Annual Report 2008 - Securitas

Turnover
The turnover of Securitas shares increased somewhat
in 2008. A total of 661 million (660) Securitas
shares were traded on the NASDAQ OMX Stockholm,
representing a value of MSEK 50,207
(64,006). The turnover rate in 2008 was 189 percent
(190), compared with a turnover rate of 152
percent (130) for NASDAQ OMX Stockholm. An
average of 2.6 million shares were traded each day.
Share capital and shareholder structure
The share capital amounted to SEK 365,058,897
at December 31, 2008, distributed among an equal
number of shares, each with a quota value of SEK
1.00. Of these shares, 17,142,600 are Series A
shares and 347,916,297 are Series B shares. Each
Series A share carries ten votes and each Series B
share carries one vote.
At December 31, 2008, Securitas had 27,616
shareholders (27,770), down 0.5 percent since
2007. In terms of numbers, private individuals make
up the largest shareholder category with 22,599
shareholders, corresponding to 82 percent of the
total number of shareholders. In terms of capital,
institutional investors dominate with 96 percent of
the shares. The largest shareholders in Securitas
at December 31, 2008 were Gustaf Douglas, who
through the companies Investment AB Latour,
SäkI AB, Förvaltnings AB Wasatornet and Karpalunds
Ångbryggeri AB holds 11.6 percent (11.6) of the
capital and 30.0 percent (30.1) of the votes, and
Melker Schörling who through Melker Schörling AB
holds 5.6 percent (4.7) of the capital and 11.8
percent (11.1) of the votes. These shareholders are
SHARE PRICES FOR SECURITAS, JANUARY 1 – DECEMBER 31, 2008
90
80
70
60
50
40
represented on the Board of Directors by Carl Douglas,
Fredrik Palmstierna, Melker Schörling and Sofia
Schörling Högberg. The majority of Securitas’ shareholders,
92 percent, are Swedish. The Swedish
shareholders hold 58 percent of the capital and
71 percent of the votes. Compared with 2007, the
proportion of foreign shareholders in the shareholder
base has increased. At December 31, 2008, the
shareholders outside Sweden owned 42 percent
(38) of the capital and 29 percent (26) of the votes.
The largest shareholdings held by foreign shareholders
are in the United Kingdom and the USA
and correspond to 13 percent and 12 percent of
the capital and 9 percent and 8 percent of the votes,
respectively.
Cash dividend and dividend policy
The Board of Directors proposes a dividend of
SEK 2.90 (3.10)* per share, corresponding to a
total of MSEK 1,059. With a free cash flow averaging
75–80 percent of adjusted income and a balanced
growth strategy comprising both organic and
acquisition-driven growth, Securitas should be able
to sustain a dividend level of 40–50 percent of the
annual free cash flow. The proposed dividend is in
line with this objective at 52 percent, which corresponds
to a yield of 4.5 percent (3.4).
Distribution of Loomis AB
In 2006, Securitas decided to transform three of its
divisions, Loomis AB, Securitas Systems AB and
Securitas Direct AB, into independent, specialized
security companies. Securitas Systems AB (now
Niscayah Group AB) and Securitas Direct AB were
SEK Number
of traded
shares,
thousands
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Securitas B OMX Stockholm PI OMX Stockholm 30
Number of traded shares, thousands
25,000
20,000
15,000
10,000
5,000
© NASDAQ OMX
The Securitas share
The past year
* To compare the dividend
of SEK 2.90 with previous
year’s dividend of SEK 3.10,
this year’s proposed dividend
from Loomis AB must be
considered.
Securitas Annual Report 2008
45