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.

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