Report by the Board of Directors

Net sales amounted to SEK 112,143m (109,151).
Sales increased by 2.7%, of which organic growth was 1.1%. Currencies had a positive impact of 1.6%.
Sales growth in most business areas.
Agreement to acquire GE Appliances in North America.
Operating income improved to SEK 4,780m (4,055), corresponding to a margin of 4.3% (3.7), excluding items affecting comparability.
Strong performance for Major Appliances EMEA, Major Appliances Latin America and Professional Products.
The restructuring program to reduce overhead costs and improve manufacturing footprint progressed according to plan.
Strong cash flow from operations after investments of SEK 6,631m (2,412).
Income for the period was SEK 2,242m (672), corresponding to SEK 7.83 (2.35) per share.
The Board of Directors proposes a dividend for 2014 of SEK 6.50 (6.50) per share.

Key data

SEKm	2013	2014	Change, %
Net sales	109,151	112,143	3
Operating income	1,580	3,581	127
Margin, %	1.4	3.2
Income after financial items	904	2,997	232
Income for the period	672	2,242	234
Earnings per share, SEK¹⁾	2.35	7.83
Dividend per share, SEK	6.50	6.50²⁾
Net debt/equity ratio	0.74	0.58
Return on equity, %	4.4	15.7
Average number of employees	60,754	60,038
Excluding items affecting comparability
Items affecting comparability	–2,475	–1,199
Operating income	4,055	4,780	18
Margin, %	3.7	4.3
Income after financial items	3,379	4,196	24
Income for the period	2,809	3,238	15
Earnings per share, SEK¹⁾	9.81	11.30
Return on net assets, %	14.0	17.1

1) Basic, based on an average of 286.3 (286.2) million shares for the full year 2014, excluding shares held by Electrolux.

2) Proposed by the Board of Directors.

AB Electrolux (publ), 556009-4178, Annual Report 2014; Reporty by the Directors, Notes, Proposed distributions of earnings and Auditor's Report.