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Quarterly Report Q1 2021 28 April 2021 ASSA ABLOY Experience a safer and more open world Back to good organic growth First quarter . Net sales decreased by 2 % to SEK 21,805 M ( 22,173 ) , with good organic growth of 4 % ( -3 ) and acquired net growth of 4 % ( 3 ) . Currency effects amounted to -10 % ( 3 ) Very strong organic sales growth was reported by Asia Pacific , Entrance Systems and EMEIA¹ . Organic sales development was stable in Americas , while Global Technologies reported a sales decline Three acquisitions with combined annual sales of about SEK 200 M were signed Operating income ( EBIT ) increased by 16 % and amounted to SEK 3,187 M ( 2,751 ) , corresponding to an operating margin of 14.6 % ( 12.4 ) • Net income amounted to SEK 2,253 M ( 1,864 ) • Earnings per share amounted to SEK 2.03 ( 1.68 ) • Operating cash flow increased by 118 % to SEK 2,636 M ( 1,206 ) . Organic growth 4 % Operating income 16 % Earnings per share 21 % Sales and income Full year First quarter Sales , SEK M 2019 2020 A 2020 2021 A 94,029 87,649 -7 % 22,173 21,805 -2 % Of which : Organic growth 2,652 -7,150 -8 % -759 827 4 % Acquisitions and divestments 3,063 3,328 4 % 648 866 4 % Exchange - rate effects 4,265 -2,558 -3 % 780 -2,060 -10 % Operating income ( EBIT ) 2 3 , SEK M 14,920 11,916 -20 % 2,751 3,187 16 % EBITA margin² 3 , % 16.4 % 14.3 % 13.0 % 15.3 % Operating margin ( EBIT ) 23 , % 15.9 % 13.6 % 12.4 % 14.6 % Income before tax² 3 , SEK M 13,883 11,133 -20 % 2,519 3,045 21 % Net income² 3 , SEK M 10,243 8,375 -18 % 1,864 2,253 21 % Operating cash flow , SEK M 14,442 14,560 Earnings per share² 3 , SEK 9.22 7.54 1 % -18 % 1,206 2,636 118 % 1.68 2.03 21 % 1 EMEIA is an abbreviation for the division Europe , Middle East , India and Africa . The change of name of the division is due to the transfer of the India region from Asia Pacific to EMEIA , at the start of 2021. No external restatement of the divisional financial statements was made . 2 Excluding costs before income tax for restructuring programs in Q4 2020 and Q4 2019 , totalling SEK -1,366 M and SEK -312 M respectively . The corresponding costs after tax are SEK -1,112 M and SEK -246 M 3 Excluding non - cash operating income in Q3 2020 from revaluation at fair value of 39 % ownership in agta record , totaling SEK 1,909 M for the year . The operating income had no tax impact .