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Annual Report 2015 Report by the Board of Directors Notes Proposed distribution of earnings Auditor’s report Eleven-year review Quarterly information

Eleven-year review

                        Compound
annual growth
rate, %
SEKm 20051) 2006 2007 2008 2009 2010 2011 20122) 2013 2014 2015 5 years 10 years
Net sales and income                          
Net sales 129,469 103,848 104,732 104,792 109,132 106,326 101,598 109,994 109,151 112,143 123,511 3.0 -0.5
Organic growth, % 4.3 3.3 4.0 –0.9% –4.8% 1.5% 0.2% 5.5 4.5 1.1 2.2    
Depreciation and amortization 3,410 2,758 2,738 3,010 3,442 3,328 3,173 3,251 3,356 3,671 3,936    
Items affecting comparability3) –3,020 –542 –362 –355 –1,561 –1,064 –138 –1,032 –2,475 –1,199    
Operating income 3,942 4,033 4,475 1,188 3,761 5,430 3,017 4,000 1,580 3,581 2,741 -12.8 -3.6
Income after financial items 3,215 3,825 4,035 653 3,484 5,306 2,780 3,154 904 2,997 2,101 -16.9 -4.2
Income for the period 1,763 2,648 2,925 366 2,607 3,997 2,064 2,365 672 2,242 1,568 -17.1 -1.2
Cash flow                          
EBITDA4) 10,372 7,333 7,575 4,553 8,764 9,822 6,328 8,283 7,411 7,252 6,677 -7.4 -4.3
Cash flow from operations, excluding changes in operating assets and liabilities 8,428 5,263 5,498 3,446 6,378 7,741 4,283 5,552 5,130 6,045 4,704 -9.5 -5.7
Changes in operating assets and liabilities –1,888 –703 –152 1,503 1,919 –61 1,116 1,528 –675 1,777 3,563    
Cash flow from operations 6,540 4,560 5,346 4,949 8,297 7,680 5,399 7,080 4,455 7,822 8,267 1.5 2.4
Cash flow from investments –5,827 –2,386 –4,069 –3,755 –2,967 –4,474 –10,049 –4,702 –4,734 -3,759 -3,403    
of which capital expenditures –4,765 –3,152 –3,430 –3,158 –2,223 –3,221 –3,163 –4,090 –3,535 -3,006 -3,027 -1.2 -4.4
Cash flow from operations and investments 713 2,174 1,277 1,194 5,330 3,206 –4,650 2,378 –279 4,063 4,864    
Operating cash flow5) 1,083 1,110 1,277 1,228 5,326 3,199 906 2,542 –74 4,132 4,955    
Dividend, redemption and repurchase of shares –2,038 –4,416 –6,708 –1,187 69 –1,120 –1,850 –1,868 –1,860 -1,861 -1,870    
Capital expenditure as % of net sales 3.7 3.0 3.3 3.0 2.0 3.0 3.1 3.7 3.2 2.7 2.5    
Margins4)                          
Operating margin, % 5.4 4.4 4.6 1.5 4.9 6.1 3.1 4.6 3.7 3.2 2.2    
Income after financial items as % of net sales 4.8 4.2 4.2 1.0 4.6 6.0 2.9 3.8 3.1 2.7 1.7    
EBITDA margin, % 8.0 7.1 7.2 4.3 8.0 9.2 6.2 7.5 6.8 6.5 5.4    
Financial position                          
Total assets 82,558 66,049 66,089 73,323 72,696 73,521 76,384 75,194 76,001 85,688 83,471 2.6 0.1
Net assets 28,165 18,140 20,743 20,941 19,506 19,904 27,011 25,890 24,961 26,099 21,412 1.5 -2.7
Working capital –31 –2,613 –2,129 –5,131 –5,154 –5,902 –5,180 –6,505 –5,800 -8,377 -12,234    
Trade receivables 24,269 20,905 20,379 20,734 20,173 19,346 19,226 18,288 19,441 20,663 17,745 -1.7 -3.1
Inventories 18,606 12,041 12,398 12,680 10,050 11,130 11,957 12,963 12,154 14,324 14,179 5.0 -2.7
Accounts payable 18,798 15,320 14,788 15,681 16,031 17,283 18,490 20,590 20,607 25,705 26,467 8.9 3.5
Equity 25,888 13,194 16,040 16,385 18,841 20,613 20,644 15,726 14,308 16,468 15,005 -6.2 -5.3
Interest-bearing liabilities 8,914 7,495 11,163 13,946 14,022 12,096 14,206 13,088 14,905 14,703 13,097 1.6 3.9
Provisions for post-employment benefits, net               4,479 2,980 4,763 4,509    
Net borrowings 2,974 –304 4,703 4,556 665 –709 6,367 10,164 10,653 9,631 6,407 -255.3 8.0
Data per share                          
Income for the period, SEK 6.05 9.17 10.41 1.29 9.18 14.04 7.25 8.26 2.35 7.83 5.45 -17.2 -1.0
Equity, SEK 88 47 57 58 66 72 73 55 50 57.52 52.21 -6.3 -5.1
Dividend, SEK6) 7.50 4.00 4.25 4.00 6.50 6.50 6.50 6.50 6.50 6.50    
Trading price of B-shares at year-end, SEK 206.50 137.00 108.50 66.75 167.50 191.00 109.70 170.50 168.50 228.80 205.20 1.4 -0.1
Key ratios                          
Return on equity, % 7.0 18.7 20.3 2.4 14.9 20.6 10.4 14.4 4.4 15.7 9.9    
Return on net assets, % 13.0 23.2 21.7 5.8 19.4 27.8 13.7 14.8 5.8 14.2 11.0    
Net assets as % of net sales7) 21.0 16.5 18.6 18.1 17.1 18.2 23.8 22.5 21.8 20.4 17.3    
Trade receivables as % of net sales7) 18.1 19.1 18.3 17.9 17.7 17.7 17.0 15.9 17.0 16.2 14.3    
Inventories as % of net sales7) 13.9 11.0 11.1 11.0 8.8 10.2 10.5 11.3 10.6 11.2 11.5    
Net debt/equity ratio 0.11 –0.02 0.29 0.28 0.04 –0.03 0.31 0.65 0.74 0.58 0.43    
Interest coverage ratio 4.32 6.13 7.49 1.86 7.54 12.64 5.84 2.72 2.11 5.16 3.75    
Dividend as % of equity 8.5 8.5 7.5 6.0 9.0 9.0 11.8 13.0 11.3 12.4    
Other data                          
Average number of employees 69,523 55,471 56,898 55,177 50,633 51,544 52,916 59,478 60,754 60,038 58,265 2.5 -1.8
Salaries and remuneration 17,033 12,849 12,612 12,662 13,162 12,678 13,137 13,785 13,521 14,278 15,858 4.6 -0.7
Number of shareholders 60,900 59,500 52,700 52,600 52,000 57,200 58,800 51,800 51,500 46,500 45,485 -4.5 -2.9
Average number of shares after buy-backs, million 291.4 288.8 281.0 283.1 284.0 284.6 284.7 285.9 286.2 286.3 287.1    
Shares at year end after buy-backs, million 293.1 278.9 281.6 283.6 284.4 284.7 284.7 286.1 286.2 286.3 287.4    

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) As of 2015 the accounting concept of Items affecting comparability is no longer in use.

4) Items affecting comparability are excluded for the years 2005 to 2013. 2014 has been restated.

5) Cash flow from acquisitions and divestments is excluded.

6) 2015: Proposed by the Board.

7) Net sales are annualized.