Annual report 2003


The Annual Report 2003 is available as an online version, a pdf and printed copies for order.

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Annual report 2003.pdf

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Extract from the CEO statement

Creating growth via leverage and innovation

On the whole, 2003 has been another good year for ASSA ABLOY, although a challenging one at a time when we are entering a new phase in our business development. Consider that in less than a decade we have built a unique Group of companies in our industry. More than one hundred organizations have been acquired. Our next objective is to make the most of our position by exploiting leverage and growth opportunities.

Bo Dankis, president and CEO

Key figures & events

  • In March 2003 Bo Dankis became the new President and CEO
  • The Executive Team has been reduced from 17 people to seven
  • The ASSA ABLOY Group has been organized into four major divisions: EMEA, Americas, Asia Pacific and Global Technologies
  • A two-year action program ‘Leverage and Growth’ has been launchedto leverage the Group’s strength and build a foundation for long-term growth. Restructuring costs related to the action program amount to SEK 1,320 M
  • Sales amounted to SEK 24,080 M (25,397) and were affected by negative exchange-rate effects of SEK 2,660 M
  • Income before tax but excluding restructuring costs amounted toSEK 1,903 M (2,015)
  • Earnings per share excluding restructuring costs amounted to SEK 3.31 (3.53)
  • Operating cash flow amounted to SEK 3,265 M (3,525)