The consolidated accounts in Hexagon have been prepared in accordance with the International Financial reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretation statements by the International Financial Reporting Interpretations Committee (IFRIC) which have been approved by the EC Commission for application within the EU.
Restatement of 2012 - IAS 19
On 1 January 2013, certain changes became effective in IAS 19 (Employee benefits) concerning defined benefit plans altering the way the value of plan assets and pension obligations are calculated and presented. Historically, using the so-called "corridor method", actuarial differences within 10% of the plan asset value or the value of the defined benefit obligation, respectively, were not recognized in the financial statements. Following the changes in IAS 19, all such differences have to be recognized in the balance sheet. In addition, the changes in IAS 19 impact the income statement due to that the expected return rate on plan assets will have to be set to the discount rate as is used for the calculation of the defined benefit obligation liability, instead of applying a fair estimate of the return rate as was made earlier.
In the financial statement section you can download an Excel sheet with historic numbers and the 2012 restated figures.
The following amendments have been made to the 2012 recorded full year numbers:
* Net debt increases by 26.9 MEUR
* EBIT decreases by 4.6 MEUR
* Interest expenses increases by 2.5 MEUR
* Earnings before tax decreases by 7.1 MEUR
* Net earnings decreases by 6.3 MEUR
* Equity decreases by 23.5 MEUR
* Total assets decreases by 1.4 MEUR
Financial Reporting & Information
The responsibility of the Board of Directors for internal control is regulated in the Swedish Companies Act and in the Code, which also includes requirements on annual external information disclosure concerning how internal control is organised insofar as it affects financial reporting.
The Board of Directors bears the overall responsibility for internal control of the financial reporting. The Board of Directors has established written formal rules of procedure that clarifies the Board of Directors’ responsibilities and regulates the Board of Directors’ and its committees’ internal distribution of work.
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The General Meeting of Hexagon resolved on 24 November, 2010 to replace SEK with EUR as the reporting currency for Hexagon as of 1 January 2011.
In this section you will find quarterly as well as yearly financial data translated from SEK to EUR for the Hexagon Group available.
Detailed figures can be found and downloaded in the financial statements section.