Profitable growth – the next step

Profitable growth – the next stepKai Wärn, President and CEO

The core message

2

• Significant profitability improvement delivered

• Customer focused and empowered organization– Three Divisions in profitable growth mode– Consumer Brands builds a profitable core

• Profitable growth initiatives launched and financed by efficiency improvements

• Accelerating innovation for future leadership

… then expansion & profitable growth

Profitability first…

ProfitableGrowth

Our definition of profitable growth

3

Outgrowing the market with 1-2

p.p. per year

Continuous improvement

of EBIT margin

2015Consequences of the chosen

strategy

2014Establishment

of strategy

2013Profitability

improvementprogram

2016Execution

of divisions’ business plans

The journey towards market leadership 2020

AIPAccelerated Improvement Program to restore profitability

Strategy 2020 Group• Market, customer

and technology studies

• Breadth and focus• Goals and definitions

New organization• Growth and

turnaround strategies

• AIP improvement program closed

Profitable growth initiativesand further improvement activities• Financing of growth

initiatives• Support margin target

4

The AIP – the vehicle to fix the profitability

• Launched 2013 and closed 2015

• Increased focus on product leadership

• Focus and resource allocation for larger direct material cost reductions

• Substantial complexity reduction

5

Great result improvements!

4%

5%

6%

7%

8%

9%

10%

11%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q32013

Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Operating income rolling 12 months Operating margin rolling 12 monthsSEKm

FOCUS EXECUTION

6


strategy

2014Establishment

of strategy

2013Profitability

improvementprogram

2016Execution












7

• Number 1 or 2 market share position by segment

• Innovation leader

• Outperform competition in terms of profitable growth

Market leadership 2020 – what do we mean?

8

9

Fixing the pre-requisites for success...

How to combine our breadth with the right focus…

One core question was

Organize according to the different end customer business models

The answer

The proof of concept is there…

Brand Divisions• Sharper business focus• Higher energy • Decision power and speed

Scale and synergies• Technology • Sourcing, manufacturing, logistics• Brand portfolio and online platforms

10

Key behaviors• Seek customer’s point of view

• Collaboration

• Maintain focus and simplicity

VisionWe make a difference to those who shape green spaces and urban environments through our leadership in sustainable, user-centered solutions.

Adding consistency and building on a winning culture

11

Core purposeWith a passion for innovation we create performance,pride and improved results for our customers.


strategy

2014Establishment

of strategy

2013Profitability

improvementprogram

2016Execution












Three accelerated initiatives• Sustainability• Digital opportunities• Battery products

12

An industry with attractive fundamentals

13

• Sizeable SEK 210 Bnaddressable market

• 2-3% CAGR growth

• Segments with high profitable growth potential

• High share professional customers and pro-grade consumers

• OEM aftermarket potential

• Innovation rewarded

Market size, growth andprofitability

Attractive segments/

characteristicsDistribution

• Multichannel landscape

• Stable servicing dealer base

• Important seasonal F&G retail category

• Large competitors with good performance

• Consolidated landscape

• Scale important

Competition

Our market participation is broad in F&G and niched in Construction

14

Forest and GardenSize SEK ~185 bn

Growth 2-3% long term

APAC

EMEA

Americas

Geographic Split

ConstructionSize SEK ~25 bn

Growth 3% long term

APAC

EMEA

Americas

Geographic Split

15

Key trends that will shape Husqvarna’s industry

New consumer groups, urbanization and change of economic gravity

Battery and electric technology

Digital revolution eg. Big Data, IoT, Robotics

Changing consumer values and purchasing behavior

Environment. Shortage of resources eg. water, raw materials, land etc.

Profitable Growth – the next step

16



0

5

10

15

20

25

30

2011 2012 2013 2014 2015

Net sales for divisions in profitable growth

17Group excl. Consumer Brands Division, adjusted for changes in exchange rates

CAGR 2.5%

Achieved CAGR 2.5%2011-2015

2%

3%

5%

TargetOut-grow market by1-2 p.p.

Net sales growth CAGRSEK bn

Market Growth

Key elements of profitable growth respectively turnaround strategies

18

• Dealer channel business development• Commercial lawn and garden• Fully explore product leadership

areas e.g. Automower• Expand battery based products

• Geographic expansion• Further strengthen the brand• Multi-channel distribution• Product innovation and

Smart Garden expansion

• Financial turn-around situation• Relentless cost-out and efficiency

improvement approach• Account focus• Explore new product and channel

business opportunities

• Growth in key attractive segments• Continue drive product innovation• Develop service offers• Emerging markets

Husqvarna Gardena

Consumer Brands Construction

Creating headroom for profitable growth initiatives

19

2015EBIT

FXimpact

Costs for Profitable Growth

initiatives

Further efficiency measures

Volume and mix impact,

other

2016EBIT

• Continued direct material cost-out

• Indirect material costs, logistics costs

• Rightsizing of footprint • SG&A efficiency• Working capital

improvements

Further efficiency measures 2016-17

20

Our response to market trends

Sustainability Digital opportunities

Batteryproducts

Accelerated Initiatives

Respecting nature, caring for people

Acceleration SustainabilitySustainnovate – Our commitment!

Continuous improvement and innovation is our way to sustainable market leadership It forms the base for our green path commitment

Our Carbonchallenge

Decouple our business growth from carbon emissions

Our Teamchallenge

Be the best place to work

Our Supplierchallenge

Inspire and build a sustainable supplier base

Our Safetychallenge

Lead our industry on safety across the value chain

21

Acceleration Digital OpportunitiesCreating customer values beyond products

22

RoadmapCapabilities

• Acquisition of Koubachi

• Established Digital Services and Solutions

• IoT platform

• Smart products and solutions

• Improving customer productivity and engagement

Products

• Automower Connect

• Fleet Services

• Gardena Smart System

Acceleration Battery ProductsBuild battery market leadership

23

Best in class products

Leverage performance position to consumer segments

Application know-how

The core message

24

• Significant profitability improvement delivered

• Customer focused and empowered organization– Three Divisions in profitable growth mode– Consumer Brands builds a profitable core

• Profitable growth initiatives launched and financed by efficiency improvements

• Accelerating innovation for future leadership



ProfitableGrowth

New financial targets

25

Purpose?

Growth

Margin

Capital efficiency

Keeping focus on profitability to make sure our growth creates value

Aspiration to grow faster than the market to reach market leadership 2020

Growing in a capital efficient way

www.husqvarnagroup.com

New financial targetsJan Ytterberg, CFO

Profitability first!Financial targets 2014 (CMD 2014)

Dividend

Net debt / EBITDA

Operating margin >10% business cycle

< 2.5seasonally adjusted

+ 40%of income

28

10% EBIT margin over a cycle – not there yet

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q32013

Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

SEKm Operating income rolling 12 months (SEKm) Operating margin rolling 12 months (%)

29

40

26

9 3

22

0

5

10

15

20

25

30

35

40

45

USD EUR SEK CAD Other

Net sales, distribution by currency%

Currency exposure, net sales and transaction

30

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

EUR CAD AUD CHF Other USD CNY

Transaction exposure before hedgingSEKm

Currency effect on the 10 % EBIT margin target

5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%10.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q32013

Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Operating income rolling 12 months (SEKm)

Operating margin rolling 12 months (%)

Operating margin rolling 12 months (%) FX adjusted*SEKm

31*FX adjusted only on net sales

Seasonality fully predictable – Weather is the unknown

32

-20

-10

0

10

20

30

40

50

60

70

Q1 Q2 Q3 Q4

EBIT

-150

-100

-50

0

50

100

150

Q1 Q2 Q3 Q4

Operating cash flow%%

Average distribution per quarter for the Group 2013–2015, %

Profitable Growth – the next step

33



New financial targetsAverage over the coming years from 2017

34

Growth* CAGR Net Sales 3 – 5%

Capital efficiencyNet Operating WorkingCapital / Net Sales ≤ 25%

Margin EBIT Margin ≥ 10%

Profitable growth

* Excluding Consumer Brands Division

Operating income rolling12 months (SEKm)

Operating margin rolling12 months (%)SEKm

Past performance in relation to target 10% EBIT margin

4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%10.0%

0

500

1,000

1,500

2,000

2,500

3,000

Q32013

Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Target >10 %

35

0

5

10

15

20

25

30

2011 2012 2013 2014 2015

Net sales for divisions in profitable growth

36Group excl. Consumer Brands Division, adjusted for changes in exchange rates

CAGR 2.5%

Achieved CAGR 2.5%2011-2015

2%

3%

5%

TargetOut-grow market by1-2 p.p.

Net sales growth CAGRSEK bn

Market Growth

20%

22%

24%

26%

28%

30%

32%

34%

2011 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Target ≤ 25%

Net operating working capital / net sales ≤ 25%

37

Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Q1 Q2 Q3 Q4

New financial targetsAverage over the coming years from 2017

38

Growth* CAGR Net Sales 3 – 5%

Capital efficiencyNet Operating WorkingCapital / Net Sales ≤ 25%

Margin EBIT Margin ≥ 10%

Profitable growth

* Excluding Consumer Brands Division

Profitably growing our professional and prosumer businessPavel Hajman, President of Husqvarna Division

40

Profitably growing our professional and prosumer business

Dealer business

development

Petrol, battery and

robotic leadership

Professional focus

Stable profitable

growth trajectory

Continuedstrategic

investments in innovation and growth

A large global SEK ~80 Bn market segment

Addressable marketSEK 80 Bn

NorthAmerica

EMEA

Rest of World

Regional split of market potential

41

An attractive performance and service driven market

Market characteristics• Pro’s and prosumers

with performance and productivity demands

• Fragmented and traditional dealer channel

• Attractive aftermarket

Market trends• Urbanization and

sustainability• Robotics and battery

acceptance• E-commerce and

IoT emerging

Growth and Profitability• Stable growth with

pockets of high growth• Good profitability

due to performance differentiation and aftermarket service

42

Global divisional presence with further growth opportunities

Division’s sales split Global market share

~21%

43

34%

NorthAmerica

49%

EMEA

17 %

Rest of the world

Dedicated segment focus supported by dealers

Channels

• Long term relationship with thousands of dealers globally

• Dealers providing application advice and service

• On-line impacting dealer market

44

Competitors

Customer segments

ProfessionalForestry

ProsumerProfessional CLG

• Strong development of product leadership areas and geographical mix

• Volume and cost out benefits

• Investments in growth initiatives

• Challenging FX impact

Strong foundation for profitable growth

45

6%7%8%9%10%11%12%13%14%15%

10,00011,00012,00013,00014,00015,00016,00017,00018,00019,000

Q4 2014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Net sales (FX adj) EBIT margin (as rep, excl IAC)

Investments in future growth funded by operational improvements

SEKm

Husqvarna DivisionRolling 12 months

Increased professional focus since start of the division

• Commercial Lawn and Garden key account sales force created

• Robotics expansion into commercial applications

• Accelerated focus on battery powered products sales and development

• Accelerated digitalization development• Operational excellence

46

RoboticsLeading portfolio now with connectivity

A strong innovation capability!

47

Battery and FleetSupports sustainability and productivity

Pro handheldNew professional chainsaw platforms

Collecting ridersGrowth opportunity in European markets

Parts and AccessoriesNew X-cut saw chain and X-force bars

Zero Turn RadiusStand on completesthe Commercial Lawn and Garden offer

Core elements of our profitable growth strategy

48

Dark blue left side?

Target to outperform the market

• Dealer development• Commercial Lawn and Garden

reconnect• Parts and Accessories focus• Expansion:

– Robotics – Battery products– Emerging markets

Dealer growth enhanced by 20-30% when implemented!

Dealer business development is the base…

Strengthen Dealers commercial ability and expand network• Deploy Dealer Business and Service

Excellence Program• Implementing Shop profiling and

developing E-commerce• Expand dealer network in urban

areas mainly

49

…and Commercial Lawn and Garden is our largest professional opportunity…

Organization supported by battery products, robotics and fleet services• New business operating model with dealer

inclusion and local Key Account organizations• Differentiating by productivity improvements

and sustainability• Silent city promotional events

50

Good momentum gained with CLG operators and municipalities!

…and robotic lawn mower is our largest prosumer opportunity…

Continued leadership through product innovation and go-to-market strategy• New mowing concept• Connectivity• Technical support capability• Urban sales network

51

Continued strong growth in existing markets and fast acceptance in newly developed markets

…together with our battery powered products

Lead the way and gain both application and battery recognition!• Competitive assortment• Global go-to-market plan• Accelerate next generation

product development

52

Global sales above market growth!

53

Profitably growing our professional and prosumer business

Dealer business

development

Petrol, battery and

robotic leadership

Continuedstrategic

investments in innovation and growth

Professional focus

Stable profitable

growth trajectory

Gardena – Passion and GrowthSascha Menges, President Gardena Division

56

Gardena – Passion and Growth

Strong growth and EBIT performance

Continued brand investments funded by efficiency measures

Geo expansion and automated garden as key

growth platforms

The premium brand for

passionate gardeners

Gardena has a SEK ~35 Bn market opportunity

Addressable marketSEK 35 Bn

NorthAmerica

EMEA

Rest of World


57

Positioned to capitalize on characteristics and trends

Market characteristics• Polarization of premium

branded and private label• Evolving multichannel

distribution• Passionate gardeners

value innovation and quality

Market trends• Urbanization,

Sustainability, Aging population and IoT

• Automatic garden, incrobotic and digitization

• Smaller gardens and City-gardening

Growth and Profitability• Growth varies by segment

and region• Segments and players

with high variation of profitability

58

A European market leader

59

Division’s sales split Market position

EU markets

~25 %

NorthAmerica

Rest of the world

EMEA

90%5%5%

Gardena is the brand for passionate gardeners

60

Customer segments Channels

• Strong presence with key DIY and garden centre chains

• Stronger online presence / growth

Competitors

Strong net sales developmentOutpacing average market growth, across regions as well as profit pools

Translating into growing EBIT

Efficiency measuresOffset FX pressure and provide funds for investments into strategic growth such as new products, capabilities and brand building


61

0%

2%

4%

6%

8%

10%

12%

14%

3,000

3,500

4,000

4,500

5,000

5,500

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Net sales (FX adj) EBIT margin (as rep, excl IAC)SEKm

Gardena DivisionRolling 12 months

Achievements since launch of the division

62

• Expanded distribution: new customers, channels and geo-expansion

• Successful innovation and launch of new products – New watering range– New range of Robotic mowers (Sileno)– GARDENA smart system

• Multiple design awards for new products • Excellent supply chain performance• Built a passionate and dedicated team

Market share gain!

A profitable growth agenda

63

• Geographic expansion

• Further strengthen the Gardena brand, e.g.− Innovation− Automated Garden

• Multichannel distribution

• Operational excellence

Successful geographic expansion

64

• Focused investments in innovation, front-end and marketing

• Strengthen international KAM organization• Successful expansion of listings with

existing customers• Expanded distribution with new customers• Stronger sell-through

Above market growth in core markets with an already strong position…

…complemented by double digit growth rates in priority European markets outside the core

Automatic garden – Successful launch of SMART

65

• Koubachi team integrated and launch of new “Smart” category• Continue to invest in product / feature roadmap and development resources

• Full range launched in DACH and BeNe

• Good customer and consumer acceptance

• Further markets roll-out

Innovation – 60 new products for 2017 season

67

68

Gardena – Passion and Growth


Continued investments into

brand building and growth funded by

efficiencymeasures

Geo expansion and automated garden as key

growth platforms

The premium brand for

passionate gardeners

Road to 5% and beyondJeff Hohler, President Consumer Brand Division

71

Road to 5% and beyond

Value before volume

Profitable core

Cost-out, operationalexcellence and top line

improvement

Beyond 5% from high value segment focus

Addressable market

A large SEK ~70 Bn market segment

SEK 70 Bn

NorthAmerica

EMEA

Rest of World

72

• Competitive, high stakes retail - value exclusivity and a steady stream of new features

• Retailer consolidation; more emphasis on “house brands”

Market characteristics

• Consumers seeking easy access to parts, accessories and service needs

• Connected products appearing • Increasing number of women buying, using OPE products

Market trends

• Shift from lower value product segments to higher value, e.g. Z-turn, Robotics, Cordless

• Growth of online, both e-commerce and influencing offline sales

• Feature innovation for margin up-lift

Growth and Profitability


Competitors

Global market share

Channels

Consumer brands attractive given the right mix, scale and innovation capability

Division’s sales split

~14%

73

82%

NorthAmerica

17%

EMEA

1 %

Rest of the world

• Significant share shifting between large North American retailers

• European retail remains fragmented by country; slowly consolidating

• Continuing growth of e-commerce and importance of online presence

Customer segments

http://www.ggp-group.com/

http://www.ttigroup.com/en/home

• Value before volume strategy

• Majority of sales drop behind us!− Season 2016 heavily impacted

by weather

− Begin sales trough emergence in 2017

• Favorable EBIT margin trend, despite volume decline and currency headwind− Brand, product and customer

mix management

− Strong continued momentum in cost reduction and efficiency improvements

Getting to the profitable core

74

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016


Consumer Brands DivisionRolling 12 months

SEKm

Achievements since launch of the division• Stabilized large, volatile North American

account relationships

• Aggressive EUAP portfolio clean-up leads to positive profit improvement

• Commercial progress on ecommerce, parts and accessories, battery product development

• Shift from OEM to own Brands

• Successful execution of AIP creating a culture of continued cost and efficiency improvements

• New Management Team with solid turn-around experience

75

2014 2016

Cost-out

2014

2.5%

2015

2.0%

2016

>2.0%

Own Brands

Private label

Consumer Brands Division – Brand Mix +14 point shift

in mix toward “owned” brands

Two drivers of the turn-around plan

76

Continued cost-out and

efficiency momentum

Capturingtop-line

opportunities

Consumer Brands Division Schematic margin bridge to 5%

77

2015 Cost-out Capture new opportunities

FX / Other 2018-1.2%

5.0%

Sustaining the cost-out and efficiency momentum

78

Organization and momentum for continued cost-outDesign direct materials and production efficiency

Supply Chain Sustainability Drivers

Productivity InvestmentsCreating conditions for an efficient and successful consumer business

Immediate focus• Continued cost out inspired by AIP• Footprint Projects and Logistics

improvement• Capture labor efficiencies• Automation investments• Supply and Demand forecasting

improvements• Supply chain for E-commerce

and digital• Sustainability focus

ZeroLandfill Waste

Emissions Reduction

Lower Energy Use

Orangeburg Footprint Project

• 7 outside DC’s to 1 adjacent to production• 513K sqft. warehouse with 36 outbound

loading docks• Automated Guided Vehicle finished

product delivery to warehouse• Reduction:

– Of 328,000 km interplant trucking

– Of 317 metric tons CO2 emissions

– Of 180,000 product inventory transactions

– To a one finished goods Inventory Systems

– Of export warehouse for EU shipments

79

80

2015 Cost-out Capture new opportunities

FX / Other 2018-1.2%

5.0%

Consumer Brands Division Schematic margin bridge to 5%

New opportunities – product focus

Expanded zero turn assortment

Battery products

Robotic mowers

81

Radio E-commerceExpanded assortments and

improved content

Parts and AccessoriesImproved cross-selling along with whole goods

New opportunities – channel and marketing focus

* Based on comparison vs. prior year in test markets compared to national

Investment in Marketing Activation

+9%improvement

in test markets

82

83

Adding new top-line opportunities to continued cost-out will get us to 5%

…foundation being laid NOW for new market opportunity capture

0.0%0.5%1.0%1.5%2.0%2.5%3.0%

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Cost-out and Operational Excellence Capture sales opportunities

84

Road to 5% and beyond

Value before volume

Profitable core

Cost-out, operationalexcellence and top line

improvement

Beyond 5% from high value segment focus

Strong position and continued expansionHenric Andersson, President Construction Division

Customers’ preferred choice

87

Strong profitable

growth foundation

Continued investments funded by efficiency

improvements

Service Offerings and

Emerging Markets focus

Market leadership

An attractive SEK ~25 Bn market segmentThe market is generally attractive due to its growth and profitability

• Urbanization• Emerging markets• Work technique modernization

• Internet of Things• Stricter regulations• Petrol to Battery

Activity

Time

Total construction

HusqvarnaConstructionrelevant

• Financially dependent • Segment somewhat

less cyclical than greater Construction market overall

88

Paving

Earth moving

Lifting

Light/General

Key trends

Cyclical business

Market

Husqvarna Construction – a market leader

Division’s sales split Global market share

>15%

89

43%

NorthAmerica

38%

EMEA Rest of the world

19 %

CompetitorsMany segment specialistsFew broad players

Customer focus in a diverse market

Channels

• Distribution• Contractor direct• Rental• Forest and Garden

dealers• E-Commerce

90

Customer segments

Demolition Contractors

Specialty markets (eg. rescue, rail, military)

Natural stone quarries and processing

Concrete Sawing and Drilling ContractorsBuilding TradeContractorsGeneral Contractors

Successful profitable growth journey

91

Side business Organic growthConsolidation

Acquisition growth

8781 0907060200

Partner acquired Dimas acquired Demolitionrobot

4 Acquisitions1999–2001

6 Acquisitions2006- 2008

Husqvarna brand

Diamant Boartacquired

Track record of profitable growth

• +5% net sales CAGR over period

• +15% EBIT CAGR improvement

• Investments in growth initiatives partially offset by benefits from cost-out activities

• Favorable foreign exchange

0%

2%

4%

6%

8%

10%

12%

14%

3,000

3,200

3,400

3,600

3,800

4,000

4,200

4,400

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016


Construction DivisionRolling 12 months

SEKm

92

Positioned for continued profitable growth

• Trend of outgrowing the market, taking shares

• Adapted structure for growth– Restructuring– Investments

• Acquired key technology relating to resin bonded diamond tools (DTS)

• Multiple key product launches• Implemented innovative sales

process and tools• Highly engaged team

93

The innovation leader

94

Distribution range repositioning

Contractor Direct range improvements

Metallic floor grinding tools

New wires

New Stone blades

Power cutter updates

Additional PRIME machines

More versatile wall saw system

Remote controlled floor grinders

New tier 4 floor saws

Service contracts, upCare

The innovation leader – Unmatched PRIMETM

95

Customers’ preferred choice

Core elements of profitablegrowth strategy:

• Continuously improve our solid foundation

• Generating funding for strategic investments

• Focus on key attractive segments

• Expanding into Service Offers

• Stepping up in Emerging Markets

96

• Above average growth and profitability

• Emerging segment, fragmented competitive landscape

• Sustainable method, environmental benefits

• Husqvarna unique with full in-house capabilities of both machines and tools

Surface Preparation, one key focus segment

97

Create new, repetitive revenue streams

Capitalizing our broad product offering

Create additional customer value

Grow through expansion into Service Offers

98

• Accelerate the establishment of local footprint in sales, service and distribution

• Tailor product offering

• Educate on new work techniques

Step up in Emerging Markets

99

BRANDPRODUCT PEOPLEPOSITION PREPARED

Construction and Stone industry professionals’ preferred choicethrough market and innovation leadership where we play

Strong position and continued expansion

100

Profitable growth – the next step

Documents

Transcript of Profitable growth – the next step