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Cover photograph: Smart Lock makes it easier to use access control systems. The lock is low in power consumption and runs on batteries, which means that it can be installed without cabling. It is activated automatically when the door closes. Smart Lock is designed by ASSA ABLOY Nederland B.V. Contents ASSA ABLOY in brief 1 CEO’s statement 2 Vision and strategy 6 The security market 8 Products 12 EMEA Division 16 Americas Division 19 Asia Pacific Division 22 Global Technologies Division 25 Entrance Systems Division 28 Sustainable development 31 Employees 34 Glossary 38 Report of the Board of Directors 39 Corporate governance report 41 Sales and earnings 52 Income statement – Group 53 Comments by division 54 Results by division 55 Financial position 56 Balance sheet – Group 57 Cash flow 58 Cash flow statement – Group 59 Changes in equity – Group 60 Parent company financial statements 61 Financial risk management 63 Notes 67 Comments on five years in summary 87 Five years in summary 88 Quarterly information 89 Definitions of key data terms 90 Proposed distribution of earnings 91 Audit report 92 The ASSA ABLOY share 93 Information for shareholders 96
Significant events Financials in brief 2007 in brief • Sales rose to SEK 33,550 M (31,137), with organic growth of 7 percent. • Operating income (EBIT) amounted to SEK 5,458 M (4,771 2 ), an increase of 14 percent. • Earnings per share were SEK 9.02 (7.99 2 ). • Operating cash flow amounted to SEK 4,808 M (3,528). • The three-year restructuring program for the Group’s production units continued during the year with great success. Group sales and Operating income Sales SEK M 42,000 35,000 28,000 21,000 14,000 7,000 0 03 04 05 1 Proposed dividend. 2 Excluding restructuring items. 3 2003 has not been adjusted for IFRS but amortization of goodwill has been excluded. • 17 companies were acquired during the year, with annualized sales of about SEK 1,800 M. • The major acquisitions included Baodean (China), iRevo (Korea), Aontec (Ireland), Powershield (UK), Pemko (North America) and Pyropanel (Australia). • The Group continued its increased investment in product development and joint product platforms during the year. Key data 2005 2006 2007 Change, % Sales, SEK M 27,802 31,137 33,550 8 of which: Organic growth, % 5 9 7 Varav: Acquired growth, % 1 3 X 5 Varav: Exchange-rate effects, % 3 0 –4 Operating income (EBIT), SEK M 4,078 4,771 2 5,458 14 Operating margin (EBIT), % 14.7 15.3 2 16.3 Income before tax (EBT), SEK M 3,556 4,100 2 4,609 12 Operating cash flow, SEK M 3,702 3,528 2 4,808 36 Return on capital employed, % 15.9 17.1 2 18.4 Data per share, SEK/share 2005 2006 2007 Change, % Earnings per share after tax and dilution (EPS) 6.97 7.99 2 9.02 13 Equity per share after dilution 42.85 39.13 46.76 19 Dividend 3.25 3.25 3.60 1 11 Number of shares after full dilution, (thousands) 378,718 376,033 380,713 Income before tax and Operating cash flow Earnings per share Operating income SEK M SEK M 6,000 6,000SEK M 35,000 5,000 SEK M 5,000 06 0 07 5,000 4,000 3,000 2,000 1,000 Sales, SEK M 2, 3 Operating income, SEK M 28,000 4,000 21,000 3,000 14,000 2,000 1,000 7,000 4,000 3,000 2,000 1,000 0 03 04 05 06 07 0 98 99 Income 00 01 before 02 tax, 03SEK 04M05 06 0 07 2 , 3 Sales Operating cash flow Operating , SEK M income, SEK M 2, 3 SEK M 5,00010 9 4,000 8 7 3,000 6 5 2,000 4 3 1,000 2 1 0 0 98 0399 04 00 01 05 0206 030704 05 06 07 2, 3 Income Earnings before per share, tax, SEK SEK M M 2 , 3 Operating cash flow, SEK M
Page 1: Annual Report 2007 The global leade
Page 5: ASSA ABLOY is the global leader in
Page 8: CEO’s statement 4 innovative prod
Page 11 and 12: 1 Excluding restructuring costs. 2
Page 13 and 14: Presence and strong relationships t
Page 15 and 16: In the security market today, manuf
Page 17 and 18: HID’s Crescendo Smart Card allows
Page 19 and 20: Check in with your cellphone Signat
Page 21 and 22: ASSA ABLOY worked closely with the
Page 23 and 24: The division manufactures and sells
Page 25 and 26: Security a top concern at new biote
Page 27 and 28: Woodside in Australia is one of the
Page 29 and 30: The division sells electronic secur
Page 31 and 32: “In today’s turbulent times, bu
Page 33 and 34: In 2007 ASSA ABLOY Entrance Systems
Page 35 and 36: More information about sustainable
Page 37 and 38: Open House in Brazil Sustainable de
Page 39 and 40: Tom Devine from ASSA ABLOY Australi
Page 41 and 42: Report of the Board of Directors, C
Page 43 and 44: Report of the Board of Directors Th
Page 45 and 46: End Corporate governance report ASS
Page 47 and 48: CEO reported on the Group’s perfo
Page 49 and 50: Gustaf Douglas Melker Schörling Ca
Page 51 and 52: Operational management and internal
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The Board’s proposed guidelines f
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The Executive Team From left: Ulf S
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Income statement - Group ASSA ABLOY
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Results by division ASSA ABLOY Annu
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Balance sheet - Group ASSA ABLOY An
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Cash flow statement - Group ASSA AB
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Income statement Parent company Bal
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Financial risk management ASSA ABLO
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Maturity - financial liabilities an
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Note 1 Notes Note 1 Significant acc
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Note 1 cont. benefits can be reliab
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Note 1 cont. USA, which are reporte
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Notes 9-12 Note 9 Employee benefits
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Note 15 cont. ASSA ABLOY Annual Rep
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Notes 17 -18 Note 17 Shares in subs
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Notes 24-25 Note 24 Cash and cash e
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Note 29 cont. A) Specification of a
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Notes 30-35 Note 30 Other provision
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Note 36 Adams Rite On 24 March 2006
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Five years in summary 2003 Business
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Quarterly information ASSA ABLOY An
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Proposed disposition of earnings Th
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The ASSA ABLOY share Share price tr
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Convertible debentures for personne
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Production: Hallvarsson & Halvarsso
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