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Annual Report 2019

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Annual Report 2019 Annual Report 2019 Every day, we help billions of people to experience a more open world with innovative solutions that enable safe, secure and convenient access to physical and digital places Contents Report on operations ASSA ABLOY in brief 1 Group key figures 2 Highlights 2019 3 Statement by the President and CEO 4 Market overview and trends 7 Investment story 8 Business model 9 Targets and strategy 10 Market growth 11 Product leadership 16 Cost efficiency 21 People 25 ASSA ABLOY’s divisions Divisions overview 28 Opening Solutions EMEA 30 Opening Solutions Americas 31 Opening Solutions Asia Pacific 32 Global Technologies 33 Entrance Systems 35 Customer solutions around the world 36 ASSA ABLOY in the future 38 Report of the Board of Directors Report of the Board of Directors 40 Significant risks and risk management 42 Corporate governance 46 Board of Directors 50 Executive Team 52 Internal control – financial reporting 55 Remuneration guidelines for senior executives 56 Financial statements Sales and income 58 Consolidated income statement and Statement of comprehensive income 59 Comments by division 60 Results by division 61 Financial position 62 Consolidated balance sheet 63 Cash flow 64 Consolidated statement of cash flows 65 Changes in consolidated equity 66 Parent company financial statements 67 Notes 69 ASSA ABLOY Comments on five years in summary 94 in your daily life Five years in summary 95 Definitions of key ratios 96 We are part of people’s everyday life all over the world! You will find Proposed distribution of earnings 97 ASSA ABLOY’s products and solutions in your home, at work or Auditor’s report 98 school, when you shop or travel. Some products are very visible to you like keys, locks and doors, while other products are embedded in Shareholder information solutions like e-passports and identity solutions. In this report we The ASSA ABLOY share 102 present some of our products and offerings under the vignette Information for shareholders 105 ”ASSA ABLOY in your daily life.” The annual accounts and consolidated accounts of the company are included on pages 39–93 and 97 in this document. ASSA ABLOY in brief Who are we? Where are we? The ASSA ABLOY Group is the global leader in access solu- We have leading positions in most of Europe, North and tions. Our offering covers products and services related to South America, Asia and Oceania. openings; such as locks, doors, gates and entrance auto- mation solutions. We are also experts in trusted identities; Our divisions with keys, cards, tags, mobile and bio metric identity verifi- The regional divisions manufacture and sell mechanical and cation systems as parts of our offering. electromechanical locks, digital door locks, cylinders and security doors, adapted to the local market’s standards and What do we do? security requirements. Every day, we help billions of people to experience a more The global divisions manufacture and sell electronic open world with innovative solutions that enable safe, access control, identification products and entrance secure and convenient access to physical and digital places. automation. For who? Our brands We provide efficient door openings, trusted identities, We have considerable value in our well-known brands. Our entrance automation and service for institutional and com- brands play an important role in creating trust, loyalty and mercial customers, as well as for the residential market. We differentiation. We use a multi-brand strategy to leverage on have the largest installed base of locks and access solutions our global and local strengths and to address different in the world, with a large share of sales in the stable market segments, customer segments and routes to market. aftermarket. Solutions Service Openings Master key systems Identities Access control Entrance automation Authentications Data and analytics Sales by division 2019 Sales by region 2019 Legend North America, 42% Legend South America, 3% Legend NorthEurope, America, 38% 44% (42) EMEA,Legend 22% (24) SouthAsia, America,13% 3% (3) Americas,Legend 25% (23) Europe,Oceania, 36% 3% (38) Afrika Asia Pacific, 10% (11) Asia,Africa, 12% 1% (13) Oceanien Global Technologies, 16% (14) Oceania, 4% (3) Entrance Systems, 27% (28) Africa, 1% (1) Asien Europa Sydamerika ASSA ABLOY ANNUAL REPORT 2019 Nordamerika1 GROUP KEY FIGURES The year in figures • Sales increased by 12% to SEK 94,029 M (84,048) Key figures 2018 2019 Change driven by continued strong growth for electro- Sales, SEK M 84,048 94,029 12% mechanical products. of which: Organic growth, % 5 3 • Twelve acquisitions were completed, con tribut- of which: Acquired growth, net total, % 2 3 ing to net acquired growth of 3 % for the year. of which: Exchange rate effects, % 3 6 • Continued good earnings and strong cash flow Operating income (EBIT), SEK M 1 12,909 14,920 16% were achieved. Operating margin excluding Operating margin, % 1 15.4 15.9 94,029 items affecting comparability was 15.9 % (15.4). Income before tax (EBT), SEK M 1 12,110 13,883 15% Sales, SEK M • Investments in product development continued Operating cash flow, SEK M 2 11,357 14,442 27% at a fast pace. Sales generated by products Return on capital employed, % 1 16.2 17.0 launched during the last three years was 27 % (27). Dividend, SEK/share 3.50 3.853 10% 1 Excluding impairment of goodwill and other 2 Excluding restructuring payments. intangible assets of SEK 5,595 M in 2018. Restruc- 3 As proposed by the Board of Directors. turing costs of SEK 1,218 M in 2018 and SEK 312 M in 2019. 9.22 Sales and operating income (EBIT)1 Earnings per share2 Earnings per share, SEK1 Sales, SEK M EBIT, SEK M SEK 100,000 15,000 10 Sales Operating income (EBIT) 8 1 Excluding restructuring items. 80,000 12,500 6 60,000 10,000 4 40,000 7,500 2 20,000 5,000 0 10 11 12 13 14 15 16 17 18 19 10 11 12 13 14 15 16 17 18 19 1 Excluding items affecting comparability. 2 Earnings per share has been restated due to the 3:1 share split in 2015. Over a business cycle Target 2020 vs. 2015 Goals and 10 % 16–17% –55 % –20 % outcomes Annual growth through Operating margin Injury rate Greenhouse gas a combination of organic intensity, energy The financial and sus- and acquired growth –16% –7% tainability targets have SEK M % Injury rate Tons/SEK M been set at challenging 100,000 20 8 10 80,000 18 8 but achievable levels. 6 60,000 16 6 The financial targets 4 have been set to 40,000 14 4 2 balance growth with a 20,000 12 2 0 10 0 0 return level that will 10 11 12 13 14 15 16 17 18 19 10 11 12 13 14 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 bring substantial value creation. During the Total sales grew 12% with The adjusted operating margin The injury rate was down 16% in Our greenhouse gas intensity last ten years, ASSA organic and acquired growth was 15.9% in 2019. Significant 2019 and is down by 55% since related to the Group’s energy ABLOY has grown making up 6%. The organic investments in R&D that 2015, in line with the target. We consumption decreased by 7% in more than 9% annually growth decelerated during the affected the margin negatively have worked structurally with 2019 and is down 22% since and achieved an year due to a slowdown in the by 40 basis points were offset by the working environment 2015, above the target. This has adjusted operating global economy. We announced lower raw material costs and throughout the entire organi- been achieved through focused margin of more than the acquisition of agta record, effects of our efficiency initia- zation and in particular targeted energy efficiency and produc- 16%. The sustainability which will be the largest acqui- tives. During the last ten years, business areas that have had tivity improvement initiatives. targets were deter- sition since 2011 and add about our annual operating margin has higher incident rates. During the During the last four years, our mined in 2015. New 4% in acquired revenue. During been more than 16%. last five years, our injury rate has total greenhouse gas intensity is sustainability targets the last ten years, our average improved by 14% annually. down 47%. will be defined in annual growth has been more 2020. than 9%. 2 ASSA ABLOY ANNUAL REPORT 2019 Achievements HIGHLIGHTS 2019 Products • First important orders for a distress system solution to increase hotel 202 27% personnel’s safety in the US. number of of sales from new • Clemson University ordered our new patents products launched in mobile key solution from HID with the last three years were filed ASSA ABLOY electronic locks to enable students to use their mobile phone on campus to open doors in Apple wallet, providing a more user-friendly experience. 395 • Together with other key industry increase in the players we established FiRa number of R&D Consortium to drive the employees seam less user experiences using Ultra-Wideband Technology. Operational improvements SEK 710 M % in efficiency 10 savings from MFP sales increase programs per employee 5 factories were closed Sustainability Water Improved energy Total greenhouse Audited consumption efficiency gas reduction1 suppliers decreased –10% –21% –8% 1,175 1 Intensity Awards • Secure Campus in the US for Attack Resistant Openings • DIY Week UK ‘Best Security Product’ for Sync Smart Alarm • Gold winner in German Brand Award • Govies Government Security Award ASSA ABLOY ANNUAL REPORT 2019 3 STATEMENT BY THE PRESIDENT AND CEO Investments in product development and people to drive future growth Dear shareholders, The accelerated investments in product development I am pleased to report another successful year for ASSA continue to generate growth, and 27% of our sales was ABLOY in which we generated good growth with record generated by products launched during the last three years.
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