ASSA ABLOY Annual Report 2011 /Global/Investors/Annual-Report/2011/Annual-Report-2011-524x224.jpg Here is the ASSA ABLOY Annual Report 2011. The report is available in an online web-report, as a PDF and printed copies that can be ordered to be delivered. Download PDF Download the ASSA ABLOY Annual Report 2011 as PDF. Order printed copies Printed copies of the ASSA ABLOY Annual Report can be ordered here. Extract from the CEO statement: Boost to sales following multiple acquisitions “2011 was a successful year for the Group despite very challenging market conditions. I am pleased to note that our strategic direction has led to continued profitable growth. Organic growth was a satisfactory 4 percent despite weak demand on mature markets throughout the year. Growth slowed gradually during the year on emerging markets except Asia. Long-term growth is generated by investments in the market organization and new products, and these continued even more intensively during the year. 2011 was also the year the Group made its largest ever structural transaction with the acquisition of Crawford, and the subsequent sales of the divisions that were not a good fit with the business in the long term. A total of 18 companies were acquired during the year, increasing sales by 17 percent. Efforts to increase efficiency continued during the year, and a new restructuring program covering all divisions was launched in late 2011. Strong organic growth, major acquisitions and successful efficiency programs resulted in record sales and earnings and a continued robust financial position.” Johan Molin, President and CEO Important events during the year Sales increased with 13 percent to SEK 41,786 M (36,823) Operating income amounted to SEK 6,624 * (6,046) Earnings per share after full dilution amounted to SEK 12.301 (10.89) Operating cash flow amounted to SEK 6,080 M (6,285)** Investments in product development continued at an accelerated level and a number of new products were launched Largest ever structural transaction through the acquisition of Crawford * Excluding items affecting comparability.** Excluding restructuring payments.