THE GROUP IN SUMMARY Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
(Amounts in SEK M unless stated otherwise) 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005
Sales 6,283 6,533 6,447 6,263 25,526 6,269 6,984 7,019 7,530 27,802
Organic growth 3% 7% 6% 4% 5% 2% 6% 5% 7% 5%
 
Gross income 2,487 2,658 2,621 2,539 10,305 2,544 2,860 2,851 3,039 11,294
Gross income / Sales 39.6% 40.7% 40.7% 40.5% 40.4% 40.6% 41.0% 40.6% 40.4% 40.6%
 
Operating income before depreciation /                    
amortization (EBITDA) 1,102 1,165 1,189 1,150 4,606 1,102 1,243 1,317 1,298 4,960
Gross margin (EBITDA) 17.5% 17.8% 18.4% 18.4% 18.0% 17.6% 17.8% 18.8% 17.2% 17.8%
 
Depreciation / amortization -233 -236 -224 -230 -923 -212 -221 -214 -235 -882
 
Operating income (EBIT) 869 929 965 920 3,683 890 1,022 1,103 1,063 4,078
Operating margin (EBIT) 13.8% 14.2% 15.0% 14.7% 14.4% 14.2% 14.6% 15.7% 14.1% 14.7%
 
Net financial items -118 -121 -127 -118 -484 -126 -122 -134 -140 -522
 
Income before tax (EBT) 751 808 838 802 3,199 764 900 969 923 3,556
Profit margin (EBT) 12.0% 12.4% 13.0% 12.8% 12.5% 12.2% 12.9% 13.8% 12.3% 12.8%
 
Tax -196 -210 -221 -216 -843 -205 -243 -263 -232 -943
Net income 555 598 617 586 2,356 559 657 706 691 2,613
 
Allocation of net income:                    
Shareholders in ASSA ABLOY AB 553 596 615 585 2,349 558 654 705 691 2,608
Minority interests 2 2 2 1 7 1 3 1 0 5
 
  Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
OPERATING CASH FLOW 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005
Operating income (EBIT) 869 929 965 920 3 683 890 1 022 1,103 1,063 4,078
Depreciation / amortization 233 236 224 230 923 212 221 214 235 882
Net operating capital expenditure -123 -166 -146 -215 -650 -140 -161 -135 -231 -667
Change in working capital -344 -184 142 374 -12 -333 -201 102 322 -110
Paid and received interest -45 -144 -67 -233 -489 -83 -80 -87 -205 -455
Non-cash items 25 -19 -36 14 -16 3 12 -7 -34 -26
Operating cash flow1 615 652 1,082 1,090 3,439 549 813 1,190 1,150 3,702
Operating cash flow / Income before tax 0.82 0.81 1.29 1.36 1.08 0.72 0.90 1.23 1.25 1.04
 
  Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
CHANGE IN NET DEBT 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005
Net debt at start of period 13,454 14,481 14,570 13,387 13,454 12,208 12,499 13,860 12,769 12,208
Effects of IFRS (IAS 39) - - - - - 77 - - - 77
Operating cash flow -615 -652 -1 082 -1,090 -3,439 -549 -813 -1,190 -1,150 -3,702
Restructuring payments 35 45 112 129 321 56 59 42 141 298
Tax paid 164 322 103 161 750 167 373 122 257 919
Acquisitions 830 23 -27 103 929 111 123 66 113 413
Dividend - 457 - - 457 - 951 - - 951
Translation differences 613 -106 -289 -482 -264 429 668 -131 110 1,076
Net debt at end of period 14,481 14,570 13,387 12,208 12,208 12,499 13,860 12,769 12,240 12,240
Net debt / equity ratio 1.36 1.35 1.20 1.09 1.09 1.03 1.07 0.94 0.85 0.85
 
  Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4  
NET DEBT 2004 2004 2004 2004   2005 2005 2005 2005  
Long-term interest-bearing receivables -57 -34 -35 -31   -37 -40 -36 -62  
Short-term interest-bearing investments -263 -160 -232 -230   -171 -249 -147 -104  
Cash and bank balances -859 -1,062 -878 -831   -896 -881 -945 -916  
Pension obligations 1,954 1,946 1,782 1,677   1,739 1,860 1,601 1,634  
Long-term interest-bearing liabilities 9,032 8,980 8,861 6,029   6,138 8,068 7,908 3,726  
Short-term interest-bearing liabilities 4,674 4,900 3,889 5,594   5,726 5,102 4,388 7,963  
Total 14,481 14,570 13,387 12,208   12,499 13,860 12,769 12,240  
1 Excluding restructuring payments.
  Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4  
CAPITAL EMPLOYED AND FINANCING 2004 2004 2004 2004   2005 2005 2005 2005  
Capital employed 25,159 25,350 24,577 23,461   24,675 26,759 26,292 26,653  
- of which, goodwill 14,611 14,644 14,382 13,917   14,562 15,631 15,519 15,716  
Net debt 14,481 14,570 13,387 12,208   12,499 13,860 12,769 12,240  
Minority interests 17 20 20 27   29 79 74 71  
Shareholders' equity (excl. minority interests) 10,661 10,760 11,169 11,226   12,147 12,820 13,449 14,342  
 
DATA PER SHARE Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
SEK 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005
Earnings per share after tax and before dilution 1.51 1.62 1.68 1.60 6.42 1.52 1.79 1.93 1.89 7.13
Earnings per share after tax and dilution 1.50 1.61 1.65 1.57 6.33 1.49 1.75 1.89 1.84 6.97
Cash earnings per share after tax and dilution 2.12 2.26 2.28 2.27 8.93 2.11 2.36 2.75 2.42 9.64
Shareholders' equity per share after dilution 31.24 33.88 34.72 34.74 34.74 36.90 38.84 40.44 42.85 42.85
 
  March June Sept Dec   March June Sept Dec  
NUMBER OF SHARES 2004 2004 2004 2004   2005 2005 2005 2005  
Number of shares before dilution, thousands 3 365,918 365,918 365,918 365,918   365,918 365,918 365,918 365,918  
Number of shares after dilution, thousands 3 370,935 371,449 373,889 375,103   378,718 378,718 378,718 378,718  
3 Accumulated weighted average.
Definitions of key data terms
Organic growth:
Change in sales for comparable units after adjustments for acquisitions and exchange-rate effects.
Gross margin (EBITDA):
Operating income before depreciation and
amortization as a percentage of sales.
Operating margin (EBIT):
Operating income as a percentage of sales.
Profit margin (EBT):
Income before tax as a percentage of sales.
Operating cash flow:
See consolidated operating cash flow for
definitions.
Net capital expenditure:
Investments in fixed assets less disposals of
fixed assets.
Depreciation:
Depreciation/amortization of tangible and
intangible fixed assets.
Net debt:
Interest-bearing liabilities less interest-bearing
assets.
Capital employed:
Total assets less interest-bearing assets and non-interest-bearing liabilities including deferred tax liability.
Equity ratio:
Shareholders' equity as a percentage of total assets.
Interest coverage ratio:
Income before tax plus net interest divided by net
interest.
Return on shareholders' equity:
Net income excluding minority interests, plus interest expenses after tax for convertible debenture loans, as a percentage of average shareholders' equity (excluding minority interests) after dilution.
Return on capital employed:
Income before tax plus net interest as a percentage of average capital employed.
Earnings per share after tax and before
dilution:
Net income excluding minority interests divided by weighted average number of shares before dilution.
Earnings per share after tax
and dilution:
Net income excluding minority interests, plus interest expenses after tax for convertible debenture loans, divided by weighted average number of shares after dilution.
Cash earnings per share after tax
and dilution:
Net income plus interest expenses after tax for
convertible debenture loans, plus depreciation
and amortization, less share of earnings in associates and adjustments for changes in deferred tax, divided by weighted average number of shares after dilution.
Shareholders' equity per share
after dilution:
Equity excluding minority interests, plus convertible debenture loan, divided by number of shares after dilution.