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Electrolux Annual Report 2019 Well Positioned to Create Value

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Electrolux Annual Report 2019 Well Positioned to Create Value Electrolux Annual Report 2019 Well positioned to create value A strong focus on innovation to improve the consumer experience and a track record of successfully driving cost efficiency are important competitive assets. A solid balance sheet facilitates profitable growth. This makes Electrolux well positioned to continue to deliver shareholder value. Table of contents CEO STATEMENT Strengthening our innovation GLOBAL LEADER and efficiency platform 5 Business overview 6 Electrolux is a global leader in household Key areas to create value and drive appliances. We reinvent taste, care and profitable growth 10 Well-positioned in a changing world 12 wellbeing experiences for more enjoyable Celebrating a century of better living 14 and sustainable living around the world. We offer thoughtfully designed, innovative and REPORTING sustainable solutions, under well-established Report by the Board of Directors 17 brands including Electrolux, AEG and Frigidaire. Notes 44 Proposed distribution of earnings 81 Auditors’ report 82 Eleven-year review 86 FOCUSED PROFITABLE GROWTH STRATEGY Operations by business area, yearly 88 Quarterly information 89 We focus on consumer-relevant product Sustainability reporting 90 innovations to drive profitable growth. Our Corporate governance report 101 global presence offers economies of scale, Events and reports 119 and we invest in modularized product Annual General Meeting 120 100 years of better living 121 architectures as well as automation and flexibility in production. Sustainability is a key business driver, and a solid balance CONTINUING OPERATIONS sheet facilitates profitable growth. The CEO statement on pages 4–15 in this report includes the consumer business, continuing operations, following the deci- sion made by the Board in 2019 to propose to distribute and list the business area Professional Products (Electrolux Professional) as a separate company. Electrolux Professional is accounted for as discontinued operations, for more information see Note 26. The Annual Report for AB Electrolux (publ), 556009-4178, consists of the Report by the Board of Directors and Notes to the financial statements, pages 17—81. The Annual Report is publis- hed in Swedish and English. 119 ANNUAL REVIEW ON THE WEB SALES BILLION SEK 120 MARKETS Please find more information about business development, strategy and business areas in the Electrolux Annual Review 60 2019, accessible on all your digital platforms. MILLION PRODUCTS SOLD ANNUALLY Please visit the Electrolux Annual Review 2019 at: www.electroluxgroup.com/annualreports/2019 SUSTAINABILITY 49 The Electrolux sustainability framework and execution THOUSAND are described in the Sustainability reporting section on EMPLOYEES pages 90—98. The full Electrolux Sustainability Report is published online in March 2020 at: www.electroluxgroup.com/sustainabilityreport2019 341 298 Printed matter Larsson Offsettryck Electrolux, AEG and Zanussi are the registered trademarks of AB Electrolux. For further information about trademarks, please contact Electrolux Group Intellectual Property, Trademark. Concept, text and production by Figures above are for the consumer business, continuing operations, Electrolux Investor Relations and Hallvarsson & Halvarsson. exclusive of the discontinued operations Electrolux Professional. Jonas Samuelson, Electrolux President and CEO. CEO statement 5 Strengthening our innovation and efficiency platform In 2019, we intensified our work to make our business even more consumer focused and streamlined, as well as executed on our re-engineering program. Such measures – along with the proposed separation of our professional products business – are key to create even more shareholder value going forward. Building for the future We are in an intense period of transformation and innovation. In 2019, we strengthened our platform for future growth by launching important new product ranges, initiating additional efficiency measures and investing in modularized products in automated manufacturing. During the year, we also announced our intention to split the Group into two listed companies – ‘Electrolux’ for household appliances and ‘Electrolux Professional’ for professional appliances. BUSINESS AREAS SALES BY REGION Europe, 38% North America, 33% SHARE OF Latin America, 16% SALES Asia-Pacific, Middle East 38% and Africa, 13% 33% 5% 3% 16% 5% Key data 2019 2018 Sales growth,%1) –1.3 1.2 Operating margin, %1) 3.8 4.8 Operating cash flow, SEKm2) 2,280 2,646 Core markets Growth markets Dividend, SEK per share3) 8.50 8.50 1) Continuing operations. Operating margin is excluding non-recurring items. 2) Continuing operations, after investments. 3) 2019 proposed by the Board. 6 CEO statement “Our targeted innovation approach has strengthened our position in key categories and contributed positively to margin.” Business overview fully offset these headwinds during the year negatively. Cost-based price increases fully In 2019, we continued to have a favorable through pricing. offset higher costs from raw materials and sales and earnings impact from product-mix However the complex and resource trade tariffs. Mix improved, partly driven by improvements, which means that we are intensive process to consolidate the U.S. our new multidoor refrigerators. selling more of our innovative and premium production of refrigerators/freezers to our In Latin America, we saw good prog- products that have higher margins. The new Anderson facility in North America ress despite a volatile environment. Price new products we launched during the year impacted sales and earnings negatively increases combined with mix improvements were very well received by consumers. For in 2019. Importantly, this consolidation will – particularly for high-capacity washers and example, our new built-in kitchen range in increase our competitiveness going forward. multidoor refrigerators – offset significant Europe was at launch rated 4.9 stars out of We also had higher marketing investments to headwinds from raw material costs as well as 5 in consumer online reviews. We were also support our product launches. Hence, oper- currency due to the macroeconomic turbu- the first to bring built-in Air Fry technology to ating margin excluding non-recurring items lence. Importantly, we saw market growth in the North American cooker market, which declined to 3.8%. our main market Brazil. has been a great success with strong growth In Europe, we saw a positive contribution In Asia-Pacific, Middle East and Africa and a 4.6 star rating. Our targeted innovation to sales and earnings from product-mix sales volumes declined. Mix improvements, approach has strengthened our position in improvements and price increases. High- predominantly driven by new product key categories and contributed positively to lights included a strong performance in our launches under the Electrolux brand in margins. focus area built-in kitchen where we gained Australia contributed to earnings. Significant Our re-engineering investments in man- value market share. Continued market currency headwinds and lower volumes had ufacturing are building for the future by growth was mainly driven by Eastern Europe, a negative impact on operating income. enabling us to be more efficient and to speed although Western Europe also developed up innovation and enhance the consumer positively. Creating value through a more experience of our products. North America experienced organic sales efficient and streamlined business We experienced significant headwinds decline and lower earnings. The consolida- I believe that the separation of the profes- from raw material costs, trade tariffs and tion of production to the new plant in Ander- sional products business into a stand-alone currency – an increase of approximately son resulted in manufacturing transition costs company will create substantial shareholder SEK 1.5bn in 2019 compared to 2018. I am related to running three facilities in parallel. In value over time, given that the two businesses very pleased that we have been able to addition, capacity constraints in the ramp-up have different markets, customers and suc- phase of the plant impacted sales volumes cess drivers. The spin-off will ensure that our EARNINGS DEVELOPMENT1) OPERATING INCOME BRIDGE1) SEKbn % SEKbn 8 8 10 8 6 6 1.6 6 5.5 4 4 -1.0 0.0 4.5 -1.1 4 -0.5 2 2 2 0 0 0 15 16 17 18 19 EBIT Organic Raw Cost Currency Acq/ EBIT 2018 contribution material efficiency Divest 2019 Operating income Operating margin & tariffs Operating income for continuing opera- Our continued focus on consumer driven innovation and several important product launches tions excl. non-recurring items in 2019 was contributed to earnings in 2019. We strengthened our platform for future profitable growth SEK 4,533m (5,519), corresponding to a through additional efficiency measures and extensive re-engineering investments in auto- margin of 3.8% (4.8). mated and modularized manufacturing. However, manufacturing transition costs for consol- idating production to our new Anderson facility as well as increased marketing investments impacted operating income (EBIT). Price increases compensated for the strong headwind we faced, from raw material costs, trade tariffs and currency. 1) Operating income is for the consumer business, exclusive of the business area Professional Products, excluding non-recurring items. ELECTROLUX ANNUAL REPORT 2019 CEO statement 7 Taste Making it possible to prepare great-tasting food. We sell cookers, hobs, ovens, hoods, micro wave ovens, refrigerators, freezers and dishwashers for consumers around
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