Cash flow
- Cash flow was impacted by lower results and a negative cash flow from working capital.
- Capital expenditure in property, plant and equipment decreased and amounted to SEK 3,535m (4,090).
- R&D costs amounted to 2.5% (2.4) of net sales.
Operating cash flow
Cash flow from operations in 2013 declined and amounted to SEK 1,809m (4,779). Lower earnings and negative cash flow from working capital impacted the cash flow in 2013.
Cash payments for the ongoing restructuring and cost-cutting programs amounted to approximately SEK -603m in 2013.
Operating cash flow
Capital expenditure by business area
| SEKm | 2012 | 2013 |
|---|---|---|
| Major Appliances |
|
|
| Europe, Middle East and Africa | 1,011 | 1,294 |
| % of net sales | 2.9 | 3.9 |
| North America | 1,771 | 855 |
| % of net sales | 5.8 | 2.7 |
| Latin America | 488 | 742 |
| % of net sales | 2.2 | 3.6 |
| Asia/Pacific | 411 | 267 |
| % of net sales | 4.9 | 3.1 |
| Small Appliances | 196 | 225 |
| % of net sales | 2.2 | 2.5 |
| Professional Products | 161 | 76 |
| % of net sales | 2.9 | 1.4 |
| Other | 52 | 76 |
| Total | 4,090 | 3,535 |
| % of net sales | 3.7 | 3.2 |
Capital expenditure
Capital expenditure in property, plant and equipment in 2013 amounted to SEK 3,535m (4,090). Capital expenditure corresponded to 3.2% (3.7) of net sales. Investments in 2013 mainly related to investments within manufacturing facilities for efficiencies, new products and production capacity. Major projects include the cooker plant in Memphis, Tennessee, USA, and the new plant for refrigerators and freezers in Rayong, Thailand, for the Southeast Asian markets. The cooker plant in Memphis is receiving investment support from state authorities.
Capital expenditure
Costs for R&D
Costs for research and development in 2013, including capitalization of SEK 442m (447), amounted to SEK 2,739m (2,613) corresponding to 2.5% (2.4) of net sales.
For definitions, see Note 30. StopSearchHereCEO 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%.
