Electrolux reported net sales in 2004 of SEK 120.7 billion (approx. U.S. $17.3 billion), and net income to SEK 3.1 billion (approx. $443.2 million), corresponding to SEK 10.55 (approx. $1.51) per share.
Operating income declined to SEK 4.7 billion (approx. $671.9), mainly due to costs for relocation of production. However, cash flow improved to SEK 3.2 billion (approx. $457.5 million), exclusive of proceeds on divestments in 2003.
There was a strong fourth quarter for appliances in Europe and the U.S., a substantial decline in income for appliances in Asia. Restructuring will be accelerated in order to finalize most relocation of production by 2008.
The Board proposes increasing the dividend to SEK 7.00 (approx. $1.00), dividend policy changed from 30 to 50 percent to at least 30 percent. The Board intends to spin-off the Outdoor Products operation as a separate unit.