Net sales for the Electrolux Group in 2014 amounted to SEK 112,143m, as against SEK 109,151m in the previous year. The organic sales growth was 1.1%, while currencies had an impact of 1.6%. Organic sales grew for Major Appliances North America, Latin America and Asia/Pacific and for Professional Products. The product mix improved and prices increased in several regions while sales volumes declined. 2014 was a year with a strong focus on the most profitable products and sales channels, which improved the mix.
| 10 | 11 | 12 | 13 | 14 | |
| Net sales | 106326 | 101598 | 109994 | 109151 | 112143 |
| Operating margin<sup>1)</sup> | 6.1 | 3.1 | 4.6 | 3.7 | 4.3 |
1) Excluding items affecting comparability.
Operating income for 2014 increased to SEK 3,581m (1,580), corresponding to a margin of 3.2% (1.4).
In 2014, measures were implemented to improve manufacturing footprint and reduce costs, particularly in Europe. A total of SEK –1,199m was charged to operating income within items affecting comparability, see page 86.
Operating income for 2014, excluding items affecting comparability, increased to SEK 4,780m (4,055), corresponding to a margin of 4.3% (3.7).
Operating income for Major Appliances EMEA contributed strongly to the improvement in results for 2014. Earnings improved significantly as a result of the ongoing structural actions to reduce costs and enhance efficiency as well as product mix improvements.
Cost savings and the ongoing global initiatives to reduce complexity and improve competitiveness within manufacturing made a contribution to operating income as well as an improved product mix.
Changes in exchange rates had a negative impact year-over-year on operating income of SEK –1,298m. Operations in Latin America, Asia/Pacific, Europe, Middle East and Africa were impacted by a stronger USD and Euro against local currencies. The negative impact on operating income was to a large extent mitigated by price increases and mix improvements.
Net financial items declined to SEK –584m (–676).
Income after financial items increased to SEK 2,997m (904), corresponding to 2.7% (0.8) of net sales.
Total taxes in 2014 amounted to SEK –755m (–232), corresponding to a tax rate of 25.2% (25.7).
Income for the period amounted to SEK 2,242m (672), corresponding to SEK 7.83 (2.35) in earnings per share before dilution and SEK 11.30 (9.81), excluding items affecting comparability.
| 10 | 11 | 12 | 13 | 14 | |
| Excluding items affecting comparability | 16.65 | 7.55 | 11.63 | 9.81 | 11.3 |
| Including items affecting comparability | 14.04 | 7.25 | 8.26 | 2.35 | 7.83 |