Report by the Board of Directors for 2011

  • Net sales amounted to SEK 101,598m (106,326)
    and income for the period to SEK 2,064m (3,997),
    corresponding to SEK 7.25 (14.04) per share.
  • Net sales increased by 1.9% in comparable currencies. Acquisitions had an impact on net sales by 1.7%.
  • Weak demand in mature markets while demand in emerging markets showed strong growth.
  • Operating income decreased to SEK 3,017m (5,430),
    corresponding to an operating margin of 3.0% (5.1).
  • Lower sales prices and increased costs for raw materials had an adverse impact on operating income.
  • Non-recurring costs of SEK 825m were charged to operating income for overhead reductions and WEEE related costs for earlier years.
  • Operating income amounted to SEK 3,980m (6,494), corresponding to a margin of 3.9% (6.1), excluding items affecting comparability and non-recurring costs.
  • Acquisitions of the appliances companies Olympic Group in Egypt and CTI in Chile.
  • The Board of Directors 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 2011 Change % 2010
Net sales 101,598 –4 106,326
Operating income 3,017 –44 5,430
Margin, % 3.0   5.1
Income after financial items 2,780 –48 5,306
Income for the period 2,064 –48 3,997
Earnings per share, SEK  7.25   14.04
Dividend per share, SEK 6.501)   6.50
Net debt/equity ratio 0.31   –0.03
Return on equity, % 10.4   20.6
Average number of employees 52,916   51,544
       
Excluding items affecting comparability      
Items affecting comparability –138   –1,064
Operating income 3,155 –51 6,494
Margin, % 3.1   6.1
Income after financial items 2,918 –54 6,370
Income for the period 2,148 –55 4,739
Earnings per share, SEK 7.55   16.65
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 –39 6,494
Margin, % 3.9   6.1
       
1) Proposed by the Board of Directors.