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Electrolux Consolidated results 2012 Presentation
 

Electrolux Consolidated results 2012 Presentation

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Highlights of the fourth quarter of 2012. Net sales amounted to SEK 29,185m (28,369) and income for the period was SEK 292m (221), or SEK 1.02 (0.77) per share. Net sales improved by 2.9%, of which ...

Highlights of the fourth quarter of 2012. Net sales amounted to SEK 29,185m (28,369) and income for the period was SEK 292m (221), or SEK 1.02 (0.77) per share. Net sales improved by 2.9%, of which 7.5% was organic growth and –4.6% changes in exchange rates.

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    Electrolux Consolidated results 2012 Presentation Electrolux Consolidated results 2012 Presentation Presentation Transcript

    • Q4 Results,February 1, 2013Keith McLoughlin, President and CEOTomas Eliasson, CFOPeter Nyquist, SVP IR
    • 2012 summary• Net sales reached SEK 110bn – Improvement of 8.3%, of which 5.5% organic growth, 3.9% acquisitions and -1.1% currency effect• EBIT of SEK 5.2bn, margin of 4.7% – Volume growth in North America and Latin America – Price increases and extensive product launches – Weak demand in Europe• Investments in Marketing, R&D and Design• Ongoing cost savings• Strong cash flow• Proposed dividend SEK 6.50 per share 2
    • Q4 HighlightsEBIT (SEKm) Margin (%)1,800 5.6 6 • Record organic growth of 7.5%1,600 5.1 5 – Strong volume growth in the1,400 Americas and Asia/Pacific1,200 4 – Price increases1,000 800 3 • EBIT increased to SEK 1,628m 600 2 – Improved price/mix in the US 400 – Positive price, mix and volume in 1 Latin America 200 0 0 – Lower volumes, negative 2011 2012 price/mix in Europe (SEKm) Q4 2011 Q4 2012 • Strong cash flow driven by Sales 28,369 29,185 working-capital efficiency EBIT* 1,441 1,628 Margin* 5.1 5.6 • SEK 1,032m was charged as * Excluding items affecting comparability. Non-recurring items are excluded IAC in all figures. 3
    • Sales and EBIT bridge Q4SEKm 2011 Organic Currency Acq 2012 Q4 Q4Net sales 28,369 2,074 -1,259 - 29,185Growth% 7.5 -4.6 - 2.9EBIT 1,440* 228 -40 - 1,628EBIT% 5.1 11.0 3.1 - 5.6Accretion % 0.5 0.0 -Note: *Excludes December 2011 one-off, 4
    • Sales and EBIT bridge 2012SEKm 2011 Organic Currency Acq 2012Net sales 101,598 5,165 -1,018 4,248 109,994Growth% 5.5 -1.1 3.9 8.3EBIT 3,979* 888 -120 222 5,181EBIT% 3.9 17.2 11.8 5.2 4.7Accretion % 0.7 -0.1 0.2Note: *Excludes December 2011 one-off, 5
    • Income statement analysis% of sales 2011 2012Direct material & sourced products 56.1 56.6Manufacturing conversion cost 12.5 11.4R&D, warranties, logistics 12.7 12.2Gross margin 18.7 19.8S, G & A 14.8 15.1EBIT 3.9 4.7 6
    • Cash flowSEKm 2011 2012 2011 2012 Q4 Q4 Year YearOperations 1,937 2,327 6,122 7,665Change in operating assetsand liabilities 463 470 1,116 1,727Capital expenditure -1,423 -1,351 -4,493 -4,613Operating cash flow 977 1,446 2,745 4,779
    • Consumer DurablesMajor Appliances Europe,Middle East & AfricaEBIT (SEKm) Margin (%)600 6 • Volumes declined in key 5.0 European markets400 4 • EBIT of SEK 343m 3.7 – Cost savings – Lower sales volumes200 2 – Price/mix deterioration • Actions to further improve our 0 0 manufacturing footprint. 2011 2012 (SEKm) Q4 2011 Q4 2012 Sales 9,749 9,216 EBIT* 488 343 Margin* 5.0 3.7 * Excluding items affecting comparability. Non-recurring items are excluded in all figures. 8
    • Negative growth in EuropeFurther weakening in Southern Europeand slow-down in Eastern Europe Quarterly comparison y-o-y10% Y-o-Y: -1.0% 5% 0% -5%-10%-15%-20% 2006 2007 2008 2009 2010 2011 2012W. Eur. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -2 Q2 Q3 -3 -2 -4 -2 -2 +4 +1 +1 +5 +1 +1 -1 -5 -4 -4 -5 -8 -9 -9 -4 -2 +1 0 0 0 Q1 -2 -3 Q4 Q1 Q2 Q3 Q4E. Eur. +1 +9 +6 +7 +14 +5 +5 +10 +6 +5 +4 -15 -31 -30 -26 -17 -7 +1 +5 +13 +13 +12 +7 +9 +5 +3 +2 +2Market Development % 9
    • Consumer DurablesMajor AppliancesNorth AmericaEBIT (SEKm) Margin (%)750 7.5 • 18% organic sales growth600 6 – Price/Mix improvement 5.1450 4.5 – Strong volumes with market share gains300 3 • EBIT increased to SEK 367m 1.5150 1.5 – Price increases 0 0 – EBIT margin of 5.1%-150 -1.5 – Extra cost of SEK 100m 2011 2012 (SEKm) Q4 2011 Q4 2012 Sales 6,271 7,207 EBIT* 91 367 Margin* 1.5 5.1 * Excluding items affecting comparability. Non-recurring items are excluded in all figures. 10
    • Market demand for core appliances in NorthAmerica continued to show weakness Quarterly comparison y-o-y15% Y-o-Y: -2.3%10% 5% 0%-5%-10%-15%-20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2008 2009 2010 2011 2012 11
    • Consumer DurablesMajor AppliancesLatin AmericaEBIT (SEKm) Margin (%)700 10.2 12 • Good market growth in Brazil600 10 and in rest of Latin America500 – Strong organic growth of 19% 8400 5.7 – Tax incentives extended in 6 Brazil300 4 – Price/mix improvement200 2 • EBIT improved to SEK 657m100 – EBIT margin of 10.2% 0 0 2011 2012 – Volumes, price and mix (SEKm) Q4 2011 Q4 2012 contributed positively Sales 6,003 6,411 EBIT* 345 657 – CTI delivers above expectations Margin* 5.7 10.2 * Excluding items affecting comparability. Non-recurring items are excluded in all figures. 12
    • Consumer DurablesMajor AppliancesAsia/PacificEBIT (SEKm) Margin (%)240 10.6 12 • EBIT margin of 9.3% 9.3 • Soft market in Australia160 8 – Lower price/mix – Positive currency – Cost savings 80 4 • Southeast Asia and China – Continued strong sales growth 0 2011 2012 0 – Gained market share (SEKm) Q4 2011 Q4 2012 – Positive contribution from Sales 2,180 2,259 Chinese operations EBIT* 233 211 Margin* 10.6 9.3 * Excluding items affecting comparability. Non-recurring items are excluded in all figures. 13
    • Consumer DurablesSmall AppliancesEBIT (SEKm) Margin (%) 10.9 12 • Higher sales volume270 8.3 10 – Growth for Small Domestic Appliances 8180 – Market share gain in Europe and 6 North America 90 4 • Lower operating income 2 – Weak European markets – Lower prices 0 0 2011 2012 – Negative currency effect (SEKm) Q4 2011 Q4 2012 – Increased cost for sourced products Sales 2,579 2,689 EBIT* 282 223 Margin* 10.9 8.3 * Excluding items affecting comparability. Non-recurring items are excluded in all figures. 14
    • Professional ProductsFood-service &Laundry productsEBIT (SEKm) Margin (%)300 20 Food-service products 16 • Lower sales and EBIT200 12.0 – Price increases 11.3 12 – Weak European markets 8 – Negative mix100 – Launch costs for Grand Cuisine 4 Laundry products 0 2011 2012 0 • Solid EBIT margin (SEKm) Q4 2011 Q4 2012 – Positive price/mix Sales 1,587 1,402 – Weak European markets EBIT* 191 158 Margin* 12.0 11.3 – Margins maintained * Excluding items affecting comparability. Non-recurring items are excluded in all figures. 15
    • 1st quarter and full year of 2013 y-o-yIn accordance with forward-looking statements in the CEOletter, press release and previous official statements Q1 2013 FY 2013 Comments Slightly Slightly Growth in emerging markets and North Market volumes Positive Positive America. Europe continues to be weak. Slightly Slightly Prices maintained in NA. Price/Mix Positive Positive Europe continuous to be weak. LA positive. Raw-material Steel: Positive Flat Positive costs Plastics: Negative R&D and Intensive launch period in 2013. Increased Higher Higher Marketing marketing spend in North America and China Global operations, overhead reduction and Cost savings ~SEK 250 ~ SEK 1 Bn manufacturing footprint. Consolidation of Costs for running two facilities when moving ~SEK 50m ~SEK 300m NA cooking production from L’Assomption to Memphis Logistics and Overall increase and extra cost from entering Higher Higher Warehousing new distribution channels in NA. 16
    • 1717
    • Factors affecting forward-looking statementsFactors affecting forward-looking statementsThis presentation contains “forward-looking” statements within the meaningof the US Private Securities Litigation Reform Act of 1995. Such statementsinclude, among others, the financial goals and targets of Electrolux forfuture periods and future business and financial plans. These statementsare based on current expectations and are subject to risks and uncertaintiesthat could cause actual results to differ materially due to a variety of factors.These factors include, but may not be limited to the following: consumerdemand and market conditions in the geographical areas and industries inwhich Electrolux operates, effects of currency fluctuations, competitivepressures to reduce prices, significant loss of business from major retailers,the success in developing new products and marketing initiatives,developments in product liability litigation, progress in achieving operationaland capital efficiency goals, the success in identifying growth opportunitiesand acquisition candidates and the integration of these opportunities withexisting businesses, progress in achieving structural and supply-chainreorganization goals. 18