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
In 2013 we continued to deliver above our growth target and delivered 4.5% in organic sales growth.
CEO Statement
I'm convinced that raising product efficiency for the growing middle class is where long-term shareholder value creation lies.
Our products
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
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%.
