“I’m not sure if you focus on the right question, if it needs so much attention. We give it much attention because we don’t like what we see, but I do not think we should exaggerate this situation,” he said.
the Background is that Assa Abloy in two of the companies acquired in China discovered that the senior executives acted fraudulently and that the process of getting new people on site is in progress.
“I can understand the concern for China, but we have four divisions that are going very well. Americas is growing well, Europe is doing very well with the increased margin, Entrance Systems, is really considering all the acquisitions and is growing strongly and Global Tech is growing better than ever. We are going to solve China, we have a very strong cash flow and we will have an ebit (operating profit in absolute numbers, the red note) which is higher than last year,” said Johan Molin.
In a subsequent telephone interview asked the News agency Directly Johan Molin how he assessed the risk of further negative financial effects in China?
“We think we have found it to found. But then, one never knows, I can’t take poison on it. We have accounts receivable now that are at a good level, not on a superior level, we consider that we have current assets that are relatively decent. We know that our balance sheet is matched against the local books, so there’s no hole. But I can never guarantee anything. I think that we have covered what we can cover in”, stated the ceo.