Highlights of 2011

  • Net sales increased by 1.9% in comparable currencies.
  • Operating margin, excluding items affecting comparability and non-recurring costs, amounted to 3.9% (6.1).
  • Price pressure and increased costs for raw materials had an adverse impact on operating income.
  • Acquisitions of the appliances companies Olympic Group in Egypt and CTI in Chile.
  • Efforts to reduce working capital have contributed to a solid balance sheet.
  • The Board proposes a dividend for 2011 of SEK 6.50 (6.50) per share.
  • The Board proposes a renewed AGM mandate to repurchase own shares.
Key data        
SEKm, EURm, USDm, unless otherwise stated 2011 2010  2011 EURm  2011 USDm
Net sales 101,598 106,326 11,264 15,679
Operating income 3,017 5,430 334 466
Margin, % 3.0 5.1    
Income after financial items 2,780 5,306 308 429
Income for the period 2,064 3,997 229 319
Earnings per share1), SEK, EUR, USD 7.25 14.04 0.80 1.12
Dividend per share 6.502) 6.50    
Average number of employees 52,916 51,544    
Net debt/equity ratio 0.31 –0.03    
Return on equity, % 10.4 20.6    
Return on net assets, % 13.7 27.8    
         
Excluding items affecting comparability
Items affecting comparability –138 –1,064 –15 –21
Operating income 3,155 6,494 350 487
Margin, % 3.1 6.1    
Income after financial items 2,918 6,370 324 450
Income for the period 2,148 4,739 238 331
Earnings per share1), SEK 7.55 16.65 0.84 1.17
Return on net assets, % 13.5 31.0    
         
Non-recurring costs in the
fourth quarter of 2011
–825    
Operating income excluding non-recurring costs and items affecting comparability 3,980 6,494    
Margin, % 3.9 6.1    
         
1) Average number of shares 284.7 millions (284.6).
2) Proposed by the Board of Directors.
Net sales and employees    
Ten largest countries SEKm Employees
USA 26,637 7,914
Brazil 14,633 10,755
Germany 5,474 1,740
Australia 5,285 1,606
Sweden 4,210 2,184
Italy 4,092 5,804
Canada 4,037 1,264
Switzerland 4,027 834
France 3,809 1,105
United Kingdom 2,544 404
Other 26,850 19,306
Total 101,598 52,916

Charts

Net sales

Operating income1)

Earnings per share1)

Number of employees2)

1) Excluding items affecting comparability.
2) Average number of employees.