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Electrolux announced a webcast featuring Chairman Staffan Bohman and CEO Jonas Samuelson ahead of its Annual General Meeting scheduled for March 25, 2021. Due to the coronavirus pandemic, the meeting will occur without physical shareholder presence. The webcast, available on the company's website, shares reflections on the past year and upcoming strategy. Further details regarding the meeting and postal voting are accessible online, with results to be shared on the same date.
The shareholders of AB Electrolux are notified of the Annual General Meeting scheduled for March 25, 2021. Due to COVID-19, the meeting will occur without physical presence, allowing postal voting only. Shareholders must register by March 17, 2021, to participate. A proposed dividend of SEK 8.00 per share will be paid in two installments. The agenda includes election of directors, approval of the remuneration report, and a new long-term share program. The Board seeks authorizations for share acquisitions and transfers for potential company acquisitions.
Electrolux reported strong financial results for Q4 2020, with net sales of SEK 33,902m, a 17.5% organic sales increase, driven by high home-improvement spending. Operating income rose to SEK 2,498m (7.4% margin), reflecting higher prices and innovative products. The company plans a dividend of SEK 8.00 per share. Despite a challenging pandemic year, Electrolux achieved a full-year operating margin of 5.0%. Looking ahead, they anticipate continued strong demand for appliances in 2021, driven by ongoing consumer interest in home improvement.
Electrolux's Nomination Committee proposes the re-election of all board members at the Annual General Meeting on March 25, 2021, except for Kai Wärn, who will not stand for re-election. Staffan Bohman is nominated to continue as Chairman of the Board, while other board members include Petra Hedengran, Henrik Henriksson, Ulla Litzén, Karin Overbeck, Fredrik Person, David Porter, and Jonas Samuelson. The Nomination Committee is led by Johan Forssell from Investor AB, alongside representatives from major investors.
On October 15, 2020, Electrolux announced a pivotal step towards circularity by unveiling a prototype vacuum cleaner made entirely from 100% recycled and reused materials. Collaborating with Stena Recycling, the project addresses challenges in recycling while promoting sustainable household appliances. With over 400 million metric tons of plastic produced annually, less than 12% is sourced from recycled materials. By 2030, Electrolux aims for all its product ranges to contain at least 50% recycled materials, utilizing insights from this prototype to drive future innovations.
Electrolux will release its third quarter results on October 23, 2020, at approximately 08:00 CET. A conference call will take place at 09:00 CET, featuring comments from CEO Jonas Samuelson and CFO Therese Friberg. The presentation slides and report will be accessible on the company's website. Participants can join via telephone using different numbers for Sweden, the UK/Europe, and the US. Further inquiries can be directed to Sophie Arnius, Head of Investor Relations.
AB Electrolux has proposed a dividend of SEK 7 per share for the fiscal year 2019, reflecting a recovery in earnings and cash flow post-coronavirus pandemic. The decision follows a previous withdrawal of the SEK 8.50 dividend proposal due to uncertainty regarding the pandemic's impact. The Board anticipates a normalization in financial performance for Q4 2020 following strong demand during Q3. An Extraordinary General Meeting is scheduled for November 3, 2020, to approve the dividend. The Q3 report will be published on October 23, 2020.
Electrolux has appointed a Nomination Committee ahead of its Annual General Meeting set for March 25, 2021. The committee consists of six members, including representatives from the four largest shareholders, the Board Chairman, and another Board member. Johan Forssell from Investor AB will chair the committee. The committee's responsibility includes proposing candidates for key positions and remuneration for Board members. Shareholders can submit proposals via email to the Nomination Committee.
AB Electrolux has appointed Carsten Franke as the new Chief Operations Officer (COO) and Executive Vice President, effective October 1, 2020. He succeeds Jan Brockmann, who resigned for an external opportunity. Franke, previously COO of Electrolux Business Area Europe, has extensive experience in international manufacturing and supply chain management since joining the company in 2005. The Global Operations function he will oversee aims to enhance efficiencies and digitalization across the value chain.
