Annual Report 2004 /Global/About-Us/Girl%20looking%20out%20of%20door.jpg Download the ASSA ABLOY Annual Report 2004 as a PDF or order a printed copy via the link to the right. 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.