Annual Report 2008 - Securitas

Statement of income 2007
MSEK q1 2007 q2 2007 q3 2007 q4 2007
Continuing operations
Sales 12,186.8 12,522.5 12,792.9 12,968.3
Sales, acquired business 234.7 277.1 267.3 286.5
Total sales 12,421.5 12,799.6 13,060.2 13,254.8
Organic sales growth, % 6 5 6 7
Production expenses –10,207.2 –10,568.3 –10,713.6 –10,723.7
Gross income 2,214.3 2,231.3 2,346.6 2,531.1
Selling and administrative expenses –1,542.7 –1,589.1 –1,570.0 –1,751.2
Other operating income 3.9 4.9 5.0 4.4
Share in income of associated companies – – – 0.3
Operating income before amortization 675.5 647.1 781.6 784.6
Operating margin, % 5.4 5.1 6.0 5.9
Amortization and impairment of acquisition related intangible assets –21.7 –24.2 –369.2 –24.7
Acquisition related restructuring costs – –0.9 –0.4 –0.8
Items affecting comparability 49.7 0.4 – –128.2
Operating income after amortization 703.5 622.4 412.0 630.9
Financial income and expense –111.8 –123.2 –120.2 –120.0
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 591.8 504.6 284.5 508.2
Net margin, % 4.8 3.9 2.2 3.8
current taxes –133.2 –113.6 –64.1 –114.3
Deferred taxes –34.4 –29.4 –16.6 –29.5
Net income for the period, continuing operations 424.2 361.6 203.8 364.4
Net income for the period, discontinued operations 93.5 –414.1 –109.4 –398.0
Net income for the period, 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 – – – 1.6
Earnings per share before dilution, continuing operations (SEK) 1.16 0.99 0.56 0.99
Earnings per share before dilution, discontinued operations (SEK) 0.26 –1.13 –0.30 –1.09
Earnings per share before dilution, all operations (SEK) 1.42 –0.14 0.26 –0.10
Earnings per share after dilution, continuing operations (SEK) 1.16 0.99 0.56 0.99
Earnings per share after dilution, discontinued operations (SEK) 0.25 –1.13 –0.30 –1.09
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 income before amortization 675.5 647.1 781.6 784.6
Investments in non-current tangible and intangible assets –267.0 –185.6 –154.7 –230.8
reversal of depreciation 191.3 193.4 197.5 193.4
change in accounts receivable –192.6 –264.0 –505.2 181.2
change in other operating capital employed 30.3 219.1 548.4 271.3
Cash flow from operating activities 437.5 610.0 867.6 1,199.7
Cash flow from operating activities, % 65 94 111 153
Financial income and expenses paid –64.3 –105.3 –97.6 –129.0
current taxes paid –88.9 –221.9 –75.3 –71.5
Free cash flow 284.3 282.8 694.7 999.2
Free cash flow, % 66 69 116 182
Cash flow from investing activities, acquisitions –144.5 –112.0 –41.1 –286.8
Cash flow from items affecting comparability 23.1 –19.1 –17.1 –2.0
Cash flow from financing activities 1,505.0 –557.2 –825.7 250.0
Cash flow for the period, continuing operations 1,667.9 –405.5 –189.2 960.4
Cash flow for the period, discontinued operations 445.9 125.7 52.7 34.6
Cash flow for the period, all operations 2,113.8 –279.8 –136.5 995.0
Capital employed and financing 2007
Five year summary and quarterly data
quarterly data
MSEK March 31, 2007 June 30, 2007 September 30, 2007 December 31, 2007
Operating capital employed, continuing operations 3,859.1 3,916.9 3,604.3 3,061.9
Operating capital employed as % of sales, continuing operations 8 8 7 6
Return on operating capital employed, continuing operations, % 63 63 72 86
Goodwill, continuing operations 11,863.2 11,716.9 11,054.9 11,260.4
Acquisition related intangible assets, continuing operations 458.3 528.4 513.7 548.7
Shares in associated companies, continuing operations 178.8 – – 103.5
Capital employed, continuing operations 16,359.4 16,162.2 15,172.9 14,974.5
Return on capital employed, continuing operations, % 14 15 17 19
capital employed, discontinued operations 3,953.9 3,750.0 4,541.6 3,717.5
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
Securitas Annual report 2008
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