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Electrolux Annual Report 2003 93
Electrolux shares
Proposed renewed mandate for share repurchases
The Board of Directors has decided to propose that the Annual
General Meeting approve a renewed mandate for the repurchase of
a maximum of 10% of the total number of shares. This authorization
would cover the period up to the Annual General Meeting in 2005.
Proposed redemption of shares
On the basis of the Group’s strong balance sheet and in order to
contribute to increased shareholder value, the Board of Directors
has decided to propose that the Annual General Meeting approve
a redemption of shares in a total amount of approximately
SEK 3,000m.
Share capital and number of shares
Following the reduction in the share capital in May 2003, the
share capital of Electrolux as of December 31, 2003, consisted
of 10,000,000 A-shares and 314,100,000 B-shares, totaling
324,100,000 shares. A-shares carry one vote and B-shares
one-tenth of a vote. Each share has a par value of SEK 5.00.
The total share capital at year-end amounted to SEK 1,620.5m.
Incentive programs
Electrolux has implemented several employee stock option pro-
grams 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.
The Board of Directors will present a proposal at the Annual General
Meeting for a new annual long-term incentive program for 2004. The
proposed program is based on goals approved by the Board for the
value creation within the Group over a three-year period, and would
distribute a variable number of Electrolux B-shares.
For further information, see Note 28 on page 65.
Distribution of shareholdings in AB Electrolux
Number of % of
Shareholding shareholders shareholders
1–1,000 52,399 86.8
1,001–10,000 7,005 11.6
10,001–100,000 699 1.2
100,001– 252 0.4
Total 60,355 100.0
Source: SIS Ägarservice as of December 31, 2003.
Shareholders by country
Source: SIS Ägarservice as of December 31, 2003.
As of December 31, 2003, about 36% of the total share capital was owned by
foreign investors.
Repurchase of shares
2003 2002 2001 2000
Number of shares as of January 1 338,712,580 366,169,580 366,169,580 366,169,580
Cancellation of shares –14,612,580 –27,457,000 — —
Number of shares as of December 31 324,100,000 338,712,580 366,169,580 366,169,580
Number of shares bought back 11,331,828 11,246,052 11,570,000 25,035,000
Total amount paid, SEKm 1,688 1,703 1,752 3,193
Price per share, SEK 149 151 151 127
Number of shares sold under terms
of the employee stock option programs 113,300 — — —
Total amount received, SEKm 19 — — —
Number of shares held by Electrolux, at year-end 17,000,0001) 20,394,0521) 36,605,000 25,035,000
% of outstanding shares 5.2 6.0 10.0 6.8
1) After cancellation of shares.
2003 %
Sweden 64.3
USA 20.0
UK 4.4
Other 11.3
Major shareholders in AB Electrolux
Number of Number of Total number Share Voting
A-shares B-shares of shares capital, % rights, %1)
Investor AB 9,232,390 9,847,800 19,080,190 5.9 25.7
Alecta Mutual Pension Insurance — 15,894,098 15,894,098 4.9 4.0
AMF Pension Funds — 12,210,000 12,210,000 3.8 3.1
Nordea Investment Funds — 11,875,489 11,875,489 3.7 3.0
Robur Investment Funds — 9,307,675 9,307,675 2.9 2.3
SHB/SPP Investment Funds — 8,466,016 8,466,016 2.6 2.1
Fourth Swedish National Pension Fund — 7,778,400 7,778,400 2.4 2.0
Third Swedish National Pension Fund — 5,846,486 5,846,486 1.8 1.5
SEB Investment Funds — 5,223,867 5,223,867 1.6 1.3
AFA Insurance — 5,150,070 5,150,070 1.6 1.3
Other shareholders 767,610 205,500,099 206,267,709 63.6 53.7
External shareholders 10,000,000 297,100,000 307,100,000 94.8 100.0
AB Electrolux — 17,000,000 17,000,000 5.2 —
Total 10,000,000 314,100,000 324,100,000 100.0 100.0
1) Adjusted for repurchase of shares as of December 31, 2003. Source: SIS Ägarservice as of December 31, 2003.
As of December 31, 2003, about 36% of the total share capital was owned by foreign investors, about 54% by Swedish institutions and mutual funds, and about 10% by
private Swedish investors. Most of the shares owned by foreign investors are registered through trustees, so that the actual shareholders are not officially registered.