Securitas Annual Report 2007

Balance sheet        
MSEK Note 2007 2006 2005
ASSETS Fixed assets        
Goodwill 17 13,793.5 14,031.6 17,792.4
Acquisition related intangible assets 18 624.0 464.2 638.5
Other intangible assets 19 234.4 172.7 313.3
Buildings and land 20 706.1 848.8 965.7
Machinery and equipment 20 3,945.4 3,897.7 4,975.8
Shares in associated companies 21 103.5 172.7 178.6
Deferred tax assets 15 1,633.4 2,083.0 1,706.3
Interest-bearing financial fixed assets 22 286.3 1,251.8 1,166.8
Other long-term receivables 23 379.5 381.3 429.3
Total fixed assets   21,706.1 23,303.8 28,166.7
         
Current assets        
Inventories 24 39.5 87.1 777.5
Accounts receivable 25 9,889.4 8,855.6 10,362.5
Current tax assets 15 378.6 234.9 307.6
Other current receivables 26 1,372.0 1,323.1 2,527.3
Other interest-bearing current assets 27 1,448.9 247.3 668.5
Liquid funds 28 4,350.7 1,668.0 3,470.8
Total current assets   17,479.1 12,416.0 18,114.2
         
TOTAL ASSETS   39,185.2 35,719.8 46,280.9
         
SHAREHOLDERS’ EQUITY AND LIABILITIES        
Shareholders’ equity        
Share capital   365.1 365.1 365.1
Other capital contributed   7,362.6 7,362.6 7,362.6
Other reserves   –479.9 –252.1 739.9
Retained earnings   1,564.3 2,127.1 6,103.8
Shareholders’ equity attributable to equity holders of the Parent Company   8,812.1 9,602.7 14,571.4
         
Minority interests   1.9 0.4 1.5
         
Total Shareholders’ equity 29 8,814.0 9,603.1 14,572.9
         
Long-term liabilities        
Long-term convertible debenture loans 30, 31 2,388.4
Other long-term loan liabilities 31 4,172.4 4,906.9 5,246.8
Other long-term liabilities 31 145.5 368.9 99.1
Provisions for pensions and similar commitments 32 946.1 1,055.9 1,191.1
Deferred tax liabilities 15 243.1 300.5 387.9
Other long-term provisions 33 1,651.4 2,179.7 870.8
Total long-term liabilities   7,158.5 8,811.9 10,184.1
         
Current liabilities        
Short-term convertible debenture loans 30, 34 2,300.0
Other short-term loan liabilities 34 11,791.5 5,694.8 9,615.7
Accounts payable   1,247.2 1,153.1 1,560.8
Current tax liabilities 15 392.6 374.7 622.7
Other current liabilities 35 8,445.4 6,963.2 8,718.2
Other short-term provisions 36 1,336.0 819.0 1,006.5
Total current liabilities   23,212.7 17,304.8 21,523.9
         
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES   39,185.2 35,719.8 46,280.9
Securitas’ financial model – consolidated capital employed and financing1      
Supplementary information      
MSEK 2007 2006 2005
Operating capital employed, all operations      
Other intangible assets 234.4 172.7 313.3
Buildings and land 706.1 848.8 965.7
Machinery and equipment 3,945.4 3,897.7 4,975.8
Deferred tax assets 1,633.4 2,083.0 1,706.3
Other long-term receivables 379.5 381.3 429.3
Inventories 39.5 87.1 777.5
Accounts receivable 9,889.4 8,855.6 10,362.5
Current tax assets 378.6 234.9 307.6
Other current receivables 1,372.0 1,323.1 2,527.3
Total assets, all operations 18,578.3 17,884.2 22,365.3
Other long-term liabilities 145.5 368.9 99.1
Provisions for pensions and similar commitments 946.1 1,055.9 1,191.1
Deferred tax liability 243.1 300.5 387.9
Other long-term provisions 1,651.4 2,179.7 870.8
Accounts payable 1,247.2 1,153.1 1,560.8
Current tax liabilities 392.6 374.7 622.7
Other current liabilities 8,445.4 7,782.2 9,724.7
Other short-term provisions 1,336.0
Total liabilities, all operations 14,407.3 13,215.0 14,457.1
Total operating capital employed, all operations 4,171.0 4,669.2 7,908.2
Of which total operating capital employed, continuing operations 4,171.0 4,669.2 5,923.7
Of which total operating capital employed, discontinued operations 1,984.5
Goodwill, all operations 13,793.5 14,031.6 17,792.4
Of which goodwill, continuing operations 13,793.5 14,031.6 15,317.6
Of which goodwill, discontinued operations 2,474.8
Acquisition related intangible assets, all operations 624.0 464.2 638.5
Of which acquisition related intangible assets, continuing operations 624.0 464.2 359.3
Of which acquisition related intangible assets, discontinued operations 279.2
Shares in associated companies, all operations 103.5 172.7 178.6
Of which shares in associated companies, continuing operations 103.5 172.7 178.6
Of which shares in associated companies, discontinued operations
Total capital employed, all operations 18,692.0 19,337.7 26,517.7
Of which total capital employed, continuing operations 18,692.0 19,337.7 21,779.2
Of which total capital employed, discontinued operations 4,738.5
Operating capital employed as % of sales, continuing operations 7 8 10
Return on capital employed, continuing operations, % 13 8 16
       
Net debt, all operations      
Interest-bearing financial fixed assets 286.3 1,251.8 1,166.8
Other interest-bearing current assets 1,448.9 247.3 668.5
Liquid funds 4,350.7 1,668.0 3,470.8
Total interest-bearing assets, all operations 6,085.9 3,167.1 5,306.1
Long-term convertible debenture loans 2,388.4
Other long-term loan liabilities 4,172.4 4,906.9 5,246.8
Short-term convertible debenture loans 2,300.0
Other short-term loan liabilities 11,791.5 5,694.8 9,615.7
Total interest-bearing liabilities, all operations 15,963.9 12,901.7 17,250.9
Total net debt, all operations 9,878.0 9,734.6 11,944.8
Net debt equity ratio, multiple 1.12 1.01 0.82
Shareholders’ equity, all operations      
Share capital 365.1 365.1 365.1
Other capital contributed 7,362.6 7,362.6 7,362.6
Other reserves –479.9 –252.1 739.9
Retained earnings 1,564.3 2,127.1 6,103.8
Minority interests 1.9 0.4 1.5
Total shareholders’ equity, all operations 8,814.0 9,603.1 14,572.9
Total financing, all operations 18,692.0 19,337.7 26,517.7
1 In accordance with IFRS 5, the comparative figures for the consolidated balance sheet have not been adjusted. The comparative figures      
thus include Securitas Systems and Securitas Direct. In Securitas’s financial model – the Group’s capital employed and financing, total operating capital employed, goodwill, acquisition related intangible assets, shares in associated companies and total capital employed have, however, been divided into continuing operations and discontinued operations. This split has been made to allow for comparisons also for the balance sheet and to serve as a basis for calculating operating capital employed as a percentage of sales and the return on capital employed for continuing operations.      
Securitas’ financial model is described on page 25–28. n Operating items. n Net debt-related items.      
  • Goodwill, taxes and non-operating items. n Items related to shareholders’ equity.
  •      

    Balance sheet        
    MSEK Note 2007 2006 2005
    ASSETS Fixed assets        
    Goodwill 17 13,793.5 14,031.6 17,792.4
    Acquisition related intangible assets 18 624.0 464.2 638.5
    Other intangible assets 19 234.4 172.7 313.3
    Buildings and land 20 706.1 848.8 965.7
    Machinery and equipment 20 3,945.4 3,897.7 4,975.8
    Shares in associated companies 21 103.5 172.7 178.6
    Deferred tax assets 15 1,633.4 2,083.0 1,706.3
    Interest-bearing financial fixed assets 22 286.3 1,251.8 1,166.8
    Other long-term receivables 23 379.5 381.3 429.3
    Total fixed assets   21,706.1 23,303.8 28,166.7
             
    Current assets        
    Inventories 24 39.5 87.1 777.5
    Accounts receivable 25 9,889.4 8,855.6 10,362.5
    Current tax assets 15 378.6 234.9 307.6
    Other current receivables 26 1,372.0 1,323.1 2,527.3
    Other interest-bearing current assets 27 1,448.9 247.3 668.5
    Liquid funds 28 4,350.7 1,668.0 3,470.8
    Total current assets   17,479.1 12,416.0 18,114.2
             
    TOTAL ASSETS   39,185.2 35,719.8 46,280.9
             
    SHAREHOLDERS’ EQUITY AND LIABILITIES        
    Shareholders’ equity        
    Share capital   365.1 365.1 365.1
    Other capital contributed   7,362.6 7,362.6 7,362.6
    Other reserves   –479.9 –252.1 739.9
    Retained earnings   1,564.3 2,127.1 6,103.8
    Shareholders’ equity attributable to equity holders of the Parent Company   8,812.1 9,602.7 14,571.4
             
    Minority interests   1.9 0.4 1.5
             
    Total Shareholders’ equity 29 8,814.0 9,603.1 14,572.9
             
    Long-term liabilities        
    Long-term convertible debenture loans 30, 31 2,388.4
    Other long-term loan liabilities 31 4,172.4 4,906.9 5,246.8
    Other long-term liabilities 31 145.5 368.9 99.1
    Provisions for pensions and similar commitments 32 946.1 1,055.9 1,191.1
    Deferred tax liabilities 15 243.1 300.5 387.9
    Other long-term provisions 33 1,651.4 2,179.7 870.8
    Total long-term liabilities   7,158.5 8,811.9 10,184.1
             
    Current liabilities        
    Short-term convertible debenture loans 30, 34 2,300.0
    Other short-term loan liabilities 34 11,791.5 5,694.8 9,615.7
    Accounts payable   1,247.2 1,153.1 1,560.8
    Current tax liabilities 15 392.6 374.7 622.7
    Other current liabilities 35 8,445.4 6,963.2 8,718.2
    Other short-term provisions 36 1,336.0 819.0 1,006.5
    Total current liabilities   23,212.7 17,304.8 21,523.9
             
    TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES   39,185.2 35,719.8 46,280.9

    Page 49

     

    Securitas’ financial model – consolidated capital employed and financing1      
    Supplementary information      
    MSEK 2007 2006 2005
    Operating capital employed, all operations      
    Other intangible assets 234.4 172.7 313.3
    Buildings and land 706.1 848.8 965.7
    Machinery and equipment 3,945.4 3,897.7 4,975.8
    Deferred tax assets 1,633.4 2,083.0 1,706.3
    Other long-term receivables 379.5 381.3 429.3
    Inventories 39.5 87.1 777.5
    Accounts receivable 9,889.4 8,855.6 10,362.5
    Current tax assets 378.6 234.9 307.6
    Other current receivables 1,372.0 1,323.1 2,527.3
    Total assets, all operations 18,578.3 17,884.2 22,365.3
    Other long-term liabilities 145.5 368.9 99.1
    Provisions for pensions and similar commitments 946.1 1,055.9 1,191.1
    Deferred tax liability 243.1 300.5 387.9
    Other long-term provisions 1,651.4 2,179.7 870.8
    Accounts payable 1,247.2 1,153.1 1,560.8
    Current tax liabilities 392.6 374.7 622.7
    Other current liabilities 8,445.4 7,782.2 9,724.7
    Other short-term provisions 1,336.0
    Total liabilities, all operations 14,407.3 13,215.0 14,457.1
    Total operating capital employed, all operations 4,171.0 4,669.2 7,908.2
    Of which total operating capital employed, continuing operations 4,171.0 4,669.2 5,923.7
    Of which total operating capital employed, discontinued operations 1,984.5
    Goodwill, all operations 13,793.5 14,031.6 17,792.4
    Of which goodwill, continuing operations 13,793.5 14,031.6 15,317.6
    Of which goodwill, discontinued operations 2,474.8
    Acquisition related intangible assets, all operations 624.0 464.2 638.5
    Of which acquisition related intangible assets, continuing operations 624.0 464.2 359.3
    Of which acquisition related intangible assets, discontinued operations 279.2
    Shares in associated companies, all operations 103.5 172.7 178.6
    Of which shares in associated companies, continuing operations 103.5 172.7 178.6
    Of which shares in associated companies, discontinued operations
    Total capital employed, all operations 18,692.0 19,337.7 26,517.7
    Of which total capital employed, continuing operations 18,692.0 19,337.7 21,779.2
    Of which total capital employed, discontinued operations 4,738.5
    Operating capital employed as % of sales, continuing operations 7 8 10
    Return on capital employed, continuing operations, % 13 8 16
           
    Net debt, all operations      
    Interest-bearing financial fixed assets 286.3 1,251.8 1,166.8
    Other interest-bearing current assets 1,448.9 247.3 668.5
    Liquid funds 4,350.7 1,668.0 3,470.8
    Total interest-bearing assets, all operations 6,085.9 3,167.1 5,306.1
    Long-term convertible debenture loans 2,388.4
    Other long-term loan liabilities 4,172.4 4,906.9 5,246.8
    Short-term convertible debenture loans 2,300.0
    Other short-term loan liabilities 11,791.5 5,694.8 9,615.7
    Total interest-bearing liabilities, all operations 15,963.9 12,901.7 17,250.9
    Total net debt, all operations 9,878.0 9,734.6 11,944.8
    Net debt equity ratio, multiple 1.12 1.01 0.82
    Shareholders’ equity, all operations      
    Share capital 365.1 365.1 365.1
    Other capital contributed 7,362.6 7,362.6 7,362.6
    Other reserves –479.9 –252.1 739.9
    Retained earnings 1,564.3 2,127.1 6,103.8
    Minority interests 1.9 0.4 1.5
    Total shareholders’ equity, all operations 8,814.0 9,603.1 14,572.9
    Total financing, all operations 18,692.0 19,337.7 26,517.7
    1 In accordance with IFRS 5, the comparative figures for the consolidated balance sheet have not been adjusted. The comparative figures      
    thus include Securitas Systems and Securitas Direct. In Securitas’s financial model – the Group’s capital employed and financing, total operating capital employed, goodwill, acquisition related intangible assets, shares in associated companies and total capital employed have, however, been divided into continuing operations and discontinued operations. This split has been made to allow for comparisons also for the balance sheet and to serve as a basis for calculating operating capital employed as a percentage of sales and the return on capital employed for continuing operations.      
    Securitas’ financial model is described on page 25–28. n Operating items. n Net debt-related items.      
  • Goodwill, taxes and non-operating items. n Items related to shareholders’ equity.
  •