Electrolux 2013 Annual Report Download - page 92
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Financial position
• Equity/assets ratio was 20.8% (23.2).
• Return on equity was 4.4% (14.4).
• Return on net assets, excluding items affecting comparability, decreased to 14.0% (17.9).
• Financial net debt increased to SEK –7,673m (–5,685).
Net assets and working capital
Working capital amounted to SEK –5,800m (–6,505), corre-
sponding to –5.1% (–5.7) of net sales.
Net assets and working capital
SEKm
Dec. 31,
2012
% of
annual-
ized net
sales
Dec. 31,
2013
% of
annual-
ized net
sales
Inventories 12,963 11.3 12,154 10.6
Trade receivables 18,288 15.9 19,441 17.0
Accounts payable –20,590 –17.9 –20,607 –18.0
Provisions –6,697 –7,556
Prepaid and accrued income
and expenses –7,4 67 –7,93 3
Taxes and other assets and
liabilities –3,002 –1,299
Working capital –6,505 –5.7 –5,800 – 5.1
Property, plant and equipment 16,693 17, 26 4
Goodwill 5,541 4,875
Other non-current assets 8,003 5,263
Deferred tax assets and
liabilities 2,158 3,359
Net assets 25,890 22.5 24,961 21.8
Average net assets 27,070 24.6 27,14 8 24.9
Return on net assets, % 14.8 5.8
Return on net assets,
excluding items affecting
comparability, % 17.9 14.0
Adjusted for items affecting comparability, i.e., restructuring
provisions, average net assets increased to SEK28,915m
(28,112), corresponding to 26.5% (25.6) of net sales.
Net assets
SEKm %
Net assets
Return on net assets1)
0
6,000
12,000
18,000
24,000
30,000
1312111009
0
6
12
18
24
30
Net assets as of December 31, 2013,
amounted to SEK24,961m. Return on net
assets, decreased to 14.0% (17.9).
1) Excluding items affecting
comparability.
Change in net assets
SEKm Net assets
December 31, 2013 25,890
Change in restructuring provisions –843
Write-down of assets –1,967
Changes in exchange rates –1,467
Capital expenditure 3,535
Depreciation –3,356
Other changes in fixed assets and working capital, etc. 2,964
December 31, 2013 24,961
Liquid funds
Liquidity profile
SEKm Dec. 31, 2012 Dec. 31, 2013
Liquid funds 7,40 3 7,2 3 2
% of annualized net sales1) 13.1 13.2
Net liquidity 4,320 4,262
Fixed interest term, days 16 12
Effective annual yield, % 2.1 1.6
1) Liquid funds plus an unused revolving credit facility of EUR500m and a committed credit
facility of SEK3,400m divided by annualized net sales.
For additional information on the liquidity profile, see Note 18.
Liquid funds as of December 31, 2013, amounted to
SEK7,232m (7,403), excluding short-term back-up credit facili-
ties. Electrolux has two unused committed back-up facilities.
One EUR500m multi-currency revolving credit facility, approxi-
mately SEK4,400m, maturing in 2018 and a credit facility of
SEK3,400m, maturing in 2017.
Capital turnover-rate
times
Capital turnover-rate
0.0
1.5
3.0
4.5
6.0
7.5
1312111009
Capital turnover-rate declined to 3.8 (3.9).
board of directors’ report
90 ANNUAL REPORT 2013