Electrolux 2011 Annual Report Download - page 150

Employees and employee benefits
In 2011, the average number of employees was 52,916 (51,544),
of whom 36,590 (33,748) were men and 16,326 (17,796) women.
A detailed specification of the average number of employees by
country has been submitted to the Swedish Companies Registra-
tion Office and is available on request from AB Electrolux, Investor
Relations and Financial Information. See also Electrolux website
www.electrolux.com/employees-by-country
Average number of employees, by geographical area
Group
2011 2010
Europe 21,667 23,030
North America 9,178 10,076
Rest of world 22,071 18,438
Total 52,916 51,544
Salaries, other remuneration and employer contributions
2011 2010
Salaries and
remuneration
Employer
contributions Total
Salaries and
remuneration
Employer
contributions Total
Parent Company 857 387 1,244 831 575 1,406
(whereof pension costs) — (103)1) (103)1) — (246)1) (246)1)
Subsidiaries 12,280 2,713 14,993 11,847 3,122 14,969
(whereof pension costs) — (322) (322) — (495) (495)
Total Group 13,137 3,100 16,237 12,678 3,697 16,375
(whereof pension costs) — (425) (425) — (741) (741)
1) Includes SEK 13m (12), referring to the President’s predecessors according to local GAAP (the cost for the current President is included in his home country).
Note 27 Employees and remuneration
The non-controlling interest in CTI group at acquisition is 2.36%
and amounts to a value of SEK 41m. The value of the non-control-
ling interest is calculated based on the non-controlling interest’s
proportionate share of the CTI group’s net assets. Subsequent to
the acquisition, Electrolux has acquired a further 22,143,092
shares from minority shareholders for a total of SEK 17m.
Expenses related to the acquisition amounted to SEK 56m in
2011 and has been reported as administrative expenses in
Electrolux income statement.
Revenue and profit from acquisitions
The revenue and the operating profit of acquired companies since
their acquisition are SEK 1,690m and SEK –24m, respectively.
This includes acquisition related entries, e.g., the effect of inven-
tory revaluation. The revenue of Electrolux and the acquired com-
panies combined would have been SEK 104,910m if the acquisi-
tions had taken place on the first day of 2011. The calculation of
profit for the combined entities from the beginning of the year is
considered impractical and not disclosed. The main reason for
this is that the entities had different accounting policies prior to the
acquisitions.
Divested companies
Divestments
2011 2010
Fixed assets 63 3
Inventories 13 —
Receivables 20 31
Other current assets 522 11
Other liabilities and provisions –4 –19
Net assets 614 26
Sales price 821 7
Net borrowings in acquired/divested operations — —
Effect on Group cash and cash equivalents 821 7
Divestments in 2011 include the sale of the shares in the Egyptian
companies Namaa and B-Tech as agreed in connection with the
acquisition of the Olympic Group. The heating element operation
in Switzerland, a non-core business in the professional segment,
was divested in the first quarter. Further, real estate in Australia,
Switzerland, Sweden and Egypt were sold during the year.
On September 9, 2010, an agreement to sell Baring Industries
Division in USA, a unit in the Professional Products business area,
was concluded. The divestment was made close to book value of
the transferred net assets. An additional consideration of SEK
11m was received in 2011.
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