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ASSA ABLOY: Solid underlying development in the fourth quarter

Fourth quarter

· Sales increased by 6% to SEK 19,484 M (18,301), with organic
growth of 1% (5). Acquisitions and divestments were 2%, with 3%
acquisitions and -1% divestments

· Good growth for Entrance Systems and EMEA and growth for Americas
and Global Technologies

· Negative growth for Asia Pacific, mainly due to weak demand in

· The previously announced restructuring program has been launched
with an operating cost of SEK 1,597 M

· Operating income(1) (EBIT) was SEK 2,913 M (3,038), corresponding
to an operating margin of 15.0% (16.6)

- Adjusted operating income excluding a write down in China of SEK 300 M, was SEK 3,213 M (3,038) corresponding to a margin of 16.5% (16.6).

· Net income(1) amounted to SEK 2,088 M (2,120)
· Earnings per share(1) amounted to SEK 1.88 (1.91)
· Operating cash flow remained strong and amounted to SEK 4,620 M

· The Board of Directors proposes a dividend of SEK 3.00 per share
for 2016.

Sales and income

Fourth quarter January-December

2015 2016 ? 2015 2016 ?
Sales, SEK M 18,301 19,484 6% 68,099 71,293 5%
Of which:
Organic growth 827 120 1% 2,634 1,428 2%
Acquisitions and divestments 643 455 2% 2,078 1,967 3%
Exchange-rate effects 983 609 3% 6,544 -201 0%
Operating income(1) (EBIT), SEK M 3,038 2,913 -4% 11,079 11,254 2%
Operating margin(1) (EBIT), % 16.6% 15.0% 16.3% 15.8%
Income before tax(1), SEK M 2,851 2,767 -3% 10,382 10,549 2%
Net income(1), SEK M 2,120 2,088 -2% 7,693 7,874 2%
Operating cash flow, SEK M 4,625 4,620 0% 9,952 10,467 5%
Earnings per share(1), SEK 1.91 1.88 -2% 6.93 7.09 2%

1) Excluding costs for a new restructuring program for the fourth
quarter and full year 2016, totaling SEK -1,597 M before tax,
corresponding to SEK -1,221 M after tax. See also financial
information on pages 9-16.

Comments by the President and CEO
"The fourth quarter of the year had, as expected, somewhat lower
growth for ASSA ABLOY since sales in the previous year were very
strong," says Johan Molin, President and CEO. "In general, the mature
markets had a good development, while many growth markets, especially
China and the Middle East, had a weak demand.

"It was very positive that Entrance Systems maintained its strong
performance in both Europe and the USA, supported by a number of new
products and service concepts that have been launched in recent
years. It was pleasing that the demand for electromechanical lock
solutions remained strong in EMEA and that sales in Americas
continued at a high level. At Global Technologies interest in virtual
keys remained strong and many customers are rolling out SEOS
solutions. Also, sales of solutions using mobile keys to hotels
continue to be successful. The demand remained weak in China, as

"Acquisitions during the quarter included Bluvision, a leading
supplier of location-tracking systems in buildings. Bluvision
complements our range of access-control products well. The
industrial-door company Construction Specialties, a leading
distributor and service company for industrial doors in Mexico, was
also acquired. Another important step was taken in eastern Europe
through the acquisition of LOB, the market leader for locks in

"A new restructuring program was launched at year-end. The program
aims to further rationalize our business and should be viewed against
the background that the Group has acquired around fifty companies
since the previous program. The restructuring cost amounts to SEK
1,597 M.

"Excluding the cost of the restructuring program, operating income for
the quarter amounted to SEK 2,913 M, with an operating margin of
15.0%. The underlying operating margin, excluding a write-down of
operating assets in China totaling SEK 300 M, remained very good and
reached 16.5% (16.6). Operating cash flow was seasonally very

"My judgment is that the global economic trend remains weak. On most
markets in North and South America and in parts of Europe there is a
positive trend, but on many markets in Asia and the Middle East the
trend is weak. However, our strategy of expanding our market
presence, even on the emerging markets, remains unchanged. We are
also continuing our investments in new products, especially in the
growth area of electromechanics."

Further information can be obtained from:
Johan Molin,
President and CEO, Tel: +46 8 506 485 42

Carolina Dybeck Happe,
Chief Financial Officer, Tel: +46 8 506 485 72

ASSA ABLOY is holding an analysts' meeting at 10.00 today at
Operaterrassen in Stockholm, Sweden.

The analysts' meeting can also be followed on the Internet at

It is possible to submit questions by telephone on:
+46 8 5055 6476, +44 203 364 5371 or +1 877 679 2993
This information is information that ASSA ABLOY AB is obliged to make
public pursuant to the EU Market Abuse Regulation. The information
was submitted for publication, through the agency of the contact
persons set out above, at 08.00 CET on 2 February 2017.


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