Electrolux 2000 Annual Report Download - page 66

64 ELECTROLUX ANNUAL REPORT 2000
Electrolux shares
The market capitalization of Electrolux
shares at year-end 2000 was SEK 44.9
(78.4) billion, which corresponded to
1.3% (2.1) of the total market capitaliza-
tion of the OM Stockholm Exchange.
The highest trading price for Electrolux
B-shares was SEK 230 on January 3, and
the lowest was SEK 110 on October 27.
The highest trading price for A-shares was
SEK 230 on January 11, and the lowest
was SEK 114 on December 21.
Electrolux share listings
Exchange Year
London, B-shares 1928
Stockholm, A- and B-shares1) 1930
Paris, B-shares1) 1983
Zurich, B-shares2) 1987
USA, NASDAQ (ADRs)3) 1987
1) As of 1999 the Electrolux B-share is listed in
euros on the stock exchanges in Stockholm and
Paris.
2) The three stock exchanges in Switzerland, i.e.
Zurich, Geneva and Basel were merged in 1996
to the Swiss Exchange in Zurich.
3) American Depository Receipts. One ADR corre-
sponds to two B-shares.
TRADING VOLUME
In 2000, 390.6 (277.6) million Electrolux
shares were traded on the OM Stockholm
Exchange to a value of SEK 56.8 (45.4)
billion. Electrolux shares thus accounted
for 1.3% (1.8) of the total trading volume
of SEK 4,456 (2,609) billion for the year.
The average value of the A- and B-
shares traded daily was SEK 226.4m
(180.2). B-shares have also been listed in
euros on the OM Stockholm Exchange
since June 7, 1999. No shares were traded
in euros during 2000.
A total of 291.0 (246.9) million
Electrolux shares were traded on the
London Stock Exchange, and 6.4 (5.7)
million ADRs were traded on NASDAQ.
At year-end, 5,046,919 depository
receipts were outstanding.Trading vol-
ume on other exchanges was consider-
ably lower.
REPURCHASE OF SHARES
As of December 31, 2000 the Group had
repurchased 25,035,000 B-shares for a
total of SEK 3,190m, corresponding to an
average price of SEK 127.40 per share.
Electrolux thus owns 6.84% of the total
number of shares.
BETA VALUE
The Beta value indicates the volatility of
the trading price of a share relative to the
general market trend.The Beta value of
Electrolux shares for the past four years
was 0.53 (0.85), which means that the
volatility of Electrolux shares was 47%
lower than the OM Stockholm Exchange
general index.
EFFECTIVE YIELD
The effective yield indicates the actual
profitability of a placement in shares, and
comprises dividends received plus change
in trading price.
The average annual effective yield on
a placement in Electrolux shares was
19.0% over the past ten years, including
the distribution of Gränges in 1996, and
adjusted for the 5:1 stock split in 1998.
The corresponding figure for the OM
Stockholm Exchange was 21.4%.
ANNUAL OPTION PROGRAM
An annual option program for senior
managers was introduced in 1998.The
program entitles an allotment of options
which are redeemed for shares at a fixed
price.The value of the options is linked
to the trading price of the Electrolux
B-share. For further information, see
Note 25.
DIVIDEND AND DIVIDEND POLICY
The Board has decided to propose an
increased dividend of SEK 4.00 per share
at the Annual General Meeting, corres-
ponding to 30% (31) of net income per
share, exclusive of items affecting compa-
rability.
The goal is for the dividend to nor-
mally correspond to 30–50% of net
income.
SHARE CAPITAL AND NUMBER OF SHARES
On December 31, 2000 there were
10,000,000 Electrolux A-shares and
356,169,580 B-shares, for a total of
366,169,580 shares.A-shares carry one
vote and B-shares one-tenth of a vote.
Each share has a par value of SEK 5.00.
Total share capital at year-end amounted
to SEK 1,830.8m.
Distribution of shareholdings
in AB Electrolux No. of As % of
Shareholding shareholders shareholders
1–1,000 52,478 85.5
1,001–10,000 7,944 13.0
10,001–100,000 686 1.1
100,001– 266 0.4
Total 61,374 100.0
Source: VPC AB as of December 31, 2000.
© SIX Findata
Afv General indexElectrolux B,
monthly high/low, SEK
Trading volume,
thousands of shares
10,000
20,000
30,000
40,000
50,000
50
100
150
200
250
1996 1997 1998 1999 2000 2001
Price and trading volume of Electrolux B-shares on
the OM Stockholm Exchange, 1996–January 2001
0
40
80
120
160
200
240
Trading price per B-share at year-end
Equity per share
SEK
00999897969594939291
At year-end 2000, the price/equity ratio for Electrolux
B-shares was 1.59.
Trading price and equity per share