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52
Electrolux Annual Report 1996
Electrolux shares
Electrolux A- and B-shares have been listed
on the Stockholm Stock Exchange since
1930. B-shares are also listed in London
(since 1928), Geneva (1955), Paris (1983),
Zurich (1987) and Basel (1987), as well as
in the US through the NASDAQ 1) system
(1987). As of August, 1996, the three stock
exchanges in Switzerland started operating
as a single electronic stock exchange,
the Swiss Exchange in Zurich. Electrolux
B-shares are also traded on the OTC
markets in Frankfurt and Munich.
At year-end 1996 the market capital-
ization of Electrolux shares was SEK 29.0
billion.
In 1996, 46.9 million Electrolux
shares were traded on the Stockholm Stock
Exchange to a value of SEK 16.2 billion.
This represented almost 2% of the total
trading volume of SEK 918 billion for
the year.
The number of Electrolux shares
traded on the London Stock Exchange in
1996 was 49.5 million, and in NASDAQ
2.4 million ADRs2). Trading volume on
other exchanges was considerably lower.
Dividend policy
In addition to distribution of the shares in
Gränges, the Board proposes an unchanged
cash dividend of SEK 12.50 per share.
The intention is for the dividend
to normally correspond to 30–50% of net
income.
Share capital and number of shares
On December 31, 1996, there were
2,000,000 Electrolux A-shares and
71,233,916 B-shares, for a total of
73,233,916 shares. Each share has a
par value of SEK 25. Total share capital
at year-end amounted to SEK 1,830.8m.
A-shares carry one vote and B-shares
1/1000 of a vote. All shares entitle the
holder to the same proportion of assets
and earnings.
Electrolux Allemansfond
Savings plans based on Electrolux shares
have been open to employees in the
Group’s Swedish companies since April,
1984, through the Electrolux Allemans-
fond. Fiscal legislation enabled tax benefits
on savings in this type of fund until year-
end 1996, when these benefits were can-
celled by new legislation. It has therefore
been decided that the Electrolux Allemans-
fond will be discontinued.
A phase-out of the fund was started
in 1996, and by year-end it comprised
about one hundred shareholders and about
15,000 shares. Loans to employees to
acquire shares in the fund were redeemed
during 1996.
Trading volume of Electrolux shares
in Stockholm, London and New York
(Thousands) 1996 1995
Stockholm 46,860 58,565
London 49,454 61,530
New York1) 2,381 2,188
Change in share capital 1987–1996
Of which
Total share through
capital, SEKm conversion
1987 1,803 28
1988 1,812 9
1989 1,818 6
1990 1,831 13
1991 1,831 –
1992 1,831 –
1993 1,831 –
1994 1,831 –
1995 1,831 –
1996 1,831 –
1) NASDAQ (National Association of Securities
Dealers Automated Quotation System).
2) American Depositary Receipts. One ADR
corresponds to one B-share.
Trading price and equity per share
Trading price of B-shares at year-end
Equity per share
SEK
8887 89 90 91 92 93 94 95 96
0
50
100
150
200
250
300
350
400
0
5
10
15
20
25
30
35
40
Net income per share
1987 After 50% standard tax
1988–1996 After full tax
8887 89 90 91 92 93 95 96
SEK
*Excluding capital gain
94*
At year-end 1996, the price/equity ratio for
Electrolux B-shares was 1.29.
Net income per share declined in 1996 to SEK 25.30.