Highlights of the fourth quarter of 2008
* Net sales amounted to SEK 28,663m (27,643) and income for the period was SEK –474m (1,126), or SEK –1.68 (4.00) per share.
* Net sales decreased by –5.5%, excluding changes in exchange rates.
* Charge of SEK 1.1 billion taken in fourth quarter for cost-reduction measu¬res. Personnel cutbacks will total 3,100 globally.
* In light of the market downturn, temporary shutdowns of production were initiated to adjust inventories to sustainable levels. This had an adverse affect on operating income.
* Strong cash flow, mainly due to improvements in working capital.
* Solid performance in Latin America, for Professional Products and floor-care products.
* In Europe, operating income was adversely impacted by weak markets and costs related to personnel cutbacks.
* In North America, operating income was adversely affected by continuing weak markets, higher costs for raw materials and costs related to the launch of Electrolux.
* Excluding items affecting comparability, non-recurring items and net impact of the launch of Electrolux in the US, operating income for the full year of 2008 amounted to SEK 3.5 billion.
* The Board of Directors proposes that no dividend will be paid for 2008.
* Electrolux will not forecast operating income for 2009 in light of the great uncertainty on the market.
* Electrolux is well prepared for a market turnaround.