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Electrolux Annual Report 2017 Shape Living for the Better Shape Living for the Better

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Electrolux Annual Report 2017 Shape Living for the Better Shape Living for the Better Shape living for the better Electrolux Annual Report 2017 Shape living for the better Shape living for the better Our future is determined by the way we all live our lives. That’s why we strive to improve everyday life for millions of people and the world around us. It is embodied in everything we do. In every idea, every product and every human interaction. — We believe that outstanding taste experiences should be easy for everyone. That there is always a better way to care for our clothes to make them look and feel new longer. That the home should be a place for wellbeing, a place to care for ourselves and our loved ones. To succeed, we continuously rethink and improve our ways of working – internally, and together with our customers and partners. By creating desirable solutions and great experiences that enrich peoples’ daily lives and the health of our planet, we want to be a driving force in defining enjoyable and sustainable living. This is us – at Electrolux we shape living for the better. we reinvent taste, care and wellbeing experiences for more enjoyable and sustainable living around the world taste by making it possible to make great tasting food through our professional expertise care by making it possible to care for your clothes to keep them new for longer wellbeing by making it possible to achieve healthy wellbeing in your home our offering Electrolux is a global leader in household appliances and appliances for professional use. We offer thoughtfully designed, innovative and sustainable solutions, under esteemed brands including Electrolux, AEG, Zanussi and Frigidaire. 122 60 150 BILLION SEK MILLION PRODUCTS SALES IN MARKETS IN SALES SOLD ANNUALLY 56,000 EMPLOYEES contents PURPOSE Taste, Care and Wellbeing offering 3 Electrolux 2017 6 CEO statement 8 Global trends 10 Electrolux purpose 12 Targets 14 STRATEGY Electrolux business model 18 Best-in-class consumer experiences 20 Operational excellence 25 Talent and teamship 29 The path forward 32 MARKETS AND BUSINESS AREAS The appliance market 36 Electrolux market position 38 Major Appliances EMEA 40 Major Appliances North America 42 Major Appliances Latin America 44 Major Appliances Asia/Pacific 46 Home Care & SDA 48 Professional Products 50 THE ELECTROLUX SHARE AND RISK MANAGEMENT The Electrolux share 54 Electrolux and the capital markets 58 Risk management 60 REPORTING Report by the Board of Directors 69 Notes to the financial statements 95 Proposed distribution of earnings 129 Auditors’ report 130 Eleven-year review 134 Operations by business area yearly 136 Quarterly information 137 Sustainability reporting 138 Corporate governance report 148 Annual General Meeting 165 History 166 Events and reports 168 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 69—133. The Annual Report is published in Swedish and English. Sustainability priorities are integrated through out the Annual Report. In the Sustainability reporting section on pages 138—146, the Electrolux sustainability framework and execution are described more in detail. The full Electrolux Sustainability Report is published in an online version at: www.electroluxgroup.com/sustainabilityreport2017 6 Purpose Electrolux 2017 Key highlights 2017 in brief margin improvement Operating income increased by 18%. • Net sales increased by 0.8%, organic 123,511 • Operating margin was 6.1% (5.2). growth was slightly down while acquisi- 121,093 122,060 112,143 • Earnings improved across all tions contributed to sales. Organic 109,151 business areas. growth across most regions while active • Four business areas achieved an product portfolio management to exit 6.1 operating margin above 6%. from unprofitable product categories • Solid operating cash flow after as well as lower volumes under private 5.2 investments. labels in North America impacted • Five acquisitions completed. sales negatively. Operating margin improved to 6.1%. Four of six business areas reached an operating margin above 6%. Increased 3.2 efficiency and product- mix improvement contributed to the positive earnings trend. 2.2 Operating cash flow after investments amounted to SEK 6.9bn. The main contrib- 1.4 utor to this solid cash flow is the earnings development. Acquisitions of SEK 3.4bn Net sales, SEKm impacted cash flow negatively. Operating margin, % ELECTROLUX ANNUAL REPORT 2017 Purpose 7 Key figures business areas OPERATING INCOME OPERATING MARGIN Major Appliances Europe, Middle East and Africa, 32% Major Appliances SHARE OF North America, 33% 7,407 6.1 Major Appliances GROUP SALES Latin America, 14% SEKm percent Major Appliances Asia/Pacific, 8% Home Care & SDA, 6.5% Professional Products, 6.5% OPERATING CASH FLOW1) CAPITAL TURNOVER-RATE 6,877 5.9 sales by region Core Markets Growth markets SEKm times DIVIDEND2) 35% 30% 6% 8.30 9% SEK per share 15% 5% 1) After investments 2) Proposed by the Board product offering for best-in-class consumer experiences taste care wellbeing By making it possible to make By making it possible to care for your By making it possible to achieve great tasting food. clothes so they stay new for longer. healthy wellbeing in your home. Electrolux sells cookers, hobs, ovens, Washing machines and tumble dryers are Electrolux vacuum cleaners, air- hoods, microwave ovens, refrigerators, the core of the Electrolux product offering conditioning equipment, water heaters, freezers and dishwashers for households for washing and garment care. Demand heat pumps, small domestic appliances, and professional kitchens throughout is driven by innovations that promote and accessories are sold to consumers the world. Electrolux is a leader in kitchen user-friendliness and resource efficiency. worldwide. Electrolux has a strong, global appliances and new functionalities are distribution network and an attractive continuously being developed. product offering, including service. 64% share of Group 19% share of Group 17% share sales of which 4% sales of which 2% of Group sales professional products professional products ELECTROLUX ANNUAL REPORT 2017 8 Purpose Operating margin target achieved for 2017 operating margin Electrolux made significant progress in 2017. I am very pleased that we took an important step on our journey toward profitable growth by reaching an operating margin of 6.1%, an improvement of close to 20%. This was achieved through our consistent 6.1% focus on driving sustainable profitability, resulting in improved earnings across all business areas. During the year, a revised company purpose was launched – Shape living for the better – that sets the direction for Electrolux for years to come. ELECTROLUX ANNUAL REPORT 2017 Purpose 9 In 2017, we reached our operating new Frigidaire product range, which The digital transformation is changing not margin target of at least 6%, for the first received very positive feedback from only Electrolux, but the whole appliance time since 2010. This was an important retail and consumers. The Frigidaire industry, as well as consumer behavior. milestone. Our focus firmly remained on Gallery Freestanding Induction Range This offers both opportunities and chal- achieving sustainable profitability with is the first affordable induction range in lenges. We will continue to accelerate key areas being product portfolio man- the U.S. market. the use of digital solutions to streamline agement and cost efficiency. Our product Our operations in Latin America operations and increase interaction with portfolio management has focused on accomplished a strong turnaround with consumers. our most consumer-relevant and profit- an organic sales growth of 8%, follow- I expect the demand growth across able product categories while exiting ing a decline of 11% in 2016. A favorable most markets to continue in 2018. We aim unprofitable product categories and market trend in major markets such as to make the most of this market growth as markets. Hence, the organic sales for the Brazil and Argentina contributed to the our innovation for Best-in-class consumer Group declined slightly as a reflection of positive development as well as launches experiences is bearing fruit with new that. With operating margin now restored of new consumer- relevant products in improved products that are being very to our target level, our focus is shifting several markets, such as high-capacity well received by the markets. towards profitable growth. Our constant washing machines and microwave ovens Sustainability leadership also contin- work to increase cost efficiency through- with new technologies. Operating income ues to be crucial to delivering Best-in- out the Group made good progress and and margin also improved significantly. class consumer experiences. For the past our cost structure improved significantly. In 2017, we acquired the Continental 16 years , Electrolux has been a signatory We also managed to improve product brand, an acquisition that will enable us of the UN Global Compact, and we are quality to a new record level. to further expand our market coverage in recognized as industry leader in the pres- the region. tigious Dow Jones Sustainability Index. A purpose-driven company Asia Pacific delivered a high margin of We intend to improve further and to make During the year we also updated our 7.5%, coupled with strong organic growth smarter, more resource-efficient solutions strategic framework, connecting our of 6%. Sales volumes grew across most available for everyone. business model and path toward profit- product categories. I am pleased to see Continuous improvements are at the able growth to a clear and revised that we are gaining market shares as a core of our mindset at Electrolux, and are company purpose – Shape living for the result of our efforts to develop innovative absolutely essential to remain competi- better. We will achieve this by reinventing products tailored to the consumers’ needs tive over time. We will continue our work taste, care and wellbeing experiences in a highly competitive region. to improve cost structures, methods, for more enjoyable and sustainable living In Home Care & SDA, operating processes and skills.
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