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Annual Report 2016 Report by the Board of Directors Notes Proposed distribution of earnings Auditors' report Eleven-year review Review by business area

Operations by business area yearly

SEKm 20121)  2013 2014 2015 2016
Major Appliances Europe, Middle East and Africa    
Net sales 34,278 33,436 34,438 37,179 37,844
Operating income 178 –481 232 2,167 2,546
Margin, % 0.5 –1.4 0.7 5.8 6.7
           
Major Appliances North America      
Net sales 30,684 31,864 34,141 43,053 43,402
Operating income 1,347 2,136 1,714 1,580 2,671
Margin, % 4.4 6.7 5 3.7 6.2
           
Major Appliances Latin America      
Net sales 22,044 20,695 20,041 18,546 15,419
Operating income 1,590 979 1,069 463 –68
Margin, % 7.2 4.7 5.3 2.5 –0.4
           
Major Appliances Asia/Pacific        
Net sales 8,405 8,653 8,803 9,229 9,380
Operating income 746 116 438 364 626
Margin, % 8.9 1.3 5 3.9 6.7
           
Small Appliances        
Net sales 9,011 8,952 8,678 8,958 8,183
Operating income 461 309 200 –63 238
Margin, % 5.1 3.5 2.3 –0.7 2.9
           
Professional Products        
Net sales 5,571 5,550 6,041 6,546 6,865
Operating income 588 510 671 862 954
Margin, % 10.6 9.2 11.1 13.2 13.9
           
Other          
Net sales 1 1 1 — —
Operating income, common Group costs, etc. –910 –1,989 –743 –2,632 –693
           
Total Group          
Net sales 109,994 109,151 112,143 123,511 121,093
Operating income  4,000 1,580 3,581 2,741 6,274
Margin, % 3.6 1.4 3.2 2.2 5.2

1) Electrolux applies the amended standard for pension accounting, IAS 19 Employee Benefits, as of January 1, 2013. Reported figures for 2012 have been restated to enable ­comparison. 

Material profit or loss items in operating income1) 2012 2013 2014 2015 2016
Major Appliances Europe, Middle East and Africa –927 –828 –1,212 — —
Major Appliances North America –105 — –392) –1582) —
Major Appliances Latin America — — –10 — —
Major Appliances Asia/Pacific — –351 –10 — —
Small Appliances — –82 — –190 —
Professional Products — — — — —
Common Group cost — –1,214 –772) –1,9012) —
Total Group –1,032 –2,475 –1,348 –2,249 —

1) For more information, see Note 7.
2) Refers to costs related to the not completed acquisition of GE Appliances. Costs for preparatory integration work of SEK 39m for 2014 and SEK 158m for 2015 have been charged to ­operating income for Major Appliances North America. Common Group cost includes transaction costs of SEK 110m for 2014 and SEK 408m for 2015 and a termination fee paid to General Electric in December 2015 of USD 175m, corresponding to SEK 1,493m. In total, costs of SEK 2,059m related to GE Appliances were charged to operating income in 2015 of which SEK 63m in the first quarter, SEK 195m in the second quarter, SEK 142m in the third quarter and SEK 1,659m in the fourth quarter.

Quarterly information

Net sales and income by business area per quarter

SEKm Q1
2016		 Q2
2016		 Q3
2016		 Q4
2016		 Full year
2016		 Q1
2015		 Q2
2015		 Q3
2015		 Q4
2015		 Full year
2015
Major Appliances Europe, Middle East and Africa                    
Net sales 9,001 8,897 9,579 10,367 37,844 8,608 8,699 9,540 10,332 37,179
Operating income 553 567 680 746 2,546 371 426 605 765 2,167
Margin, % 6.1 6.4 7.1 7.2 6.7 4.3 4.9 6.3 7.4 5.8
Major Appliances North America                    
Net sales 9,937 11,450 11,189 10,826 43,402 9,313 11,717 11,610 10,413 43,053
Operating income 495 742 824 610 2,671 –57 401 743 493 1,580
Margin, % 5.0 6.5 7.4 5.6 6.2 –0.6 3.4 6.4 4.7 3.7
Major Appliances Latin America                    
Net sales 3,643 3,659 3,968 4,149 15,419 5,261 4,476 4,190 4,619 18,546
Operating income 31 69 19 –187 –68 177 107 110 69 463
Margin, % 0.9 1.9 0.5 –4.5 –0.4 3.4 2.4 2.6 1.5 2.5
Major Appliances Asia/Pacific                    
Net sales 2,022 2,407 2,515 2,436 9,380 2,241 2,576 2,192 2,220 9,229
Operating income 95 150 208 173 626 52 135 54 123 364
Margin, % 4.7 6.2 8.3 7.1 6.7 2.3 5.2 2.5 5.5 3.9
Small Appliances                    
Net sales 1,927 1,858 1,960 2,438 8,183 2,139 2,198 2,169 2,452 8,958
Operating income 44 6 34 154 238 –8 –4 41 –92 –63
Margin, % 2.3 0.3 1.7 6.3 2.9 –0.4 –0.2 1.9 –3.8 –0.7
Professional Products                    
Net sales 1,584 1,712 1,641 1,928 6,865 1,525 1,689 1,574 1,758 6,546
Operating income 205 222 234 293 954 170 220 212 260 862
Margin, % 12.9 13.0 14.3 15.2 13.9 11.1 13.0 13.5 14.8 13.2
Other                    
Operating income, common group costs, etc. –155 –192 –173 –173 –693 –189 –364 –259 –1,820 –2,632
Total Group                    
Net sales 28,114 29,983 30,852 32,144 121,093 29,087 31,355 31,275 31,794 123,511
Operating income 1,268 1,564 1,826 1,616 6,274 516 921 1,506 –202 2,741
Margin, % 4.5 5.2 5.9 5.0 5.2 1.8 2.9 4.8 –0.6 2.2
Income after financial items 1,163 1,448 1,725 1,245 5,581 450 815 1,361 –525 2,101
Income for the period 875 1,079 1,267 1,272 4,493 339 608 1,014 –393 1,568
Earnings per share, SEK1) 3.04 3.75 4.41 4.43 15.64 1.18 2.12 3.53 –1.38 5.45
                     
Number of shares after buy-backs, ­million 287.4 287.4 287.4 287.4 287.4 287.4 287.4 287.4 287.4 287.4
Average number of shares after ­buy-backs, million 287.4 287.4 287.4 287.4 287.4 286.6 287.4 287.4 287.4 287.1

1) Basic, based on average number of shares, excluding shares owned by Electrolux.