ASSA ABLOY ab has been listed on the Stockholm Stock Exchange since 8 November 1994. In October 1995, the share was moved to the a list. The price of the ASSA ABLOY share fell by 34.1 percent in 2002. During the same period, the Stockholm Exchange All- Share (sax) fell by 37.4 percent. The closing price at year-end was sek 99.50, corresponding to a market capitalization of sek 36,409 m. Including all shares due for conversion, the market capitalization is calculated to be sek 36,908 m. The number of shareholders at year-end was approximately 21,450. Investors outside Sweden, including Wärtsilä Corporation, account for 57 percent of the capital.
During the year a total of 355 million shares were traded, which is an average of 1,418,386 shares per trading day and represents about 101 percent of the listed shares.
Share capital
ASSA ABLOY’S share capital at year-end
amounted to sek 365,918,034, distributed
among 19,175,323 Series a
shares and 346,742,711 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. During 2002 the registered
share capital of the company has increased
by a new share issue of
10,000,000 new Series b shares.
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 29 June
1995 to 30 June 2000.
The second debenture was issued in 1997. A total of 1,400 employees participated in this issue. This debenture amounted to sek 250,000,000 and ran from 8 December 1997 to 2 December 2002. Conversion to Series b shares was exercised from 1 December 2000 to 15 November 2002. After conversion at a conversion price of sek 58.70, an additional 3,464,799 shares were created. In 2002, applications for conversion of debt instruments with a par value of sek 127.2 m were submitted.
In 2001 a new program, incentive 2001, was launched, based on four series of convertible bonds each totaling eur 25 m. The only difference between the series of bonds is the conversion price. The program was offered to employees in 16 countries, and 4,500 employees decided to participate. On full conversion, at a conversion price for Bond 1 of eur 15.8, Bond 2 of eur 19, Bond 3 of eur 22.1 and Bond 4 of eur 25.3, an additional 5,017,432 shares would be created. The convertible bonds can only be converted from October 2006.
Dividend and dividend policy
The Board of Directors and President
propose that sek 1.25 per share be
paid as a dividend to shareholders for
the 2002 financial year, corresponding
to a direct return of 1.3 percent on the
Series b share price of sek 99.50 on 30
December 2002. The aim is that, in
the long term, the dividend should
correspond to approximately onethird
of ASSA ABLOY’S average earnings
after standard tax (28 percent), but
always taking into account ASSA ABLOY’S
long-term financial requirements.
ASSA ABLOY AB’s share trend
Data per share 1)
| SEK/share | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 |
| Earnings after tax and full conversion | 3.53 | 2.985) | 2.73 | 2.006) | 1.76 | 1.23 | 0.93 | 0.56 |
| Dividend | 1.252) | 1.00 | 0.90 | 0.74 | 0.60 | 0.43 | 0.30 | 0.22 |
| Direct yield, %3) | 1.3 | 0.7 | 0.5 | 0.6 | 0.8 | 0.8 | 1.0 | 1.6 |
| Earnings after 28% standard tax | 3.88 | 3.285) | 2.91 | 2.27 | 1.79 | 1.36 | 0.95 | 0.60 |
| Dividend, %7) | 32.2 | 30.5 | 30.9 | 32.6 | 33.5 | 31.6 | 31.6 | 36.7 |
| Share price at end of period | 99.50 | 151.00 | 184.50 | 119.50 | 75.65 | 51.24 | 29.28 | 13.24 |
| Highest share price | 159.50 | 186.00 | 206.70 | 140.00 | 92.73 | 52.95 | 28.97 | 15.16 |
| Lowest share price | 76.50 | 94.50 | 110.50 | 73.21 | 48.07 | 28.69 | 12.38 | 5.23 |
| Shareholders’ equity | 35.85 | 35.80 | 30.586) | 16.956) | 9.93 | 8.64 | 5.40 | 4.37 |
| Number of shares (1,000s)4) | 370,935 | 361,730 | 356,712 | 324,200 | 295,448 | 295,448 | 265,396 | 221,684 |
1)Adjusted for new issues. 2) Proposed dividend. 3) Dividend as percentage of the share price at the end of the period.
4)After full conversion. 5) Exclusive non-recurring items 6) Key data has been adjusted due to change in accounting principle.
7)Dividend as percentage of earnings per share after 28% standard tax.
Share capital
ASSA ABLOY’S share capital at 31 December 2002 amounted to SEK 365,918,034 distributed among
19,175,323 Series A shares and 346,742,711 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 ten
votes and each Series B share one vote
| Year | Transaction | A shares | C shares | B shares | Share capital *SEK |
| 1989 | 20,000 | 2,000,000 | |||
| 1994 | 100:1 split | 2,000,000 | 2,000,000 | ||
| 1994 | Bonus issue | ||||
| 1994 | Non-cash issue | 1,746,005 | 1,428,550 | 50,417,555 | 53,592,110 |
| 1996 | New share issue | 2,095,206 | 1,714,260 | 60,501,066 | 64,310,532 |
| 1996 | Conversion of C shares into A shares | 3,809,466 | 60,501,066 | 64,310,532 | |
| 1997 | New share issue | 4,190,412 | 66,541,706 | 70,732,118 | |
| 1998 | Converted debentures | 4,190,412 | 66,885,571 | 71,075,983 | |
| 1999 | Converted debentures before split | 4,190,412 | 67,179,562 | 71,369,974 | |
| 1999 | Bonus issue | ||||
| 1999 | 4:1 split | 16,761,648 | 268,718,248 | 285,479,896 | |
| 1999 | New share issue | 18,437,812 | 295,564,487 | 314,002,299 | |
| 1999 | Converted debentures after split and new issues | 18,437,812 | 295,970,830 | 314,408,642 | |
| 2000 | Converted debentures | 18,437,812 | 301,598,383 | 320,036,195 | |
| 2000 | New share issue | 19,175,323 | 313,512,880 | 332,688,203 | |
| 2000 | Non-cash issue | 19,175,323 | 333,277,912 | 352,453,235 | |
| 2001 | Converted debentures | 19,175,323 | 334,576,089 | 353,751,412 | |
| 2002 | New share issue | 19,175,323 | 344,576,089 | 363,751,412 | |
| 2002 | Converted debentures | 19,175,323 | 346,742,711 | 365,918,034 | |
| Number of shares after full conversion | 19,175,323 | 351,760,143 | 370,935,466 |
* SEK 1 per share – balanced number of shares
Ownership structure (listed by voting rights)
Data is based on the share register at 31 December 2002
| Owner | A shares | B shares | Capital % | Voting rights % |
| Wärtsilä Corporation | 10,546,425 | 17,270,350 | 7.6% | 22.8% |
| SäkI | 7,118,818 | 954,200 | 2.2% | 13.4% |
| Janus Capital Corp. * | 26,389,980 | 7.2% | 4.9% | |
| Melker Schörling and companies | 1,510,080 | 10,496,636 | 3.3% | 4.8% |
| Investment AB Latour | 21,793,021 | 6.0% | 4.0% | |
| Deutsche Bank | 19,637,744 | 5.4% | 3.6% | |
| Fidelity Investments * | 16,095,557 | 4.4% | 3.0% | |
| Robur unit trusts | 12,726,293 | 3.5% | 2.4% | |
| Alecta | 12,596,536 | 3.4% | 2.3% | |
| Nordea unit trusts | 10,110,120 | 2.8% | 1.9% | |
| Other shareholders with more than 50,000 shares | 175,934,859 | 48.1% | 32.7% | |
| Shareholders with 501-50,000 shares | 20,240,700 | 5.5% | 3.8% | |
| Shareholders with up to 500 shares | 2,496,715 | 0.7% | 0.5% | |
| Total number | 19,175,323 | 346,742,711 | 100.0% | 100.0% |
* Based on the owner's details
Source: SIS Ägarservice AB and VPC AB *