Businessweek

Electrolux AB reported unaudited consolidated and parent company earnings results for the first quarter of March 31, 2013. For the quarter on consolidated basis, the company reported net sales amounted to SEK 25,328 million compared to SEK 25,875 million a year ago. Operating income was SEK 638 million compared to SEK 907 million a year ago. Income after financial items was SEK 483 million compared to SEK 712 million a year ago. Income attributable to equity holders of the parent company was SEK 361 million or SEK 1.26 per share compared to SEK 501 million or SEK 1.76 per share a year ago. Cash outflow from operations was SEK 2,309 million compared to cash inflow from operations of SEK 283 million a year ago. Capital expenditure in property, plant and equipment was SEK 201 million compared to SEK 45 million a year ago. Capital expenditure in product development was SEK 109 million compared to SEK 93 million a year ago. Capital expenditure in software was SEK 133 million compared to SEK 131 million a year ago. Operating cash outflow was SEK 2,847 million compared to SEK 43 million a year ago. Return on net assets was 9.3% against 14.8% a year ago. Return on equity was 9.6% against 11.6% a year ago. Net debt was SEK 12,756 million compared to SEK 9,778 million a year ago. For the quarter on parent company basis, the company reported net sales amounted to SEK 7,224 million compared to SEK 1,493 million a year ago. Operating loss was SEK 5 million compared to operating income of SEK 119 million a year ago. Income after financial items was SEK 21 million compared to SEK 124 million a year ago. Income before taxes was SEK 16 million compared to SEK 161 million a year ago. Income was SEK 9 million compared to SEK 104 million a year ago. Return on net assets was 14.8% against 13.7% a year ago. Return on equity was 14.4% against 10.4% a year ago. Net debt was SEK 10,164 million compared to SEK 10,164 million a year ago.

Electrolux AB, Q1 2013 Earnings Call, Apr 25, 2013

Electrolux AB approved the proposed dividend of SEK 6.50 per share was adopted. The record date was set as April 2, 2013, and cash dividends are expected to be paid from Euroclear Sweden on April 5, 2013.

Electrolux AB announced that the AGM held on March 26, 2013, the shareholders approved the appointment of Bert Nordberg as new Board member.

Electrolux AB announced restatement of consolidated earnings results for the year 2012. For the period, the company restated the operating income of SEK 4,000 million compared to SEK 4,150 million as previously reported. Restated income for the period was SEK 2,365 million compared to SEK 2,599 million as previously reported. Restated income for the period attributable to equity holders of the parent company was SEK 2,362 million or SEK 9.06 per diluted share compared to SEK 2,596 million or SEK 8.24 per diluted share as previously reported. Restated cash flow from operations was SEK 7,080 million against SEK 7,155 million as previously reported. Restated return on net assets was 15.6% compared to SEK 14.8% as previously reported. Restated return on equity was 13.3% compared to SEK 14.4% as previously reported. The company applies the amended standard for pension accounting, IAS 19 Employee Benefits, as of January 1, 2013. The main change is that the option to use the corridor approach previously applied by Electrolux ­ has been removed. Opening balances for 2013 and reported figures for 2012 have been restated to enable comparison.