23 Apr 2009

ASSA ABLOY Q1 (2009) Report

ASSA ABLOY posted record earnings during the 1st financial quarter of 2009 despite severe market downturns worldwide.

"All markets showed a weakening trend during the first quarter," says ASSA ABLOY President and CEO Johan Molin. "At the same time, ongoing restructuring measures and adjustments in production capacity meant that both income and cash flow continued to improve. Despite this good performance in the first quarter, the remainder of 2009 is expected to be extremely challenging, both in terms of sales and income, since the financial crisis has had severe negative effects on investments in new construction."

1st Quarter Entrance Systems

Entrance Systems division reported sales of SEK 822 M (697) in the first quarter, representing organic growth of -2% (3). Acquired growth amounted to 5%. Demand from the retailing sector weakened but was counteracted to some extent by demand from the hospital and healthcare sector and a positive trend on the service side. Operating income amounted to SEK 128 M (89), giving an operating margin (EBIT) of 15.5% (12.7). Return on capital employed amounted to 14.8% (11.0). Operating cash flow before interest paid totaled SEK 241 M (173).

For complete ASSA ABLOY 1st Quarter results, visit www.assaabloy.com.