Annual report 2014 eng

GunneboAnnualReport2014
The Gunnebo Security Group is a global supplier of security products,
services and solutions with an offering covering cash handling, safes
and vaults, entrance security and electronic security for banks, retail,
CIT, mass transit, public & commercial buildings, and industrial
& high-risk sites.
The Group has an annual turnover of €610 million and 5,700
employees in 33 countries across Europe, the Middle East & Africa,
Asia-Pacific and the Americas as well as a network of Channel Partners
on 100 additional markets.
For a safer world.
ANNUAL REPORT 2014
TAKING
SECURITY
INTO THE FUTURE

Order intake amounted to MSEK 5,433 (5,514), organically a
decrease of 5%.
Net sales increased to MSEK 5,557 (5,271), organically they
increased by 2%.
Operating profit increased to MSEK 352 (222) and the operating
margin to 6.3% (4.2%).
Operating profit excluding items of a non-recurring nature of
MSEK –14 (–84) increased to MSEK 366 (306) and the operating
margin to 6.6% (5.8%).
Profit after tax for the period increased to MSEK 227 (102).
Earnings per share were SEK 2.98 (1.29).
Free cash flow increased to MSEK 223 (144).
In June 2014, the French subsidiary Fichet-Bauche Télésurveillance
was divested with a capital gain of MSEK 73, which is entered
under operating profit as an item of a non-recurring nature.
On August 28, 2014 Gunnebo acquired the Mexican company
Diseños Inteligentes de Seguridad S.A. de C.V. (Dissamex).
On October 10, 2014 Gunnebo acquired the British company
Clear Image, which operates in electronic security.
The Board proposes a dividend of SEK 1.00 (SEK 1.00) per share.
2014 2013
Net sales, MSEK 5,557 5,271
Operating profit/loss exc. items of a non-recurring
nature, MSEK 366 306
Operating margin exc. items of a non-recurring
nature, % 6.6 5.8
Operating profit, MSEK 352 222
Operating margin, % 6.3 4.2
Earnings per share after dilution, SEK 2.98 1.29
Net debt excluding pension commitments, MSEK 613 728
Equity ratio, % 35 34
Key Ratios
Highlights for 2014
Gunnebo is a global supplier with a broad offering covering
cash handling, safes and vaults, entrance security and electronic
security, as well as security-related services.
66%
16%
18%
Share of Group sales:
EMEA Asia-Pacific Americas
30%
32%
38%
Share of Group EBIT excluding
items of a non-recurring nature:
50%
12%
38%
No. of employees
by Region:

The Gunnebo Group
Customers and Markets 2
Brands 3
Comments by the CEO 4
Highlights 2014 6
Strategy 8
The Security Market 10
The Business
Offering 12
Regions 14
Region Europe, Middle East & Africa 16
Region Asia-Pacific 20
Region Americas 23
Sustainable Business
Operations 26
Corporate Responsibility 30
People and Leadership 31
Environmental Management 32
Corporate Governance
Corporate Governance Report 34
Auditor’s Statement 41
Board of Directors 42
Group Executive Team 43
Risk and Sensitivity Analysis
Risk and Sensitivity Analysis 44
Financial Reporting
Board of Directors’ Report 48
Definitions 52
Group Income Statements 53
Group Statement of Comprehensive Income 53
Group Balance Sheets 54
Change in Group Equity 56
Group Cash Flow Statements 57
Parent Company Income Statements 58
Parent Company Statement
of Comprehensive Income 58
Parent Company Balance Sheets 59
Change in Parent Company’s Equity 61
Parent Company Cash Flow Statements 62
Notes 63
Proposed Distribution of Earnings 87
Auditor’s Report 88
Capital Market
Information for the Capital Market 89
The Gunnebo Share 92
Five-Year Review 94
Contact Details 96
Gunnebo Glossary 97
ContentsA vision to be the leading global
provider of a safer future
Increased profitability through
higher production efficiency
Continued growth and
geographical expansion
14–15
8–9
26–27 This document is essentially a translation
of the Swedish language version. In the event
of any discrepancies between this translation
and the original Swedish document, the latter
shall be deemed correct.

TheGunneboGroup
Customers Markets
EMEA (Europe, Middle East & Africa)
Sales companies (21): Austria, Belgium, Czech Republic,
Denmark, Finland, France, Germany, Hungary, Ireland, Italy,
Luxembourg, Middle East (UAE), Netherlands, Norway, Poland,
Portugal, South Africa, Spain, Sweden, Switzerland, UK.
The economic instability in Europe in recent years has resulted in
lower demand in Region EMEA, and the Group has had to adapt
its cost structure accordingly. There has been a greater focus
within the region on growth markets outside of Europe.
Read more on pages 16–19
Asia-Pacific
Sales companies (8): Australia, China, India, Indonesia, Malaysia,
New Zealand, Singapore, South Korea.
The fastest growing region for Gunnebo where it has expanded
its presence considerably in recent years. Gunnebo will continue
to develop its strong market position here and invest in new
growth opportunities.
Americas
Sales companies (4): Brazil, Canada, Mexico, USA.
Gunnebo continues to grow in North and Latin America, where it
has made key acquisitions in the USA and Brazil and established
companies in Mexico in recent years.
Heritage
The Gunnebo brand has an
industrial heritage going
back 250 years to south-east
Sweden. Today Gunnebo
has sales companies in
33 countries and channel
partners in a further 100
markets around the globe.
1991
HIDEF Kapital AB is formed
by the Swedish government
as one of eight venture
capital companies charged
with investing in Swedish
companies suffering from
the national financial crisis.
1994–1995
Gunnebo Industries is acquired
by HIDEF, which changes its
name to Gunnebo AB and is
listed on the Swedish stock
exchange in 1994. The new
company will focus on deliver-
ing security products.
Roots
In 1764, a forge is opened in the
Swedish village of Gunnebo. The
business grows steadily until the
formation of Gunnebo Bruks Nya
AB in 1889 which has several
factories supplying chains to the
shipping industry. This company
later becomes known as Gunnebo
Industries.
Bank
Core offering: solutions for secure and efficient cash
handling, the storage of valuables and entrance secu-
rity. Customers include Bank of China, Citibank, HSBC,
ING Bank, Nordea and Standard Bank.
Retail
Core offering: solutions for secure and efficient cash
handling, loss prevention, the storage of valuables and
entrance security. Customers include Aldi, Auchan,
Carrefour, Coop, Decathlon and Walmart.
CIT (Cash in Transit)
Core offering: solutions for the secure collection and
storage of cash. Customers include Brinks, G4S, Loomis
and Prosegur.
Mass Transit
Core offering: solutions for the control of passenger
flows and fare collection on public transport systems.
For airports, Gunnebo provides security solutions for
boarding, immigration control and anti-return control.
Customers include the public transport networks of
Beijing, Bogotá, Melbourne and New Delhi, and air-
ports in Bahrain, Boston, London, Madrid and Sydney.
Public & Commercial Buildings
Core offering: solutions for access control and solu-
tions for the storage of valuables. Customers include
the European Commission, Honeywell, Hyundai
Information Technology and Siemens.
Industrial & High-Risk Sites
Core offering: solutions for access control and solu-
tions for the storage of valuables. Customers include
factories, logistics companies, power plants, arenas,
ports, prisons and casinos.
2 Gunnebo Annual Report 2014

All sales companies within the Gunnebo Security Group carry the
Gunnebo name and the majority of security products, services and
solutions are sold under the Gunnebo brand, which also acts as an
umbrella brand.
Brands
2011–2014
Focus: Growth and profitability
Gunnebo continues to move the
point of gravity to markets with
high growth potential within
its core business segment. The
Group expands its presence in
South Korea, Thailand, Malaysia,
USA, Mexico and Brazil.
1995–2005
Focus: Acquisitions
Gunnebo acquires around 40 com-
panies specialising in security. Thin
includes Fichet-Bauche, a listed
company on the French stock ex-
change with a history in safes dating
back to 1825.
2006–2008
Focus: Integration
The acquisitions made over
the past 12 years are inte-
grated into the Group and
adopt the name Gunnebo.
2009–2010
Focus: Strategy and profitability
Gunnebo redefines its vision to
become the leading global pro-
vider of a safer future and divests
non-core business, Perimeter
Protection. The Group also starts
to focus on investing more in
growth markets outside of Europe.
Gunnebo Annual Report 2014 3
Safes Vaults Global UK. Founded 1835. Marketed and sold by
Gunnebo since 2000.
Outdoor perimeter security Global Germany. Founded 1951.
Acquired by Gunnebo in 2004.
Safes Vaults Global France. Founded 1825.
Electronic article surveillance for retail Global Sweden. Founded 1984.
Safes Vaults North America USA. Founded 1967.
Fire protection India India. Founded 1903. Marketed and sold by
Gunnebo since 2000.
Safes Vaults Global Sweden. Founded 1886.
Acquired by Gunnebo in 1994
Closed cash handling Global Sweden. Acquired by Gunnebo in 2001.
Safes India India. Founded 1932.
Brand Product Segment Market origin

TheGunneboGroup
Focus on Costs Produces Results
Dear Shareholder,
Central to the development of Gunnebo’s
business is shifting the point of gravity in
terms of geographic focus, allocation of
resources, and increased customer value.
During 2014, we have continued to grow
our business outside of Europe. The propor-
tion of sales on markets in the Middle East
and Africa, Asia-Pacific and Americas now
totals 41% (40%) of our sales. Our presence
in Latin American has been strengthened
through the acquisition of the Mexican ser-
vice company Dissamex. We have also con-
tinued to establish ourselves on new markets
by opening representative offices in Oman,
Saudi Arabia, Nigeria, Turkey and Myanmar.
In terms of resource allocation, in 2014 we
have invested in greater production capacity
in India, and have continued efforts to reduce
our fixed cost base in Europe. We have sold a
part of our French operation, Fichet-Bauche
Télésurveillance, which we no longer consid-
ered to be part of our core business.
To strengthen customer value we launched
a number of new offerings during the
year in all of our product segments: Cash
Handling, Safes Vaults, Entrance Security
and Electronic Security. The new generation
of SpeedStile entrance security gates which
were launched at the end of 2013 has been
well received by the market. To strengthen
our customer offering on the British market,
we acquired electronic security company
Clear Image during the year.
Financial results
The good sales growth in Region Asia-Pacific
continued during the year, albeit at a lower
level than previously. This slowdown is partly
due to elections in several of the Group’s
main markets in the region, which has an
impact on the business climate.
Although we noted weak sales develop-
ment in Region EMEA, the market situation
did improve during the year. We are positive
about the future in EMEA, as developments in
2014 are a sign of stabilisation.
For Gunnebo, Region Americas is a growth
market. Sales in the region during the year
developed in line with last year, above all due
to a sluggish market in Brazil and restructur-
ing in public administration in the USA.
During the year we have continued to
work on reducing our fixed costs in Europe.
Our efforts have produced results, and the
operating margin in Region EMEA more than
doubled during the year to 3.0% (1.4%). This
improvement is a result of a wide range of
large and small-scale measures linked to both
the sales organisation and our production
platform in Europe. Along with continued
good cost control in other regions, these
measures are a strong contributor to the im-
proved operating margin. 6.6% is the strong-
est operating margin Gunnebo has reported
for many years.
We have also continued to strengthen our
cash flow, and the equity ratio was 35% at the
end of the year. This means that Gunnebo is
now financially strong and has scope to con-
tinue investing in growth where opportuni-
ties present themselves.
Business strategy 2016
– Cash handling in focus
During the year we drew up a strategic plan
which extends up to 2016. It entails a distinct
change in the way we view our future core
business.
Traditionally, Gunnebo’s core business
has been in safes and vaults, primarily for
banks and public administration. This is an
important foundation for our business in
the future too, especially on markets outside
of Europe. This business has enabled us to
develop partnerships with the majority of
the world’s major banks – relationships that
go back decades.
However, in recent years we have noticed
lower sales of certified safes and vaults, and
2014 was no exception. In Europe and North
America we are facing only modest market
growth moving forward, while we see the
slowdown in Asia as more temporary. Sales
of safes and vaults made up one quarter of
the Group’s total sales.
Therefore, in 2014 we shifted focus. Safes
and vaults will remain an important part of
our business in future, but we see the main
growth in cash handling, both in terms of
sales and profitability. The foundation of our
business is to provide solutions that increase
efficiency and security in the cash handling
process for all players involved.
We began working with cash handling in
Europe and Australia several decades ago,
and at the time the primary customer seg-
ment was banks. Today cash handling is part
of our global business, and the majority of
orders come from CIT companies and retail.
Business in this area developed very well
during the year and now comprises one fifth
of the Group’s total sales, with satisfactory
profitability above Gunnebo’s target of a 7%
operating margin.
Read more about our business strategy on
pages 8–9
Employees
Gunnebo continuously invests in the develop-
ment of its employees on all levels. In 2014,
we have worked together to develop and
implement new core values, clearly linked to
performance and results. We call the plat-
form Gunnebo’s Performance Cornerstones,
and it forms the basis for our employees’ per-
sonal development. With Gunnebo’s history
of growth primarily through acquisitions,
these common core values are a vital building
block in creating sustainable global customer
offerings and collaborations that create value.
I am personally convinced that ‘soft’ in-
vestments also lead to good returns, if not in
the next quarter then in the longer term.
The Gunnebo Group currently has some
5,700 knowledgeable, dedicated employees
around the world. Without them we could
never have created value for our customers or
produced the results we have delivered to our
owners during the year. I would therefore like
Comments by the CEO

to take this opportunity to thank them all for
their fine efforts in 2014!
I would also like to thank our customers
and partners for their faith in allowing us to
help evolve their business.
The future
In 2015 Gunnebo will continue to strengthen
its offering and its market positions primar-
ily in cash handling, but as is clear from our
business strategy we will also continue to
cultivate and grow our business in safes and
vaults where possible, build on our strong
entrance security operation, and consolidate
our market position in electronic security
wherever in the world this represents major
business for us. We will also carry on focusing
on reducing our fixed cost base, primarily in
Europe, and streamlining our capital utilisa-
tion. And like most businesses, we will do our
best to increase sales and continue along our
set path with better profitability.
As communicated in early January, I will
be stepping down as President and CEO of
Gunnebo in summer 2015. I would therefore
particularly like to thank all our sharehold-
ers for your firm support whilst I have led
Gunnebo these past six years. I would also like
to wish my successor, Henrik Lange, the very
best of success in his new post.
Per Borgvall
President and CEO
The beneficial effects of cost adaptations combined
with a stabilised market have strengthened the
results for our business in Europe. Along with
continued good profitability in other regions, we
finished the year with an operating margin of 6.6%,
the strongest result for many years.6.6
Operating margin
%

TheGunneboGroup
First Quarter
Quarterly Financial Summary
Net sales (MSEK) 1,250
Operating profit (MSEK)* 38
Operating margin (%)* 3.1
Second Quarter
Highlights 2014
IMS Research recognises Gunnebo as the global number one
supplier of entrance gates in its “World Market for Entrance
Control Equipment” report. This is the fourth consecutive oc-
casion Gunnebo has ranked as the world leader in this field.
www.gunnebo.com is re-launched as a responsive website,
optimised for viewing on all devices, including tablets and
smartphones.
Fichet-Bauche Télésurveillance (FBT) is divested from
Gunnebo France to Butler Group.
Gunnebo holds its Annual General Meeting for 2014.
Region EMEA
COOP in Sweden, Denmark and Norway signs a framework
agreement with Gunnebo for the delivery of the closed
cash handling system, SafePay™.
British pharmaceuticals company UDG Ltd. orders a large
strongroom for its plant in the UK.
Read more on page 19
A branch office is opened in Oman to improve customer
service in the region.
Region Asia-Pacific
The first order for a vault and the automated safe deposit
locker system, SafeStore Auto, is received in Singapore.
Busan International Finance Center in South Korea signs an
order for entrance security.
A nuclear power plant in China places an order for entrance
security.
Region Americas
SunTrust Bank unveils the latest in banking technology at
the SunTrust Plaza Garden in Atlanta, USA. Among the new
features is Gunnebo’s SafeStore Auto.
Gunnebo signs a three-year service and maintenance con-
tract for security equipment with a major Canadian bank.
Gunnebo holds its Capital Market Day in Stockholm,
Sweden, for analysts, fund managers, investors and journal-
ists. Cash handling, entrance security and electronic secu-
rity solutions are demonstrated live.
The Group decides to invest a further MSEK 33 in 2014–15
to increase capacity and improve quality at its Indian pro-
duction plant in Halol.
To support growth in Asia-Pacific, Gunnebo announces
the closure of its entrance security production facility in
Uckfield, UK and the transfer of production to Kunshan in
China.
Region EMEA
The French postal service, La Poste, strengthens its
partnership with Gunnebo through a general agreement
for electronic security.
Region Asia-Pacific
Gunnebo receives an order worth over €2 million to deliver
over 16,500 safe deposit lockers and 15 vault doors to
Guanfu Museum in Shanghai, China.
The first cash handling order in Indonesia is received from
taxi operator, Express Group.
Region Americas
Brazilian cash in transit company, Fidely’s, invests in a front-
office cash handling solution from Gunnebo. The solution
reduces the time spent on cash management, minimises
the risk of robbery and prevents counterfeit notes being
accepted.
San Diego Stadium in the USA installs Gunnebo entrance
security solutions to control the flow of visitors to and from
the arena.
Gunnebo’s service centre in the US is expanded to serve
Canadian customers as well.
* Excluding items of a non-recurring nature *Excluding items of a non-recurring nature

Third Quarter Fourth Quarter
Gunnebo acquires all shares in Mexican security services com-
pany, Dissamex, giving the Group a market-leading position
within electronic security services to banks in Mexico.
Gunnebo receives the Delivery and Supply Chain Reliability
Award from one of its major customers, NCR, for exhibiting
outstanding on-time delivery performance.
Region EMEA
Banque de France signs a major order for vaults and
entrance security.
Newgate International places an order for vaults and
SDLs with Gunnebo UK.
Region Asia-Pacific
Gunnebo China receives an order from Huatai Securities
for entrance security for its offices.
Jilin Bank in China chooses Gunnebo’s automated safe
deposit locker system, SafeStore Auto.
Tianwan Nuclear Power Station in China places order for
entrance security, strengthening Gunnebo’s position as a
supplier of security solutions to high-risk sites.
Sejong City Government in South Korea once again chooses
Gunnebo to supply entrance security solutions.
Region Americas
Gunnebo receives a large order from a national bank in the
USA related to the increased automation of the customer
reception areas at 370 of its branches.
A major Canadian airport places an entrance security order.
Gunnebo acquires Clear Image, a provider of electronic
security solutions and security services in the UK.
Gunnebo launches a range of thermally-insulated security
doors designed to improve a building’s energy perfor-
mance in line with the European Union’s Energy Efficiency
Directive (2012/27/EU).
Gunnebo’s plant in Halol, India wins a Gold Award at a Lean
Six Sigma Convention in recognition of the journey it has
made to improve production efficiency.
Region EMEA
La Poste and La Poste Immobilier in France renews a long-
term agreement for the delivery of safes, locks and high-
security doors.
Gunnebo receives an order for SafePay closed cash handling
systems from a major German retail chain with roll-out
planned for 2015.
Dubai’s largest CIT company, Transguard, places an order for
cash handling solutions with Gunnebo in the Middle East.
Region Asia-Pacific
G7 Safety Lockers in Malaysia continues to invest in
Gunnebo’s automated safe deposit locker system,
SafeStore Auto.
In connection with an upgrade to Beijing’s metro system,
Gunnebo receives a major entrance security order in China.
Sacha de La Noë is appointed the new SVP Region
Asia-Pacific and becomes a member of the Group
Executive Team.
Region Americas
The first delivery of Gunnebo’s cash handling systems
to a global CIT company in Brazil is completed.
Gunnebo receives an order for smart surveillance systems
from a grocery chain in Brazil.
*Excluding items of a non-recurring nature *Excluding items of a non-recurring nature

TheGunneboGroup
Vision
Gunnebo’s vision is to be the leading global
provider of a safer future.
Being a leading global provider means mak-
ing a competitive offering available through
a global market presence on those markets
where customers want the Group’s products,
services and solutions.
Providing a safer future means taking a
long-term approach, investing in innova-
tive research and product development, and
building lasting business relationships which
generate mutual value.
BUSINESS CONCEPT
Gunnebo’s business concept is to offer security
products, services and solutions that create
value for shareholders, customers, partners,
employees and society on a global scale.
Strategy
Gunnebo’s strategy is executed in the Group’s
regions and sales companies to ensure
that the needs of local customers in each
individual market are addressed and met.
Read more about the Group’s business,
market trends and development in the
different regions on pages 14–25
Gunnebo’s overriding strategy is focused on
its core customer offering supported by a
backbone strategy to move the Group’s point
of gravity.
Customer Focus
Cash Handling
Gunnebo’s intelligent cash handling solutions
are designed to reduce the time spent on cash
management, improve efficiencies in the cash
cycle and make cash handling more secure.
The Group has a keen understanding of
the cash handling processes performed by
retailers, CIT companies and banks as well
as other customers managing cash, such
as restaurants, casinos and taxi operators.
Gunnebo creates value for these partners in
the cash cycle by reducing the total cost of
cash handling and improving security for their
customers and staff.
Safes and Vaults
Under leading brands, such as Chubbsafes
and Fichet-Bauche, the Group produces high-
quality safes and vaults, certified to resist
burglary, fire and explosives.
Gunnebo can leverage its strong local
brands in this segment (see page 3, Brands).
Sales through its own companies are com-
plemented by a strong global network of
Channel Partners.
Entrance Security
Gunnebo’s turnstiles and speed gates regu-
late and control the flow of people into and
out of public and commercial buildings, as
well as industrial and high-risk sites. Security
doors, partitions and windows also protect
high-risk sites from physical attacks.
In addition Gunnebo targets airports and
mass transit systems with a strong range of
solutions designed to simplify the flow of
passengers whilst maintaining the requisite
levels of security.
Electronic Security
Gunnebo’s innovative solutions for electronic
security consist of access control, intrusion
detection, CCTV, electronic locks and remote
surveillance systems.
Key customer segments include public
buildings, high-risk sites and banks which
require integrated and automated security
systems often operated from a central soft-
ware platform.
Moving the point of gravity
The backbone strategy is to move the
Group’s point of gravity in terms of geog-
raphy, resource allocation and value chain
development. By moving its point of gravity
geographically the Group will successively
generate a larger proportion of its sales from
growth markets rather than mature and
declining markets. Hand in hand with this
comes the movement of resources to ensure
that a larger proportion of the company’s
staff and expertise is located in these growth
markets. Finally, the Group is developing its
position in the value chain by becoming more
and more of a solutions provider which deliv-
ers not only security, but also added-value im-
provements to its clients’ business processes.
Financial goals
Gunnebo’s financial goals shall contribute
to a good return for the Group’s sharehold-
ers. They focus on profitable growth and the
operating margin.
Into the Future with a Strong Core Offering
Long-
term
goals
Out-
come
2014
Out-
come
2013
Return on capital
employed*, % 15 12.6 10.7
Operating margin*, % 7 6.6 5.8
Equity ratio, % 30 35 34
Organic growth
invoiced sales, % 5 2 1
*Excluding items of a non-recurring nature
Goals and Outcomes
The Gunnebo Security Group is a global supplier of security products, services
and solutions with an offering covering cash handling, safes and vaults,
entrance security and electronic security for banks, retail, CIT, mass transit,
public commercial buildings, and industrial high-risk sites.
Strategy

Vision
What Gunnebo wants to be
Gunnebo will become the leading global provider of a safer future
Financial Goals
What the Group wants to achieve
5%
Organic growth
of at least 5%
An equity ratio of
no less than 30%
30%
An operating margin
of at least 7%
7%
Return on capital em-
ployed of at least 15%
15%
Customer Focus
The sales regions and sales companies
formulate and execute strategic business
plans for Gunnebo’s core offering:
Cash Handling
Safes Vaults
Entrance Security
Electronic Security
Strategy
How the Group will achieve it
Moving the Point of Gravity
Moving the point of gravity within
three aspects of the business:
Geographic focus
Resource allocation
Value chain
Read more on pages 4–5 and 12–25

TheGunneboGroup
The total value of the global security equip-
ment market is estimated to be around SEK
700 billion. The market has shown growth of
around 4.5% over the past five years and is
expected to maintain a good rate of growth
in the years to come.
The underlying drivers behind the develop-
ment of the security market are economic
growth, a higher standard of living, and ur-
banisation. A large part of the security market
comprises areas where Gunnebo does not
operate, such as security patrols and cash in
transit (CIT). The proportion of the market
where Gunnebo does operate is estimated
to be worth around SEK 480 billion and is
divided into the following product groups:
Cash Handling
The cash handling market segment encom-
passes players within bank, CIT, retail, res-
taurants, casinos and mass-transit compa-
nies. Gunnebo provides products, software
and services that improve efficiency and
security in the whole cash cycle for these
customers.
The global cash handling equipment mar-
ket is estimated to be worth approximately
SEK 50 billion, divided primarily between
retail cash handling (40%), central cash
handling for banks and CIT companies (20%)
and self-service operations e.g. for depositing
and withdrawing cash (40%).
Trends show that the volume of cash in cir-
culation will continue to grow on a global ba-
sis, despite the influence of online payment,
card payment and near-field communication
(NFC). Key market drivers for those who work
with cash are enhanced security, lower costs,
less shrinkage and improved productivity and
control, especially within the retail sector.
The installed base for intelligent retail cash
handling solutions is estimated at around
250,000 systems globally, with Americas
currently having the largest base. Gunnebo is
estimated to have a 5% global market share in
retail cash handling with strong positions in
Europe, Australia and Brazil. With the excep-
tion of Western Europe, Australia and the
USA, the market for cash handling is regarded
as less mature. The volume of cash in circula-
tion is increasing and the demand from both
retailers and CIT companies for more efficient
cash handling solutions is rising.
Gunnebo’s competitors in retail cash
handling include Wincor, Glory and Tidel.
Another important part of the global
market for cash handling is ATM machines,
defined here as self-service cash deposit
and withdrawal. The global ATM market has
grown rapidly since the late 1980s and is
expected to continue to grow in the years to
come. Even though the banks in Europe have
decreased their investment in this part of the
market in recent years, there is strong growth
in Americas and Asia-Pacific. Annual growth
in the number of installed ATMs between
the years 2012 and 2018 is estimated at 6%
globally. The annual install volume of ATMs is
approximately 450,000 units, and there are
currently more than 3.5 million installed.
Gunnebo is a supplier of ATM safes and has
a considerable share of the market thanks to a
global production base. Players on this market
are NCR, Diebold and Wincor.
Safes and Vaults
The safes and vaults market segment en-
compasses safes, vaults, vault doors and safe
deposit locker (SDL) systems. Gunnebo has
been operating within the safes and vaults
business for more than 150 years through
strong global brands such as Chubbsafes and
Fichet-Bauche.
The global market for safes and vaults was
estimated at around SEK 22 billion in 2014,
with a forecasted annual growth of just over
5% up to 2020. Graded, or certified, safes are
an important part of Gunnebo’s business,
accounting for around one third of the total
world market for safes and vaults. The Group
is estimated to have a global market share of
12% in certified safes, and a quarter of the
European market.
The market for graded or certified safes
is predicted to have a lower growth pace
than safes without a grade or certification.
Development is driven by higher demand
from smaller organisations and private indi-
viduals, as well as the fact that some growth
markets have no certification requirements.
Key market drivers within the safes and
vaults segment are economic growth and
increased wealth, as well as a developing
financial infrastructure – especially on many
markets in Asia and Africa. This develop-
ment leads to increased awareness about the
importance of protecting valuables against
fire and theft, both among businesses and
private individuals.
Another trend is that end customers are
demanding that a safe has some kind of inte-
grated intelligence, such as connection to the
Internet. Moreover there is greater demand
for certified safes outside of the bank sector,
Growth, a Higher Standard of Living
and Urbanisation Drive the Market
The global security industry is extensive in its scope, covering a wide range
of products and services associated with the safety and protection of
businesses, people and assets. The market is fragmented and characterised
by a few sizeable global corporations operating alongside a large number of
smaller local suppliers.
Market estimations in this section were taken from different sources, including “Safes Vaults.
A Global Strategic Business Report of May 2014 from Global Industry Analysts, Inc.”; “The World
Market for Pedestrian Entrance Control Equipment of September 2013 from IHS”; “Planet
Retail”; “World Security Equipment of March 2013 from the Freedonia Group”. Estimated mar-
ket sizes taken from the sources have been converted into SEK using an average exchange rate
from USD in 2014.
THE SECURITY MARKET

for example in pharmaceuticals and retail.
Gunnebo’s competitors in this segment
include Godrej and Diebold.
Entrance Security
The entrance security market segment in-
cludes speed gates, turnstiles and security
doors, as well as ticket gates for mass transit
systems and security gates for airports.
The global market for pedestrian entrance
security, which includes the product seg-
ments mentioned above, is estimated at
around SEK 4 billion, with Europe, Middle East
and Africa accounting for around 50% of the
total. Global growth over the next few years
is estimated at just under 5%.
Key market drivers for entrance security
are urbanisation, the expansion of inner-city
infrastructures such as metros and BRT (Bus
Rapid Transit), facilitation of mobility, and
increased cross-border movement of people.
Also a greater need for centralised security
and personnel checks, reduction of overheads
for receptionists and guards, as well as grow-
ing threats from terrorism and crime.
The top ten leading suppliers of pedestrian
entrance control equipment accounted for
more than half of the global market in 2012,
and Gunnebo was judged to be the lead-
ing supplier globally with a market share of
close to 12%. Gunnebo’s competitors in this
segment are Royal Boon Edam, Kaba and
Automatic Systems.
Electronic Security
The electronic security market segment
relates to products for monitoring physical
environments, access control and fire alarms.
The segment also covers the installation,
monitoring and maintenance of these sys-
tems.
Access control and video surveillance
systems make up 45% of the market, alarms
40%, and other electronic security products
the remaining 15%.
The global market for electronic security
systems is valued at over SEK 410 billion.
EMEA represents around 40%, the largest
markets being the UK, Germany, France, Spain
and Italy. On these markets, Gunnebo has a
position as an integrator of electronic secu-
rity solutions within the banking and public
administration sectors. In Europe the market
is expected to develop well, with anticipated
growth of 5% over the next three years.
Global growth is estimated at just over 7%.
Growth in electronic security is very much
driven by technological developments such
as IP innovation in CCTV systems. Customer
demand for integrated solutions, i.e. plat-
forms that integrate several systems into one
solution, is also expected to be a strong driver
moving forward.
Gunnebo’s competitors in electronic secu-
rity systems include Nedap, Lenel, Pacom and
Honeywell.
Electronic Security
Access control
and CCTV systems, 45%
Alarms, 40%
Other electronic
security products 15%
Entrance Security
Speed gates, 40%
Turnstiles, 35%
Security doors, 20%
Security gates for airports, 5%
40% 35% 5%20%
Safes Vaults
Certiﬁed and higher graded
ﬁreproof safes, 33%
Other safes, 67%
33% 67%
45% 40% 15%
Cash Handling
The Market by Segment
Retail, 40%
Central cash handling for banks
and CIT, 20%
Self-service for deposit and
withdrawal of cash, 40%
40% 20% 40%

TheBusiness
12
TheBusiness
Global Security Solutions
for Greater Customer Value
Gunnebo provides security products, services and solutions with a focus
on cash handling, safes vaults, entrance security and electronic security.
Cash Handling
Gunnebo’s intelligent cash handling solutions are designed to reduce
the time spent on cash management, improve efficiencies in the cash
cycle and make the whole cash handling process more secure. From
entry-level cash deposit systems to self-service cash recycling units
and closed cash handling solutions, the range addresses the needs
of both front and back office environments. Gunnebo also provides
integrated cash management software as well as related services,
such as retail cash monitoring and central hosting.
Gunnebo’s turnstiles, speed gates and revolving
doors regulate and control the flow of people into
and out of buildings. Intelligent detection and inte-
gration with other security systems ensure freedom
of movement for authorised individuals and denial
of passage for people without permission to enter
a given area. Entrance Security also includes ticket
control solutions for mass transit systems and airport
gates for fast boarding, immigration control and
security checks.
Entrance Security
19%
19%
of Group sales
of Group sales
OFFERING

Safes Vaults
Protecting valuables is one of Gunnebo’s core businesses. Under lead-
ing brands, such as Chubbsafes and Fichet-Bauche, the Group produc-
es high-quality safes and vaults, certified to resist burglary, fire and
explosives. The range includes deposit safes, fireproof filing cabinets,
and safes for the protection of digital media as well as bank vaults
and modular vault rooms. The offering also covers safe deposit lockers
and the automated safe deposit locker system, SafeStore Auto.
Electronic Security
New for 2014
Gunnebo’s solutions for in-
tegrated security consist of
several modules for managing
an array of electronic security
functions: access control,
intrusion detection, CCTV
systems, electronic locks and
remote surveillance.
In each product area
Gunnebo offers a range
of security services
encompassing the whole
product lifecycle. These
include corrective, preventive and perfor-
mance maintenance services, as well as
upgrades and retrofitting. Gunnebo also
offers services for the remote monitoring
of customers’ cash handling processes,
alarm systems and surveillance networks.
Service
25%
14%
23%
of Group sales
of Group sales
of Group sales
SafeCash Recycler
A self-service cash handling solution
for the deposit and withdrawal of large
volumes of notes and coins.
Thermally insulated security doors
Certified to resist manual and ballistic
attacks and designed to improve a build-
ing’s energy performance in line with
the 2012/27/EU European Directive.
Fichet-Bauche InviKtus
Premium range of safes oﬀering
triple-certified protection against
burglary, fire and explosives.

TheBusiness
Gunnebo’s 33 sales companies are organised into three
regions: EMEA (21 sales companies), Asia-Pacific (8) and
Americas (4). Gunnebo also works with an extensive
Channel Partner network, giving it coverage in markets
where it does not currently have its own sales companies.
Regions
Group Sales Sales by Sub-Region Employees
Frankrike, 30%
Centraleuropa, 26%
Norden, 13%
Sydeuropa, 12%
Storbritannien/Irland, 9%
Afrika, 4%
Mellanöstern, 4%
Östeuropa, 2%
France, 30%
Central Europe, 26%
Nordic region, 13%
South Europe, 12%
UK/Ireland, 9%
Africa, 4%
Middle East, 4%
Eastern Europe, 2%
Indien, 41%
Sydostasien, 29%
Australien, 15%
Kina, 15%
India, 41%
South-East Asia, 29%
Australia, 15%
China, 15%
Nordamerika, 77%
Latinamerika, 23%
North America, 77%
Latin America, 23%
66% 50%
Sub-Regions and
Sales Companies
North America: Canada, USA
Latin America: Brazil, Mexico
Sub-Regions and
Sales Companies
Nordicregion:Denmark,Finland,Norway,Sweden
Central Europe: Austria, Belgium, Germany,
Luxembourg, Netherlands, Switzerland
South Europe: Italy, Portugal, Spain
Eastern Europe: Czech Republic, Hungary, Poland
France
UK/Ireland
Middle East: UAE
Africa: South Africa
Sub-Regions and
Sales Companies
India
China
Australia and New Zealand
South-East Asia: Indonesia, Malaysia,
Singapore, South Korea
Region EMEA
Europe, Middle East Africa
Region Asia-Pacific
Region Americas
18% 38%
16% 12%

Key Ratios Customers
Bank Banco Actinver (Mexico), Banorte (Mexico), BBVA Bancomer
(Canada, Mexico, USA), Banc Sabadell (USA), CIBC (USA and Canada), Citibank (Latin
America), Fifth Third Bank (USA), HSBC (Brazil, Canada, Mexico, USA), ITAU (Brazil), RBC
(Canada and USA), Santander (Mexico, USA), Wells Fargo (USA and Latin America)
Retail Autozone (Brazil and Mexico), CA (Brazil), Carrefour (Brazil), Cencosud (Brazil), FNAC
(Brazil), McDonald’s (Mexico), Raia Drogasil (Brazil), Riachuelo (Brazil), Súper City (Mexico),
Telus (Canada), TIM (Brazil), Wow Mobile (Canada), Target (Canada), The Body Shop (Canada),
Walmart (Brazil)
Other NCR (Canada), Shell Oil (Canada), Weatherford Global (Canada)
Bank Bank of China (China), American Express, Axis Bank, Deutsche Bank, Canara Bank,
Fidelity Investments, HDFC Bank, ICICI Bank, IDBI bank (India), Bank Rakyat Indonesia
(Indonesia)
Mass Transit Hangzhous Metro (China)
Public Commercial Buildings E2 Power Sdn Bhd, G7 Safety Lockers, Measat Network
Broadcasting Systems, Taylor’s University (Malaysia), PT Pos Indonesia (Indonesia),
Guardtec, HDS Security, Honeywell, Hyundai Information Technology, KBIT, KT Telecop, S1,
Shinhwa System, Shinsegae Inc., SK InfoSec, TobeAce, CAPS (South Korea), Global Pvt Ltd,
Raghuleela Builders Pvt Ltd, RMZ Eco world, Trafigura Barclays (India)
Retail Phoenix Mills, Reliance Retail, Tata Croma (India)
Bank Barclays, BNP, Danske Bank, Euronet, Forex, ING, Nordea
Retail Aldi, Auchan, BP, Carrefour, COOP, Decathlon, LIDL, Metro Group, Shell Oil, Spar,
Tokheim, Total
CIT (Cash in Transit) Brinks, G4S, Loomis, Nokas, Prosegur
Public Commercial Buildings European Commission, Hermès, Honeywell, Siemens
Industrial High-Risk Sites Besix, Bouygues, Nestlé
MSEK 2014 2013
Order intake 3,620 3,558
Organic growth, % –3 –2
Net sales 3,644 3,474
Organic growth, % 0 –5
Operating profit/loss* 109 47
MSEK 2014 2013
Order intake 987 1,043
Organic growth, % –5 27
Net sales 1,029 954
Organic growth, % 8 20
MSEK 2014 2013
Order intake 826 913
Organic growth, % –14 9
Net sales 884 843
Organic growth, % 0 7

TheBusiness
THE REGION IN BRIEF
Europe, Middle East Africa (EMEA) is the
Group’s largest region, accounting for 66%
(66%) of Group sales in 2014. The region is
made up of 21 sales companies offering solu-
tions and services in the product segments
cash handling, safes vaults, entrance secu-
rity and electronic security. The most impor-
tant customer segments are bank, retail, CIT
companies, mass transit, public commercial
buildings, and industrial high-risk sites.
In all five Western European sub-regions
– Nordic, UK Ireland, Central Europe,
France and Southern Europe – the markets
are mature. Here Gunnebo is focusing on
developing from being a product supplier to
a solutions provider, by actively working with
national and international key customers.
The markets in the three sub-regions
Eastern Europe, Middle East and Africa are
growth markets. Here the focus is to extend
Gunnebo’s footprint into markets where
there is growth potential, and to launch new
segments of the Group’s product portfolio.
Sales go primarily through a network of
carefully selected Channel Partners, but also
through project sales in association with
international systems integrators.
CUSTOMERS ANd MARKET
Gunnebo has a long history in the region
where the Group has been building relation-
ships with key customers for over 100 years
through the strong brands of Fichet-Bauche
and Chubbsafes.
The basis of the Group’s business is still
in the bank sector. There is a trend towards
less and less business with this sector, but
this customer segment is developing well
in France, the Middle East as well as in Sub-
Saharan Africa with central banks. Historically
speaking, Gunnebo’s business with bank cus-
tomers has related to the sale of safes, vaults,
vault doors and electronic security solutions.
The Group’s cash handling offering emerged
from working with major bank customers in
the region.
In recent years the trend has shifted,
whereby flows of cash in society are increas-
ingly being managed outside the bank sector,
primarily by CIT companies and the retail
sector. Gunnebo has therefore refined its
offering to enable it to streamline and assure
security in the whole cash handling process,
with a particular focus on retail. This is a
growing business in the region. For example,
the Group’s closed system for cash handling,
SafePay, reported its best result ever in 2014.
Sales were generated predominantly in the
Nordics and Italy.
Other important customer segments in the
region are mass transit, public commercial
building, and industrial high-risk sites. The
proportion of sales to these customer seg-
ments is relatively stable. Development is
closely linked to public investments in infra-
structure. Here, the main offering is within
electronic and entrance security. During the
year, sales to these customer segments were
boosted with the market introduction of the
new series of entrance control gates. The
strongest development in these customer
segments during the year was noted on the UK
and Middle East markets.
Region Europe,
Middle East Africa
EMEA
Own sales companies
and Channel Partners
Channel Partners only
Stabilised Sales and Improved Proﬁtability
In 2014, Gunnebo’s sales on its Western European markets
stabilised after several years of negative development. In
tandem with this, the region has continued to focus on
reducing fixed costs, primarily in Europe. The business in
Middle East and Eastern Europe showed healthy growth,
whereas the development in Africa was flat. For the full year,
the organic growth in sales was unchanged and the operating
margin was 3.0% (1.4%).

DEVELOPMENT OF THE BUSINESS
For Gunnebo, business development is
closely connected to the strategy of shifting
the Group’s point of gravity with relation to
geographic focus, allocation of resources and
increased customer value. Geographically, the
Group is moving its point of gravity to markets
with continued growth in its core business. In
2014, Gunnebo opened representative offices
in Oman, Saudi Arabia, Nigeria and Turkey.
When it comes to resource allocation,
Gunnebo has continued to reduce its fixed
cost base in the region, which has contributed
to the year’s results.
In June, Gunnebo divested Fichet-Bauche
Télésurveillance to Butler Group. The divest-
ment was in line with the strategy to phase
out those areas which are not part of the
Group’s defined core business or where the
Group does not see the opportunity to attain
a significant market position.
To increase customer value, the Group also
expanded its business offering on the UK/
Ireland market through the acquisition of
electronic security solutions provider Clear
Image. The acquisition brings new opportuni-
ties and a broader service offering for existing
customers in the bank, CIT and retail sectors.
During the year, the Group also launched
a number of new products in the region. For
instance the introduction of a new range of
speed gates within entrance security, the
SpeedStile series, was very well received
by the market. In addition, a new range
of thermally insulated security doors was
launched which meet standards set by the
new European Directive on a building’s energy
performance.
Within cash handling, a new cash deposit
solution, SafeCash Counter Deposit Smart, and
SafeCash Recycler, a solution for the deposit
and withdrawal of large volumes of notes and
coins in the back office, were also well received.
Furthermore, the Group launched a new solu-
tion for the integration of SafePay into the cus-
tomer’s POS system, SafePay QuickPOS, which
has been developed in close cooperation with
a number of key customers.
RESULTS FOR 2014
Order intake in Region EMEA amounted to
MSEK 3,620 (3,558). Organically, i.e. exclud-
ing acquisitions, divestments and currency
effects, order intake fell by 3%. The decline
was primarily attributable to the Nordics and
Central Europe, with tentative demand in
bank and retail. In the Middle East, France and
Eastern Europe, order intake rose organically
compared to 2013.
Net sales increased to MSEK 3,644 (3,474),
but organically they remained unchanged on
2013. Sales increased in the UK/Ireland, Central
Europe and the Middle East, while other mar-
kets developed less strongly than in 2013.
Operating profit excluding non-recurring
items amounted to MSEK 109 (47) and the
operating margin to 3.0% (1.4%). Efforts to
reduce the cost base in Europe made a posi-
tive contribution to the improved operating
margin.
Items of a non-recurring nature totalled
MSEK –1 (–74), partly including the positive
effect on results of MSEK 73 from the divest-
ment of French subsidiary Fichet-Bauche
Télésurveillance, and partly one-off costs of
MSEK –74 (–74) primarily attributable to staff
cuts and other structural measures.
Region Europe, Middle East Africa
Q1 Q2 Q3 Q4
Full
year
Full
year
MSEK 2014 2014 2014 2014 2014 2013
Order intake 1,070 908 838 804 3,620 3,558
Organic growth, % 1 −3 5 −15 −3
Net sales 842 925 864 1,013 3,644 3,474
Organic growth, % 7 0 0 −4 0
Operating profit/loss excl. non-recurring items −1 30 23 57 109 47
Operating margin excl. non-recurring items, % −0.1 3.2 2.7 5.6 3.0 1.4
Non-recurring items −19 51 −4 −29 −1 –74
Operating profit −20 81 19 28 108 –27
During the year we continued to trim
our fixed cost base. Meanwhile sales
have stabilised, and we can report an
operating margin of 3.0%, a clear
improvement on 2013 and a major
step in the right direction.
SVP, Morten Andreasen
+62
Improved operating profit
MSEK

TheBusiness
MARKet trends
The factors driving the development of the secu-
rity market in Western Europe are typical of those
for other industrialised markets around the world,
namely economic growth, a higher standard of living,
and urbanisation. The annual growth forecast for the
section of the market where Gunnebo has a presence
is 2–3%.
In Eastern Europe, demand in the security market
has been bolstered by greater spending on construc-
tion in much of the region.
Major changes in the economic systems of Eastern
Europe, and the accompanying increase in wealth, is
widening the base of both businesses and individuals
who require and have the means to invest in security
solutions. The annual growth forecast for the section
of the market where Gunnebo has a presence is 3–5%.
The sale of security equipment in Africa is mainly
supported by increased urbanisation, economic
growth and greater personal affluence. In conjunction
with this growth in wealth, there are more assets to
protect. The annual growth forecast for the section of
the market where Gunnebo has a presence is 10–15%.
In the Middle East too, market development is
driven by economic growth and greater affluence.
There is also a clear trend towards higher demand
for better protection of commercial and public build-
ings through the installation of entrance and access
control systems. The annual growth forecast for the
section of the market where Gunnebo has a presence
is 4–7%.
region emea | kundcase
Orange Makes
Security Simpler
When telecom operator, Orange, decided to upgrade its access
control system – starting with its new French headquarters –
it was looking for a partner to help integrate the new Desfire
encryption technology into its employee smart card. Staff use
a single card for multiple functions – as a means of identifica-
tion when accessing different parts of the building, for logging
safely onto the IT system, and in time as a method of payment
for use at on-site areas such as the staff canteen. Gunnebo,
a long-time provider of access control solutions to Orange,
equipped the new headquarters with the latest generation of
cards and card readers with encryption technology securing
the transfer of data from card to reader, from reader to local
processing unit (LPU) and from LPU to the servers.
Delivers intelligent access control
Since the smart card is compatible with any existing access
control reader, it can be used by Orange employees at any
building within the Group. The integrated system set up by
Gunnebo has now become a standard for Orange which the
telecoms corporation plans to deploy not only in its other
offices in France, but also at its many sites around the globe.
“This vision and solution, driven by Orange Security Direc-
tion with the help of Gunnebo, serves both to raise the level
of building security and make the lives of Orange’s employees
much simpler,” explains Denis Mangin, from Orange Security
Direction.
About Orange
Orange is one of the world’s lead-
ing telecom operators. The Orange
Group serves 240 million customers
in 30 countries and has a turnover of
more than €40 billion (2013).

Gunnebo Årsredovisning 2014 19
Since the storage of pharmaceuticals is heavily regulated, UDG must
ensure that its facilities conform to the British Home Office’s Medicine
Licensing Laws and MRHA Regulations. In recent years the British
Government has been increasing the number of medicines on their
high-security list. This has led to more demand from the pharmaceu-
tical sector for storage space which meets the national regulatory
requirements.
UDG found itself in a situation where it had outgrown its existing
strongroom storage facility and needed to expand quickly to respond
to the growing market demand by creating 1,500 additional pallet
spaces at their new purpose built warehouse.
Solution that meets business-specific needs
UDG turned to Gunnebo as a supplier approved by the British
Government for the delivery and installation of strongrooms in the UK.
Using modular vault panelling, Gunnebo manufactured and con-
structed it’s biggest ever strongroom. All Gunnebo vault panels are
independently certified for resistance against manual attack, to con-
form to levels of security required.
Now complete, the strongroom measures 11 metres high, 16.7
metres wide and 46 metres long. Installation was carried out within
eight weeks – one week ahead of schedule.
UDG’s latest strong room has been designed and constructed
to achieve 1500 extra pallet storage spaces to conform to British
Government regulations for storage of pharmaceuticals The new
strongroom was completed without any disruption to UDG’s business.
“We are absolutely delighted. This project was built on budget, ran
like clockwork and was even completed ahead of time,” says Mark
Langton, Director of Operations at UDG. “We have built up an excellent
relationship with Gunnebo which has strengthened with every project
completed. It was a natural conclusion to award this latest contract to a
supplier in whom we place such great trust” That trust is also shared by
the British Government who recognise the quality of Gunnebo products.
Building Britain’s Largest
Strongroom
When the Central Bank of Oman was building its new
disaster recovery centre, it wanted a vault that would make
it the most secure premises in the Middle East. The build-
ing needed to be secure not only because it would host all
the data belonging to the central bank, but also because it
would serve as a safe haven for the bank’s senior manage-
ment in the event of a disaster.
Found complete business partner
“We first got to know Gunnebo through its reputation as
the best supplier of vaults in the world,” says Jamal Al-
Raisi, Senior Manager Information Security and Corporate
Security at the Central Bank of Oman. “Following the intro-
ductory discussions, we realised this was the partner we
were looking for to make sure that our disaster recovery
centre would meet the highest security standards in the
region. This was our aim, and this is also what we, together
with Gunnebo, achieved.”
Gunnebo gave the customer expert advice on security,
and was also responsible for project management for
construction and installation in the centre. As a result, the
Central Bank of Oman has now appointed Gunnebo as its
security advisor to consult on all matters related to security.
Security Advisor
for Central Bank
region emea | customer case
About Oman
Oman is on the south-east coast of the Arabian Peninsula.
Its capital is Muscat, where a large proportion of the
sultanate’s four million inhabitants reside. As with many
other countries in the region, oil is by far the main com-
modity, constituting over 95% of the nation’s exports.
About UDG
UDG (UniDrug Distribution Group) provides supply chain solutions
to the healthcare industry, offering specialist storage, fulfilment
and distribution services to pharmaceutical, healthcare, veterinary
and consumer product manufacturing companies in the UK.

TheBusiness
In Asia-Pacific, the Group’s good growth in recent years has
continued in 2014, if at a lower rate. However, the rate of
growth decreased on many markets in the region, partly due
to national elections which affected the business climate.
For the full year, the organic growth in sales was 8% and the
operating margin was 13.6% (14.0%).
THE REGION IN BRIEF
Asia-Pacific is the Group’s second largest and
fastest-growing region, accounting for 18%
(18%) of Group sales.
The region has eight sales companies, as
well as representative offices and a presence
through strategic partnerships on many other
markets.
The offering in the region comprises
products and services within the safes and
vaults, entrance security, electronic security,
fire safety, and cash handling segments.
The most important customer segments
are bank, retail, mass transit, public
commercial buildings, and industrial
high-risk sites.
Most markets in the region are growth mar-
kets where the focus is to extend Gunnebo’s
footprint by expanding in those countries
where the company already has a presence
and by launching the Group’s offering through
business partners in those territories where it
is not currently represented. Sales via Channel
Partners and other strategic business partners
is an important element in securing national
coverage on each market. On certain large
markets like India and Indonesia, there is also a
well-developed business for project sales and
major installations.
CUSTOMERS AND MARKET
On many markets in the region, the Group
has been building relationships with key
customers, primarily in the banking sector, for
over 80 years through the strong Chubbsafes
brand. In India the brands Steelage (safes) and
Minimax (fire safety) are also very important,
while in Australia the cash handling system,
IntelliSafe, has a strong market position in the
retail and casino segments.
The bank sector forms the foundation for
the Group’s business in Asia-Pacific. The core
business centres on safes and vaults, with
a growing interest in entrance security and
electronic security solutions. The strongest
development in order intake during the year
has been from the Chinese market.
One part of the business that has excellent
growth potential in the region is cash han-
dling. The Australian market is mature – cash
handling has been part of Gunnebo’s core busi-
ness for many years, with a large proportion
of installations and a well-developed service
organisation in place.
On most of the other markets in the region,
cash handling is generally considered to equate
to the physical transportation of money from
one place to another.
Gunnebo is therefore focusing on increasing
awareness of costs and potential risks con-
nected with cash handling.
At the same time the Group is launching
solutions that make cash handling safer and
more efficient, an offering which targets all
players in the process such as retail, casinos
and the mass transit network. Great progress
was made launching this concept in Indonesia
and Malaysia during 2014, exemplified by the
order received from Indonesian taxi operator,
Express Group.
Read more about customer cases
from the region on page 22
Another important customer segment in
the region is mass transit, where Gunnebo
has a strong position as a supplier of entrance
security. Business in this segment is closely
linked to investment in infrastructure, which
is a high priority on several markets in the
region, including China for instance. In 2014,
China showed the highest growth rate in the
segment.
In recent years the region has seen a rise in
security awareness from the public com-
mercial buildings and industrial high-risk
sites segments where Gunnebo’s main of-
fering is in entrance security, and safes and
vaults. Order intake in the region improved in
2014 with the launch of the new SpeedStiles
range, which was particularly well received
in South Korea and Australia. On the Indian
and Indonesian markets, fire safety products
are also an important feature of Gunnebo’s
offering.
For Gunnebo, business development in the
region is closely connected to the long-term
strategy of shifting the Group’s point of
gravity regarding geographic focus, allocation
of resources, and increased customer value.
Geographically, Gunnebo has continued to
Region Asia-Pacific
Asia-Pacific
Own sales companies
Continued Growth and Geographical Expansion

strengthen its presence in South-East Asia in
2014 and has opened up a new representa-
tive office in Myanmar.
The Group is investing in Asia-Pacific
more heavily than any other region. In 2014
Gunnebo continued to invest in its produc-
tion plants in India, Indonesia and China, and
has also worked on strengthening the region’s
sales companies.
To increase customer value, the market
introduction of new offerings in secure, ef-
ficient cash handling has continued success-
fully. In close collaboration with a number of
key customers, the Group has also invested in
the establishment of a centre for monitoring
customer facilities in India.
Various entrance security products have
also been launched such as the new Speed-
Stiles series, as well as a new range of lower-
classification safes primarily intended for
private customers, and a fire safety offering
for the hotel, restaurant and catering sector.
RESULTS FOR 2014
Order intake in Region Asia-Pacific amounted
to MSEK 987 (1,043). Organically, i.e. exclud-
ing acquisitions, divestments and currency
effects, order intake fell by 5%. The decline
was attributable to weaker demand in India,
Australia and South-East Asia. China reported
strong order intake during the year, a rise of
16% on 2013.
Net sales increased to MSEK 1,029 (954).
Organically this equates to a rise of 8%, pri-
marily attributable to strong sales in China
and India. The majority of other countries in
the region made a positive contribution to
the higher sales.
items amounted to MSEK 140 (134), which
equates to an operating margin of 13.6%
(14.0%).
Non-recurring items totalled MSEK –9 (–8).
MARKET TRENDS
Growth on the security market in Region
Asia-Pacific has increased more quickly than
the global average over the past two decades.
China is one of the world’s largest security
markets and also one of the fastest growing.
The Chinese government is investing large
sums in infrastructure projects and public
security programmes, and urbanisation is
also increasing, making airports and mass
transit networks the focus for large-scale
installations of security equipment, such as
electronic security and entrance security.
In India the market is also expanding,
driven by economic growth, increased con-
struction and rising personal affluence, cou-
pled with a growing population. The Indian
state’s aim to increase accessibility to banks
and ATMs for the country’s rural population
is driving demand for vaults and ATM safes.
The market remains less developed than that
in Western Europe, and offers considerable
opportunities for security providers, particu-
larly in the energy and transportation sectors
where considerable investment is being made
to improve infrastructure.
South Korea is currently the continent’s
fourth largest security market. Whilst the
market is not growing at the rate of China
and India, it is expected to increase over the
coming years, supported by rising investment
in commercial building construction and a
soaring urban population.
The annual growth forecast for the section
of the market where Gunnebo has a presence
is 6–8%.
Region Asia-Pacific
Q1 Q2 Q3 Q4
Full
year
Full
year
MSEK 2014 2014 2014 2014 2014 2013
Order intake 258 232 272 225 987 1,043
Organic growth, % 12 −8 1 −25 −5
Net sales 221 281 228 299 1,029 954
Organic growth, % 15 24 −11 5 8
Operating profit/loss excl. non-recurring items 24 42 27 47 140 134
Operating margin excl. non-recurring items, % 10.9 14.9 11.8 15.7 13.6 14.0
Non-recurring items −1 −5 0 −3 −9 –8
Operating profit 23 37 27 44 131 126
Thanks to good cost control, the region
has delivered a strong operating profit,
even though the business climate on
many markets in the region has been
weaker than expected. We have continued
to invest in growth opportunities and
now have a very stable platform for
continued growth and expansion.
SVP, Sacha de La Noë
Took up position on January 1, 2015
13.6
Operating margin
%

TheBusiness
Gunnebo received its first cash handling order in Indonesia in
2014, when taxi operator Express Group decided to install 50
IntelliSafe units at 25 of its taxi pools in Jakarta, Bogor, Tangerang
and Bekasi.
“At Express Group we always implement the latest technology
in order to improve our performance and efficiency,” says Daniel
Podiman, President Director of Express Group. “One of our goals is
to improve security and accuracy, and to simplify the management
of our drivers’ daily fares, so we are proud to be the first users of
IntelliSafe in Indonesia.”
Streamlines business processes
Since IntelliSafe was installed, cash handling at Express Group has
become much more efficient. Cash collection via the company’s
CIT partner has also been streamlined as collections are now only
made when IntelliSafe indicates there is a need, rather than at
regular planned intervals as before.
Gunnebo began launching products from its cash management
range on the Indonesian market in 2013, and the area is continuing
to expand.
Driving the Cash Handling Revolution
About Express Group
Express Group is one of the largest taxi companies in
Indonesia, with more than 10,000 licensed vehicles and over
24,000 qualified drivers.
Minimising Fare Evasion
Korean company Airport Express (AREX) was experiencing
problems with passengers passing onto their trains without
a ticket and needed a solution which would ensure that all
passengers had paid their fare before boarding the train. With
170,000 passengers during rush hour every day, the company
required a ticket gate which would not only prevent fare
evasion but also allow the smooth flow of passengers, and
increase safety and security for its customers.
Chooses the industry pioneer
“We turned to Gunnebo Korea since they have a good track re-
cord of providing high-quality and durable solutions,” explains
Seo Jung-hoon, Head of Security at AREX. “Gunnebo suggested
we install speed gates, and we now have almost 200 Gunnebo
SpeedStiles in place at all 11 stations on the line. This solution
has more or less eliminated fare dodgers, and our story has
become a good example for the industry.”
AREX followed Gunnebo’s recommendation and has in-
stalled the full-panel model of SpeedStile with a 1,400mm
glass wing.
About AREX
AREX operates the express train line between Incheon
International Airport and central Seoul. It is an important
part of the city’s infrastructure as it offers rapid connections
for air passengers and commuters alike.
Access Control Crucial for
High-Risk Site in China
Tianwan Nuclear Power Plant required a solution for com-
prehensive control and monitoring of the movement of
individuals in and around its site. Each employee needed to
be assigned specific access rights to give them authorisa-
tion to the relevant areas of the plant and the entrance
gates themselves would have to withstand years of wear
and tear, not just from staff use but also from the humid,
salty sea air.
Optimised entrance security secures flow
A combination of exterior full-height turnstiles and interior
tripod turnstiles requiring personal identification for entry
was installed by Gunnebo. The solution controls the flow
of people and provides full security for the high-risk site by
preventing unauthorised access.
The entrance security solution from Gunnebo has
improved security management at the Tianwan Nuclear
Power Plant. In addition, the units have a long operating life
and the surface material can withstand the harmful effects
of the salty air, providing a high degree of reliability.
About Tianwan
Tianwan Nuclear Power Plant is the largest joint engi-
neering project undertaken by China and Russia. Located
on the east coast of China, it has been operational since
2006 and is part of the Chinese government’s nuclear
power development programme.
region asia-pacific | customer case

Region Americas
Americas
Own sales companies
The region showed a decrease in order intake during the
year, due to weaker demand in the retail sector in Brazil
and restructuring in public administration in the USA.
Thanks to good cost control, the region was able to keep its
operating margin well above the Group average. Gunnebo
also continued to increase its footprint in Latin America with
the acquisition of Dissamex, a Mexican provider of electronic
security services. For the full year, sales developed on a par
with last year and the operating margin was 13.2% (14.8%).
THE REGION IN BRIEF
In Region Americas, Gunnebo is organised
into four sales companies: Canada, USA,
Mexico and Brazil. The region accounts for
16% of the Group’s sales, and despite sluggish
development in 2014 many of the region’s
markets are growth markets in the security
sector.
The most important customers in the re-
gion are in the bank, retail, mass transit, and
public and commercial properties segments.
North America is considered a mature market.
The Group can see potential in launching cash
handling offerings from its global portfolio
which are not yet represented in this part of
the region, and this is a platform for future
growth. To secure national coverage in the
USA, the majority of sales take place through
an extensive network of Channel Partners. In
addition there is a well-established concept
for key customers with a number of major
national customers in the bank sector. In
Canada, business is primarily conducted
through Gunnebo’s own regional sales and
service organisation.
The markets in Latin America are growth
markets, and the focus here is on extend-
ing Gunnebo’s geographical footprint and
introducing parts of the Group’s offering that
are not currently an established part of the
business. Cash handling is an important foun-
dation for future growth opportunities here.
Sales take place directly to end customers in
Brazil and Mexico, but through a well-estab-
lished network of Channel Partners on other
markets in the region.
CUSTOMERS AND MARKET
Gunnebo has a long history in the region
where the company has been doing business
in Canada for over 60 years with the strong
Chubbsafes brand and in the USA for more
than 40 years under the Hamilton Safe brand
in the bank and public administration sec-
tor. In Brazil the Gateway brand has been
established since the mid-1990s, and is today
associated with high quality and customised
solutions in theft protection (primarily elec-
tronic article surveillance systems and CCTV)
for the retail sector.
For historical reasons, there is still some
variation in the Group’s presence in each
country in the region. In Canada, the bank
sector forms the basis of the Group’s busi-
ness. Gunnebo’s offering includes a very well-
developed service portfolio which accounts
for the majority of sales, but there are also
products and solutions in safes, vaults, and
lock systems for bank and retail customers.
Other important segments in Canada are
public commercial buildings, and airports,
where the core offering is in entrance security
and related services.
The core business in the USA is in the
bank sector. Business consists primarily of
customised solutions in safes and vaults, but
also solutions for the efficient transfer and
deposit of bank-related services such as daily
takings, documents and cheques, as well as
high-security windows and entrance security
solutions.
The core business for Gunnebo Brazil is to
offer products and services in theft protec-
tion, monitoring and article surveillance for
the retail sector. In 2013 Gunnebo began
introducing cash handling on the Brazilian
market, and in 2014 several orders were
received from retail and CIT companies.
In Latin America, the Group established
a sales company in Mexico in 2013, which
focuses on providing security-related ser-
vices for international banks represented
in the country. In 2014 the Group acquired
Dissamex, a provider of electronic security
services, and doubled Gunnebo Mexico’s
sales. The Group now has a solid platform for
providing security-related services across the
nation.
Through partnerships, Gunnebo also
conducts sales on several other markets in
Retained Position on a Recovering Market

TheBusiness
Latin America. In Colombia the Group’s core
business lies in entrance solutions for the
mass transit sector, and in both Argentina
and the Caribbean, the Group received sev-
eral important orders for safes and vaults,
as well as its first order in the region for the
automated safety deposit locker solution,
SafeStore Auto.
For Gunnebo, business development in the
region is closely connected to the strategy
of shifting the Group’s point of gravity with
regard to geographic focus, allocation of
resources and increased customer value.
During 2014 Gunnebo has continued to
strengthen its presence in Latin America with
the acquisition of Mexican company Dissamex,
and this is also in line with the Group’s ambi-
tion to move up the value chain.
In North America, Gunnebo has been suc-
cessfully focusing on broadening its customer
base during the year, and this has compen-
sated for weaker demand from governmental
customers.
A number of strategic partnerships were
entered into during 2014, to reinforce the
company’s offering and achieve greater mar-
ket coverage. Gunnebo has also continued
to invest in developing its cash handling
offering in the region. The investments focus
mainly on the market adaptations required
to enable global solutions to be customised
to local needs. Gunnebo has also successfully
launched its automated safety deposit locker
solution, SafeStore Auto, in the region. More-
over, investments have been made to improve
production efficiency at the Hamilton produc-
tion plant in the USA.
RESULTS FOR 2014
Order intake in Region Americas amounted
to MSEK 826 (913). Organically, i.e. excluding
acquisitions, divestments and currency ef-
fects, order intake fell by 14%.
The decline was mainly attributable to
weaker demand in the Brazilian retail sec-
tor, budget cuts in US public administra-
tion and a strong comparison year, a major
order from BBVA Bancomer having been
received in Mexico during the second quar-
ter of 2013.
Net sales increased to MSEK 884 (843),
but organically they were unchanged com-
pared to the previous year. The acquisition
of Dissamex in Mexico contributed to the
region’s sales during the fourth quarter.
items amounted to MSEK 117 (125), which
equates to an operating margin of 13.2%
(14.8%). Costs for market initiatives aimed at
broadening the Group’s customer offering in
the region burdened the profit and margin
during the year. Expenses of a non-recurring
nature amounted to MSEK –4 (–2), primarily
relating to acquisition costs.
MARKET TRENDS
Demand for security systems in North
America is expected to rise as the major
banks start to recover from the economic
slowdown and the resulting consolidation of
the bank market. One trend is that the nation-
al banks are overhauling and reducing their
branch network by merging branches. This in
turn is driving higher investment as new local
and regional branches are established. The
new branches are often designed with com-
prehensive technological solutions and less
hardware. The annual growth forecast for the
market available to Gunnebo is 4–6%.
In Latin America, development on the secu-
rity market is primarily driven by a heightened
security consciousness and continued invest-
ments by multinational and regional com-
panies setting up in the region. The annual
growth forecast for the market available to
Gunnebo is 5–7%.
Region Americas
Q1 Q2 Q3 Q4
Full
year
Full
year
MSEK 2014 2014 2014 2014 2014 2013
Order intake 178 190 221 237 826 913
Organic growth, % −16 −31 −12 18 −14
Net sales 187 213 222 262 884 843
Organic growth, % 7 9 −14 2 0
Operating profit/loss excl. non-recurring items 15 26 32 44 117 125
Operating margin excl. non-recurring items, % 8.0 12.2 14.4 16.8 13.2 14.8
Non-recurring items 0 −3 −1 0 −4 –2
Operating profit 15 23 31 44 113 123
During the year we have had good
control of pricing and costs in a very
competitive market climate. This has
contributed to continued good profit-
ability. Moreover, the introduction of
new products has helped us advance
our market positions.
SVP, Tomas Wängberg
13.2
Operating margin
%

In 2014, American bank, SunTrust, unveiled the latest in
banking technology at its flagship Plaza Garden branch in
downtown Atlanta.
One of the new features was Gunnebo’s SafeStore
Auto – a fully automated safe deposit locker system that
allows clients to access their valuables using their debit
card, pin number and hand scan. The system was delivered
by Hamilton Safe and became the first of its kind to be
installed in the USA.
SunTrust has modelled the branch to become a testing
ground for new concepts that could make their way into
other locations.
In August 2014, Gunnebo acquired Mexican electronic secu-
rity service provider Dissamex. The company has a solid cus-
tomer base including leading Mexican and international banks
as well as other financial institutions. One of them is Banco
Santander – ranked as the tenth safest bank in the world*.
“We have had a partnership with
Dissamex encompassing security main-
tenance of our buildings, provision of
security equipment and their infrastruc-
ture and installation, for the past seven
years,” says Carlos Jaime, B.A., Director of
Local Security, Mexico for the Financial
Group Santander.
“The aim for perfection within the services offered and
those required by us have made Dissamex a strategic supplier
for the Santander Group. Furthermore, Dissamex have helped
us achieve economies of scale, and are a reliable supplier with
a high adaptability to the changing needs of the Group.”
With Gunnebo acquiring Dissamex, Carlos Jaime and Banco
Santander see opportunities for increased added value.
“We expect this not only to strengthen our existing re-
lationship and to support us in generating value in order to
be more competitive, but also to transfer this benefit to our
customers and shareholders.”
Pioneering Bank
Innovation in the US
Acquisition Adds Value
region americas | customer case
About SunTrust Banks Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one
of the USA’s largest banking organisations, serving a
broad range of consumer, commercial, corporate and
institutional clients. Through its flagship subsidiary,
SunTrust Bank, the company operates an extensive
branch and ATM network throughout the high-growth
South-East and Mid-Atlantic states.
About Santander Mexico
Santander is the largest financial group in Spain and
Latin America with over 100 million customers. It is today
Mexico’s third largest bank with 1,268 branches and over
5,500 ATMs.
*Banco Santander was ranked tenth in Global Finance Magazine’s
listing of the world’s 50 safest banks. The list reflects the global
stability of banks.
In 2013, Brazilian pharmaceuticals retailer, Brasil Pharma, concluded
a deal to equip over 450 of its shops with surveillance equipment.
Installation was carried out by Gunnebo’s service technicians in
Brazil over an eight-month period. By the end Brasil Pharma stores
in a total of 119 cities had been fitted with Gateway electronic
article surveillance systems and CCTV cameras.
The project demanded expert coordination and alignment
with the retailer to ensure that every element was installed on
time and with minimal disruption to Brasil Pharma’s business’s
operations.
Orchestrating a Large-Scale Installation
About Brasil Pharma
Brasil Brasil Pharma owns the largest network of drugstores
in Brazil which it operates under the brands Big Ben, Drogaria
Rosário, Sant’Ana, Mais Econômica and Farmais.

SustainableBusiness
At the end of 2014, the Gunnebo
Group had 12 manufacturing units
( )in 10 countries worldwide.
In recent years the point of gravity of the
Group’s manufacturing footprint has gradu-
ally shifted towards growth markets. These
include China, where the Kunshan factory
was opened in 2011, and India, where the
Halol plant has expanded significantly to
accommodate larger production volumes.
The shift means a larger proportion of the
Group’s production is increasing in areas
where its customer base is growing, allowing
Gunnebo to more effectively serve market
demand.
Global Manufacturing Close to the Customer
1
Global Standards
Gunnebo’s manufacturing units undergo regular independent audits
to meet the requirements set by global standards. 90% of the manu-
facturing units have ISO 9001 certification, 90% have ISO 14001 cer-
tification and 40% have OHSAS 18001 certification. Gunnebo’s goal is
to introduce ISO 9001, 14001 and OHSAS 18001 at all manufacturing
units by the end of 2016.
ISO 9001 An international standard for quality management systems.
It provides assurance that products can be consistently produced to the
required standard of quality.
ISO 14001 An international standard for environmental management
systems. It provides assurance that environmental impact is being meas-
ured and improved.
OHSAS 18001 A series of standards that can form the basis of
a health and safety management system. These standards provide
assurances that an organisation is managing occupational health and
safety risks.
Americas
Proportion of employees: 7%
1. Cincinnati
Number of employees: 155
Manufactures: Safes vaults, entrance
security, airtube systems.
OPERATIONS

1
3
2
1
2
3
7 5
4
6
8
EMEA
Proportion of employees: 34%
1. Baldenheim
Manufactures: Entrance security,
electronic security
ISO 14001, ISO 9001, OHSAS 18001
(planned 2015)
2. Bazancourt
Manufactures: Safes vaults
ISO 14001, ISO 9001, OHSAS 18001
3. Doetinchem
Manufactures: ATM safes
ISO 14001, ISO 9001, OHSAS 18001
4. Lavis
Manufactures: Entrance security
ISO 14001, ISO 9001
5. Markersdorf
Manufactures: Safes vaults
ISO 14001, ISO 9001, OHSAS 18001
6. Trier
Manufactures: Cash handling
ISO 14001, ISO 9001, OHSAS 18001
7. Uckfield
Manufactures: Entrance security
ISO 14001, ISO 9001
During 2014, Gunnebo reported
the closure of the Uckfield plant
and the transfer of production to
Kunshan in China.
8. Wadeville
Manufactures: Safes vaults,
entrance security
ISO 14001 (planned 2015), ISO
9001, OHSAS 18001 (planned
2015)
Asia-Pacific
Proportion of
employees: 59%
1. Halol
Manufactures: Safes vaults,
ATM safes
ISO 14001, ISO 9001
2. Jakarta
Manufactures: Safes
ISO 14001, ISO 9001,
OHSAS 18001
3. Kunshan
Manufactures: Cash handling,
entrance security
ISO 14001, ISO 9001

SustainableBusiness
Operations is responsible for
Gunnebo’s manufacturing units, pur-
chasing, logistics, technical support
for the Group’s sales companies, and
research and development (RD).
Operational Excellence
Gunnebo’s focus on results and performance
is the foundation on which the Group builds
its business. Within Operations this means
driving continuous improvements within
manufacturing and logistics to make all
related processes more efficient and more
effective.
In 2013, the Gunnebo Operations System
(GOS) was introduced to provide a standard-
ised production system to ensure the im-
provement to production efficiency organised
around quality, delivery, use of resources,
health safety and securing employee com-
mitment. During 2014, all plants completed
an audit to assess their status with regard to
these areas. In addition, implementation of
GOS continued apace, with dedicated teams
in place in many factories charged with
integrating the GOS methodology into the
manufacturing culture. A plan has also been
established for the continued roll-out of GOS
in 2015 and beyond.
Thanks to focused work with GOS, the
quality and punctuality of deliveries have
improved during the year. Compared to 2013
the number of complaints about quality has
decreased by 36% and punctual deliveries
have increased from 90% to 91%.
Strategy
Operations supports Gunnebo’s long-term
strategy which is based on shifting the point
of gravity of the Group’s business to markets
with good conditions for growth.
The Halol plant in India, for example, has
been expanded in recent years. Productivity
has surged and the plant has achieved greater
efficiency through work with GOS. The value
of products manufactured at the plant has
increased by 115% since 2011. To meet the
local demand for ATM safes, capacity at
Halol was increased in 2013. As a result the
plant now produces around 30% of all of the
Group’s ATM Safes. In 2014 investment plans
for further expansion were approved to sup-
port growth in the region.
Quality
Over 90% of Gunnebo’s plants are certified
to ISO 9001, and the goal is to introduce
the standard at all units by the end of 2016.
Continuous quality improvement is a corner-
stone of GOS and the aim is to bring devia-
tions from quality down to almost zero at all
plants, and to drive value for the customer by
delivering the right products first time and
on time.
To define the minimum level of quality
required for safes, both manufactured and
sourced, Gunnebo introduced a common
quality platform during 2014. The platform
has also established a common inspection
procedure which all finished products must
undergo before they can be approved to en-
sure consistency of quality across all plants.
Quality Reporting System
Gunnebo’s NCN system measures the quality
performance of all units. All customer com-
plaints are logged in the system to provide
an overall picture of quality from production,
installation and after-sales service. During 2014,
the NCN system was upgraded to make it more
transparent and efficient. The data in the NCN
system has been aligned with GOS and meas-
ures whether Gunnebo is achieving a satisfac-
tory enough level of quality across the Group.
Product Development
Together with the Group’s global product
managers, Operations introduced an inte-
grated Product Lifecycle Management (PLM)
process during 2014, a substantial part of
which focuses on research and the develop-
ment of new products.
The Group launched new products onto
multiple markets and into several different
segments during the year.
Read more under Offering on pages 12–13.
In addition to these, several new ATM safes
were developed at Gunnebo’s plant in Doet-
inchem and underwent successful testing
against explosives.
Logistics
A restructuring of the supply chain in Europe
was carried out during 2014 and a new sup-
ply chain model is being implemented. This
means for example that the management
of the European central warehouse has
been outsourced to a logistics supplier and
Gunnebo can focus on central order manage-
ment, operational purchasing and improving
supply chain efficiency. The new warehousing
solution gives Gunnebo greater storage and
distribution flexibility, putting the Group in
a position to more effectively meet the de-
mands of European customers.
Sourcing and Procurement
Gunnebo has a central function which co-
ordinates purchasing for a number of global
categories: steel, sheet steel, indirect materi-
als, transport, electronics, locks, circuit boards
Supplier Award
During the year, Gunnebo’s delivery
precision was acknowledged by one of
its major customers, NCR, through a
supplier award for Delivery and Supply
Chain Reliability. NCR is the leading global
manufacturer of ATMs and Gunnebo
supplies it with ATM safes from its plants
in Doetinchem and Halol.
“The winners of our supplier awards
continue to demonstrate leadership and
innovation in areas that are crucial to
keeping our business moving forward,”
says Bob Ciminera, SVP of Integrated
Supply Chain at NCR. “They bring unique
ideas that raise the bar and redefine the
value of the partnership.”
OPERATIONS
Increased Profitability through
Continuous Improvements

and safes. The central purchasing function
allows the Group to negotiate better overall
terms in these categories and serves to keep
the total number of suppliers down.
Purchasing costs are also being reduced
through increasing purchases from low-
cost countries (LCCs). LCC sourcing is being
strengthened within Europe in particular. In
addition, a common supplier platform has
been created for low-cost European countries
to supply all of Gunnebo’s European units and
reduce the total number of suppliers. There
is also a dedicated sourcing function in China
which supports the sourcing of products from
the local Chinese market and Asia as a whole
to all plants across the Group.
VALUE ENGINEERING
As well as bringing down costs by sourcing
from low-cost countries and cooperating
closely with suppliers, Gunnebo also works
internally to reduce the cost of products
through value engineering.
Value engineering is a method which sys-
tematically increases the value of a product
either by improving its function or removing
cost. By making a constant cycle of product
reviews, part by part, a plant identifies cases
for re-development. By redesigning a spe-
cific product part, for example, Gunnebo’s
Hamilton plant in the USA reduced the num-
ber of pieces in the component from 19 to
just two, generating considerable savings.
Gunnebo’s plant in Doetinchem, the main
producer of ATM safes in the Group, has also
worked with value engineering during the
year, focusing on cost reductions from better
material usage and more efficient design.
OCCUPATIONAL HEALTH
Maintaining and improving health and safety
standards at Gunnebo’s plants is of the utmost
importance. As an integral part of GOS, health
and safety has a defined wanted position and
is measured using key performance indicators
(KPIs) in the same way as other areas such as
on-time delivery and production quality.
During 2014, an audit was conducted
at four plants – Jakarta in Indonesia, Halol
in India, Markersdorf in Germany and
Bazancourt in France – to gauge the current
standards being met and establish a two-year
roadmap for attaining the wanted position.
Five of Gunnebo’s plants have already been
awarded the OHSAS 18001 certification for
health and safety management systems. The
plants in Baldenheim (France) and Wadeville
(South Africa) are planned for assessment
during 2015. The goal is to introduce the
standard at all units by the end of 2016.
Uwe Sträter is Operations’ Director
of Industrial Development and
oversees the continued imple-
mentation of GOS (the Gunnebo
Operations System) in the Group’s
manufacturing plants.
GOS was launched in 2013. What impact
has it made on Gunnebo’s manufacturing
processes?
“The introduction of GOS means we now
have a common approach to our way of
manufacturing in all factories. One of the
key tenets of the platform is continuous
improvement so we have also become more
attuned to learning from one another and
sharing best practices. This has meant that
our general performance in terms of qual-
ity, on-time delivery and cost efficiency has
significantly improved.”
What has been the main focus for GOS
in 2014?
“To enable us to measure the progress we
are making towards our goals, we devel-
oped and introduced a self-assessment
system during 2014. In parallel with the
implementation of GOS, this was carried
out in all of the Group’s factories during the
first half of the year. The results then al-
lowed us to create individual improvement
plans for each plant by mapping the route
towards achieving our wanted position.”
Can you give any examples of where GOS
has made an impact?
“Halol in India is a positive example. The
plant has fully embraced the Gunnebo
Operations System and has begun working
with many tools, such as Visual Manage-
ment and Value Stream Analysis, to ensure
that continuous improvements are being
made. This philosophy permeates the day-
to-day activities throughout the factory and
has resulted in many savings due to more
efficient manufacturing processes.”
Looking forward, what will be the main
focus for GOS in 2015?
“During 2015 we will be focused on the
implementation plans and making de-
fined improvements to our KPIs in each
of our factories. We have also set a target
to increase the proportion of Operations
employees actively involved in continu-
ous improvement projects. In addition, we
will be putting an emphasis on health and
safety standards – an area which was inte-
grated into the GOS audit during 2014.”
Increased Customer Value through Production Efficiency
…our general performance in terms of
quality, on-time delivery and cost efficiency
has significantly improved.
Uwe Sträter, Director of Industrial Development

SustainableBusiness
Taking Responsibility for the Future
Gunnebo’s aim is to create a sustainable and profitable business with satisfied
customers and committed employees, to reduce impact on the environment,
and maintain a strong bond of trust with all of our stakeholders.
Social
Social
Business Environmental
Strong, clear leadership
focusing on building
a proﬁtable and
ethical business
A business that
minimises its impact
on the environment
A safer society and an
employer that cares
about employee
health and safety
BuSINeSS reSPONSIBIlIty
Gunnebo’s contribution to sustainable devel-
opment is founded on the Group’s responsi-
bility for its own business, the environment
and society.
SOcIAl reSPONSIBIlIty
In keeping with its mission to create a safer
world, Gunnebo provides greater security
for the individual and contributes to making
everyday life safer for everyone. Gunnebo is
an employer that cares about the health and
safety of its employees and guarantees fair
pay in all the markets where it is present.
eNvIrONMeNtAl reSPONSIBIlIty
Gunnebo sets clear, long-term environmental
goals and works continuously to minimise its
impact on the environment through improve-
ments to product design, production, pur-
chasing, logistics, energy consumption and
waste management.
Read more on pages 32–33.
cOde Of cONduct
As a global organisation, it is Gunnebo’s
ambition to comply with human rights princi-
ples in all controllable aspects of its business.
Through Gunnebo’s Code of Conduct, em-
ployees are given clear guidelines describing
how they should act in an ethical manner in
every aspect of their jobs.
The Group’s Code of Conduct is based on
the UN Declaration of Human Rights, the UN
Global Compact initiative, the International
Labour Organization’s principles on rights in
working life and OECD guidelines for multina-
tional enterprises.
The Code of Conduct provides employees
with clear guidelines on how to act profes-
sionally in their interactions with customers,
partners, suppliers, society and colleagues.
To ensure that this information is correctly
understood, all employees have access to a
course to educate them about the Code of
Conduct and its contents.
Gunnebo also encourages its suppliers
to adhere to the Code of Conduct and uses
the principles therein among the criteria for
selecting new business partners.
CORPORatE RESPOnSiBilitY

Annual report 2014 eng

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