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1 Assurance Report Independent Auditor’s Limited Assurance Report on the Sustainability Report (This is the translation of the auditor’s report in Swedish.) To Trelleborg AB (publ) Introduction We have been engaged by the Group Management of Trelleborg AB (publ) (“Trelleborg”) to undertake an examination of Trelleborg’s Corporate Responsibility (CR) Report (“Sustainability Report”) for the year 2015. The Company has defined the scope of the Sustainability Report in the table of contents. 18 19 20 21 22 23 24 25 26 Responsibilities of the Board and Management for the Sustainability Report The Board of Directors and the Group Management are responsible for the preparation of the Sustainability Report in accordance with the applicable criteria, as explained on page 42 in the Sustainability Report, and are the parts of the Sustainability Reporting Guidelines (published by The Global Reporting Initiative, GRI) which are applicable to the Sustainability Report, as well as the accounting and calculation principles that the Company has developed. This responsibility includes the internal control relevant to the preparation of a Sustainability Report that is free from material misstatements, whether due to fraud or error. Responsibilities of the auditor Our responsibility is to express a conclusion on the Sustainability Report based on the limited assurance procedures we have performed. We conducted our limited assurance engagement in accordance with RevR 6 Assurance of Sustainability Reports issued by FAR. A limited assurance engagement consists of making inquiries, primarily of persons responsible for the preparation of the Sustainability Report, and applying analytical and other limited assurance procedures. The procedures performed in a limited assurance engagement vary in nature from, and are less in extent than for, a reasonable assurance engagement conducted in accordance with IAASB’s Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a reasonable assurance conclusion. The firm applies ISQC 1 (International Standard on Quality Control) and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Our procedures are based on the criteria defined by the Board of Directors and the Group Management as described above. We consider these criteria suitable for the preparation of the Sustainability Report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion below. Conclusion Based on the limited assurance procedures we have performed, nothing has come to our attention that causes us to believe that the Sustainability Report is not prepared, in all material respects, in accordance with the criteria defined by the Board of Directors and Group Management. Trelleborg, February 19, 2016 PricewaterhouseCoopers AB Cecilia Andrén Dorselius Authorised Public Accountant Fredrik Ljungdahl Expert Member of FAR 112 Annual Report 2015 Trelleborg AB GRI: G4-32
Ten-year overview 1 Trelleborg Group (sek m unless otherwise stated) 2015 2014 2013 2012 1) 2011 2010 2009 2008 2007 2006 Continuing operations Net sales 24,803 22,533 21,473 21,262 21,043 19,735 18,605 21,502 20,346 17,437 Operating profit 3,471 3,073 2,440 2,430 2,093 1,667 704 1,394 1,732 1,326 Profit before tax 3,318 2,939 2,243 2,276 1,929 1,501 393 1,017 1,469 1,182 Net profit/loss 2,605 2,236 1,656 1,788 1,333 1,089 409 749 1,082 845 Net profit, discontinuing operations – –9 –39 269 505 94 10 –1,007 –244 –79 Total net profit/loss 2,605 2,227 1,617 2,057 1,838 1,183 419 –258 838 766 – shareholders of the Parent Company 2,603 2,221 1,609 2,042 1,819 1,162 409 –267 821 751 – non-controlling interests 2 6 8 15 19 21 10 9 17 15 Equity 18,622 17,776 14,877 14,012 13,504 12,196 12,361 10,238 10,052 9,687 Capital employed, closing balance 24,937 24,575 20,263 19,233 19,574 18,091 19,755 22,238 19,853 18,818 Net debt 6,282 7,195 5,637 5,360 6,425 6,409 8,369 12,706 10,093 9,350 Total assets 34,390 33,067 27,288 27,224 28,691 27,314 29,539 33,763 29,334 27,557 Equity/assets ratio, % 54 54 55 51 47 45 42 30 34 35 Net debt/equity ratio, % 34 40 38 38 48 53 68 124 100 96 Capital turnover rate, multiples 0.9 1.0 1.1 1.3 1.5 1.5 1.3 1.5 1.6 1.5 Investments in property, plant and equipment 1,241 962 852 967 1,075 792 754 1,367 1,215 980 Investments in intangible assets 73 63 70 76 61 47 72 159 121 132 Cash flow attributable to acquisitions –681 –1,912 –234 –744 –746 –165 –63 –802 –616 –3,095 Cash flow attributable to discontinuing operations 33 21 –19 448 478 445 377 –276 –67 162 Free cash flow 2,809 1,882 965 1,714 675 806 1,366 656 711 926 Free cash flow per share, sek 2) 10.36 6.94 3.56 6.32 2.49 2.97 5.68 3.31 3.59 4.67 Return on shareholders’ equity, % 14.3 13.6 11.2 15.0 14.3 9.5 3.6 neg 8.4 7.6 Earnings per share, sek 2) 9.60 8.20 5.93 7.53 6.71 4.29 1.70 –1.35 4.14 3.81 Dividend to shareholders in the Parent Company 3) 1,084 1,017 881 813 678 474 136 – 587 542 Dividend per share, sek 3) 4.00 3.75 3.25 3.00 2.50 1.75 0.5 – 2.95 2.75 Shareholders’ equity per share, sek 2) 68.70 65.54 54.72 51.56 49.20 44.56 45.25 51.23 50.12 48.34 Average number of employees 15,713 15,425 14,827 16,702 20,274 20,042 20,073 24,347 25,158 22,506 – of which, outside Sweden 14,533 14,196 13,563 15,220 18,502 18,230 18,342 22,104 22,836 20,268 Continuing operations excluding items affecting comparability and participations in TrelleborgVibracoustic 4) Operating profit 3,219 3,001 2,613 2,342 2,231 1,840 1,021 1,996 1,958 1,518 Profit before tax 3,066 2,867 2,416 2,188 2,067 1,675 710 1,617 1,695 1,375 Net profit/loss 2,277 2,116 1,777 1,643 1,436 1,225 632 1,289 1,260 1,033 Operating margin, % 13.0 13.3 12.2 11.0 10.6 9.3 5.5 9.3 9.6 8.7 Return on capital employed, % 14.3 15.9 15.2 13.9 13.6 11.5 5.8 12.3 13.3 11.3 Return on shareholders’ equity, % 12.5 12.9 12.3 12.0 11.2 10.0 5.6 12.8 12.9 10.5 Earnings per share, sek 8.39 7.79 6.52 6.03 5.26 4.49 2.62 6.50 6.35 5.20 Operating cash flow 2,282 2,705 2,162 2,248 1,539 1,647 2,526 1,436 1,496 1,430 Operating cash flow per share, sek 8.42 9.98 7.97 8.29 5.68 6.08 10.50 7.25 7.55 7.22 Operating cash flow/operating profit, % 71 90 83 96 69 90 247 72 76 94 Average number of employees 15,713 15,425 14,827 13,905 14,306 13,327 13,136 15,736 16,171 15,058 Continuing operations including items affecting comparability and participations in TrelleborgVibracoustic 4) Return on shareholders’ equity, % 14.3 13.7 11.4 13.0 10.4 8.9 3.6 7.4 11.1 8.7 Earnings per share, sek 9.60 8.23 6.08 6.56 4.88 3.99 1.69 3.77 5.45 4.28 1) Figures for 2012 have been adjusted for the transition effects of the amendment to IAS 19. 2) The average number of shares was adjusted in accordance with IAS 33. This calculation was applied to all key figures that include the number of shares. No dilutive effects occurred. 3) Dividend in accordance with the proposed treatment of unappropriated earnings. 4) For comparability, historical values have been adjusted for discontinuing operations. Annual Report 2015 Trelleborg AB 113
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