Electrolux 2013 Annual Report Download - page 73

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Recommendations from analysts
After Q4
2012
After Q1
2013
After Q2
2013
After Q3
2013
Buy 47% 39% 53% 41%
Hold 27% 39% 26% 35%
Sell 27% 22% 21% 24%
The performance of the Electrolux share price showed both strength and weakness in 2013 as expectations remained high. High organic growth, solid underlying earnings and cash-flow
generation offset by uncertain market development and currency fluctuations resulted in a decline in the share price relative to the Swedish market index during the year.
Performance of the Electrolux share
during the year
100
125
150
175
200
225
Strong growth offset by
weakness in Europe
and investment costs
for plant restructuring
and new distribution
channels in the US
JAN
ELECTROLUX INITIATIVESEXTERNAL FACTORS
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Weak European
profitability and
currency headwinds
offset by good growth
and margins in North
America
Strong performance
in North America with
higher than expected
margins. Cash flow
improving
A quarter with
substantial currency
impact on earnings.
Market concerns over
further cost-reducing
measures in Europe
Q4 Q1 Q2 Q3
• Seasonal build-up of inventories
• Weak market conditions in Europe • Stimulus program ending in Brazil • Strong volume growth
in the US and heavy
promotions during
Black Friday
• Demand recovery in North America
• Demand in Europe is stabilizing • Increasing raw-material
prices in Brazil
• Dividend of SEK6.50 per share • Electrolux holds investorday at
Nasdaq in New York
• Electrolux holds CMD
in Stockholm with focus
on goals and strategy
• Intensive launch period and
marketing spend in North America
• Ramp-up costs for the refrigerator
plant in Rayong, Thailand
• Actions initiated to further reduce
costs and focus on restoring prot
in Europe
• Measures to consolidate selected
operations in Small Appliances
• Continued launch of the
Inspiration Range across Europe
• Investments related to new range
product launch in Asia
• China launch started
• Weakening of the Brazilian
Real against USD
• Further currency uctuations in
emerging market currencies
• Argentinian
Peso
devaluation
Comments from analysts Electrolux B share Affärsvärlden General Index – price index
71ANNUAL REPORT 2013