Electrolux 2001 Annual Report Download

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Annual Report 2001
Positioning
the Group for
profitable growth…
Electrolux Annual Report 2001 www.electrolux.com/annualreport2001

Table of contents

  • Page 1
    Electrolux Annual Report 2001 Annual Report 2001 Positioning the Group for profitable growth... www.electrolux.com/annualreport2001

  • Page 2
    ... 70 Quarterly figures 73 Definitions 74 Electrolux shares 76 Board of Directors 78 Group management Financial reports in 2002 Consolidated results Annual report Form 20-F Quarterly report, 1st quarter Quarterly report, 2nd quarter Quarterly report, 3rd quarter February 8 Early April May...

  • Page 3
    ...and outdoor use, such as refrigerators, cookers, washing machines, chainsaws, lawn mowers and garden tractors. Electrolux is also one of the largest producers in the world of similar equipment for professional users. The Group has two business areas, Consumer Durables and Professional Products, both...

  • Page 4
    ... Electrolux family of brands White goods: Market leader in Europe. Floor-care products: World leader, largest producer in Europe and one of the two largest in the US. The world's largest producer of lawn mowers, garden tractors and other portable petrol-driven garden equipment. Food-service...

  • Page 5
    ... costs and complexity throughout the supply chain • Improving performance in operations that are not creating value • Consolidating the brand portfolio to fewer and stronger brands • Understanding the needs of consumers better • Accelerating innovation and product renewal to meet these needs...

  • Page 6
    ... enough. We must also listen carefully to consumers and customers in order to understand their needs. By segmenting our markets on the basis of these needs, we will build greater preferences for our products and brands. And we will link this to strong key-account management. That's what it takes to...

  • Page 7
    ... er um ns •Manage co ps hi ns tio la re Marketing ents •Increase investm ger on str er, •Build few brands •Segmentation ivity •Efficient dema nd flows •Build partners hips •Category mana gement Retailers •Better connect Pro o duc c t D ev v el l o p ment t Internal efficiency • Minimiz...

  • Page 8
    ... we decided to focus on Electrolux outside North America, and achieved a significant increase in market share for this brand. Annual sales, floor-care products Value creation, floor-care products SEK 476m SEK 7.6 SEK bn 9.5 bn SEK -130m 2001 1997 2001 1997 4 REPORT BY THE PRESIDENT AND...

  • Page 9
    ...are now working on improving customer relations through even better product offerings and services. Strict cost control and a focus on marketing and innovation now comprise the foundation of our culture within floor-care. a curved tube Oxygen features ly efficient filter, and a new, high umer needs...

  • Page 10
    ...The decrease referred mainly to the compressor product area and was due to weak demand, downward pressure on prices, higher material costs, and costs related to adjustment of capacity and inventories. Most of the Group's compressor operations are in high-cost European countries and North America. We...

  • Page 11
    ... drop in income for major appliances in North America, due to costs for phase-in of new-generation refrigerators Sharp decline in income for the Components product line Positive factors in 2001 • Good growth in volume and higher income for major appliances in Europe Higher sales and income for...

  • Page 12
    ...Restructuring and saving by product line Provision, Personnel cutbacks No. of shares (million) 25 The Board proposes a new buy-back program 20 Provisions in 2001 Major appliances, Europe Floor-care products, Europe Garden equipment, Europe Major appliances, North America Major appliances, Rest of...

  • Page 13
    ... Elec trolux in April 2002 resume Board decides to buy-backs as program for share M, enabling authorized by AG ditional 3.16% purchase of an ad of total shares Hans Stråberg, head of floor-care products in Electrolux Group, appointe d new President and CEO, taking office in connection with AGM in...

  • Page 14
    ... Professional Outdoor Products Professional Indoor Products 60,000 Acquisition of Marazzini, Italy 40,000 Consumer Durables or • Produces lawn mowers and other outdo equipment for the consumer market • Major market shares for lawn mowers in Southern Europe • Annual sales of approximately...

  • Page 15
    ...) Lawn mowers Trimmers Garden tractors Light-duty chainsaw s Overall market share Europe No. 1 (electric) No. 2 No. 3Â- 4 (No. 1) No. 1 Approx. 20% 1) USA No. 1 No. 1 No. 1 No. 1 Approx. 40% 1) Including tractors sold under the Husqvar na brand. "Consumer outdoor products, new business sector...

  • Page 16
    ... of sales and administratio • Continued rationalization plants t development to the major • Concentration of produc of Electrolux anization to the head office org nd bra the of on ati aliz • Centr ls Home Products in Brusse Product area Refrigerators Washing machines Dishwashers Cookers Ovens...

  • Page 17
    ... the product range, without losing focus on profitability. Opportunities still exist for improving internal efficiency. We are also planning to introduce the Electrolux brand for household appliances in North America. appliances to IKEA in North America. REPORT BY THE PRESIDENT AND CEO 13

  • Page 18
    ...for appliances in Europe in terms of handling the supply chain. Inventory turnover of finished goods was up nearly 10%, and we improved our customer service considerably, as measured by the order-fill rate. This was achieved through the use of new IT tools, better alignment of internal partners, and...

  • Page 19
    ...supply chain In 2001 Electrolux Home Products in Europe signed a ne w contract to supply a ret ailer which has mo re than 130 stores . To enable serving this customer efficientl y, Electrolux IT So lutions, the Group's globa l IT company, desig ned an EDI solution for automatic handling of the order...

  • Page 20
    ... key European market. Decisions regarding consolidation of the brand portfolio are being made within each business sector. For example, in professional food-service equipment the number of brands has been reduced from 15 to 3 over the past few years. In Brazil, we have gained market share through...

  • Page 21
    ...market segmentation models with clearly defined segments for different product sectors. These now guide all our marketing activities, from product... the Electrolux Brand Award in 2001 for a successful campaign supporting the launch of a new line of refrigerators. REPORT BY THE PRESIDENT AND CEO 17

  • Page 22
    ... bag fits all Group canister cleaners. Designed for people with allergies, it retains up to 99% of harmful particles, which is five times better than a conventional dust bag. Husqvarna products are designed to make work as fast, efficient and convenient as possible. The Solution washing machine...

  • Page 23
    ... Cyber Fridge, a prototype of an intelligent refrigerator for the professional kitchen. The door opens on voice command. The Kitchen Sink Dishwasher belongs to the Group's future generation of appliances for compact living. It serves as both a dishwasher and a sink. REPORT BY THE PRESIDENT AND CEO...

  • Page 24
    ...processes in order to develop and leverage the Group's entire pool of managerial talent. We have an open-market approach that involves transparency of talent as well as opportunities. All management positions are announced on the web-based Open Labor Market. To secure key competence, Electrolux must...

  • Page 25
    ...'t leave the company in better hands than those of Hans Stråberg, to do just that. With a different background and experience than mine, he will be able to see new opportunities for the Group. Many thanks for these rewarding years. It's been a great pleasure working for Electrolux. Stockholm, March...

  • Page 26
    ... to a cleaner, fresher home and creates free time for more enjoyable activities than housework. Trilobite was launched in the autumn of 2001 as the first automated vacuum cleaner on the market. It uses ultrasound to navigate, and works entirely on its own. It charges itself automatically when...

  • Page 27
    ... white-goods company in Europe and Australia.The Group also has substantial market shares in the US, Brazil, India and China. Electrolux is the world's largest producer of floor-care products, lawn mowers, garden tractors, lawn trimmers and other portable petroldriven garden equipment. White goods...

  • Page 28
    ... Italy, which manufactures mainly lawn mowers and other outdoor products for the consumer market.The company has strong market positions in Italy and France. In 2000, the company had sales of approximately SEK 400m, and about 90 employees. As of January 1, 2002, the Group divested its European home...

  • Page 29
    Business area Consumer Durables Key data, SEKm1) Europe Net sales Operating income Operating margin, % Net assets Return on net assets, % Value creation Capital expenditure Average number of employees North America Net sales Operating income Operating margin, % Net assets Return on net assets, % ...

  • Page 30
    ...Outdoor products from Husqvarna are designed to make work as fast, efficient and convenient as possible. This new hedge trimmer, developed for professional use, is exceptionally ergonomical and well-balanced. Low weight and an adjustable cutting bar make it easy to cut hedge sides and tops with high...

  • Page 31
    ... market.The Group is also a leader in the global market for laundry equipment, and is one of the world's largest producers of compressors. Food-service equipment Demand for compressors and motors remained weak throughout the year in both Europe and Asia. Sales for the components product line...

  • Page 32
    ... Good growth in sales and income overall The Group's chainsaws under the Husqvarna and Jonsered brands have a total share of about 40% in the professional segments. As of July 31, the Group divested the major part of the leisure-appliances product line, which manufactures absorption refrigerators...

  • Page 33
    ... affecting comparability. 6,000 Net sales by product line, SEKm Food-service equipment Laundry equipment Leisure appliances Components Divested operations1) Total Indoor Products Total Outdoor Products Total Professional Products 1) 2001 Share % 2000 Share % 1999 Share % 0 1998 1999 2000...

  • Page 34
    ... provide both ecological and financial savings. Electrolux offers the most energy-efficient combined refrigerator/freezer in Europe, and has won the Energy+ Award for efficient cold appliances. An appliance merits the Energy+ classification if it consumes less than half the amount of energy required...

  • Page 35
    ... are mandatory for: • Refrigerators • Freezers and chest freezers • Combined refrigerators/freezers • Washing machines • Tumble dryers • Combined washer/dryers • Dishwashers Electrolux products In general, the greatest environmental impact of Group products occurs during use, through...

  • Page 36
    ... are stipulated for refrigerators and freezers in Australia, the EU, China and North America. In the US and Canada, these limits are also enforced for other appliances. In the EU, the whitegoods industry has enforced voluntary limits for washing machines. Limits for dishwashers have been determined...

  • Page 37
    ... of units sold 1998 1999 Share of gross profit 2000 2001 75 Refrigerators 1998 1999 Freezers 2000 Combined refrigerators/freezers 2001 Chest freezers Washing machines Dishwashers 10 Within major appliances in Europe, the products with the best environmental performance accounted for 14% of total...

  • Page 38
    ... the Electrolux Group in 2001 rose to SEK 135,803m, as against SEK 124,493m in the previous year, of which 97% (96) or SEK 131,285m (120,029) was outside Sweden. Of the 9.1% increase in sales, changes in the Group's structure accounted for +2.4%, changes in exchange rates for +9.1%, and volume/price...

  • Page 39
    ... in 2001 Major appliances, Europe Floor-care products, Europe Garden equipment, Europe Major appliances, North America Major appliances, rest of the world Total Consumer Durables Food-service equipment Components Other Total Provision, SEKm Personnel cutbacks Estimated savings, SEKm 2002 2003...

  • Page 40
    ... and major appliances compared with a weak fourth quarter in the previous year. Group sales of white goods in North America through Electrolux Home Products decreased from last year, primarily due to lower sales of refrigerators. Destocking at retail level, particularly during the first half of the...

  • Page 41
    ...a new high-efficiency compressor both scheduled for completion in 2002. Slightly more than 20% of total capital expenditure referred to rationalization and replacement of existing production equipment, and about 10% to expansion of capacity, e.g. for washers and dryers in the Group's plant in Porcia...

  • Page 42
    ... July 1, the Group acquired Marazzini Ernesto S.p.A. in Italy, which mainly manufactures lawn mowers and other outdoor products for the consumer market. In 2000 the company had sales of approximately SEK 400m, and approximately 90 employees. Divestments Capital expenditure by business area Consumer...

  • Page 43
    ...quarter of 2001. As of January 1, 2002, the Group divested its European home comfort operation, which was part of the Consumer Durables business area.This operation had sales in 2001 of approximately SEK 850m, and about 280 employees.The divestment generated a capital gain of SEK 110m, which will be...

  • Page 44
    ...order to avoid such effects, the Group covers these risks within the framework of the financial policy. Exposure arising from commercial flows Approximately 75% of the currency flow is between Group companies.The Group's geographically widespread production reduces the effects of changes in exchange...

  • Page 45
    ... shares in connection with the financing of potential acquisitions and the Group's option program. Parent company The parent company comprises the functions of the Group's head office, as well as the head office for the seven companies operating on a commission basis for AB Electrolux. Net sales...

  • Page 46
    ... and motivate managers by providing long term incentives through benefits linked to the company's share price. A detailed description of all option programs and related costs can be found in Note 25 on page 60. 2001 option program Electrolux introduced a new employee stock option program in 2001...

  • Page 47
    ... the European Union. In the WEEE discussion, the Group conducts intense information work in favor of an individual financing responsibility for recycling of products.This would create incentives for the manufacturers to invest in product development to facilitate recycling. ELECTROLUX ANNUAL REPORT...

  • Page 48
    Consolidated income statement Amounts in SEKm unless otherwise stated Note 2001 2000 1999 Net sales Cost of goods...after financial items Taxes Minority interests in net income Net income Net income per share, SEK Note 2 Note 3 Note 4 Note 5 Notes 2, 6, 25 Note... 10 44 ELECTROLUX ANNUAL REPORT 2001

  • Page 49
    ...fixed assets Current assets Inventories, etc. Current receivables Accounts receivable Other receivables Prepaid expenses and accrued income Liquid funds Short-term placements Cash and bank...and liabilities Equity Share capital Restricted reserves ...Accounts payable...ELECTROLUX ANNUAL REPORT 2001 45

  • Page 50
    ... Change in short-term loans Change in long-term loans Dividend Repurchase of shares Cash flow from financing Total cash flow Liquid funds at beginning of year Exchange rate differences referring to liquid funds Liquid funds at year-end Change in net borrowings Total cash flow excluding change...

  • Page 51
    ...company income statement Amounts in SEKm unless otherwise stated Note 2001 2000 1999 Net sales Cost of goods sold Gross operating income Selling expenses Administrative expenses Other operating income Other operating expenses Operating income Group... 2,758 -24 2,734 ELECTROLUX ANNUAL REPORT 2001 47

  • Page 52
    ...company balance sheet Amounts in SEKm unless otherwise stated Assets Fixed assets Intangible assets Tangible assets Financial assets Total fixed assets Current assets Inventories, etc. Current receivables Receivables from subsidiaries Accounts receivable Tax refund...48 ELECTROLUX ANNUAL REPORT 2001

  • Page 53
    ...Capital gain/loss included in operating income Taxes paid Cash flow from operations excluding change in operating assets and liabilities Change in operating assets and liabilities Change in inventories Change in accounts receivable Change in current intra-Group...653 ELECTROLUX ANNUAL REPORT 2001 49

  • Page 54
    ... other companies whose accounting practices differ from the Swedish, e.g. with respect to goodwill. Electrolux applies a depreciation period of 40 years for the goodwill arising from the strategically important acquisitions of Zanussi,White Consolidated Industries, American Yard Products and Email...

  • Page 55
    ... accounted for 6.4% (7.2) of the total value of production. Note 3 Other operating income 2001 Group 2000 1999 2001 Parent company 2000 1999 Gain on sale of: Tangible fixed assets Operations and shares Total 119 31 150 78 52 130 137 55 192 - 19 19 3 30 33 19 - 19 ELECTROLUX ANNUAL REPORT...

  • Page 56
    ... comparability 2001 Group 2000 1999 Capital gain, Leisure appliances Restructuring Allocation of SPP pension refunds Capital gain, professional refrigeration Restructuring, Consumer Durables Restructuring, Professional Products Capital gain, vending machines Provision for pension litigation Total...

  • Page 57
    ... taxes Group share of taxes in associated companies Total -1,160 -305 -12 -1,477 -1,860 -249 -12 -2,121 -2,746 749 -8 -2,005 76 - - 76 37 - - 37 -24 - - -24 Total current tax on the net gain when the majority of the leisure appliances product line was sold amounted to SEK 480m. Acquired and...

  • Page 58
    ... is necessary. The right to use the Electrolux brand in North America, acquired in May 2000, is depreciated over 40 years in the consolidated accounts.This estimated useful life is consistent with that used for goodwill for acquisitions in North America. 54 ELECTROLUX ANNUAL REPORT 2001

  • Page 59
    ... to the financial statements Note 12 Tangible fixed assets Group Acquisition costs Closing balance Dec. 31, 1999 Acquired during the year Corporate acquisitions Corporate divestments Transfer of work in progress and advances Sales, scrapping, etc. Exchange rate differences Closing balance Dec. 31...

  • Page 60
    ...9,625 - - 549 30,590 A specification of shares and participations is given in Note 26 on page 62. Note 14 Inventories 2001 Group 2000 1999 2001 Parent company 2000 1999 Raw materials Work in progress Finished products Advances to suppliers Advances from customers Total 4,585 898 11,876 93 -451...

  • Page 61
    ...Corporate mortgages Receivables Inventories Other Total 1,384 28 285 450 263 2,410 1,095 9 383 387 243 2,117 1,817 11 342 336 585 3,091 - - - - 5 5 - - - - 9 9 - - - - 11 11 Note 16 Equity Group Closing balance, Dec. 31, 1999 Transfer of retained earnings Dividend payment Repurchase of shares...

  • Page 62
    ... 1998 two Group pension funds were established for the Group's Swedish companies in order to secure pension commitments related to the ITP plan, i.e. PRI pensions. The Electrolux 1997 pension fund secures pensions earned through 1997, and the Electrolux 1998 pension fund secures pensions earned from...

  • Page 63
    ... to the above contingent liabilities, guarantees for fulfillment of contractual undertakings are given as part of the Group's normal course of business.There was no indication at year-end that payment will be required in connection with any contractual guarantees. ELECTROLUX ANNUAL REPORT 2001 59

  • Page 64
    ... SEK 22m (6) refers to pension costs for the current company President and his predecessors. Salaries and remuneration for Board members, Presidents and other employees, by geographical area Sweden Parent company Other Total Sweden EU excluding Sweden Rest of Europe North America Latin America Asia...

  • Page 65
    ... of Group Management 2 The Board granted Wolfgang König, the Head of white goods outside North America, 118,400 synthetic employee stock options with the right to receive a cash amount for each option when exercised, calculated as the difference between the current share price and the strike price...

  • Page 66
    ...Book value, equity method, SEKm Other companies Primus Capital Fund II, USA Veneta Factoring S.p.A., Italy Winful J/V, China Business Partners B.V., The Netherlands Nordwaggon AB, Sweden Kotimaiset Kotitalouskoneet Oy, Finland Other - 10.0 5.0 0.7 50.0 50.0 119 19 18 18 9 5 16 204 62 ELECTROLUX...

  • Page 67
    ...Major Group companies: Australia Austria Belgium Brazil Canada China Denmark Finland France Germany Hungary India Italy Luxembourg Mexico The Netherlands Norway Spain Sweden Switzerland United Kingdom USA Electrolux Home Products Pty. Ltd Electrolux Hausgeräte G.m.b.H. Electrolux Austria...

  • Page 68
    ...GAAP has become more closely aligned with US GAAP. Financial instruments Electrolux has several employee stock option programs, which are offered to senior managers. In accordance with Swedish GAAP, the Company records provisions for related social fees at the time the options are allotted. However...

  • Page 69
    ... been disposed of (by sale, abandonment, or in a distribution to owners) or is classified as held for sale.The Company is required to adopt SFAS No. 144 on January 1, 2002 and is currently completing its determination of the effect of the adoption of the standard. ELECTROLUX ANNUAL REPORT 2001 65

  • Page 70
    ...number of shares outstanding through the year, after repurchase of own shares....reported in the consolidated balance sheet Adjustments before taxes: Acquisitions Restructuring and other provisions Pensions Financial instruments Capitalization of computer software Securities Revaluation of assets Stock...

  • Page 71
    ...of AB Electrolux (Corporate identity No. 556009-4178) We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the Board of Directors and the President of AB Electrolux for the year 2001. These accounts and the administration of the Company are...

  • Page 72
    ... sales Financial position Total assets Net assets 4) Working capital Accounts receivable Inventories Accounts payable Equity Interest-bearing liabilities Data per share, SEK 5) 6) Net income 1) Net income according to US GAAP 7) Equity Dividend, adjusted for share issues 8) Trading price of B-shares...

  • Page 73
    ... 2.7 121,200 15,902 68,100 2.3 6.4 43.5 17.6 18.9 1.25 1.25 5.8 134,200 15,507 70,000 -4.9 0.1 3.9 -4.2 2.7 - 6) 2000: 7) Adjusted 8) 2001: 9) Net sales are annualized. price for paid for B-shares. 10) Last 11) As of 1992, adjusted for exchange rate effects. ELECTROLUX ANNUAL REPORT 2001 69

  • Page 74
    ... unless otherwise stated Net sales and income Net sales Q1 Q2 Q3 Q4 Full year Operating income Income after financial items Net income per share, SEK Average number of shares, million Value creation 2001..., 2001: SEK -141m, 2000: SEK -448m, 1999: SEK -216m. 70 ELECTROLUX ANNUAL REPORT 2001

  • Page 75
    ... 108,990 98,488 91,689 North America Rest of the world Total Consumer Durables Professional Products Indoor 2001 2000 1999 2001 2000 ...Group 2001 2000 1999 33,670 31,229 29,053 37,459 34,199 33,021 32,793 29,644 29,070 31,881 29,421 28,406 135,803 124,493 119,550 ELECTROLUX ANNUAL REPORT...

  • Page 76
    ...-459 -462 -141 -448 -216 6,281 4.6 7,602 6.1 7,204 6.0 Outdoor Total Professional Products Common Group costs, etc Items affecting comparability Total Group (including items affecting comparability) 1,852 5.5 2,050 6.6 1,656 5.7 2,036 5.4 2,453 7.2 2,151 6.5 72 ELECTROLUX ANNUAL REPORT 2001

  • Page 77
    ... minority interests. Working capital Net assets less fixed assets. Net ...expressed as a percentage of net sales. Operating margin Operating income expressed as a percentage of net sales. Net income per share Net income divided by the average number of shares after buy-backs. ELECTROLUX ANNUAL REPORT...

  • Page 78
    ... at year-end 2001 was SEK 51.6 billion (41.8) after buyback of shares.The Group's market capitalization corresponded to 1.8% (1.2) of the total market capitalization of the Stockholm Exchange. The highest trading price for Electrolux B-shares was SEK 171 on April 30, and the lowest was SEK 92 on...

  • Page 79
    ... price at year-end. flow from operations less capital expenditures divided by average number of shares after buy-backs. 9) Market capitalization plus net borrowings and minority interests, divided by operating income. 10) Trading price in relation to net income per share. ELECTROLUX ANNUAL REPORT...

  • Page 80
    ... equipment. Elected 1998. Holding in AB Electrolux: 500,000 A-shares, through a company. Louis R. Hughes Born 1949, B.S., Mech. Eng., MBA. Executive Vice-President, General Motors Corporation, Detroit, USA. (Retired in March 2000.), Non-executive Chairman, Maxager Technology, California, USA. Board...

  • Page 81
    ... of the Swedish Confederation of Trade Unions. Ordinary Member, 2001. Holding in AB Electrolux: 0 shares. Malin Björnberg Born 1959. Representative of the Federation of Salaried Employees in Industry and Services. Elected 1999. Holding in AB Electrolux: 0 shares. Bert Gustafsson Born 1951...

  • Page 82
    ... of White goods and Outdoor products, North America Born 1943, Graduate in Law. President Roper Corporation, USA 1985. Joined Electrolux in 1988 as President American Yard Products, USA. President Frigidaire Home Products, 1997. Executive Vice-President AB Electrolux 1997. Holding in AB Electrolux...

  • Page 83
    ... America Robert E. Cook White goods outside North America Wolfgang König Outdoor products outside North America Johan Bygge Floor-care products and Small appliances Hans Stråberg Professional Products Indoor products Detlef Münchow Outdoor products Bengt Andersson ELECTROLUX ANNUAL REPORT...

  • Page 84
    ... by mail to AB Electrolux, Dept. C-J, SE-105 45 Stockholm, Sweden, by fax at +46 8 738 63 35, or by telephone at +46 8 738 64 10. Notice can also be given at: www.electrolux.com/agm Notice should include the shareholder's name, registration number, if any, address and telephone number. Shareholders...

  • Page 85

  • Page 86
    The Electrolux Group. The world's No.1 choice. The Electrolux Group is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use. AB Electrolux SE-105 45 Stockholm, Sweden Visiting address S:t Göransgatan 143, Stockholm Telephone +46 8 738 60 00 Telefax +46 8 656 44 ...