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ATLAS COPCO Annual Report 2017 Worldreginfo - 54D087d7-D0f1-45Ce-9778-26D641dff3bb Atlas Copco Believes In ATLAS COPCO Annual report 2017 WorldReginfo - 54d087d7-d0f1-45ce-9778-26d641dff3bb Atlas Copco believes in... ... delivering innovative products, reliable services and profitable growth while being a responsible corporate citizen. This annual report reflects Atlas Copco’s mission of creating sustainable, profitable growth and it integrates financial, sustainability and governance information in order to describe Atlas Copco in a comprehensive and cohesive manner. CONTENTS ABOUT THE FRONT PAGE Atlas Copco Group Inside front cover The picture shows an installation President and CEO 2 of two of Atlas Copco’s THIS IS ATLAS COPCO 6 latest innovations. This section contains Atlas Copco’s vision, mission, The new energy saving Z VSD+ strategy, structure and governance, how we do range of oil free screw compressors business and create value for all stakeholders. which incorporates a new compression element/drive THE YEAR IN REVIEW Administration report system and extended service intervals to significantly reduce This section describes Atlas Copco’s annual customers’ energy and main­ performance and achievements. 14 tenance costs. Also a new air dryer Compressor Technique 24 which takes rotary drum drying technology to a new level of Vacuum Technique 27 performance with guaranteed dew points to protect our Industrial Technique 30 customers productivity. Mining and Rock Excavation Technique 33 Power Technique 36 Innovation 39 GRI G4 GUIDELINES AND EXTERNAL REVIEW Employees 44 Atlas Copco reports its sustainability work for 2017 according to GRI G4, Global Reporting Initiative’s reporting guidelines, level Core. Society and environment 47 Deloitte has reviewed the report and verified this level, see page 143. More information and a detailed GRI index can be found at: Risks, risk management and opportunities 52 www.atlascopcogroup.com The Atlas Copco share 56 The sustainability report 2017 is prepared in accordance with Corporate governance 58 the Annual Accounts Act. OUR FINANCIAL RESULTS NOTICE Financial statements (Group) 68 The amounts are presented in MSEK unless otherwise indicated and numbers in parentheses represent comparative figures for the Notes (Group) 73 preceding year. The figures presented in this report refer to continuing Financial statements (Parent) 115 operations unless otherwise stated. Notes (Parent) 117 FORWARD-LOOKING STATEMENTS Signatures of the Board of Directors 129 Some statements in this report are forward­looking, and the actual out­ comes could be materially different. In addition to the factors explicitly Audit report 130 discussed, other factors could have a material effect on the actual Financial definitions 133 outcomes. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political Sustainability notes (Group) 134 developments, the impact of competing products and their pricing, Auditor’s Limited Assurance Report on product development, commercialization and technological difficulties, Atlas Copco AB’s Sustainability Report 143 interruptions in supply, and major customer credit losses. Five years in summary 144 Atlas Copco AB is a public company. Atlas Copco AB and its subsidiaries are sometimes referred to as the Atlas Copco Group, the Group, or Atlas Contacts 145 Copco. Atlas Copco AB is also sometimes referred to as Atlas Copco. Any mention of the Board of Directors or the Board refers to the Board of Directors of Atlas Copco AB. MARKED WITH BLUE The audited annual accounts and consolidated accounts can be found on pages 14–46, 52–55 and 58–129. The corporate governance report examined by the auditors can be found on pages 58 – 67. MARKED WITH GREEN Sustainability information that has been reviewed by the auditors can be found on pages 10–13, 39–51 and 134–142. WorldReginfo - 54d087d7-d0f1-45ce-9778-26d641dff3bb Welcome to the Atlas Copco Group COMPRESSOR TECHNIQUE VACUUM TECHNIQUE A decentralized Page 24 Page 27 group with business Revenues Revenues areas 2017: 2017: 5 MSEK 38 768 MSEK 19 582 The Compressor Technique business area The Vacuum Technique business area provides provides compressed air solutions; industrial vacuum products, exhaust management systems, compressors, gas and process compressors valves and related products. The main markets and expanders, air and gas treatment equipment served are semiconductor and scientific as well and air management systems. The business as a wide range of industrial segments including area has a global service network and innovates chemical process industries, food packaging and ATLAS COPCO GROUP for sustainable productivity in the manufacturing, paper handling. The business area has a global oil and gas, and process industries. Principal service network and innovates for sustainable product development and manufacturing units productivity in order to further improve its are located in Belgium, the United States, customers’ performance. Principal product China, India, Germany and Italy. development and manufacturing units are located Orders received, MSEK in the United Kingdom, Czech Republic, Germany, Revenues, MSEK South Korea, China and Japan. Operating margin, % Orders received, MSEK MSEKRevenues, MSEK % 125 000ORDERSOperating RECEIVED, margin, REVENUES % 25 ORDERS RECEIVED, REVENUES ORDERS RECEIVED, REVENUES AND OPERATING MARGIN (GROUP) AND OPERATING MARGIN AND OPERATING MARGIN 100 000 20 MSEK % MSEK % MSEK % 125 000 25 50 000 25 25 000 25 75 000 continuing 15 operations 100 000 20 40 000 20 20 000 20 50 000 10 75 000 15 30 000 15 15 000 15 25 000 5 50 000 10 20 000 10 10 000 10 0 0 2013 2014 2015 2016 2017 25 000 5 10 000 5 5 000 5 0 0 0 0 0 0 2013 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 REVENUES BY REGION (GROUP) REVENUES BY REGION REVENUES BY REGION Asia/Australia, 32%North Asia/ North Asia/ North America, 24% Australia, 30% America, 22% Australia, 61% America, 19% Africa/ Africa/ South Middle East, 8% Middle East, 7% America, 1% South South Africa/ Europe, 29% America, 7% Europe, 35% America, 6% Middle East, 4% Europe, 15% SHARE OF REVENUES (GROUP) SHARE OF REVENUES SHARE OF REVENUES Service, 43% Equipment, 57% Service, 44% Equipment, 56% Service, 20% Equipment, 80% ORDERS RECEIVED BY ORDERS RECEIVED BY ORDERS RECEIVED BY CUSTOMER CATEGORY (GROUP) CUSTOMER CATEGORY CUSTOMER CATEGORY Other, 7% Manufacturing, 40% Other, 11%Manufacturing, 36% Other, 3% Manufacturing, 82% Service, 4% Service, 10% Process Construction, Construction, industry, 15% 16% 12% Process Process Mining, 20% industry, 13% Mining, 3% industry, 28% WorldReginfo - 54d087d7-d0f1-45ce-9778-26d641dff3bb Welcome to the Atlas Copco Group INDUSTRIAL TECHNIQUE MINING AND ROCK POWER TECHNIQUE Page 30 EXCAVATION TECHNIQUE Page 36 Page 33 Revenues Revenues Revenues 2017: 2017: 2017: MSEK 16 377 MSEK 29 166 MSEK 13 246 The Industrial Technique business area provides The Mining and Rock Excavation Technique busi­ The Power Technique business area provides air, industrial power tools and systems, industrial ness area provides equipment for drilling and rock power and flow solutions through products such assembly solutions, quality assurance products, excavation, a complete range of related consum­ as mobile compressors, pumps, light towers and software and service through a global network. ables and service through a global network. The generators, along with a number of complementa­ The business area innovates for sustainable business area innovates for sustainable productivity ry products. It also offers specialty rental and pro­ productivity for customers in the automotive in surface and underground mining, infrastructure, vides services through a dedicated, global net­ and general industries, maintenance and vehicle civil works, well drilling and geotechnical applica­ work. Power Technique innovates for sustainable service. Principal product development and tions. Principal product development and manu­ productivity across multiple industries, including manufacturing units are located in Sweden, facturing units are located in Sweden, the United construction, manufacturing, oil and gas and ex­ Germany, Hungary, the United States, United States, Canada, China and India. ploration drilling. The business area is headquar­ Kingdom, France and Japan. tered in Belgium. Principal product development and manufacturing units are located in Europe, Asia, South America and North America. ORDERS RECEIVED, REVENUES ORDERS RECEIVED, REVENUES ORDERS RECEIVED, REVENUES AND OPERATING MARGIN AND OPERATING MARGIN AND OPERATING MARGIN MSEK % MSEK % MSEK % 25 000 25 35 000 25 15 000 25 continuing operations 20 000 20 28 000 20 12 000 20 15 000 15 21 000 15 9 000 15 10 000 10 14 000 10 6 000 10 5 000 5 7 000 5 3 000 5 0 0 0 0 0 0 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 REVENUES BY REGION REVENUES BY REGION REVENUES BY REGION Asia/ North Asia/ North Asia/ North Australia, 24% America, 33% Australia, 25% America, 23% Australia, 21% America, 23% Africa/ Africa/ Africa/ Middle East, 14% Middle East, 1% Middle East, 11% South South South Europe, 39% America, 3% Europe, 24% America, 14% Europe, 39% America, 6% SHARE OF REVENUES SHARE OF REVENUES SHARE OF REVENUES Service, 27% Equipment, 73% Service Equipment, 35% Service, 15% Equipment, 62% (consumables) 23% Service (rental), 23% Service, 42% ORDERS RECEIVED BY ORDERS RECEIVED BY ORDERS RECEIVED BY CUSTOMER CATEGORY CUSTOMER CATEGORY CUSTOMER CATEGORY Other, 8% Manufacturing, 83% Process Mining, 72% Others, 13% Manufacturing, 19% industry, 1% Service,
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