Electrolux — Earnings Release 2019

Oct 25, 2019

Further strengthening innovation and efficiency

• · Net sales amounted to SEK 32,520m (30,444). Sales growth of 1.0%, driven by price/mix improvements.
• · Operating income amounted to SEK 1,189m (1,756), corresponding to a margin of 3.7% (5.8).
• · Operating income includes non-recurring items of SEK -412m (0) relating to restructuring charges for efficiency measures and outsourcing projects across the Group, recovery of overpaid sales tax in Brazil and a legal settlement in the U.S. Excluding these items, operating income amounted to SEK 1,601m (1,756), corresponding to a margin of 4.9% (5.8).
• Price increases continued to fully offset the headwinds from higher raw material costs, trade tariffs and currency. Manufacturing transition costs in North America and higher marketing investments impacted earnings negatively, while mix improvements across business areas contributed positively.
• · Operating cash flow after investments amounted to SEK 2,594m (1,352).
• · Income for the period decreased to SEK 739m (1,162), and earnings per share was SEK 2.57 (4.04).

Financial overview

				Nine months	Nine months
SEKM	Q3 2019	03 2018	Change, %	2019	2018	Change, %
Net sales	32,520	30,444		93,916	89,703	5
Sales growth, %'	1.0	0.7		-0.1	1.4
Organic growth, %	0.8	0.8		-0.1	0.9
Acquisitions,%	0.4	0.5		0.4	0.7
Divestments, %	-0.2	-0.6		-0.4	-0.2
Changes in exchange rates, %	5.8	4.1		4.8	0.3
Operating income2	1,189	1,756	-32	3,056	3,347	-9
Operating margin, %	3.7	5.8		3.3	3.7
Income after financial items	1,010	1,634	-38	2,541	3,055	-17
Income for the period	739	1,162	-36	1,950	2,230	-13
Earnings per share, SEK3	2.57	4.04		6.78	7.76
Operating cash flow after investments	2,594	1,352		208	486
Return on net assets, %	-			15.2	19.

1 Change in net sales adjusted for currency translation effects.

? In the third quarter of 2019, operating items of SEK 42m relating to restructuring charges for efficiency measures and outsouring projects of SEK -1,618m across the Group, recovery of overpaid sales tax in Brazl of SEK ,403m and a legal settems, operating income amounted to SEK ( 1,60m, corresponding to a margin of 4.9%. In the first nine months of 2019, non-recuring it ms amounted to SEK -1,466m (-1.44). Excluding these non-recurring items, operating income amounted to SEK 4,522m (4,76) corresponding to a margin of 4,8% (5,3), see page 19, 3 Basic

For definitions, see pages 27-28.

President and CFO Jonas Samuelson's comment

Innovation and operational excellence are key pillars to drive profitable growth. In the quarter, we further strengthened our platform for the future by launching ground breaking products and initiating additional efficiency measures.

Once again our ability to innovate contributed to sales growth and earnings. I am particularly pleased that all business areas have improved their mix which shows that consumers find our offering attractive. The new kitchen range launched in Europe during the quarter has been very well received. It is currently rated at 4.9 stars out of 5 in consumer reviews and has started to contribute to our European value market share growth in the focus area Built-in kitchen.

In the quarter we initiated global streamlining measures following the major strategic overview announced earlier this year. This includes the intention to spin-off the Professional Products business area and the sharpening of our consumer business through regionally focused business areas and a global consumer experience function. The efficiency activities are expected to generate annual savings of about SEK 500m, with full effect from 2022. This is on top of the previously announced cost savings from our re-engineering program and the total annual costs savings for the consumer business are now expected to be approximately SEK 3.5bn, with full effect from 2024

The execution of our re-engineering program totalling SEK 8bn continues and with the latest investment in our plant in Nyíregyháza, Hungary, all initiatives under the program have now been announced. In the quarter we started production in the new Anderson facility, U.S., the first investment included in the program, and also the biggest step we have ever taken in terms of automation. Consolidating the U.S. refrigeration/freezer production into one new facility is both very complex and resource intense. This quarter included high manufacturing transition costs. The transition continues and we expect operating income in the fourth quarter to be impacted by approximately USD -25m.

We re-confirm our market view for 2019

Based on current trade tariff levels, we estimate the negative year-over-year impact from raw materials, trade tariffs and currency to be approximately SEK 1.6bn in 2019, compared to the previous estimate of approximately SEK 1.4-1.6bn. The net increase is driven by a more unfavourable currency impact, while raw materials and trade tariffs combined are expected to have a less negative impact compared to our view a quarter ago. For the first nine months of 2019, price has fully offset this headwind and we expect that to also be the case for the full year.

Looking ahead, I am confident that we are well positioned to create shareholder value.

Outlook 2019

Market outlook, units year-over-year1	FY 2019	Previous outlook for FY 20195	Market outlook, units year-over-year1	FY 2019	Previous outlook for FY 20195
Europe	Slightly positive	Slightly positive	Southeast Asia	Slightly positive	Slightly positive
North America	Slightly negative	Slightly negative	Australia	Slightly negative	Slightly negative
Latin America	Slightly positive	Slightly positive

Business outlook2, year-over-year	Q4 2019	FY 2019	Previous outlook for the FY 20195
Volume/price/mix	Favorable	Favorable	Favorable
Raw material costs and trade tariffs	Increase of SEK ~0.1bn	Increase of SEK ~1.1bn	Increase of SFK 1.2-1.4bn
Net cost efficiency3	Unfavorable	Unfavorable	Unfavorable
Currency effect4	SEK -100m	SEK -500m	SEK -200m
Capital expenditure	Increase	SEK ~7bn	SFK ~7bn

1 Electrolux estimates for industry shipments of core appliances

² Business outlook range: Favorable - Neutral - Unfavorable.

3 Efficiencies in variable costs (excl. raw materials and trade tariffs) and structural costs

f Inpact on aperating income for the fullyed 2019, whereof currency transaction effects of SEK 200m. The cataldion is based on currency rates as per October 15, 2019.

5 Published on July 18, 2019.

Note: Business outlook in the above table excludes non-recurring items.

Summary of the third quarter

				Nine months	Nine months		Full year
SEKM	Q3 2019	Q3 2018	Change, %	2019	2018	Change, %	2018
Net sales	32,520	30,444		93,916	89,703	5	124,129
Operating income
Europe	93	749	-88	1,355	1,073	26	2,128
North America	-20	358	n.m.	2	881	-100	1,104
l atin America	1,539	205	649	1,481	202	633	492
Asia-Pacific, Middle East
and Africa	-150	270	n.m.	13	676	-81	979
Professional Products	125	280	-55	827	841	-2	1,134
Other, Group common costs, etc.	-400	-107	-275	-741	-326	-127	-527
Total Group	1,189	1,756	-32	3,056	3,347	-9	5,310
Operating margin, %	3.7	5.8		3.3	3.7		4.3
Operating margin excl.
non-recurring items, %'	4.9	5.8		4.8	5.3		5.4

1 For information on non-recurring items, see table below and page 19.

Note: n.m (not meaningful) is used when the calculated number is considered not relevant.

Net sales

Sales for the Electrolux Group increased by 1.0% in the quarter, excluding currency translation effects. The organic growth was 0.8%, driven by product mix improvements and price increases across most business areas. Acquisitions and divestments had an impact of 0.4% and -0.2%, respectively.

Operating income

Operating income amounted to SEK 1,189m (1,756), corresponding to a margin of 3.7 % (5.8). Operating income was negatively impacted by SEK 412m (0) related to nonrecurring items. These items refer to restructuring charges for efficiency measures and outsourcing projects across all business areas and Group common costs in the total amount of SEK -1,618m, recovery of overpaid sales tax in Brazil of SEK 1,403m and a legal settlement in the U.S. of SEK -197m. See table to the right for the net impact by business area. Excluding these non-recurring items operating income amounted to SEK 1,601m, corresponding to a margin of 4.9%.

Price increases continued to fully offset headwinds from higher raw material costs, trade tariffs and currency. Manufacturing transition costs in North America, higher marketing investments as well as costs related to the preparation of the separation of Professional Products impacted earnings negatively. Mix improvements across business areas continued to contribute positively to operating

SHARE OF SALES BY BUSINESS AREA IN THE THIRD QUARTER OF 2019

income, as a result of major product launches and focus on core brands to drive product mix.

non-recurring items

SEKM	Q3 2019
Europe	-752
North America	-242
Latin America	1,326
Asia-Pacific, Middle East
and Africa	-398
Professional Products	-122
Other, Group common costs, etc.	-224
Total Group	-412

For more information on non-recurring items, see pages 5-7 and 19.

Effects of changes in exchange rates

Changes in exchange rates had a year-over-year impact of SEK -46m. The impact of transaction effects was SEK -139m, relating to operations in Latin America, Australia and Europe. Translation effects amounted to SEK 94m

EBIT margin - 12 months is excluding non-recurring items, see pages 19 and 26.

Financial net

Net financial items amounted to SEK –179m (–121). The change was mainly due to interest expense on lease liabilities following the implementation of IFRS 16 as well as a general increase in interest net.

Income for the period

Income for the period amounted to SEK 739m (1,162), corresponding to SEK 2.57 (4.04) in earnings per share.

First nine months of 2019

Sales growth for the Electrolux Group was -0.1% in the months, excluding currency translation effects. Organic sales declined by -0.1%. Acquisitions and divestments had an impact of 0.4% and -0.4%, respectively.

Operating income amounted to SEK 3,056m (3,347), corresponding to a margin of 3,3% (3.7). In the first nine months, non-recurring ilems amounted to SEK -1,466m (-1,414), see page 19. Excluding these non-recurring income amounted to SEK 4,522m (4,761) corresponding to a margin of 4.8% (5.3).

Income for the period amounted to SEK 1,950m (2,230), corresponding to SEK 6.78 (7.76) in earnings per share.

Market overview

In the third quarter, the market in Europe increased year-over-year driven primarily by Eastern Europe. In the U.S., the market demand for core appliances increased after five consecutive quarters of decline. For more information about the markets, please see the Business areas section.

INDUSTRY SHIPMENTS OF CORE APPLIANCES IN EUROPE*

INDUSTRY SHIPMENTS OF CORE APPLIANCES IN THE U.S.*

*Units year-over-year, %

Sources: Europe: Electrolux estimate, US: AHAM. For definitions see below. For other markets, there are no comprehensive market statistics.

Industry shipment of appliances

				Nine months
Europe, units, year-over-year,%*	Q3 2019	Q3 2018	2019		2018 Full year 2018
Western Europe		- /		i
Eastern Europe (excluding Turkey)
Total Europe

* ource: Electrolux estimates for core appliances include: Refrigerators, Freezers, Washing machines, Tumble dryers, Free-stonding Covers, Bill-in Ovens, Built-in Hobs, Hoods and Dishwashers.

				Nine months Nine months
U.S., units, year-over-year, %*	Q3 2019	Q3 2018	2019		2018 Full year 2018
Core appliances			-
Microwave ovens and home-comfort products			-9	-
Total major appliances			-4	-

*Source: AHAM. Core appliances includes AHAM 6 (Washers, Refrigerators, Freezers, Ranges and Ovens) and Cooktops.

Business areas

Europe

In the third quarter, overall market demand in Europe increased by 1% year-over-year. This was driven by 2% growth in Eastern Europe and 1% in Western Europe.

Electrolux operations in Europe reported an organic sales decline of 1.8 % for the quarter, driven by volume decrease in products at lower price points. Brand and product mix impacted positively as well as price increases.

Operating income excluding non-recurring items improved year-over-year, mainly as a result of good price/mix contribution. The business area once again strengthened its position in the built-in kitchen area and gained market value share, partly as a result of the Electrolux branded kitchen range that was launched in the quarter. Cost efficiency also contributed positively, while increased marketing investments for ongoing product launches and currency headwinds impacted earnings negatively.

OPERATING INCOME AND MARGIN

EBIT margin - 12 months is excluding non-recurring items, see pages 19 and 26.

SEKM	Q3 2019	Q3 2018	Nine months 2019	Nine months	2018 Full year 2018
Net sales	11,036	10,885	32,068	30,782	43,321
Organic growth, %	-1.8	4.8	1.0	5.2	3.7
Acquisitions,%		0.4	0.2	0.8	0.7
Operating income	93	749	1,355	1,073	2,128
Operating margin,%	0.8	6.9	4.2	3.5	4.9
Operating margin excl. non-recurring items, %¹	7.7	6.9	6.6	61	66

! Norwecuring items in Q3 2019 anounted to restructuring charges for efficiency measures and outsourcing projects. For more information on non-recurring items, see page 19

North America

During the quarter, market demand for core appliances in the U.S. increased by 3% year-over-year. Market demand for all major appliances, including microwave ovens and homecomfort products, was flat.

Sales in North America were relatively stable compared to the corresponding quarter previous year. Sales volumes of core appliances under own brands increased, while sales under private label declined. Cost-based price increases and mix improvements contributed positively to sales.

Operating income excluding non-recurring items declined year-over-year, mainly due to increased manufacturing costs related to running three facilities in parallel when transferring production to the new freezer and refrigerator facility in Anderson. Last year's earnings had a positive net impact from the divestment of the commercial and central vacuum cleaner business. Price increases continued to offset higher costs from raw materials and trade tariffs.

OPERATING INCOME AND MARGIN SEKm 1.000 10% 800 8% 600 6% 400 4% 200 2% 0 0% -200 -2% -400 -4% -600 -6% Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2018 2019 EBIT -— EBIT margin

EBIT margin - 12 months is excluding non-recurring items, see pages 19 and 26.

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	10,880	10,072	30,234	29,661	39,804
Organic growth, %	-0.2	-4.6	-5.5	-7.1	-6.3
Divestments, %	-0.4	-1.7	-1.3	-0.6	-1.0
Operating income	-20	358	2	881	1,104
Operating margin,%	-0.2	3.6	0.0	3.0	2.8
Operating margin excl. non-recurring items, %	2.0	3.6	3.6	5.0	4.3

l Nor-recurring items in Q3 2019 amounted to SEK -197m refers to a legal settlement and SEK -45m to restructuring charges for efficiency measures. For more information on non-recurring items, see page 19.

Latin America

In the third quarter, consumer demand for core appliances in Brazil is estimated to have shown growth year-over-year and demand in Argentina recovered slightly. Demand in Chile is estimated to have declined further.

Electrolux operations in Latin America had organic sales growth of 14.2%, mainly driven by increased volumes in Brazil. Price increases also contributed positively.

Operating income excluding non-recurring items increased slightly year-over-year. This was a result of strong sales growth in Brazil, where market shares increased, and product mix improvements. In addition, price increases continued to contribute to operating income and offset higher raw material costs, but could not fully compensate for significant currency headwinds. Reversal of a provision had a positive impact on earnings in the quarter. Last year's earnings included a positive effect from provision reversal related to an administrative case of approximately SEK 170m.

OPERATING INCOME AND MARGIN

EBIT margin - 12 months is excluding non-recurring items, see pages 19 and 26. * Q3 2019: EBIT of SEK 1,539m corresponding to a margin of 33.4%. This includes non-recurring items of SEK 1,326m (see page 19).

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	4,613	3,845 1	13,740	12,610	17,963
Organic growth, %	14.2	0.4	9.7	8.3	9.3
Operating income	1,539	205	1,481	202	492
Operating margin, %	33.4	5.3	10.8	1.6	2.7
Operating margin excl. non-recurring items, %'	4.6	5.3	2.8	1.6	2.7

l Nor-recurring items in Q3 2019 amounted to SEK 1,403m refers torecovery of overpaid sales tax in Brazil and SEK -77m to restructuring charges for efficiency measures. For more information on non-recurring items see page 19.

Asia-Pacific, Middle East and Africa

During the third quarter, market demand in Australia continued to decline. Markets in Southeast Asia are estimated to have grown year-over year although at a slower pace, while demand in Middle East and Africa is estimated to be flat.

Electrolux reported an organic sales growth of 1.5% mainly as a result of good volume growth, particularly in Australia where market shares increased. New product launches in Australia under the Electrolux brand and sales of cordless vacuum cleaners in Southeast Asia contributed to product-mix improvements.

Operating income excluding non-recurring items declined year-over-year, mainly as a result of investments in major product launches and currency headwinds, primarily from a weaker Australian dollar.

OPERATING INCOME AND MARGIN

EBIT margin - 12 months is excluding non-recurring items, see pages 19 and 26.

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	3,801	3,507	10,928	10,389	14,375
Organic growth, %	1.5	5.1	-0.2	3.8	7.5
Acquisitions,%	0.2	-	0.1	1.2	0.9
Operating income	-150	270	131	676	979
Operating margin, %	-4.0	7.7	1.2	6.5	6.8
Operating margin excl. non-recurring items, %'	6.5	7.7	4.8	6.5	6.8

1 Nor-recurring in Q3 2019 amounted to SEK -398m and relaturing charges for efficiency measures and outsouring project. For more information on non-recurring items see page 19.

Professional Products

In the third quarter, overall market demand for professional food-service and laundry equipment continued to weaken across most regions, year-over-year.

Professional Products reported an organic sales decline of 7.1% for the quarter, primarily due to lower beverage sales in the U.S. and lower volumes in Middle East and Africa. The volume decline was partly offset by price increases and higher aftermarket sales.

Operating income excluding non-recurring items declined, mainly due to lower volumes and higher initial product costs related to new product launches. Investments in marketing and innovation continued. Price impacted earnings positively. The efficiency activities announced in the quarter will more than offset increased ongoing costs related to the separation.

OPERATING INCOME AND MARGIN SEKm 18% 450 16% 400 14% 350 300 12% 10% 250 8% 200 150 6% 100 4% 2% 50 0 0% Q4 Q4 Q2 Q3 Q3 Q4 Q3 Q4 QQ1 Q2 Q3 Q3 2017 2018 2019 = EBIT =======================================================================================================================================================================

EBIT margin - 12 months is excluding non-recurring items, see pages 19 and 26.

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	2,190	2,135	6,946	6,261	8,666
Organic growth, %	-7.1	1.9	2.6	3.1	3.5
Acquisitions,%	5.2	4.8	4.7	4.1	4.7
Operating income	125	280	827	841	1,134
Operating margin, %	5.7	13.	11.9	13.4	13.1
Operating margin excl. non-recurring items, %¹	11.3	13.1	13.7	13.4	13.1

l Nor-recuring items in Q3 2019 and relates to restructuring charges for efficiency measures. For more information on nor-recurring tems, see page 19.

Cash flow

Operating cash flow after investments amounted to SEK 2,594m (1,352) in the quarter. The year-over-year increase is mainly an effect of a positive contribution from net operating working capital related to timing effects. Higher capital expenditure had a negative impact.

Operating cash flow after investments in the first nine months of 2019 amounted to SEK 208m (486).

OPERATING CASH FLOW AFTER INVESTMENTS

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Operating income adjusted for non-cash items	3,245	2,620	8,672	7,593	10,547
Change in operating assets and liabilities	1,280	331	-5,850	-3,516	-1,000
Operating cash flow	4,525	2,952	4,842	4,077	9,547
Investments in tangible and intangible assets	-1,717	-1,384	-4,150	-3,207	-5,629
Changes in other investments	-214	-216	-484	-383	-269
Operating cash flow after investments	2,594	1,352	208	486	3,649
Acquisitions and divestments of operations	-0	284	-467	-146	-609
Operating cash flow after structural changes	2,594	1,636	-260	340	3,041
Financial items paid, net2	-141	-124	-432	-193	-361
Taxes paid	-278	-160	-1,018	-675	-1,140
Cash flow from operations and investments	2,174	1,352	-1,710	-528	1,540
Payment of lease liabilities	-237		-687
Dividend		-	-1,221	-1,193	-2,385
Share-based payments	-		5	-218	-210
Total cash flow, excluding changes in loans and short-term
investments	1,937	1,352	-3,614	-1,939	-1,056

1 Operating income adjusted for depreciation, amortization and other non-cash items.

² For the period January I to September 30 inilar ilems received SEK 87m (97), interest and similar items paid SEK -364m (-302) and other inancial items received/paid SEK -58m (12). Interest paid for lease liabilities SEK -97m (-).

Financial position

Net debt

As of September 30, 2019, Electrolux had a financial net debt position (excluding lease liabilities and post-employment provisions) of SEK 1,292m, compared to the financial net cash position of SEK 1,989m as of December 31, 2018. Net provisions for post-employment benefits increased to SEK 5,565m. Lease liabilities amounted to SEK 3,372m as of September 30, 2019 and is an effect of the application of IFRS 16 as from January 1, 2019. In total, net debt amounted to SEK 10,229m, an increase by SEK 8,404m compared to SEK 1,825m per December 31, 2018.

Long-term borrowings and long-term borrowings with maturities within 12 months amounted to a total of SEK 9,966m as of September 30, 2019 with average maturity of 2.5 years, compared to SEK 8,553m and 2.6 years at the end of 2018.

In the third quarter, long-term bilateral borrowings in the amount of SEK 77m were amortized. During the remaining part of 2019, long-term borrowings amounting to approximately SEK 1.1bn will mature.

Liquid funds as of September 30, 2019, amounted to SEK 10,196m, a decrease of SEK 2,053m compared to SEK 12,249m as of December 31, 2018.

Working capital and net assets

Working capital as of September 30, 2019, amounted to SEK -14,692m (-14,714), corresponding to -11.5% (-12.2) of annualized net sales. Operating working capital amounted to SEK 6,417m (5,881), corresponding to 5.0% (4.9) of annualized net sales, see page 21.

Average net assets for the first nine months of 2019 amounted to SEK 30,240m (23,333), corresponding to 24.1% (19.5) of annualized net sales. Net assets as of September 30, 2019, amounted to SEK 32,834m (23,480).

Return on net assets was 15.2% (19.1), and return on equity was 13.4% (14.3).

Net debt
SEKM	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Short-term loans	1,198	1,031	1,429
Short-term part of long-term loans	2,465	1,596	2,355
Trade receivables with recourse	140	219	168
Short-term borrowings	3,802	2,846	3,952
Financial derivative liabilities	123	166	81
Accrued interest expenses and prepaid interest income	61	୧୫	28
Total short-term borrowings	3,987	3,080	4,062
Long-term borrowings	7,501	7,301	6,198
Total borrowings'	11,488	10,381	10,260
Cash and cash equivalents	9,621	10,874	11,697
Short-term investments	193	178	176
Financial derivative assets	145	73	132
Prepaid interest expenses and accrued interest income	238	248	243
Liquid funds2	10,196	11,373	12,249
Financial net debt	1,292	-992	-1,989
Lease liabilities	3,372
Net provisions for post-employment benefits	5,565	2,593	3,814
Net debt	10,229	1,601	1,825
Net debt/equity ratio	0.48	0.08	0.08
Total equity	21,384	20,686	21,749
Equity per share, SEK	74.41	71.98	75.67
Return on equity, %	13.4	14.3	18.2
Equity/assets ratio, %	223	25.3	25.6

l Whereof interest-bearing libbilities amounting to September 30, 2019 and SEK 9,928m as of September 30, 2018 and SEK 9,982m as of December 31, 2018.

² Electrolux has one unused committed back-up multicurrency revolving credit focility of EUR 1,000m, expiring in 2023

Other items

Asbestos litigation in the U.S.

Litigation and claims related to asbestos are pending against the Group in the U.S. Almost all of the cases refer to externally supplied components used in industrial products

manufactured by discontinued operations prior to the early 1970s. The cases involve plaintiffs who have made substantially identical allegations against other defendants who are not part of the Electrolux Group.

As of September 30, 2019, the Group had a total of 3,884 (3,389) cases pending, representing approximately 3,920 (approximately 3,431) plaintiffs. During the third quarter of 2019,

398 new cases with 399 plaintiffs were filed and 208 pending cases with approximately 208 plaintiffs were resolved.

It is expected that additional lawsuits will be filed against Electrolux. It is not possible to predict the number of future lawsuits. In addition, the outcome of asbestos lawsuits is difficult to predict and Electrolux cannot provide any assurances that the resolution of these types of lawsuits will not have a material adverse effect on its business or on results of operations in the future.

Risks and uncertainty factors

As an international group with a wide geographic spread, Electrolux is exposed to a number of business and financial risks. The business risks can be divided into strategic, operational and legal risks. The financial risks are related to such factors as exchange rates, interest rates, liquidity, the giving of credit and financial instruments.

Risk management in Electrolux aims to identify, control and reduce risks. Risks, risk management and risk exposure are described in more detail in the 2018 Annual Report: www.electrolux.com/annualreport2018

Innovation targeting outstanding consumer experiences

Electrolux focuses on bringing innovations to consumers that enhance experiences in the areas of great tasting food, perfect care for clothes, and healthy wellbeing in their homes. This is done with a strong focus on sustainability. Innovation is the key driver for long term profitable growth and margin improvement.

Keeping leadership in a fast growing, attractive category

The market for high-capacity Top Load Washing Machines (TLWMs) has experienced fast-growth in Latin America in recent years, driven by consumers' need to save time and resources by washing more clothes in a single batch.

Electrolux has long experience in this market and drew on deep consumer insight to specifically increase its TLWM market share by more than 4 percentage points during the last five years. Electrolux is the largest player in this attractive category with nearly one-third of the market. TLWMs are the largest sub category in Latin America and sales of products with a +12 kg capacity have almost doubled in recent years, accounting for half of the market in Latin America.

Latin American consumers are increasingly looking for more efficient laundry washing in terms of superior results and well-cared-for clothes. Here, the dilution of detergent is key. Electrolux has developed a 17 kg capacity washing machine for the premium segment to meet the Latin American consumer preference for large washing machines. The machine uses 'perfect dilution' technology to ensure the perfect mix of detergent and softener to care for clothes and avoid stains. The consumer response has not only resulted in a strengthened market position but also in high consumer ratings of 4.7 in the first half of 2019 in Brazil, which is Electrolux main market in the Latin American region.

Profitable growth through targeted innovation in steam cooking

Electrolux has strengthened its leading European position in consumer steam ovens by innovating an affordable range that has significantly increased volumes and profit.

Electrolux saw the consumer demand and made established professional steam cooking technology more cost efficient to create an affordable range of steam ovens that were adapted to consumer needs.

Steam cooking not only improves taste and texture, it also has health benefits by retaining more nutrients in the food. As there were no affordable consumer ovens on the market, Electrolux opened up significant market opportunities by innovating an affordable range.

Since 2015, Electrolux has strengthened its leading position by increasing its steam oven value market share by 6 percentage points. In four years, volumes have increased in Europe alone from 140,000 units to 530,000 in 2018 with a strong increase in profit.

Electrolux launched several steam ovens with the Steamify® function in September 2019 at the IFA Berlin consumer electronics fair. The Steamify® function automatically combines the right amount of steam and traditional heat for outstanding baking, roasting and steaming results, making delicious dishes even easier

Examples of innovations during 2019

	February 21 Frigidaire products launched at the 2019 Kitchen and Bath Industry Show, included the market's first oven with integrated	June 27	Electrolux joined forces with Stena Recycling for the new Circular Initiative to build understanding of what needs to be done to pave the
	Air Fry technology.		way towards a more circular society.
March 20	Electrolux launched a new intuitive kitchen range across Europe.		September 4 Electrolux showcased the latest innovative solutions for the home from its AEG brand at IFA, the world's leading trade fair for home appliances and consumer electronics. Within kitchen, Electrolux is expanding its ecosystem of connected products to assist consumers to cook better at home.
Mav 15	Electrolux partnered with Mila, a US/Chinese start-up that offers connected air purifiers via a subscription-based model direct to consumers.		For more information, see www.electroluxgroup.com

Events during the third quarter of 2019

July 3. Electrolux to invest EUR 130 million in Italian refrigeration facility

The Electrolux Group will invest approximately EUR 130m in automation, digitalization and innovation at its manufacturing facility in Susegana, Italy. The investment is part of Electrolux previously communicated manufacturing investment program (announced at the Capital Markets Day in 2017), totaling SEK 8bn over 4-5 years as from 2018. The program is expected to generate annual cost savings of approximately SEK 3bn with full effect from 2024.

August 29. Electrolux celebrates 100-year anniversary with action plan for sustainable living and funding for Food Foundation

Electrolux introduced the Better Living Program, a plan to enable better and more sustainable living for consumers around the world through 2030. With bold targets focusing on better eatina, better garment care and a better home environment, the initiative widens the scope of Electrolux commitment to sustainability and enables the company and its brands to contribute in a meaningful way on key global challenges. As a first action, the company intends to annually fund the Electrolux Food Foundation until 2030, with an expected total of SEK 100m. The additional funding will contribute to making sustainable eating the preferred choice as the foundation supports employee and partner initiatives.

September 10. Electrolux announces global streamlining measures and Hungarian manufacturing investment

Following a strategic overview started earlier this year, Electrolux initiated a plan to improve efficiency throughout the Group. The company also plans to outsource parts of its current manufacturing in Hungary and invest EUR 100m in its Nyíregyháza refrigerator plant. The efficiency measures and redundancies related to the outsourcing led to restructuring charges in the third quarter 2019 of approximately SEK 1.6bn. The measures are anticipated to generate additional annual savings of about SEK 500m, with full effect as from 2022. The total annual cost savings from ongoing efficiency activities and investments are now expected to be approximately SEK 3.5bn, with full effect from 2024.

September 10. Breakdown of non-recurring items expected in Electrolux Q3 results

In addition to restructuring charges of SEK 1.6 bn (see above), the third quarter operating income was impacted by two administrative cases:

In the fourth quarter of 2018, Electrolux filed a claim with the Brazilian tax authority for the recovery of the overpaid sales tax for 2002-2014. The full amount was recognized as an asset as per September 30, 2019. This led to a positive non-recurring item of SEK 1,403m impacting the operating income of the business area Latin America.

Electrolux also reported a negative non-recurring item of SEK 197m, impacting the operating income of the business area North America. These are costs related to a legal settlement in the U.S.

The net impact of non-recurring items in the third quarter was SEK -412m, see page 19.

September 13. Nomination Committee appointed for Electrolux Annual General Meeting 2020

The members of the Nomination Committee have been appointed based on the ownership structure as of August 31, 2019. Johan Forssell, Investor AB, is the Chairman of the committee. The other members are Kaj Thorén, Alecta, Marianne Nilsson, Swedbank Robur Funds, and Anders Oscarsson, AMF – Försäkring och Fonder. The committee will also include Staffan Bohman and Fredrik Persson, Chairman and Director, respectively, of Electrolux.

September 30. Kai Wärn to become Chairman of the Board of Electrolux Professional AB

As previously announced, Electrolux Professional is intended to be distributed to the shareholders of Electrolux and listed during the first half of 2020, subject to shareholder approval. As a step in the preparations for the distribution and intended listing, Electrolux has appointed Kai Wärn as Chairman of the Board of Directors of Electrolux Professional.

For more information, visit www.electroluxgroup.com

Parent Company AB Electrolux

The Parent Company comprises the functions of the Group's head office, as well as five companies operating on a commission basis for AB Electrolux.

Net sales for the Parent Company, AB Electrolux, for the first nine months 2019 amounted to SEK 29,183m (27,843) of which SEK 23,735m (22,661) referred to sales to Group companies and SEK 5,448m (5,182) to external customers. Income after financial items was SEK 2,970m (2,270), including dividends from subsidiaries in the amount of SEK 3,142m (2,435). Income for the period amounted to SEK 2,300m (638).

Capital expenditure in tangible and intangible assets was SEK 472m (435). Liquid funds at the end of the period amounted to SEK 4,417m, as against SEK 7,244m at the start of the year.

Undistributed earnings in the Parent Company at the end of the period amounted to SEK 21,840m, as against SEK 22,078m at the start of the year. Dividend payment to shareholders for 2018 amounted to SEK 2,443m, whereof SEK 1,221m has been paid during the second quarter 2019 and SEK 1,222m has been reported as a current liability.

The income statement and balance sheet for the Parent Company are presented on page 22.

Stockholm, October 25, 2019

AB Electrolux (publ) 556009-4178

lonas Samuelson President and CEO

The report has not been audited or reviewed by external auditors.

Consolidated statement of comprehensive income

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	32,520	30,444	93,916	89,703	124,129
Cost of goods sold	-27,180	-24,633	-11,404	-15,012	-100,908
Gross operating income	5,340	5,811	16,513	16,632	23,221
Selling expenses	-3,473	-3,159	-10,060	-9,357	-12,986
Administrative expenses	-1,845	-1,180	-4,446	-3,812	-5,101
Other operating income/expenses	1,167	283	1,050	-116	177
Operating income	1,189	1,756	3,056	3,347	5,310
Financial items, net	-179	-121	-515	-292	-423
Income after financial items	1,010	1,634	2,541	3,055	4,887
Taxes	-271	-472	-591	-824	-1,081
Income for the period	739	1,162	1,950	2,230	3,805
Items that will not be reclassified to income for the period:
Remeasurement of provisions for post-employment benefits	-1,405	101	-1,817	401	-448
Income tax relating to items that will not be reclassified	323	-24	412	-95	128
	-1,082	77	-1,406	રે રેણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામમાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધન	-319
Items that may be reclassified subsequently to income for the period:
Cash flow hedges	-27	-18	-26	-34	-2
operations	594	-670	1,735	197	203
Income tax relating to items that may be reclassified	20	8	14	3	23
	587	-680	1,723	166	224
Other comprehensive income, net of tax	-495	-603	317	471	-95
Total comprehensive income for the period	243	560	2,267	2,702	3,710
Income for the period attributable to:
Equity holders of the Parent Company	738	1,162	1,950	2,230	3,805
Non-controlling interests	0	-0	0	0	-0
Total	739	1,162	1,950	2,230	న,805
Total comprehensive income for the period attributable to:
Equity holders of the Parent Company	242	560	2,266	2,701	3,710
Non-controlling interest	l	0	1	0	-0
Total	243	560	2,267	2,702	3,710
Earnings per share, SEK
Basic, SEK	2.57	4.04	6.78	7.76	13.24
Diluted, SEK	2.56	4.01	6.75	7.70	13.14
Average number of shares'
Basic, million	287.4	287.4	287.4	287.4	287.4
Diluted, million	288.9	289.7	288.9	289.6	289.5

¹ Average numbers of shares excluding shares held by Electrolux.

Consolidated balance sheet

Assets Property, plant and equipment, owned 22,185 21,088 19,820 Property, plant and equipment, right-of-use 5,057 7,949 8,239 Goodwill 9,162 3,919 Other intangible assets 3,779 4,280 Investments in associates 438 382 397 6,448 Deferred tax assets 7,323 5,917 285 243 Financial assets 246 Pension plan assets 443 394 532 952 1,546 922 Other non-current assets 48,720 39,406 41,822 Total non-current assets 20,035 18,395 Inventories 16,750 21,482 Trade receivables 21, 14 19,102 887 515 Tax assets 738 181 റ്റ്‌ട 139 Derivatives 5,441 4,097 4,507 Other current assets Short-term investments 193 178 176 10,874 Cash and cash equivalents 9,621 11,697 Total current assets 57,531 55,490 53,856 Total assets 106,251 93,262 97,312 Equity and liabilities Equity attributable to equity holders of the Parent Company 1,545 Share capital 1,545 1,545 Other paid-in capital 2,905 2,905 2,905 -2,449 -2,394 Other reserves -673 Retained earnings 17,598 18,674 19,683 21,738 Equity attributable to equity holders of the Parent Company 21,375 20,674 Non-controlling interests 11 10 12 21,749 21,384 20,686 Total equity Long-term borrowings 6,198 7,501 7,301 Long-term lease liabilities 2,497 Deferred tax liabilities 750 818 868 4,346 Provisions for post-employment benefits 6,009 2,987 5,451 5,281 Other provisions 6,608 16,557 Total non-current liabilities 23,365 16,693 32,216 Accounts payable 34,443 34,792 984 Tax liabilities 673 690 Dividend payable 1,221 1,193 - Other liabilities 17,160 15,848 17,105 Short-term borrowings 3,802 3,952 2,846 Short-term lease liabilities 875 Derivatives 128 189 102 Other provisions 2,850 3,038 2,284 Total current liabilities 61,501 56,019 58,870 Total equity and liabilities 106,251 93,262 97,312	SEKM	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018

Change in consolidated equity

SEKM	2019	2018	Full year 2018
Opening balance	21,749	20,480	20,480
Change in accounting principles	-233	-18	-18
Total comprehensive income for the period	2,267	2,702	3,710
Share-based payments	45	-90	-35
Dividend to equity holders of the Parent Company	-2.443	-2,385	-2,385
Dividend to non-controlling interests	-0	-0	-0
Acquisition of non-controlling interests	-0	-3	- 3
Total transactions with equity holders	-2,399	-2,478	-2,424
Closing balance	21,384	20,686	21,749

Consolidated cash flow statement

Operations Operating income 3,347 1,189 1,756 3,056 5,310 Depreciation and amortization® 3,797 4,150 1,356 1,0009 3,067 Other non-cash items -144 720 1,810 1,180 1,0888 Financial items paid, net2 -141 -124 -432 -193 -361 l axes paid -218 -160 -1,018 -675 -1,140 Cash flow from operations, excluding change in operating assets and liabilities 6,725 2,826 2,337 7,222 9,046 Change in operating assets and liabilities Change in inventories -3,462 -1,619 -495 -1,197 -2,276 Change in trade receivables 1 1,309 1,394 1,076 -582 Change in accounts payable 298 -1,519 263 2,317 -96 Change in other operating assets, liabilities and provisions 562 -1,430 -1,393 1,230 -1,116 Cash flow from change in operating assets and liabilities 1,280 -3,830 -3,516 -1,000 રેરો Cash flow from operations 2,668 3,391 3,208 8,046 4,106 Investments Acquisition of operations -0 - 1 -467 -431 -902 Divestment of operations 285 285 293 Capital expenditure in property, plant and equipment -1,135 -1,404 -3,111 -2,544 -4,650 Capital expenditure in product development -233 -112 -692 -297 -416 Capital expenditure in software and other intangibles -80 -137 -347 -366 -563 Other -214 -216 -484 -383 -269 Cash flow from investments -1,932 -1,316 -5,101 -3,737 -6,506 Cash flow from operations and investments 2,174 -528 1,352 -1,710 1,540 Financing Change in short-term investments -12 -15 189 193 -58 111 Change in short-term borrowings 951 -90 200 622 New long-term borrowings 17 75 2,333 1,735 1,736 Amortization of long-term borrowings -81 -79 -1,238 -1,154 -1,531 Payment of lease liabilities -237 -687 -1,221 -1,193 -2,385 Dividend Share-based payments 5 -218 -210 Cash flow from financing 442 -713 -402 -18 -1,245 Total cash flow -2,423 295 1,772 1,794 -547 Cash and cash equivalents at beginning of period 11,289 9,207 11,289 7,702 11,697 equivalents 146 -127 347 132 ।।રિ	SEKM	Q3 2019	Q3 2018	Nine months 2019	Nine months	2018 Full year 2018
	Cash and cash equivalents at end of period	9,621	10,874	9,621	10,874	11,697

1 For the period January 1 to September 30: depreciation related to right-of-use assets amounted to SEK 662m (-).

² For the period January I to September 30 interest and similar items received SEK -364m (-302) and other financial items received/paid SEK -58m (12). Interest paid related to lease liabilities SEK -97m (-).

Key ratios

			Nine months	Nine months
SEKM unless otherwise stated	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	32,520	30,444	93,916	89,703	124,129
Organic growth, %	0.8	0.8	-0.1	0.9	1.3
FRITA	1,406	1,991	3,717	4,077	6,282
EBITA margin, %	4.3	6.5	4.0	4.5	5.1
Operating income	1,189	1,756	3,056	3,347	5,310
Operating margin, %	3.7	5.8	3.3	3.7	4.3
Operating margin excl. non-recurring items, %	49	5.8	4.8	5.3	5.4
Income after financial items	1,010	1,634	2,541	3,055	4,887
Income for the period	739	1,162	1,950	2,230	3,805
Capital expenditure property, plant and equipment	-1,404	-1,135	-3,111	-2,544	-4,650
Operating cash flow after investments	2,594	1,352	208	486	5,649
Earnings per share, SEK2	2.57	4.04	6.78	7.76	13.24
Equity per share, SEK	74.41	71.98	74.41	71.98	75.67
Capital turnover rate, times/year			47	5.1	5.3
Return on net assets, %			15.2	19.1	22.7
Return on equity, %			13.4	14.3	18.2
Net debt	10,229	1,601	10,229	1,601	1,825
Net debt/equity ratio	0.48	0.08	0.48	0.08	0.08
Average number of shares excluding shares owned by Electrolux, million	287.4	287.4	287.4	287.4	287.4
Average number of employees	52,057	54,274	52,164	54,810	54,419

1 For information on non-recurring items, see page 19.

²Basic.

For definitions, see pages 27-28.

Shares

				Shares held bv	Shares held by
Number of shares	A-shares	B-shares	Shares total		Electrolux other shareholders
Number of shares as of January 1, 2019		8,192,539		21,522,858	287,397,450
Number of shares as of September 30, 2019		8,192,539 - 300,727,769 - 308,920,308		21,522,858	287,397,450
As % of total number of shares				7.0%

Exchange rates

SEK	Sep. 30, 2019		Sep. 30, 2018			Dec. 31, 2018
Exchange rate	Average	End of period	Average	End of period		End of period
ARS	0.2136	0.1707	0.3305	0.2178	0.3087	0.2373
AUD	6.57	6.63	6.50	6.42	6.50	6.34
BRL	2.42	2.36	2.39	2.22	2.39	2.32
CAD	7.07	7.41	6.68	6.84	6.71	6.59
CHF	9.46	9.86	8.84	9.11	8.91	9.15
CLP	0.0136	0.0135	0.0137	0.0135	0.0136	0.0129
CNY	1.37	1.38	1.31	1.29	1.31	1.30
EUR	10.56	10.70	10.24	10.31	10.26	10.28
GBP	11.94	12.08	11.58	11.62	11.57	11.38
HUF	0.0326	0.0319	0.0322	0.0318	0.0321	0.0320
MXN	0.4853	0.4986	0.4515	0.4733	0.4517	0.4556
RUB	0.1441	0.1512	0.1405	0.1354	0.1392	0.1292
THB	0.3003	0.3211	0.2669	0.2753	0.2691	0.2754
USD	9.40	9.82	8.59	8.91	8.70	8.97

Net sales and operating income by business area

					Full year					Full year
SEKM	Q1 2019	Q2 2019	Q3 2019	Q4 2019	2019	Q1 2018	Q2 2018	Q3 2018	Q4 2018	2018
Europe
Net sales	10,553	10,479	11,036			9,760	10,138	10,885	12,539	43,321
Sales growth, %	4.6	1.0	-1.8			8.0	5.1	5.2	0.5	4.4
EBITA	730	631	149			687	-215	800	1,114	2,392
EBITA margin, %	6.9	6.0	1.3			7.0	-2.1	7.4	8.9	5.5
Operating income	686	576	તેરૂ			610	-286	749	1,055	2,128
Operating margin, %	6.5	5.5	0.8			6.2	-2.8	6.9	8.4	4.9
North America
Net sales	9,099	10,255	10,880			8,785	10,804	10,072	10,143	39,804
Sales growth, %	-6.8	-12.1	-0.7			-5.4	-10.2	-6.3	-6.3	-7.2
EBITA	-450	555	-3			-118	703	392	261	1,238
EBITA margin, %	-4.9	5.4	-0.0			-1.3	6.5	3.9	2.6	3.1
Operating income	-482	504	-20			-148	670	358	223	1,104
Operating margin, %	-5.3	4.9	-0.2			-1.7	6.2	3.6	2.2	2.8
Latin America
Net sales	4,312	4,816	4,613			4,247	4,518	3,845	5,353	17,963
Sales growth, %	6.9	8:3	14.2			5.9	19.5	0.4	11.8	0:3
EBITA	-165	217	1,591			97	22	260	342	721
EBITA margin, %	-3.8	4.5	34.5			2.3	0.5	6.8	6.4	4.0
Operating income	-223	164	1,539			35	-38	205	290	492
Operating margin, %	-5.2	3.4	33.4			0.8	-0.8	5.3	5.4	2.7
Asia-Pacific, Middle East and Africa
Net sales	3,445	3,682	3,801			3,197	3,685	3,507	3,986	14,375
Sales growth, %	2.3	-3.8	1.6			10.1	1.0	5.1	18.3	8.4
EBITA	141	204	-115			191	273	301	331	1,096
EBITA margin, %	4.1	5.5	-3.0			6.0	7.4	8.6	8.3	7.6
Operating income	110	171	-150			163	243	270	302	979
Operating margin, %	3.2	4.7	-4.0			5.1	6.6	7.7	7.6	6.8
Professional Products
Net sales	2,302	2,455	2,190			1,917	2,209	2,135	2,405	8,666
Sales growth, %	15.6	8.8	-1.9			8.5	6.7	6.7	11.0	8.2
EBITA	316	417	144			245	331	293	310	1,179
EBITA margin,%	13.7	17.0	6.6			12.8	15:0	13.7	12.9	13.6
Operating income	301	401	125			237	324	280	294	1,134
Operating margin, %	13.1	16.3	5.7			12.4	14.7	13.1	12.2	13.1
Group common costs, etc.	-143	-197	-400			-133	-86	-107	-201	-527
Total Group
Net sales	29,710	31,687	32,520			27,906	31,354	30,444	34,425	124,129
Sales growth, %	1.6	-2.7	1.0			3.3	0.7	0.7	2.5	1.7
EBITA	460	1,851	1,406			1,011	1,075	1,991	2,205	6,282
EBITA margin, %	1.5	5.8	4.3			3.6	3.4	6.5	6.4	5.1
Operating income	248	1,619	1,189			764	827	1,756	1,963	5,310
Operating margin, %	0.8	5.1	3.7			2.7	2.6	5.8	5.7	4.3
Income after financial items	90	1,441	1,010			672	748	1,634	1,832	4,887
Income for the period	79	1,132	739			551	517	1,162	1,575	3,805
Earnings per share, SEK1	0.28	3.94	2.57			1.92	1.80	4.04	5.48	13.24

' Basic.

Non-recurring items by business area

			Full year				Full year
SEKM	Q1 2019'	Q2 2019 Q3 2019² Q4 2019		2019 Q1 20183 Q2 20184 Q2 20184 Q4 20185			2018
Europe		-752			-818	/	-747
North America	-829	-242		-596			-596
Latin America	-225	1,326
Asia-Pacific, Middle East and
Africa		-398
Professional Products		-122
Group common costs, etc.		-224
Total Group	-1,054	-412		-596	-818	71	-1,343

I The non-recurring item of SEK-829m relation of U.S. cooking rroduction and SEK-225m to the closure of a refrigercion ine in Latin America. The costs are included in Cost of goods sold write down of fixed assets, provision for severance cost and ather cost related of the projects.

"The non-recurring tem of SEK -412m includes tax in Brazil of SEK 1,403m, a legal settlement in the U.S. of SEK -197m and restructuring charges for efficiency measures and outsouriness areos and Group common costs of SEK - 1,68m. The income from overpaid sales tax in Brozil and the cost for legal settlement in ther operating income/experses, the costs for restructuring and outsourcing projects are included in the applicable functional lines of the income statement.

® The nor-recurring item of SEK-596m refers to the consolicion in North America. The cost is included in Cost of goods sold and consists of write down of fixed assets, provision for severance cost related to the project.

" The non-recurring tems of SEK -88m refer to business area Europe. These include a provision of SEK -564m for a line relear ch Competition Authority and a provision of SEK-254m reling in France. These costs are included in ther operating income/experses. · The non-recurring tem of SEK 7m refers to business to the French Competition Authority investigation the warter and is the difference between the actual fine provision set in the second quarter. This income is included in other operating income/experses.

Operating income excluding non-recurring items (NRI)

				Full year						Full year
SEKM	Q1 2019	Q2 2019	Q3 2019	Q4 2019	2019	Q1 2018	Q2 2018	Q3 2018	Q4 2018	2018
Europe
Operating income excl. NRI	686	576	845			610	532	749	984	2,875
Operating margin excl. NRI, %	6.5	5.5	7.7			6.2	5.3	6.9	7.9	6.6
North America
Operating income excl. NRI	347	504	222			448	670	358	223	1,700
Operating margin excl. NRI, %	3.8	4.9	2.0			5.1	6.2	3.6	2.2	4.3
Latin America
Operating income excl. NRI	2	164	213			35	-38	205	290	492
Operating margin excl. NRI, %	0.1	3.4	4.6			0.8	-0.8	5.3	5.4	2.7
Asia-Pacific, Middle East and
Africa
Operating income excl. NRI	110	171	248			163	243	270	302	979
Operating margin excl. NRI, %	3.2	4.7	6.5			5.1	6.6	7.7	7.6	6.8
Professional Products
Operating income excl. NRI	301	401	247			237	324	280	294	1,134
Operating margin excl. NRI, %	13.1	16.3	11.3			12.4	14.7	13.1	12.2	13.1
Group common cost etc
Operating income excl. NRI	-143	-197	-176			-133	-86	-107	-201	-527
Total Group
Operating income excl. NRI	1,302	1,619	1,601			1,360	1,645	1,756	1,892	6,653
Operating margin excl. NRI, %	4.4	5.1	4.9			4.9	5.2	5.8	5.5	5.4

Net sales by business area

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Europe	11,036	10,885	32,068	30,782	43,321
North America	10,880	10,072	30,234	29,661	39,804
Latin America	4,613	3,845	13,740	12,610	17,963
Asia-Pacific, Middle East and Africa	3,801	3,507	10,928	10,389	14,375
Professional Products	2,190	2,135	6,946	6.261	8,666
Total	32,520	30,444	93,916	89,703	124,129

Change in net sales by business area

				Q3 2019 in local Nine months Nine months 2019 in
Year-over-year, %	Q3 2019	currencies	2019	local currencies
Europe		-2	1
North America	8	।		- /
Latin America	20	4	0	10
Asia-Pacific, Middle East and Africa	8		5	-0
Professional Products	3	-2
Total change			5	-0

Operating income by business area

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Europe	93	749	1,355	1,073	2,128
Margin, %	0.8	6.9	4.2	3.5	4.9
North America	-20	358	2	881	1,104
Margin, %	-0.2	3.6	0.0	3.0	2.8
Latin America	1,539	205	1,481	202	492
Margin, %	33.4	5.3	10.8	1.6	2.7
Asia-Pacific, Middle East and Africa	-150	270	131	676	979
Margin, %	-4.0	7.7	1.2	6.5	6.8
Professional Products	125	280	827	841	1,134
Margin, %	5.7	13.1	11.9	13.4	13.
Group common costs, etc.	-400	-107	-741	-326	-527
Operating income	1,189	1,756	3,056	3,347	5,310
Margin, %	3.7	5.8	3.3	3.7	4.3

Change in operating income by business area

		Q3 2019 in local		Nine months Nine months 2019 in
Year-over-year, %	Q3 2019	currencies	2019	local currencies
Europe	-88	-89	26	21
North America	n.m.	n.m.	-100	-100
Latin America	649	624	633	590
Asia-Pacific, Middle East and Africa	n.m.	n.m.	-81	-82
Professional Products	-55	-59	-2	-6
Total change	-32	-36	-9	-14

Working capital and net assets

	Sep. 30,	% of annualized	Sep. 30,	% of annualized	Dec. 31,	% of annualized
SEKM	2019	net sales	2018	net sales	2018	net sales
Inventories	20,035	15.7	18,395	15.3	16,750	13.5
Trade receivables	21,174	16.6	19,702	16.4	21,482	17.3
Accounts payable	-34,792	-27.2	-32,216	-26.8	-34,443	-27.7
Operating working capital	6,417	5.0	5,881	4.9	3,789	3.0
Provisions	-9,458		-8,489		-7,565
Prepaid and accrued income and expenses	-12,273		-11,441		-11,745
Taxes and other assets and liabilities	623		-665		-1,327
Working capital	-14,692	-11.5	-14,714	-12.2	-16,848	-13.5
Property, plant and equipment, owned	22,185		19,820		21,088
Property, plant and equipment, right-of-use	3,057
Goodwill	9,162		7,949		8,239
Other non-current assets	6,550		5,326		5,516
Deferred tax assets and liabilities	6,573		5,099		5,580
Net assets	32,834	25.7	23,480	19.5	23,574	19.0
Annualized net sales, calculated at end of period
exchange rates	127,747		120,139		124,399
Average net assets	30,240	24.1	23,333	19.5	23,381	18.8
Annualized net sales, calculated at average
exchange rates	125,222		119,602		124,129

Net assets by business area

	Assets			Equity and liabilities			Net assets
SEKM	Sep. 30, 2019	Sep. 30, 2018	Dec. 31. 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31. 2018
Europe	27,816	25,608	26,276	25,044	24,433	25,766	2,772	1,175	510
North America	24,239	19,065	19,124	17,241	15,102	15,322	6,998	3,963	3,802
Latin America	13,972	12,392	13,092	6,729	6,157	6,906	7,243	6,235	6,186
Asia-Pacific, Middle East and Africa	12,581	10,729	10,826	6,555	5,616	5,603	6,026	5,113	5,223
Professional Products	7,078	5,670	6,101	3,202	3,042	3,144	3,876	2,628	2,957
Other'	9,925	8,031	9,112	4,005	3,665	4,217	5,919	4,366	4,895
Total operating assets and liabilities	95,611	81,495	84,531	62,777	58,015	60,958	32,834	23,480	23,574
Liquid funds	10,196	11,573	12,249
Total borrowings				11,488	10,381	10,260
Lease liabilities				3,372
Pension assets and liabilities	443	394	532	6,009	2,987	4,346
Dividend payable				1,221	1,193
Total equity				21,384	20,686	21,749
Total	106,251	93,262	97,312	106,251	93,262	97,312

Includes common functions and tax items.

Parent Company income statement

			Nine months	Nine months
SEKM	Q3 2019	Q3 2018	2019		2018 Full year 2018
Net sales	10,138	9,675	29,183	27,843	38,911
Cost of goods sold	-8,897	-8,505	-25,256	-23,963	-33,560
Gross operating income	1,241	1,170	3,927	3,880	5,351
Selling expenses	-825	-828	-2,375	-2,307	-3,247
Administrative expenses	-818	-299	-1,868	-1,244	-1,410
Other operating expenses	-49		-49	-565	-804
Operating income	-451	43	-365	-236	-110
Financial income	1,952	1,757	3,923	2,999	7,967
Financial expenses	-279	-162	-588	-493	-695
Financial items, net	1,673	ો,595	3,335	2,506	7,272
Income after financial items	1,222	1,638	2,970	2,270	7,162
Appropriations	80	81	-809	-1,802	-1,743
Income before taxes	1,302	1,719	2,161	468	5,419
Taxes	63	-84	139	170	69
Income for the period	1,365	1,635	2,300	638	5,488

Parent Company balance sheet

SEKM	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Assets
Non-current assets	38,321	36,846	38,254
Current assets	40,769	29,373	33,157
Total assets	79,090	66,219	71,411
Equity and liabilities
Restricted equity	5,638	5,401	5,437
Non-restricted equity	21,840	17,205	22,078
Total equity	27,478	22,606	27,515
Untaxed reserves	405	447	442
Provisions	1,480	1,746	1,133
Non-current liabilities	6,979	6,824	5,735
Current liabilities	42,748	34,596	36,586
Total equity and liabilities	79,090	66,219	71,411

Notes

Note 1 Accounting principles

Electrolux applies International Reporting Standards (IFRS) as adopted by the European Union. This report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Swedish Act and RFR 2 / Accounting for legal entities' issued by the Swedish Financial Reporting Board.

Electrolux interim reports contain a condensed statements. For the Group this chiefly means that the disclosures are limited compared to the consolidated financial statements presented in the Parent Company this means that the financial statements in condensed versions and with limited disclosures compared to the annual report.

The accounting policies adopted are consistent with those followed in the Group's Annual Report 2018, except for the adoption of new standards effective as of January 1, 2019. The Group's accounting principles are described in Note I in the Annual Report 2018, including transition effects and accounting principles related to IFRS 16 Leases which is applied by Electrolux from January 1, 2019. The transition to IFRS 16 has resulted in the following opening balance adjustment:

Assets		Equity and Liabilities
Right-of-use assets	3,165	Lease liabilities	5,451
Deferred tax assets	87	Retained earnings	-233
Prepaid lease fees	-32	Accrued lease fees
lotal	3.220	Total	3,220

Reportable segments - Business areas

As from 2019 Electrolux has revised its consumer business area structure. The former business area Home Care & SDA has been combined with the former major appliances areas, creating four consumer-focused regional business areas Europe, North America, Latin America, and Asia, Middle East and Africa. These, together with business area Professional Products, represent the Group's reportable segments. Comparatives accordingly. For more information, please see press release Restated figures for 2018 in line with Electrolux new business area structure' published on April 5, 2019.

Note 2 Disaggregation of revenue

Electrolux manufactures and sells appliances market to customers being retailers. Electrolux products include refrigerators, dishwashers, washines, cookers, vacuum cleaners, air conditioners and small domestic appliances. The four regional Consumer Products business areas focus on the consumer market and business area Professional Products focuses on professional users.

Sales of products are revenue recognized at a point in time, when control of the products has transferred. Revenue from services related to installation of products, repairs or maintenance service is recognized when control is transferred being over the time the service is provided. Sales of services are not material in relation to Electrolux total net sales.

Product and geography are considered important attributes when disaggregating Electrolux revenue. Therefore, the table below presents net sales related to Consumer Products per geographical region based on the location of each selling company.

		Nine months 2019		Nine months 2018
SEKM	Consumer Products	Professional Products	Total	Consumer Products	Professional Products	Total
Geographical region
Europe	32,068	5,521	37,589	30,782	5,021	35,803
North America	30,234	785	31,019	29,661	619	30,281
l atin America	13,740		13,740	12,610		12,610
Asia-Pacific, Middle East and Africa	10,928	640	11,568	10,389	621	11,010
Total	86,970	6,946	93,916	83,442	6,261	89,703

Note 3 Fair values and carrying amounts of financial assets and liabilities

	Sep. 30, 2019 Sep. 30, 2018		Dec. 31, 2018
SEKM	Fair value	Carrying amount	Fair value	Carrying amount	Fair value	Carrying amount
Per category
Financial assets at fair value through profit and loss	285	285	243	243	246	246
Financial assets measured at amortized cost	30,986	30,986	30,771	30,771	33,355	33,355
Derivatives, financial assets at fair value through profit and loss	177	177	05	95	120	120
Derivatives in hedge accounting	4	4			19	19
Total financial assets	31,452	31,452	31,109	31,109	33,740	33,740
Financial liabilities measured at amortized cost	46,180	46,095	42,214	42,144	44,650	44,593
Derivatives, financial liabilities at fair value through profit and loss	108	108	184	184	100	100
Derivatives in hedge accounting	19	19	5	5	2
Total financial liabilities	46,307	46,222	42,403	42,333	44,752	44,695

The Group strives for arranging master-netting agreements (ISDA) with the counterparts for derivative transactions and has established such agreements with the counterparties, i.e., if a counterparty will default, assets and liabilities wil be netted. Derivatives are presented gross in the balance sheet.

Fair value estimation

Valuation of financial instruments at fair value is done at the most accurate market prices available. Instruments which are quoted on the market, e.g., the major bond and interest-rate future market-to-market with the current price. The foreign-exchange spot rate is used to convert the value into SEK. For instruments where no reliable on the market, cash-flows are discounted using the of the cash flow currency. If no proper cash-flow schedule is available, e.g., as in the case with forward-rate agreements, the underlying schedule is used for valuation purposes.

To the extent option instruments are used, the valuation is back & Scholes' formula. The carrying value less impairment provision of trade receivables are assumed to approximate their fair values. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current market inter financial instruments. The Group's financial assets and liabilities are measured according to the following hierarchy

Level 1: Quoted prices in active markets for identical assets or liabilities. At September 30, 2019, the fair value for Level 1 financial assets was SEK 192m (178) and for financial liabilities SEK 0m (0).

Level 2: Inputs other than quoted prices included in Level 1 that are observable for assets or liabilities either directly or indirectly. At September 30, 2019, the fair value of Level 2 financial assets was SEK 21,355m (19,814) and financial liabilities SEK 127m (189).

Level 3: Inputs for the assets or liabilities that are not entirely based on observable market data. At September 30, 2019, the fair value of Level 3 financial assets was SEK 285m (243) and financial liabilities SEK 0m (0)

Note 4 Pledged assets and contingent assets and liabilities

SEKM	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Group
Pledged assets	7	6	6
Guarantees and other commitments	1,173	1,162	1,015
Parent Company
Pledged assets
Guarantees and other commitments	1,822	1,544	1.534

For more information on contingent liabilities, see Note 25 in the Annual Report 2018.

Contingent assets

In December 2018, Electrolux obtained a judicial court certification attesting of inal and non-appealable decision in Brazil that Electrolux has the right to recover overpaid sales for 2002-2014 and a minor part was recognized as an asset per December 31, 2018. The remaining amount has been recognized as an asset as per September 30, 2019, affecting other operating income by SEK 1,403m.

Note 5 Acquisitions of operations

Acquisitions in the first quarter of 2019

During the first quarter of 2019, Electrolux compliation of an appliance installation and repair service operations in Australia with an upfront payment of AUD 3.9m (approximately SEK 26m).

The operations are included in business area Asia-Pacific, Middle East and Africa.

Acquisitions in the second quarter of 2019

UNIC S.A.S.

On April 24, 2019, Electrolux completed the acquisition of UNC S.A.S., a French manufacturer of professo machines. The company's headquarters and main manufacturing facility are located in southern France, with subsidiaries in the U.S. and Japan. The acquired business had combined net sales of approximately EUR 20m in 2018, and 130 employees.

The consideration consists of a cash payment of EUR 39m with a preliminary net debt assumed of EUR 6.6m. The cash payment is equivalent to SEK 410m and a cash flow effect of SEK -406m, excluding acquired cash equivalents.

Net sales and operating income in the acquired business during the period January 1, 2019, up until the date the acquisition was completed amounted to EUR 0m respectively, approximately SEK 63m and SEK 0m respectively.

The ocquired business is included in Electrolux consolidated accounts per September 30 the period May-August, contributing to net sales and operating income (including amortization of surplus values) by approximately SEK 60m and SEK -10m respectively. Goodwill recognized amounts to SEK 334m and is not expected to be deductible for income tax purposes.

The operations are included in business area Professional Products.

Transaction costs

Transaction costs related to the acquisitions described above amount to SEK 3.7m and have been expensed as incurred during the acquisition processes, whereof SEK 3.0m expensed in 2019. The costs have been reported in the operating income of the respective business area.

Cash flow related to acquisitions of operations

Total cash flow related to acquisitions amounts to SEK -467m and includes payments for the acquisitions completed in the first and second quarters, totaling acquired cash and cash equivalents, and a deferred consideration payment in the first quarter of SEK 35m regarding the Schneidereit acquisition in 2018

Operations by business area yearly

SEKM	2015	2016	2017	2018
Europe
Net sales	38,224	39,097	39,618	43,321
Operating income	2,290	2,794	2,765	2,128
Margin, %	6:0	7.1	7.0	4.9
North America
Net sales	45,276	44,914	42,083	39,804
Operating income	1,454	2,657	2,796	1,104
Margin, %	3.2	5.9	6.6	2.8
Latin America
Net sales	19,679	16,384	18,277	17,963
Operating income	459	-111	483	492
Margin, %	2.3	-0.7	2.6	2.7
Asia-Pacific, Middle East and Africa
Net sales	13,787	13,833	13,071	14,375
Operating income	308	673	1,084	979
Margin, %	2.2	4.9	8.3	6.8
Professional Products
Net sales	6,546	6,865	7,723	8,666
Operating income	862	954	1,054	1,134
Margin, %	13.2	13.9	13.7	ારો ત
Other
Group common cost, etc.	-2,631	-693	-775	-527
Total Group
Net sales	123,511	121,093	120,771	124,129
Operating income	2,741	6,274	7,407	5,310
Margin, %	2.2	5.2	6.1	4.3
Non-recurring items in operating income2	20153	2016	2017	20184
Europe	-40		-	-747
North America	-207			-596
Latin America	-11
Asia-Pacific, Middle East and Africa	-90
Professional Products
Group common cost	-1,901
Total Group	-2,249			-1,343

' 2017 has been restated due to IFRS 15.

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Five-year review

SEKM unless otherwise stated	2014	2015	2016	2017	2018
Net sales	112,143	123,511	121,093	120,771	124,129
Organic growth, %	1.1	2.2	-1.1	-0.4	1.3
Operating income	3,581	2,741	6,274	7,407	5,310
Operating margin, %	3.2	2.2	5.2	6.1	4.3
Income after financial items	2,997	2,101	5,581	6,966	4,887
Income for the period	2,242	1,568	4,493	5,745	3,805
Non-recurring items in operating income2	-1,348	-2,249			-1,343
Capital expenditure, property, plant and equipment	-3,006	-3,02 /	-2,830	-3,892	-4,650
Operating cash flow after investments	6,631	6,745	9,140	6,877	3,649
Earnings per share, SEK3	7.83	5.45	15.64	19.99	13.24
Equity per share, SEK	57.52	52.21	61.72	71.26	75.67
Dividend per share, SEK	6.50	6.50	7.50	8.30	8.50
Capital-turnover rate, times/year	4.5	5.0	5.8	5.9	5.3
Return on net assets, %	14.2	11.0	299	36.0	22.7
Return on equity, %	15.7	09	29.4	319	18.2
Net debt	9,631	6,407	360	197	1,825
Net debt/equity ratio	0.58	0.43	0.02	0.01	0.08
Average number of shares excluding shares owned by Electrolux, million	286.3	287.1	287.4	287.4	287.4
Average number of employees	60,038	58,265	55,400	55,692	54,419

1 2017 is restated due to IFRS 15.

² For more information, see table on pages 19 and 26 and Note 7 in the annual reports.

3 Basic

Financial goals over a business cycle

The financial goals set by Electrolux aim to strengthen the Group's leading, global position in the industry and to assist in generating a healthy total yield for Electrolux shareholders. The objective is growth with consistent profitability.

Financial goals

• Operating margin of at least 6%
• · Capital turnover-rate of at least 4 times
• Return on net assets >20%
• Average annual sales growth of at least 4%

Definitions

This report includes financial measures as required by the financial reporting framework applicable to Electrolux, which is based on IFRS. In addition, there are other measures and indicators that are used to follow-up, analyze and manage the business and to provide Electrolux stakeholders with useful financial information on the Group's financial position, performance and development in a consistent way. On the following page is a list of definitions of all measures and indicators used, referred to and presented in this report.

Computation of average amounts and annualized income statement measures

In computation of key ratios where averages of capital balances are related to income statement measures, the average capital balances are based on the opening balance and all quarter-end closing balances included in the reporting period, and the income statement measures are annualized, translated at average rates for the period. In computation of key ratios where end-of-period capital balances are related to income statement measures, the latter are annualized, translated at end of-period exchange rates. Adjustments are made for acquired and divested operations.

Definitions (continued)

Growth measures

Change in net sales

Current year net sales for the period less previous year net sales for the period as a percentage of previous year net sales for the period.

Sales growth

Change in net sales adjusted for currency translation effects.

Organic growth

Change in net sales, adjusted for changes in exchange rates, acquisitions and divestments.

Acquisitions

Change in net sales, adjusted for organic growth, changes in exchange rates and divestments. The impact from acquisitions relates to net sales reported by acquired operations within 12 months after the acquisition date.

Divestments

Change in net sales, adjusted for organic growth, changes in exchange rates and acquisitions. The impact from divestments relates to net sales reported by the divested operations within 12 months before the divestment date.

Profitability measures

EBITA

Operating income excluding amortization of intangible assets.

EBITA margin EBITA expressed as a percentage of net sales.

Operating margin (EBIT margin)

Operating income (EBIT) expressed as a percentage of net sales.

Operating margin (EBIT margin) excluding non-recurring items

Operating income (EBIT) excluding non-recurring items, expressed as a percentage of net sales.

Return on net assets Operating income (annualized) expressed as a percentage of average net assets.

Return on equity Income for the period (annualized) expressed as a percentage of average total equity.

Capital measures

Net debt/equity ratio Net debt in relation to total equity.

Equity/assets ratio Total equity as a percentage of total assets less liquid funds.

Capital turnover-rate Net sales (annualized) divided by average net assets.

Share-based measures

Earnings per share, Basic

Income for the period attributable to equity holders of the Parent Company divided by the average number of shares excluding shares held by Electrolux.

Earnings per share, Diluted

Income for the period attributable to equity holders of the Parent Company divided by the average number of shares after dilution, excluding shares held by Electrolux.

Equity per share

Total equity divided by total number of shares excluding shares held by Electrolux.

Capital indicators

Liquid funds

Cash and cash equivalents, short-term investments, financial derivative assets' and prepaid interest expenses and accrued interest income'.

Operating working capital

Inventories and trade receivables less accounts payable.

Working capital

Total current assets exclusive of liquid funds, less non-current other provisions and total current liabilities exclusive of total short-term borrowings.

Net assets

Total assets exclusive of liquid funds and pension plan assets, less deferred tax liabilities, non-current other provisions and total current liabilities exclusive of total short-term borrowings.

Total borrowings

Long-term borrowings and short-term borrowings, financial derivative liabilities', accrued interest expenses and prepaid interest income!

Total short-term borrowings Short-term borrowings, financial derivative liabilities', accrued interest expenses and prepaid interest income¹.

Interest-bearing liabilities

Long-term borrowings and short-term borrowings exclusive of liabilities related to trade receivables with recourse'.

Financial net debt

Total borrowings less liquid funds.

Net provision for post-employment benefits Provisions for post-employment benefits less pension plan assets.

Net debt

Financial net debt, lease liabilities and net provision for postemployment benefits.

Other measures

Operating cash flow after investments Cash flow from operations and investments adjusted for financial items paid, taxes paid and acquisitions/divestments of operations.

Non-recurring items

Material profit or loss items in operating income which are relevant for understanding the financial performance when comparing income for the current period with previous periods.

1 See table Net debt on page 9.

Shareholders' information

President and CEO Jonas Samuelson's comments on the third quarter results 2019 Today's press release is available on the Electrolux

website www.electroluxgroup.com/ir

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, October 25. Jonas Samuelson, President and CEO and Therese Friberg, CFO will comment on the report.

Details for participation by telephone are as follows: Participants in Sweden: +46 8 566 426 51 Participants in UK/Europe: +44 3333 000 804 Participants in US: +1 631 9131 422 Pin code: 42021216#

Slide presentation for download: www.electroluxgroup.com/ir

Link to webcast https://edge.media-server.com/mmc/p/u6hjr4nr

For further information, please contact: Sophie Arnius, Head of Investor Relations

+46 70 590 80 72

Calendar 2020

Consolidated results 2019 AGM Interim report January - March Interim report January - June Interim report January - September January 31 March 31 May 7 July 17 October 23

This report contains "orward-looking' statements that reflect the company's current expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations prove to have been correct as they are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors include, but are not limited to, changes in consumer demand, changes in economic, market and competitive conditions, cevelopments in product liability litigation, changes in the regulatory environment and other government actions.

Forward-looking statements speak only as of the date they were made, and, other than as required by applicable law, the company undertakes no obligation to update any of them in light of new information or future events.

AB Electrolux (publ), 556009-4178 Postal address: SE-105 45 Stockholm, Sweden Visiting address: S:t Göransgatan 143, Stockholm Telephone: +46 (0)8 738 60 00

Website: www.electroluxgroup.com

Shape living for the better

Electrolux shapes living for the better by reinventing taste, care and wellbeing experiences, making life more enjoyable and sustainable for millions of people. As a leading global appliance company, we place the consumer at the heart of everything we do. Through our brands, including Electrolux, AEG, and Frigidaire, we sell more than 60 million household and professional products in more than 150 markets every year. In 2018, Electrolux had sales of SEK 124 billion and employed 54,000 people around the world. For more information, go to www.electroluxgroup.com.