Reportable segments – Business areas
The Group has five reportable segments. Products for the consumer-durables market, i.e., appliances and floor-care products, have four reportable segments: Europe; North America; Latin America and Asia/Pacific. Products within appliances comprise mainly of refrigerators, freezers, cookers, dryers, washing machines, dishwashers, room air-conditioners and microwave ovens. Professional products have one reportable segment. As of 2010, the operations within "Rest of world", i.e., the Middle East and Africa, is reported within Consumer Durables Europe. Operations in the Middle East and Africa were previously part of the business area Consumer Durables Asia/Pacific and Rest of world. The financial information of 2009 for the segments involved have been restated.
|
Net sales |
|
Operating income |
|
2010 |
2009 |
|
2009 |
2009 |
Consumer Durables |
|
|
|
|
|
Europe |
40,038 |
44,073 |
|
2,703 |
2,349 |
North America |
33,776 |
35,726 |
|
1,574 |
1,476 |
Latin America |
17,276 |
14,165 |
|
1,080 |
878 |
Asia/Pacific |
8,836 |
8,033 |
|
928 |
458 |
Professional Products |
6,389 |
7,129 |
|
743 |
668 |
|
106,315 |
109,126 |
|
7,028 |
5,829 |
Group common costs |
11 |
6 |
|
–534 |
–507 |
Items affecting comparability |
— |
— |
|
–1,064 |
–1,561 |
Total |
106,326 |
109,132 |
|
5,430 |
3,761 |
Financial items, net |
— |
— |
|
–124 |
–277 |
Income after financial items |
— |
— |
|
5,306 |
3,484 |
In the internal management reporting, items affecting comparability are not included in the segments. The table specifies the segments to which they correspond.
Items affecting comparability |
|
Impairment/restructuring |
|
2010 |
2009 |
Consumer Durables |
|
|
Europe |
–658 |
–620 |
North America |
–406 |
–779 |
Latin America |
— |
— |
Asia/Pacific |
— |
–162 |
Professional Products |
— |
— |
Total |
–1,064 |
–1,561 |
Inter-segment sales exist with the following split: |
|
2010 |
2009 |
Consumer Durables |
|
|
Europe |
578 |
1,378 |
North America |
1,173 |
892 |
Latin America |
— |
2 |
Asia/Pacific |
94 |
92 |
Eliminations |
1,845 |
2,364 |
The segments are responsible for the management of the operational assets and their performance is measured at the same level, while the financing is managed by Group Treasury at group or country level. Consequently, liquid funds, interest-bearing receivables, interest-bearing liabilities and equity are not allocated to the business segments.
|
Assets December 31, |
|
Equity and liabilities December 31, |
|
Net assets December 31, |
|
2010 |
2009 |
|
2010 |
2009 |
|
2010 |
2009 |
Consumer Durables |
|
|
|
|
|
|
|
|
Europe |
29 845 |
34 164 |
|
22 478 |
26 373 |
|
7 367 |
7 791 |
North America |
10 019 |
8 336 |
|
2 320 |
438 |
|
7 699 |
7 898 |
Latin America |
7 713 |
5 854 |
|
4 180 |
2 664 |
|
3 533 |
3 190 |
Asia/Pacific |
4 181 |
3 030 |
|
2 066 |
1 088 |
|
2 115 |
1 942 |
Professional Products |
2 492 |
2 413 |
|
1 618 |
1 345 |
|
874 |
1 068 |
Other1) |
6 462 |
5 738 |
|
6 507 |
6 685 |
|
-45 |
-947 |
Items affecting comparability |
4 |
–196 |
|
1 643 |
1 240 |
|
–1 639 |
–1 436 |
|
60 716 |
59 339 |
|
40 812 |
39 833 |
|
19 904 |
19 506 |
Liquid funds |
12 805 |
13 357 |
|
— |
— |
|
— |
— |
Interest-bearing receivables |
— |
— |
|
— |
— |
|
— |
— |
Interest-bearing liabilities |
— |
— |
|
12 096 |
14 022 |
|
— |
— |
Equity |
— |
— |
|
20 613 |
18 841 |
|
— |
— |
Total |
73 521 |
72 696 |
|
73 521 |
72 696 |
|
— |
— |
|
|
|
|
|
|
|
|
|
1) Includes Group functions. |
|
|
|
|
|
|
|
Depreciation and amortization |
|
Capital expenditure |
|
Cash flow1) |
|
2010 |
2009 |
|
2010 |
2009 |
|
2010 |
2009 |
Consumer Durables |
|
|
|
|
|
|
|
|
Europe |
1,478 |
1,621 |
|
1,454 |
1,187 |
|
2,194 |
1,680 |
North America |
1,112 |
1,157 |
|
742 |
470 |
|
1,483 |
1,804 |
Latin America |
276 |
214 |
|
661 |
311 |
|
810 |
2,318 |
Asia/Pacific |
193 |
197 |
|
208 |
131 |
|
909 |
1,116 |
Professional Products |
116 |
123 |
|
96 |
107 |
|
863 |
818 |
Other2) |
153 |
130 |
|
60 |
17 |
|
–1,290 |
–716 |
Items affecting comparability |
— |
— |
|
— |
— |
|
–375 |
–413 |
Financial items |
— |
— |
|
— |
— |
|
–72 |
–348 |
Taxes paid |
— |
— |
|
— |
— |
|
–1,316 |
–929 |
Total |
3,328 |
3,442 |
|
3,221 |
2,223 |
|
3,206 |
5,330 |
|
|
|
|
|
|
|
|
|
1) Cash flow from operations and investments. |
2) Includes Group functions. |
|
|
Geographical information |
|
|
|
Net sales1) |
|
2010 |
2009 |
USA |
29,782 |
31,725 |
Brazil |
14,231 |
11,688 |
Germany |
5,974 |
7,435 |
Australia |
5,514 |
5,290 |
Italy |
4,609 |
5,044 |
Canada |
4,390 |
4,379 |
France |
4,223 |
5,119 |
Switzerland |
3,667 |
3,266 |
Sweden (country of domicile) |
3,353 |
3,399 |
United Kingdom |
2,898 |
3,259 |
Other |
27,685 |
28,528 |
Total |
106,326 |
109,132 |
|
|
|
1) Revenues attributable to countries on the basis of the customer’s location. |
Tangible and non-tangible fixed assets located in the Group’s country of domicile, Sweden, amounted to SEK 2,093m (1,814). Tangible and non-tangible fixed assets located in all other countries amounted to SEK 18,107m (18,774). Individually, material countries in this aspect are Italy with SEK 2,877m (3,208), USA with SEK 2,836m (3,025) and Mexico with SEK 2,098m (2,048), respectively.