Share capital and ownership
Share capital and ownership structure
As of December 31, 2013, the share capital of AB Electrolux amounted to approximately SEK 1,545m, corresponding to 308,920,308 shares. The share capital of Electrolux consists of Class A shares and Class B shares. An A share entitles the holder to one vote and a B share to one-tenth of a vote. All shares entitle the holder to the same proportion of assets and earnings and carry equal rights in terms of dividends. In accordance with the Swedish Companies Act, the Articles of Association of Electrolux also provide for specific rights of priority for holders of different types of shares, in the event that the company issues new shares or certain other instruments.
According to Electrolux Articles of Association, owners of Class A shares have the right to have such shares converted to Class B shares. The purpose of the conversion clause is to give holders of Class A shares an opportunity to achieve improved liquidity in their shareholdings. Conversion reduces the total number of votes in the company. In 2013, 20,186 Class A shares were converted to Class B shares. After the conversion, the total number of votes amounts to 38,265,316.
The total number of registered shares in the company amounts to 308,920,308 shares, of which 8,192,539 are Class A shares and 300,727,769 are Class B shares, see table on page 98.
Major shareholders
|
|
Share capital, % | Voting rights, % |
|---|---|---|
| Investor AB | 15.5 | 29.9 |
| Alecta Pension Insurance | 3.9 | 4.3 |
| Swedbank Robur Funds | 3.3 | 2.7 |
| AMF Insurance & Funds | 2.7 | 2.2 |
| Government of Norway | 2.2 | 1.7 |
| Didner & Gerge Funds | 1.7 | 1.4 |
| SHB funds | 1.2 | 1.0 |
| Second Swedish National Pension Fund | 1.1 | 0.8 |
| Unionen | 1.0 | 0.8 |
| SEB funds | 0.9 | 0.8 |
| Total, ten largest shareholders | 33.5 | 45.6 |
| Board of Directors and Group Management, collectively | 0.12 | 0.09 |
Ownership structure
According to the register of Euroclear Sweden, there were 51,456 shareholders in AB Electrolux as of December 31, 2013. Investor AB is the largest shareholder, owning 15.5% of the share capital and 29.96% of the voting rights. Information on the shareholder structure is updated quarterly at group.electrolux.com.
Distribution of shareholdings
| Shareholding | Ownership, % | Number of shareholders | As % of shareholders |
|---|---|---|---|
| 1-1,000 | 3.7 | 44,918 | 87.3 |
| 1,001-10,000 | 5.0 | 5,708 | 11.1 |
| 10,001-20,000 | 1.3 | 271 | 0.5 |
| 20,001- | 90.0 | 559 | 1.1 |
| Total | 100 | 51,456 | 100 |
Articles of Association
AB Electrolux Articles of Association stipulate that the Annual General Meeting (AGM) shall always resolve on the appointment of the members of the Board of Directors. Apart from that, the articles do not include any provisions for appointing or dismissing members of the Board of Directors or for changing the articles.
A shareholder participating in the AGM is entitled to vote for the full number of shares which he or she owns or represents. Outstanding shares in the company may be freely transferred, without restrictions under law or the company’s Articles of Association. Electrolux is not aware of any agreements between shareholders, which limit the right to transfer shares. The full Articles of Association can be downloaded at group.electrolux.com.
Effect of significant changes in ownership structure on long-term financing
The Group’s long-term financing is subject to conditions which stipulate that lenders may request advance repayment in the event of significant changes in the ownership of the company. Such significant change could result from a public bid to acquire Electrolux shares.
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%.
