corporate structure and organisation is found on pages 22–26.
Financial Targets
Hjellegjerde®’s objective is to ensure returns for its owners through profitable operations and by securing earned values.
The long-term financial targets are as follows:
A return on total assets of 17%.
An operating margin of 10%.
A pre-tax profit margin as a percentage of turnover of 8%.
Liquidity reserves equal to 10% of the turnover.
In addition to the financial targets, Hjellegjerde® has a target that service costs are to constitute less than one per cent of the
turnover.
4
2004
k e y
f i g u r e s
a n d
f i n a n c i a l
The Group
r a t i o s
2004
2003
2002
2001
2000
Turnover
Export
mill. kr
mill. kr
494,0
350,8
420,3
281,8
430,2
273,6
399,9
266,3
417,8
249,8
Operating profit/loss
Operating margin
mill. kr
22,3
4,5 %
16,4
3,9 %
2,8
0,7 %
-6,1
-1,5 %
15,3
3,7 %
Profit/loss before tax
Return on equity before tax
Profit margin (% of turnover)
mill. kr
%
13,1
9,0 %
2,7 %
11,3
8,8 %
2,7 %
-12,5
-8,9 %
-2,9 %
-18,4
-11,5 %
-4,6 %
5,3
3,4 %
1,3 %
Equity capital
Equity ratio (% of total assets)
mill. kr
159,3
49,2 %
132,9
43,4 %
123,7
41,2 %
157,7
43,4 %
160,7
48,9 %
Number of employees 31.12
574
551
526
717
736
Number of man-years
498
492
449
613
634
11,9
15,5
7,6
15,7
9,3
16,5
12,7
15,6
18,3
13,3
995
1021
1020
1061
1065
Investments
Depreciation
mill. kr
mill. kr
Number of shareholders
Turnover
Operating profit/loss
Omsetning
494,0
417,8
430,2
399,9
420,3
Driftsresultat
22,3
16,4
15,3
2,8
2000
2001
2002
2003
2004
2000
2001
2002
2003
123,7
132,9
2002
2003
2004
-6,1
Number of employees
(asansatte
at 31.12)
Antall
736
Equity capital (book)
717
526
551
574
160,7
2000
2001
2002
2003
2004
2000
159,3
157,7
2001
2003
5
2004
D i r e c t o r s '
r e p o r t
The Hjellegjerde® Group can report a
consolidated operating profit of NOK 22.3
million for 2004, which is an improvement
of NOK 5.9 million compared with the
previous year. The operating margin was
4.5% against 3.9% in 2003. Net financial
costs amounted to NOK 9.2 million against
NOK 5.1 million in 2003, making the profit
before tax NOK 13.1 million against NOK
11.3 million in 2003.
The improvement in profit in 2004 is
primarily due to increased production
volume and improved production efficiency.
The share of payroll costs and social security
contributions as a percentage of turnover
is 22.9% in 2004, which is 1.5 per cent
lower than in 2003.
The commodity markets were turbulent
in 2004, and Hjellegjerde® had to accept
heavy price increases on both steel and
metal components, foam and some other
raw materials.
With such a trend, the cost of sales
represents the greatest challenge for the
company’s earnings scenario in the future.
Hjellegjerde® is working hard to
compensate for this development by
finding alternatives and by improving the
utilisation of Hjellegjerde®’s international
presence.
A stronger Norwegian krone is having
a negative impact on the cost of sales
and on the profit in the short term.
Hjellegjerde® will implement price
adjustments on several markets to adjust
its margins and foreign currency exposure
on the various markets.
2004 was characterised by the focus on
the Northern Comfort® Collection.
The Hjellegjerde® Group generated a
consolidated turnover of NOK 494 million
in 2004, an increase of 17.5% compared
with the previous year. The growth is
primarily attributed to the Northern
Comfort® product line, which saw an
increase in turnover of 42% in 2004
compared with 2003. This means that
Northern Comfort® constitutes 51% of
the Group’s total consolidated turnover.
The Northern Comfort® Collection was
given priority in connection with the share
issue in September 2004. Marketing
activities are to be increased for all the
product lines, but there will be special
focus on brand-building activities for
Northern Comfort® with accompanying
investments in studio solutions on
prioritised markets. In addition, the work
to optimise the value chain for Northern
Comfort® will be continued. Investments in
rationalisations and quality improvements
have been implemented, including through
6
a new wholly automated finishing plant in
Sykkylven.
The other product lines have had the
following good rates of growth: 10%
increase in turnover for the Modi®
Collection and a rate of growth of 8%
for the Hjellegjerde Collection®. The
exception is Scansit®, which shows a
decrease of NOK 5.9 million (-6.5%) in
2004 compared with 2003. The principal
reason for this is that priority was given to
Northern Comfort® models in marketing
campaigns during 2004, whereas the
Scansit® models were given marketing
priority in 2003.
In the course of 2004, Hjellegjerde® France
has become an independent unit with
independent reporting responsibility.
Hjellegjerde®’s defined product lines
will be introduced in the USA, supported
by marketing and brand building that
are more in conformity with this.
Hjellegjerde USA Inc. has a new sales
and administrative management as
from 1.1.2005.
The Board of Directors and the
management will continuously focus
on improving and optimising the basis
for efficient and profitable operations by
phasing out unprofitable products,
reducing the number of product variants
and basic models and adjusting the
capacity of the Group’s specialised units.
Improvement measures have, in particular,
been initiated for the Northern Comfort®
product line.
DEVELOPMENT IN PROFIT
The development in operating profit in
recent years shows a positive trend, but
the overall profit performance is still not
satisfactory. Various measures aimed at
improving the profit performance were
implemented in the course of 2004.
Operating result
MNOK
14
2003
2004
13,2
13
12
11,4
11
10
9
8
7
From 2005, the Scansit® Collection will
be marketed on the basis of more selective
distribution than previously. To a greater
extent than previously, Scansit® is to be
targeted at customers and distribution
channels on a volume basis.
5,7
6
5
4
3
2,4
The process of relocating the whole
Hjellegjerde® Collection to the company’s
production unit in Lithuania was also
concluded during the first half of 2004.
After having concluded its reorganisation
project, the company has achieved
significant rationalisation and efficiency
enhancement gains by specialising its four
production facilities so that each
production unit concentrates on one of
the company’s four product lines.
Hove Møbler AS is a specialised centre
of competence for the development and
production of laminates – primarily for
use in the Group’s own product groups,
but also as a quality supplier to other
manufacturers.
1,5
1,3
1
0,2
0
-1
1. kvartal
The company has implemented
comprehensive reorganisations of its
factory units, and this reorganisation
project was concluded in 2004. Production
of the Scansit® product group was
previously divided between Thailand and
Norway. During the first half of 2004, all
production of Scansit® was relocated to
Thailand, and the production unit in
Sykkylven has become specialised in the
production of Northern Comfort®.
2,3
2
2. kvartal
3. kvartal
4. kvartal
DEVELOPMENT IN THE QUARTERS OF
THE YEAR
The company began the year well with an
operating profit of NOK 13.2 million in the
first quarter of 2004 against an operating
profit of NOK 2.4 million in 2003. The
operating margin was 9.7% against 2.2%
in 2003. The profit before tax was NOK
11.6 million in the first quarter of 2004
against a loss before tax of NOK 0.5 million for the same period in 2003. This is
an improvement in profit, quarter against
quarter, of NOK 12.1 million, which is
primarily due to growth on the company’s
markets, increased market shares and
efficiency enhancement in the production
units.
The operating profit was NOK 1.3 million
in the second quarter of 2004, which is
somewhat lower than expected. The
company phased in a new technical
platform for the Northern Comfort®
Collection in the second quarter of 2004.
Deliveries of the Northern Comfort®
Collection with the “Snap System” were
commenced in August 2004. Through a
“click system”, the Snap System enables
the customer to assemble the chairs
himself in his own living room or for shop
display. The system creates improvements
2004
D i r e c t o r s '
r e p o r t
in the product value chain. The packaging
volume has been reduced by 35%, which
results in cost reductions in freight, stock
holding and distribution. The preparations
for the launch of the “Snap System” and
for deliveries under a new distribution
contract for Japan affected the efficiency
of the Norwegian production facilities in
the second quarter. The changes in product mix and technical platform created
bottlenecks in the production of Northern
Comfort®. Concentration of the turnover
on Northern Comfort® results in an
increase in the relative share of cost of
sales in the short-term. Underlying growth
in steel components also contributes
negatively to the share of cost of sales.
in the third quarter of 2004 against NOK
2.3 million in the third quarter of 2003.
in the fourth quarter of 2004 against NOK
11.5 million in 2003. The operating margin
for the quarter was a low 1.0%. Nonbooked cost of sales for the Group’s
operations in Lithuania and sales
commissions for France and Japan, which
should have been booked in the third
quarter of 2004, were corrected in the
fourth quarter by a total of NOK 3.2
million. The change in operating model
in France results in changes in local
accounting, and booking of costs in
accordance with the Group’s principles
results in provisions of NOK 1.3 million
being expensed in the fourth quarter. In
addition, a reorganisation of Hjellegjerde®’s
operations in the USA is also being
implemented, and the costs for
reorganisation and revised composition
of the collections total approximately
NOK 2 million.
The average stock turnover ratio has been
reduced. Total stocks amounted to NOK
65.4 million as at the end of 2004 against
NOK 64.8 million as at the end of 2003.
There has also been a slight change in
total short-term debt. Short-term debt
amounted to NOK 88.2 million as at the
end of 2004 against NOK 88.8 million as
at the end of 2003. Interest-bearing debt
was reduced by NOK 35.4 million from
NOK 125.5 million as at the end of 2003
to NOK 90.1 million as at 31.12.2004.
The liquidity has been satisfactory.
Liquidity reserves amounted to NOK 51.5
million as at the year-end (including
unused drawing rights). NOK 8.3 million
of the long-term debt falls due for
payment in 2005. Short-term interestbearing debt consists primarily of the use
of drawing rights with the Group’s main
banker.
The Group’s equity capital amounts to
NOK 159.3 million, which is equal to an
equity ratio of 49,2%.
The work to reduce the company’s tied-up
capital has been of central importance in
2004. Assets that are not regarded as
necessary for the operation of the
company’s core activities have been sold.
MARKET DEVELOPMENT
The consolidated turnover amounted to
NOK 494.0 million in 2004 against NOK
420.3 million in 2003 (+17.5%).
Turnover
BALANCE SHEET DEVELOPMENT
The consolidated balance sheet total has
increased by NOK 17,4 million to NOK
323,7 million as at the year-end.
The internationalisation of Hjellegjerde®
results in increased tied-up capital.
Accounts receivable increased by NOK
11.1 million during the year and amounted
to NOK 77.3 million as at 31.12.04 as a
result of activities on new markets.
2004
160
147,7
134,5
140
120
133,3
109,3
107,1
93,2
100
Hjellegjerde®’s improvement programmes
for brand building, marketing material and
studio solutions are given priority. The
work has been intensified after the
implementation of the increase in share
capital in the autumn of 2004. The costs
are booked on a current basis and
represent approximately NOK 3 million
in the fourth quarter.
2003
103,7
84,5
80
The export share was 71.5% against
66.8% in 2003.
The total inflow of orders for 2004 was
23.4% higher than in 2003. The increase
is primarily attributable to the specialisation
implemented by the Group and to the
phasing out of products that no longer
form part of prioritised product lines.
The total inflow of orders for
Hjellegjerde®’s lounge chair product lines
increased by 24% compared with 2003.
The inflow of orders has shown a positive
development on all markets. The company’s
largest markets are Norway, Germany and
France.
The development on the Norwegian
market was good in 2004. More focused
distribution with focus on Hjellegjerde
Collection® and Northern Comfort®
produced results. Hjellegjerde®’s sofa range
increased by 20.5% compared with 2003,
and Hjellegjerde® increased its market
share on this part of the market. The
development for Northern Comfort® was
excellent with an increase of NOK 10
million (65.7%) compared with 2003.
The Modi® Collection increased by 12.5%.
The rest of the turnover in Norway of
Scansit®, relaxers and, not least, phasedout products and laminates to other
furniture producers shows a decline.
The European markets saw a negative
development in the general furniture
turnover. New players are establishing a
foothold on the markets in Hjellegjerde®‘s
category and are making the competition
even sharper with pressure on prices and
terms. Hjellegjerde®‘s market share has
increased after the turnover increased by
5-6% compared with 2003.
60
40
Scansit®
17,6 %
20
®
Modi
6,2 %
0
1. kvartal
2. kvartal
3. Kvartal
4. kvartal
The increase in turnover is primarily due to
the Northern Comfort® product line, which
saw an increase in turnover of 42% in
2004 compared with 2003.
The other product lines have also had
good rates of growth: 10% increase in
turnover for the Modi® Collection and a
rate of growth of 8% for the Hjellegjerde
Collection®. The exception is Scansit®,
which shows a decrease of NOK 5.9 million (-6.5%) in 2004 compared with 2003.
The principal reason for this is that priority
was given to Northern Comfort® models
in marketing campaigns during 2004,
whereas the Scansit® models were given
marketing priority in 2003.
Hjellegjerde®
19,8 %
Northern®
Comfort
50,8 %
Industri og annet
5,6 %
More information about the development
for product groups and markets is found in
note 2.
COMPETITIVE SITUATION
Internationally, the competitive situation in
the company’s market segments has
become sharper in recent years.
Hjellegjerde® has nevertheless maintained
and strengthened its position on the main
7
2004
D i r e c t o r s '
r e p o r t
markets within its segments. The Board of
Directors is of the opinion that
Hjellegjerde®’s international position and
opportunities are good.
Hjellegjerde® has unique competitive
advantages attached to its internationally
oriented product concepts, production
facilities and logistics systems.
to work to ensure that there is no sexual
discrimination in the treatment of employees
in connection with such issues as pay,
advancement and recruitment. The
furniture industry has traditionally had a
large number of female employees. The
gender distribution between women and
men has been relatively even.
Competition on the Norwegian market is
sharp and is characterised by a high degree
of chain formation. Hjellegjerde® has
strengthened its position in its prioritised
product areas in Norway in 2004.
The gender distribution for the Group’s
employees is 51% women and 49% men.
As at the end of 2004, the Group’s
Norwegian companies had 158 female
employees and 150 male employees.
The average hourly rate is 4% lower for
women than for men. This reason for this
is that the share of women who hold executive positions is somewhat lower than for
men. The working hours schemes in the
company follow from
the various positions and are not gender
dependent. However, the share of parttime employees is higher among female
employees, and, correspondingly, the
extent of overtime work is somewhat
higher for male employees.
STAFF AND WORKING CONDITIONS
As at the end of 2004, the Hjellegjerde
Group had 574 employees, equal to 498
man-years.
As at the year-end, the Hjellegjerde
Group’s employees were distributed as
follows:
2004 2003 Change
Employees in Norway 308 296 +12
Employees abroad
266 255 +11
Total
574 551 +23
Translated into
man-years
498 492 +6
The changes in the number of employees
and man-years are primarily due to the
restructuring and reorganisational work
that has been carried out in the production
facilities through the relocation of
production from Norway to Lithuania as
well as heavy growth for Northern
Comfort®. Hjellegjerde® has commenced a
systematic process aimed at building up
and securing Northern Comfort® as a
brand. The brand building is to be supported
by the establishment of more studio
solutions with dealers on the main markets
and own training programmes for
salespersons in the shops. The company
has strengthened its internal resources in
this area.
Hjellegjerde®’s objective is to pursue an
active staff policy aimed at ensuring access
to qualified employees. The company’s
intention is to ensure the right conditions
for providing its employees with interesting
tasks and opportunities for vocational and
personal development. This is necessary to
ensure that a loyal workforce is maintained
and to ensure that Hjellegjerde® will continue to be regarded as an attractive,
secure employer.
Equality of Status
The Group has an objective to be a
workplace that provides equality
between and equal opportunities for
women and men. The management is
8
HEALTH, SAFETY AND
ENVIRONMENTAL WORK
Continuous work is being carried on to
improve routines for internal control of
health, environment and safety. A dedicated
organisational unit for HES&C reports to
the Managing Director. The task of the
unit is further to develop and formalise
the company’s routines in close cooperation with the Managing Director and
the management team. The companies in
the Group give high priority to the health
and safety work and to the internal and
external environmental protection work.
Own committees perform considerable
work in this field. The Norwegian
production enterprises are attached to
the Occupational Health Service.
Quality Assurance Work 2004–2005
The principal objective for the quality
assurance work in 2004 was to introduce
an electronic quality management system
based on the terminology of ISO
9001:2000, with subsequent certification.
ISO 9001:2000 corresponds to the
terminology in ISO 14001, environmental
certification. To begin with, the
certification was planned to apply to the
Norwegian production units. It is also the
intention that the system can be applied
to Hjellegjerde®‘s unit in Lithuania.
Hjellegjerde ASIA Co., Ltd. has been ISO
approved since 2002.
The certification audit was conducted in
January 2005. The audit revealed 15
deviations and 7 recommendations. These
deviations were corrected in the course of
February/March, and the enterprise is now
certified.
The co-operation with the employees’
organisations has been good and has
contributed positively during the year.
The Board of Directors regards the general
working environment as satisfactory.
The rate of absence from work due to
illness in the Group’s Norwegian units
was 8.4% in 2004 against 9.5% in the
previous year. The units in the Group have
continuous follow-up on absence from
work due to illness and have introduced
measures to reduce both short-term and
long-term absence from work due to
illness. Individual handling and follow-up
will be the most important single measure
in the future.
No major damage to equipment or personal
injuries have occurred or been reported
during the year.
Hjellegjerde®’s objective is to be an
environmentally friendly company that is
committed to the recycling of waste and
use of environmentally friendly materials.
The products are primarily made of and
with natural materials and processes,
which means that the degree of pollution
during and after production is minimal.
The companies in the Group handle
production waste in accordance with
existing regulations and in an
environmentally friendly and secure
manner.
SHAREHOLDERS
Hjellegjerde ASA has been listed on the
Oslo Stock Exchange since October 1997,
and the company had 995 shareholders
and 5,405,100 shares as at the year-end.
The 20 largest shareholders control 61.8%
of the shares/votes.
The Board of Directors will recommend at
the General Meeting on 10 May 2005 that
a dividend of NOK 0.50 per share be
distributed for the 2004 financial year.
A list of the company’s largest shareholders
and a statement of the number of shares
held by members of the Board of Directors
as at 31.12.2004 are shown in note 15 on
page 19.
GOING CONCERN ASSUMPTION
The annual report and accounts have been
based on a going concern assumption. The
assumption is based on the Board of
Directors’ forecasts and expectations for
the Group’s future profit performance. The
Group’s financial position is satisfactory.
2004
D i r e c t o r s '
r e p o r t
ALLOCATION OF THE PROFIT FOR THE
YEAR
The profit for 2004 in Hjellegjerde ASA has
been allocated as follows:
Profit before tax
6 166 286
Tax cost
5 122 202
Profit for the year
1 044 084
Allocated to dividend
2 702 550
Covered by other reserves (1 658 466)
Total allocated
1 044 084
Allocation for dividend equals NOK 0.50
per share. Group contribution made
amounted to NOK 4 832 930 after tax.
More information about tax cost can be
found in Note 6.
PROSPECTS
The Hjellegjerde® Group has undergone an
extensive process of internationalisation
and reorganisation in the past two years.
The final elements in this process were
concluded in 2004, and this should provide
a sound basis for future growth. The
company’s overall objective and strategy
are to exploit the growth potential of its
internationally oriented product lines, and
this work will be given priority. The
company will focus on its good
international position, and work will be
continued on strengthening the company’s
competitive advantages connected with its
product concepts, production facilities and
logistics systems. The Board of Directors
and the management will focus on
improving and optimising the basis for
efficient and profitable operations by phasing out unprofitable products, reducing the
number of product variants and basic
models, making capacity adjustments and
specialising the Group’s units.
The company’s greatest future challenge
will be to improve its marketing activities
and to increase end customers’ knowledge
of the prioritised product lines. In the
future, special priority will be given to
continued brand-building activities for the
Northern Comfort® product line. This will
be achieved through the establishment of
more studio solutions, dedicated campaigns
and customised training programmes. For
Northern Comfort®, work will also be done
to improve the production process. The
company’s product development function
has been centralised and will have a clear
market orientation in its development of
products and concepts.
In order to ensure the necessary financial
freedom of action, the work to reduce the
company’s tied-up capital will be continued
with the focus being on stocks and trade
debtors. Investments in marketing, brand
building and the development of the
production function will be prioritised.
Further rationalisation gains in the
company’s production facilities are to be
achieved over the next two to three years.
The company’s gross profit has shown a
positive trend. The trends on the markets
in which the company operates have been
positive in 2004. The development in the
past few months has been poorer, but the
potential for utilising the platform from
2004 is still present. Even though the
demand on the markets generally looks
good, uncertainty about the Norwegian
economy and about international
economic trends may affect the targets
and objectives set by the company.
The company is to continue its work to
optimise the value chain for Northern
Comfort®. The Scansit® Collection is to be
more clearly differentiated from Northern
Comfort®. The company is well positioned
on the various markets, and the Board of
Directors expects that the results will
improve over time. The prospects and
opportunities for 2005 still look good.
The organisational work and management
development work will be given priority in
the years to come in order to utilise the
ongoing internationalisation process.
The creation of an efficient work form and
management structure as well as the further
development of competent managers are
priority tasks for the company. Core areas
for competence development are international market management, brand
building, design and product development,
logistics and IT as well as World Class
Manufacturing.
In the opinion of the Board of Directors,
the annual report and accounts contain all
the information that is required in order to
evaluate the result and financial position of
the company and the Group. Except for
the above items, no post-balance sheet
events have occurred after the end of the
financial year that, in the opinion of the
Board of Directors, are of importance to
the evaluation of the company and the
Group.
Sykkylven, 31.12.04 / 31.03.05
Svein Tømmerdal
Chairman og the Board
Odd Tore Finnøy
Trine Garshol
Employee representative
Frede Uldbæk
Rolf Hjellegjerde
Bente T. Skarbø
Employee representative
Roar Wedding
Tore G. Drivenes
Eldar Eilertsen
Managing Director
9
2004
p r o f i t
a n d
l o s s
a c c o u n t
(All figures in TNOK)
HJELLEGJERDE ASA
2004
2003
10
note
15 784
15 784
16 022
16 022
Sales income
Other operating income
Total operating income
3 398
7 645
621
11 664
4 379
8 543
5 472
18 394
Cost of sales
Payroll costs
Depreciation
Other operating costs
Total operating costs
4 119
(2 372)
10 612
2 956
4 185
3 146
4 191
2 047
THE GROUP
2004
2003
2
490 587
3 409
493 996
418 046
2 252
420 298
3
4
7
5, 18
213 661
112 477
15 472
130 042
471 652
170 924
101 058
15 658
116 256
403 896
OPERATING PROFIT/LOSS
22 343
16 402
43 670
1 527
38 422
4 561
2 881
(668)
Interest received from group undertakings
Other interest received
Other financial income
Interest paid to group undertakings
Other interest paid
Other financial costs
Result of financial items
713
12 320
5 045
17 193
(9 205)
328
20 570
11 199
14 801
(5 103)
6 166
(3 040)
PROFIT/LOSS BEFORE TAX
13 138
11 299
(5 122)
(5 122)
1 014
1 014
Tax payable
Change in deferred tax
Total tax cost
(3 481)
1 214
(2 267)
(723)
(657)
(1 380)
1 044
(2 026)
10 871
9 919
-
-
-
-
1 044
(2 026)
10 871
9 919
0,2
4 819 484
2 703
4 833
(0,4)
4 655 100
733
2,3
4 819 484
2 703
-
2,1
4 655 100
-
6
PROFIT/LOSS FOR THE YEAR
Minority interests
PROFIT/LOSS FOR THE YEAR AFTER MINORITY INTERESTS
Earnings per share (NOK)
Average number of shares issued
Dividend (NOK ‘000)
Group contributions (NOK ‘000)
2004
b a l a n c e
s h e e t
HJELLEGJERDE ASA
2004
2003
note
ASSETS
Fixed Assets
Deferred tax assets
Research and development
Total intangible fixed assets
-
-
44 203
17 136
3 119
64 457
45 997
14 617
3 627
64 241
73 044
47 151
963
1 827
122 985
69 521
48 629
1 003
2 193
121 346
Investments in subsidiaries
Loans to group undertakings
Investments in shares and units
Bonds and other claims
Net pension funds
Total fixed asset investments
187 442
185 587
TOTAL FIXED ASSETS
-
-
69 321
69 321
72 782
72 782
144
256
69 465
73 038
256 907
258 625
THE GROUP
2004
2003
6
19
11 507
2 139
13 646
12 209
12 209
Land, buildings and other real property
7
Plant and machinery
7
Operating equipment, fixtures, fittings, tools and office machinery 7
Total tangible fixed assets
88 288
29 100
7 699
125 088
93 554
27 151
9 712
130 417
1 008
1 008
1 105
983
2 088
139 741
144 714
3
65 406
64 784
Trade debtors
Other receivables
Total accounts receivable
10
77 291
21 382
98 673
66 202
7 364
73 566
Cash at bank and in hand, etc.
11
19 897
23 233
TOTAL CURRENT ASSETS
183 976
161 584
TOTAL ASSETS
323 718
306 297
54 051
90 057
144 108
46 551
76 758
123 309
15 205
15 205
159 314
9 554
9 554
132 863
4
6
2 150
2 150
1 539
1 539
8
10
9
4
Current Assets
Total stocks
EQUITY CAPITAL AND LIABILITIES
54 051
71 280
125 331
46 551
55 966
102 517
Equity Capital
Share capital
Own shares
Share premium account
Total contributed equity capital
23 160
23 160
148 490
24 818
24 818
127 335
Revaluation reserve
Other reserves
Total retained earnings
Minority interests
TOTAL EQUITY CAPITAL
5 583
5 583
2 591
2 591
71 218
71 218
81 442
81 442
Debt to credit institutions
Other long-term debt
Total long-term debt
12
71 492
253
71 745
82 584
82 584
18 268
(1 772)
343
2 703
12 073
31 615
41 635
2 361
356
2 905
47 256
Debt to credit institutions
Trade creditors
Tax payable
Unpaid government charges and duties
Dividend
Other short-term debt
Total short-term debt
12
18 352
29 993
3 481
8 158
2 703
27 823
90 509
42 945
27 327
2 109
16 929
89 310
108 416
131 290
TOTAL LIABILITIES
164 404
173 434
256 907
258 625
TOTAL EQUITY CAPITAL AND LIABILITIES
323 718
306 297
15
14
Liabilities
Pension commitments
Deferred tax
Total provisions and commitments
6
13
Sykkylven, 31.12.04 / 31.03.05
Svein Tømmerdal
styreformann
Trine Garshol
ansattes
representant
Rolf Hjellegjerde
Bente T. Skarbø
ansattes
representant
Odd Tore Finnøy
Frede Uldbæk
Roar Wedding
Tore G. Drivenes
Eldar Eilertsen
administrerende
direktør
2004
c a s h
f l o w
a n a l y s i s
HJELLEGJERDE ASA
2004
2003
12
THE GROUP
2004
2003
13 138
(190)
15 472
11 299
(283)
(784)
15 658
411
(1 588)
2 361
30 076
36 395
Cash flows from operational activities
Profit/loss before tax
Tax paid for the period
Loss/gain on sale of fixed assets
Ordinary depreciation
Difference between expensed pension commitments
and payments received/made under pension schemes
Change in stocks
Change in trade debtors
Change in trade creditors
Change in other accruals
Net cash flow from operational activities
612
(622)
(11 088)
2 665
(926)
19 061
466
(6 614)
(4 700)
14 931
(8 008)
21 965
145
(7 874)
28
(7 701)
1 567
(2 337)
(6 858)
420
(7 208)
Cash flows from investment activities
Payments received from sale of tangible fixed assets
Payments made on purchase of tangible fixed assets
Net cash flow from acquisition/sale of subsidiaries
Payments received from sale of shares and units
Investments in shares and units in other undertakings
Net cash flow from investment activities
2 032
(11 861)
52
(9 778)
3 006
(7 614)
398
(4 210)
(10 224)
4 637
(23 367)
22 814
(1 018)
(7 158)
(112)
256
(8 651)
(7 519)
(1 509)
(15 825)
(33 504)
(4 316)
4 572
(10 840)
(24 593)
22 814
(12 619)
(3 336)
23 233
(9 815)
(976)
(10 790)
6 965
16 269
144
256
19 897
23 233
6 166
(133)
7 645
(3 040)
(367)
8 543
367
(4 132)
4 834
14 747
Cash flows from financing activities
Repayments of long-term debt
Repayments of short-term debt
Net change in overdraft facilities
Contributions of equity capital
Group contributions made
Net cash flow from financing activities
Net change in cash and cash equivalents
Cash and cash equivalents in hand 01.01
Cash and cash equivalents
in hand 31.12
2004
n o t e s
NOTE 1
Accounting policies and principles
The annual accounts have been prepared in accordance with the Norwegian Accounting Act of 1998 and generally accepted
accounting principles.
CONSOLIDATION
The consolidated accounts comprise the parent company and the companies in which Hjellegjerde ASA owns more than 50 % of the
shares, directly or indirectly, or has a significant influence in the subsidiary. This applies to the following companies and ownership interests:
Hjellegjerde ASIA Co., Ltd.
Hjellegjerde Europe GmbH
Hjellegjerde France SARL
Hjellegjerde Møbler AS
Hjellegjerde Rauma AS
Hjellegjerde USA Inc.
Hove Møbler AS
Modi Skandinavia AS
Hjellegjerde Skandinavia AS
Hjellegjerde Baltija, UAB
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
In connection with the consolidation of foreign companies, the figures in the profit and loss accounts have been translated into NOK
using an average exchange rate for the accounting period, whereas the balance sheet figures have been translated into NOK using the
exchange rate as at the balance sheet date. Translation differences are booked directly against the equity capital. The same applies to
the effect of exchange rate changes on loans in subsidiaries’ reporting currency, which have been raised to hedge the balance sheet
value of the Group’s investments in its subsidiaries. All significant intragroup transactions and accounts have been eliminated.
PROFIT AND BALANCE SHEET
Operating income
Income from sale of goods is booked when delivery is made. The consolidated accounts include net exchange gains/losses on forward
contracts as sales income, as the company regards this as hedging of cash flows generated by sales income from foreign customers.
Rebates, bonuses and cash discounts have been deducted from the sales income. Provisions have been made for warranty and complaints
costs based on experience and historical figures for materials defects, production defects, delivery faults and transport damage.
Foreign currency
Monetary items denominated in foreign currency have been valued at the exchange rate at the end of the financial year. Long-term
debt denominated in foreign currency that is used for the financing of foreign subsidiaries and that reduces the currency risks
associated with these investments is booked at the exchange rate as at the balance sheet date. In the consolidated accounts, the
exchange rate difference on this debt is booked directly against the equity capital as a translation difference, whereas exchange rate
differences in the company accounts are booked in the profit and loss account.
Trade debtors
Trade debtors and other receivables have been booked at nominal amount less estimated loss. Provisions for bad debts have been made.
Cash in hand and at bank
Cash in hand and at bank includes cash, bank deposits and other liquid assets with a due date of less than three months from the date
of acquisition.
Stocks
Stocks have been valued at the lower of original cost/manufacturing cost and estimated sales value less sales costs. Manufacturing cost
comprises direct materials and direct pay plus ordinary indirect costs in the Manufacturing Departments. Deductions have been made
for obsolete stocks.
Tangible fixed assets
Tangible fixed assets have been booked under assets in the balance sheet at original cost plus prior-year write-ups less accumulated
depreciation. Ordinary depreciation has been calculated on a straight-line basis over the useful life of the fixed assets. Subsidiaries have
been valued in accordance with the cost method in the company accounts. The investments have been valued at the original cost of
the shares unless a writedown has been necessary. Group contributions to subsidiaries, less tax, have been booked as increased cost
price for the shares. Dividend/group contributions have been booked as income in the same year as the corresponding allocation in the
subsidiary.
In the event of dividend/group contributions that significantly exceed the share of retained profit after the acquisition, the excess part is
regarded as repayment of invested capital and has been deducted from the value of the investment in the balance sheet.
Pension commitments
Pension costs and pension commitments are computed in accordance with a linear accrual of benefits based on assumptions about discount rate, future wage adjustments, pensions and benefits from the National Insurance scheme, future returns on pension funds as well
as actuarial assumptions about mortality, voluntary retirement, etc. Pension funds have been valued at their actual value and deducted
from net pension commitments in the balance sheet. Changes in pension commitments that are due to changes in pension plans are
distributed over the estimated remaining benefit accrual period. Changes in pension commitments and pension funds that are due to
changes and deviations in calculation assumptions (estimate changes) are distributed over the estimated average remaining benefit
accrual period if the deviations as at the beginning of the year exceed 10% of the largest of the gross pension commitments and
pension funds. A linear benefit accrual profile and the estimated final salary have been used as a benefit accrual basis in the treatment of
pension commitments in the accounts. Pension plan changes are amortised over the estimated remaining benefit accrual period.
The same applies to estimate deviations if they exceed 10% of the largest of the pension commitments and pension funds (corridor).
13
2004
n o t e s
R&D
Research and development expenses have been booked in the balance sheet to the extent to which the criteria for capitalisation have
been met. This means that research and development expenses are booked in the balance sheet when it is regarded as likely that the
future financial gains connected with the asset will accrue to the company and a reliable calculation of the original cost of the asset can
be made. Research and development expenses that have been booked in the balance sheet are amortised on a straight-line basis over
the estimated useful life.
Expenses for other intangible assets have been booked in the balance sheet to the extent to which the criteria for capitalisation have
been met. This means that expenses for other intangible assets are booked in the balance sheet when it is regarded as likely that the
future financial gains connected with the asset will accrue to the company and a reliable calculation of the original cost of the asset can
be made.
Tax
The tax cost in the profit and loss account comprises both tax payable and change in deferred tax for the period. Deferred tax has been
computed at the nominal tax rate based on the temporary differences that exist between accounting values and tax values as well as
tax loss to be carried forward at the end of the financial year. Temporary tax-increasing and tax-reducing differences that are reversed or
reversible in the same period have been offset. Net deferred tax assets are capitalised to the extent to which it is likely that they will be
utilised.
Other notes
The information provided in the notes concerns consolidated figures for the Group unless otherwise stated.
NOTE 2
Sales income
Geographical distribution
Germany, Austria, NL, Switzerland
USA
France, Spain, Luxembourg
Asia and others
Great Britain
Rest of Europe
Total international markets
Norway
Rest of Scandinavia
Total Scandinavia
Total
Distribution per product group
Northern Comfort®
Scansit®
Modi®
Industry and other
Hjellegjerde® collection
Total international markets
Hjellegjerde® collection
Scansit®
Northern Comfort®
Industry and other
Modi®
Total Skandinavia
Total
NOTE 3
Hjellegjerde ASA
2004
2003
-
-
Hjellegjerde ASA
2004
2003
-
-
2004
133 770
51 148
51 897
34 740
16 097
17 515
305 168
139 850
45 569
185 419
490 587
2004
196 374
63 839
22 573
16 780
5 602
305 168
97 592
21 596
49 134
9 094
8 004
185 419
490 587
The Group
share
2003
27,3 %
10,4 %
10,6 %
7,1 %
3,3 %
3,6 %
62,2 %
28,5 %
9,3 %
37,8 %
100,0 %
share
123 807
50 007
47 862
11 386
8 071
7 944
249 076
136 328
32 641
168 970
418 046
29,6 %
12,0 %
11,4 %
2,7 %
1,9 %
1,9 %
59,6 %
32,6 %
7,8 %
40,4 %
100,0 %
The Group
share
2003
share
64,3 %
20,9 %
7,4 %
5,5 %
1,8 %
100,0 %
52,6 %
11,6 %
26,5 %
4,9 %
4,3 %
100,0 %
142 957
65 296
19 308
18 634
2 882
249 076
89 854
29 388
27 632
14 284
7 811
168 970
418 046
57,4 %
26,2 %
7,8 %
7,5 %
1,2 %
100,0 %
53,2 %
17,4 %
16,4 %
8,5 %
4,6 %
100,0 %
Stocks
Hjellegjerde ASA
2004
2003
Stocks of raw materials
Stocks of work in progress
Stocks of own finished goods
Goods for resale and advance payments, suppliers
Total
All figures in TNOK)
The Group
2004
2003
35 716
34 956
8 941
10 958
19 005
17 725
1 744
1 145
65 406
64 784
Raw materials have been valued at original cost, whereas work in progress and finished goods have been valued at manufacturing cost.
Deductions have been made for obsolete stocks. Goods for resale have been valued at sales value less sales costs.
NOTE 4
Payroll costs and social security contributions
Payroll costs and other staff costs consist of costs attached directly to remuneration of employees and union representatives, pension
costs for both present and former employees and public contributions attached to employment. The costs for the Group consist of the
following:
14
2004
n o t e s
The Group
2004
2003
94 993
89 066
13 824
9 279
2 566
1 665
1 096
1 048
112 477
101 058
Wages and salaries and holiday pay
Employer’s contributions
Social security contributions
Pension costs
Total
2004
2 909
469
(442)
462
3 398
2003
3 423
536
(62)
482
4 379
The Group’s pension schemes comprise the following:
A Norwegian employees in the Group are covered by a Contractual Pension Scheme (AFP). The pension scheme has been treated as
a defined benefit plan and the pension costs for the year, NOK 863,983.00, have been calculated by an independent actuary. The
level of the pension benefit payment is the contract’s minimum amount from 62-67 years of age.
B Employees in the subsidiary Hove Møbler AS are covered by a collective pension insurance scheme.
C Hjellegjerde ASA has securities-financed pension commitments for 4 persons. These pension schemes are covered by insurance.
The pension insurance is overfinanced. The overfinancing has been valued, and it has been assumed in the accounts that it will be
possible to utilise all overfinancing due to the continuous development in the Group’s activities and organisation.
The actuarial calculations have been based on the following assumptions:
2004
2003
Discount rate
6,0 %
6,0 %
Anticipated yield
7,0 %
7,0 %
Wage increases
3,0 %
3,0 %
Inflation (basic National Insurance amount adjustment)
3,0 %
3,0 %
Yearly adjustment
2,5 %
2,5 %
AFP utilisation rate
30,0 %
30,0 %
Number of employees
275
303
Composition of pension costs for the year (Group)
Current value of pension earned for the year
Interest cost of incurred pension commitments
Estimated return on pension funds
Expensed employer’s contributions
Amortisation of estimate changes
Pension costs for the year
2004
452
316
457
3
53
367
2003
479
310
456
3
53
411
Balance sheet entries
Estimated value of incurred pension commitments
Estimated value of pension funds
Net capitalised pension commitments
Estimate changes and employer’s contributions
Total pension commitments
2004
5 965
6 907
(941)
(885)
(1 826)
2003
5 883
6 898
(1 015)
(1 179)
(2 193)
Konsernet
2004
2003
724
751
644
679
615
(654)
30
45
80
111
864
931
2004
11 884
9 293
2 591
(441)
2 150
2003
12 499
9 938
2 561
(1 022)
1 539
In addition to the pension insurance policies, there is also a conditional agreement on early retirement benefits for up to two years
for three employees in the Group. The agreement can only be triggered by the Group, and the total commitment under this agreement
may amount to a maximum of NOK 0.7 million per person. Under given conditions, the Managing Director is entitled to early
retirement benefit for up to 15 months.
NOTE 5
Freight
Administrative and office expenses
Travelling and transport expenses
Commissions
Marketing costs
Ascertained losses on claims
Insurance
Change in warranty cost provisions
Total
NOTE 6
Hjellegjerde ASA
2004
2003
2 058
2 221
520
882
16
31
(5)
977
864
124
1 478
3 695
5 472
The Group
2004
2003
23 423
24 898
34 101
22 842
6 917
7 174
26 200
27 702
24 508
25 274
1 704
1 106
2 222
1 340
(107)
(1 613)
11 074
7 532
130 042
116 255
Tax cost
Accounting profit/loss before tax
Writedown on fixed asset investments
Share issue costs booked directly against the EC
Deductions under tax deduction scheme for R&D expenses
Other permanent differences
Change in temporary differences
Total tax basis before group contributions
Group contributions made
Total tax basis
Hjellegjerde ASA
2004
2003
6 166
(3 040)
1 955
1 027
(2 686)
(246)
(574)
(6)
2 420
3 612
7 609
1 019
(7 609)
(1 019)
0
0
Deferred tax has been calculated on the basis of the temporary differences between accounting values and tax values that exist at the end of the
financial year. Positive and negative temporary differences that are reversed or reversible in the same period have been offset and booked net.
15
2004
n o t e s
Accounts receivable
Stocks
Warranty provisions
Shares
Capital gain/loss account
Loss carryforward for tax purposes
Pension premium fund
AFP liability
Translation differences
Total basis for deferred tax
Tax rate
Deferred tax
Hereof deferred tax not included on the balance sheet
Total deferred tax on the balance sheet
Hjellegjerde ASA
31.12.2004 31.12.2003
17 769
19 737
(13 105)
343
429
1 827
2 193
19 939
9 254
28 %
28 %
5 583
2 591
The Group
31.12.2004 31.12.2003
1 070
(797)
(2 245)
(1 807)
(2 064)
(548)
30 317
33 837
(13 110)
1 918
2 770
(80 462)
(62 408)
1 827
2 193
(3 977)
(3 732)
(53 617)
(43 603)
(14 910)
(3 403)
(11 507)
(12 209)
(12 209)
Tax cost in the accounts consists of the following items:
Tax payable on group contributions / tax payable
Credit allowance in Norwegian tax
Change in deferred tax
Tax at source paid
Cost of deferred tax
Change in deferred tax, new group companies
Total tax cost
Hjellegjerde ASA
2004
2003
2 130
285
2 992
-
(1 299)
-
5 122
(1 014)
Konsernet
2004
2003
3 481
723
(2 701)
233
1 487
424
2 267
1 380
Year of expiry for loss that can be carried forward:
Loss from 2000 that can be carried forward
Total loss Hj. Europe GmbH that can be carried forward
Amount
7 025
29 099
16 155
8 564
7 466
12 153
Expires in
2 010
2 011
2 012
2 013
2 014
Unlimited
Reference is made to Hjellegjerde ASA’s increased tax cost in relation to the profit before tax. The exemption method stipulated in the
tax legislation applies from March 2004, which means that company shareholders will be exempt from taxation of dividend and gains
on shares. The corresponding tax deduction will also cease to apply. This also means that there is no temporary difference attached to
shares in other companies so that the basis for calculation of deferred tax/ deferred tax advantage attached to shares no longer applies.
For Hjellegjerde ASA’s company accounts, this has resulted in a tax cost of NOK 3,360,000 in 2004 connected with a prior-year writedown of NOK 12 million on the shares in Hjellegjerde Møbler AS. This has no effect for the Group, as such depreciation has been
eliminated in the consolidated accounts.
NOTE 7
Hjellegjerde ASA
Land, buildings and
other real property
Original cost as at 01.01.
84 928
Additions, fixed assets purchased
1 400
Disposals, fixed assets sold
Original cost 31.12.
86 328
Accumulated depreciation 31.12.
Accumulated writedowns 31.12.
Reversed writedowns 31.12.
Book value as at 31.12.
Depreciation for the year
Machinery,
fixtures and fittings
73 655
6 494
-164
79 985
42 125
44 203
3 195
Total tangible
fixed assets
158 583
7 894
-164
166 313
59 730
20 255
4 450
101 855
64 457
7 645
Gain on sales of fixed assets of NOK 133’ has been included in the item Other operating income.
The company has the following real properties of significant value:
Type of real property
Area m2
Production, warehouse and administrative buildings
25 650
Sites
24 000
Book value
42 578
1 625
The real properties have been leased in their entirety to the subsidiary Hjellegjerde Møbler AS
16
The company uses the straight-line method of depreciation for all tangible fixed assets.
The useful life of the tangible fixed assets has been estimated at the following:
– buildings
25–35 years
– machinery, fixtures and fittings
8–12 years
– sites
–
2004
n o t e s
The Group
Land, buildings
and other real property
139 389
Additions, fixed assets purchased
1 964
Disposals, fixed assets sold
1 364
139 389
Accumulated depreciation 31.12.
Depreciation for the year
Machinery,
fixtures and assets
115 541
11 762
2 150
115 541
Total tangible
fixed assets
254 930
13 726
3 514
254 930
51 700
88 354
88 289
5 091
36 799
10 381
140 054
125 088
15 472
Type of real property
Sites
Dwellings
Sites
Warehouse and administrative buildings
Site
Sites
Building
Location
Sykkylven, NO
Sykkylven, NO
Stordal, NO
Stordal, NO
Stordal, NO
CA, US
Bad.Wurt., DE
Bad.Wurt., DE
Rayong, TH
Rayong, TH
Panevezys, LT
Area, m2
25 650
24 000
9 280
360
17 283
2 320
1 328
2 000
7 000
12 500
Book value
44 371
1 625
23 064
2 246
150
6 337
5 530
1 552
4 505
3 862
312
Both the parent company and the Group use the straight-line method of depreciation for all tangible fixed assets.
The useful life of the tangible fixed assets has been estimated at the following:
– buildings
25 – 35 years
– machinery, fixtures and fittings
8 – 12 years
– sites and dwellings
–
Hjellegjerde ASIA Co., Ltd. has a right of first refusal to purchase an adjoining piece of land of 12,500 m2 in the event that the owner
wishes to sell it.
NOTE 8 Subsidiaries, affiliated companies, etc.
Registered
office
Sykkylven
Sykkylven
Stordal
Möckmühl
Corona
Paris
Rauma
Stordal
Bangkok
Panevezys
Subsidiaries:
Hjellegjerde Møbler AS
Hjellegjerde Skandinavia AS
Modi Skandinavia AS
Hjellegjerde Europe GmbH
Hjellegjerde USA Inc
Hjellegjerde France
Hjellegjerde Rauma AS
Hove Møbler AS
Hjellegjerde ASIA Co., Ltd.
Hjellegjerde Baltija, UAB
Total
NOTE 9
Ownership
share
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
Voting
share
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
Book value
of share
13 059
17 393
7 197
7 668
4 098
63
0
12 449
8 102
3 014
73 044
Shares and units in other companies
Company
Kompetansebygg
Sykkylven Godsterminal
RISS Møbeltek
HK Lamtec (M) Snd
Scan Industrier
Møre Biovarme
Møbel-Online Norge
Stordal Næringshage
Storebrand ASA
Casa del Mobile
Total
The company’s
tot. share cap.
864
660
No./share
30
75
1 000 000
20
1 350
150
706
30
Nominal value
90
30
75
578
625
202
14
15
1 628
Value in
balance sheet
90
30
625
202
15
15
30
1 008
17
2004
n o t e s
NOTE 10
Intragroup accounts and accounts with affiliated companies
2004
Subsidiaries
2003
1 569
48 629
44 892
95 090
1 558
48 629
71 960
122 147
-
-
-2 934
7 609
3 500
8 175
1 019
683
1 702
-
-
-
-
Accounts receivable
Trade debtors
Other receivables
Loans
Group account scheme
Total
Debt
Trade creditors
Group contributions
Total
NOTE 11
Cash at bank
Hjellegjerde ASA
2004
2003
114
226
Tied-up tax withholding funds amount to:
NOTE 12
Affiliated companies
2004
2003
2004
1 750
The Group
2003
3 216
Debt and accounts receivable
Hjellegjerde ASA
2004
2003
Long-term interest-bearing debt
Debt to credit institutions/mortgage loans
The Group
2004
2003
71 218
81 442
71 745
82 584
36 622
38 596
37 093
44 349
32 622
38 596
274
253
37 093
44 349
607
536
Short-term interest-bearing debt
Debt to credit institutions (group overdraft facility)
Total interest-bearing debt 31.12.
18 268
89 487
41 635
123 077
18 352
90 097
42 945
125 529
Book value of secured assets
Stocks
Trade debtors
Total 31.12.
64 457
64 457
64 241
64 241
123 432
56 658
61 775
241 865
123 432
56 658
61 775
241 865
Of which:
Norgeskreditt
Nordea Bank Norge ASA
DN Husbank
Andre kredittinstitusjoner
The company has established a group account agreement with a credit institution for parts of the Group’s companies. The limit on
this group overdraft credit facility is NOK 50 million in total. The companies in the Group are jointly and severally liable for the due
and proper performance of all obligations that may arise under the various loan agreements or the group account agreement.
Due date structure for long-term debt
2004
Hjellegjerde ASA
The Group
2005
8 253
8 253
2006
8 253
8 253
2007
8 253
8 253
2008
8 253
8 253
After 2008
38 206
38 733
Total
71 218
71 745
2004
2005
2006
2007
Etter 2007
Sum
2003
Hjellegjerde ASA
9010
9010
9010
9010
35 705
71 745
The Group
9610
9610
9610
9610
44 144
82 584
The loan portfolio is a combination of annuity loans and serial loans as well as loans without a contractually agreed instalment profile.
In terms of foreign currency, the loan portfolio has also been put together to balance other foreign currency exposure in the company’s balance sheet (see also notes 1 and 12).
Distribution of the loan portfolio per currency
NOK
EUR
USD
Total
Hjellegjerde ASA
2004
2003
54 946
51 094
3 507
15 761
12 765
14 588
71 218
81 443
Konsernet
2004
2003
55 220
51 094
3 760
16 292
12 765
15 199
71 745
82 585
The interest rate on loans is primarily a variable interest rate and is fixed at the interbank rate per currency + margin.
18
2004
n o t e s
NOTE 13
Hjellegjerde
2004
3 500
7 609
277
275
412
12 073
Debt to group companies
Allocated to group contributions
Wages and salaries
Holiday pay
Incurred costs
Guarantee commitments
Total
NOTE 14
ASA
2003
6 83
1 019
275
228
700
2 905
The Group
2004
2003
3
8
14
1
484
467
863
009
27 823
535
7 325
7 082
1 987
16 929
Equity capital
Equity capital as at 01.01
Allocated dividend
Translation differences
Share issue
Profit for the year
Equity capital as at 31.12
Hjellegjerde ASA
127 335
(2 703)
22 814
1 044
148 490
The Group
132 863
(2 703)
(4 531)
22 814
10 871
159 314
In connection with the consolidation of foreign companies, the figures in the profit and loss accounts are translated into NOK using
an average exchange rate for the accounting period, whereas the balance sheet figures are translated into NOK using the exchange
rate as at the balance sheet date. Translation differences have been booked directly against the equity capital. The same applies to the
effect of exchange rate changes on loans in the subsidiaries’ reporting currency, which are raised to hedge the balance sheet value of
the Group’s investments in its subsidiaries.
NOTE 15
Share capital and shareholder information
The company is listed on the Oslo Stock Exchange’s list of small and medium-sized businesses (the SMB List). Following the increase in
share capital in September 2004, the share capital consists of 5,405,100 shares at a nominal value of NOK 10.00.
List of the 20 largest shareholders as at 31.12:
Sydvestor Vekst AS
God Driv AS v/Tore Drivenes
MP Pensjon
First Securities ASA Egenhandel
Rolf Hjellegjerde
Otto Helge Hjellegjerde
Sundegårdene A/S
Norvall Hjellegjerde
Gravdahl Svein Swift
Sundt AS
Porolon AS
Clearstream Banking Cid Dept.
Knut Axel Ugland Hol
Svegra Eiendom AS
L Sunde A/S
Oddvar Hagen
Helland Eiendom AS
Jørs Ane Kløkstad
ABG Sundal Collier N Egenhandel
Oddvar Hjellegjerde
Total
Other shareholders
Total number of shares
1)
1)
1)
Shares
540 503
453 121
304 474
300 000
214 982
209 632
200 609
200 604
152 800
137 003
106 110
76 329
74 600
72 468
55 137
54 781
54 571
46 100
44 000
41 400
3 339 224
2 065 876
5 405 100
Ownership interest
10,0 %
8,4 %
5,6 %
5,6 %
4,0 %
3,9 %
3,7 %
3,7 %
2,8 %
2,5 %
2,0 %
1,4 %
1,4 %
1,3 %
1,0 %
1,0 %
1,0 %
0,9 %
0,8 %
0,8 %
61,8 %
38,2 %
100,0 %
Voting share
10,0 %
8,4 %
5,6 %
5,6 %
4,0 %
3,9 %
3,7 %
3,7 %
2,8 %
2,5 %
2,0 %
1,4 %
1,4 %
1,3 %
1,0 %
1,0 %
1,0 %
0,9 %
0,8 %
0,8 %
61,8 %
38,2 %
100,0 %
Shares owned by the Managing Director and members of the Board of Directors and their connected persons as at 31.12:
No. of shares
Ownership interest Voting share
Tore Gustav Drivenes (God Driv AS) 1)
1 293 624
23,9 %
23,9 %
Eldar Eilertsen
1 000
Rolf Hjellegjerde
225 582
4,2 %
4,2 %
1)
As at the year-end, Tore G. Drivenes owned 453,121 shares in the company and held 300,000 forward contracts on shares in the
company as well as rights and obligations to acquire 540,503 shares in the company. This constitutes a total of 23.9% of the shares
issued in Hjellegjerde ASA.
19
2004
n o t e s
Range-based ownership statistics as at 31.12
Shareholders
Number of shares
Number
%
1 - 100
278
27,9 %
101-500
286
28,7 %
501-1 000
141
14,2 %
1 001-5 000
178
17,9 %
5 001-10 000
42
4,2 %
10 001-100 000
58
5,8 %
over 100 000
12
1,2 %
Total
995
100,0 %
NOTE 16
Shares
Number
25 758
93 646
117 346
403 499
313 321
1 363 322
3 088 208
5 405 100
%
0,5 %
1,7 %
2,2 %
7,5 %
5,8 %
25,2 %
57,1 %
100,0 %
Number of employees
Hjellegjerde ASA had 5 employees at the end of 2004. The development in the number of employees in the Group for the past 5 years
has been as follows:
As at 31.12. No. of employees
No. of man-years
2000
736
634
2001
717
613
2002
526
449
2003
551
492
2004
574
498
The Group’s Norwegian companies had 158 female employees (50%) and 150 male employees (50%) at the end of 2004.
NOTE 17
Remuneration to executives, etc.
General Manager
Board of Directors
Salary
995 107
397 500
Pension costs
225 389
Other remuneration
The General Manager is covered by the parent company’s pension insurance scheme and may, under given conditions, also be entitled
to early retirement benefits for a period of up to 15 months.
Expensed auditors’ fees:
Auditing
Other services
Hjellegjerde ASA
321 000
355 202
The Group
1 036 012
395 202
The costs include guidance and consultancy regarding IAS/IFRS, increase in share capital, legal advice and group reporting.
Auditing of the Group includes expensed and allocated costs for auditing of Hjellegjerde ASA and subsidiaries.
The company implemented a share issue in September, and, in this connection, the auditor performed a limited audit.
NOK 268 895 has been booked against the equity capital as share issue costs.
NOTE 18
Leasing agreements and leases
The Group has current leasing agreements for vehicles and a central computer. The expensed rental in 2004 amounts to NOK
2,209,256. UAB Hjellegjerde Baltija leases 3340 sq. m. from UAB Siva Scan Investment up to 1.6.2007. In connection with this lease,
Hjellegjerde ASA has entered into a guarantee agreement covering 3 years’ rent. The total liability under the guarantee amounts to
approximately NOK 4.4 million.
Present value of current leasing agreements
Estimated rental payment during one year
Estimated rental payment for 2-5 years
Estimated rental payment beyond 5 years
NOTE 19
NOK '000
10 007
3 951
7 031
-
Intangible assets
THE GROUP
Intangible assets
Research and development
Additions, intangible assets
Disposals, intangible assets
2 139
2 139
Accumulated amortisation 31.12.
Amortisation for the year
2 139
-
The company uses the straight-line method of amortisation for all intangible assets. The useful life has been estimated at:
- research and development
5 years
20
2004
n o t e s
NOTE 20
Risks and exposure
The company uses various financial instruments in connection with its financial risk management. The exposure attached to balance
sheet items denominated in foreign currency is hedged by a continuous adjustment of the currency distribution of the loan portfolio.
Interest rate risk occurs in the short term and in the medium term as a result of variable interest rate on parts of the company’s debt.
The currency exposure attached to the Group’s operations is hedged continuously by forward cover of expected net cash flows in currencies attached to conditions related to operations, however, only for a limited time span and only to the extent to which it is regarded
as certain that these expected cash flows will be realised. More than 70% of the Group’s income is in foreign currency, whereas more
than 60% of the Group’s purchases are made in Norwegian kroner. Overall, the composition of net cash flows represents an exposure
against “Euroland” that corresponds to NOK 170 million. A strengthening of NOK against EUR by 10% will thus reduce the company’s
profit by NOK 17 million if no hedging transactions are made. In adition the Group has net positive cash flows in JPY (NOK 40 mill.)
and GBP (NOK 30 mill.). For USD net cash flow is negative with the equivallent of NOK 30 mill.
Even though the company uses short-term hedging of its currency exposure and has the possibility of making price adjustments, its
competitiveness and consequently the profitability are likely to be negatively affected if the exchange rate of the Norwegian krone
increases considerably and permanently in relation to foreign currencies.
Outstanding forward transactions as at 31.12.2004
NOK value is the value of the contract calculated at the exchange rate on the balance sheet date: 8.2400
Currency
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
EURNOK
Currency amount
300 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
Exchange rate
8,277
8,275
8,273
8,270
8,268
8,267
8,265
8,263
8,262
8,260
8,259
8,257
Due date
27.01.2005
28.02.2005
29.03.2005
27.04.2005
27.05.2005
27.06.2005
27.07.2005
27.08.2005
29.09.2005
27.10.2005
28.11.2005
27.12.2005
Value in NOK
11 100
10 500
9 900
9 000
8 400
8 100
7 500
6 900
6 600
6 000
5 700
5 100
The operational risk is regarded as relatively limited. The greatest operational risk is attached to the occurrence of disasters and fire in
our own units and at our principal sub-suppliers. Risk analyses and plans of action are implemented to reduce this risk to a minimum.
In terms of market position, the company is dependent on the development on its main markets. The customer structure is relatively
fragmented. With relatively high overheads, earnings are relatively volume-dependent.
The company has designated Russia and Great Britain as important target markets and growth markets for the Group. In connection
with the development of these markets, agreements have been entered into with companies, under which they will operate as importers and distributors of the Group’s products locally. The importers will be granted extended periods of credit during the start-up phase.
The total accounts receivable for goods delivered to Russia were NOK 5.9 million as at the end of 2004. The corresponding accounts
receivable were NOK 6.7 million as at 31.3.2005. The total accounts receivable for goods delivered to British customers were NOK 6.4
million as at the end of 2004. The corresponding accounts receivable were NOK 4.0 million as at 31.3.2005. The importers use normal
terms and conditions for distribution to local customers. Unlike on the Group’s other markets, the risks connected with accounts receivable on these target markets will differ as a result of the period of credit for the accounts receivable and with dependence on the relations developed with the importers, which are the formal debtors. The company’s normal rules for provisions for bad debts and claims
have been used for these accounts receivable. No extraordinary provisions have been made.
Product risk and claims for damages are covered by means of insurance schemes in addition to the accounting provisions made.
NOTE 21
IFRS
As from the 1st quarter of 2005, Hjellegjerde®’s financial reporting will be based on IFRS (International Financial Reporting Standards).
The switch to presentation of accounts in accordance with IFRS will not have any significant accounting consequences.
21
2004
a u d i t o r ' s
r e p o r t
PricewaterhouseCoopers AS
Sundgt. 12
6003 Ålesund
Telephone +47 02316
Telefax +47 23 16 10 00
the Annual Shareholders' Meeting of Hjellegjerde ASA
r eTo v
i s o r s
b e r e t n i n g
Auditor’s report for 2004
We have audited the annual financial statements of Hjellegjerde ASA as of December 31, 2004,
showing a profit of NOK 1 044 084 for the parent company and a profit of NOK 10 871 000 for the
group. We have also audited the information in the directors' report concerning the financial
statements, the going concern assumption, and the proposal for the allocation of the profit. The
financial statements comprise the balance sheet, the statements of income and cash flows, the
accompanying notes and the group accounts. These financial statements are the responsibility of the
Company’s Board of Directors and Managing Director. Our responsibility is to express an opinion on
these financial statements and on other information according to the requirements of the Norwegian
Act on Auditing and Auditors.
We conducted our audit in accordance with the Norwegian Act on Auditing and Auditors and auditing
standards and practices generally accepted in Norway. Those standards and practices require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. To the extent required by law and auditing standards an audit also
comprises a review of the management of the Company's financial affairs and its accounting and
internal control systems. We believe that our audit provides a reasonable basis for our opinion.
In our opinion,
� the financial statements have been prepared in accordance with the law and regulations and
present the financial position of the Company and of the Group as of December 31, 2004, and the
results of its operations and its cash flows for the year then ended, in accordance with accounting
standards, principles and practices generally accepted in Norway
� the company's management has fulfilled its duty to produce a proper and clearly set out registration
and documentation of accounting information as required by law and accounting standards,
principles and practices generally accepted in Norway
� the information given in the directors' report concerning the financial statements, the going concern
assumption, and the proposal for the allocation of the profit are consistent with the financial
statements and comply with the law and regulations.
Ålesund, 31 March 2005
PricewaterhouseCoopers AS
Nils-Kristian Synes
State Authorised Public Accountant (Norway)
Note: This translation from Norwegian has been prepared for information purposes only.
Offices: Arendal Bergen Drammen Fredrikstad Førde Hamar Kristiansand Mo i Rana Molde Måløy Narvik Oslo Stavanger Stryn Tromsø Trondheim Tønsberg Ålesund
PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organization
Members of Den norske Revisorforening | Foretaksregisteret: NO 987 009 713
www.pwc.no
22
2004
t h e
p r o d u c t
g r o u p s
by
of Norway
Genuine sense of well-being …
through individual choices.
Recliners and matching functional sofas aimed
at the more style- and quality-conscious customer
segment are marketed under the name Northern
Comfort®. This collection includes chairs from
the mid-price range to more exclusive models. Conceptually designed, these chairs combine the need for
comfort with functionality. This product line represents
51% of Hjellegjerde’s total revenue. Production
of Northern Comfort® takes place in Sykkylven,
Norway.
Accessory:
23
2004
t h e
p r o d u c t
g r o u p s
C O L L E C T I O N
a product of Norway
Sofas making up the Hjellegjerde® Collection range from contemporary, overstuffed furniture to more
classic and timeless designs. The sofa sets in this collection are normally presented under their concept
names living, time, classic, mantovani and relaxer. They have been conceived with the accent on quality,
comfort and a Scandinavian look. These concepts are modular, enabling customers to choose the furnishing
concept that best suits their individual needs and desires. Hjellegjerde® Collection is particularly focused
on the Nordic markets and will be developed and adapted to the Northern Comfort® collection.
24
Hjellegjerde® mantovani
Hjellegjerde® living
Hjellegjerde® time / Hjellegjerde® relaxer
Hjellegjerde® classic
Hjellegjerde® panda
2004
t h e
p r o d u c t
a
g r o u p s
d i ff e r e n t
s t a t e
o f
r e s t i n g
Modi® is a collection of recliners conceived by Norway’s leading designers.
These chairs have an innovative, contemporary and international style. Key
to the Modi® collection is the “conforms to you” principle, where the chair
follows and supports the body’s natural patterns of movement.
Putting this principle into practice results in good ergonomics, as well as high
levels of functionality and comfort. Modi® is one of the product groups in
Hjellegjerde’s commitment to the international market. Production of Modi®
takes place in Stordal, Norway.
25
2004
t h e
by
p r o d u c t
g r o u p s
of Norway
Recliners and functional sofas in the Scansit® collection are
aimed at the more price-conscious segment and are designed
to provide great value for money.
26
2004
c o r p o r a t e
s t r u c t u r e
0 r g a n i s a t i o n
a n d
c h a r t
Hgj ej el lredgej eASA
r d e A SA
H j el l e
Production
Production
units units
Marketing
sales units
Marketing
and salesand
units
Stordal, Norway
Stordal, Norway
Rayong, Thailand
Panevezys,Panevezys,
Lithuania Lithuania
Sykkylven,Sykkylven,
Norway Norway
Rayong, Thailand
Hove
Hove Møbler
ASMøbler AS
UAB Hjellegjerde Baltija HjellegjerdeHjellegjerde
Asia Co., Ltd
Hjellegjerde
Asia Co., Ltd
Hjellegjerde
Møbler ASMøbler AS Modi Scandinavia
Modi Scandinavia
AS UAB Hjellegjerde Baltija
AS
Hjellegjerde
Skandinavia
AS
Hjellegjerde
Skandinavia
AS
Skandinavia
Skandinavia
og export og export
and woodworking
and woodworking
LaminatingLaminating
and woodworking
LaminatingLaminating
and woodworking
Cutting
and sewing
Cutting and
sewing
Cutting
and sewing
Cutting
and sewing
Cutting
and
sewing
Cutting and
sewing
Hjellegjerde
Europe GmbH
Hjellegjerde
Europe GmbH
and assembly
UpholsteryUpholstery
and assembly
and assemblyUpholsteryUpholstery
and assembly
and assembly
and assembly
and assembly
and assembly
Woodworking
Woodworking
Cutting
and sewing
Cutting and
sewing
Hjellegjerde
Hjellegjerde
USA Inc. USA Inc.
Hjellegjerde
France SARL
Hjellegjerde
France SARL
Hjellegjerde
Asia Co., Ltd.
Hjellegjerde
Asia Co., Ltd.
The
of Directors
of
The board
of board
Directors
of
Hjellegjerde
ASA
Hjellegjerde
ASA
Managing
Managing
DirectorDirector
Eldar Eilertsen
Eldar Eilertsen
Finance and
Finance and
acounting
acounting
Roger
Roger Kornberg Kornberg
IT
(fung.)
(fung.)
Brand Building
Brand Building
OddbjørnOddbjørn
Hatløy Hatløy
Logistics/Claims
Logistics/Claims
Leidulf Andestad
Leidulf Andestad
Marketing
Marketing
Marit Hove
Marit Hove
IT
Purchasing
Purchasing
Asle Tennøy
Asle Tennøy
May Britt Løfoll
May Britt Løfoll
Skandinavia
Skandinavia
Stig LillebøeStig Lillebøe
Int. Markets
Int. Markets
Magnar Viseth
Magnar Viseth
CustomerCustomer
Service Service
Norway Norway
Sweden Sweden
France
PU
PU
Kaspar Bjørkavåg
Kaspar Bjørkavåg
France
GermanyGermany
DenmarkDenmark
UK
UK
Finland Finland
USA
USA
Other
Other
assurance
Quality Quality
assurance
Mari Andreassen
Anne MariAnne
Andreassen
Production
Production
Europa Europa
Lars Urtegård
Lars Urtegård
Prod. Modi
Prod. Modi
Olai Nakken
Olai Nakken
Prod. Sykkylven
Prod. Sykkylven
Odd Drotninghaug/
Odd Drotninghaug/
Runar KlokkRunar Klokk
Prod. Lithuania
Prod. Lithuania
Ole Jakob Bonesmo
Ole Jakob Bonesmo
HoveAS
Møbler AS
Hove Møbler
Ole Chr. Drabløs
Ole Chr. Drabløs
Quality control/
Quality control/
computations
computations
Berit Johnsen
Berit Johnsen
Maintanance
Maintanance
Svein LundeSvein Lunde
PlanningPlanning
Ivar Flo
Ivar Flo
Project Movex
Project Movex
Tore Hove Tore Hove
Prod./marketing
Asia
Prod./marketing
Asia
Gunnar Hjellegjerde
Nils GunnarNils
Hjellegjerde
27
050617-04 Hatlehols AS
Hjellegjerde ASA, Pb. 143, N-6239 Sykkylven, Norway
Tel: (+47) 40 00 29 00 - Fax: (+47) 70 25 55 09. E.mail: [email protected]
www.hjellegjerde.com

050617-04 Arsrapport -04 GB

Transcription

Similar documents

art snorkelling

2002 - Hugin Online

Fondsfinans Fondsfinans

Norway Post

MARKET REPORT ITALY 2011

here - Slavenka Drakulić

2016 - Q2 Børsrapport ENGELSK

African pottery –why archaeologists don`t get it

Pension Trends in Mexico

A-pressen further develops its strong position

shop`n`cruise

SHOP`N`CRUISE

Third quarter report 2005

Fourth quarter report 2005

B2Holding ASA

2013 Report with financial statement

Annual report 2015

2012 Report with financial statement