Electrolux 2013 Annual Report Download - page 74

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P/E ratio and dividend yield
At year-end 2013, the P/E ratio for Electrolux Bshares was 17.2 excluding items affecting
comparability. The dividend yield was 3.9% based on the Board’s proposal for a dividend
ofSEK6.50 per share for 2013.
Shareholders by country
As of December 31, 2013, approximately 42% of the total share capital was owned by
foreign investors.
Source: Euroclear as of December 31, 2013.
Major shareholders
Share
capital, %
Voting
rights, %
Investor AB 15.5 29.9
Alecta Pension and Insurance 3.9 4.3
Swedbank Robur funds 3.3 2.7
AMF Insurance & Funds 2.7 2.2
Government of Norway 2.2 1.7
Didner & Gerge Funds 1.7 1.4
SHB Funds 1.2 1.0
Second Swedish National Pension Fund 1.1 0.8
Unionen 1.0 0.8
SEB funds 0.9 0.8
First Swedish National Pension Fund 0.9 0.7
Other shareholders 58.2 53.7
External shareholders 92.6 100.0
AB Electrolux 7.4 0.0
Total 100.0 100.0
Source: Euroclear and Electrolux as of December 31, 2013.
The figures are rounded off. Information regarding ownership structure is updated
quarterly on www.electrolux.com/ownership-structure
The Electrolux share is listed on Nasdaq OMX Stockholm. The
market capitalization of Electrolux at year-end 2013 was
approximately SEK51 billion (53), which corresponded to 1.7%
(1.4) of the total value of Nasdaq OMX Stockholm. The compa-
ny’s outstanding shares are divided into A shares and B shares.
A shares entitle the holder to one vote while B shares entitle the
holder to 1/10 of a vote.
Dividend
The Board of Directors proposes a dividend for 2013 of
SEK6.50 per share, equivalent to a total dividend payment of
approximately SEK1,860m. The proposed dividend corre-
sponds to approximately 66% of income for the period, exclud-
ing items affecting comparability. Based on the share price of
Electrolux B shares at the end of 2013, the dividend yield for
2013 was 3.9%.
The Group’s goal is for the dividend to correspond to at least
30% of income for the period, excluding items affecting compa-
rability. For a number of years, the dividend level has been con-
siderably higher than 30%.
Ownership structure
The majority of the total share capital as of December 31, 2013,
was owned by Swedish institutions, mutual funds and private
investors amounting to 58%. During the year, the proportion of
the capital held by foreign owners increased and amounted to
approximately 42% (41%) at the end of the year. The volume of
shares traded by foreign owners has a significant effect on
share liquidity. Foreign investors are not always recorded in the
share register as foreign banks and other custodians may be
registered for one or several customers’ shares, why the actual
owners are then usually not displayed in the register.
Share-based incentive programs
Electrolux maintains a number of long-term incentive programs
for senior management. Since 2004, the Group has three-year
performance-based share programs.
At year-end 2013, the incentive programs had an immaterial
effect on dilution of the total number of shares.
Conversion of shares
In accordance with the Articles of Association of AB Electrolux,
owners of A shares have the right to have such shares con-
verted to B shares. Conversion reduces the total number of
votes in the company. In 2013, 20,186 Class A shares were con-
verted to Class B shares. After the conversion, the total number
of votes amounts to 38,265,316. The total number of registered
shares in the company amounts to 308,920,308 shares, of
which 8,192,539 are A shares and 300,727,769 are B shares.
Share data
Share listing1) Stockholm
Number of shares 308,920,308
of which A shares2) 8,192,539
of which B shares2) 300,727,769
Number of votes 38,265,316
Number of shares after repurchase 286,211,987
Quota value SEK5
Market capitalization at December 31, 2013 SEK51 billion
GICS code3) 25201040
Ticker codes Reuters ELUXb.ST
Bloomberg ELUXB SS
1)
Trading in Electrolux ADRs was transferred from Nasdaq to the US Over-the-Counter
market as of March 31, 2005. One ADR corresponds to two B shares.
2)
In 2013, 20,186 Class A shares were converted to Class B shares.
3)
MSCI’s Global Industry Classification Standard (used for securities).
Sweden, 58%
UK, 15%
USA, 13%
Other, 14%
5
10
15
20
25
30
13121110090807060504
P/E ratio, excluding items
affecting comparability
Dividend yield, %
%
0
1
2
3
4
5
6
72 ANNUAL REPORT 2013
The Electrolux share