Annual Report 2008 - Securitas

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60 Annual report Consolidated financial statements Consolidated statement of income MSEK Note 2008 2007 2006 Continuing operations Sales 55,247.9 50,470.5 48,114.0 Sales, acquired business 1,323.7 1,065.6 970.5 Total sales 9, 10 56,571.6 51,536.1 49,084.5 Production expenses 11, 12, 13 –46,122.9 –42,212.8 –40,331.7 Gross income 10,448.7 9,323.3 8,752.8 Selling and administrative expenses 11, 12, 13 –7,196.3 –6,453.0 –6,004.3 Other operating income 10 18.7 18.2 4.9 Share in income of associated companies 21 –0.4 0.3 – Amortization and impairment of acquisition related intangible assets 17, 18 –102.2 –439.8 –80.5 Acquisition related restructuring costs 11 –52.6 –2.1 –0.4 Items affecting comparability 4, 11 –29.3 –78.1 –549.1 Operating income 3,086.6 2,368.8 2,123.4 Financial income 14 540.6 466.7 536.5 Financial expense 14 –1,010.2 –948.6 –1,000.7 Share in income of associated companies 14, 21 – 2.2 1.2 Income before taxes 2,617.0 1,889.1 1,660.4 Taxes 15 –727.1 –535.1 –440.2 Net income for the year, continuing operations 1,889.9 1,354.0 1,220.2 Net income for the year, discontinued operations 39 431.8 –828.0 –368.2 Net income for the year, all operations 2,321.7 526.0 852.0 Whereof attributable to: Equity holders of the Parent company 2,323.6 524.4 850.4 Minority interest –1.9 1.6 1.6 Average number of shares before dilution 365,058,897 365,058,897 365,058,897 Average number of shares after dilution 365,058,897 369,365,776 376,165,189 Earnings per share before dilution, continuing operations (SEK) 5.18 3.70 3.34 Earnings per share before dilution, discontinued operations (SEK) 1.18 –2.26 –1.01 Earnings per share before dilution, all operations (SEK) 3 6.36 1.44 2.33 Earnings per share after dilution, continuing operations (SEK) 5.18 3.70 3.34 Earnings per share after dilution, discontinued operations (SEK) 1.18 –2.26 –1.01 Earnings per share after dilution, all operations (SEK) 3 6.36 1.44 2.33 Earnings per share before dilution and before items affecting comparability, continuing operations (SEK) 3 5.24 4.82 4.60 Earnings per share after dilution and before items affecting comparability, continuing operations (SEK) 3 5.24 4.82 4.60 Securitas Annual report 2008
Securitas’ financial model – consolidated statement of income Supplementary information MSEK 2008 2007 2006 Continuing operations Sales 55,247.9 50,470.5 48,114.0 Sales, acquired business 1,323.7 1,065.6 970.5 Total sales 56,571.6 51,536.1 49,084.5 Organic sales growth, % 6 6 6 Production expenses –46,122.9 –42,212.8 –40,331.7 Gross income 10,448.7 9,323.3 8,752.8 Gross margin, % 18.5 18.1 17.8 Expenses for branch offices –3,414.4 –3,111.8 –2,942.7 Other selling and administrative expenses –3,781.9 –3,341.2 –3,061.6 Total expenses –7,196.3 –6,453.0 –6,004.3 Other operating income 18.7 18.2 4.9 Share in income of associated companies –0.4 0.3 – Operating income before amortization 3,270.7 2,888.8 2,753.4 Operating margin, % 5.8 5.6 5.6 Amortization and impairment of acquisition related intangible assets –102.2 –439.8 –80.5 Acquisition related restructuring costs –52.6 –2.1 –0.4 Items affecting comparability –29.3 –78.1 –549.1 Operating income after amortization 3,086.6 2,368.8 2,123.4 Financial income and expenses –472.3 –475.2 –428.4 Revaluation of financial instruments 2.7 –6.7 –35.8 Share in income of associated companies – 2.2 1.2 Income before taxes 2,617.0 1,889.1 1,660.4 Net margin, % 4.6 3.7 3.4 Taxes –727.1 –535.1 –440.2 Net income for the year, continuing operations 1,889.9 1,354.0 1,220.2 Net income for the year, discontinued operations 431.8 –828.0 –368.2 Net income for the year, all operations 2,321.7 526.0 852.0 n n n Operating items. n n n Net debt-related items. n n n Goodwill, taxes and non-operating items. n n n Items related to shareholders’ equity. Securitas’ financial model is described on pages 36–37. Annual report Consolidated financial statements Securitas Annual report 2008 61
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
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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 and 28: Leading the Specialization in Europ
Page 29 and 30: Events and key figures for 2008 Acq
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: Proposed allocation of earnings The
Page 67 and 68: Securitas’ financial model - cons
Page 69 and 70: 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
Page 85 and 86: Interest rate fixing It is the poli
Page 87 and 88: AccOUNTS rEcEIvABLE AND AGEING ANAL
Page 89 and 90: are transferred from the individual
Page 91 and 92: Shareholdings The Board of Director
Page 93 and 94: JANUAry - DEcEMBEr 2007 MSEK Income
Page 95 and 96: AUDIT FEES AND rEIMBUrSEMENTS MSEK
Page 97 and 98: DEFERRED TAx ASSETS WERE ATTRIBUTAB
Page 99 and 100: Acquisitions GRB Security, United K
Page 101 and 102: Purzeczko, Poland Securitas has acq
Page 103 and 104: Impairment testing For the purpose
Page 105 and 106: Note 20. Tangible non-current asset
Page 107 and 108: Note 29. Changes in shareholders’
Page 109 and 110: Note 32. Provisions for pensions an
Page 111 and 112: MAIN AcTUArIAL ASSUMPTIONS 2008 200
Page 113 and 114: 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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Annual Report 2008 - Securitas

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