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1 90 Years of Leading Innovations and Design Annual Report 20081 Operations and strategy Contents OPERATIONS AND STRATEGY Electrolux Annual Report 2008 | Operations and strategy strong balance sheet and an effective CEO statement 2 A strategy give Electrolux a strong position 90 years of leading innovations Electroluxbusiness 4 in the current economic downturn, and the ConsumerDurables 5 company is well prepared for a market recov- Kitchen 5 ery. Our long-term goal of an operating margin and design Laundry 8 of 6% has not changed. Floor-care 10 CEO statement, page 2. Europe 12 North America 14 hinking of you” expresses the Electrolux Latin America 16 “T offering: To maintain continuous focus on Asia/Pacific 18 the consumer. Consumer Products comprises ProfessionalProducts 20 products for kitchens, fabric care and cleaning. Professional Products comprises correspond- Electrolux launch ing products for professional users. in North America 24 Electrolux business, page 4. Strategy 26 Productdevelopment 28 chieving a significant position in the North Brand 30 A American premium segment is an important part of the Electrolux strategy for profitable growth. New products 32 The Electrolux-branded products launched In Growth 34 2008, are available at more than 4,000 retailer Cost efficiency 36 floors. SuccessinAustralia 38 Electrolux strategy, page 26. Sustainability 40 Our people 44 ANNUAL REPORT 2008 Remuneration 45 Part 1 describes Electrolux opera- Part 2 consists of the financial review, Financial review 46 tions and strategy. sustainability report and corporate governance report. Electrolux 90 years 50 Board of Directors and Auditors 52 GroupManagement 54 www.electrolux.com/annualreport2008 Eventsandreporting 56 AB Electrolux (publ) Mailing address SE-105 45 Stockholm, Sweden Contacts Visiting address Peter Nyquist S:t Göransgatan 143, Stockholm Vice President Investor Relations 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 E-mail [email protected] Concept, text and production by Electrolux Investor Relations and Solberg. WorldReginfo - 1bcdc02b-9b93-4361-9e19-ff4691053ba6 599 14 14-17/7 Annual Report 2008 1 Operations and strategy Contents OpeRATIons and STRATegY Electrolux Annual Report 2008 | Operations and strategy strong balance sheet and an effective CEO statement 2 A strategy give Electrolux a strong position 90 years of leading innovations Electrolux business 4 in the current economic downturn, and the Consumer Durables 5 company is well prepared for a market recov- Kitchen 5 ery. Our long-term goal of an operating margin and design Laundry 8 of 6% has not changed. Floor-care 10 CEO statement, page 2. Europe 12 North America 14 hinking of you” expresses the Electrolux Latin America 16 “T offering: To maintain continuous focus on Asia/Pacific 18 the consumer. Consumer Products comprises Professional Products 20 products for kitchens, fabric care and cleaning. Professional Products comprises correspond- Electrolux launch ing products for professional users. in North America 24 Electrolux business, page 4. Strategy 26 Product development 28 chieving a significant position in the North Brand 30 A American premium segment is an important part of the Electrolux strategy for profitable growth. New products 32 The Electrolux-branded products launched In Growth 34 2008, are available at more than 4,000 retailer Cost efficiency 36 floors. Success in Australia 38 Electrolux strategy, page 26. Sustainability 40 Our people 44 AnnUAL RepoRT 2008 Remuneration 45 Part 1 describes Electrolux opera- Part 2 consists of the financial review, Financial review 46 tions and strategy. sustainability report and corporate governance report. Electrolux 90 years 50 Board of Directors and Auditors 52 Group Management 54 www.electrolux.com/annualreport2008 Events and reporting 56 AB Electrolux (publ) Mailing address SE-105 45 Stockholm, Sweden Contacts Visiting address Peter Nyquist S:t Göransgatan 143, Stockholm Vice President Investor Relations 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 E-mail [email protected] Concept, text and production by Electrolux Investor Relations and Solberg. WorldReginfo - 1bcdc02b-9b93-4361-9e19-ff4691053ba6 599 14 14-17/7 599 14 Electrolux offering Electrolux business areas Category Products Share of sales Operating income Development 2008 ConsUmeR DURabLes Total Group SEK 104,792m SEK 1,188m KITCHen Declining demand in many of the Group’s most profitable For household kitchens throughout the world Electrolux sells cookers, Consumer markets, lower utilization of capacity in the plants and costs ovens, refrigerators, freezers, dishwashers, hoods and small appli- Durables 43% SEK –22m for personnel cutbacks adversely affected operating income ances. The increasing role of the kitchen as a meeting place for family Europe for appliances in Europe in 2008. and friends gives Electrolux a unique display area. Operating income for appliances in North America was affected by continuing weak market demand, increased raw Washing machines and tumble dryers are the core of the Electrolux Consumer LaUndRY Durables 31% SEK 222m material costs and costs for the Electrolux launch in the pre- product offering for cleaning and care of textiles. Innovations and a North America mium segment. growing preference for higher capacity and user-friendliness are driv- About Sustainability ing demand for Electrolux products. Electrolux Group sales in Latin America increased strongly during the operations Consumer year and market shares were strengthened. Operating Our brands Corporate Durables 10% SEK 715m income improved substantially and is the highest ever for the Electrolux vacuum cleaners and accessories are sold to consumers Latin America Latin American operations. governance FLooR-caRE Annual General worldwide. A strong global distribution network and an attractive Meeting product offering are important competitive advantages. All produc- tion is located in low-cost countries. Consumer Sales in Asia/Pacific showed good growth. Operating income Durables for the operations in Australia, New Zealand and Southeast Asia/Pacific and 9% SEK 369m Asia improved compared to 2007, mainly thanks to previous Rest of world restructuring measures and market growth. PRofessIonaL PRodUCTS Financial statistics Electrolux sells a range of products for professional kitchens and Operating income and margin for Professional Products laundries. High productivity, maximum utilization of resources and an Professional improved in 2008 compared to the previous year, as a conse- Share 7% SEK 774m development extensive service network are key factors for purchases by profes- Products quence of increased sales volumes, price increases and relo- cation of production to Thailand. Operating income of 2008 Dividend sionals. Electrolux has a global presence, and is largest in Europe. was the best ever. Ownership structure Shareholder Latest press information releases Electrolux – a global leader Net sales SEKm 120,000 with a customer focus Latest interim 90,000 report 48% 60,000 Current share price Electrolux is a global leader in household appliances 30,000 and appliances for professional use, selling more 31% than 40 million products to customers in more than 4% 0 04 05 06 07 08 150 markets every year. Share of Group net sales The company focuses on innovations that are thought- Operating income1) fully designed, based on extensive consumer insight, 1% to meet the real needs of consumers and profes- SEKm www.electrolux.com/ir sionals. Electrolux products include refrigerators, 6,000 dishwashers, washing machines, vacuum cleaners Investor Relations 4,500 and cookers sold under esteemed brands such as Tel. +46 8 738 60 03. E-mail: [email protected] Electrolux, AEG-Electrolux, Eureka and Frigidaire. 3,000 11% In 2008, Electrolux had sales of SEK 105 billion and 1,500 55,000 employees. 5% 0 04 05 06 07 08 1) Excluding items affecting comparability. WorldReginfo - 1bcdc02b-9b93-4361-9e19-ff4691053ba6 Electrolux offering Electrolux business areas Category Products Share of sales Operating income Development 2008 ConsUmeR DURabLes Total Group SEK 104,792m SEK 1,188m KITCHen Declining demand in many of the Group’s most profitable For household kitchens throughout the world Electrolux sells cookers, Consumer markets, lower utilization of capacity in the plants and costs ovens, refrigerators, freezers, dishwashers, hoods and small appli- Durables 43% SEK –22m for personnel cutbacks adversely affected operating income ances. The increasing role of the kitchen as a meeting place for family Europe for appliances in Europe in 2008. and friends gives Electrolux a unique display area. Operating income for appliances in North America was affected by continuing weak market demand, increased raw Washing machines and tumble dryers are the core of the Electrolux Consumer LaUndRY Durables 31% SEK 222m material costs and costs for the Electrolux launch in the pre- product offering for cleaning and care of textiles. Innovations and a North America mium segment. growing preference for higher capacity and user-friendliness are driv- About Sustainability ing demand for Electrolux products. Electrolux Group sales in Latin America increased strongly during the operations Consumer year and market shares were strengthened. Operating Our brands Corporate Durables 10% SEK
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