Net sales and income

• Sales increased by 10.1%, of which 2.2% was organic growth, 0.1% acquisitions and 7.8% currency translation.
• Operating income amounted to SEK 2,741m (3,581), corresponding to a margin of 2.2% (3.2).
• Operating income includes costs of SEK 2,059m related to the not completed acquisition of GE Appliances, excluding these costs the margin was 3.9% (3.2).
• Income for the period was SEK 1,568m (2,242), ­corresponding to SEK 5.45 (7.83) per share.

Net sales

Net sales for the Electrolux Group in 2015 amounted to SEK 123,511m (112,143). The organic sales growth was 2.2%. Major Appliances North America, Major Appliances EMEA and Professional Products reported organic sales growth. The product mix improved and prices increased in several regions, while sales volumes declined. 2015 was a year with a strong focus on the most profitable products and sales channels, which improved the mix. Acquisitions had an impact on sales by 0.1%. 

Operating income

Operating income for 2015 amounted to SEK 2,741m (3,581), corresponding to a margin of 2.2% (3.2). Operating income includes costs of SEK 2,059m related to the not completed acquisition of GE Appliances, excluding these costs the margin was 3.9% (3.2).

Operating income for Major Appliances EMEA contributed strongly to the results for 2015. Professional Products also reported a positive development, while operating income for the other business areas declined. Soft market demand particularly in emerging markets such as Latin America and severe currency headwinds had a negative impact on operating income for 2015.

Effects of changes in exchange rates

Changes in exchange rates had a negative impact year-over-year on operating income of SEK –1,418m. Operations in Latin America, Asia/Pacific and Europe were mainly impacted by a stronger USD against local currencies. The negative impact on operating income was to a large extent mitigated by price increases and mix improvements.

Financial net

Net financial items increased to SEK –640m (–584). Financial items includes costs of SEK 187m for a bridge facility related to the not completed acquisition of GE Appliances.

Income after financial items

Income after financial items decreased to SEK 2,101m (2,997), corresponding to 1.7% (2.7) of net sales.

Taxes

Total taxes for 2015 amounted to SEK –533m (–755), corresponding to a tax rate of 25.4% (25.2).

Income for the period and earnings per share 

Income for the period amounted to SEK 1,568m (2,242), ­corresponding to SEK 5.45 (7.83) in earnings per share before dilution.