Annual Report 2009 - Husqvarna Group

Five-year review Husqvarna Annual Report 2009 93
Key data, SEKm 2009 2008 2007 2006 1 2005 1
Net sales 34,074 32,342 33,284 29,402 28,768
Net sales growth, % 5 –3 13 2 6
Gross margin, % 25.4 29.0 29.4 27.0 26.6
EBITDA 3,060 3,524 4,645 3,957 3,754
EBITDA margin, % 9.0 10.9 14.0 13.5 13.0
Operating income 1,560 2,361 3,564 3,121 2,927
Operating income excl. restructuring costs 2,012 2,677 3,564 3,121 2,927
Operating margin, % 4.6 7.3 10.7 10.6 10.2
Operating margin excl. restructuring costs, % 5.9 8.3 10.7 10.6 10.2
Consumer Products 2.0 4.9 7.9 7.7 7.3
Consumer Products excl. restructuring costs 3.2 5.3 7.9 7.7 7.3
Professional Products 11.1 12.7 16.8 16.9 16.7
Professional Products excl. restructuring costs 12.8 14.6 16.8 16.9 16.7
Income after financial items 1,094 1,767 2,889 2,692 2 2,448
Income for the period 903 1,288 2,036 1,862 2 1,641
Capital expenditure 914 1,163 857 890 1,259
Consumer Products 491 686 514 524 859
Professional Products 377 475 343 366 400
Operating cash flow 3,737 2,013 1,843 535 2 949
Cash flow per share 6.81 4.43 3 4.04 3 1.17 2,3 2.08 3
Earnings per share, diluted, SEK 1.64 2.81 3 4.46 3 4.08 2,3 3.59 3
Equity per share, SEK 22.0 19.3 3 16.1 3 13.7 3 10.4 3
Average number of shares, millions 548.8 454.5 3 456.2 3 456.9 3 456.9 3
Dividend per share, SEK 1.00 0.00 1.50 3 1.16 3 —
Dividend pay-out ratio, % 5 64 — 42 35 4 —
Capital employed 21,220 25,102 20,707 11,354 11,121
Return on capital employed, % 6.6 10.7 17.6 23.8 2 24.1
Return on equity, % 7.5 15.8 28.6 32.5 2 40.1
Capital turn-over rate, times 1.6 1.5 1.8 2.4 2.6
Net debt/equity ratio 0.52 1.54 1.63 0.68 1.11
Interest coverage ratio, times 3.2 3.5 5.3 7.6 2 —
Equity/assets ratio, % 40.1 25.7 25.7 38.3 26.1
Salaries and remunerations 3,998 4,037 3,973 3,033 3,047
Average number of employees 15,030 15,720 16,093 11,412 11,681
Consumer Products 8,900 8,655 8,851 5,751 6,054
Professional Products 6,100 7,040 7,242 5,661 5,627
1) The Husqvarna Group was established as of 31 May 2006, and listed on the NASDAQ OMX Stockholm as of 13 June 2006. The Husqvarna operations
previously comprised the Outdoor Product segment within Electrolux Group. Figures for 2005 and 2006 presented above are based on the
pro forma figures. As the establishment of the Group was finalized by 31 May 2006 the Income statement, Balance sheet, Equity and Cash flow
statements represent the consolidated values of the Group. For information about combined financial statements and pro forma financial information
please see Husqvarna’s Annual Reports for 2006 and 2007.
2) Pro forma.
3) Number of shares 2005–2008 have been adjusted for the rights issue made in 2009. Number of shares 2005 and 2006 have been adjusted for the
bonus issue made in 2007
4) According to combined financial statements.
5) Dividend pay out ratio is defined as total dividend in relation to the income for the period excluding minority interest.