Distribution of funds to shareholders
Proposed dividend
The Board of Directors proposes a dividend for 2013 of SEK 6.50 (6.50) per share, for a total dividend payment of approximately SEK 1,860m (1,860). The proposed dividend corresponds to approximately 66% (57) of income for the period, excluding items affecting comparability. Monday, March 31, 2014, is proposed as record date for the dividend.
The Group’s goal is for the dividend to correspond to at least 30% of income for the period, excluding items affecting comparability. Historically, the Electrolux dividend rate has been considerably higher than 30%. Electrolux has a long tradition of high total distribution to shareholders that includes repurchases and redemptions of shares.
Acquisition of own shares
Electrolux has previously, on the basis of authorizations by the AGM, acquired own shares. The purpose of the repurchase programs has been to adapt the Group’s capital structure, thus contributing to increased shareholder value and to use these shares to finance potential company acquisitions and as a hedge for the company’s share-related incentive programs.
In accordance with the proposal by the Board of Directors, the AGM 2013 decided to authorize the Board for the period until the 2014 AGM to resolve on acquisitions of shares in the company and that the company may acquire as a maximum so many Class B shares that, following each acquisition, the company holds at a maximum 10% of all shares issued by the company.
Proposal for a renewed mandate on acquisition of own shares
The Board of Directors makes the assessment that it continues to be advantageous for the company to be able to adapt the company’s capital structure, thereby contributing to increased shareholder value, and to continue to be able to use repurchased shares on account of potential company acquisitions and the company’s share-related incentive programs.
The Board of Directors proposes that the AGM 2014 resolves on a renewed mandate to repurchase own shares equivalent to the previous mandate.
As of December 31, 2013, Electrolux holds 22,708,321 Class B shares in Electrolux, corresponding to 7.4% of the total number of shares in the company.
Number of shares
|
|
Outstanding A shares |
Outstanding B shares |
Outstanding shares, total | Shares held by Electrolux |
Shares held by other shareholders |
|---|---|---|---|---|---|
| Number of shares as of January 1, 2013 | 8,212,725 | 300,707,583 | 308,920,308 | 22,785,490 | 286,134,818 |
| Shares alloted to senior managers under the Performance Share Program | - | - | - | -77,169 | 77,169 |
| Conversion of Class A shares into Class B shares | -20,186 | 20,186 | - | - | - |
| Total number of shares as of December 31, 2013 | 8,192,539 | 300,727,769 | 308,920,308 | 22,708,321 | 286,211,987 |
| As % of total number of shares |
|
|
|
7.4% |
|
Total distribution to shareholders
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%.
