Electrolux 2011 Annual Report Download - page 99
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annual report 2011 board of directors report
Cash flow
Operating cash flow
Cash flow from operations and investments in the full year of 2011
amounted to SEK –4,650m (3,206). The acquisitions of CTI and
Olympic Group have impacted cash flow by SEK –5,855m.
Excluding acquisitions and divestments, cash flow from opera-
tions and investments amounted to SEK 906m (3,199). The
decline referred mainly to the deterioration in income.
The Group’s ongoing structural efforts to reduce tied-up capital
has contributed to the cash flow from operating assets and liabilities.
Outlays for the ongoing restructuring and cost-cutting pro-
grams amounted to approximately SEK –660m in 2011.
Investments during the year referred mainly to new products
and production capacity.
Capital expenditure, by business area
SEKm 2011 2010
Major Appliances
Europe, Middle East and Africa 1,199 1,409
% of net sales 3.5 3.9
North America 700 692
% of net sales 2.5 2.2
Latin America 526 650
% of net sales 3.0 4.0
Asia/Pacific 286 198
% of net sales 3.6 2.6
Small Appliances 118 116
% of net sales 1.4 1.4
Professional Products 287 96
% of net sales 4.9 1.5
Other 47 60
Total 3,163 3,221
% of net sales 3.1 3.0
Capital expenditure
Capital expenditure in property, plant and equipment in 2011
amounted to SEK 3,163m (3,221). Capital expenditure corre-
sponded to 3.1% (3.0) of net sales. Investments during 2011
referred mainly to investments within production for efficiency
improvements for new products and production capacity.
Costs for R&D
Costs for research and development in 2011, including capital-
ization of SEK 374m (396), amounted to SEK 2,043m (1,993),
corresponding to 2.0% (1.9) of net sales.
For definitions, see Note 30.
Capital expenditure
As % of net sales
Capital expenditure
4,000 5
4
3
2
1
0
3,200
2,400
1,600
800
007 08 09 10 11
SEKm %
Capital expenditure in 2011 amounted to SEK 3,163m (3,221).
Cash flow and change in net borrowings
Operations
Operating assets and liabilities
Investments
Acquisitions/divestments
Other
Dividend
Net borrowings Dec. 31, 2011
–8,000
–6,000
–4,000
–2,000
0
2,000
4,000
6,000
SEKm
Net borrowings Dec. 31, 2010
• Cash flow was negatively impacted by acquisitions
and the decline in earnings.
• Capital expenditure was in line with the previous
year, amounting to SEK 3,163m (3,221).
• R&D costs increased to 2.0% (1.9) of net sales.
16