Annual report 2002


The Annual Report 2002 is available as an online version, a pdf and printed copies for order.

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Extract from the CEO statement

Building value starts with a satisfied customer

We have created a worldwide presence. And we have come a long way in building a unified Group with a common mindset. Now it is time to focus even more on our customers and how we can add value by providing increased security, safety and convenience. In this Annual Report you will find several examples of our work to meet – and exceed – the expectations of our customers around the world.

Creating customer value is the only true underlying source of growth – and, in the long run, of value for the shareholders – and it all starts with a satisfied customer.

Carl-Henric Svanberg, president and CEO

Key figures & events

  • Sales increased by 13 percent to SEK 25,397 M (22,510)
  • Organic growth for comparable units was 2 percent
  • Income before tax increased by 23 percent to SEK 2,015 M (1,642*)
  • Earnings per share (EPS) increased by 18 percent to SEK 3.53 (2.98*)
  • Earnings per share before goodwill amortization increased by 14 percent to SEK 6.13 (5.39*)
  • Operating cash flow amounted to SEK 3,525 M (2,338)
  • Acquisition of Besam
  • Cash flow generation at an all-time high Operating cash flow after payment of income taxes amounted to SEK 3 billion, an increase of 67 percent compared to 2001.
  • Continuous margin improvements. Continuous benchmarking between the various units has continued to produce results in the form of higher productivity and further margin improvements in many units, including the former Yale group of companies. During the year greater focus has been placed on supply management with the objective of reducing the number of suppliers and realizing Group synergies.