Annual Report 2009 - Husqvarna Group

36 Husqvarna Annual Report 2009 Report by the Board of Directors
Other information
Rights issue
In order to strengthen the Group’s balance sheet, in February
the Board of Directors authorized a rights issue that was
approved by an Extraordinary Shareholders Meeting on
9 March.
Shareholders had preferential rights to subscribe for one
new A- or B-share for every two A- or B-shares held. The subscription
price was SEK 16 per share. Total proceeds from the
rights issue amounted to SEK 3,059m, and SEK 2,988m net of
transaction costs. The rights issue was fully subscribed and
completed in April.
As a result of the rights issue the number of A-shares in
Husqvarna increased by 49,190,010 to 147,570,030, and the
number of B-shares by 142,016,873 to 428,773,748. The total
number of shares after the issue amounts to 576,343,778.
Trading in the new shares began on 8 April.
New organization
A new organization was announced in July and was fully implemented
as of 1 January 2010.
Instead of the previous six product-based business sectors,
the new organization comprises five business units – Supply
Chain, Products and Marketing, Sales in Europe and Asia/
Pacific, Sales in North America and Latin America, and
Construction Products (see pages 5 and 15).
New reporting structure
Implementation of the new organization also involves a change
in the Group’s external financial reporting as of the first quarter
of 2010. Instead of the previous business areas Consumer
Products and Professional Products, the external reporting will
comprise:
• Forestry and Garden Products, Europe and Asia/Pacific.
• Forestry and Garden Products, North America
and Latin America.
• Construction Products.
Forestry and Garden Products comprise four product categories
– wheeled, handheld and watering, as well as accessories
and tools. Construction Products comprise two product categories:
equipment and diamond tools for the construction
industry, and diamond tools for the stone industry. Historical
financial figures according to the new structure are reported
on pages 96–97.
Changes in Group Management
Following the announcement of the new organization in July,
Martin Bertinchamp, former head of the business sector
Consumer Products, Rest of the World (mass-market channels),
was appointed head of Products & Marketing. Hans Linnarson,
former head of the sector Consumer Products Rest of the
World (dealer channel) and Professional Products for Lawn and
Garden, was appointed head of Sales in Europe and Asia/
Pacific. Bo Andreasson, previously head of the Forestry business
sector, was appointed head of the Group’s global product-development
organization.
In November, Michael Jones joined Husqvarna as head of
Sales in North America and Latin America. His most recent
position was General Manager, Cooking Products within the
Appliances Division at General Electric in North America.
Michael Jones succeeded Roger Leon, who was appointed
head of Global purchasing.
In February 2010, Thomas Andersson joined Husqvarna as
head of the Supply Chain organization. His most recent position
was Senior Vice President and Head of Volvo Powertrain
Sweden, the Volvo Group’s business unit for development and
manufacturing of engines and transmissions.
As of March 2010, Boel Sundvall joined Husqvarna as head
of Group Staff Communications and Investor Relations. Her
most recent position was as a partner at the consultancy firm
WG & Partners. She succeeds Åsa Stenqvist, who has retired.
Consumer Products
Professional Products
Net sales Operating income Net sales Operating income
SEKm
25,000
SEKm
2,500
SEKm
25,000
SEKm
2,500
20,000
2,000
20,000
2,000
15,000
1,500
15,000
1,500
10,000
1,000
10,000
1,000
5,000
500
5,000
500
0
05 06 07 08
Net sales, SEKm
0
09 05 06 07 08 09
Operating income, SEKm*
0
05 06 07 08
Net sales, SEKm
0
09 05 06 07 08 09
Operating income, SEKm*
* Excluding restructuring costs in 2008 and 2009. * Excluding restructuring costs in 2008 and 2009.