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Annual Report 2016 Husqvarna Group Introduction

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Annual Report 2016 Husqvarna Group Introduction Annual Report 2016 This is Husqvarna Group Husqvarna Group is a global leading producer of outdoor power products and innova- tive solutions for forest, park and garden care. Products include chainsaws, trimmers, robotic lawn mowers and ride-on lawn mowers. The Group is also the European leader in garden watering products and a global leader in cutting equipment and diamond tools for the construction and stone industries. The Group’s products and solutions are sold under brands including Husqvarna, Gardena, McCulloch, Poulan Pro, Weed Eater, Flymo, Zenoah and Diamant Boart via dealers and retailers to consumers and professionals in more than 100 countries. Net sales in 2016 amounted to SEK 36bn and the Group has around 13,000 employees in 40 countries. Contents INTRODUCTION 2 The year in brief 3 ,218 4 CEO statement Operating income, SEKm STRATEGY 8 Financial and sustainability targets 10 Strategy MARKET 14 A steadily growing market 8.9 16 Market trends Operating margin, % OPERATIONS 20 Husqvarna Division 24 Gardena Division 28 Consumer Brands Division 32 Construction Division –13 SUSTAINOVATE 38 Defining a path to a better future CO2 intensity, % 40 Making a difference 41 Science-based validation of green path committment BOARD OF DIRECTORS’ REPORT 44 Board of Directors’ Report 52 Risk management 56 Corporate Governance Report 62 Internal control over financial reporting 64 Board of Directors and auditors 66 Group Management FINANCIAL STATEMENTS 68 Financial statements – Group 50% HUSQVARNA GARDENA 14% Share of Group Share of Group 68 Income statement net sales DIVISION DIVISION net sales 69 Comprehensive income The Husqvarna Division Gardena is the brand statement manufactures and sells a for passionate garde- 70 Balance sheet broad range of products and ners, offering products 71 Cash flow statement solutions for professionals and prosumers for a wide range of gardening 72 Statement of changes in equity including chainsaws, trimmers, robotic needs ranging from watering products to 73 Notes lawn mowers, ride-on and walk-behind lawn care, tree and shrub care products 97 Financial statements – Parent lawn mowers as well as accessories under as well as garden tools. Products and company the brands Husqvarna, Zenoah, solutions are sold at leading retail 97 Income statement Jonsered and Klippo. Products stores and online, mainly in 97 Comprehensive income are mainly distributed through Europe. a network of servicing statement dealers in more than 98 Balance sheet 100 countries. 99 Cash flow statement 100 Statement of changes in equity 101 Notes 109 CONSUMER CONSTRUCTION Declaration by the Board of Directors and the President BRANDS DIVISION DIVISION and CEO The Consumer Brands Division The Construction Division manu- 110 Audit Report manufactures and sells a wide factures equipment and diamond range of products for the broad mass tools for sawing, drilling and grinding in OTHER INFORMATION consumer segments including garden concrete, stone, masonry, tile and asphalt 113 Definitions tractors, lawn mowers, chain-saws and under mainly two brands: Husqvarna 114 Five-year review trimmers under the brands PoulanPro, for the construction industry and 115 Quarterly data McCulloch, Flymo and Diamant Boart for the stone 116 The share Weed Eater. Products industry. The products are 118 are sold mainly at used in the construction Heritage leading retail outlets and stone industry by 120 Annual General Meeting 2017 in North America professional contrac- and Europe. tors and crafts- The formal Annual Report and the 25% people worldwide. 11% consolidated accounts are included Share of Group Share of Group on pages 44–109. net sales net sales Introduction Strategy Market Operations Sustainovate Board of Directors’ Report Financial statements Other information The year in brief • Net sales amounted to SEK 35,982m, which was an unchanged level adjusted for changes in exchange rates. • Operating income increased by 8 percent to SEK 3,218m (2,980) excluding items affecting comparability,* despite unfavorable currency impacts of approximately SEK -430m. • The higher operating income was to a large extent driven by a more favorable mix and efficiency improvements. Strategic partner- • Operating margin rose by 0.7 percentage points to ship with BMZ 8.9 percent (8.2) excluding items affecting comparability.* • Earnings per share after dilution rose to for battery SEK 3.66 (3.28). technology • Return on equity increased to 15.2 percent (14.6). Net sales leadership by geographic area, 2016 • The Board of Directors proposes a n Europe, 46% In 2016, Husqvarna Group and BMZ GmbH, a system provider dividend of SEK 1.95 per n North America, 42% and specialist in intelligent battery solutions, entered into a n Rest of the world, 12% share (1.65) for 2016. strategic partnership agreement covering the development and manufacturing of future generation lithium-ion batteries for Husqvarna Group. Key figures BMZ has established a leading position in the lithium-ion rechargeable battery market and is currently Husqvarna Group’s 1 2 SEKm 2016 2015 2014 2013 2012 largest supplier of battery packs. Combining the core areas of Net sales 35,982 36,170 32,838 30,307 30,834 expertise of both companies, a joint development team will Gross margin, % 30.8 28.1 28.5 26.5 26.9 shorten time-to-market, increase innovation capability and help EBITDA* 4,382 3,980 3,315 2,586 2,737 make the shift to a low-carbon product portfolio. Operating income 3,218 2,827 1,581 1,608 1,675 Operating income, excl. items affecting comparability* 3,218 2,980 2,348 1,608 1,931 Operating margin, % 8,9 7.8 4.8 5.3 5.4 Operating margin, excl. items 8,9 8.2 7.2 5.3 6.3 affecting comparability*, % Net income 2,104 1,888 824 916 1,027 Earnings per share, SEK 3.66 3.28 1.43 1.60 1.78 Dividend per share, SEK3 1.95 1.65 1.65 1.50 1.50 Return on capital employed, % 13.7 12.4 7.6 7.7 7.4 Return on equity, % 15.2 14.6 6.7 8.1 8.8 Capital turnover rate, times 1.7 1.7 1.7 1.6 1.5 Operating cash flow*4 1,666 1,732 1,274 1,411 1,499 Average number of employees 12,704 13,572 14,337 14,156 15,429 Net Promoter Score (NPS)5 1 –5 –6 –24 –20 1) 2014 has been restated due to a correction. 2) 2012 has been restated due to the amended IAS 19. 3) The dividend for 2016 as proposed by the Board. 4) Hedges related to financing have been moved from operations to financing activities (SEK –64m for 2015, SEK 151m for 2014, SEK 402m for 2013 and SEK –355m for 2013). The equivalent amount has impacted the operating cash flow. 5) I.e. Would you recommend a friend to work for Husqvarna Group? * Alternative Performance Measure, refer to page 113 for definitions and reconciliations. Net sales Operating income and margin1 SEKm SEKm % 40,000 4,000 12 30,000 3,000 9 20,000 2,000 6 Launch of Gardena 10,000 1,000 3 Smart System 0 0 0 In 2016, an important milestone for the new Gardena Smart 12 13 14 15 16 12 13 14 15 16 System was reached when the first pallets with sold products left n Net sales, SEKm Operating margin, % the Ulm distribution center on their way to retailers in Germany, n Operating income, SEKm Austria, Switzerland, the Netherlands and Belgium. 1) Excluding items affecting comparability* 2 Annual Report 2016 Husqvarna Group Introduction Science Based Targets Husqvarna Group is the first Swedish listed company and the world’s first forest and garden company, to have its greenhouse Digital innovation together gas emission reduction targets with the Royal Institute of approved by the Science Based Technology in Stockholm Targets initiative, a collaboration between WWF, UN Global For the first time, Husqvarna Compact, CDP and WRI. The Group has established an Initiative works with companies to industrial PhD position in digital set ambitious emission reduction innovation. The aim is to create targets, consistent with the new insights and increase the global effort to keep temperature Group’s innovative capacity. increases well below 2°C. Read The position is for four years more on page 41. and is a collaboration with the Royal Institute of Technology in Stockholm. New financial and sustainability Diamond Tool targets Supply acquisition Launch of X-CUT At the Capital Markets Day in In May, Husqvarna Group acquired Diamond Tool Supply Inc. out of September, new financial targets – the Group’s Michigan, US, a leading producer of polishing and grinding diamond and new sustainability targets tools for concrete, stone and terrazzo. first own for the Group were announced. chainsaw chain Read more about our targets on “The acquisition reinforces our position as a market leader of com- pages 8–9. plete solutions for the construction grinding and polishing industry.” The performance of a chainsaw Henric Andersson is dependent on the quality of President, Construction Division its chain, which is why Husqvarna Group decided to start making Four gold chains itself. This allows users to increase productivity with medals at a chain designed to maximize the performance of Husqvarna World Logging chainsaws. Read more about Championship X-CUT on pages 22–23. 110 of the best loggers in the world gathered in Wisla, Poland, to compete in the World Logging Champion- ship. Five disciplines were represented: tree felling, Capturing the fitting another chain, bucking potential in India by combine cuts, precision bucking and limbing. Loggers In 2016, the Husqvarna Division using Husqvarna chainsaws established a sales company in won in four out of the five another dynamic and important disciplines.
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