ASSA ABLOY:
growth profile
Stable organic growth
Trend towards higher
security
(cid:2) Aftermarket sales more
than half the volume
Electromechanical
products – cross sales
– new markets
Increasing margins
Improvements in each unit
– benchmarking
– transfer of know-how
Cash flow even stronger
(cid:2) Work flow and balance
sheet rationalization
(cid:2) Goodwill amortization
Consolidation opportunities
– focus on earnings per
share (EPS)
Fragmented industry –
harmonization and R&D
requirements lead to
consolidation
(cid:2) Strong cash flow funds
acquisitions
The year 2000 in brief:
Substantial growth in
sales and earnings
Sales amounted to SEK 14,394 M (10,277),
an increase of 40 percent.
(cid:2) Organic growth in comparable units in local
currency amounted to 5 percent (5).
Income before tax increased by 43 percent to
SEK 1,402 M (981).
Earnings per share increased by 23 percent to
SEK 2.73 (2.22).
(cid:2) Operating cash flow amounted to SEK 1,756 M
(1,218).
(cid:2) Cash earnings per share (CEPS) increased by
34 percent to SEK 5.81 (4.32).
(cid:2) Continuous benchmarking between the various
units has continued to produce results in the
form of higher productivity and further margin
improvements. During the year greater focus
has been placed on growth by cross-selling of
products on new markets where the Group is
represented.
(cid:2) Major acquisitions made during 2000
– Yale Intruder Security. On August 25 2000
ASSA ABLOY AB acquired Yale Intruder Security,
the lock division of Williams plc. The two
groups have complementary strengths and
there is little geographical overlap. There are
considerable organic growth opportunities
through cross-selling within the new Group.
– HID Corporation. This US company holds
a world-leading position in contactless cards
and readers for access control based on Radio-
Frequency Identification technology (RFID). HID is
consolidated from January 2001.
Share issues
– As part of the funding of the acquisition of
Yale Intruder Security, ASSA ABLOY completed a
rights issue in May. This raised SEK 1.5 billion,
with a subscription rate of 99.9 percent.
In addition, 19.8 million Series B shares were
used as part payment to Williams plc.
A S S A A B L O Y / 2 0 0 0 • 3
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
The President and CEO, Carl-Henric Svanberg:
“We are now the world’s leading lock group.
And we will continue our growth strategy”
2000 was another year of strong performance for the ASSA ABLOY Group. Income
before tax increased by 43 percent to SEK 1,402 M, operating cash flow after capital
expenditure was even stronger at SEK 1,756 M, and earnings per share increased by
23 percent to SEK 2.73. Through a combination of acquisitions and organic growth
our sales grew to SEK 14,394 M (10,277) and on a pro forma basis our sales are now
approaching SEK 20,000 M.
Through the acquisition of the global lock group Yale Intruder Security we became
the world leaders in locks. By acquiring HID, the world leader in identification products
for access control, we have added a logical and fast growing business area and
important know-how for the development of future intelligent locks.
We will continue to focus
on the lock segment
Through focusing closely on the lock
segment, everything we do is of interest
to everyone within our Group. The
intensity in every discussion is striking
and the benefits of benchmarking are
obvious. We can develop our companies
towards excellence more quickly and
can integrate acquired companies faster.
There is great potential for continued
growth in both mature and emerging
markets. When we expand our business
focus, as we have done in acquiring
hid, we will do it carefully and step by
step to ensure that we can maintain
momentum.
Focus is also important in our striving
for true leadership. True leadership for
us means not just being the biggest but
also leading in ‘thought’, i.e. in the
development of products, concepts and
marketing ideas. We live in a world
where the need for security and safety
is steadily increasing. We believe that
every individual is prepared to invest
more money in a better lock – a more
secure lock. We therefore spend a
4 • A S S A A B L O Y / 2 0 0 0
considerable amount of time with our
customers and partners and with
police and fire services and other
authorities to understand today’s risks
and problems in order to develop the
locks for tomorrow and market them
once they are ready.
We see a business
opportunity in the growing
need for convenience
In addition to the increasing need for
security and safety we note a rapidly
growing demand for convenience – i.e.
for products that are easy to use. The
development of remotely controlled
car locks illustrates how much people
appreciate and are prepared to pay for
convenience combined with security. In
less than ten years such locks have
become standard in every new car. We
believe that there is a similar opportunity
for easy-to-use locks in buildings and
are determined to lead development in
this field.
Electromechanics are essential to
the development of such locks. In this
fast-growing segment we do all develop-
ment work jointly, although the products
are then adapted to the local Standards
and needs of each market. The main
drivers in this work are Abloy in
Finland, the world leader in motor
locks, and effeff (Germany) and
Securitron (usa), world leaders in elec-
tric strikes and door magnets.
The acquisitions of Yale and
HID were significant steps in
our development
During the year we have made several
significant acquisitions. Yale was a
perfect fit, and brought us market-
leading positions in a number of coun-
tries where we were not present or
where our position was relatively
weak. These include South Africa,
Brazil and in particular China, where
Yale-Guli is the market leader with
3,000 employees. We also acquired the
Yale brand, the world’s strongest lock
brand. The potential for combining the
development of market-leading pro-
ducts with this truly global network
gives us an interesting platform to
build upon and opens up tremendous
A S S A A B L O Y / 2 0 0 0 • 5
opportunities. The integration process
has started well and the excitement in
both the old assa abloy companies
and the Yale companies is encouraging.
hid in America was another strategic
acquisition. The company is the world
leader in non-contact identification
products for access control: products
that serve the same function in principle
as a traditional key but use radio-
frequency identification technology for
communication between cards and
readers. However the technology is
highly interesting for a number of other
lock applications also. The company
has shown strong, profitable growth
over many years, driven by both market
growth and expansion of its market
share.
Our companies continued
to show increasingly strong
performance
Organic growth was good throughout
the year. We are proud to be a supplier
to the Pentagon, Ford, Indian Oil,
Ericsson, the us Senate, ibm and many
other major purchasers. Among inter-
esting highlights, Abloy in Finland
showed impressively strong organic
growth of 14 percent. The company
has a strong track record of bringing
innovative products to the market and
is involved in a number of cross-selling
projects in the Group. Abloy was also
elected ‘the most respected brand
overall’ in Finland in a major market
research survey, an impressive achieve-
ment and a good example of the
strength of lock brands.
Among recent acquisitions, effeff in
Germany is doing particularly well and
has strengthened our German position
considerably. effeff and ikon are jointly
building a solid market-leading position.
In Australia, Lockwood is also developing
6 • A S S A A B L O Y / 2 0 0 0
well and is ahead of the integration
plan. Coming from a similar situation
to some of the Yale companies, with a
lack of new products and initiatives,
Lockwood is setting an interesting
benchmark for how to quickly regain
an active market-leading position.
During the year new cylinders, pad-
electro-
locks, panic bars and
mechanical locks have all been success-
fully introduced to the market as a
result of effective cooperation with sis-
ter companies.
To summarize our other units,
Scandinavia did well, with Sweden show-
ing the strongest profit and volume
growth. The French units continued to
show encouraging profit improve-
ments. Organic growth was stronger in
more security-focused segments, while
we are gradually phasing out non-
profitable low-end products.
Our North American operations
had another solid year with improving
performance. Growth was particularly
strong in the lock and cylinder segments.
The addition of the Yale companies
will further strengthen our market
position. It has added to our Group the
strong door-closer manufacturers
Norton and Rixson, classic lock com-
panies such as Corbin Russwin, and
Folger Adam, a leading manufacturer
of detention locks.
Mexico is another market of in-
creasing importance for the Group.
The country is growing strongly and
the demand for new housing as well as
increasing security is obvious. Scovill is
now well integrated into our Group,
and through the acquisition of Phillips
in January 2001 we are creating a
strong platform to grow from.
In New Markets our activities
showed steady progress, with growth
of 13 percent. Development in Asia
was particularly strong, and together
with the market-leading position and
manufacturing capacity provided by
Yale in China, the outlook is excellent.
Eastern Europe is also doing well, includ-
ing demand from Russia now growing
again. Mul-T-Lock in Israel is a major
new addition to the Group. The company
has an impressive track record of strong
and profitable growth driven by steadily
increasing exports. However, this was
offset in 2000 by falling demand in a
troubled home market.
VingCard finally took advantage
of a year with less market growth and
successfully focused on necessary
efficiency projects. After years of strong
growth, many processes were not stream-
lined, but the company is now much
better positioned. The Elsafe subsidiary,
which manufactures hotel safes, showed
another year of strong growth.
New Group initiatives and
projects to take advantage
of our size
Cross-sales form an important growth
area. Each company is encouraged to
add new products to its portfolio from
other Group companies. Almost every
company has gaps to fill, and all
products are available within the Group
after local adaptation. If every Group
company had a complete product port-
folio the Group’s sales would be 20-25
percent higher. To support this effort of
cross-selling we are creating the world’s
largest database for lock products,
which will include a wide range of
products from the Group. By using
standard it tools, the time needed to
produce local literature including photo-
graphs and data sheets will be con-
siderably shortened.
Another important initiative is the
joint development of a new electronic
work, not least to establish a clear
market positioning for the Group.
We expect continued
good development
Our Group is now well prepared for
the challenges ahead. We are in the
process of taking advantage of our
superior r&d capacity and global dis-
tribution network in a world with an
increasing need for security. This inclu-
des response to the growing need for
more intelligent locks, a trend we are
determined to lead. There are also
interesting opportunities to improve
margins in both old and more recently
acquired companies. Finally, the lock
industry is still in the middle of a
restructuring process, which will
continue to create a good climate for
further acquisition. We therefore look
forward to continued good profit and
volume growth in future years.
Stockholm, February 2001
Carl-Henric Svanberg
President & ceo
lock technology that will be launched
internationally this year, with adapta-
tion to different local Standards and
installed systems. This is the first time
we have put all our best engineers
together in an advanced r&d project
designed to put us a clear step ahead.
The Volvo Ocean Race – a
vehicle for global integration
Over the past seven years, we have
acquired close to one hundred separate
companies. Integrating the Yale group,
comprising thirty companies, is our
biggest challenge so far. A few weeks
after the takeover, we summoned our
200 top managers to a conference. At
this, we agreed on goals and visions,
strategies and priorities. Naturally, we
have a lot to do and a lot to learn from
each another, but it was exciting to
experience the enthusiasm among all
the participants and their eagerness to
get started.
It became obvious, however, that
we could benefit from a positive and
efficient tool that could quickly reach
out further to both old and new
employees. We wish to synchronize
our values and ways of working as fast
as possible and create a deeper under-
standing of our strategies and priorities
throughout the organization. This is
the background to our decision to
participate in the Volvo Ocean Race.
The Race has a perfect geographic
match to our operations, since it will
pass all our major markets. It provides
an ideal framework for our integration
project. At each stopover we will invite
our customers to come and discuss the
lock market, their needs, and our
strategy for supporting them. This is
very exciting but requires a lot of
A S S A A B L O Y / 2 0 0 0 • 7
Group development:
Statements of income
Sales by organizational unit 3)
2000
EUR M1)
2000
SEK M
1999
SEK M
1,695
14,394
10,277
1998
SEK M
8,582
-1,009
-8,568
-6,282
-5,463
Scandinavia
Finland
5,827
3,995
3,119
Germany & Netherlands
-3,719
-2,612
-2,018
1,383
-189
1,194
-230
17
981
-280
-14
687
1999
SEK M
8,602
3,246
2,998
267
1,101
-138
963
-228
13
748
-212
-10
526
1998
SEK M
6,984
2,524
4,237
32
Sales
Cost of goods sold
Gross income
Selling and administrative expenses
Operating income before
goodwill amortization
Goodwill amortization
Operating income
Net financial items
Share in earnings of
associated companies
Income before tax
Tax
Minority interests
Net income
686
-438
248
-45
203
-39
1
165
-53
-4
108
2,107
-387
1,720
-331
12
1,402
-453
-34
915
Capital employed and financing
Capital employed
– of which goodwill
Net debt
Minority interests
Shareholders’ equity
2000
EUR M2)
2,237
1,362
965
63
2000
SEK M
19,847
12,078
8,560
560
1,209
10,727
5,337
2,715
The ASSA ABLOY product portfolio
Mechanical locks,
lock systems and
accessories, 61%
Security doors
and fittings, 14%
Industrial locks, 5%
Electromechanical locks
and electronic locks, 20%
1) 1 EUR = 8.49 SEK
2) 1 EUR = 8.87 SEK
3 Including exports from each market.
4) Sales to customers in each country.
8 • A S S A A B L O Y / 2 0 0 0
2000
EUR M1)
222
125
137
210
78
628
124
89
47
115
-80
2000
SEK M
1,889
1,060
1,162
1,781
665
5,335
1,052
754
396
981
1999
SEK M
1,777
898
621
1998
SEK M
1,701
811
583
1,576
1,504
270
266
3,721
2,916
965
590
44
354
952
–
–
186
-337
France & Belgium
United Kingdom
North America
Hotel locks, VingCard/Timelox
Australia & New Zealand
Italy & Spain
New Markets
Elimination for internal sales
-681
-539
Total
1,695
14,394
10,277
8,582
Sales by country 4)
United States
France
Sweden
Germany
United Kingdom
Australia
Finland
Norway
Canada
Denmark
Italy
Middle East
Asia (excl. China and Japan)
Spain
Belgium
The Netherlands
Czech Republic
China
Africa
Switzerland
Poland
Japan
Baltic countries
Russia
Other countries
Total
2000
EUR M1)
638
194
99
92
90
85
71
59
44
43
25
24
23
21
20
20
19
15
13
7
6
6
5
3
73
2000
SEK M
5,418
1,647
839
780
763
724
606
500
373
365
214
201
198
178
171
167
165
125
110
57
55
50
43
28
617
1999
SEK M
3,835
1,419
741
528
340
563
540
476
267
329
68
40
113
100
147
89
159
62
40
36
43
25
34
15
268
1,695
14,394
10,277
1998
SEK M
3,198
1,309
658
528
316
30
505
489
171
308
52
38
63
48
134
80
155
78
58
35
26
13
36
31
223
8,582
Key data
Sales, SEK M
Organic growth, %
Gross margin (EBITDA), %
Operating margin before goodwill
amortization (EBITA), %
Operating margin (EBIT), %
Income before tax, SEK M
Profit margin (EBT), %
Operating cash flow, SEK M
Operating cash flow / Income before tax
Net capital expenditure, SEK M
Depreciation and amortization, SEK M
Total assets, SEK M
Shareholders’ equity, SEK M
Net debt, SEK M
Capital employed, SEK M
Capital employed excl. goodwill, SEK M
Equity ratio, %
Interest coverage ratio, times
Net debt / equity ratio, times
Return on shareholders’ equity, %
Return on capital employed
before goodwill amortization, %
Return on capital employed, %
Earnings per share after tax
and full conversion, SEK1)
Cash earnings per share
after tax and full conversion, SEK1)
Shareholder´s equity per share after
full conversion, SEK1)
Number of shares, thousands
Number of shares after
full conversion, thousands
Average number of employees
2000
14,394
5
18.8
14.6
12.0
1,402
9.7
1,756
1.25
497
985
26,097
10,727
8,560
19,847
7,769
43.3
5.5
0.80
13.1
33.8
13.6
2.73
5.81
1999
10,277
5
18.1
13.5
11.6
981
9.5
1,218
1.24
391
667
11,289
5,337
2,998
8,602
5,356
49.6
5.3
0.56
16.1
28.5
15.5
2.22
4.32
1998
8,582
6
18.5
12.8
11.2
748
8.7
1,028
1.37
316
623
9,219
2,715
4,237
6,984
4,460
29.8
4.4
1.56
19.0
26.4
15.2
1.76
3.75
1997
6,968
8
16.8
11.6
10.1
537
7.7
796
1.48
260
461
7,692
2,317
3,442
5,783
3,948
30.4
4.1
1.49
17.2
25.2
15.3
1996
4,958
8
14.6
10.4
9.3
345
7.0
481
1.39
163
265
4,684
1,408
2,085
3,503
2,524
30.3
3.8
1.48
20.2
25.9
18.3
1.23
0.93
2.72
1.80
30.77
352,453
17.16
314,409
9.93
284,304
8.64
282,928
5.40
257,244
356,712
16,881
324,200
12,654
295,448
10,545
295,448
8,088
265,396
6,317
1) Comparative figures are adjusted for dilution related to new rights issue,
with the adjustment factor 0.987.
Definitions
(cid:2) Organic growth: Change in sales for comparable
units in local currency and adjusted for acquisitions.
(cid:2) Gross margin: Operating income before depreciation
and amortization as a percentage of sales.
(cid:2) Operating margin before goodwill amortization:
Operating income before goodwill amortization as a
percentage of sales.
(cid:2) Operating margin: Operating income as a percentage
of sales.
(cid:2) Profit margin: Income before tax as a percentage of
sales.
(cid:2) Operating cash flow: Based on the consolidated cash
flow statement.
(cid:2) Net capital expenditure: Purchase of tangible fixed
assets reduced by sale of tangible fixed assets.
(cid:2) Depreciation and amortization: Depreciation /
amortization of tangible and intangible fixed assets.
(cid:2) Net debt: Interest-bearing liabilities less interest-bearing
assets.
(cid:2) Capital employed: Total assets reduced by interest-
bearing assets and non-interest-bearing liabilities including
deferred tax liability.
(cid:2) Capital employed excl. goodwill: Total assets reduced
by interest-bearing assets, non-interest-bearing liabilities
including deferred tax liability, and goodwill.
(cid:2) Equity ratio: Shareholders’ equity including minority
interests as a percentage of total assets.
(cid:2) Interest coverage ratio: Income before tax
plus interest net in relation to interest net.
(cid:2) Return on shareholders’ equity: Net income
plus interest expense after tax regarding convertible
debenture loan in relation to average shareholders’
equity after full conversion.
(cid:2) Return on capital employed before goodwill
amortization: Income before tax plus interest net and
goodwill amortization in relation to average capital
employed excluding goodwill.
(cid:2) Return on capital employed: Income before tax
plus interest net in relation to average capital employed.
(cid:2) Earnings per share after tax and full conversion:
Net income plus interest expenses after tax regarding
convertible debenture loan in relation to weighted
average number of shares after full conversion.
(cid:2) Cash earnings per share after tax and full
conversion: Net income plus interest expenses after
tax regarding convertible debenture loan, plus depreciation,
amortization and minority interests, minus share in earnings
of associated companies and adjusted for change in
deferred tax in relation to weighted average number of
shares after full conversion.
(cid:2) Shareholders’ equity per share after full conversion:
Shareholders’ equity plus convertible debenture loan in
relation to number of shares after full conversion.
SEK M
15000
12500
10000
7500
5000
2500
0
SEK M
20000
17500
15000
12500
10000
7500
5000
2500
0
SEK M
2000
1800
1600
1400
1200
1000
800
600
400
200
0
SEK
6
5
4
3
2
1
0
1995
1996
1997
1998
1999
2000
Sales, SEK M
Income before tax, SEK M
SEK M
1500
1250
1000
750
500
250
0
%
20,0
17,5
15,0
12,5
10,0
7,5
5,0
2,5
0,0
1995
1996
1997
1998
1999
2000
Capital employed, SEK M
Return on capital employed, %
1995
1996
1997
1998
1999
2000
Income before tax
Operating cash flow
1995
1996
1997
1998
1999
2000
Earnings per share
Cash earnings per share
A S S A A B L O Y / 2 0 0 0 • 9
The ASSA ABLOY share:
assa abloy ab has been listed on the
Stockholm Stock Exchange
since
November 8 1994. In October 1995,
the share was moved to the a list.
The price of the assa abloy share rose
by 54 percent in 2000. During the
same period, the Stockholm Stock
Exchange's general index fell by 12.3
percent. The closing price at year-end
was sek 184.5, corresponding to a
market capitalization of sek 65,028 m.
Including all shares due for conversion,
the market capitalization is calculated
to be sek 65,813 m. The number of
shareholders at year-end was approxi-
mately 17,700. Institutional investors,
excluding the main shareholders, repre-
sent about 50 percent of the capital.
Investors outside Sweden, including
Wärtsilä Corporation, account for 63
percent of the capital.
During the year a total of 139
million shares were traded, which is an
average of approximately 553,693
shares per trading day and represents
about 40 percent of the issued shares.
Share capital
assa abloy’s share capital at year-end
amounted to sek 352,453,235, distri-
buted among 19,175,323 Series a
shares and 333,277,912 Series b
shares. All shares have a par value of
sek 1.00 and provide the holders with
equal rights to the Company’s assets
and earnings. Each Series a share
carries 10 votes and each Series b
share one vote.
Convertible debentures
for personnel
The assa abloy Group has issued
convertible debentures to employees in
the Group. About 400 employees
participated in the first issue in 1995.
The debenture amounted to sek
75,004,375 and ran from June 29
1995 to June 30 2000. Conversion to
Series b shares took place in the
period from July 1 1998 to June 15
2000. The number of shares has
increased by 5,627,533 during the
year as a result of this convertible
debenture.
ASSA ABLOY AB’s share trend
Share price, SEK
B share
General index
Shares traded 1000s/month (incl. off-floor trading)
200
175
150
125
100
75
50
25
4
94 95
96
97
98
99
00
(c) SIX
(Source: SIX Findata)
10 • A S S A A B L O Y / 2 0 0 0
40000
30000
20000
10000
The second debenture was issued in
1997. A total of 1,400 employees
participated in this issue. This deben-
ture amounts to sek 250,000,000
and runs from December 8 1997 to
December 2 2002. Conversion to
Series b shares may be exercised from
December 1 2000 to November 15
2002. On full conversion at a conver-
sion price of sek 58.70, an additional
4,258,944 shares would be created. In
2000, applications for conversion of
debt instruments with a par value of
sek 17,252,790 were submitted. Up
to the end of the year the Swedish
Patent and Registration Office had not
registered any of these shares.
Dividend and dividend policy
The Board of Directors and President
propose that sek 0.90 per share be
paid as a dividend to shareholders for
the 2000 financial year, corresponding
to a direct return of 0.5 percent on the
Series b share price of sek 184.5 on
December 31 2000. The aim is that, in
the long term, the dividend should
correspond to approximately one-
third of assa abloy’s average
earnings after standard tax, but
always taking into account assa
abloy’s long-term financial require-
ments.
Data per share 1)
SEK/Share
Earnings after 28% standard tax
Earnings after full tax method
Dividend
Dividend, % 3)
Direct yield, % 4)
Share price at end of period
Highest share price
Lowest share price
Shareholders’ equity
Number of shares (1,000s) 5)
2000
2.91
2.73
0.90 2)
30.9
0.5
184.50
206.70
110.50
30.77
356,712
1999
2.27
2.22
0.74
32.6
0.6
119.50
140.00
73.21
17.16
324,200
1998
1.79
1.76
0.60
33.5
0.8
75.65
92.73
48.07
9.93
295,448
1997
1.36
1.23
0.43
31.6
0.8
51.24
52.95
28.69
8.64
295,448
1996
0.95
0.93
0.30
31.6
1.0
29.28
28.97
12.38
5.40
265,396
1995
0.60
0.56
0.22
36.7
1.6
13.24
15.16
5.23
4.47
221,684
1) Adjusted for new issues. 2) Proposed dividend. 3) Dividend as percentage of earnings per share after 28% standard tax.
4) Dividend as percentage of the share price at the end of the period. 5) After full conversion.
Share capital
Share capital
B shares
C shares
20,000
1,428,550
1,714,260
A shares
Transaction
Year
1989
1994 100:1 split
1994 Bonus issue
1,746,005
1994 Non-cash issue
1996 New share issue
2,095,206
1996 Conversion of C shares into A shares 3,809,466
1997 New share issue
4,190,412
1998 Converted debentures
1999 Converted debentures before split
1999 Bonus issue
1999 4:1 split
1999 New share issue
1999 Converted debentures
16,761,648
18,437,812
after split and new issues
2000 Converted debentures
2000 New share issue
2000 Issue in kind with disapplication
of the shareholders’
preferential rights
2002 Unconverted debentures
* SEK 1 per share – balanced number of shares
19,175,323
*SEK
2,000,000
2,000,000
53,592,110
64,310,532
64,310,532
70,732,118
71,075,983
71,369,974
2,000,000
50,417,555
60,501,066
60,501,066
66,541,706
343,865
293,991
268,718,248
295,564,487
285,479,896
314,002,299
406,343
5,627,553
313,512,880
314,408,642
320,036,195
332,688,203
333,277,912
4,258,944
352,453,235
356,712,179
Ownership structure (listed by voting rights)
Data based on the share register as of December 30, 2000
A shares
10,546,425
7,118,818
1,510,080
Owner
Wärtsilä Corporation
SäkI
Janus Capital Corp.
Melker Schörling + family and companies
Investment AB Latour
SPP
Chubb plc
SEB unit trusts
Nordea unit trusts
Capital Group unit trusts
Other shareholders with more than 50,000 shares
Shareholders with 501-50,000 shares
Shareholders with up to 500 shares
Total number
19,175,323
B shares
47,270,350
966,400
27,854,047
11,099,930
24,309,582
10,450,556
9,882,516
7,772,519
7,718,260
6,274,700
160,376,700
17,451,074
1,851,278
333,277,912
Capital % Voting rights %
29.1
13.7
5.3
5.0
4.6
2.0
1.9
1.5
1.5
1.2
30.5
3.3
0.4
100.0
16.4
2.3
7.9
3.6
6.9
3.0
2.8
2.2
2.2
1.8
45.5
5.0
0.5
100.0
A S S A A B L O Y / 2 0 0 0 • 1 1