Annual Report 2008 - Securitas

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24 Presentation of our business Security Services Europe Securitas Annual Report 2008 Our employees We continually strive to improve and develop our employees, since employee competence is of considerable importance to us. As an example of this, Security Services Europe is conducting an employee survey. At the end of 2008, the first countries had completed the survey and action plans will be put in place to follow up on the results. The survey will be rolled out gradually in additional countries during 2009 and 2010. Countries, areas and branches will be benchmarked and experiences will be shared. A number of managers are trained every year through the Securitas Management Training Program, which aims to strengthen local leadership and firmly establish Securitas’ culture and business model. In France, 10 training centers were established at different locations during 2008 for educating our security officers in various security issues. An even stronger customer focus and increased human resources efforts will be the main ingredients in the business strategy for Security Services Europe in 2009. In combination these initiatives will contribute to organic sales growth and improved profitability in the years to come. Every year, Aviation organizes a management training program for branch and area managers to exchange best practices and for increasing aviation security know-how. Financial information Organic sales growth was 7 percent (8). The main reason for this decline is related to Aviation, where organic sales growth slowed compared with the previous year, when there were many start-ups of large contracts. Despite this, Aviation continued to report double-digit organic sales growth. In the guarding operations, strong organic sales growth was seen in such countries as Denmark, countries in Eastern Europe, Finland, Switzerland and Turkey. The European Football Championship positively impacted organic sales growth. Overall, the new sales rate was lower in 2008 than in 2007. This is a result of the increased focus on improving gross margins. The gross margin on new sales was still below the portfolio average gross margin, but with a continuously improving trend. In 2008, price adjustments approximately corresponded to the total wage cost increases. The operating margin was 5.7 percent (5.7). The operating margin in the guarding operations was basically unchanged compared with the previous year. The consolidation of the acquired operations from G4S in Germany slightly diluted the operating margin in 2008 as expected. Aviation showed an improvement and contributed to maintaining the operating margin. Operating income showed a real change of 9 percent in 2008. The client retention rate was stable at approximately 90 percent. The employee turnover rate was about 35 percent (39), with a clear tendency toward further improvement.
Events and key figures for 2008 Acquisitions: · G4S Germany’s guarding and monitoring operations in Germany, with annual sales of approximately MSEK 795 and 4,100 employees. The acquisition complements Securitas’ existing German operations in terms of customers and geography. A part of the acquisition will be integrated into our business segment Mobile and Monitoring. · GRB Security in the United Kingdom, with annual sales of approximately MSEK 49 and 175 employees. A part of the acquisition will be integrated into our business segment Mobile and Monitoring. · SCP International in Serbia is the third-largest security services company in Serbia. The company has annual sales of approximately MSEK 85 and about 1,500 employees. · Purzeczko in Poland is the strongest local security services provider in the eastern region of Poland, with annual sales of approximately MSEK 110 and about 1,700 employees. · ASF (Agency of Security Fenix) in the Czech Republic and Slovakia is the third-largest market player in the Czech Republic, with annual sales of approximately MSEK 164 and 1,250 employees in the Czech Republic and 200 employees in Slovakia. Bart Adam, Divisional President, Security Services Europe Marc Pissens, Divisional President, Aviation SALES MSEK 30,000 22,500 15,000 7,500 0 OPERATING INCOME MSEK 1,800 1,350 900 450 0 06 07 08 06 07 08 Due to the new segment structure implemented January 1, 2007, historical data is limited to three years. Presentation of our business Security Services Europe Security officer Ian Linde hands out a badge to Ide Torkkeli at the office of the Confederation of Swedish Enterprise in Stockholm, Sweden. FINANCIAL kEy RATIOS MSEK 2008 2007 Total sales 28,737 25,353 Organic sales growth, % 7 8 Operating income before amortization 1,635 1,433 Operating margin, % 5.7 5.7 Real change, % 9 9 Cash flow from operating activities 1,935 1,428 Cash flow from operating activities, % 118 100 Operating capital employed 880 1,059 Operating capital employed as % of sales 3 4 Total capital employed 6,193 5,278 Return on capital employed, % 26 25 Securitas Annual Report 2008 25
Page 1 and 2: Annual Report 2008
Page 3 and 4: Securitas in short Sales by busines
Page 5 and 6: ” Business relationships are loca
Page 7 and 8: during the second half of the year.
Page 9 and 10: The cornerstones of our strategy Hi
Page 11 and 12: The Business model for Specialized
Page 13 and 14: Industry/Manufacturing - Case #1 pa
Page 15 and 16: Our Security officer Andy Price per
Page 17 and 18: Estuardo Turcios, one of Securitas
Page 19 and 20: Euclides Vieira, a mobile services
Page 21 and 22: Our security officer Marc Jessen he
Page 23 and 24: Security Services North America pro
Page 25 and 26: Events and key figures for 2008 ·
Page 27: Leading the Specialization in Europ
Page 31 and 32: Events and key figures for 2008 Acq
Page 33 and 34: Growing in New Markets A cornerston
Page 35 and 36: services. Asia is the third-largest
Page 37 and 38: Securitas’ monitoring services ar
Page 39 and 40: work with independent and strong lo
Page 41 and 42: Volume-related factors The first tw
Page 43 and 44: Business Risk Evaluation Model Secu
Page 45 and 46: A Securitas risk management case to
Page 47 and 48: an environmental impact from a life
Page 49 and 50: Turnover The turnover of Securitas
Page 51 and 52: DATA PER SHARE SEK/share 2008 2007
Page 53 and 54: Taxes, net income and earnings per
Page 55 and 56: Acquisitions have increased acquisi
Page 57 and 58: GRB Security, United Kingdom Securi
Page 59 and 60: Germany - U.S. Army Securitas Germa
Page 61 and 62: Items affecting comparability For t
Page 63 and 64: Proposed allocation of earnings The
Page 65 and 66: Securitas’ financial model - cons
Page 71 and 72: Note 1 General corporate informatio
Page 73 and 74: IFRS 8 Operating segments The Group
Page 75 and 76: Joint ventures (IAS 31) The proport
Page 77 and 78: Items affecting comparability This
Page 79 and 80:
Employee benefits (IAS 19) The Grou
Page 81 and 82:
Free cash flow in relation to net d
Page 83 and 84:
After the services had been substan
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Interest rate fixing It is the poli
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AccOUNTS rEcEIvABLE AND AGEING ANAL
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are transferred from the individual
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Shareholdings The Board of Director
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JANUAry - DEcEMBEr 2007 MSEK Income
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AUDIT FEES AND rEIMBUrSEMENTS MSEK
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DEFERRED TAx ASSETS WERE ATTRIBUTAB
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Acquisitions GRB Security, United K
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Purzeczko, Poland Securitas has acq
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Impairment testing For the purpose
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Note 20. Tangible non-current asset
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Note 29. Changes in shareholders’
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Note 32. Provisions for pensions an
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MAIN AcTUArIAL ASSUMPTIONS 2008 200
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Globe and other Securitas companies
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Annual report Parent Company financ
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Balance sheet MSEK Note 2008 2007 2
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Note 40. Accounting principles The
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Note 44. Personnel AvErAGE NUMBEr O
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cHANGE ANALySIS OF SHArES IN SUBSID
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To the annual meeting of the shareh
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Significant Shareholders The princi
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The Work of the Board of Directors
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Insider Policy and Records The Boar
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3. Financial Reporting controllers
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E. Management Assurance - Function
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Sofia Schörling Högberg b. 1978 D
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Bart Adam Bart Adam b. 1965 Divisio
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MSEK 2004 2005 2006 2007 2008 CAPIT
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Statement of income 2007 MSEK q1 20
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Securitas AB Box 12307 SE-102 28 St
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