PDF Document 4.74 MB - Investment AB Latour

PORTFOLIO COMPANIESASSA ABLOYAssa Abloy is the world leader in lockand door opening solutions, dedicatedto satisfying end-user needs for security,safety and convenience.Assa Abloy is represented all over theworld, on both mature and emergingmarkets, and has leading positions inmost of Europe, North America, Asia,Australia and New Zealand.Since Assa Abloy was founded in1994 the company has developed froma regional company to an internationalcompany with close to 43,000 employees,measured as an average of employees,and net sales of more than SEK 46.6billion in 2012.IMPORTANT EVENTS• The operating result improved by allof 13 percent in 2012. Improvementsin efficiency and the ongoing productionreorganization to low costcountries were crucial factors.• The operational cash flow continuedto be very good due to higher profitsand the improved effectiveness ofworking capital.• Large number of acquisitions continued.All in all 13 acquisitions, withtotal annual net sales of SEK 4,500m corresponding to 11 percentgrowth, were finalized.33 %PORTION OFlatour’s totalNET ASSET VALUEPortion of Latour’s portfolioof listed sharesNET SALES AND OPERATING PROFITASSA ABLOy SHARE PRICEDEVELOPMENTSEK m50,000SEK m8,00048 %40,00030,00020,0007,0006,0005,0004,0003,00024019014010,00002008 2009 2010 2011 20122,0001,000090402008 2009 2010 2011 20122013Net salesASSA OMX Stockholm PINettoomsättningOperatingRörelseresultatprofit 2) Assa Abloy OMX Stockholm_PIKEy RATIOSLArGeSt oWnerS per 31 december 2012ASSA ABLOY Full year Full yearPortion % Portion %2012 2011A b Total of shares of votesNet sales, SEK m 46,619 41,786Investment AB Latour 13,865,243 21,300,000 35,165,243 9.5 29.4Operating profit, SEK m 7,501 6,624Melker Schörling AB 5,310,080 9,162,136 14,472,216 3.9 11.5Operating margin, % 16.1 15.9Capital Group Funds 31,693,500 31,693,500 8.5 5.8Result after net financial items, SEK m 6,731 4,559BlackRock Funds 18,730,437 18,730,437 5.1 3.4Earnings per share, SEK 13.84 12.30Swedbank Robur Funds 10,135,991 10,135,991 2.7 1.9Equity/debt ratio, % 44.6 42.9Norges Bank 9,402,027 9,402,027 2.5 1.7Dividend per share, SEK 1) 5.10 4.50SHB Funds 5,542,930 5,542,930 1.5 1.0Equity per share, SEK 71.82 65.54AMF Försäkring & Fonder 5,046,500 5,046,500 1.4 0.9Market cap per 31 December, SEK m 90,082 63,560Harris Associates Funds 4,894,400 4,894,400 1.3 0.91) Proposed dividend for 2012.SEB Funds & SEB Trygg Liv 4,622,692 4,622,692 1.2 0.9Other shareholders 231,152,842 231,152,842 62.4 42.5Total 19,175,323 351,683,455 370,858,778 100.0 100.0KEy RATIOS FOR MEASUREMENTAND RISk 2)EV/sales 2.4EV/EBIT 14.6P/E ratio 18.5Net debt/EBIT 2.02) Based on last price paid 2013-02-28.Chairman: Lars RenströmPresident and CEO: Johan MolinBoard members connected to Latour: Carl Douglas, Jan Svenssonwww.assaabloy.com40 LATOUR ANNUAL REPORT 2012