Electrolux 2009 Annual Report Download - page 64

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200
SEK
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ELECTROLUX
INITIATIVES
Price increases in North America throughout 2008 Electrolux launch (kitchen) in North America
Reduced complexity in Europe – >600 to leave the Group
Decision to close factory in Scandicci and improve efficiency in Susegana, Italy
Dec 2007 Mar 2008 Jun 2008 Sep 2008
Q4
“Attractive but high risk still.
Europe disappointing.”
Q1
”Weak major markets. Strong
performance by small sectors.
Steel price rally.” Q2
“Downside risks include
a hard consumer landing
and higher input costs.“
Q3
“Cost inflation easing,
but the consumer
is in bad shape.”
EXTERNAL
FACTORS
Increasing raw-material market prices Strong decline in raw-material market prices
Continued decline in demand in North America and Western Europe
Strong currency changes
New borrowings – prolonged maturities Electrolux launch (laundry) in North America
Global financial crises affects access to c redits
Accelerated global decline in demand
The share-price development for the Electrolux B-shares was weak in 2008
but improved strongly in 2009. Strong quarterly reports and cash flows
were the main reasons.
Electrolux B vs Swedish index
annual report 2009 | part 1 | capital market | electrolux shares
Recommendations
from analysts After Q4 2007 After Q1 2008 After Q2 2008 After Q3 2008
Buy 37% 27% 33% 33%
Hold 50% 33% 27% 40%
Sell 13% 40% 40% 27%
60