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The New Heights Programme – Our Strategic Roadmap

A profitable growth programme – New Heights – was launched in October 2020. The programme aims to make sure the Group meets its financial and sustainability targets. The foundation of the programme is a decentralised, customer-centric organisation with the accountability to drive and develop its own business and contribute to minimising the carbon footprint. Our mission for 2021 has been to secure margin improvements. The New Heights Programme consists of three steps:

1. Establishing the base

During 2020, a reorganisation took place as the first step of the New Heights Programme. The group is now organised into four customer-centric divisions: Construction, Industrial, BMU and Wind. The new organisation, and subsequent reporting structure, came into effect as of January 1, 2021. The aim was to establish an organisation with responsibility, accountability and a mandate to act with a broad customer centric mindset. The divisions are responsible for the full customer journey; asset lifecycle, original equipment, spare parts and services – supported by lean corporate functions.

The establishment of a People & Culture function and strategy to secure excellence in developing the Group’s most important asset – our people – was accomplished during 2021.

2. Secure margin improvements

Step two, to secure margin improvements, has been the number one priority in the past year. The Group is seeing margin improvements in all divisions, in line with the programme. The organisation has to a large extent managed to offset the cost increases for freight and raw materials through active price management and other mitigating activities. All divisions delivered improved gross margins during the 2021. The reorganisation, in combination with restructuring, resulted in a net reduction of approximately 120 employees with actual annual savings of around MSEK 60, with full effect at the end of 2021.

3. Profitable growth

Step three will be our key priority for 2022–2025 with a focus on driving strong profitable growth, both organic and through mergers and acquisitions. During the first half of 2021, solid profitable growth strategies were developed for each of the divisions. These strategies were communicated at the Capital Markets Day in June 2021, and since the second half of 2021 the divisions have been working on strategy implementation.