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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Our purpose is to every day help people feel safe, secure and experience a more open world Contents P 2 Report on operations ASSA ABLOY in brief tab Innovation and product development Statement by the President and CEO 2 Goals and outcomes 5 drive growth Value creation strategy 7 ASSA ABLOY showed strong growth driven by new innovative products. Market growth 8 Product leadership 14 Cost-efficiency 20 P People 24 7 Profitable growth 26 Divisions ASSA ABLOY’s divisions 28 Opening Solutions EMEA 30 Opening Solutions Americas 31 Opening Solutions Asia Pacific 32 Value creation strategy Global Technologies 33 The Group’s overall strategic direction is to lead the trend toward increased Entrance Systems 35 security with a product-driven offering centered around the customer. Sustainability report Value-creating model 38 Sustainable development 40 P 28 Report of the Board of Directors Report of the Board of Directors 42 Significant risks and risk management 44 Corporate governance 48 Board of Directors 52 Executive Team 54 Internal control – financial reporting 56 Developments in the divisions 2018 Remuneration guidelines for senior Most divisions showed continued good organic growth with a strong management 57 development for electromechanical solutions. Financial statements Sales and income 58 Consolidated income statement and P Statement of comprehensive income 59 40 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 Sustainable development Notes 69 ASSA ABLOY’s sustainability initiatives continued to make good progress in Comments on five years in summary 98 2018, with advances in line with the five-year sustainability plan. Five years in summary 99 Quarterly information 100 Report of the Board of Directors, Definitions of key ratios 101 P 42 Proposed distribution of earnings 102 corporate governance and Auditor’s report 103 financial statements Shareholder information The ASSA ABLOY share 108 Information for shareholders 111 The formal audited part of this document is on pages 42–102. ASSA ABLOY in brief #1 SEK 84 billion 48,500 employees Who are we? For whom? The ASSA ABLOY Group is the global leader in access The ASSA ABLOY Group provides access solutions, solutions. The offering covers products and services trusted identities, entrance automation and service for related to openings, such as locks, doors, gates and institutional and commercial customers, as well as for entrance automation solutions. The Group also has the residential market. The Group has the largest expertise in controlling identities, with keys, cards, tags, installed base of products in the world, with a large mobile and biometric identity verification systems as share of sales in the stable aftermarket. parts of the offering. What do we do? Where are we? Every day, ASSA ABLOY helps billions of people experi- The Group has leading positions in most of Europe, ence a more open world through innovations that North and South America, Asia and Oceania. enable safe, secure and convenient access to physical and digital places. Share of Group sales by region 2018 North America 42% (40) South America 3% (3) Europe 38% (38) Asia 13% (14) Oceania 3% (4) Africa 1% (1) Our divisions Our brands The regional divisions manufacture and sell mechanical The ASSA ABLOY Group has considerable value in its and electromechanical locks, digital door locks, cylin- well-known brands. ASSA ABLOY is the Group’s master ders and security doors adapted to the local market’s brand and is often combined with local brands that are standards and security requirements. well established in the local markets. Global brands offer additional markets that complement ASSA ABLOY’s The global divisions manufacture and sell electronic main segments. access control, identification products and entrance automation on the global market. SALES BY DIVISION OPERATING INCOME BY DIVISION EMEA,Legend 24% (23) EMEA,Legend 24% (24) Americas,Legend 23% (23) Americas,Legend 29% (30) AsiaLegend Pacific, 11% (11) AsiaLegend Pacific, 4% (7) GlobalLegend Technologies, 14% (14) GlobalLegend Technologies, 18% (15) EntranceLegend Systems, 28% (29) EntranceLegend Systems, 25% (24) Financials in brief 2018 • Sales increased 10 percent during the year to SEK 84,048 M (76,137) driven by continued strong growth for electro- mechanical products. • 19 acquisitions were completed during the year, con tributing to net acquired growth of 2 percent for the year. • Continued good earnings and strong cash flow achieved during the year. Operating margin excluding items affecting comparability was 15.4 percent (16.2). • Investments in product development continued at a high pace. About 27 percent (28) of sales was generated by products launched during the last three years. Key figures 2017 2018 Change Sales, SEK M 76,137 84,048 10% of which: Organic growth, % 4 5 of which: Acquired growth, net total, % 2 2 of which: Exchange rate effects, % 1 3 Operating income (EBIT), SEK M 1 12,341 12,909 5% Operating margin, % 1 16.2 15.4 Income before tax (EBT), SEK M 1 11,673 12,110 4% Operating cash flow, SEK M2 10,929 11,357 4% Return on capital employed, % 1 16.6 16.2 Data per share 2017 2018 Change Earnings per share after tax and dilution (EPS), SEK/share 1 7.77 8.09 4% Equity per share diluted, SEK/share 45.60 46.71 2% Dividend, SEK/share 3.30 3.503 6% Weighted average number of shares, diluted, thousands 1,110,776 1,110,776 1 Excluding impairment of goodwill and other 2 Excluding restructuring payments. intangible assets of SEK 5,595 M and restruc- 3 As proposed by the Board of Directors. turing costs of SEK 1,218 M in 2018. SALES AND OPERATING INCOME (EBIT) Sales Operating income (EBIT) Sales, SEK M EBIT, SEK M 90,000 15,000 75,000 12,500 60,000 10,000 45,000 7,500 30,000 5,000 091, 2 10 111 12 131 14 15 161 17 181 1 Excluding items affecting comparability. 2 Reclassification has been made. EARNINGS PER SHARE 1 SALES IN EMERGING MARKETS SEK SEK M 8 20,000 7 6 15,000 5 4 10,000 3 1 Earnings per share has 2 been restated due to the 5,000 3:1 share split in 2015. 1 2 Excluding items affecting 0 comparability. 0 092 10 112 12 132 14 15 162 17 182 09 10 11 12 13 14 15 16 17 18 ASSA ABLOY ANNUAL REPORT 2018 1 Statement by the PRESIDENT AND CEO Global leader in access solutions 2018 was once again a good year for ASSA ABLOY. We strengthened our position as the market leader with strong growth for electromechanical products, new smart and sustainable access solutions and acquisition of 19 companies. We continued our operational efficiency initiatives and accelerated our innovation efforts during the year. Sales increased to SEK 84,048 M, with organic growth of 5 percent driven by strong growth in Americas and Global Technologies. Operating income increased to SEK 13,309 M1, the operating margin was 15.8 percent1 and cash flow from operation reached SEK 11,357 M. Financial overview in advanced mature markets as well as in many emerging Sales growth accelerated and total sales grew by 10 per- markets. Digital door opening solutions have become cent versus last year, including 5 percent organic growth, mainstream in the commercial segment, but the 2 percent net growth through acquisitions and divest- mechanical locks business remains an important part of ments (4 percent gross) and 3 percent from currency our overall business and a significant cash generator in fluctuations. The growth was particularly strong in which the Group continues to invest. We completed Americas and Global Technologies and within electro- 19 acquisitions during the year, mainly strengthening mechanical and smart locks, but was moderate in Asia and expanding our core, but the acquisition of Cross- Pacific due to the challenging situation in China. match also reinforced our position in biometrics and There are significant growth opportunities in our extended HID Global’s market leadership in the trusted industry, which is why, during the year, we reaffirmed that identity solutions. our target to grow over a business cycle by 5 percent Our operating income for 2018 increased by 8 percent organically and by 5 percent through acquisitions to SEK 13,309 M1, and the operating margin was 15.8 per- remains unchanged. cent1. Operating cash flow was SEK 11,357 M, supported The technology shift from mechanical to electro- by constant focus on operational efficiency. Good profit- mechanical and smart locks drives strong demand both ability requires good cost control. Our restructuring 1 Excluding impairment of goodwill, other intangible assets and write-down of operating assets in China of SEK 5,995 M and restructuring costs of SEK 1,218 M. 2 ASSA ABLOY ANNUAL REPORT 2018 Statement by the PRESIDENT AND CEO program continued to deliver according to plan, as did We will also look for more opportunities to grow our the Group-wide programs for more efficient processes at core business in adjacent areas. During the year we every stage in the value chain from innovation, purchas- changed the name of ASSA ABLOY Hospitality to ASSA ing, across production and administration to sales and ABLOY Global Solutions. This reflects ASSA ABLOY Global service. But price increases and operational efficiency Solutions’ broadened scope of its business, focusing on measures only partly compensated for the strong mate- more specific verticals and its role as service provider, rial price increases in general and steel price increases in which is reflected in strong services growth. particular. They had a dilutive effect on our margins, Security, including locks, is considered by end-users to mainly in the first part of the year.
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