Electrolux 2011 Annual Report Download - page 5
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2011 Summary
Net sales increased by 1.9% in comparable currencies.
Strong growth in emerging markets as Latin America and Asia offset
lower sales in Europe and North America. Electrolux market shares
are estimated to have grown in Southeast Asia and Latin America.
Through the acquisitions of the appliances companies Olympic
Group in Egypt and CTI in Chile, Electrolux increases its exposure
to growth markets.
Lower sales prices and increased costs for raw materials had
an adverse impact on operating income.
Efforts to reduce working capital contributed to a solid balance sheet.
The Board proposes an unchanged dividend of SEK 6.50 per share
and a renewed mandate to repurchase own shares.
07
120,000
90,000
60,000
30,000
0
08 09
10
11
SEKm Net sales
Net sales
07
8,000
6,000
4,000
2,000
0
08 09 10 11
SEKm
8
6
4
2
0
%
Operating
margin
Operating
income
Operating income
and operating margin1)
1) Excluding items affecting comparability.
2010 marked the first year
in which Electrolux – in its
current structure – achieved
its operating margin goal
of 6% over a full year, excluding
items affecting comparability.
Factors impacting protability
Price pressure was intensive during the
year, particularly in Europe and North America.
2010 2011 2011
6,1% 3,9% 3,1%
Weak market conditions in
mature markets decreased
sales and capacity utilization
within manufacturing.
Non-recurring costs of SEK 825m
were charged to operating income
for overhead reductions and WEEE
related costs for earlier years.
Improvements including increased
efficiency, e.g., through global syner-
gies and previous restructuring had a
positive impact on earnings.
Raw-material costs were
SEK 2 billion higher than
in 2010. Electrolux achieved an operating
margin of 3.9% despite higher
raw-material costs and turbulent
conditions in the Group’s major
markets of Europe and North
America.
1