Annual Report 2008 - Securitas

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Five year summary and quarterly data
Five year overview
Five Year Overview
MSEK 2004 2005 2006 2007 2008
INCOME
• Total sales 43,348.4 46,655.1 49,084.5 51,536.1 56,571.6
of which acquired business 235.0 107.1 970.5 1,065.6 1,323.7
• Acquired sales growth, % 1 1 0 2 2 3
• Organic sales growth, % 6 4 6 6 6
Operating income before amortization 2,558.5 2,694.5 2,753.4 2,888.8 3,270.7
• Operating margin, % 5.9 5.8 5.6 5.6 5.8
Amortization and impairment of acquisition related intangible assets –60.5 –72.8 –80.5 –439.8 –102.2
Acquisition related restructuring costs –22.0 –1.0 –0.4 –2.1 –52.6
Items affecting comparability – – –549.1 –78.1 –29.3
Financial income and expenses –410.4 –374.7 –428.4 –475.2 –472.3
Revaluation of financial instruments – 36.2 –35.8 –6.7 2.7
Share in income of associated companies – 11.8 1.2 2.2 –
• Income before taxes 2,065.6 2,294.0 1,660.4 1,889.1 2,617.0
Taxes –463.7 –494.5 –440.2 –535.1 –727.1
Net income for the year, continuing operations 1,601.9 1,799.5 1,220.2 1,354.0 1,889.9
Net income for the year, discontinued operations 927.2 914.2 –368.2 –828.0 431.8
Net income for the year, all operations 2,529.1 2,713.7 852.0 526.0 2,321.7
Minority share in net income, continuing operations 0.7 0.7 0.3 1.6 –1.9
Average number of shares after dilution (‘000) 382,409 378,712 376,165 369,366 365,059
• Earnings per share after dilution, continuing operations (SEK) 4.37 4.90 3.34 3.70 5.18
CASH FLOW
Operating income before amortization 2,558.5 2,694.5 2,753.4 2,888.8 3,270.7
Investments in non-current tangible and intangible assets –764.5 –821.6 –666.7 –838.1 –977.0
reversal of depreciation 656.6 776.6 776.0 775.6 839.9
change in accounts receivable –41.7 –287.2 –627.0 –780.6 7.8
changes in other operating capital employed 19.6 359.4 114.7 1,069.1 107.3
Cash flow from operating activities 2,428.5 2,721.7 2,350.4 3,114.8 3,248.7
as % of operating income before amortization 95 101 85 108 99
Financial income and expenses paid –395.0 –403.7 –338.7 –396.2 –433.4
current taxes paid –424.5 –827.6 –509.8 –457.6 –803.5
• Free cash flow, continuing operations 1,609.0 1,490.4 1,501.9 2,261.0 2,011.8
as % of adjusted income 100 87 80 114 94
Acquisitions, including cash payments from restructuring reserves –221.2 –970.4 –361.2 –584.4 –1,021.5
Cash flow from items affecting comparability – – –129.3 –15.1 –110.8
Cash flow from financing activities –2,244.8 –2,855.2 204.0 372.1 –199.3
Cash flow for the year, continuing operations –857.0 –2,335.2 1,215.4 2,033.6 680.2
Cash flow for the year, discontinued operations –470.5 2,590.5 –2,283.2 658.9 –790.5
Cash flow for the year, all operations –1,327.5 255.3 –1,067.8 2,692.5 –110.3
Interest-bearing net debt at beginning of year (adjusted for new accounting principle 2005) –10,686.8 –10,636.9 –11,944.8 –9,734.6 –9,878.0
change in loans 765.2 97.4 966.6 –2,877.6 –469.6
Revaluation of financial instruments – 51.8 –16.2 –35.2 –178.2
Translation differences on interest-bearing net debt 616.0 –1,712.4 695.2 76.9 –1,313.1
Impact from dividend of discontinued operations – – 1,632.4 – 2,536.6
Interest-bearing net debt at year-end –10,633.1 –11,944.8 –9,734.6 –9,878.0 –9,412.6
Securitas Annual report 2008