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Table of Contents TABLE OF CONTENTS WHAT DRIVES US 1 LETTER FROM THE PRESIDENT & CEO 2 HEXAGON IN BRIEF 4 2012 SUMMARY 6 FINANCIAL TARGETS & STRATEGIES 8 MARKET DRIVERS & OVERVIEW 10 APPLICATION AREAS 14 GEOSYSTEMS 16 METROLOGY 20 ANNUAL REPORT TECHNOLOGY 24 MARKET-DRIVEN R&D 30 DOING BUSINESS RESPONSIBLY 32 EMPLOYEES ARE KEY TO SUCCESS 34 THE SHARE 36 CORPORATE GOVERNANCE REPORT 40 COMMENTS FROM THE CHAIRMAN 2012 OF THE BOARD 47 BOARD OF DIRECTORS 48 GROUP MANAGEMENT 50 BOARD OF DIRECTORS’ REPORT 52 MANAGING RISKS 57 ANNUAL REPORT 2012 CONSOLIDATED INCOME STATEMENT 63 CONSOLIDATED COMPREHENSIVE INCOME STATEMENT 63 2011 CONSOLIDATED BALANCE SHEET 64 CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY 66 2010 CONSOLIDATED CASH FLOW STATEMENT 67 PARENT COMPANY INCOME STATEMENT 68 PARENT COMPANY COMPREHENSIVE 2009 INCOME STATEMENT 68 PARENT COMPANY BALANCE SHEET 69 CHANGES IN PARENT COMPANY 2008 SHAREHOLDERS’ EQUITY 70 PARENT COMPANY CASH FLOW STATEMENT 71 NOTES 72 2007 PROPOSED ALLOCATION OF EARNINGS 101 AUDIT REPORT 102 QUARTERLY INCOME STATEMENTS 103 2006 10-YEAR SUMMARY 104 DEFINITIONS 106 INFORMATION FOR SHAREHOLDERS 108 HEXAGON AB 2005 P. O. Box 3692 Hexagon AB is a Swedish public limited liability company with SE-103 59 Stockholm, Sweden Corporate Registration Number 556190-4771. All values are VISITING ADDRESS expressed in Euros unless otherwise stated. The Euro is abbreviated Lilla Bantorget 15, Stockholm 2004 EUR, thousands of Euro to KEUR, millions of Euro to MEUR, billions of Euro to bn EUR and million US dollars to MUSD. Figures in TELEPHONE: +46 8 601 26 20 parentheses refer to 2011 unless otherwise stated. FAX: +46 8 601 26 21 E-MAIL: [email protected] 2003 Data on markets and competition represent Hexagon’s own WEBSITE: www.hexagon.com assessments unless otherwise stated. Assessments are based on most recent available facts from published sources. 2002 THE HEXAGON ADVANTAGE WHAT DRIVES Hexagon’s solutions fuse the Real World (“as-is/as-built”) Global megatrends are pushing our with the Digital World (“as-planned/as-designed”). UScustomers to truly innovate and respond Access to vast quantities of disparate and to sustainable growth and development constantly changing information and data is a powerful decision-making tool if presented in challenges. Hexagon is an important partner an intuitive and meaningful manner. Hexagon’s design, measurement and visualisation tech- in helping them reach their potential. nologies do just that. They provide the means to create, manage, understand and act upon a con- stant flow of information. Hexagon’s solutions provide an interactive environment that drives We strive to deliver solutions that not smarter decisions and enables decisive action. only meet their current needs, but also Fusing the real and digital worlds with a continu- ous flow of new information provides customers enable them to become leaders in their with accurate digital depictions (3D models, scans, photos, maps) of reality. Thereby turning data into respective markets and/or segments. actionable intelligence – the kind of intelligence necessary to keep up with the pace of change and meet the challenges of a growing world. Working together with our global customer base, Hexagon has the power to address global challenges. INTERACT 1 Scan the QR code to download the HxGN | INTERACT app or visit hexagon.com/interact 2 Line up the corner indicators on your device with the image to experience our augmented reality. WELCOME TO AUGMENTED REALITY Augmented reality (AR) is a way of viewing the real-world environment augmented through computer-generated visuals and sounds. This report contains forward-looking statements based on Hexagon management’s current expectations. Although management considers expectations expressed in such future-oriented information as reasonable, no assurance can be given that these expectations Hexagon invites you to our world of AR. Turn to will prove correct. Consequently, actual future results can differ considerably from those implied in the forward-looking statements as a page 28 and follow the instructions. result of factors such as changed conditions in the economy, market and competition, changes in legal requirements and other political measures, fluctuations in exchange rates and other factors. Produced by Hexagon in cooperation with Wildeco. Print: Åtta45, Solna 2013. Photo: Shutterstock, GettyImages, BW Offshore AS, Hexagon. SHAPING CHANGE Our planet is changing at an exponential rate. The population is growing, ageing and on the move – putting pressure on the world’s infrastructure, resources and ability to manage these changes. Hexagon’s unique technology portfolio directly addresses these challenges. There will be close to 9 bn people on earth by 2050 Population growth is pushing the limits of our global food supplies and energy resources Almost 180,000 people are added to the urban population every day Manufacturing capacity must keep up with the rising demand of the world’s growing middle class Practically everywhere infrastructure shows signs of strain Over 2 bn people will be older than 60 years of age by 2050 HEXAGON HAS Our design, measurement and visualisation CUTTING EDGE technologies help meet the demands of a TECHNOLOGIES … growing world. … THAT CONNECT With our technologies, GLOBAL SOLUTIONS Entire populations are kept safe and secure TO GLOBAL CHALLENGES Cities and infrastructure are intelligently planned, built and maintained Productivity in manufacturing, construction, mining and agriculture is vastly increased Plants and offshore facilities are constructed and operated safely and efficiently What Drives Us 1 LETTER“ Our goal is to grow from 2.4 to 3.5 bn EUR FROMin sales by 2015” THE CEO Dear shareholders, COMBINED TECHNOLOGIES The 2012 launch of the Hexagon Hydrology Overall Solu- tion – the H2O Solution, for short – is a great example. It It has been an amazing year for Hexagon. It’s probably started as a safety system with sensors to predict land- unfair to say that the main event of 2012 was the perfor- slides and flooding from monitored changes in water level mance of the Hexagon share when we have achieved so and humidity along river banks. Today, it is a comprehen- much operational progress across our 13,000+ person sive water infrastructure management solution designed organisation. However, despite the gloomy backdrop to improve the construction, operability and security of stemming from a two-speed global economy, Hexagon’s water systems such as dams, reservoirs and levees. From share price rose by almost 60 per cent! early warning systems and emergency dispatch to power generation optimisation and the irrigation of agricultural So, how did we perform so well without the tailwind of land, the H2O Solution demonstrates the value of our strong global demand? I believe it was for two reasons: combined technologies. our business is becoming less cyclical as more of our revenue is recurring; and we are driving growth for our REDUCING RE-WORK company through the development of technological solu- Another solution that we have made strides on through- tions to vastly important global challenges. out the year involves virtual assembly. Today, most industries are advanced in designing new products SMART SOLUTIONS using computer-aided design (CAD). But only a few have The world needs what we internally refer to as “smart” integrated those designs into the world of manufacturing solutions to solve the problems we will face over the next to determine if what’s actually being produced is exactly 20 to 30 years. By “smart,” we mean technologies that according to plan. And while more sophisticated engi- are more intelligent, with the ability to have an immediate neering industries have long since connected metrology and positive impact on tomorrow. Our multi-industry fo- systems with design systems for systematic follow up, cus will continue to strengthen our ability to develop new the majority of large construction projects still rely on solutions for the foreseeable future, because advance- engineers to make parts come together, using force or re- ments that we make in one segment often have beneficial work at the construction site when they do not fit. application in another. This approach leads to more in- novative use of our technologies, that in the end, provide In 2012, we kicked off several research and development “smarter”, more intelligent solutions. (R&D) projects with key customers for eliminating non- fitting components and costly re-work. There are huge savings to be unlocked if these processes are able to be improved. Take, for example, the oil and gas industry, 2 Hexagon Annual Report 2012 LETTER FROM THE CEO which spends more than 1 trillion USD in design, con- Thank you! struction and commissioning of plant assets annually. Through the systematic use of our technology, significant I would like to conclude by thanking our employees for savings from reductions in materials and energy waste their outstanding contributions to our company, and also can be more easily achieved. our partners for investing in our mutual future. Finally, I would like to thank our shareholders for their support and OUR 2015 TARGETS continued belief in us in 2012. I look forward to another In terms of our business performance, Hexagon ended exciting year in Hexagon’s history! 2012 with sales amounting to approximately 2.4 bn EUR. This means we need to grow by another 1.1 bn EUR, or 14 Stockholm, Sweden, March 2013 per cent per annum, to achieve our 2015 target of 3.5 bn EUR. We plan to reach this by combining organic growth OLA ROLLÉN from our current core business, organic growth stemming President and Chief Executive Officer from new markets and products, and inorganic growth from acquisitions of technology and distribution compa- nies. Our other target, to lift the EBIT margin from 2012’s 21 per cent to 25 per cent, will primarily be accomplished through the development of a richer product mix entailing an increase of 4 to 5 percentage points in gross margin.
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