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Electrolux Annual Report 2018 Worldreginfo - Fccde4d7-Eec7-4E2c-B0d3-C97fc88d3132 Well Positioned to Create Value

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Electrolux Annual Report 2018 Worldreginfo - Fccde4d7-Eec7-4E2c-B0d3-C97fc88d3132 Well Positioned to Create Value Electrolux Annual Report 2018 WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 Well positioned to create value – A strong focus on innovation to improve the consumer experience and a track record of successfully increasing cost efficiency and flexibility are important competitive assets. In combination with a healthy cash flow and a strong balance sheet, this make Electrolux well positioned to continue to deliver shareholder value. WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 global leader Electrolux is a global leader in household appliances and appliances for professional use. We reinvent taste, care and wellbeing experiences for more enjoyable and sustainable living around the world. We offer thoughtfully designed, innovative and sustainable solutions, under well-established brands including Electrolux, AEG and Frigidaire. Focused proFitable growth strategy We focus on consumer-relevant product innovations to drive profitable growth. Our global presence offers economies of scale, and we invest in modularized product architectures and further cost efficiency and flexibility in production. Sustainability is a key business driver, and our profitable growth is supported by a strong balance sheet and healthy cash flow generation. 124 60 150 BILLION SEK MILLION PRODUCTS SALES IN MARKETS IN SALES SOLD ANNUALLY 54,000 EMPLOYEES WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 Table of contents CEO STATEMENT Good progress despite strong headwinds in 2018 6 Well positioned to benefit from global trends 10 How to achieve profitable growth 10 Well positioned to create value 13 Taking the next steps to accelerate profitable growth 14 REPORTING Report by the Board of Directors 17 Notes 44 Proposed distribution of earnings 81 Auditors’ report 82 Eleven-year review 86 Operations by business area, yearly 88 Quarterly information 89 Sustainability reporting 90 Corporate governance report 101 Events and reports 119 Annual General Meeting 120 100 years of better living 121 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 published in Swedish and English. ANNUAL REVIEW ON THE WEB Please find more information about business development, strategy and business areas in the Electrolux Annual Review 2018, accessible on all your digital platforms. These sections were previously included in the Annual Report. Please visit the Electrolux Annual Review 2018 at: www.electroluxgroup.com/annualreports/2018 SUSTAINABILITY The Electrolux sustainability framework and execution are described in the Sustainability reporting section on pages 90—99. The full Electrolux Sustainability Report is published online in March 2019 at: www.electroluxgroup.com/sustainabilityreport2018 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 Electrolux Investor Relations and Hallvarsson & Halvarsson. WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 CEO STATEMENT Good progress in a challenging environment WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 CEO statement 5 sales growth 1.7 percent operating margin1) 5.4 percent operating cash flow 2) 3,649 SEKm dividend 3) 8.50 SEK per share Jonas Samuelson, Electrolux President and CEO. 1) Excluding non-recurring items. 2) After investments. 3) Proposed by the Board. I am pleased with our performance business areas in 2018 in the face of challenging conditions. Our focus on innovation to improve the consumer experience share of and our high cost efficiency are key group sales competitive assets. Combined with price increases, these factors had a positive impact on our earnings, Major Appliances Major Appliances Europe, Middle East Asia/Pacific, 7% but could not fully compensate for and Africa (EMEA), 34% Home Care & Major Appliances SDA, 6% the strong headwinds we faced North America, 31% Professional Major Appliances Products, 7% primarily from raw material and Latin America, 14% currency. sales by region Our performance in 2018 was very encouraging in several key areas. We launched a large number of new innovative products designed to deliver outstanding consumer experiences. We 33% 39% 6% continued to improve our cost efficiency throughout the Group, and we carried out large parts of our re-engineering program that aims to drive profitable growth in the years ahead. We also 3% 15% reinforced our position as a sustainability leader in the industry, 4% which is an ever-more crucial competitive advantage as sustain- ability is playing an increasingly important role for consumers and is a key driver of demand. Core markets Growth markets WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 6 CEO statement Good progress despite strong “We reported strong improvements and increased cost efficiency headwinds in 2018 offset higher costs for raw materials and Underlying operating income and margin organic sales growth in currency headwinds. Strong growth in Eastern contracted due to the negative impact of Europe continued to drive overall market raw material and currency. In fact, it is very EMEA and continued to demand in Europe, while demand in Western unusual for us to experience such strong gain market shares.” Europe declined somewhat. headwinds from both these factors in the Our North American operation was signifi- same year. In addition, the U.S. trade tariffs cantly impacted by increased raw material that were imposed during the year had an costs and U.S. trade tariffs as well as from adverse effect. Therefore it was important and mix improvements across most business lower volumes, partly related to private label. that we managed to implement price areas although acquisitions also contributed. To mitigate the cost inflation, several cost- increases and improve the mix by providing We reported strong organic sales growth based price increases were announced and more relevant, innovative product offer- in EMEA, mainly due to our consistent focus on implemented. We also announced a major ings. We continued to perform favorably in innovative products under premium brands, re-engineering of our Anderson freezer/ terms of cost efficiencies, mainly as a result and we continued to gain market shares in fridge factory to increase our competitive- of continuous improvements. Sales growth the focus areas of laundry and built-in kitchen. ness by providing a sharper product offering was 1.7%, driven mainly by price increases Operating income excluding non-recurring and achieving higher efficiency. To simplify items improved as higher volumes, mix operations, lower costs and increase focus earnings development1) operating income bridge1) SEKbn SEKbn % % SEKbn SEKbn 8 8 8 8 10 10 . 8 .8 . 6 6 6 6 . 6 6 -. -. -. -. -. -. 4 4 4 4 4 4 2 2 2 2 2 2 0 0 0 0 0 0 EBIT EBITOrganic OrganicRaw RawCost CostCurrency CurrencyAcq/ Acq/EBIT EBIT contributioncontributionmaterial materialefficiency efficiency Divest Divest & tariffs & tariffs Operating income excl. non-recurring items in Our focus on innovation to improve the consumer experience and our high cost efficiency 2018 was SEK 6,653m (7,407), corresponding to are key competitive assets. Combined with price increases these had positive impact a margin of 5.4% (6.1). on operating income (EBIT), but could not fully compensate for the strong headwind we faced, primarily from raw material and currency. 1) Operating income excluding non-recurring items. ELECTROLUX ANNUAL REPORT 2018 WorldReginfo - fccde4d7-eec7-4e2c-b0d3-c97fc88d3132 CEO statement 7 Taste By making it possible to make great-tasting food. We sell cookers, hobs, ovens, hoods, micro- wave ovens, refrigerators, freezers and dish- washers for households and professional kitchens throughout the world. Electrolux is a leader in kitchen appliances and new func- tionalities are continuously being developed. In 2018, Taste innovations included the new SenseProbe induction hob with sous-vide and a world-first wireless and battery-less probe, that provides precise and automated assis- tance when cooking, and the AEG UltraFresh+ fridge-freezer, with smart cooling technology that automatically regulates the perfect environment for food. share of Taste, 69% group sales Care, 21% Wellbeing, 10% AEG SenseProbe Three clear areas for innovation Care By making it possible to care for your clothes so they stay new for longer. Washing machines and tumble dryers are the core of our product offering for washing and garment care. Demand is driven by innovations that promote user-friendliness and resource efficiency. Care innovations in 2018 included the development of a new sensor system that enables tumble dryers to sense when clothes are perfectly dry. Pure F9 cordless vacuum cleaner Wellbeing By making it possible to achieve healthy wellbeing in your home. Electrolux vacuum cleaners, air-conditioning equipment, water heaters, heat pumps, small domestic appliances, and accessories are sold to consumers worldwide. We have a strong, global distribution network and an attrac- tive product offering, including service. In the Wellbeing segment in 2018, we launched the ground- breaking cordless vacuum cleaner Electrolux Pure F9 that uses powerful battery technology and innovative design to combine the performance of a traditional vacuum cleaner with the freedom
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