Gunnebo Interim Report Jan-Sep 2012

1. Gunnebo interim report January-September 2012
CEO Comments
 Profit for the quarter lower than previous year
 Quarter burdened by non-recurring items
of MSEK 46
 Continued strong growth in Asia
 India: 47%
 Good development of sales in Americas
 Canada and acquired business in Brazil and US
 Weak development on most European markets
 General trend: Postponed investment decisions
 Continued cost-savings in Europe during Q4
 Strategic activity: Acquisition of US
Hamilton Safe
 Continued strong financial position,
equity ratio 39%
25 October 2012, page 2

2. Third Quarter 2012
 Order intake amounted to MSEK 1,084 (1,175), in
constant currency rates it decreased by 1%. Acquired
units contributed MSEK 79.
 Net sales increased to MSEK 1,280 (1,247), in
constant currency rates they increased by 8%.
Acquired units contributed MSEK 107.
 Operating profit amounted to MSEK 17 (61) and the
operating margin to 1.3% (4.9%). Acquired units had
a positive effect on operating profit of MSEK 21.
 Excluding non-recurring items of MSEK 46, operating
profit amounted to MSEK 63 (74) and operating
margin to 4.9% (5.9).
 Profit after tax for the period totalled MSEK 1 (44).
 Earnings per share were SEK -0.02 (0.58).
 Acquisition of US’s Hamilton Safe on August 8
25 October 2012, page 3
January-September 2012
 Order intake increased to MSEK 3,933 (3,868), in
constant currency rates it increased by 3%. Acquired
units contributed MSEK 155.
 Net sales increased to MSEK 3,719 (3,645), in
constant currency rates they increased by 4%.
Acquired units contributed MSEK 158.
 Operating profit amounted to MSEK 69 (158) and the
operating margin to 1.9% (4.3%). Acquired units had
a positive effect on operating profit of MSEK 24.
 Excluding non-recurring items of MSEK 58, operating
profit amounted to MSEK 127 (179) and operating
margin to 3.4% (4.9).
 Profit after tax for the period totalled MSEK 22 (77).
 Earnings per share were SEK 0.26 (1.02).
25 October 2012, page 4

3. Business Area Bank Security & Cash Handling
July-Sept Jan-Sept Full year
MSEK 2012 2011 2012 2011 2011 2010
Order intake 513 525 1,718 1,661 2,215 2,477
Net sales 602 534 1,652 1,586 2,276 2,427
Operating profit/loss excl. non-recurring items 46 28 92 86 167 199
Operating margin excl. non-recurring items, % 7.6 5.2 5.6 5.4 7.3 8.2
Non-recurring items -4.0 -1.0 -4.0 -3.0 -20.0 -33.0
Operating profit/loss 42 27 88 83 147 166 % of Group sales: 44%
Market Development
 Continued strong development in Asia, especially India
 Good development in South Africa, Canada and Brazil during Q3
 In Europe, development has been good in France, the
Netherlands, Denmark and Belgium
 Weaker development on other markets in Europe
 Order intake and sales for the full period: +6%*
Profit analysis
During the third quarter, acquired operations made a positive
contribution of some MSEK 19 to the quarter’s operating profit.
Furthermore, the weak development on markets in Europe and
Africa was compensated by the strong development of
operating profit on other markets.
25 October 2012, page 5
* Growth in constant currency rates
8 August: Gunnebo Acquires Hamilton Safe
Why has Gunnebo acquired Hamilton Safe?
 A quality company and a profitable business –
will improve Gunnebo’s overall EBIT
 Perfect strategic fit
 Product portfolio (UL-graded/rated)
 Customers: Bank and Government
 Covers up a ”white spot” on the map for Gunnebo
 Solid platform for expansion of selected Gunnebo
solutions into the US
Profitable business with opportunity
to introduce Gunnebo solutions
into the US market!
25 October 2012, page 6

4. Hamilton Safe Companies: Background
 Started manufacturing of
bank security equipment
in 1967
 Based in Cincinnati, Ohio, USA
 Majority of sales made in
the US and Canada
 7 business units of which
5 production facilities
 Sales through a +80
dealer network
25 October 2012, page 7
Company Overview
 Banking, 70% of sales
 Government etc., 30% of sales
 Annual sales: MUSD 70 (2011)
 Employees: 220
 Profitability: Well above Group targets
25 October 2012, page 8

5. Business Area Secure Storage
July-Sept Jan-Sept Full year
MSEK 2012 2011 2012 2011 2011 2010
Order intake 182 199 589 545 736 748
Net sales 196 196 581 531 731 750
Operating profit/loss excl. non-recurring items 4 2 17 10 16 48
Operating margin excl. non-recurring items, % 2.0 1.0 2.9 1.9 2.2 6.4
Non-recurring items 0.0 0.0 0.0 0.0 -1.0 -10.0
Operating profit/loss 4 2 17 10 15 38 % of Group sales: 16%
Market Development
 Good development of order intake and net sales
 Order intake for the full period: +9%*
 Net sales for the full period: +11%*
 Strong growth in Asia – distributor based sales
 Good development in UK, France, Belgium, Spain
 Weaker development on other markets, especially during Q3
Profit analysis
Both operating profit and the operating margin strengthened
during the year, mainly due to a more favourable market and
product mix
25 October 2012, page 9 * Growth in constant currency rates
Business Area Global Services
July-Sept Jan-Sept Full year
MSEK 2012 2011 2012 2011 2011 2010
Order intake 192 208 914 899 1,144 1,120
Net sales 271 272 841 819 1,120 1,120
Operating profit/loss excl. non-recurring items 26 34 73 98 138 107
Operating margin excl. non-recurring items, % 9.6 12.5 8.7 12.0 12.3 9.6
Non-recurring items -6.0 0.0 -6.0 0.0 -17.0 -16.0
Operating profit/loss 20 34 67 98 121 91
% of Group sales: 23%
Market Development
 Good development of order intake during the full period
 Order intake for the full period: +3%*
 Sales of contract-based service continue to increase
 Markets in Asia, Americas, UK and Italy has developed
very well
Profit analysis
Operating margin for the full period is lower than the
same period last year. During the third quarter, operating
profit has also been burdened by costs for making the
service delivery process more efficient.
25 October 2012, page 10 * Growth in constant currency rates

6. Business Area Entrance Control
July-Sept Jan-Sept Full year
MSEK 2012 2011 2012 2011 2011 2010
Order intake 163 173 502 538 713 654
Net sales 158 180 466 511 720 691
Operating profit/loss excl. non-recurring items 9 10 11 26 51 35
Operating margin excl. non-recurring items, % 5.7 5.6 2.4 5.1 7.1 5.1
Non-recurring items -27.0 0.0 -28.0 0.0 -15.0 -36.0
Operating profit/loss -18 10 -17 26 36 -1
% of Group sales: 12%
Market Development
 Order intake has strengthened throughout the year
 Order intake Q3: Unchanged*
 Order intake full period: -6%*
 Good development in China, Germany, Middle East,
Americas and Eastern Europe
Profit analysis
The result during the quarter is in line with that of the previous
year. It has been negatively impacted by MSEK 22 related to an
arbitration award, whereby Gunnebo was ordered to pay
compensation to a former commercial agent, as well as by
MSEK 5 related to costs for moving of operations.
25 October 2012, page 11
* Development in constant currency rates
Developing Businesses
July-Sept Jan-Sept Full year
MSEK 2012 2011 2012 2011 2011 2010
Order intake 34 70 210 225 283 272
Net sales 53 65 179 198 290 275
Operating profit/loss excl. non-recurring items -13 -3 -38 -26 -35 -32
Operating margin excl. non-recurring items, % -24.5 -4.6 -21.2 -13.1 -12.1 -11.6
Non-recurring items 0.0 0.0 0.0 0.0 0.0 -5.0
Operating profit/loss -3 -26 -35 -37
-13 -38
% of Group sales: 5%
SafePay
 Good order intake on the Northern European markets,
weaker in Southern Europe. In Q3 order intake has been
weak in general due to postponed investment decisions
 Operating profit/loss continues to be affected by market
investments and continued work on quality improvements
Gateway
 Stable development of order intake in Q3. This is mainly
explained by the prevailing economic uncertainty on several
large markets in Europe, which has resulted in a lower rate
of investment in the retail sector.
 The full period’s lower operating profit is explained by lower
sales volumes and negative currency effects.
25 October 2012, page 12

7. Summary group income statement
July-Sept Jan-Sept Full year
MSEK 2012 2011 2012 2011 2011 2010
Net sales 1,280 1,247 3,719 3,645 5,137 5,263
Cost of goods sold -900 -875 -2,614 -2,546 -3,572 -3,723
Gross profit 380 372 1,105 1,099 1,565 1,540
Other operating costs, net -363 -311 -1,036 -941 -1,241 -1,343
Operating profit/loss 17 61 69 158 324 197
Net financial items -6 -5 -14 -19 -26 -75
Profit/loss after financial items 11 56 55 139 298 122
Taxes -10 -17 -33 -49 -52 -41
Profit/loss for the period from
continuing operations 1 39 22 90 246 81
Profit/loss for the period from
discontinued operations - 5 - -13 -16 97
Profit/loss for the period 1 44 22 77 230 178
Whereof attrib utab le to:
Parent company shareholders -1 44 20 77 228 178
Holdings without controlling
influence 2 - 2 - 2 -
1 44 22 77 230 178
25 October 2012, page 13
Summary group balance sheet
30 September 31 December
MSEK 2012 2011 2011 2010
Goodwill 1,365 997 1,104 952
Other intangible assets 97 89 111 96
Property, plant and equipment 312 298 316 367
Financial assets 124 191 139 94
Deferred tax assets 258 267 253 241
Inventories 629 591 564 543
Current receivables 1,203 1,203 1,239 1,253
Liquid funds 263 214 239 189
Total assets 4,251 3,850 3,965 3,735
Equity 1,665 1,630 1,776 1,606
Long-term liabilities 1,249 788 800 639
Current liabilities 1,337 1,432 1,389 1,490
Total equity and liabilities 4,251 3,850 3,965 3,735
25 October 2012, page 14

8. Loan Frame: September 2012
 During the third quarter
Gunnebo agreed on 18
months of acquisition
financing in the form of a
new credit framework
amounting to MUSD 35, with
the aim of part-funding the
acquisition of Hamilton Safe.
 Furthermore, the Group
extended its former
borrowing facility by 12
months up to and including
June 2015.
 The Group’s guaranteed
credit framework amounted
to MSEK 1,428 on
September 30, 2012.
25 October 2012, page 15
Group Liquid Funds and Financial Position
 The Group’s liquid funds at the end of the
period amounted to MSEK 263 (214)
 Equity totalled MSEK 1,665
(1,630), giving an equity ratio
of 39% (42)
 Net debt amounted to MSEK 955 (501).
Excluding pension commitments
it amounted to MSEK 763 (196).
 Debt/equity ratio amounted to 0.6 (0.3)
25 October 2012, page 16

9. Equity Ratio
25 October 2012, page 17
Return On Capital Employed
25 October 2012, page 18

10. Gunnebo’s Strategic Focus
Bank Security
& Cash Handling Secure Storage Global Services Entrance Control
Innovation along the Pioneering fire and Services which State-of-the-art
whole cash chain burglary protection deliver performance control over the
flow of people
25 October 2012, page 19
Phase 5: Delivery!
 Phase 1
 1995 – 2005
 > 40 acquisitions
 Growth and entrepreneurship
 Phase 2
 2006 – 2008
 Consolidation
Phase 5: Delivery
 2013 –
 Phase 3
 2009 – 2010
 Get It Right!
 Focus on BUSINESS
 Phase 4
 2011 – 2012
 Strategy execution
25 October 2012, page 20

11. The Route to Phase 5: Delivering
2014
EBIT Margin
Geographical
Expansion > 7%
Cost Reductions
Rationalisations, LCM
Acquisitions
Focused Business
Market-Driven
Product Development
Business Development
2009
EBIT Margin
3%
25 October 2012, page 21
Key Success Factors Going Forward
 Management
 Drive, support and control
 Don’t compromise on people
 Execution, execution, execution
 Move point of gravity from Europe to
Asia/Africa/ME/Americas
 Boost growth opportunities
 Business development
 Allocate resources
 Increase LCM and sourcing
 Growth
 Acquisitions
 Strengthen core business
 Geographical expansion
 Services
25 October 2012, page 22

12. Gunnebo General Assumptions 2013: Delivery
 Unstable situation, still uncertainties: political and governmental
problems have been known for some time… and crises seems to spread to new
countries.
 The global economy will continue to expand, though risks from Europe
and the Persian Gulf could slow expansion considerably. IMF predicts 3.5%
growth in world GDP this year, 4.1% next year. Both years have been revised
upward since the autumn 2011 forecast.
 Asia will grow, especially the emerging countries (which include China, India
and Indonesia). The advanced economies (the largest of which are Japan and
Australia) are expected to grow moderately.
 The Group is now well positioned in Americas and there is increased
business confidence in the US, however uncertainty and election hangover
in play.
 Huge negative impact on several European markets. Will ECB and the
Eurozone build market confidence or will the South European virus spread
north?
 Still a “mixed bag” and the European markets are in different shape.
Opportunities will occur and focus, flexibility and strength will be a winning
concept.
25 October 2012, page 23
Financial Calendar
Financial Calendar
Year-end release January 30, 2013
Annual General Meeting 2013 April 9, 2013
Interim Report January-March 2013 April 25, 2013
Interim Report January-June 2013 July 17, 2013
Interim Report January-September 2013 October 24, 2013
25 October 2012, page 24

13. THE LEADING GLOBAL
PROVIDER OF
A SAFER FUTURE
25 October 2012, page 25