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Measurement Technologies Business Annual Report 2007 Hexagon’s mission: To measure objects To position objects precision in everything To update objects To time processes Contents Message from the CEO During 2007, Hexagon’s product offering was strengthened through proprietary product development and 2 acquisitions. Earnings per share in- creased by 36 per cent. 16 Measurement technology and world-class services Hexagon’s measurement systems and services enhance our customers’ efficiency and productivity, increase quality and generate significant cost savings in the production process. 22 Effective innovation generates results Successful product development is a prerequisite for companies intent on leading their industries. Hexagon has approximately 600 employees working on the development of technologies for the future. 26 Global expansion and local expertise As a local player, Hexagon capitalizes on its understanding of each particular geographical market and customer requirements, knowledge that is essential to efforts to generate heal- thy profitability on a sustainable basis. 1 2007 in brief 24 Polymer operations 50 Directors’ Report 85 Audit report 2 Message from the 26 China project 55 Consolidated income 86 Eight-year summary Chief Executive Officer 28 Corporate responsibility statement 88 Definitions 4 Strategic orientation 32 Caterpillar project 56 Consolidated balance sheet 89 Shareholder information 8 Acquisitions 34 The Hexagon share 58 Change in Group equity 10 Terminal 5 project 38 Risk management 59 Consolidated cash flow 12 Market description 40 Corporate governance statement 14 NASA project 48 Board of Directors, 60 Parent Company accounts 16 Products and Services Senior management 62 Accounting principles 22 Research and Development 66 Notes 84 Proposed allocation of earnings This is Hexagon Hexagon is a global measurement Hexagon’s business concept is to de- technologies group with strong market velop and market leading measurement positions. technologies products and services to measure in one, two or three dimensions, In 2007, Hexagon had net sales of position and update objects and time 14 587 MSEK. The Group has 10 100 processes. employees in 36 countries worldwide. The Hexagon share is quoted among Hexagon’s vision is to be a market Large Cap companies on the Nordic leader, ranking number one or two in Exchange and the SWX Swiss Exchange. each strategic business, in order to generate growth and shareholder value. Cover: The altitude of Mont Blanc, the highest mountain in Europe, is constantly changing. The changes are part of the natural life of a glacier, but also the results of climate changes. Surveyors discovered that its altitude changed from 4 808.75 meters in 2005 to 4 810.90 meters in September 2007. The measurements were taken using the Hexagon measurement system Leica GPS1200. , prim tools 17% 24% 59% EMEA Region* Americas Region* Asia Region* In the EMEA region, Hexagon’s organic In the Americas, Hexagon’s organic growth In the Asia region, Hexagon’s organic growth rate in net sales was 13 per cent rate in net sales was 12 per cent in 2007. growth rate in net sales was 30 per cent in 2007. Th e rate of activity was favou- Demand benefi ted from an increase in in 2007. During the year, Hexagon rable in engineering and construction infrastructural investments, geographical further expanded its operations in industries in Western and Eastern Euro- information systems (GIS), mining, aero- China, via acquisitions and the esta- pe and in the Middle East. Hexagon is space, construction, electronics and medi- blishment of new production facilities. investing in the expansion of distribu- cal equipment technology. Hexagon is In parallel with China, India is beco- tion and service activities in the EMEA’s investing in service and distribution activi- ming an increasingly important market new, fast-growth segments and geograp- ties and in increasing the pace at which for Hexagon. hical areas. new products are launched. * EMEA – Europe, Middle East and Africa. Americas – North, South and Central America. Asia – Asia, Australia and New Zealand. Countries in which Hexagon has established operations, production facilities, research and development and/or sales offi ces. 2007 in brief Water depth analysis near the San Diego coastline. 2007 in brief 2007 was a record financial year, with considerable Key Figures organic growth, high earnings and a strong cash flow. 2007 2006 Change A total of 18 companies, with annual sales of approxi- Net sales, MSEK 14 587 13 469 15%1 mately 1 400 MSEK, were acquired in order to strengthen Operating earnings (EBIT1), MSEK 2 421 1 827 33% Hexagon’s measurement technologies business. Earnings before tax, MSEK 2 056 1 618 27% Net sales increased to 14 587 MSEK (13 469), corre- sponding to organic growth of 15 per cent. Net earnings, MSEK 1 811 1 280 41% Operating margin, % 16.6 13.6 3.0 Earnings before tax increased by 27 per cent to 2 056 MSEK (1 618). Return on equity, % 19.5 17.0 2.5 Earnings per share rose 36 per cent to 6.79 SEK (5.01). Return on capital employed, % 14.3 12.2 2.1 The share price increased by 39 per cent, and was Equity ratio, % 40.3 46.4 – 6.1 135 SEK (97) at year-end. Earnings per share, SEK 6.79 5.01 36% The Board of Directors proposes that the dividend to Share price, SEK 135 97 39% shareholders be increased 41 per cent to 2.35 SEK (1.67) Average number of employees during the year 8 406 7 862 7% per share. A extraordinary dividend of shares of the poly- 1 mer business is also proposed. Based on fixed exchange rates and a comparable structure (organic growth). MSEK MSEK % SEK 2007 14 587 2007 2 421 2007 16.6 2007 6.79 2006 13 469 2006 1 827 2006 13.6 2006 5.01 2005 9 637 2005 923 2005 9.6 2005 3.14 2004 8 256 2004 686 2004 8.3 2004 2.28 2003 7 103 2003 480 2003 6.8 2003 1.22 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 Net sales Operating earnings Operating margin Earnings per share In 2007, net sales increased to 14 587 Operating earnings rose 33 per cent to The Group’s operating margin was 16.6 per Earnings per share rose 36 per cent to MSEK, corresponding to organic growth of 2 421 MSEK in 2007. cent. Operating margin of the measurement 6.79 SEK in 2007. 15 per cent. technologies business was 19.6 per cent. Hexagon Annual Report 2007 1 Message from the Chief Executive Officer Sights set on continued growth During 2007, we strengthened our product offering and our Strategic acquisitions and successful development operations in various parts of the world through product The past year was a very intensive period, not the least on the development and acquisitions. We increased our earnings acquisitions front. We acquired a total of 18 companies in order per share by 36 per cent and created a stable platform for to supplement our measurement technologies business. This future growth. mainly involved the acquisitions of strategically important tech- nologies or acquisitions to enhance our distribution activities in Hexagon pursues a philosophy based on professionalism and a number of geographical markets. In addition to measurement trust. Success can only be achieved with the help of committed technologies companies, we also acquired a rubber compound- and dedicated employees. Hexagon’s slightly more than 10 000 ing company in order to strengthen our polymer operations in employees worldwide represent so much more than just a multi- the US market. tude of companies that engage in business on a parallel basis. It However, our business is not only being developed through is a global network of committed people, all working towards the acquisition of companies; we have also devoted considerable the same overall objective – creating value for Hexagon’s share- energy to strengthening our existing product portfolio through holders. Regardless of whether we are employed in China, in-house product development in the growth areas we have iden- Germany, the US, Australia, Russia or Singapore; or whether tified in the measurement technologies sector. During the past we work on the shop floor, in research and development or in year, we launched about a hundred new products. We devel- Hexagon’s management team, we are all contributing to the oped, for example, a measuring machine in China and new con- Group’s success. Everyone is contributing to our joint success, cepts within the machine control market segment. Considerable and the 2007 financial year was a period of outstanding achieve- effort was also focused on the development projects initiated as a ments. result of the acquisition of Leica Geosystems. The first of these In this Annual Report, we have chosen to highlight and de- products, which combines Hexagon’s and Leica Geosystems’ scribe in greater detail a number of the many exciting projects technologies, will be launched in stages starting in 2008. in which Hexagon participated during the year. The projects A powerful product portfolio requires an efficiently function- involved participation in the construction of the new Terminal 5 ing distribution network in geographical regions that are show- at London Heathrow Airport in the UK, our cooperation with ing growth. During the year, we established operations in six NASA in the development of the new James Webb Space Tele- new geographical markets. A favourable geographical mix is of scope, our initiatives in various parts of China and the measure- major strategic importance in efforts to balance slackening ment services we are performing at Caterpillar’s production economic conditions in certain regions with better demand in plant in Illinois, USA.
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