Electrolux 2010 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2010 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.

Page out of 198

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198

annual report 2010 | part 1 | financial review in brief
Cash flow and change in net borrowings
Cash flow
Cash flow from operations and investments in 2010 amounted to
SEK 3,206m (5,330). Compared to the previous year, cash flow for
2010 reflects a more normal cash-flow pattern, with increased pro-
duction, build-up of inventories and investments in new products
and new capacity. Cash flow in the previous year reflected a more
restrained situation with cutbacks in production and inventory levels
after a long period of very weak markets. In addition, compared to
the previous year, higher capital expenditure has adversely affected
cash flow. Capital expenditure during 2010 increased from a low
level in the previous year.
In 2009, SEK 3,935m was paid to the Group’s pension funds. The
payments reduced the Group’s pension net debt and limited risk
exposure and volatility in pension liabilities.
Working capital and net assets
SEKm Dec. 31,
2010
% of
annual-
ized net
sales Dec. 31,
2009
% of
annual-
ized net
sales
Inventories 11,130 10.2 10,050 8.8
Trade receivables 19,346 17.7 20,173 17.7
Accounts payable –17,283 –15.8 –16,031 –14.1
Provisions –10,009 –9,447
Prepaid and accrued income and
expenses –7,095 –7,998
Taxes and other assets and
liabilities –1,991 –1,901
Working capital –5,902 –5.4 –5,154 –4.5
Property, plant and equipment 14,630 15,315
Goodwill 2,295 2,274
Other non-current assets 6,706 5,197
Deferred tax assets and
liabilities 2,175 1,874
Net assets 19,904 18.2 19,506 17.1
Average net assets 19,545 18.4 19,411 17.8
Net borrowings
SEKm Dec. 31,
2010
Dec. 31,
2009
Borrowings 12,096 14,022
Liquid funds 12,805 13,357
Net borrowings –709 665
Net debt/equity ratio –0.03 0.04
Equity 20,613 18,841
Equity per share, SEK 72.41 66.24
Return on equity, % 20.6 14.9
Equity/assets ratio, % 33.9 31.8
Net borrowings Dec. 31, 2009
Operations
Investments
Operating assets and liabilities
Dividend
Other
Sale of shares
Net borrowings Dec. 31, 2010
–6,000
–4,000
2,000
–2,000
0
4,000
6,000
8,000
SEKm
Financial position
Group equity as of December 31, 2010, amounted to SEK 20,613m
(18,841), which corresponds to SEK 72.41 (66.24) per share. Net
borrowings amounted to SEK –709m (665).
During 2011 and 2012, long-term borrowings amounting to
approximately SEK 3,300m will mature. Liquid funds as of
December 31, 2010, amounted to SEK 12,805m (13,357), excluding
short-term back-up facilities.
Since 2005, Electrolux has an unutilized revolving credit facility of
EUR 500m maturing 2012 and since 2010, an additional unused
committed credit facility of SEK 3,400m maturing 2017.
80
annual report 2010 | part 1 | financial review