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Annual Report 2001 Annual Report 2001 31998_ASSA_Omslag_E_DS 02-03-14 13.25 Sida 1 ASSA ABLOY Annual Report 2001 Annual Report 2001 ASSA ABLOY AB (publ.) Postal Address: P.O. Box 70340, SE-107 23 Stockholm • Visiting Address: Klarabergsviadukten 90 Phone: +46 (0)8 506 485 00 • Fax: +46 (0)8 506 485 85 Registered No.: SE.556059-3575 • Registered Office: Stockholm, Sweden • www.assaabloy.com © Thierry Martinez 31998_ASSA_Omslag_E_DS 02-03-14 13.25 Sida 2 31998_ASSA_Fram_E_DS 02-03-14 13.12 Sida 1 Contents The year 2001 in brief 3 The President and CEO, Carl-Henric Svanberg 4 Group development 8 The ASSA ABLOY share 10 ASSA ABLOY and the lock industry 12 Strategy and financial objectives 14 Management philosophy 16 Environmental management philosophy 18 The trend towards higher security 20 ASSA ABLOY brand platform 22 ASSA ABLOY technology platforms 24 Integration Project – Volvo Ocean Race 26 Scandinavia 28 Finland 30 Central Europe 32 South Europe 34 United Kingdom 36 North America 38 South Pacific 42 New Markets 44 Hotel locks 48 Identification 49 Report of the Board of Directors 50 Consolidated income statement and cash flow statement 56 Consolidated balance sheet 57 Parent Company income statement and cash flow statement 58 Parent Company balance sheet 59 Accounting and valuation principles 60 Financial risk management 62 Notes 63 Audit report 72 ASSA ABLOY’s Board of Directors 73 ASSA ABLOY’s Group Management 74 Addresses 76 ASSA ABLOY / 2001 • 1 31998_ASSA_Fram_E_DS 02-03-14 13.12 Sida 2 The Annual General Meeting of ASSA ABLOY AB will be held at ‘Cirkus’, Djurgårdsslätten, Djurgården, Stockholm at 3 p.m. on Monday 29 April 2002. Notice of attendance at the Annual General Meeting Shareholders wishing to attend the Meeting must: - be recorded in the register of share- holders kept by Värdepapperscentralen VPC AB (Swedish Central Securities Depository and Clearing Organization), no later than 19 April 2002 and: Financial information from ASSA ABLOY - give notice of attendance to will be published as follows: ASSA ABLOY AB, P.O. Box 70340, SE-107 23 Stockholm, Interim Reports: tel. +46 8 506 485 00, 1 January - 31 March: 29 April 2002 fax. +46 8 506 485 85 or on 1 January - 30 June: 9 August 2002 www.assaabloy.com by 4 p.m. 1 January - 30 September: 6 November 2002 on 23 April 2002. Notification must Year-end Report for 2002: include the shareholder’s name and 6 February 2003 personal identity number as well as information regarding the number of Annual Report for 2002: shares held. March 2003 Annual Reports and other Reports may Any shareholder whose shares are be ordered from: nominee-registered must also, in order to ASSA ABLOY AB be entitled to take part in the Meeting, P.O. Box 70340 request a temporary entry in the register SE-107 23 Stockholm of shareholders kept by VPC. Share- Sweden holders must notify the nominee about Tel. +46 8 506 485 00 this well before 19 April 2002, when this Fax. +46 8 506 485 85 entry must have been effected. www.assaabloy.com 2• ASSA ABLOY / 2001 31998_ASSA_Fram_E_DS 02-03-14 13.12 Sida 3 ASSA ABLOY: growth profile Stable organic growth I Trend towards higher security I Aftermarket sales more than half the volume I Electromechanical products – cross sales – new markets Increasing margins I Improvements in each unit – benchmarking – transfer of know-how Cash flow even stronger I Work flow and balance sheet rationalization I Goodwill amortization Consolidation opportunities – focus on earnings per share (EPS) I Fragmented industry – harmonization and R&D requirements lead to consolidation I Strong cash flow funds acquisitions The year 2001 in brief: Successful global integration and continued expansion I Sales increased by 56 percent to SEK 22,510 M (14,394). I Refinancing of the Group I Organic growth for comparable units was 3 percent. ASSA ABLOY has restructured its financing during the I Income before tax increased by 17 percent to year. Bank financing has been replaced by capital-market- SEK 1,642 M* (1,402). based long-term bonds and short-term fundings. One of the activities was to issue a 5-year EUR 600 M bond loan, I Earnings per share (EPS) increased by 9 percent to which was oversubscribed several times. SEK 2.98* (2.73). I Incentive program for the employees I Earnings per share before goodwill amortization increased by 39 percent to SEK 5.39* (3.88). An incentive program for the Group’s employees was introduced. The program, which is based on convertible I Operating cash flow amounted to SEK 2,338 M (1,756). bonds, has a total value of EUR 100 M. The program was I Successful integration of 30 new companies with 12,000 heavily oversubscribed and over 4,500 employees are employees. taking part. I Integration Project – Volvo Ocean Race I Acquisitions during 2001 The Group’s participation in the Volvo Ocean Race has proved Nine companies were acquired during 2001. The to be an extremely important and successful tool in the work of acquisitions represent significant additions to the integrating 30 new companies and their 12,000 employees. Group and add geographical and product strengths. There is a perfect geographical match between the Race and The companies acquired during 2001 have sales, pro the Group, and the project is a highly effective vehicle for uniting forma, of SEK 4.5 billion, of which SEK 2.0 billion has employees, partners and customers. been consolidated. Total acquisition price amounts to SEK 4.0 billion. Goodwill amounts to SEK 2.0 billion, of which SEK 1.4 billion will be tax-deductible. *excluding provision for the Merrimac dispute, USD 12.5 M plus interest (SEK 166 M). ASSA ABLOY / 2001 • 3 31998_ASSA_Fram_E_DS 02-03-14 13.12 Sida 4 The President and CEO, Carl-Henric Svanberg: “We are turning 100 companies into one global team with a common mission and a common mindset” 2001 has been our most interesting and challenging year so far. Sales increased by 56 percent, and our participation in the Volvo Ocean Race has proved to be an extremely important and successful tool in the work of integrating 30 new companies and their 12,000 employees. As we follow our boat around the world we are making sure in local management meetings that our common way of working is understood, accepted and quickly implemented. This also gives us a chance to inform our business partners about our ideas for the future, and we can make people around the world understand that behind each famous local brand there is a strong global leader. A successful year in Income before tax and non-recurring organic growth was mainly driven by a slowing world economy items grew by 17 percent to sek 1,642 m. continued market and product devel- Our goal is to build a true world-leading Our work to improve efficiency opment. Lips in the Netherlands is company in the area of locking solutions continues. This is not reflected in our quickly improving its profitability, through a three-step strategy: reported margin development because while the turnaround of Yale in the uk of the large new acquired volumes with requires more time-consuming product • Establish a global platform through lower margins. and market development. acquiring and developing companies Earnings per share excluding non- Australia ended the year strongly as with locally established positions, recurring items increased by 9 percent, a result of successful market develop- strong brands and significant installed diluted by last year’s share issues. Cash ment and cross-selling projects. Our product bases as well as a good recur- flow after capital expenditure amounted New Markets in eastern Europe, South ring cash flow. to sek 2,338 m, an indication of the America, Israel, Asia and Africa form • Develop our Group strength through quality of the earnings. an interesting growth area. The hotel synergies, joint development projects The year’s major task of integrating segment faced a dramatic downturn and expansion of our areas of expertise. the Yale group is running according to after the September events. On the • Accelerate our organic growth our acquisition plan. The clean-out of un- other hand we saw a clearly increased through our worldwide sales network profitable low-end products has started. demand for identification products for by offering products that meet rising The profit improvement potential is access control as a result of a general demands for security, including new well in line with our expectations. The increased focus on security. and more advanced technologies. professionalism and enthusiasm among employees is encouraging. Continued acquisitions – This year we have taken a significant Our North American operations increased opportunities step towards our goal, and are now well have shown steady organic growth des- for organic growth established in all parts of the world. pite the slowing economy and the We are continuing to grow our installed Sales increased 56 percent to sek September terrorist attacks. Margins base through acquisitions of traditional 22,510 m, and on a pro forma basis continue to increase and the many lock companies. Obvious examples exceed sek 25 billion. Organic growth acquisitions have added new products include Yale (with established positions was 3 percent, two points down from and markets. This constitutes a solid plat- in many markets throughout the last year mainly due to the slower world form for continued strong development. world), Phillips in Mexico, Interlock in economy and the dramatic drop in The European companies have also New Zealand and Viro in South demand in the hotel segment. experienced a slower economy. Their Africa. 4• ASSA ABLOY / 2001 31998_ASSA_Fram_E_DS 02-03-14 13.12 Sida 5 ASSA ABLOY / 2001 • 5 31998_ASSA_Fram_E_DS 02-03-14 13.12 Sida 6 © Thierry Martinez The President and CEO, Carl-Henric Svanberg: We are also expanding our product portfolio and areas of technical expert- ise.
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