Electrolux 2005 Annual Report Download - page 114
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Please find page 114 of the 2005 Electrolux annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.110 Electrolux Annual Report 2005
Repurchase of shares
2005 2004 2003 2002 2001
Number of shares as of January 1 308,920,308 324,100,000 338,712,580 366,169,580 366,169,580
Redemption/cancellation of shares — –15,179,6921) –14,612,580 –27,457,000 —
Number of shares as of December 31 308,920,308 308,920,308 324,100,000 338,712,580 366,169,580
Number of shares bought back — 750,000 11,331,828 11,246,052 11,570,000
Total amount paid, SEKm — 114 1,688 1,703 1,752
Price per share, SEK — 152 149 151 151
Number of shares sold under terms
of the employee stock option programs 1,918,161 10,600 113,300 — —
Total amount received, SEKm 306 2 19 — —
Number of shares held by Electrolux, at year-end 15,821,239 17,739,400 17,000,000 2) 20,394,052
2) 36,605,000
% of outstanding shares 5.1 5.7 5.2 6.0 10.0
1) Redemption of shares.
2) After cancellation of shares.
Proposed renewed mandate for repurchase of shares
The Board of Directors has decided to propose that the Annual
General Meeting approve a renewed mandate for 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 2007.
Share capital and number of shares
The share capital of AB Electrolux as of December 31, 2005, con-
sisted of 9,502,275 A-shares and 299,418,033 B-shares, totaling
308,920,308 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 share
capital amounted to SEK 1,545m at year-end.
Distribution of shareholdings in AB Electrolux
Ownership, Number of % of
Shareholding % shareholders shareholders
1–1,000 4.6 53,337 87.5
1,001–10,000 5.8 6,676 11.0
10,001–20,000 1.4 308 0.5
20,001– 88.2 586 1.0
Total 100 60.907 100
Source: SIS Ägarservice as of December 31, 2005.
Incentive programs
Electrolux has implemented several long-term incentive programs for
senior managers. In 2004 and 2005 performance-related share
programs were introduced, based on targets for value creation within
the Group over a three-year period. Under these programs, Electrolux
B-shares will be distributed to the participants at the end of the
period on the basis of the targets achieved. The Board of Directors
will present a proposal at the Annual General Meeting for two perform-
ance-based share programs in 2006, one for the Indoor Products
operation and one for the Outdoor Products operation, correspond-
ing to the share programs described above.
Previous programs entitled an allotment of options that 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 additional information on incentive programs, see Note 22 on page 68.
Shareholders by country
Source: SIS Ägarservice as of December 31, 2005.
As of December 31, 2005, about 44% of the total share capital was owned by foreign investors.
2005 %
Sweden 56.2
USA 23.0
UK 4.2
Other 16.6
Major shareholders in AB Electrolux
Number of Number of Total number Share Voting
A-shares B-shares of shares capital, % rights, %
1)
Investor AB 8,770,771 14,918,100 23,688,871 7.7 27.1
Franklin Templeton Funds — 14,698,520 14,698,520 4.8 3.9
Second Swedish National Pension Fund — 11,062,212 11,062,212 3.6 2.9
Handelsbanken/SPP Funds — 8,615,691 8,615,691 2.8 2.3
Robur Funds — 7,713,839 7,713,839 2.5 2.0
AFA Insurance — 5,840,466 5,840,466 1.9 1.5
SEB Funds — 5,583,170 5,583,170 1.8 1.5
Alecta Pension Insurance — 5,514,922 5,514,922 1.8 1.5
Fourth Swedish National Pension Fund — 5,086,940 5,086,940 1.6 1.3
Skandia Life Insurance 139,111 3,668,064 3,807,175 1.2 1.3
Other shareholders 592,393 200,894,870 201,487,263 65.2 54.7
External shareholders 9,502,275 283,596,794 293,099,069 94.9 100
AB Electrolux — 15,821,239 15,821,239 5.1 —
Total 9,502,275 299,418,033 308,920,308 100 100
1) Adjusted for repurchase of shares as of December 31, 2005. Source: SIS Ägarservice as of December 31, 2005, and owners’ websites.
At year-end 2005, about 46% of the total share capital was owned by Swedish institutions and mutual funds, about 44% by foreign investors, 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.
Electrolux shares