Electrolux 2002 Annual Report Download - page 21

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    
B  C D
F- 
Demand for floor-care products declined slightly in the US
for the full year.The European market showed a continued
positive trend. Sales for the floor-care product line were lower
than in the previous year. Operating income declined and
margin was unchanged, mainly as a result of an unfavorable
product mix and downward pressure on prices, particularly
in the US during the second half of the year.
C  
Demand for consumer outdoor products was largely unchanged
in both Europe and the US.The European operation reported
strong growth in sales. Operating income showed a marked
upturn, although from a low level in 2001. Sales in North
America increased in local currency, but were largely unchanged
after translation into SEK. Operating income and margin for
the North American operation improved over the previous year.
N    , Share Share Share Share
SEKm 2002 % 2001 % 2000 % 1999 %
White goods 1) 2) 85,929 77.0 82,732 75.9 72,861 74.0 67,965 74.1
Floor-care products 9,160 8.2 9,562 8.8 8,633 8.8 8,809 9.6
Garden equipment 16,351 14.7 16,612 15.2 16,789 17.0 14,225 15.5
Other 80 0.1 84 0.1 205 0.2 691 0.8
Total 111,520 100.0 108,990 100.0 98,488 100.0 91,689 100.0
1) Including room air-conditioners.
2) The European home comfort operation was divested as of January 1, 2002.This operation had annual sales of approximately
SEK 850m.
K 1)
Amounts in SEKm, unless otherwise stated 2002 2001 2000 1999
Europe
Net sales 48,250 47,200 42,704 42,640
Operating income 3,265 2,528 2,179 2,444
Operating margin, % 6.8 5.4 5.1 5.7
Net assets 7,576 9,426 9,558 9,352
Return on net assets, % 37.1 23.3 21.7 24.0
Value creation 2,099 1,172 986 1,224
Capital expenditure 1,328 1,244 1,189 1,636
Average number of employees 30,837 31,462 32,588 33,690
North America
Net sales 48,450 46,814 46,581 41,452
Operating income 3,271 1,814 3,577 2,895
Operating margin, % 6.8 3.9 7.7 7.0
Net assets 12,874 14,330 13,983 13,108
Return on net assets, % 21.8 12.3 24.2 20.2
Value creation 1,170 –297 1,669 1,036
Capital expenditure 984 1,530 1,490 1,086
Average number of employees 18,318 16,704 18,095 21,235
Rest of the world
Net sales 14,820 14,976 9,203 7,597
Operating income 51 287 23 –342
Operating margin, % 0.3 1.9 0.2 –4.5
Net assets 3,913 6,754 3,903 3,764
Return on net assets, % 0.3 4.6 0.6 –8.7
Value creation –1,011 –1,023 –1,056 –1,398
Capital expenditure 406 334 198 260
Average number of employees 17,518 18,866 12,735 11,743
1) Excluding items affecting comparability.
The Group is the market
leader for electric lawn
mowers in the UK,
under the Flymo
Electrolux brand.