Atlas Copco’s Annual General Meeting
29 apr 2002
Stockholm, Sweden, April 29, 2002- Atlas Copco’s Annual General Meeting was held today. In his address to the shareholders, Giulio Mazzalupi, President and CEO, reported on the Group’s performance in 2001, on new product development and market expansion.
Atlas Copco’s revenues increased 10 percent to MSEK 51,139 in 2001 and profit after financial items was MSEK 4,700. Excluding items affecting comparability, the operating profit margin was 12.0% (13.7). “Despite the weak ending, 2001 was a good year for Atlas Copco, when we improved our overall market position”, Mazzalupi said. Earlier today, Atlas Copco reported its first quarter results 2002. Revenues were MSEK 11,635, corresponding to a volume decrease of 8% year-on-year. Operating profit was MSEK 1,166 (1,463), and the operating margin was 10.0% (12.1). “As anticipated, the weak economy has contributed to a slow start of the year. However, cash flow continued to be strong, and the debt to equity ratio was further reduced.” In his speech, Mazzalupi reported on the importance for a market leader to continuously launch new products. “Today, 35% of the products we sell are less than three years old, compared to 20% in 1994.” Another issue discussed was the strategy to provide better services to customers while the products are in use, today accounting for 55% of the Group’s revenues.” The focus on these services, adding value to the customers, makes us less vulnerable to swings in demand. It has resulted in more frequent contact with customers, as well as closer relationships.” Mazzalupi also spoke about the importance of having competent and committed people. The Meeting adopted the Board of Directors’ proposed dividend for the 2001 fiscal year of SEK 5.50 per share. May 3, 2001, was approved as the record date. It is estimated that dividends will be distributed via Värdepapperscentralen VPC AB (the Swedish Securities Register Center) on May 8, 2002. The Meeting re-elected the following members of the Board: Anders Scharp (Chairman), Jacob Wallenberg (Vice Chairman), Sune Carlsson, Kurt Hellström, Lennart Jeansson, Thomas Leysen, Ulla Litzén and Michael Treschow. Gunnar Brock and Charles E. Long were elected as new members. The Meeting elected the audit firm KPMG Bohlins AB for the period until the end of the annual general meeting held in 2006. CONTACT: Annika Berglund, Senior Vice President, Group Communications Phone: +46 8 743 8070, mobile: +46 70 322 8070, [email protected] Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2001, the Group had revenues of SEK 51 billion (EUR 5.4 billion), with 98% of revenues outside Sweden, and close to 26,000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC, Milwaukee Electric Tool, Chicago Pneumatic, and AEG Power Tools. More information can be found on the web site: www.atlascopco-group.com. To the editor: Mr. Mazzalupi’s complete address to the shareholders, as well as video clips, will be published and webcasted on the Group’s website: www.atlascopco-group.com > Investor > Presentations