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Electrolux Annual Report 2009 | Operations and Strategy and | Operations 2009 Report Annual Electrolux

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Electrolux Annual Report 2009 | Operations and Strategy and | Operations 2009 Report Annual Electrolux 215 mm Marginal Bigning Rygg 6 mm Bigning Marginal 215 mm Vik 200 mm Annual Report 2009 1 Operations and strategy Contents Electrolux Annual Report 2009 | Operations and strategy CEO statement 2 Despite very tough economic conditions, we The world of Electrolux 6 succeeded in achieving results for 2009 that Trends 8 were among the best ever. Taking action to enhance our competitiveness and continuing Electrolux operations 10 to implement an offensive strategy enables us Consumer Durables 11 to strengthen our profi tability and our posi- Kitchen 11 tion. Laundry 14 CEO statement, page 2. Floor-care 16 Change in net sales, % Europe 18 ”On the right track”. Electrolux performance 1.6 North America 20 during the recession shows the effectiveness of the strategy. Innovative products, invest- Latin America 22 1.2 ment in the Electrolux brand and a focus on Asia/Pacifi c 24 strong cash fl ow and cost effi ciency have paid 0.8 Professional Products 26 off. 0.4 Electrolux strategy, page 30. 0 Electrolux strategy 30 06 07 08 09 On the right track 32 Comments from analysts Electrolux B Affärsvärlden general index − price index The share priceSEK development for the Electrolux Product development 34 200 Q4 Q2 Q3 “Attractive but high risk still. “Solid margin development “8.1% EBIT margin! Solid execution. OPERATIONS AND STRATEGY AND OPERATIONS B-share in 2009 was the best in the company’s Europe disappointing.” despite weak markets. Lower Rising price/mix and falling input costs. 175 raw material-costs. Strong Exceptionally strong cash flow.” Brand 36 Q1 Q3 cash flow.” ”Weak major markets. Strong “Cost inflation easing, history. The main factors performancecontributing by small sectors. butto the consumer the 150 Steel price rally.” is in bad shape.” Innovative products 38 Q2 Q4 Q1 “Downside risks include “Exceptionally weak markets “Strong price mix. No risk of a hard consumer landing in Europe and North America. rights issue as cash flow Electrolux positive125 share price development Dividend was cut to zero.” comes through.” and higher input costs.“ Costs 40 was a low value100 at the start of 2009 and the Financial goals 43 strong improvement75 in income. External factors 46 50 Electrolux and25 the capital market, Next step 48 Dec 2007 Mar 2008 Jun 2008 Sep 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Strong decline in raw-material market prices see page 58. Increasing raw-material market prices Stabilized demand in North America S AL Global financial crises a ffects access to c redits Continued decline in demand in North America and Western Europe Dramatic decline in demand in Eastern Europe OR RN Accelerated global decline in demand TE Strong growth in Brazil Less decline in Europe Strong currency changes Sustainability 50 EX FACT Price increases in North America throughout 2008 Electrolux launch (kitchen) in North America Price increases in Europe early 2009 Structural improvement of working capital New borrowings – prolonged maturities Electrolux launch (laundry) in North America Suspension of production – adjustment of inventories Decision to c ancel dividend Decision to close factories in Webster, USA, and Alcalà, Spain VES Reduced complexity in Europe – >600 to leave the Group Decision to close factory in St. Petersburg, Russia Utilize global scope with new organization TI Employees 54 IA Decision to close factory in Scandicci and improve efficiency in Susegana, Italy Global cost-cutting program – >3,000 to leave the Group Decision to close factory in Changsha, China, and increase efficiency in Porcia, Italy IT ELECTROLUX IN Remuneration 55 The share 58 Part 1 describes Electrolux Part 2 consists of the fi nancial ...to a Risks 64 operations and strategy. review, sustainability report and corporate governance report. consumer-driven 2009 Financial review 68 company The story of Electrolux 74 www.electrolux.com/annualreport2009 Board of Directors Products and Auditors 76 Brand Group Management 78 Cost Events and reports 80 From a AB Electrolux (publ) manufacturing Mailing address company... Contacts SE-105 45 Stockholm, Sweden REPORT ANNUAL Visiting address Peter Nyquist Vice President Investor Rela- S:t Göransgatan 143, Stockholm tions and Financial Information Telephone: +46 8 738 60 00 Tel. +46 8 738 67 63 Telefax: +46 8 738 74 61 Investor Relations Website: www.electrolux.com Tel. +46 8 738 60 03 Fax +46 8 738 74 61 Concept, text and production by Electrolux Investor Relations and Solberg. E-mail [email protected] WorldReginfo - 252be905-38e6-434d-adf7-e2cc4c9778fc 599 14 14-22/7599 14 215 mm Marginal Bigning Rygg 6 mm Bigning Marginal 215 mm Vik 200 mm Annual Report 2009 1 Operations and strategy Contents Electrolux Annual Report 2009 | Operations and strategy CEO statement 2 Despite very tough economic conditions, we The world of Electrolux 6 succeeded in achieving results for 2009 that Trends 8 were among the best ever. Taking action to enhance our competitiveness and continuing Electrolux operations 10 to implement an offensive strategy enables us Consumer Durables 11 to strengthen our profi tability and our posi- Kitchen 11 tion. Laundry 14 CEO statement, page 2. Floor-care 16 Change in net sales, % Europe 18 ”On the right track”. Electrolux performance 1.6 North America 20 during the recession shows the effectiveness of the strategy. Innovative products, invest- Latin America 22 1.2 ment in the Electrolux brand and a focus on Asia/Pacifi c 24 strong cash fl ow and cost effi ciency have paid 0.8 Professional Products 26 off. 0.4 Electrolux strategy, page 30. 0 Electrolux strategy 30 06 07 08 09 On the right track 32 Comments from analysts Electrolux B Affärsvärlden general index − price index The share priceSEK development for the Electrolux Product development 34 200 Q4 Q2 Q3 “Attractive but high risk still. “Solid margin development “8.1% EBIT margin! Solid execution. OPERATIONS AND STRATEGY AND OPERATIONS B-share in 2009 was the best in the company’s Europe disappointing.” despite weak markets. Lower Rising price/mix and falling input costs. 175 raw material-costs. Strong Exceptionally strong cash flow.” Brand 36 Q1 Q3 cash flow.” ”Weak major markets. Strong “Cost inflation easing, history. The main factors performancecontributing by small sectors. butto the consumer the 150 Steel price rally.” is in bad shape.” Innovative products 38 Q2 Q4 Q1 “Downside risks include “Exceptionally weak markets “Strong price mix. No risk of a hard consumer landing in Europe and North America. rights issue as cash flow Electrolux positive125 share price development Dividend was cut to zero.” comes through.” and higher input costs.“ Costs 40 was a low value100 at the start of 2009 and the Financial goals 43 strong improvement75 in income. External factors 46 50 Electrolux and25 the capital market, Next step 48 Dec 2007 Mar 2008 Jun 2008 Sep 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Strong decline in raw-material market prices see page 58. Increasing raw-material market prices Stabilized demand in North America S AL Global financial crises a ffects access to c redits Continued decline in demand in North America and Western Europe Dramatic decline in demand in Eastern Europe OR RN Accelerated global decline in demand TE Strong growth in Brazil Less decline in Europe Strong currency changes Sustainability 50 EX FACT Price increases in North America throughout 2008 Electrolux launch (kitchen) in North America Price increases in Europe early 2009 Structural improvement of working capital New borrowings – prolonged maturities Electrolux launch (laundry) in North America Suspension of production – adjustment of inventories Decision to c ancel dividend Decision to close factories in Webster, USA, and Alcalà, Spain VES Reduced complexity in Europe – >600 to leave the Group Decision to close factory in St. Petersburg, Russia Utilize global scope with new organization TI Employees 54 IA Decision to close factory in Scandicci and improve efficiency in Susegana, Italy Global cost-cutting program – >3,000 to leave the Group Decision to close factory in Changsha, China, and increase efficiency in Porcia, Italy IT ELECTROLUX IN Remuneration 55 The share 58 Part 1 describes Electrolux Part 2 consists of the fi nancial ...to a Risks 64 operations and strategy. review, sustainability report and corporate governance report. consumer-driven 2009 Financial review 68 company The story of Electrolux 74 www.electrolux.com/annualreport2009 Board of Directors Products and Auditors 76 Brand Group Management 78 Cost Events and reports 80 From a AB Electrolux (publ) manufacturing Mailing address company... Contacts SE-105 45 Stockholm, Sweden REPORT ANNUAL Visiting address Peter Nyquist Vice President Investor Rela- S:t Göransgatan 143, Stockholm tions and Financial Information Telephone: +46 8 738 60 00 Tel. +46 8 738 67 63 Telefax: +46 8 738 74 61 Investor Relations Website: www.electrolux.com Tel. +46 8 738 60 03 Fax +46 8 738 74 61 Concept, text and production by Electrolux Investor Relations and Solberg. E-mail [email protected] WorldReginfo - 252be905-38e6-434d-adf7-e2cc4c9778fc 599 14 14-22/7599 14 200 mm Vik 215mm Marginal Bigning Rygg 6mm Bigning Marginal 215mm Electrolux offering Electrolux business areas Operating Brands Sustainability Category Products Net sales income Development 2009 Corporate governance About Electrolux operations Annual General Meeting For household kitchens throughout the world Electrolux sells Operating income was substantially higher. Factors contributing to the improvement included a positive cookers, ovens, refrigerators, freezers, dishwashers, hoods
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