Securitas Annual Report 2007

Statement of income 2007
MSEK Q1 2007 Q2 2007 Q3 2007 Q4 2007
Continuing operations        
Sales 14,982.6 15,303.3 15,605.9 15,660.0
Sales, acquired business 234.9 279.3 404.8 436.8
Total sales 15,217.5 15,582.6 16,010.7 16,096.8
Organic sales growth, % 5 4 4 6
Production expenses –12,380.3 –12,737.5 –13,042.1 –12,975.6
Gross income 2,837.2 2,845.1 2,968.6 3,121.2
Selling and administrative expenses –2,017.7 –2,067.3 –2,142.8 –2,380.5
Other operating income 3.9 4.9 5.0 4.4
Share in income of associated companies 0.3
Operating income before amortization 823.4 782.7 830.8 745.4
Operating margin, % 5.4 5.0 5.2 4.6
Amortization and impairment of acquisition related intangible assets –24.8 –27.4 –372.8 –33.0
Acquisition related restructuring costs 0.0 –0.9 –16.2 –21.9
Items affecting comparability 23.7 –218.8 –4.3 –518.7
Operating income after amortization 822.3 535.6 437.5 171.8
Financial income and expense –128.5 –137.8 –148.3 –150.6
Revaluation of financial instruments –0.3 3.6 –7.3 –2.7
Share in income of associated companies 0.4 1.8
Income before taxes 693.9 403.2 281.9 18.5
Net margin, % 4.6 2.6 1.8 0.1
Current taxes –155.9 –129.7 –145.9 –84.0
Deferred taxes –20.3 –326.0 –41.6 31.9
Net income for the year, continuing operations 517.7 –52.5 94.4 –33.6
Net income for the year, discontinued operations
Net income for the year, all operations 517.7 –52.5 94.4 –33.6
Whereof attributable to:        
Equity holders of the Parent Company 517.7 –52.5 94.4 –35.2
Minority interests 0.0 0.0 0.0 1.6
Earnings per share before dilution, continuing operations (SEK) 1.42 –0.14 0.26 –0.10
Earnings per share before dilution, discontinued operations (SEK)
Earnings per share before dilution, all operations (SEK) 1.42 –0.14 0.26 –0.10
Earnings per share after dilution, continuing operations (SEK) 1.41 –0.14 0.26 –0.10
Earnings per share after dilution, discontinued operations (SEK)
Earnings per share after dilution, all operations (SEK) 1.41 –0.14 0.26 –0.10
Statement of cash flow 2007
MSEK Q1 2007 Q2 2007 Q3 2007 Q4 2007
Continuing operations        
Operating activities        
Operating income before amortization 823.4 782.7 830.8 745.4
Investments in fixed assets –376.0 –314.8 –321.0 –563.0
Reversal of depreciation and impairment losses 359.4 355.8 368.3 364.5
Change in accounts receivable –136.7 –336.9 –554.7 195.5
Change in other operating capital employed –243.7 332.8 605.3 657.5
Cash flow from operating activities 426.4 819.6 928.7 1,399.9
Cash flow from operating activities, % 52 105 112 188
Financial income and expenses paid –90.5 –129.5 –135.3 –150.2
Current taxes paid –131.2 –313.8 –112.9 –98.8
Free cash flow 204.7 376.3 680.5 1,150.9
Free cash flow, % 38 73 127 225
Cash Flow from investment activities, acquisitions –144.5 –117.3 –332.3 –307.7
Cash flow for items affecting comparability 14.1 –42.6 –681.9 146.4
Cash flow from financing activities 2,039.5 –496.2 197.2 5.4
Cash flow for the year, continuing operations 2,113.8 –279.8 –136.5 995.0
Cash flow for the year, discontinued operations
Cash flow for the year, all operations 2,113.8 –279.8 –136.5 995.0
Capital employed and financing 2007
MSEK March 31, 2007 June 30, 2007 September 30, 2007 December 31, 2007
Operating capital employed, continuing operations 5,241.6 5,143.3 5,545.2 4,171.0
Operating capital employed as % of sales, continuing operations 8 8 9 7
Return on operating capital employed, continuing operations 32 35 34 56
Goodwill, continuing operations 14,423.0 14,228.9 13,635.2 13,793.5
Acquisition related intangible assets, continuing operations 469.9 540.0 534.1 624.0
Shares in associated companies, continuing operations 178.8 103.5
Capital employed, continuing operations 20,313.3 19,912.2 19,714.5 18,692.0
Return on capital employed, continuing operations % 8 9 9 13
Capital employed, discontinued operations
Capital employed, all operations 20,313.3 19,912.2 19,714.5 18,692.0
Net debt, all operations –9,885.5 –10,662.8 –10,812.8 –9,878.0
Shareholders' equity, all operations 10,427.8 9,249.4 8,901.7 8,814.0
Net debt equity ratio/multiple, all operations 0.95 1.15 1.21 1.12
Statement of income 2006
MSEK Q1 2006 Q2 2006 Q3 2006 Q4 2006
Continuing operations        
Sales 14,804.1 14,801.2 15,076.8 14,870.4
Sales, acquired business 143.8 224.4 292.7 309.6
Total sales 14,947.9 15,025.6 15,369.5 15,180.0
Organic sales growth, % 5 6 6 5
Production expenses –12,144.6 –12,245.0 –12,481.5 –12,158.7
Gross income 2,803.3 2,780.6 2,888.0 3,021.3
Selling and administrative expenses –1,994.3 –1,951.2 –1,931.1 –2,030.4
Other operating income 4.9
Share in income of associated companies
Operating income before amortization 809.0 829.4 956.9 995.8
Operating margin, % 5.4 5.5 6.2 6.6
Amortization and impairment of acquisition related intangible assets –23.6 –23.2 –25.3 –21.2
Acquisition related restructuring costs –0.2 –0.1 –0.2 0.1
Items affecting comparability –10.0 –389.0 –158.3 –1,502.9
Operating income after amortization 775.2 417.1 773.1 –528.2
Financial income and expense –119.3 –151.0 –126.3 –123.2
Revaluation of financial instruments –1.8 –8.2 –17.8 –8.0
Share in income of associated companies 0.4 0.3 0.4 0.1
Income before taxes 654.5 258.2 629.4 –659.3
Net margin, % 4.4 1.7 4.1 –4.3
Current taxes –165.4 –154.3 –160.3 –210.7
Deferred taxes –37.9 74.1 –35.2 320.4
Net income for the year, continuing operations 451.2 178.0 433.9 –549.6
Net income for the year, discontinued operations 154.5 116.4 67.6
Net income for the year, all operations 605.7 294.4 501.5 –549.6
Whereof attributable to:        
Equity holders of the Parent Company 605.4 292.9 501.7 –549.6
Minority interests 0.3 1.5 –0.2 0.0
Earnings per share before dilution, continuing operations (SEK) 1.24 0.48 1.19 –1.50
Earnings per share before dilution, discontinued operations (SEK) 0.42 0.32 0.18
Earnings per share before dilution, all operations (SEK) 1.66 0.80 1.37 –1.50
Earnings per share after dilution, continuing operations (SEK) 1.23 0.48 1.17 –1.50
Earnings per share after dilution, discontinued operations (SEK) 0.41 0.31 0.18
Earnings per share after dilution, all operations (SEK) 1.64 0.79 1.35 –1.50
Statement of cash flow 2006
MSEK Q1 2006 Q2 2006 Q3 2006 Q4 2006
Continuing operations        
Operating activities        
Operating income before amortization 809.0 829.4 956.9 995.8
Investments in fixed assets –342.7 –411.7 –336.7 –420.7
Reversal of depreciation and impairment losses 368.0 370.4 408.2 331.3
Change in accounts receivable –188.7 –164.9 –774.2 425.2
Change in other operating capital employed –697.0 127.4 702.4 77.7
Cash flow from operating activities –51.4 750.6 956.6 1,409.3
Cash flow from operating activities, % –6 90 100 142
Financial income and expenses paid –114.5 –144.5 –123.0 –134.1
Current taxes paid –90.1 –249.0 –156.8 –273.1
Free cash flow –256.0 357.1 676.8 1,002.1
Free cash flow, % –49 68 101 151
Cash Flow from investment activities, acquisitions –39.7 –202.6 –32.8 –86.1
Cash flow for items affecting comparability –102.2 –27.1
Cash flow from financing activities 849.3 –1,421.9 3,125.3 –3,659.0
Cash flow for the year, continuing operations 553.6 –1,267.4 3,667.1 –2,770.1
Cash flow for the year, discontinued operations 847.6 –371.4 –1,727.2
Cash flow for the year, all operations 1,401.2 –1,638.8 1,939.9 –2,770.1
Capital employed and financing 2006
MSEK March 31, 2006 June 30, 2006 September 30, 2006 December 31, 2006
Operating capital employed, continuing operations 6,651.8 6,337.7 6,512.4 4,669.2
Operating capital employed as % of sales, continuing operations 11 10 11 8
Return on operating capital employed, continuing operations 54 49 47 29
Goodwill, continuing operations 15,195.2 14,544.9 14,692.9 14,031.6
Acquisition related intangible assets, continuing operations 354.5 414.3 446.1 464.2
Shares in associated companies, continuing operations 179.5 176.0 177.2 172.7
Capital employed, continuing operations 22,381.0 21,472.9 21,828.6 19,337.7
Return on capital employed, continuing operations % 15 14 13 8
Capital employed, discontinued operations 4,837.2 4,980.6
Capital employed, all operations 27,218.2 26,453.5 21,828.6 19,337.7
Net debt, all operations –11,961.9 –12,829.7 –10,992.8 –9,734.6
Shareholders' equity, all operations 15,256.3 13,623.8 10,835.8 9,603.1
Net debt equity ratio/multiple, all operations 0.78 0.94 1.01 1.01
Statement of income 2007

MSEK Q1 2007 Q2 2007 Q3 2007 Q4 2007
Continuing operations        
Sales 14,982.6 15,303.3 15,605.9 15,660.0
Sales, acquired business 234.9 279.3 404.8 436.8
Total sales 15,217.5 15,582.6 16,010.7 16,096.8
Organic sales growth, % 5 4 4 6
Production expenses –12,380.3 –12,737.5 –13,042.1 –12,975.6
Gross income 2,837.2 2,845.1 2,968.6 3,121.2
Selling and administrative expenses –2,017.7 –2,067.3 –2,142.8 –2,380.5
Other operating income 3.9 4.9 5.0 4.4
Share in income of associated companies 0.3
Operating income before amortization 823.4 782.7 830.8 745.4
Operating margin, % 5.4 5.0 5.2 4.6
Amortization and impairment of acquisition related intangible assets –24.8 –27.4 –372.8 –33.0
Acquisition related restructuring costs 0.0 –0.9 –16.2 –21.9
Items affecting comparability 23.7 –218.8 –4.3 –518.7
Operating income after amortization 822.3 535.6 437.5 171.8
Financial income and expense –128.5 –137.8 –148.3 –150.6
Revaluation of financial instruments –0.3 3.6 –7.3 –2.7
Share in income of associated companies 0.4 1.8
Income before taxes 693.9 403.2 281.9 18.5
Net margin, % 4.6 2.6 1.8 0.1
Current taxes –155.9 –129.7 –145.9 –84.0
Deferred taxes –20.3 –326.0 –41.6 31.9
Net income for the year, continuing operations 517.7 –52.5 94.4 –33.6
Net income for the year, discontinued operations
Net income for the year, all operations 517.7 –52.5 94.4 –33.6
 

Whereof attributable to:        
Equity holders of the Parent Company 517.7 –52.5 94.4 –35.2
Minority interests 0.0 0.0 0.0 1.6
 

Earnings per share before dilution, continuing operations (SEK) 1.42 –0.14 0.26 –0.10
Earnings per share before dilution, discontinued operations (SEK)
Earnings per share before dilution, all operations (SEK) 1.42 –0.14 0.26 –0.10
 

Earnings per share after dilution, continuing operations (SEK) 1.41 –0.14 0.26 –0.10
Earnings per share after dilution, discontinued operations (SEK)
Earnings per share after dilution, all operations (SEK) 1.41 –0.14 0.26 –0.10
 
Statement of cash flow 2007

MSEK Q1 2007 Q2 2007 Q3 2007 Q4 2007
Continuing operations        
Operating activities        
Operating income before amortization 823.4 782.7 830.8 745.4
Investments in fixed assets –376.0 –314.8 –321.0 –563.0
Reversal of depreciation and impairment losses 359.4 355.8 368.3 364.5
Change in accounts receivable –136.7 –336.9 –554.7 195.5
Change in other operating capital employed –243.7 332.8 605.3 657.5
Cash flow from operating activities 426.4 819.6 928.7 1,399.9
Cash flow from operating activities, % 52 105 112 188
Financial income and expenses paid –90.5 –129.5 –135.3 –150.2
Current taxes paid –131.2 –313.8 –112.9 –98.8
Free cash flow 204.7 376.3 680.5 1,150.9
Free cash flow, % 38 73 127 225
Cash Flow from investment activities, acquisitions –144.5 –117.3 –332.3 –307.7
Cash flow for items affecting comparability 14.1 –42.6 –681.9 146.4
Cash flow from financing activities 2,039.5 –496.2 197.2 5.4
Cash flow for the year, continuing operations 2,113.8 –279.8 –136.5 995.0
Cash flow for the year, discontinued operations
Cash flow for the year, all operations 2,113.8 –279.8 –136.5 995.0
 
Capital employed and financing 2007

MSEK March 31, 2007 June 30, 2007 September 30, 2007 December 31, 2007
Operating capital employed, continuing operations 5,241.6 5,143.3 5,545.2 4,171.0
Operating capital employed as % of sales, continuing operations 8 8 9 7
Return on operating capital employed, continuing operations 32 35 34 56
Goodwill, continuing operations 14,423.0 14,228.9 13,635.2 13,793.5
Acquisition related intangible assets, continuing operations 469.9 540.0 534.1 624.0
Shares in associated companies, continuing operations 178.8 103.5
Capital employed, continuing operations 20,313.3 19,912.2 19,714.5 18,692.0
Return on capital employed, continuing operations % 8 9 9 13
Capital employed, discontinued operations
Capital employed, all operations 20,313.3 19,912.2 19,714.5 18,692.0
Net debt, all operations –9,885.5 –10,662.8 –10,812.8 –9,878.0
Shareholders' equity, all operations 10,427.8 9,249.4 8,901.7 8,814.0
Net debt equity ratio/multiple, all operations 0.95 1.15 1.21 1.12

Page 107

 
Statement of income 2006

MSEK Q1 2006 Q2 2006 Q3 2006 Q4 2006
Continuing operations        
Sales 14,804.1 14,801.2 15,076.8 14,870.4
Sales, acquired business 143.8 224.4 292.7 309.6
Total sales 14,947.9 15,025.6 15,369.5 15,180.0
Organic sales growth, % 5 6 6 5
Production expenses –12,144.6 –12,245.0 –12,481.5 –12,158.7
Gross income 2,803.3 2,780.6 2,888.0 3,021.3
Selling and administrative expenses –1,994.3 –1,951.2 –1,931.1 –2,030.4
Other operating income 4.9
Share in income of associated companies
Operating income before amortization 809.0 829.4 956.9 995.8
Operating margin, % 5.4 5.5 6.2 6.6
Amortization and impairment of acquisition related intangible assets –23.6 –23.2 –25.3 –21.2
Acquisition related restructuring costs –0.2 –0.1 –0.2 0.1
Items affecting comparability –10.0 –389.0 –158.3 –1,502.9
Operating income after amortization 775.2 417.1 773.1 –528.2
Financial income and expense –119.3 –151.0 –126.3 –123.2
Revaluation of financial instruments –1.8 –8.2 –17.8 –8.0
Share in income of associated companies 0.4 0.3 0.4 0.1
Income before taxes 654.5 258.2 629.4 –659.3
Net margin, % 4.4 1.7 4.1 –4.3
Current taxes –165.4 –154.3 –160.3 –210.7
Deferred taxes –37.9 74.1 –35.2 320.4
Net income for the year, continuing operations 451.2 178.0 433.9 –549.6
Net income for the year, discontinued operations 154.5 116.4 67.6
Net income for the year, all operations 605.7 294.4 501.5 –549.6
 

Whereof attributable to:        
Equity holders of the Parent Company 605.4 292.9 501.7 –549.6
Minority interests 0.3 1.5 –0.2 0.0
 

Earnings per share before dilution, continuing operations (SEK) 1.24 0.48 1.19 –1.50
Earnings per share before dilution, discontinued operations (SEK) 0.42 0.32 0.18
Earnings per share before dilution, all operations (SEK) 1.66 0.80 1.37 –1.50
 

Earnings per share after dilution, continuing operations (SEK) 1.23 0.48 1.17 –1.50
Earnings per share after dilution, discontinued operations (SEK) 0.41 0.31 0.18
Earnings per share after dilution, all operations (SEK) 1.64 0.79 1.35 –1.50
 
Statement of cash flow 2006

MSEK Q1 2006 Q2 2006 Q3 2006 Q4 2006
Continuing operations        
Operating activities        
Operating income before amortization 809.0 829.4 956.9 995.8
Investments in fixed assets –342.7 –411.7 –336.7 –420.7
Reversal of depreciation and impairment losses 368.0 370.4 408.2 331.3
Change in accounts receivable –188.7 –164.9 –774.2 425.2
Change in other operating capital employed –697.0 127.4 702.4 77.7
Cash flow from operating activities –51.4 750.6 956.6 1,409.3
Cash flow from operating activities, % –6 90 100 142
Financial income and expenses paid –114.5 –144.5 –123.0 –134.1
Current taxes paid –90.1 –249.0 –156.8 –273.1
Free cash flow –256.0 357.1 676.8 1,002.1
Free cash flow, % –49 68 101 151
Cash Flow from investment activities, acquisitions –39.7 –202.6 –32.8 –86.1
Cash flow for items affecting comparability –102.2 –27.1
Cash flow from financing activities 849.3 –1,421.9 3,125.3 –3,659.0
Cash flow for the year, continuing operations 553.6 –1,267.4 3,667.1 –2,770.1
Cash flow for the year, discontinued operations 847.6 –371.4 –1,727.2
Cash flow for the year, all operations 1,401.2 –1,638.8 1,939.9 –2,770.1
 
Capital employed and financing 2006

MSEK March 31, 2006 June 30, 2006 September 30, 2006 December 31, 2006
Operating capital employed, continuing operations 6,651.8 6,337.7 6,512.4 4,669.2
Operating capital employed as % of sales, continuing operations 11 10 11 8
Return on operating capital employed, continuing operations 54 49 47 29
Goodwill, continuing operations 15,195.2 14,544.9 14,692.9 14,031.6
Acquisition related intangible assets, continuing operations 354.5 414.3 446.1 464.2
Shares in associated companies, continuing operations 179.5 176.0 177.2 172.7
Capital employed, continuing operations 22,381.0 21,472.9 21,828.6 19,337.7
Return on capital employed, continuing operations % 15 14 13 8
Capital employed, discontinued operations 4,837.2 4,980.6
Capital employed, all operations 27,218.2 26,453.5 21,828.6 19,337.7
Net debt, all operations –11,961.9 –12,829.7 –10,992.8 –9,734.6
Shareholders' equity, all operations 15,256.3 13,623.8 10,835.8 9,603.1
Net debt equity ratio/multiple, all operations 0.78 0.94 1.01 1.01