Electrolux 2009 Annual Report Download - page 65

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Dec 2009
Mar 2009 Jun 2009 Sep 2009
Comments from analysts
Electrolux B
Affärsvärlden general index
− price index
Q4
“Exceptionally weak markets
in Europe and North America.
Dividend was cut to zero.”
Q1
“Strong price mix. No risk of
rights issue as cash flow
comes through.”
Q2
“Solid margin development
despite weak markets. Lower
raw material-costs. Strong
cash flow.”
Q3
“8.1% EBIT margin! Solid execution.
Rising price/mix and falling input costs.
Exceptionally strong cash flow.”
Price increases in Europe early 2009
Global cost-cutting program – >3,000 to leave the Group
Decision to close factories in Webster, USA, and Alcalà, Spain
Decision to close factory in St. Petersburg, Russia
Decision to cancel dividendSuspension of production – adjustment of inventories
Utilize global scope with new organization
Decision to close factory in Changsha, China, and increase efficiency in Porcia, Italy
Structural improvement of working capital
Strong growth in Brazil Less decline in Europe
Stabilized demand in North America
Dramatic decline in demand in Eastern Europe
After Q4 2008 After Q1 2009 After Q2 2009 After Q3 2009
20% 33% 53% 47%
27% 33% 40% 33%
53% 33% 7% 20%
61