Annual Report 2008 - Securitas

58
Annual report
report of the Board of Directors
Group development
The Group will during 2009 continue to focus on specialization
rather than diversification. The three cornerstones of Securitas’
strategy are an improved global presence, expansion of the Mobile
and Monitoring business and a higher degree of specialization.
The latter is implemented by customer segmentation of the
operations while maintaining the decentralized and functional
organization, extensive security training, sharing of best practices,
increased technical knowledge and by selective acquisitions.
Parent company operations
The Parent company of the Group, Securitas AB, conducts no
operating activities. Securitas AB provides Group Management
and support functions.
The Parent company’s income amounted to MSEK 537 (378)
and mainly relates to administrative contributions and other
income from subsidiaries.
Income after financial items amounted to MSEK 2,559 (612).
Income after financial items includes gains from the sale of
shares in subsidiaries of MSEK 0 (15), dividends from subsidiaries
of MSEK 21,228 (2,434), interest income of MSEK 1,104 (1,208),
interest expense of MSEK –1,977 (–2,160) and other financial
income and expenses, net, of MSEK –17,956 (–972). Included in
other financial income and expenses, net are impairment losses
relating to shares in subsidiaries of MSEK –17,167 (–639).
Impairment losses in 2008 and 2007 where recognized in conjunction
with the Parent company having received dividend from
the subsidiary and for 2007 also as a result of the impairment
losses of goodwill recognized in relation to Services’ and Mobile’s
operations in the Netherlands.
Net income for the year amounted to MSEK 2,700 (588).
Cash flow for the year amounted to MSEK –1,873 (2,374).
The Parent company’s non-current assets amounted to
MSEK 36,592 (51,264) and mainly comprise shares in subsidiaries
of MSEK 36,335 (51,050). Shares in subsidiaries have decreased
as a result of restructuring within the Group. current assets
amounted to MSEK 13,299 (19,453) of which liquid funds
amounted to MSEK 1,315 (3,187).
Shareholders’ equity amounted to MSEK 20,949 (24,483).
The Parent company’s liabilities amounted to MSEK 28,942
(46,234), and mainly consist of interest-bearing debt. The reduction
of liabilities is also a result of restructuring within the Group.
For further information refer to the Parent Company’s financial
statements and the accompanying notes and comments.
Securitas Annual report 2008
Proposed guidelines for remuneration to senior
management in Securitas for 2009
The Board of Directors of Securitas AB (publ.) proposes that the
Annual General Meeting on May 7, 2009 adopt the following
guidelines for remuneration to senior management according to
the following:
The fundamental principle is that remuneration and other terms
of employment for management shall be competitive and in accordance
with market conditions, in order to ensure that the Securitas
Group will be able to attract and keep competent management
employees.
The total remuneration to management shall consist of a fixed
basic salary, variable remuneration, pensions and other benefits. In
addition to a fixed annual salary the Group Management may also
receive variable remuneration, based on the outcome in relation to
financial goals and growth targets within the individual area of
responsibility (Group or division) and agree with the interest of the
shareholders. The variable remuneration shall amount to a maximum
of 50 percent of the fixed annual salary for the President and
CEO and a maximum of 35–200 percent of the fixed annual salary
for other individuals of the Group Management.
The undertakings of the company as regards variable remuneration
may, at maximal outcome within all divisions during 2009,
amount to a maximum of MSEK 53.
The pension rights of senior management employees shall be
applicable as from the age of 65 at the earliest and the entire Group
Management shall be subject to defined contribution pension plans
for which insurance premiums are transferred from the individual’s
total remuneration and paid by the company during the term of
employment. variable compensation shall in principle not qualify
for pension purposes.
Other benefits, such as company car, special health insurance or
occupational health service shall be provided to the extent this is
considered customary for management employees holding equivalent
positions on the employment market where the management
employee is active.
At dismissal, the notice period for all management employees
shall amount to a maximum of 12 months with a right to redundancy
payment after the end of the notice period, equivalent to a
maximum of 100 percent of the fixed salary for a period not
exceeding 12 months. At resignation by a management employee,
the notice period shall amount to a maximum of six months.
These guidelines shall apply to individuals who are included in
the Group Management during the term of application of these
guidelines. The guidelines shall apply to agreements entered into
after the adoption by the Annual General Meeting, and to changes
made in existing agreements after this date. The Board shall be
entitled to deviate from the guidelines in individual cases if there
are particular grounds for such deviation.
Further information regarding remuneration to the senior management,
and the 2008 guidelines adopted by the Annual General
Meeting on April 17, 2008, is provided in Note 8.