Annual Report 2008 /Global/Investors/Annual-Report/2008/China-1107-0768-524x224.jpg The Annual Report 2008 is available as an online version, a pdf and printed copies for order. View digital report View ASSA ABLOY Annual Report 2008 Download PDF Annual Report 2008 Order printed copies Send an e-mail to our corporate communications department Extract from the CEO statement Strong development in a weak market I am pleased to report that ASSA ABLOY recorded its highest-ever sales and income in 2008, at the same time as investments in product development and market presencecontinued at a high level. The global economy gradually weakened during the year but the ongoing restructuring programs and other measures achieved valuable savings, which counteracted the steadily weakening market. Acquisition activity continued at a high rate, with 18 acquisitions completed. Johan Molin, president and CEO Key numbers & events Sales increased by 4 percent to SEK 34,918 M (33,550). Operating income (EBIT) amounted to SEK 5,5261 M (5,458). Earnings per share amounted to SEK 9.211 (9.02). Operating cash flow amounted to SEK 4,769 M (4,808) The restructuring program initiated in 2006 has been a great success and will be completed in 2009. The annual rate of savings is close to the target level of SEK 600 M, which will be achieved during 2009. A new review of production structures was carried out during the year and the cost of the new program amounts to SEK 1,180 M with a payback time of 2–3 years. Significant investments were made in product development, which will make a positive contribution to sales. 18 companies were acquired during the year, bringing in annual sales of SEK 1,800 M.