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Electrolux Interim Report Q3 2012 Presentation
 

Electrolux Interim Report Q3 2012 Presentation

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Highlights of the third quarter of 2012. Net sales amounted to SEK 27,171m (25,650) and income for the period was SEK 985m (825), or SEK 3.43 (2.90) per share. Net sales improved by 5.9%, of which ...

Highlights of the third quarter of 2012. Net sales amounted to SEK 27,171m (25,650) and income for the period was SEK 985m (825), or SEK 3.43 (2.90) per share. Net sales improved by 5.9%, of which 4.6% was organic growth, 5.1% acquisitions and –3.8% changes in exchange rates.

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    Electrolux Interim Report Q3 2012 Presentation Electrolux Interim Report Q3 2012 Presentation Presentation Transcript

    • Q3 Results,October 22, 2012Keith McLoughlin, President and CEOTomas Eliasson, CFOPeter Nyquist, SVP IR
    • Q3 HighlightsEBIT (SEKm) Margin (%)1 800 5.4 6 • Strong organic growth by 4.6%1 600 5 – Strong volume growth in Latin1 400 4.3 America1 200 4 – Volume and price increases in US1 000 3 • EBIT increased to SEK 1,461m 800 – 5 of 6 business areas at or above 600 2 our EBIT-margin target 400 1 – Improved mix/price in the US 200 – Positive price, mix and volume in 0 0 Latin America 2011 2012 (SEKm) Q3 2012 Q3 2011 – Negative country mix and lower prices in Europe Sales 27,171 25,650 EBIT* 1,461 1,098 • Activities initiated to improve cost Margin* 5.4 4.3 position in Europe * Excluding items affecting comparability. Non-recurring items are included in all figures. 2
    • Bridge of the quarterly salesand EBIT Net Organic Acquisitions/SEKm Q3 2011 Currency Q3 2012 Development DivestmentsNet sales 25,650 1,180 -967 1,308 27,171Net sales % 4.6 -3,8 5.1 5.9EBIT 1,098 373 -80 70 1,461EBIT % 4.3 32.0 8.3 5.3 5.4Dilution/ 1.2 -0.1 0.0Accretion % 3
    • EBIT-margin bridge Q3 year-over-year EBIT% Q3 2011 4.3 Price/Mix 1.2 Volume 0.2 Raw materials -0.2 Net: Investments, inflation, efficiencies 0.0 Net organic development 1.2 Currency -0.1 Acquisitions 0.0 EBIT% Q3 2012 5.4 4
    • Q3 Cash flowCash flow Q3 Q3 9 months 9 monthsSEKm 2012 2011 2012 2011Operations 2,135 1,753 5,338 4,185Change in operating assets andliabilities -1,113 674 1,257 653Capital expenditure -1,252 -1,121 -3,262 -3,070Cash flow from operations -230 1,306 3,333 1,768
    • Consumer DurablesMajor Appliances Europe,Middle East & AfricaEBIT (SEKm) Margin (%)600 6 5.0 • Lower sales volume in key markets400 3.5 4 • EBIT amounted to SEK 303m200 2 – Lower sales prices 0 0 – Negative country mix – Cost savings-200 -2 • Slightly negative contribution-400 -4 from Olympic 2011 2012 • Actions are taken to further (SEKm) Q3 2012 Q3 2011 improve our manufacturing Sales 8,581 8,964 EBIT* 303 444 footprint. Margin* 3.5 5.0 * Excluding items affecting comparability. Non-recurring items are included in all figures. 6
    • Negative growth in Europe Further weakening in Southern Europe and slow-down in Eastern Europe Quarterly comparison y-o-y 10% 5% 0% -5% -10% -15% -20% 2006 2007 2008 2009 2010 2011 2012W. Eur. Q1 Q2 Q3 +5 +4 +1 +1 Q4 Q1 +1 -1 -5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40 Q1-2 Q2-2Q3-3 Q4 Q1-2 Q2-4 Q3-2 +1 Q2 Q3 Q4 -4 -4 -5 -8 -9 -9 -4 -2 +1 0 0 -3E. 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 Market Development % 7
    • Consumer DurablesMajor AppliancesNorth AmericaEBIT (SEKm) Margin (%)750 7,5 6.7 • Higher sales600 6 – Price/Mix improvement450 4,5 – Healthy volume growth300 3 • EBIT increased to SEK 523m 1.5 – EBIT margin of 6.7%150 1,5 – Price/Mix improvement 0 0 – Stronger volumes-150 -1,5 – Improved operational efficiency 2011 2012 (SEKm) Q3 2012 Q3 2011 Sales 7,771 7,122 EBIT* 523 107 Margin* 6.7 1.5 * Excluding items affecting comparability. Non-recurring items are included in all figures. 8
    • Market demand for core appliances in NorthAmerica in line with previous year Quarterly comparison y-o-y15%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 2006 2007 2008 2009 2010 2011 2012 9
    • Consumer DurablesMajor AppliancesLatin AmericaEBIT (SEKm) Margin (%)400 8 • Sales growth of 30% 6.4 – Tax incentives in Brazil300 5.4 6 – Mix improvement – Acquisition of CTI200 4 • EBIT improved to SEK 339m100 2 – EBIT margin of 6.4% – Contribution from CTI 0 0 – Higher volumes 2011 2012 (SEKm) Q3 2012 Q3 2011 – Improved price/mix Sales 5,301 4,101 EBIT* 339 222 Margin* 6.4 5.4 * Excluding items affecting comparability. Non-recurring items are included in all figures. 10
    • Consumer DurablesMajor AppliancesAsia/PacificEBIT (SEKm) Margin (%)240 12 9.9 • EBIT margin of 9.9% 8.7 • Improved EBIT in Australia160 8 – Positive currency – Cost savings – Lower price/mix80 4 • Southeast Asia and China – Continued good profitability in 0 0 Southeast Asia 2011 2012 (SEKm) Q3 2012 Q3 2011 Sales 2,107 1,981 EBIT* 208 172 Margin* 9.9 8.7 * Excluding items affecting comparability. Non-recurring items are included in all figures. 11
    • Consumer DurablesSmall AppliancesEBIT (SEKm) Margin (%)270 10 • Higher sales 8.2 8 – Gained market share in Europe and North America180 6.0 6 • Lower operating income – Lower prices 490 – Increased cost for sourced products 2 – Deterioration in mix. 0 0 2011 2012 (SEKm) Q3 2012 Q3 2011 Sales 2,112 2,056 EBIT* 126 169 Margin* 6.0 8.2 * Excluding items affecting comparability. Non-recurring items are included in all figures. 12
    • Professional ProductsFood-service &Laundry productsEBIT (SEKm) Margin (%)300 20 Food-service products 16 • Lower sales and EBIT 14.0200 11.6 – Lower volumes 12 – Negative mix 8 – Launch costs for Grand Cuisine100 – Price increases 4 Laundry products 0 0 2011 2012 • Lower sales and EBIT (SEKm) Q3 2012 Q3 2011 – Lower volumes Sales 1,299 1,426 – Positive price/mix EBIT* 151 199 Margin* 11.6 14.0 * Excluding items affecting comparability. Non-recurring items are included in all figures. 13
    • Electrolux Grand Cuisine launch 14
    • 4th quarter y-o-yIn accordance with forward-looking statements in the CEOletter, press release and previous official statements Q4 Comments Slightly Growth in emerging markets and North Market volumes Positive America. Europe continues to be weak. Price/Mix Positive Positive price in NA and LA Steel: Positive Raw-material costs Flat Plastics: Slightly negative Intensive launch period in 2012 R&D and marketing Higher Increased marketing spend in North America. Uncertain Egyptian market, compensated by Acquired units SEK 100m a strong CTI performance Incl. global operations, overhead Cost savings ~SEK 250m reduction and improved manufacturing Transportation and Higher Cost increases for sourced products sourced products 15
    • 1616
    • 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. 17