Annual Report 2008 - Securitas

MSEK 2004 2005 2006 2007 2008
CAPITAL EMPLOYED AND FINANCING
Non-current assets excluding acquisition related items 4,117.0 4,551.0 4,627.5 4,321.8 5,081.7
Accounts receivable 6,393.6 7,696.5 7,554.0 8,471.1 9,962.6
Other operating capital employed –8,019.6 –8,692.0 –8,670.0 –9,731.0 –12,084.9
Operating capital employed, continuing operations 2,491.0 3,555.5 3,511.5 3,061.9 2,959.4
• as % of total sales 6 8 7 6 5
Goodwill, continuing operations 10,801.8 12,469.2 11,529.5 11,260.4 14,104.3
Acquisition related intangible assets, continuing operations 143.2 328.8 449.9 548.7 751.3
Shares in associated companies, continuing operations – 178.6 172.7 103.5 104.9
Capital employed, continuing operations 13,436.0 16,532.1 15,663.6 14,974.5 17,919.9
• Return on capital employed, % 19 16 14 19 18
capital employed, discontinued operations 8,963.2 9,985.6 3,674.1 3,717.5 –
Capital employed, all operations 22,399.2 26,517.7 19,337.7 18,692.0 17,919.9
Net debt 10,633.1 11,944.8 9,734.6 9,878.0 9,412.6
Net debt equity ratio, multiple, all operations 0.90 0.82 1.01 1.12 1.11
Interest coverage ratio, multiple, continuing operations 4.6 4.4 3.6 3.6 3.9
• Free cash flow in relation to net debt, all operations 2 0.19 0.20 0.18 0.24 0.21
Minority interests 16.6 1.5 0.4 1.9 6.7
Shareholders’ equity attributable to equity holders of the Parent Company 11,749.5 14,571.4 9,602.7 8,812.1 8,500.6
Return on equity, % 14 14 6 5 27
Equity ratio, % 30 31 27 22 24
Financing of capital employed 22,399.2 26,517.7 19,337.7 18,692.0 17,919.9
1 Acquired sales growth is calculated as the year’s acquisitions as a percentage of the previous year’s total sales.
2 Free cash flow includes free cash flow from continuing and discontinued operations in relation to the total net debt. Free cash flow generated by discontinued operations is included on the line Cash flow for the year, discontinued operations
in the Statement of cash flow above.
• Group key ratios.
DEFINITIONS OF KEY RATIOS
For calculations of key ratios refer to Note 3, pages 76–77.
Organic sales growth
Total sales for the year adjusted for acquisitions and changes in exchange
rates as a percentage of the previous year’s total sales adjusted for divestitures.
Operating margin
Operating income before amortization as a percentage of total sales.
Earnings per share after dilution
Net income for the year less the net income attributable to the minority and
adjusted for interest on convertible debenture loans after tax, in relation to
the average number of shares after dilution.
Cash flow from operating activities as % of operating income
before amortization
Cash flow from operating activities as a percentage of operating income
before amortization.
Free cash flow as % of adjusted income
Free cash flow as a percentage of adjusted income.
Free cash flow in relation to net debt
Free cash flow in relation to closing balance net debt.
Operating capital employed as % of total sales
Operating capital employed as a percentage of total sales adjusted for
full-year sales of acquisitions.
Return on capital employed
Operating income before amortization plus items affecting comparability as
a percentage of the closing balance of capital employed excluding shares in
associated companies relating to financial investments.
Net debt equity ratio
Net debt in relation to shareholders’ equity.
Interest coverage ratio
Operating income before amortization plus interest income in relation to
interest expense.
Return on equity
Net income for the year adjusted for interest on convertible debenture loans
after taxes as a percentage of average adjusted shareholders’ equity weighted
for new issues.
Equity ratio
Shareholders’ equity as a percentage of total assets.
Five year summary and quarterly data
Five year overview
Securitas Annual report 2008
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