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1) Including outdoor products, Husqvarna, which was distributed to the Electrolux shareholders in June 2006.
2) Amounts for 2012 have been restated where applicable as a consequence of the amended standard for pension accounting, IAS 19 Employee Benefits.
3) Items affecting comparability are excluded.
4) Cash flow from acquisitions and divestments excluded.
5) 2013: Proposed by the Board.
6) Net sales are annualized.
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Eleven-year review
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Compound annual growth rate, % | |
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| SEKm | 20031) | 20041) | 20051) | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 20122) | 2013 | 5 years | 10 years |
| Net sales and income |
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| Net sales | 124,077 | 120,651 | 129,469 | 103,848 | 104,732 | 104,792 | 109,132 | 106,326 | 101,598 | 109,994 | 109,151 | 0.8 | -1.3 |
| Organic growth, % | 3.3 | 3.2 | 4.3 | 3.3 | 4.0 | -0.9% | -4.8% | 1.5% | 0.2% | 5.5 | 4.5 |
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| Depreciation and amortization | 3,353 | 3,038 | 3,410 | 2,758 | 2,738 | 3,010 | 3,442 | 3,328 | 3,173 | 3,251 | 3,356 |
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| Items affecting comparability | -463 | -1,960 | -3,020 | -542 | -362 | -355 | -1,561 | -1,064 | -138 | -1,032 | -2,475 |
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| Operating income | 7,175 | 4,807 | 3,942 | 4,033 | 4,475 | 1,188 | 3,761 | 5,430 | 3,017 | 4,000 | 1,580 | 5.9 | -14.0 |
| Income after financial items | 7,006 | 4,452 | 3,215 | 3,825 | 4,035 | 653 | 3,484 | 5,306 | 2,780 | 3,154 | 904 | 6.7 | -18.5 |
| Income for the period | 4,778 | 3,259 | 1,763 | 2,648 | 2,925 | 366 | 2,607 | 3,997 | 2,064 | 2,365 | 672 | 12.9 | -17.8 |
| Cash flow |
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| EBITDA3) | 10,991 | 9,805 | 10,372 | 7,333 | 7,575 | 4,553 | 8,764 | 9,822 | 6,328 | 8,283 | 7,411 | 10.2 | -3.9 |
| Cash flow from operations excluding changes in operating assets and liabilities | 7,150 | 7,140 | 8,428 | 5,263 | 5,498 | 3,446 | 6,378 | 7,741 | 4,283 | 5,552 | 5,130 | 8.3 | -3.3 |
| Changes in operating assets and liabilities | -857 | 1,442 | -1,888 | -703 | -152 | 1,503 | 1,919 | -61 | 1,116 | 1,528 | -675 |
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| Cash flow from operations | 6,293 | 8,582 | 6,540 | 4,560 | 5,346 | 4,949 | 8,297 | 7,680 | 5,399 | 7,080 | 4,455 | -2.1 | -3.4 |
| Cash flow from investments | -2,570 | -5,358 | -5,827 | -2,386 | -4,069 | -3,755 | -2,967 | -4,474 | -10,049 | -4,702 | -4,734 |
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| of which capital expenditures | -3,463 | -4,515 | -4,765 | -3,152 | -3,430 | -3,158 | -2,223 | -3,221 | -3,163 | -4,090 | -3,535 | 2.3 | 0.2 |
| Cash flow from operations and investments | 3,723 | 3,224 | 713 | 2,174 | 1,277 | 1,194 | 5,330 | 3,206 | -4,650 | 2,378 | -279 |
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| Operating cash flow4) | 2,866 | 3,224 | 1,083 | 1,110 | 1,277 | 1,228 | 5,326 | 3,199 | 906 | 2,542 | -74 |
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| Dividend, redemption and repurchase of shares | -3,563 | -5,147 | -2,038 | -4,416 | -6,708 | -1,187 | 69 | -1,120 | -1,850 | -1,868 | -1,860 |
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| Capital expenditure as % of net sales | 2.8 | 3.7 | 3.7 | 3.0 | 3.3 | 3.0 | 2.0 | 3.0 | 3.1 | 3.7 | 3.2 |
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| Margins3) |
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| Operating margin, % | 6.2 | 5.6 | 5.4 | 4.4 | 4.6 | 1.5 | 4.9 | 6.1 | 3.1 | 4.6 | 3.7 |
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| Income after financial items as % of net sales | 6.0 | 5.3 | 4.8 | 4.2 | 4.2 | 1.0 | 4.6 | 6.0 | 2.9 | 3.8 | 3.1 |
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| EBITDA margin, % | 8.9 | 8.1 | 8.0 | 7.1 | 7.2 | 4.3 | 8.0 | 9.2 | 6.2 | 7.5 | 6.8 |
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| Financial position |
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| Total assets | 77,028 | 75,096 | 82,558 | 66,049 | 66,089 | 73,323 | 72,696 | 73,521 | 76,384 | 75,194 | 76,001 | 0.7 | -0.1 |
| Net assets | 26,422 | 23,988 | 28,165 | 18,140 | 20,743 | 20,941 | 19,506 | 19,904 | 27,011 | 25,890 | 24,961 | 3.6 | -0.6 |
| Working capital | 4,068 | -383 | -31 | -2,613 | -2,129 | -5,131 | -5,154 | -5,902 | -5,180 | -6,505 | -5,800 |
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| Trade receivables | 21,172 | 20,627 | 24,269 | 20,905 | 20,379 | 20,734 | 20,173 | 19,346 | 19,226 | 18,288 | 19,441 | -1.3 | -0.8 |
| Inventories | 14,945 | 15,742 | 18,606 | 12,041 | 12,398 | 12,680 | 10,050 | 11,130 | 11,957 | 12,963 | 12,154 | -0.8 | -2.0 |
| Accounts payable | 14,857 | 16,550 | 18,798 | 15,320 | 14,788 | 15,681 | 16,031 | 17,283 | 18,490 | 20,590 | 20,607 | 5.6 | 3.3 |
| Equity | 27,462 | 23,636 | 25,888 | 13,194 | 16,040 | 16,385 | 18,841 | 20,613 | 20,644 | 15,726 | 14,308 | -2.7 | -6.3 |
| Interest-bearing liabilities | 12,501 | 9,843 | 8,914 | 7,495 | 11,163 | 13,946 | 14,022 | 12,096 | 14,206 | 13,088 | 14,905 | 1.3 | 1.8 |
| Provisions for post-employment benefits, net |
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4,479 | 2,980 |
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| Net borrowings | -101 | 1,141 | 2,974 | -304 | 4,703 | 4,556 | 665 | -709 | 6,367 | 10,164 | 10,653 |
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| Data per share |
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| Income for the period, SEK | 15.25 | 10.92 | 6.05 | 9.17 | 10.41 | 1.29 | 9.18 | 14.04 | 7.25 | 8.26 | 2.35 | 12.7 | -17.1 |
| Equity, SEK | 89 | 81 | 88 | 47 | 57 | 58 | 66 | 72 | 73 | 55 | 50 | -2.9 | -5.6 |
| Dividend, SEK5) | 6.50 | 7.00 | 7.50 | 4.00 | 4.25 | — | 4.00 | 6.50 | 6.50 | 6.50 | 6.50 |
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| Trading price of B-shares at year-end, SEK | 158.00 | 152.00 | 206.50 | 137.00 | 108.50 | 66.75 | 167.50 | 191.00 | 109.70 | 170.50 | 168.50 | 20.3 | 0.6 |
| Key ratios |
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| Return on equity, % | 17.3 | 13.1 | 7.0 | 18.7 | 20.3 | 2.4 | 14.9 | 20.6 | 10.4 | 14.4 | 4.4 |
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| Return on net assets, % | 23.9 | 17.5 | 13.0 | 23.2 | 21.7 | 5.8 | 19.4 | 27.8 | 13.7 | 14.8 | 5.8 |
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| Net assets as % of net sales6) | 23.6 | 21.2 | 21.0 | 16.5 | 18.6 | 18.1 | 17.1 | 18.2 | 23.8 | 22.5 | 21.8 |
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| Trade receivables as % of net sales6) | 18.9 | 18.2 | 18.1 | 19.1 | 18.3 | 17.9 | 17.7 | 17.7 | 17.0 | 15.9 | 17.0 |
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| Inventories as % of net sales6) | 13.4 | 13.9 | 13.9 | 11.0 | 11.1 | 11.0 | 8.8 | 10.2 | 10.5 | 11.3 | 10.6 |
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| Net debt/equity ratio | 0.00 | 0.05 | 0.11 | -0.02 | 0.29 | 0.28 | 0.04 | -0.03 | 0.31 | 0.65 | 0.74 |
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| Interest coverage ratio | 8.28 | 5.75 | 4.32 | 6.13 | 7.49 | 1.86 | 7.54 | 12.64 | 5.84 | 2.72 | 2.11 |
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| Dividend as % of equity | 7.3 | 8.6 | 8.5 | 8.5 | 7.5 | — | 6.0 | 9.0 | 9.0 | 11.8 | 13.0 |
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| Other data |
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| Average number of employees | 77,140 | 72,382 | 69,523 | 55,471 | 56,898 | 55,177 | 50,633 | 51,544 | 52,916 | 59,478 | 60,754 | 1.9 | -2.4 |
| Salaries and remuneration | 17,154 | 17,014 | 17,033 | 12,849 | 12,612 | 12,662 | 13,162 | 12,678 | 13,137 | 13,785 | 13,521 | 1.3 | -2.4 |
| Number of shareholders | 60,400 | 63,800 | 60,900 | 59,500 | 52,700 | 52,600 | 52,000 | 57,200 | 58,800 | 51,800 | 51,500 | -0.4 | -1.6 |
| Average number of shares after buy-backs, million | 313.3 | 298.3 | 291.4 | 288.8 | 281.0 | 283.1 | 284.0 | 284.6 | 284.7 | 285.9 | 286.2 |
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| Shares at year end after buy-backs, million | 307.1 | 291.2 | 293.1 | 278.9 | 281.6 | 283.6 | 284.4 | 284.7 | 284.7 | 286.1 | 286.2 |
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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%.
