haldex concentrates its entire operations on the vehicle industry offering proprietary innovative solutions a global basis we focus products that improve safety environment and driving characteristics claes warnander ceo annual report 2003 contents direction strategy highlights 3 from 4 strategic 6 share 8 board of directors 10 market 12 business development 13 organization activities 17 18 results 20 financial position cash flow 22 new accounting principles 23 information consolidated income statement 24 balance sheet 25 changes in equity 26 27 parent company 28 29 30 31 general 32 notes 35 distribution earnings 45 auditors eleven year summary 46 quarterly data 47 other 48 group management 49 division addresses 50 net sales by area commercial systems 62 hydraulic 16 garphyttan wire traction 9 region north america
