2004 The Annual Report 2004 is available as an online version, a pdf and printed copies for order. View digital report Annual report 2004 web version Download PDF Download Annual Report 2004 Order physical copies Send an e-mail to our corporate communications department Extract from the CEO statement A clear strategy for better security ASSA ABLOY is the only truly global player in our industry. In the past ten years we have acquired many of the lock industry’s strongest companies and built a lock Group that is world-leading in both size and vigor. But the fact that you are still carrying all those keys around on your ring shows that, despite our success, we have yet to achieve our biggest victories. We have restructured a whole industry and are now ready to take the next step, which is to change our industry – to change how companies, institutions and private individuals relate to security and to locks. Bo Dankis, President and CEO Key figures & events Sales increased to SEK 25,526 M (24,080) with organic growth of 5 percent. Exchange-rate effects had a negative impact of SEK 982 M. Operating income before goodwill amortization (EBITA) amounted to SEK 3,748 M (3,352) – an increase of 12 percent. Earnings per share after tax and full conversion amounted to SEK 4.05 (3.31) – an increase of 22 percent. Operating cash flow increased to SEK 3,439 M (3,265). The two-year Leverage & Growth action program is progressing well, with a long series of specific activities. Annual savings are expected to reach SEK 450 M during the second half of 2005. During 2004 ASSA ABLOY reviewed the Group’s strategies, which can be summarized in three main themes: increasing growth in the current core business, expanding into new markets and new segments, and reducing the cost base.