Contents Group overview This is Ahlsell 2 The year in review 4 Statement from the CEO 6 Ahlsell’s offering 8 Market overview 10 Strategy and value creation Drivers and resources 12 Objectives, business concept, values 13 Strategy in four parts 14 Acquisitions are an important part of our 15 strategy Strategic initiatives in 2017 16 Targets and outcomes 17 Creating value for all stakeholders 18 Sustainability Sustainability in everything we do Efficient, sustainable and safe products Responsible purchasing Our employees at the centre The employee year 2017 The environment is always on the agenda Segment information Sweden Norway Finland Denmark and Other Financial information Directors' Report Risk management Corporate Governance Report Appropriation of profits 19 20 22 24 26 28 This is Ahlsell 30 32 Ahlsell is the Nordic region’s leading distributor of installation 34 36 products, tools and supplies for installers, construction com- panies, facility managers, industrial and power companies and the Verktyg och Förnödenheter public sector. About 97% oSTufopoprlsliee&svenue is generated 38 25% VVS 25% HVAC & 42 44 in the three main46%markets of Sweden, Norway and pFluimnbliangnd. El 29% Electrical 46% Ahlsell makes it easier to be professi2o9%nal. 50 Accounts and notes Financial statements Notes SignatVuerrektsyg och Förnödenheter Audit report 25% Other infEol r29m%ation The Ahlsell share Board of Directors Management GRI index Glossary Övrigt 10% PerformancBeygmg e9%asures Multi-year overview CalendIanrfraasntdru1ka6t%durdresses Audited Annual Report Non-auditeIdndsuussttraii2n0a%bility report 51 64 93 VVS 94 46% 98 100 102 104 105 Installation 45% 106 109 110 The cover photo shows how safe roof work takes place in practice. The fall protection equipment and photo are from our supplier, C2 Vertical Safety AB. The Board of Directors and the CEO of Ahlsell AB (publ), organisation no. 556882-8916, hereby present the Annual Report for the 2017 financial year for the Parent Company and the Group. The Annual Report comprises the Directors Report and the financial statements with notes and comments on pages 12-13, 17-29 and 37-93. The statutory sustainability report in accordance with the Swedish Annual Accounts Act is included in the Annual Report (pages 12-13 and 17-28). The consolidated statement of income and balance sheet, together with the parent company's statement of income and balance sheet, are adopted by the Annual General Meeting. Product segment Övrigt 10% Bygg S9T%uopoplslie&s 25% Infrastruktur 16%Electrical 29% Industri 20% Installation 45% HVAC & plumbing 46% Customer segment Other 10% Construction 9% Infrastructure 16% Installation 45% Industry 20% Other 10% Development during the last 15 years Construction 9% Installation MSEK 45% % 3I0n,f0ra0s0tructure 10 16% 27,000 9 24,000 Industry 20% 8 21,000 7 18,000 6 15,000 5 12,000 4 9,000 3 6,000 2 3,000 1 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ¢ Net sales, SEK million ¢ Adjusted EBITA margin, % ¢ EBITA, SEK million ¢ EBITA margin, % Net sales 15 years 2.6 x EBITA 15 years 6.0 x CAGR 5 years 6% CAGR 10 years 3% CAGR 15 years 8%
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