STOCKHOLM, Sweden, April 22, 2003 (PRIMEZONE) -- Electrolux (Nasdaq:ELUX)
Consolidated income statement, SEKm
First quarter First quarter Full Year
2003 2002 2002
Net sales 32,062 33,580 133,150
Cost of goods sold -24,512 -25,948 -101,705
Selling expense -4,217 -4,204 -17,738
Administrative expense -1,478 -1,451 -5,405
Other operating income/expense -57 -71 -137
Items affecting comparability - 1,885 -434
Operating income* 1,798 3,791 7,731
Margin, % 5.6 11.3 5.8
Financial items, net 0 -109 -186
Income after financial items 1,798 3,682 7,545
Margin, % 5.6 11.0 5.7
Taxes -556 -726 -2,459
Minority interests in net income 4 6 9
Net income 1,246 2,962 5,095
* Including depreciation and -854 -1,006 -3,854
amortization in the amount of:
Net income per share basic and 3.95 9.00 15.60
diluted, SEK
Number of shares after buy backs,
million 315.6 329.6 318.3
Average number of shares after
buy backs, 316.2 329.6 327.1
million
Consolidated balance sheet, SEKm
March 31 March 31 Full year
2003 2002 2002
Assets
Fixed assets 27,418 30,925 27,698
Inventories, etc 16,731 18,258 15,614
Accounts receivab 27,455 27,799 22,484
Other receivables 5,891 8,115 5,328
Liquid funds 11,324 10,282 14,300
Total assets 88,819 95,379 85,424
Equity and liabilities
Shareholders' equity 28,453 30,913 27,629
Minority interests 572 671 592
Interest-bearing liabilities and 16,724 22,117 15,698
provisions
Non-interest-bearing liabilities
and 43,070 41,678 41,505
provisions
Total equity and liabilities 88,819 95,379 85,424
Contingent liabilities 1,117 1,462 949
Change in equity, SEKm First First Full
quarter quarter year
2003 2002 2002
Opening balance 27,629 28,864 28,864
Dividend payment - - -1,483
Repurchase of shares -373 - -1,703
Minimum liability US pensions - - -1,335
Translation differences etc. -49 -913 -1,809
Net income 1,246 2,962 5,095
Closing balance 28,453 30,913 27,629
Consolidated cash-flow statement, SEKm
First First Full
quarter quarter year
2003 2002 2002
Operations
Income after financial items 1,798 3,682 7,545
Depreciation and amortization 854 1,006 3,854
Provisions and capital gains/losses -528 -3,114 -1,272
Taxes paid -214 -220 -1,027
Changes in operating assets and
liabilities
Change in inventories -1,202 -1,901 -706
Change in accounts receivable -5,073 -4,562 28
Change in other current assets -621 -99 832
Change in current liabilities 1,760 2,416 1,651
and provisions
Cash flow from operations -3,226 -2,792 10,905
Investments
Acquisition and divestment of - 2,397 2,229
operations
Capital expenditure in tangible -625 -746 -3,335
fixed assets
Capitalization of product -50 -80 -195
development and software
Other 56 222 290
Cash flow from investments -619 1,793 -1,011
Dividend - - -1,483
Repurchase of shares -373 - -1,703
Cash flow after dividends -4,218 -999 6,708
Change in interest-bearing 1,301 -849 -4,157
liabilities
Total cash flow -2,917 -1,848 2,551
Liquid funds at beginning of year 14,300 12,374 12,374
Exchange-rate differences
referring to liquid funds -59 -244 -625
Liquid funds at end of period 11,324 10,282 14,300
Change in net borrowings
Total cash flow excl. change in -4,218 -999 6,708
loans
Net borrowings at beginning of year -1,398 -10,809 -10,809
Exchange-rate differences referring
to 216 -27 2,703
net borrowings
Net borrowings at end of period -5,400 -11,835 -1,398
Net sales by business First First Full
area, SEKm quarter quarter year
2003 2002 2002
Consumer Durables
Europe 11,987 11,241 48,250
North America 12,028 13,284 48,450
Rest of the world 2,908 3,437 14,820
Total Consumer Durables 26,923 27,962 111,520
Professional Products
Indoor 2,165 3,029 10,887
Outdoor 2,950 2,547 10,597
Total Professional 5,115 5,576 21,484
Products
Other 24 42 146
Total 32,062 33,580 133,150
Operating income by business First First Full
area, SEKm quarter quarter year
2003 2002 2002
Consumer Durables
Europe 710 676 3,265
Margin, % 5.9 6.0 6.8
North America 798 876 3,271
Margin, % 6.6 6.6 6.8
Rest of the world -120 -22 51
Margin, % -4.1 -0.6 0.3
Total Consumer Durables 1,388 1,530 6,587
Margin, % 5.2 5.5 5.9
Professional Products
Indoor 138 183 753
Margin, % 6.4 6.0 6.9
Outdoor 442 386 1,508
Margin, % 15.0 15.2 14.2
Total Professional 580 569 2,261
Products
Margin, % 11.3 10.2 10.5
Common Group costs, etc. -170 -193 -683
Items affecting - 1.885 -434
comparability
Total 1,798 3,791 7,731
Value creation, SEKm First First Full
quarter quarter year
2003 2002 2002
Consumer Durables
Europe 435 374 2,099
North America 326 307 1,170
Rest of the world -333 -346 -1,011
Total Consumer 428 335 2,258
Durables
Professional Products
Indoor 81 31 291
Outdoor 297 288 1,090
Total Professional 378 319 1,381
Products
Common Group costs, -75 -45 -178
etc.
Total 731 609 3,461
Key ratios First First First quarter Full Year
quarter quarter 2002,
2003 2002 excl. items 2002
affecting
comparability
Net income per share, 3.95 9.00 3.75 15.60
SEK1)
Return on equity, % 2) 17.8 39.6 16.4 17.2
Return on net assets, 23.8 39.3 19.1 22.1
% 3)
Net debt/equity ratio 4) 0.19 0.37 0.37 0.05
Capital expenditure, 625 746 746 3,335
SEKm
Average number of 80,329 84,474 84,474 81,971
employees
1) Average number of shares for the first quarter after buy-backs
is 316.2 (329.6) million.
2) Annualized net income, expressed as a percentage of average
equity.
3) Annualized operating income, expressed as a percentage of
average net
assets.
4) Net borrowings, i.e. interest-bearing liabilities less liquid
funds, in relation to adjusted equity. The latter is defined
as equity including minority interests.
Exchange rates in SEK First First Full
quarter quarter year 2002
2003 2002
USD, average 8.57 10.51 9.72
USD, end of period 8.51 10.35 8.78
EUR, average 9.19 9.16 9.15
EUR, end of period 9.28 9.03 9.16
GBP, average 13.76 14.98 14.58
GBP, end of period 13.45 14.74 14.09
Quarterly figures
Net sales and income,
per quarter
1st 2nd 3rd 4th Full
qtr qtr qtr qtr Year
Net sales, SEKm 2003 32,062
2002 33,580 37,224 31,760 30,586 133,150
Operating income, SEKm 2003 1,798
Margin,% 5.6
2002 3,791 2,722 1,781 -563 7,731
Margin,% 11.3 7.3 5.6 -1.8 5.8
2002 1) 1,906 2,722 1,756 1,781 8,165
Margin, % 5.7 7.3 5.5 5.8 6.1
Income after financial 2003 1,798
items, SEKm
Margin,% 5.6
2002 3,682 2,694 1,728 -559 7,545
Margin,% 11.0 7.2 5.4 -1.8 5.7
2002 1) 1,797 2,694 1,703 1,785 7,979
Margin, % 5.4 7.2 5.4 5.8 6.0
Net income, SEKm 2003 1,246
2002 2,962 1,850 1,239 -956 5,095
2002 1) 1,228 1,850 1,222 1,221 5,521
Net income per share,
2003 3.95
SEK 2002 9.00 5.60 3.80 -2.80 15.60
2002 1) 3.75 5.60 3.75 3.80 16.90
Value creation,
SEKm 2003 731
2002 609 1,475 636 741 3,461
1) Excluding items affecting comparability, which in 2002 amounted
to SEK -434m.
Net sales by business area, per
quarter, SEKm
Consumer Durables 1Q 2Q 3Q 4Q Full Year
Europe 2003 11,987
2002 11,241 11,896 12,605 12,508 48,250
North America 2003 12,028
2002 13,284 15,090 10,876 9,200 48,450
Rest of the world 2003 2,908
2002 3,437 4,257 3,332 3,794 14,820
Total Consumer
Durables 2003 26,923
2002 27,962 31,243 26,813 25,502 111,520
Professional
Products, 2003 2,165
Indoor
2002 3,029 3,032 2,192 2,634 10,887
Professional Products,
2003 2,950
Outdoor
2002 2,547 2,907 2,720 2,423 10,597
Total Professional 2003 5,115
Products 2002 5,576 5,939 4,912 5,057 21,484
Operating income by business area, per quarter, SEKm
Consumer Durables 1Q 2Q 3Q 4Q Full Year
Europe 2003 710
Margin,% 5.9
2002 676 819 828 942 3,265
Margin,% 6.0 6.9 6.6 7.5 6.8
North America
2003 798
Margin,% 6.6
2002 876 1,338 577 480 3,271
Margin,% 6.6 8.9 5.3 5.2 6.8
Rest of the world
2003 -120
Margin,% -4.1
2002 -22 98 -41 16 51
Margin,% -0.6 2.3 -1.2 0.4 0.3
Professional Products,
2003 138
Indoor
Margin,% 6.4
2002 183 214 197 159 753
Margin,% 6.0 7.1 9.0 6.0 6.9
Professional Products,
2003 442
Outdoor
Margin,% 15.0
2002 386 435 356 331 1,508
Margin,% 15.2 15.0 13.1 13.7 14.2
Common Group costs,
2003 -170
etc.
2002 -193 -182 -161 -147 -683
Items affecting
2003 -
comparability
2002 1,885 - 25 -2,344 -434
Five-year review
Amounts in SEKm, unless 2002 2001 2000 1999 1998
otherwise stated
Net sales 133,150 135,803 124,493 119,550 117,524
Operating income 7,731 6,281 7,602 7,204 7,028
Margin, % 5.8 4.6 6.1 6.0 6.0
Margin, excluding items 6.1 4.7 6.5 6.2 5.2
affecting comparability,
%
Income after financial
items 7,545 5,215 6,530 6,142 5,850
Margin, % 5.7 3.8 5.2 5.1 5.0
Margin, excluding items 6.0 3.9 5.6 5.3 4.2
affecting comparability, %
Net income 5,095 3,870 4,457 4,175 3,975
Net income per share, SEK
15.60 11.35 12.40 11.40 10.85
Average number of
shares 327.1 340.1 359.1 366.2 366.2
after buy-backs, million
Dividend, adjusted for
share 6.00 1) 4.50 4.00 3.50 3.00
issues
Value creation 3,461 262 2,423 1,782 437
Return on equity, % 17.2 13.2 17.0 17.1 18.2
Return on net assets, % 22.1 15.0 19.6 18.3 17.5
Net debt/equity ratio 0.05 0.37 0.63 0.50 0.71
Capital expenditure 3,335 4,195 4,423 4,439 3,756
Average number of
employees 81,971 87,139 87,128 92,916 99,322
1) Proposed by the Board.
Definitions
Capital indicators
Annualized sales In computation of key ratios where capital is relatedto net sales, the latter are annualized and convertedat year-end exchange rates and adjusted for acquiredand divested operations.
Net assets Total assets, excluding liquid funds, interest-bearing financial receivables, as well as non-interesting-bearing liabilities and provisions.
Adjusted equity Equity, including minority interests.
Working capital Net assets less fixed assets and deferred taxassets/liabilities.
Net borrowings Total interest-bearing liabilities less liquid funds.
Net debt/equity Net borrowings in relation to adjusted equity.ratio Equity/assets Adjusted equity as a percentage of total assets lessratio liquid funds.
Other key ratios
Net income per Net income divided by the average number of sharesshare after buy-backs.
Operating cash Total cash flow from operations and investments,flow excluding acquisition and divestment of operations.
Operating margin Operating income expressed as a percentage of netsales.
Value creation Operating income excluding items affectingcomparability less the weighted average cost ofcapital (WACC) on average net assets excluding itemsaffecting comparability. (Net sales - operatingcosts = operating income) - (WACC x Average netassets). The WACC for 2003 and 2002 was 13% beforetax. The WACC for previous periods was 14% beforetax.
Return on equity Net income expressed as a percentage of averageequity.
Return on net Operating income expressed as a percentage of averageassets net assets.
This report has not been audited.
Financial reports in 2003 Quarterly report, 2nd quarter July 17 Quarterly report, 3rd quarter October 21
Financial information from Electrolux is also available on www.electrolux.com/ir
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download: http://www.waymaker.net/bitonline/2003/04/22/20030422BIT00600/wkr0001.doc
The Full Report
http://www.waymaker.net/bitonline/2003/04/22/20030422BIT00600/wkr0002.pdf
The Full Report