Annual Report 2008 - Securitas

96 Annual report
Notes and comments to the consolidated financial statements
G4S, Germany
Securitas has acquired G4S’ guarding and monitoring operations in Germany
with annual sales of approximately MSEK 795. The company has a well
diversified contract portfolio with a stable customer base. The acquisition
complements Securitas existing German operation both in terms of customers
and geography. The company has 4,100 employees. Goodwill, which
amounts to MEUr 33.4 (MSEK 325.7), is mainly related to operational
synergies.
aCquIsItION Of thE busINEss IN G4s GERmaNy
SUMMAry BALANcE SHEET AS OF AcqUISITION DATE JUNE 30, 2008
MSEK
Book
value of
acquisition
balance
Fair value
adjustment
and
purchase
price alloc.
Fair value
acquisition
balance
Operating non-current assets 6.4 – 6.4
Accounts receivable 108.3 – 108.3
Other assets 36.8 – 36.8
Other liabilities –148.7 –18.5 –167.2
Total operating capital employed 2.8 –18.5 –15.7
Goodwill from the acquisition – 325.7 325.7
Other acquisition related intangible
assets – 49.0 49.0
Total capital employed 2.8 356.2 359.0
Net debt 79.8 – 79.8
Total acquired net assets 82.6 356.2 438.8
Purchase price 1 – – –438.8
Liquid funds in accordance with
acquisition analysis – – 253.8
Total impact on the Group’s
liquid funds – – –185.0
1 whereof acquisition costs of MSEK 12.8.
All the shares in G4S Germany were acquired.
The acquisition has contributed to Total sales with MSEK 408.8 and to Net income for the year with
MSEK –25.6. The acquisition would, if it had been consolidated from January 1, 2008, have contributed
to Total sales with MSEK 795.3 and to Net income for the year with MSEK –132.7.
SH Safe Home, Switzerland
Securitas subsidiary in Switzerland, Protectas, has acquired the alarm systems
company SH Safe Home. Safe Home operates in the area of installations
of alarm systems for private households and had at the time of acquisition
projected annual sales of approximately MSEK 16. Goodwill, which amounts
to McHF 4.2 (MSEK 26.1), is mainly related to operational synergies and
human resources.
Securitas Annual report 2008
aCquIsItION Of thE busINEss IN sh safE hOmE
SUMMAry BALANcE SHEET AS OF AcqUISITION DATE SEPTEMBEr 1, 2008
MSEK
Book
value of
acquisition
balance
Fair value
adjustment
and
purchase
price alloc.
Fair value
acquisition
balance
Operating non-current assets 0.2 – 0.2
Accounts receivable 1.8 – 1.8
Other assets 1.0 – 1.0
Other liabilities –6.3 –3.2 –9.5
Total operating capital employed –3.3 –3.2 –6.5
Goodwill from the acquisition – 26.1 26.1
Other acquisition related intangible
assets – 13.4 13.4
Total capital employed –3.3 36.3 33.0
Net debt 5.9 – 5.9
Total acquired net assets 2.6 36.3 38.9
Purchase price 1 – – –38.9
Liquid funds in accordance with
acquisition analysis – – 7.0
Total impact on the Group’s
liquid funds – – –31.9
1 whereof acquisition costs MSEK 0.1.
All the shares in SH Safe Home were acquired.
The acquisition has contributed to Total sales with MSEK 5.5 and to Net income for the year with MSEK 0.8.
The acquisition would, if it had been consolidated from January 1, 2008, have contributed to Total sales
with MSEK 16.5 and to Net income for the year with MSEK 2.7.
SCP International, Serbia
Securitas has acquired the security services company ScP International in
Serbia. ScP International is the third major security services company in
Serbia, with 6 percent market share in guarding. The company had at the
time of acquisition projected annual sales of approximately MSEK 85 and
about 1,500 employees. Goodwill, which amounts to MrSD 192.9
(MSEK 24.1), is mainly related to geographical expansion.
aCquIsItION Of thE busINEss IN sCp INtERNatIONal
SUMMAry BALANcE SHEET AS OF AcqUISITION DATE SEPTEMBEr 2, 2008
MSEK
Book
value of
acquisition
balance
Fair value
adjustment
and
purchase
price alloc.
Fair value
acquisition
balance
Operating non-current assets 4.2 – 4.2
Accounts receivable 9.7 – 9.7
Other assets 1.4 – 1.4
Other liabilities –11.8 –12.1 –23.9
Total operating capital employed 3.5 –12.1 –8.6
Goodwill from the acquisition – 24.1 24.1
Other acquisition related intangible
assets – 10.3 10.3
Total capital employed 3.5 22.3 25.8
Net debt –0.5 – –0.5
Total acquired net assets 3.0 22.3 25.3
Purchase price 1 – – –25.3
Liquid funds in accordance with
acquisition analysis – – 0.2
Total impact on the Group’s
liquid funds – – –25.1
1 whereof acquisition costs of MSEK 1.6.
All the shares in ScP International were acquired.
The acquisition has contributed to Total sales with MSEK 29.1 and to Net income for the year with MSEK 2.2.
The acquisition would, if it had been consolidated from January 1, 2008, have contributed to Total sales
with MSEK 81.5 and to Net income for the year with MSEK 4.2.