Electrolux 2002 Annual Report Download

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BUILDING THE ELECTOLUX
BAND GLOBALLY
AND ACOSS CATEGOIES
ACCELEATING
PODUCT DEVELOPMENT
BASED ON BETTER
UNDESTANDING OF
CONSUMER NEEDS
ELECTOLUX
ANNUAL EPOT 2002
“STONG CASH FLOW AND BALANCE SHEET”
“CONTINUED FOCUS ON COST-EFFICIENCY”

Table of contents

  • Page 1
    E LE C T OLU X A N N UA L EPO T 2002 "CONTINUED FOCUS ON COST- EFFICIENCY" ACC E L E ATI NG P O D U C T D E V E LO P M E NT BAS E D O N B ETTE R UN DE STANDING OF CON S U MER NEEDS BUILDING THE ELECT OLUX B AN D G LO BA L LY AN D AC OS S CATE G O I E S "ST ONG CASH FLOW AND BALANCE SHEET"

  • Page 2
    ...for 2002, including financial statements 40 Notes to the financial statements 60 Eleven-year review 62 Quarterly figures 65 Definitions 66 Corporate governance 70 Board of Directors 72 Group Management 74 Electrolux shares 77 Environmental activities 80 Annual General Meeting The above reports...

  • Page 3
    '' The Group's performance has improved substantially over the past few years, mainly through cost cutting and restructuring. There is still room for reducing costs and improving the performance of our operations. But at the same time, we must intensify our efforts in product development and brand ...

  • Page 4
    ... its positions with major retailers in both Europe and the US. Share of total Group sales 16% 84% Consumer Durables Professional Products Return on net assets Operating margin, % 7 6 5 4 3 2 1 0 27 28 29 30 31 32 33 34 35 36 37 2001 1997 2002 2000 1999 Cash flow and working capital SEKm 12...

  • Page 5
    ... in 2002 America, where we had problems last year with a new generation of refrigerators. Major appliances in Europe performed well and showed continued improvement in income and margin, despite a difficult market environment. Sales and income, SEKm 2002 Change 2001 Net sales 133,150 Operating...

  • Page 6
    ...Major positive factors in 2002 • Group's overall margin again at 6%-level • Strong cash ï¬,ow and lower working capital • Improved net debt/equity ratio • Higher return on equity and net assets • Increased demand for appliances in US, Eastern Europe and Australia • Strong growth in sales...

  • Page 7
    ... business sector The appliance operations outside Europe and North America have been organized in a separate business sector under new management. Diamond-tools operation expanded through acquisition In order to strengthen the existing operation in diamond tools within Professional Outdoor Products...

  • Page 8
    ...of net sales 50% Examples of operations/ part of operation • Appliances in Brazil, India, China • Air-conditioners in USA • Compressors • Appliances in North America, Europe and Australia • Consumer Outdoor, outside North America • Built-in appliances • Consumer Outdoor, North America...

  • Page 9
    ... trends, such as appliances in India and China, air-conditioners in the US, and compressors. The program is aimed at improving productivity and adjusting the cost structure, and includes consolidation of production, rationalization of sales and marketing, write-downs of assets, and personnel...

  • Page 10
    ...large part of the improvement in operating income in 2002 refers to major appliances in North America. In 2001 this operation reported a substantial drop in both income and market share, mainly related to problems with the start-up of a new generation refrigerators. It is encouraging that we managed...

  • Page 11
    ...company Supplier of the Category Partner International Supplier of the Year 2000, 2001 of the Year 2002 Supplier of Year 2002 in Europe. and 2002 the Year 2002 During the year the European appliance operation received several prestigious awards from leading retail partners for best-in-class service...

  • Page 12
    ...durables for indoor and outdoor use. Every year, consumers in more than 150 countries buy more than 55 million Group products. But today, high volumes and large-scale production are not enough for success in our industries.The Group also has to be one of the top three suppliers to the main retailers...

  • Page 13
    ..., mainly because of problems with a new refrigerator line in the US, and then improved to 6.1% in 2002. Given the current outlook for more uncertain market conditions, and the internal issues that need to be addressed, our first target is to stabilize the Group's operating margin at the 6%-level...

  • Page 14
    ... different sectors and product lines. A faster rate of product "Electrolux Integration" features a conventional oven as well as a microwave oven. It has received a prize for low energy consumption, 40% less than other cookers on the market. Husqvarna's new combi-trimmer can easily be converted...

  • Page 15
    ... alone. This Flymo Electrolux Turbo Compact lawn mower collects and compacts more grass, so that it has to be emptied less frequently and the volume of compost is smaller. Developed on the basis of consumer research, the IZZI dishwasher combines ease of use with high performance and a new, modern...

  • Page 16
    ... be used more efficiently. As I said earlier, increased efforts in product development and brand building will have to be compensated for by cost reductions in other areas. In 2002 a range of stainless-steel appliances was launched in North America, double-branded Frigidaire Electrolux. 

  • Page 17
    ... internal talent. Coaching is a key component of this development, and we have therefore implemented a company-wide program for upgrading the coaching skills of managers. Mobility is also vital for building strong leaders. Mobility across countries and functions supports development of talent, cross...

  • Page 18
    ... appliances outside Europe and North America • Strong growth in sales and income for European outdoor operation Consumer Durables comprise mainly white goods, i.e., refrigerators, freezers, cookers, washing machines, dishwashers, room air-conditioners and microwave ovens. In 2002, these products...

  • Page 19
    ... 2003. Operations in North America In the US, industry shipments of core appliances increased by almost 7% over 2001. Shipments of major appliances, i.e., inclusive of room air-conditioners and microwave ovens rose by approximately 5%. The new Ultra Silencer vacuum cleaner is extremely quiet, and...

  • Page 20
    ... remaining part to write-down of assets. In China, changes include rationalization of refrigerator production and sales and marketing. Changes in India refer to consolidation of Group structure and include personnel cutbacks and write-down of assets. A plant for appliance components in Australia was...

  • Page 21
    ...the North American operation improved over the previous year. K 1) Amounts in SEKm, unless otherwise stated 2002 2001 2000 1999 Europe Net sales Operating income Operating margin, % Net assets Return on net assets, % Value creation Capital expenditure Average number of employees North America Net...

  • Page 22
    ... sales of laundry equipment declined due to weaker demand in several European markets, as well as in Japan. Operating income and margin improved as a result of higher productivity and the launch of new dryers in North America. M Electrolux is the world's third largest producer of food-service...

  • Page 23
    ... the Group divested its European motor operation and its metallurgical plant in Italy.These operations, including the above mentioned Mexican compressor plant, had annual sales of approximately SEK 1,730m, and were part of the components product line. Outdoor Products • Lower demand for chainsaws...

  • Page 24
    ...accounts for 2002 with sales of SEK 1,184m. K 1) Amounts in SEKm, unless otherwise stated 2002 2001 2000 1999 Indoor Products Net sales Operating income Operating margin, % Net assets Return on net assets, % Value creation Capital expenditure Average number of employees Outdoor Products Net sales...

  • Page 25
    ...Board of Directors for 2002 • Positive trend in demand in the US, Asia and Australia, generally weak market conditions in Western Europe • Operating income rose by 27% to SEK 8,165m, excluding items affecting comparability, margin improved to 6.1% • Major part of improvement in Group operating...

  • Page 26
    ... per share increased by 37% to SEK 15.60 (11.35) N Net sales for the Electrolux Group in 2002 amounted to SEK 133,150m, as against SEK 135,803m in the previous year. The decline refers mainly to changes in exchange rates and divestments. Changes in net sales Operating income by business area1...

  • Page 27
    ...on the effects of changes in exchange rates, see the section on Currency risk, page 35. Net sales and expenses, by currency Currency Average exchange rate 2002 Average exchange rate 2001 Share of net sales, % Share of expenses, % SEK USD EUR GBP Other Total - 9.72 9.15 14.58 - - 10.35 9.25 14.93...

  • Page 28
    ... program in 2001 SEKm Utilized as of Dec. 31, Total cost 2002 Savings 2002 Estimated savings 2003 Major appliances, Europe Floor care, Europe Garden products, Europe Major appliances, North America Major appliances, Rest of the world Total Consumer Durables Food-service equipment Components...

  • Page 29
    ... pension plans in the US. Value created, by business area Capital gains from divestments Leisure-appliance operation European home-comfort operation Zanussi Metallurgica, Mexican compressor plant and the European motor operation Professional refrigeration operation Restructuring measures Major...

  • Page 30
    ... 7%. Industry shipments of major appliances, i.e., including room air-conditioners and microwave ovens, rose by approximately 5%. Group sales of appliances in North America were substantially higher than in 2001, particularly in the refrigerator and cooker product areas. Operating income and margin...

  • Page 31
    R B D O Net sales, SEKm 2002 Change, % 2001 Change, % 2000 Consumer Durables Europe North America Rest of the world Total Consumer Durables Professional Products Indoor Outdoor Total Professional Products Other Total 48,250 48,450 14,820 111,520 2.2 3.5 -1.0 2.3 47,200 46,814 14,976 108,...

  • Page 32
    .... Due to a deficit in the Group's US pension funds, resulting from the decline in the stock markets, the Group recorded a minimum pension liability of SEK 1,335m against shareholders' equity. Return on equity was 17.2% (13.2). Change in equity SEKm 2002 2001 Net assets SEKm 42,000 35,000 28,000 21...

  • Page 33
    ... Retained earnings Net income Minority interests Provisions Provisions for pensions and similar commitments Deferred tax liabilities Other provisions Financial liabilities Long-term bond loans Mortgages, promissory notes, etc. Short-term loans Operating liabilities Accounts payable Tax liabilities...

  • Page 34
    ... fixed assets in 2002 amounted to SEK 3,335m (4,195), of which SEK 295m (282) refers to Sweden. Capital expenditure corresponded to 2.5% (3.1) of net sales. The decline refers mainly to North America, where several large projects, including a new generation of refrigerators and a new line of...

  • Page 35
    ... in accounts receivable Change in other current assets Change in operating liabilities and provisions Cash ï¬,ow from operations Investments Trademark Acquisition of operations Divestment of operations Machinery, buildings, land, construction in progress, etc. Capitalization of product development...

  • Page 36
    ..., debt Sweden Borrowings At year-end, the Group's interest-bearing borrowings including interest-bearing pension liabilities amounted to SEK 15,698m (23,183), of which SEK 13,759m (17,658) referred to longterm loans with average maturities of 3.3 years (3.6). Net borrowings SEKm Dec. 31, 2002 Dec...

  • Page 37
    ... in proportion to the Group's net assets outside Sweden. The current policy stipulates 50% coverage of foreign equity, excluding equity in euros. Net translation differences arising from consolidation of foreign subsidiaries amounted to SEK -1,786m (1,815) in 2002. In computing these differences...

  • Page 38
    ... programs Other changes Average number of employees in 2002 87,139 745 -1,610 -2,911 -1,392 81,971 Business area Acquisition Diamant Boart International Professional Outdoor July 1 Divestments Remaning parts of Professional Leisure appliances Indoor Jan. 1 European home comfort Consumer operation...

  • Page 39
    ... share. In 2000, the Group bought 25,035,000 series B-shares for a total of SEK 3,193m. The average price paid for the shares was SEK 127 per share. Proposal for new repurchase program In order to allow for further repurchase of shares, the Board has decided to propose to the Annual General Meeting...

  • Page 40
    ...the written notice of the Annual General Meeting. P The Parent Company comprises the functions of the Group's head office, as well as the operations of the six companies operating on a commission basis for AB Electrolux. Net sales for the Parent Company in 2002 amounted to SEK 6,692m (7,311), of...

  • Page 41
    ... Receivables from subsidiaries Accounts receivable Tax refund claim Other receivables Prepaid expenses and accrued income Liquid funds Short-term investments Cash and cash equivalents C 2002 2001 Operations Income after financial items Depreciation according to plan charged against above...

  • Page 42
    ... are evaluated to determine the acquisition value to the Group. Any differences between the acquisition price and the market value of the acquired net assets are reported as goodwill or negative goodwill. Definition of Group companies The consolidated financial statements include AB Electrolux and...

  • Page 43
    ... acquisitions of Zanussi, White Consolidated Industries, American Yard Products and Email. The book values of all intangible assets are examined each year to determine whether an impairment exceeding the planned amortization is necessary. The right to use the Electrolux brand in North America...

  • Page 44
    ... accounted for 6.8% (6.4) of the total value of production. Costs of research and development amounted to SEK 1,627m (1,793) and are included in Cost of goods sold. N  3 O 2002 Group 2001 2000 Parent Company 2002 2001 2000 Gain on sale of Tangible fixed assets Operations and shares...

  • Page 45
    ... appliances product line was sold amounted to SEK 151m. Acquired and sold units have added a net SEK 227m of deferred tax assets, reduced deferred tax liabilities with a net SEK 97m and reduced tax receivables with a net SEK 4m and tax payables with a net SEK 40m. As of December 31, 2002, the Group...

  • Page 46
    ... share, basic and diluted, SEK 1)Weighted average number of shares outstanding during the year, after repurchase of own shares. 5,095 327,093,373 15.60 3,870 340,064,997 11.35 4,457 359,083,955 12.40 N  11 I Group Product Goodwill development Software Other Total Parent Company Brands...

  • Page 47
    ... 12 T Group Buildings and land Machinery and technical installations Other equipment Construction in progress and advances Total Acquisition costs Closing balance Dec. 31, 2000 Acquired during the year Corporate acquisitions Corporate divestments Transfer of work in progress and advances Sales...

  • Page 48
    ...corresponding book values for build- ings were SEK 10m (12), and land SEK 5m (5). Undepreciated write-ups on buildings and land were SEK 2m (2). N  13 F 2002 Group 2001 2000 Parent Company 2002 2001 2000 Participations in associated companies Participations in other companies Shares in...

  • Page 49
    ...have been reduced by SEK 889m through equity hedging. Share capital Restricted reserves Retained earnings Net income Parent Company Total Closing balance Dec. 31, 2000 Transfer of retained earnings Dividend payment Repurchase of shares Write-down of revaluation fund Net income Closing balance Dec...

  • Page 50
    ...general, the local practices. The Group's major defined benefit plans cover employees in the US, UK, Switzerland, Germany and Sweden. The German plan is unfunded and the plans in the US, UK, Switzerland and Sweden are funded. The methods for calculating and accounting for pension costs and pension...

  • Page 51
    ...114 166 2 256 720 N  23 C 2002 Group 2001 2000 Parent Company 2002 2001 2000 Discounted bills Accounts receivable, with recourse Guarantees and other commitments On behalf of subsidiaries Other Capital value of pension commitments in excess of reported liabilities Total 10 182 - 666 91...

  • Page 52
    ... divested assets and liabilities in 2002 refer mainly to the acquisition of Diamant Boart International and the divestments of the remaining part of the Leisure appliance product line, the European motor operation and Zanussi Metallurgica. In the consolidated cash ï¬,ow statement of 2001, SEK 2,641m...

  • Page 53
    ... and Thomas Halvorsen. Board member Louis R. Hughes was paid a fee of USD 20,000 (approximately SEK 182,000), for consultancy services relating to the Electrolux strategic business plan for North America. Fees to auditors At the Annual General Meeting on April 18, 2002, PricewaterhouseCoopers (PwC...

  • Page 54
    ...For members of Group Management employed outside of Sweden, varying pension terms and conditions apply, depending upon the country of employment. The earliest retirement age for a full pension is 60. O 1998- 2000 option programs In 1998, an annual program for employee stock options was introduced...

  • Page 55
    ... Employer contributions for 2002 were SEK 32m and the estimated financing costs for the hedge of repurchased shares was SEK 19m calculated on an annual basis. 2003 option program The Board will present a proposal at the Annual General Meeting to introduce a new employee stock option program in 2003...

  • Page 56
    ... Major Group companies: Australia Austria Belgium Brazil Canada China Denmark Finland France Germany Hungary India Italy Luxembourg Mexico Electrolux Home Products Pty. Ltd Electrolux Hausgeräte G.m.b.H. Electrolux Austria G.m.b.H. Verdichter OE G.m.b.H. Electrolux Home Products Corp...

  • Page 57
    ...Switzerland United Kingdom USA Electrolux Associated Company B.V. Electrolux Holding B.V. Electrolux Home Products B.V. Electrolux Norge AS Electrolux España S.A. Electrolux Home Products España S.A. Electrolux Home Products Operation España S.L. Cubigel S.A. Husqvarna AB Electrolux Wascator AB...

  • Page 58
    ...) be used. Certain pension commitments in Sweden are administered through a multi-employer plan for Swedish white-collar employees. In accordance with Swedish GAAP, Electrolux recognized income and recorded an asset for its allocable portion of a surplus not utilized in 2000. Under US GAAP, the...

  • Page 59
    ...on the Group's financial position and results. SFAS 146 In June 2002, the FASB issued SFAS 146,"Accounting for Costs Associated with Exit or Disposal Activities." This standard addresses financial accounting and reporting for costs associated with exit or disposal activities and nullifies EITF 94...

  • Page 60
    ...SEKm 2002 2001 2000 Net income as reported in the consolidated income statement Adjustments before taxes Acquisitions Goodwill and other intangible assets Development costs Restructuring and other provisions Pensions Derivatives and hedging Capitalization of computer software Securities Stock-based...

  • Page 61
    ... report To the Annual General Meeting of the shareholders 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 2002...

  • Page 62
    ... % of net 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 income1) Net income according to US GAAP 7) Equity Dividend, adjusted for share issues 8) Trading price of...

  • Page 63
    ...,431 55,400 3.5 7.1 39.3 17.8 16.1 1.49 1.28 2.7 114,700 18,691 65,700 1.2 5.5 44.5 18.2 17.5 1.49 1.18 2.7 121,200 15,902 68,100 -5.0 -0.5 5.4 -3.8 2.0 -1.4 8) 2002: Proposed by the Board. 9) Net sales are annualized. 10) Last price paid for B-shares. 

  • Page 64
    ... Margin, % 20021) Margin, % 2001 Margin, % 20011) Margin, % 2000 Margin, % 20001) Margin, % 2002 20021) 2001 20011) 2000 20001) 2002 2001 2000 2002 2001 2000 Operating income Income after financial items Net income per share, SEK Average number of shares, million Value creation Q1 33,580 33...

  • Page 65
    ...N C D Europe 2002 2001 2000 2002 2001 2000 2002 2001 2000 2002 2001 2000 Q1 Q2 Q3 Q4 F North America Rest of the ...26,525 25,600 Outdoor Total Professional Products Other 2002 2001 2000 42 119 81 42 151 93 35 -44 114 27 62 117 146 288 405 Total Group 2002 2001 2000 33,580 33,...

  • Page 66
    ...Europe 2002 Margin, % 2001 Margin, % 2000 Margin, % 2002 Margin, % 2001 Margin, % 2000 Margin, % 2002 Margin, % 2001 Margin, % 2000 Margin, % 2002 Margin, % 2001 Margin, % 2000 Margin, % Q1 Q2 Q3 Q4 F North America... 1,885 - - Outdoor Total Professional Products Common Group costs, etc. 214...

  • Page 67
    ... of average net assets. Interest coverage ratio Operating income plus interest income in relation to total interest expense. Capital turnover rate Net sales divided by average net assets. N Net income per share Net income divided by the average number of shares after buy-backs. Net income per...

  • Page 68
    ..., as well as the Head of Group staff Controlling,Accounting,Taxes,Auditing and IT.The sector boards are responsible for monitoring on-going operations, establishing strategies, determining sector budgets, and making decisions on major investments. The product line managers are responsible for the...

  • Page 69
    ... will be proposed for election by a group of major shareholders at the 2003 Annual General Meeting. During the late autumn of 2002 and winter of 2002/2003, representatives of three major shareholders met with the Chairman on three occasions to evaluate the Board's activities, the manner in which the...

  • Page 70
    ... head of this function has dual reporting lines to the Head of Group staff Controlling,Accounting,Taxes,Auditing and IT, and to the Audit Committee. The internal control and risk management process includes five key activities - assess risk, develop control strategy, monitor, improve, and inform and...

  • Page 71
    ... analysts and investors worldwide All reports and press releases are published simultaneously on the Group's website, www.electrolux.com/ir W Electrolux has a long tradition of providing safe and healthy working conditions, opportunities for education and health care, and careful accounting...

  • Page 72
    ... Head of operation in food-service equipment. Elected 1998. Holding in AB Electrolux: 500,000 A-shares, through a company. Hans Stråberg Born 1957, M. Eng. President and CEO of Electrolux as of April 2002. Board Member: The Association of Swedish Engineering Industries Board, AB Ph. Nederman...

  • Page 73
    B   D  Rune Andersson Ingemar Larsson Malin Björnberg Thomas Halvorsen Karel Vuursteen Michael Treschow Ulf Carlsson Peggy Bruzelius Louis R. Hughes Bert Gustafsson Mats Ekblad Ola Bertilsson Hans Stråberg Jacob Wallenberg ...

  • Page 74
    ... CEO of Electrolux, April 2002. Board Member:The Association of Swedish Engineering Industries Board, AB Ph. Nederman & Co. Holdings: 2,870 B-shares, 152,300 options. Yard Products, USA. President, Frigidaire Home Products, 1997. Head of White Goods and Outdoor Products, North America, and Executive...

  • Page 75
    G M Magnus Yngen Detlef Münchow Wolfgang König Hans Stråberg Lars Göran Johansson Cecilia Vieweg Lilian Fossum Johan Bygge Nina Linander Bengt Andersson Robert E. Cook For more information about the Group's organization and structure, see page 66. Fredrik Rystedt 

  • Page 76
    ... under the employee stock option program.After the cancellation, Electrolux owned 9,148,000 previously repurchased B-shares. Q Share listings 1): Stockholm, London, NASDAQ 2) Number of shares: 338,712,580 Number of shares after repurchase: 318,318,528 High and low 2002 for B-shares: SEK 197-119...

  • Page 77
    ... by country 2002 % O Electrolux has implemented several employee stock option programs for senior managers.The programs entitle an allotment of options, which can be redeemed for shares at a fixed price.The value of the options is linked to the trading price of the Electrolux B-share. For...

  • Page 78
    ... by the Board. Plus 1/2 share in Gränges for every Electrolux share. As % of net income. Excluding items affecting comparability. 7) Dividend per share divided by trading price at year-end. 8) Cash flow from operations less capital expenditures divided by average number of shares after buy-backs...

  • Page 79
    ... as during product use. Environmental work is an essential part of Electrolux operations and a business opportunity, as well as a central component of the Group's brand strategy. and North America, energy labels are mandatory for many products. These regulations require that every product bears an...

  • Page 80
    ... % 100 ODP New Markets 80 GWP New Markets ODP North America GWP North America Life-cycle cost Water, 8% Price, 42% Detergents, 28% Service, 8% Energy, 14% 60 40 ODP Europe 20 0 92 93 94 95 96 97 98 99 00 01 02 GWP Europe Environmental impact of household appliances occurs mainly during...

  • Page 81
    ...Within major appliances in Europe, the products with the best environmental performance accounted for 16% of total sold units in 2002, and 22% of gross profit. Fleet average % 100 95 90 85 80 75 Refrigerators Freezers Combined refrigerators/freezers Chest freezers Washing machines Dishwashers 1998...

  • Page 82
    ...a dividend of SEK 6.00 per share and Friday,April 25, 2003 as record day, after which it is expected that dividends will be paid by VPC on Wednesday, April 30, 2003. April 22, 2003 is the last day for trading in Electrolux shares that entitle a dividend for 2002. This annual report is produced with...

  • Page 83
    ...Net sales 133,150 equipment for kitchen, cleaning and outdoor Operating income 7,731 Margin, % 5.8 use, such as refrigerators, cookers, washing Income after financial items 7,545 machines, chainsaws, lawn mowers and garden Net income per share, SEK, EUR 15.60 Dividend per share, SEK, EUR 6.00 Return...

  • Page 84
    ...White goods: Market leader in Europe. Floor-care products: World leader, largest producer in Europe and one of the two largest in the US.  World's largest producer of lawn mowers, garden tractors and other portable petrol-driven garden equipment. Food-service equipment: Market leader in Europe...

  • Page 85
    ... is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use. Mailing address SE-105 45 Stockholm, Sweden Visiting address S:t Göransgatan 143, Stockholm Telephone +46 8 738 60 00 Telefax +46 8 656 44 78 Website www.electrolux.com 5991413 -72/4 AB Electrolux