Eleven-year review
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Compound annual growth rate, % | |
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SEKm | 20031) | 20041) | 20051) | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 20122) | 2013 | 5 years | 10 years |
Net sales and income |
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Net sales | 124,077 | 120,651 | 129,469 | 103,848 | 104,732 | 104,792 | 109,132 | 106,326 | 101,598 | 109,994 | 109,151 | 0.8 | -1.3 |
Organic growth, % | 3.3 | 3.2 | 4.3 | 3.3 | 4.0 | -0.9% | -4.8% | 1.5% | 0.2% | 5.5 | 4.5 |
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Depreciation and amortization | 3,353 | 3,038 | 3,410 | 2,758 | 2,738 | 3,010 | 3,442 | 3,328 | 3,173 | 3,251 | 3,356 |
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Items affecting comparability | -463 | -1,960 | -3,020 | -542 | -362 | -355 | -1,561 | -1,064 | -138 | -1,032 | -2,475 |
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Operating income | 7,175 | 4,807 | 3,942 | 4,033 | 4,475 | 1,188 | 3,761 | 5,430 | 3,017 | 4,000 | 1,580 | 5.9 | -14.0 |
Income after financial items | 7,006 | 4,452 | 3,215 | 3,825 | 4,035 | 653 | 3,484 | 5,306 | 2,780 | 3,154 | 904 | 6.7 | -18.5 |
Income for the period | 4,778 | 3,259 | 1,763 | 2,648 | 2,925 | 366 | 2,607 | 3,997 | 2,064 | 2,365 | 672 | 12.9 | -17.8 |
Cash flow |
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EBITDA3) | 10,991 | 9,805 | 10,372 | 7,333 | 7,575 | 4,553 | 8,764 | 9,822 | 6,328 | 8,283 | 7,411 | 10.2 | -3.9 |
Cash flow from operations excluding changes in operating assets and liabilities | 7,150 | 7,140 | 8,428 | 5,263 | 5,498 | 3,446 | 6,378 | 7,741 | 4,283 | 5,552 | 5,130 | 8.3 | -3.3 |
Changes in operating assets and liabilities | -857 | 1,442 | -1,888 | -703 | -152 | 1,503 | 1,919 | -61 | 1,116 | 1,528 | -675 |
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Cash flow from operations | 6,293 | 8,582 | 6,540 | 4,560 | 5,346 | 4,949 | 8,297 | 7,680 | 5,399 | 7,080 | 4,455 | -2.1 | -3.4 |
Cash flow from investments | -2,570 | -5,358 | -5,827 | -2,386 | -4,069 | -3,755 | -2,967 | -4,474 | -10,049 | -4,702 | -4,734 |
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of which capital expenditures | -3,463 | -4,515 | -4,765 | -3,152 | -3,430 | -3,158 | -2,223 | -3,221 | -3,163 | -4,090 | -3,535 | 2.3 | 0.2 |
Cash flow from operations and investments | 3,723 | 3,224 | 713 | 2,174 | 1,277 | 1,194 | 5,330 | 3,206 | -4,650 | 2,378 | -279 |
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Operating cash flow4) | 2,866 | 3,224 | 1,083 | 1,110 | 1,277 | 1,228 | 5,326 | 3,199 | 906 | 2,542 | -74 |
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Dividend, redemption and repurchase of shares | -3,563 | -5,147 | -2,038 | -4,416 | -6,708 | -1,187 | 69 | -1,120 | -1,850 | -1,868 | -1,860 |
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Capital expenditure as % of net sales | 2.8 | 3.7 | 3.7 | 3.0 | 3.3 | 3.0 | 2.0 | 3.0 | 3.1 | 3.7 | 3.2 |
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Margins3) |
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Operating margin, % | 6.2 | 5.6 | 5.4 | 4.4 | 4.6 | 1.5 | 4.9 | 6.1 | 3.1 | 4.6 | 3.7 |
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Income after financial items as % of net sales | 6.0 | 5.3 | 4.8 | 4.2 | 4.2 | 1.0 | 4.6 | 6.0 | 2.9 | 3.8 | 3.1 |
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EBITDA margin, % | 8.9 | 8.1 | 8.0 | 7.1 | 7.2 | 4.3 | 8.0 | 9.2 | 6.2 | 7.5 | 6.8 |
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Financial position |
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Total assets | 77,028 | 75,096 | 82,558 | 66,049 | 66,089 | 73,323 | 72,696 | 73,521 | 76,384 | 75,194 | 76,001 | 0.7 | -0.1 |
Net assets | 26,422 | 23,988 | 28,165 | 18,140 | 20,743 | 20,941 | 19,506 | 19,904 | 27,011 | 25,890 | 24,961 | 3.6 | -0.6 |
Working capital | 4,068 | -383 | -31 | -2,613 | -2,129 | -5,131 | -5,154 | -5,902 | -5,180 | -6,505 | -5,800 |
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Trade receivables | 21,172 | 20,627 | 24,269 | 20,905 | 20,379 | 20,734 | 20,173 | 19,346 | 19,226 | 18,288 | 19,441 | -1.3 | -0.8 |
Inventories | 14,945 | 15,742 | 18,606 | 12,041 | 12,398 | 12,680 | 10,050 | 11,130 | 11,957 | 12,963 | 12,154 | -0.8 | -2.0 |
Accounts payable | 14,857 | 16,550 | 18,798 | 15,320 | 14,788 | 15,681 | 16,031 | 17,283 | 18,490 | 20,590 | 20,607 | 5.6 | 3.3 |
Equity | 27,462 | 23,636 | 25,888 | 13,194 | 16,040 | 16,385 | 18,841 | 20,613 | 20,644 | 15,726 | 14,308 | -2.7 | -6.3 |
Interest-bearing liabilities | 12,501 | 9,843 | 8,914 | 7,495 | 11,163 | 13,946 | 14,022 | 12,096 | 14,206 | 13,088 | 14,905 | 1.3 | 1.8 |
Provisions for post-employment benefits, net |
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4,479 | 2,980 |
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Net borrowings | -101 | 1,141 | 2,974 | -304 | 4,703 | 4,556 | 665 | -709 | 6,367 | 10,164 | 10,653 |
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Data per share |
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Income for the period, SEK | 15.25 | 10.92 | 6.05 | 9.17 | 10.41 | 1.29 | 9.18 | 14.04 | 7.25 | 8.26 | 2.35 | 12.7 | -17.1 |
Equity, SEK | 89 | 81 | 88 | 47 | 57 | 58 | 66 | 72 | 73 | 55 | 50 | -2.9 | -5.6 |
Dividend, SEK5) | 6.50 | 7.00 | 7.50 | 4.00 | 4.25 | — | 4.00 | 6.50 | 6.50 | 6.50 | 6.50 |
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Trading price of B-shares at year-end, SEK | 158.00 | 152.00 | 206.50 | 137.00 | 108.50 | 66.75 | 167.50 | 191.00 | 109.70 | 170.50 | 168.50 | 20.3 | 0.6 |
Key ratios |
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Return on equity, % | 17.3 | 13.1 | 7.0 | 18.7 | 20.3 | 2.4 | 14.9 | 20.6 | 10.4 | 14.4 | 4.4 |
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Return on net assets, % | 23.9 | 17.5 | 13.0 | 23.2 | 21.7 | 5.8 | 19.4 | 27.8 | 13.7 | 14.8 | 5.8 |
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Net assets as % of net sales6) | 23.6 | 21.2 | 21.0 | 16.5 | 18.6 | 18.1 | 17.1 | 18.2 | 23.8 | 22.5 | 21.8 |
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Trade receivables as % of net sales6) | 18.9 | 18.2 | 18.1 | 19.1 | 18.3 | 17.9 | 17.7 | 17.7 | 17.0 | 15.9 | 17.0 |
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Inventories as % of net sales6) | 13.4 | 13.9 | 13.9 | 11.0 | 11.1 | 11.0 | 8.8 | 10.2 | 10.5 | 11.3 | 10.6 |
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Net debt/equity ratio | 0.00 | 0.05 | 0.11 | -0.02 | 0.29 | 0.28 | 0.04 | -0.03 | 0.31 | 0.65 | 0.74 |
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Interest coverage ratio | 8.28 | 5.75 | 4.32 | 6.13 | 7.49 | 1.86 | 7.54 | 12.64 | 5.84 | 2.72 | 2.11 |
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Dividend as % of equity | 7.3 | 8.6 | 8.5 | 8.5 | 7.5 | — | 6.0 | 9.0 | 9.0 | 11.8 | 13.0 |
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Other data |
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Average number of employees | 77,140 | 72,382 | 69,523 | 55,471 | 56,898 | 55,177 | 50,633 | 51,544 | 52,916 | 59,478 | 60,754 | 1.9 | -2.4 |
Salaries and remuneration | 17,154 | 17,014 | 17,033 | 12,849 | 12,612 | 12,662 | 13,162 | 12,678 | 13,137 | 13,785 | 13,521 | 1.3 | -2.4 |
Number of shareholders | 60,400 | 63,800 | 60,900 | 59,500 | 52,700 | 52,600 | 52,000 | 57,200 | 58,800 | 51,800 | 51,500 | -0.4 | -1.6 |
Average number of shares after buy-backs, million | 313.3 | 298.3 | 291.4 | 288.8 | 281.0 | 283.1 | 284.0 | 284.6 | 284.7 | 285.9 | 286.2 |
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Shares at year end after buy-backs, million | 307.1 | 291.2 | 293.1 | 278.9 | 281.6 | 283.6 | 284.4 | 284.7 | 284.7 | 286.1 | 286.2 |
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CEO Statement
![](../../styles/images/elux-ceo-small.jpg)
In 2013 we continued to deliver above our growth target and delivered 4.5% in organic sales growth.
CEO Statement
![](../../styles/images/elux-ceo-small.jpg)
I'm convinced that raising product efficiency for the growing middle class is where long-term shareholder value creation lies.
Our products
![](../../styles/images/our-products.png)
Electrolux is the only appliance manufacturer in the industry to offer complete solutions for both consumers and professionals. The focus is on innovative and energy-efficient products in the premium segments.
Sustainability
Achieving the Group's vision of sustainability leadership is crucial to realizing the business strategy. The objective is to develop smarter, more accessible, resource-efficient solutions that meet people's needs and improve their lives. Read the comprehensive sustainability performance review.
Awards & recognition
![](../../styles/images/awards-puff.png)
Financial Reporting
Net sales for the Electrolux Group in 2013 amounted to SEK 109,151m, as against SEK 109,994m in the previous year. The organic sales growth was 4.5%, while currencies had an impact of -5.3%.