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Saving More Lives Autoliv Annual Report 2017 the World’S Largest Automotive Safety Supplier

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Saving More Lives Autoliv Annual Report 2017 the World’S Largest Automotive Safety Supplier Annual Report 2017 Saving More Lives Autoliv Annual Report 2017 The world’s largest automotive safety supplier utoliv is the world’s largest auto- With one of the world’s broadest safety Content motive safety supplier, with sales electronics product ranges, Electronics to all the leading car manufactur- develops, manufactures and markets re- A ers in the world. Guided by our vi- straint control systems, brake systems, and sion of Saving More Lives, we develop prod- active safety sensors, such as radar, lidar, 02 Who We Are, What We Do ucts that save over 30,000 lives each year. mono, stereo and night vision cameras, as Autoliv’s mission is to be the leading well as ADAS and autonomous driving soft- 03 2017 in Summary supplier of safety systems for the future ware. car, well integrated with autonomous driving. We challenge ourselves to continuously 04 President’s Letter Autoliv operates through two seg- focus on what is important: Consistency 06 Products ments, Passive Safety and Electronics. As a and quality for our customers, confidence worldwide leader, Passive Safety develops, and security for our employees, stability 08 Segments manufactures and markets protective sys- and growth for our shareholders, and being tems, such as airbags, seatbelts, steering sustainable and earning trust within our 12 Significant Launches wheels and pedestrian protection systems. communities. 13 Financial Targets 14 Strategies 16 People HEADQUARTERS INCORPORATED SEGMENTS Stockholm, Sweden Delaware, United States Passive Safety and Electronics 18 Shareholders 20 Leadership ASSOCIATES OPERATIONS IN >72,000 27 worldwide countries TECH CENTER LOCATIONS CRASH TEST TRACKS 23 19 worldwide worldwide LIVES SAVED CAR BRANDS >30,000 100 per year worldwide 02 2017 in Summary $10.4bn $17bn 38% Net Sales Order Intake, Market Share Passive Safety Life-Time Sales* $366m $936m 5.1% Direct Shareholder Returns Operational Cash Flow Productivity Gains YoY *Expected Life-time awarded gross program revenues, based on expected volumes and pricing. Autoliv locations EUROPE 32% OF SALES AMERICAS JAPAN 31% 10% OF SALES OF SALES CHINA 18% OF SALES REST OF ASIA 9% OF SALES Sales 2017 Domestic Chinese OEM's 13% 10% 10% 10% 8% 8% 6% 6% 6% 4% 4% 3% 2% 2% 2% 6% Others 03 Dear Shareholder "We are proud of what we have achieved so far, and we are ready for the next chapter." or more than two decades, This positions us to deliver on record ing companies, and unfortunately also the Autoliv team has worked new orders and simultaneously, invest leading to tragic loss of lives. At Autoliv, to build our position as the in long-term development, particularly quality has always been the number one leader in automotive safety. in our Electronics business. In Passive priority and it will continue to be so in Quality has been our top pri- Safety, we have noted order intake of the future. In 2017, most of our quality Fority, and we have invested in our peo- around 50% or more over the past three metrics improved further: With a 38% ple, in R,D&E for technology leadership years and, in active safety, we have had market share in Passive Safety, Autoliv and, step-by-step, we have optimized record order intake for two consecu- has been involved in only 2% of the re- our operations. Our focused approach tive years. It is satisfying to see that our calls since 2010. We continue to work on has led to a 38% and growing market strategy to invest in R&D is paying-off improving all aspects of quality through share in Passive Safety, while Electronics and that we can count four customers our Q5 program of quality in all dimen- has grown to become a distinct busi- for our vision solution, up from only one sions: Customer, product, supplier, ness of more than $2 billion. We are two years ago. We further noted record growth and behavior. now ready to take the next step, creating operating cash flow of $936 million. two great companies out of one. We are Our ambition is to always be share- Capital Markets Day preparing to spin-off the Electronics holder friendly, and during 2017 we In September, in connection to our Capital business as a stock-listed company directly returned $366 million to our Markets Day in Frankfurt, Germany, we under the name Veoneer during the shareholders. Out of this amount, first announced the intent to create two third quarter of this year. $209 million was through regular companies of Autoliv’s current business In 2017, our focus on execution re- dividends and $157 million through segments. The process is expected to sulted in the highest sales and gross share repurchases. During the year, be concluded in the third quarter of this profit for any year in the company’s Autoliv stock appreciated in value by year, with the Electronics business be- history. Sales grew by more than 3% 12% and closed on $127.08 on De- ing spun-off under the name Veoneer. approaching $10.4 billion, and order cember 29, 2017 (for the Swedish de- During the Capital Markets Day, fi- intake was at record highs for both our pository receipts the corresponding nancial targets for the segments as two business segments. It was a year of solid figures were 2% and SEK 1047.00). stand-alone companies in 2020 were results, allowing for investments for communicated. Under these assump- the future. Full-year operating margin Quality tions, we anticipate the Passive Safety was virtually unchanged as we invest- Over the past years, the number of re- business to grow by 8% annually from ed $90 million more in research and calls in the automotive industry have 2017 to 2020, leading to a business of development than the previous year. reached a record high, negatively affect- more than $10 billion in 2020 with an Autoliv 2017 Electronics Passive Safety Autonomous driving ~50% or more passive Teaming up with New concept: The software joint venture safety industry order NVIDIA to develop Life Cell airbag provides Zenuity starts operations wins in 2015 to 2017 platform for protection regardless self-driving cars of seating position 04 Autoliv Annual Report 2017 / President's Letter adjusted operating margin of around we successfully brought cutting-edge organic growth for the year of around 13%. For the Electronics business, we competence in several areas to our com- 3%. For Autoliv, we further expect an ad- anticipate 10% annual growth, leading pany. justed operating margin of around 9% for to a business of around $3 billion, from Most significant was the start of op- the full year under the current operating which more than $1 billion will come erations of Zenuity, the system software structure. from active safety, and an adjusted oper- joint venture formed with Volvo Cars. At Twenty-four years ago, Autoliv was ating margin in the range of 0-5% in the the end of 2017, Zenuity had a workforce introduced to the stock market as a spin- same time period. of more than 500 highly skilled profes- off from Electrolux. Now, we are ready to We further indicated targets for 2022: sionals, primarily in software develop- repeat the process and spin-off a part of We expect the Passive Safety business to ment, and the company is well on track Autoliv, creating Veoneer, which will be at least hold its 2020 market share and to deliver its first ADAS systems software a strong leader in automotive electron- to grow at least 1% above the growth in solution in 2019, followed by an autono- ics. This is a tremendous development light vehicle production, while at least mous driving solution in 2021. We look achieved through focus on technology holding the expected 2020 adjusted op- forward to building Veoneer into a com- and long-term investments. Growth and erating margin. For Electronics, we ex- pany and brand synonymous with lead- execution is in our DNA, and with a con- pect 2022 sales of around $4 billion, with ership in automotive electronics, active tinued clear vision and strategy, we might more than $2 billion coming from active safety, ADAS and autonomous driving, be able to create the next new company safety, and at an improved adjusted oper- while continuing to build passive safety even faster. ating margin from the 2020 level. leadership in a renewed, focused Autoliv. We are ready for the next chapter, and I would like to take this opportunity Initiative to create two companies Sustainability to sincerely thank all Autoliv employees, Autoliv is present in two different market During 2017, we continued to strengthen shareholders and other stakeholders for segments that are increasingly divergent. our Sustainability Program and delivered strong support, dedication, and collabo- The passive safety market (seatbelts and on our commitment to saving more lives. ration. airbags) is characterized by relatively Autoliv contributes to society and sus- stable growth, closely correlated to glob- tainability through its products, which al light vehicle production. The electron- save over 30,000 lives a year, and prevent Yours sincerely, ics market is, by contrast, characterized countless more injuries. Our vision sup- particularly in active safety, by change, ports the UN Sustainable Development rapid growth, a high pace of innovation, Goal #3: Good health and well-being, software-based competencies, and high focused on reducing global deaths and Jan Carlson upfront investments connected to future injuries from road traffic accidents by Chairman, President & CEO growth. Our belief is that these market 50%. A solid sustainability governance Stockholm February 22, 2018 characteristics partially attract different structure has been set, assigning the ul- investor bases, and our current plan is timate responsibility for sustainability to that during the third quarter 2018, Autoliv the Board of Directors.
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