Report by the Board of Directors for 2013
- Net sales amounted to SEK 109,151m (109,994).
- Organic sales growth was 4.5%, while currencies had a negative impact of -5.3%.
- Sales growth in all business areas except for Major Appliances Europe, Middle East and Africa.
- Operating income amounted to SEK 4,055m (5,032), corresponding to a margin of 3.7% (4.6), excluding items affecting comparability.
- Negative impact from currencies of SEK -1,460m.
- Strong performance for Major Appliances North America.
- Market conditions in Europe continued to deteriorate and results for Electrolux operations in the region were negatively impacted.
- Measures to improve manufacturing footprint and reduce overhead costs were initiated and SEK 2,475m was charged to operating income within items affecting comparability.
- Cash flow from operations and investments amounted to SEK -279m (2,378).
- Income for the period was SEK 672m (2,365), corresponding to SEK 2.35 (8.26) per share.
- The Board of Directors proposes a dividend for 2013 of SEK 6.50 (6.50) per share.
- The Board proposes a renewed AGM mandate to repurchase own shares.
Key data
SEKm | 2012 | 2013 | Change, % |
---|---|---|---|
Net sales | 109,994 | 109,151 | -1 |
Operating income | 4,000 | 1,580 | -61 |
Margin, % | 3.6 | 1.4 |
|
Income after financial items | 3,154 | 904 | -71 |
Income for the period | 2,365 | 672 | -72 |
Earnings per share, SEK1) | 8.26 | 2.35 |
|
Dividend per share, SEK | 6.50 | 6.502) |
|
Net debt/equity ratio | 0.65 | 0.74 |
|
Return on equity, % | 14.4 | 4.4 |
|
Average number of employees | 59,478 | 60,754 |
|
Excluding items affecting comparability |
|
|
|
Items affecting comparability | -1,032 | -2,475 |
|
Operating income | 5,032 | 4,055 | -19 |
Margin, % | 4.6 | 3.7 |
|
Income after financial items | 4,186 | 3,379 | -19 |
Income for the period | 3,252 | 2,809 | -14 |
Earnings per share, SEK1) | 11.36 | 9.81 |
|
Return on net assets, % | 17.9 | 14.0 |
|
CEO Statement
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In 2013 we continued to deliver above our growth target and delivered 4.5% in organic sales growth.
CEO Statement
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I'm convinced that raising product efficiency for the growing middle class is where long-term shareholder value creation lies.
Our products
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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
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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%.