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Intro to ASSA ABLOY

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Intro to ASSA ABLOY An introduction to ASSA ABLOY 2019 Every day, we help people feel safe, secure and experience a more open world 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 Contents Sydamerika Nordamerika Highlights 2019 ............................................................ 1 Market growth ............................................................... 6 Five years in summary ............................................... 16 A word from the CEO ................................................... 2 Product leadership ....................................................... 8 The ASSA ABLOY share .............................................. 17 Group key figures .......................................................... 3 Cost efficiency ............................................................. 10 Market overview ........................................................... 4 People ............................................................................ 12 Targets and strategy ..................................................... 5 ASSA ABLOY’s divisions ............................................. 14 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 AN INTRODUCTION TO ASSA ABLOY 1 A word FROM the CEO Investments in product development and people to drive future growth I am pleased to report another successful year for ASSA cost and a reduced environmental footprint are basic prin- ABLOY in which we generated good growth with record ciples for all our development projects. Our manufacturing profits and cash flow. During the year, we strengthened footprint program, where we consolidate production facil- our Group culture and launched our new core values and ities, sales offices and warehouses, is an important con- beliefs. We accelerated our investments in R&D, which is tributor to improvements in efficiency. In addition to the a key enabler for our sustainable and profitable growth. In larger ongoing programs, smaller day-to-day lean improve- the manufacturing footprint program we achieved our ments are equally important. Realizing cost efficiency is a highest ever annual efficiency gains. The initiatives taken journey that never ends and we continue to see potential to strengthen ASSA ABLOY’s leadership within access solu- further reduce operational costs. These efficiency activities tions and position us as an agile and strong company with also contribute to our improved sustainability performance. significant profitable growth opportunities. All these activities cannot happen and be successfully implemented without our talented and committed Together we grow employees. Our people are our most important asset and ASSA ABLOY’s decentralized organizational structure has our future depends on that we can continue to attract, retain been a key to our success. However, as more of our products and develop the right people and evolve with them. We work and solutions become connected, we can realize more syn- on many initiatives to strengthen what we do in this area. For ergies between our different regions, business areas and divi- example, we invest in external talent via graduate programs sions. The global roll out of our August software platform for and we focus on providing our employees with development our smart residential locks is a good example of how we can opportunities, with the aim to help them to grow into bigger achieve more synergies through increased internal collabo- roles within the organization. By enabling our people to ration. A strong common culture is the cornerstone for suc- develop continuously and by providing them with a varied, cessful internal collaboration. In 2019 we launched our challenging and long-term career, we lay an important foun- common core values: Empowerment, Innovation and dation for ASSA ABLOY’s future success. Integrity and strengthened our common culture with our ‘Together We’ program, encouraging further collaboration Sustainability is an enabler for value creation and realizing more synergies across the Group. ASSA ABLOY is committed to reducing its environmental footprint and to help to mitigate climate change, to meet Our strategic objectives the needs of future generations. Our customers require our We have fine-tuned our four strategic objectives: Growth products to be produced in a sustainable way, while also through customer relevance; Product leadership through helping to enable them to reduce their own environmental innovation; Cost-efficiency in everything we do; and Evolution footprint. Importantly, our strategic objectives are well through people. We further extended and strengthened our aligned with improving our sustainable solutions and we will product portfolio and invested in our market presence in stay focused on addressing these important challenges and order to increase customer value. We invested in our different opportunities. channels to market and grew our service and customer support organization in a significant way. Innovation is an enabler for our sustainable and profitable Stockholm, February 2020 growth where digitization provides many opportunities. We accelerated R&D investments in general and for Global Tech- Nico Delvaux nologies in particular. Enhanced customer value at a lower President and CEO 2 AN INTRODUCTION TO ASSA ABLOY The year in figures GROUP KEY 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 94,029 ing to net acquired growth of 3 % for the year. of which: Exchange rate effects, % 3 6 Sales, SEK M • 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 items affecting comparability was 15.9 % (15.4). Income before tax (EBT), SEK M 1 12,110 13,883 15% • 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.
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