Note 26 Acquired and divested operations
Acquired operations
|
2012 | 2013 |
---|---|---|
Acquired non-controlling interest |
|
|
Olympic Group, Egypt | 161 | 3 |
CTI Group, Chile | 3 | 2 |
Acquired shares in associated company |
|
|
50% share in Gångaren 13 Holding AB, Sweden | — | 200 |
Total cash paid for acquisitions | 164 | 205 |
In the first quarter of 2013 The Group acquired and subsequently partly divested the real estate company owning the Corporate head office to the Swedish pension foundation for SEK 200m. The divestment was made at fair value. The remaining investment in the real estate company is SEK 200m representing a 50% ownership. The shareholding is classified as an associated company and subject to equity accounting.
Additional non-controlling interest was acquired for an amount of SEK 3m in the Olympic Group in Egypt and for SEK 2m in the CTI Group.
In 2012, the allocation of acquisition cost for the CTI Group acquisition was finalized.
Furthermore, in 2012 non-controlling interest in Olympic Group in Egypt and CTI Group in Chile was acquired. In Egypt, 929,992 shares in the parent company of Olympic Group and 4,889,245 shares in the subsidiary Delta Industrial Company Ideal S.A.E. were purchased for a total consideration of SEK 161m. In Chile, 7,416,743 shares in Compañia Tecno Industrial S.A. (CTI) were purchased for an amount of SEK 3m.
Divested operations
No divestments were made in 2013 and 2012.
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%.