Annual report 2020

Our strategy served us well in a challenging year

"We have put a year behind us that due to the outbreak of Covid-19 affected most of our daily lives inone way or the other." says Nico Delvaux, President and CEO.

"For ASSA ABLOY, the pandemic resulted in the most challenging operational situationin our history and impacted our financial performance strongly, particularly in the first half of the year. After implementing significant actions, while continuing our investments in product development, the financial performance improved.

Thanks to the strong individual efforts of our employees, throughsignificant cost measures and strong operational execution, we were able to limit the negative saleseffects from the pandemic, protect the profitability and generate strong operational cash flows."