Annual Report 2008 - Securitas

JANUAry – DEcEMBEr 2007
MSEK
Income
Security
Services
North America
Security
Services
Europe
Mobile and
Monitoring Other Eliminations Group
Sales, external 20,933 25,328 4,677 598 – 51,536
Sales, intra-group – 25 159 – –184 –
Total sales 20,933 25,353 4,836 598 –184 51,536
Organic sales growth, % 4 8 7 – – 6
Operating income before amortization 1,080 1,433 578 –202 – 2,889
of which income in associated companies – 0 – 0 – 0
Operating margin, % 5.2 5.7 12.0 – – 5.6
Amortization and impairment of acquisition
related intangible assets 1 –15 –271 –149 –5 – –440
Acquisition related restructuring costs – 0 –1 –1 – –2
Items affecting comparability 50 –124 –4 – – –78
Operating income after amortization 1,115 1,038 424 –208 – 2,369
Financial income and expense – – – – – –482
Share in income of associated companies – – – – – 2
Income before taxes – – – – – 1,889
Taxes – – – – – –535
Net income for the year, continuing operations – – – – – 1,354
Net income for the year, discontinued operations – – – – –828
Net income for the year, all operations – – – – – 526
1 Amortization and impairment of acquisition related intangible assets
Amortization of acquisition related intangible assets –15 –32 –38 –5 – –90
Impairment losses of goodwill – –239 –111 – – –350
Total –15 –271 –149 –5 – –440
Operating cash flow
Operating income before amortization 1,080 1,433 578 –202 – 2,889
Investments in non-current tangible and intangible assets –123 –415 –289 –11 – –838
reversal of depreciation 150 366 245 15 – 776
change in operating capital employed –71 44 35 280 – 288
Cash flow from operating activities 1,036 1,428 569 82 – 3,115
Cash flow from operating activities, % 96 100 98 – – 108
Capital employed and financing
Operating non-current assets 513 1,339 707 129 – 2,688
Accounts receivable 3,026 4,827 513 178 –73 8,471
Other assets 182 593 116 2,353 –86 3,158
Other liabilities 2,769 5,700 1,196 1,749 –159 11,255
Total operating capital employed 952 1,059 140 911 – 3,062
Goodwill 5,515 3,980 1,595 170 – 11,260
Acquisition related intangible assets 46 238 180 85 – 549
Shares in associated companies – 1 – 103 – 104
Total capital employed 6,513 5,278 1,915 1,269 – 14,975
Operating capital employed as % of sales 5 4 3 – – 6
Return on capital employed, % 17 25 30 – – 19
capital employed, discontinued operations – – – – – 3,717
Capital employed, all operations – – – – – 18,692
Net debt – – – – – 9,878
Equity – – – – – 8,814
Total financing – – – – – 18,692
Net debt equity ratio/multiple – – – – – 1.12
Assets and liabilities
Non-interest bearing assets, continuing operations 9,282 10,978 3,111 1,070 –159 24,282
Non-interest bearing assets, discontinued operations – – – – – 6,869
Unallocated non-interest bearing assets, all operations 2 – – – – – 1,948
Unallocated interest-bearing assets, all operations – – – – – 6,086
Total assets – – – – – 39,185
Equity, all operations – – – – – 8,814
Non-interest bearing liabilities, continuing operations 2,769 5,700 1,196 672 –159 10,178
Non-interest bearing liabilities, discontinued operations – – – – – 3,152
Unallocated non-interest-bearing liabilities, all operations 2 – – – – – 1,077
Unallocated interest-bearing liabilities, all operations – – – – – 15,964
Total liabilities – – – – – 30,371
Total equity and liabilities – – – – – 39,185
2 Included in Other in the table Capital employed and financing.
Annual report
Notes and comments to the consolidated financial statements
Securitas Annual report 2008
89