All amounts in SEKm unless otherwise stated
The Group’s operations are divided into six reportable segments based on differences in products: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; Small Appliances and Professional Products. The Major Appliances business areas are geographically defined, while the Small Appliances and Professional Products business areas are global. The segments are regularly reviewed by the President and CEO, the Group’s chief operating decision maker.
Major Appliances and Small Appliances are producing appliances for the consumer market. Products within Major Appliances comprise mainly of refrigerators, freezers, cookers, dryers, washing machines, dishwashers, room air-conditioners and microwave ovens. Small appliances include vacuum cleaners and other small appliances.
Professional Products consists of two operating segments, food-service equipment and laundry solutions for professional users, which are aggregated into one reportable segment in accordance with the aggregation criteria. Aggregation is done due to the similarities of products and services provided to professional users, similar production processes designed to make products which can endure very demanding use, and resemblance in sales and distribution channels.
The segments are responsible for the operating results from and the net assets used in their businesses, whereas financial items and taxes, as well as net borrowings and equity, are not reported per segment. The operating results and net assets of the segments are consolidated using the same principles as for the total Group. The segments consist of separate legal units as well as divisions in multi-segment legal units where some allocations of costs and net assets are made. Operating costs not included in the segments are shown under Group common costs, which mainly are costs for Group functions.
Sales between segments are made on market conditions with arm’s-length principles.
| Net sales | Operating income | |||
|---|---|---|---|---|
| 2014 | 2015 | 20141) | 2015 | |
| Major Appliances Europe, Middle East and Africa | 34,438 | 37,179 | 232 | 2,167 |
| Major Appliances North America | 34,141 | 43,053 | 1,714 | 1,580 |
| Major Appliances Latin America | 20,041 | 18,546 | 1,069 | 463 |
| Major Appliances Asia/Pacific | 8,803 | 9,229 | 438 | 364 |
| Small Appliances | 8,678 | 8,958 | 200 | –63 |
| Professional Products | 6,041 | 6,546 | 671 | 862 |
| 112,142 | 123,511 | 4,324 | 5,373 | |
| Common Group costs | 1 | — | –743 | –2,632 |
| Total | 112,143 | 123,511 | 3,581 | 2,741 |
| Financial items, net | — | — | –584 | –640 |
| Income after financial items | — | — | 2,997 | 2,101 |
1) From 2015 the accounting practice items affecting comparability is no longer used. The figures for 2014 have been restated.
Inter-segment sales exist with the following split:
| 2014 | 2015 | |
|---|---|---|
| Major Appliances Europe, Middle East and Africa | 745 | 919 |
| Major Appliances North America | 953 | 1 017 |
| Major Appliances Asia/Pacific | 357 | 329 |
| Professional Products | — | 6 |
| Eliminations | 2,055 | 2,271 |
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 |
||||
|---|---|---|---|---|---|---|
| 20141) | 2015 | 20141) | 2015 | 20141) | 2015 | |
| Major Appliances Europe, Middle East and Africa | 22,197 | 21,746 | 17,857 | 19,326 | 4340 | 2,420 |
| Major Appliances North America | 16,450 | 16,601 | 10,234 | 11,747 | 6,216 | 4,854 |
| Major Appliances Latin America | 14,574 | 11,692 | 7,661 | 5,893 | 6,913 | 5,799 |
| Major Appliances Asia/Pacific | 5,614 | 5,422 | 3,519 | 3,822 | 2,095 | 1,600 |
| Small Appliances | 5,144 | 4,551 | 3,680 | 3,251 | 1,464 | 1,300 |
| Professional Products | 2,931 | 3,070 | 2,012 | 2,188 | 919 | 882 |
| Other2) | 8,544 | 8,793 | 4,392 | 4,236 | 4,152 | 4,557 |
| 75,454 | 71,875 | 49,355 | 50,463 | 26,099 | 21,412 | |
| Liquid funds | 9,835 | 11,199 | — | — | — | — |
| Interest-bearing liabilities | — | — | 14,703 | 13,097 | — | — |
| Pension assets/liablities | 399 | 397 | 5,162 | 4,906 | — | — |
| Equity | — | — | 16,468 | 15,005 | — | — |
| Total | 85,688 | 83,471 | 85,688 | 83,471 | — | — |
1) From 2015 the accounting practice items affecting comparability is no longer used. The figures for 2014 have been restated.
2) Includes common functions, tax items.
| Depreciation and amortization | Capital expenditure | Cash flow1) | ||||
|---|---|---|---|---|---|---|
| 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | |
| Major Appliances Europe, Middle East and Africa | 1,530 | 1,474 | 977 | 1,044 | 2,779 | 4,249 |
| Major Appliances North America | 823 | 1,046 | 853 | 832 | 1,155 | 3,325 |
| Major Appliances Latin America | 551 | 560 | 535 | 601 | 1,025 | 198 |
| Major Appliances Asia/Pacific | 229 | 271 | 349 | 274 | 358 | 862 |
| Small Appliances | 230 | 257 | 162 | 134 | 366 | –38 |
| Professional Products | 104 | 111 | 75 | 98 | 796 | 977 |
| Other2) | 204 | 216 | 55 | 44 | –943 | –2,919 |
| Financial items | — | — | — | — | –488 | –513 |
| Taxes paid | — | — | — | — | –985 | –1,277 |
| Total | 3,671 | 3,935 | 3,006 | 3,027 | 4,063 | 4,864 |
1) Cash flow from operations and investments. From 2015 the accounting practice items affecting comparability is no longer used. The figures for 2014 have been restated.
2) Includes Group functions.
| Net sales1) | ||
|---|---|---|
| 2014 | 2015 | |
| USA | 32,885 | 41,654 |
| Brazil | 14,919 | 11,941 |
| Germany | 5,945 | 6,512 |
| Australia | 4,418 | 4,734 |
| Sweden (country of domicile) | 4,236 | 4,426 |
| Switzerland | 3,799 | 4,343 |
| Canada | 4,048 | 4,313 |
| United Kingdom | 3,254 | 4,177 |
| France | 3,836 | 4,031 |
| Italy | 3,403 | 3,642 |
| Other | 31,400 | 33,738 |
| Total | 112,143 | 123,511 |
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 1,462m (1,550). Tangible and non-tangible fixed assets located in all other countries amounted to SEK 25,590m (26,612). Individually, material countries in this aspect are Italy with SEK 2,884m (3,069), USA with SEK 5,884m (5,747) and Egypt with SEK 2,537m (2,607), respectively.
No single customer to the Group has 10% or more of the external revenue.