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Annual Report 2015 Report by the Board of Directors Notes Proposed distribution of earnings Auditor’s report Eleven-year review Quarterly information

Report by the Board of Directors

  • Net sales amounted to SEK 123,511m (112,143).
  • Sales increased by 10.1%, of which 2.2% was organic sales growth, 0.1% acquisitions and 7.8% currency translation.
  • Sales growth for Major Appliances North America, Major Appliances EMEA and Professional Products.
  • Strong performance for Major Appliances EMEA and Professional Products.
  • Severe currency headwinds and weak demand in emerging markets impacted operating income.
  • Operating income amounted to SEK 2,741m (3,581), corresponding to a margin of 2.2% (3.2).
  • Operating income includes costs of SEK 2,059m related to the not completed acquisition of GE Appliances, excluding these costs the margin was 3.9% (3.2).
  • Strong operating cash flow from operations after investments of SEK 7,492m (6,631).
  • Income for the period was SEK 1,568m (2,242), ­corresponding to SEK 5.45 (7.83) per share.
  • The Board of Directors proposes a dividend for 2015 of SEK 6.50 (6.50) per share.

Key data1)

SEKm 2014 2015 Change, %
Net sales 112,143 123,511 10.1
Changes in net sales, %, whereof:      
Organic growth 1.1 2.2  
Acquired growth 0.1  
Changes in exchange rates 1.6 7.8  
Operating income 3,581 2,741 –23
Margin, % 3.2 2.2  
Income after financial items 2,997 2,101 –30
Income for the period 2,242 1,568 –30
Earnings per share, SEK2) 7.83 5.45  
Dividend per share, SEK 6.50 6.503)  
Operating cash flow after investments4) 6,631 7,492 13
Items affecting comparability, included above5) –1,199  
Net debt/equity ratio 0.58 0.43  
Return on equity, % 15.7 9.9  
Average number of employees 60,038 58,265  

1) As of 2015, the accounting practice of items affecting comparability for restructuring charges is no longer used. Restructuring charges have previously been presented separately in the income statement and not included in operating income by business area and selective key ratios. For comparability purposes, the figures for 2014 have been restated to include restructuring costs. For a specification, read the press release; Restated figures for Electrolux for 2014, March 30, 2015, on www.electroluxgroup.com

2) Basic, based on an average of 287.1 (286.3) million shares for the full year 2015, excluding shares held by Electrolux.

3) Proposed by the Board of Directors.

4) See page 88.

5) Restructuring costs in 2014, previously not included in the key data above and reported as items affecting comparability.