Annual Report 2008 - Securitas

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90 Annual report Notes and comments to the consolidated financial statements SEcONDAry SEGMENTS AND GEOGrAPHIcAL INFOrMATION Total sales Assets Investments in non-current tangible and intangible assets MSEK 2008 2007 2008 2007 2008 2007 Nordic region 7,310 6,649 4,753 10,926 –392 –358 Europe excluding Nordic region 26,720 23,434 17,745 14,756 –398 –346 North America 21,248 20,864 12,179 13,227 –132 –123 rest of world 1,294 589 1,042 276 –55 –11 Total 56,572 51,536 35,719 39,185 –977 –838 Note 10. Allocation of revenue Sales The Group’s revenue is generated from a range of guarding services. The sale of alarm products is limited in extent following the dividend of Securitas Direct and Systems. revenue from cash handling services ceased on December 8, 2008 due to the dividend of Loomis, and is for 2008 and in the comparatives included on the line Net income for the year, discontinued operations. This revenue is thus not included in the Group´s total sales. The breakdown of sales by segment is provided in Note 9. Other operating income Other operating income consists in its entirety of trade mark fees from Securitas Direct AB and Niscayah Group AB (former Securitas Systems AB). Trade mark fees from Niscayah Group AB ceased in November 2008. Financial income Interest income is accounted for in the statement of income in the period to which it is attributable. Financial income and expenses are specified Note 14. Note 11. Operating expenses STATEMENT OF INcOME cLASSIFIED AccOrDING TO TyPE OF cOST IN SUMMAry MSEK 2008 2007 2006 Total sales 56,571.6 51,536.1 49,084.5 Salaries (Note 12) –37,436.8 –34,490.0 –32,167.1 Social benefits (Note 12) –8,409.3 –7,718.9 –8,420.7 Depreciation and amortization (Notes 13, 18, 19 and 20) –942.1 –865.5 –856.5 Impairment losses (Notes 17, 18, 19 and 20) – –349.9 –36.6 Bad debt losses (Note 25) –69.4 –13.0 –139.0 Other operating expenses –6,627.4 –5,730.0 –5,341.2 Total operating expenses –53,485.0 –49,167.3 –46,961.1 Operating income 3,086.6 2,368.8 2,123.4 ITEMS AFFEcTING cOMPArABILITy MSEK 2008 2007 2006 Impairment and bad debt losses 1 – 50.1 –115.7 Provisions – –128.2 –169.3 Other items –29.3 – –264.1 Total items affecting comparability –29.3 –78.1 –549.1 1 Including other items as well as non-current assets and accounts receivable. Securitas Annual report 2008 ITEMS AFFEcTING cOMPArABILITy ALLOcATED PEr FUNcTION 1 MSEK 2008 2007 2006 Production expenses – –78.1 –69.0 Selling and administrative expenses –29.3 – –480.1 Total items affecting comparability allocated per function –29.3 –78.1 –549.1 1 Illustrates how items affecting comparability would have been classified per function in the statement of income if the items had not been disclosed separately on the face of the statement of income. ITEMS AFFEcTING cOMPArABILITy ALLOcATED PEr SEGMENT MSEK 2008 2007 2006 Security Services North America – 50.1 –69.0 Security Services Europe – –124.4 –120.6 Mobile and Monitoring – –3.8 – Other –29.3 – –359.5 Total items affecting comparability allocated per segment –29.3 –78.1 –549.1 cASH FLOw IMPAcT FrOM ITEMS AFFEcTING cOMPArABILITy MSEK 2008 2007 2006 Items affecting comparability according to the statement of income –29.3 –78.1 –549.1 Cash flow 1 –110.8 –15.1 –129.3 Adjustment for effect on cash flow from items affecting comparability –81.5 63.0 419.8 1 For the 2008 cash flow MSEK –78.5 relates to the cash settlement with the bankruptcy estate of Esabe in Spain, MSEK –29.1 to listing costs for Loomis and MSEK –3.2 to other items affecting comparability. For the 2007 cash flow MSEK 50.1 relates to Globe/FAA, MSEK –58.7 to the listing of Securitas Direct and Systems project and the re–location of the head office and MSEK –6.5 to other items affecting comparability. For the 2006 cash flow MSEK –125.1 relates to the listing of Securitas Direct and Systems and the re-location of the head office and MSEK –4.2 to other items affecting comparability. AcqUISITION rELATED rESTrUcTUrING cOSTS ALLOcATED PEr FUNcTION 1 MSEK 2008 2007 2006 Production expenses –19.6 –0.9 – Selling and administrative expenses –33.0 –1.2 –0.4 Total acquisition related restructuring costs allocated per function –52.6 –2.1 –0.4 1 Illustrates how acquisition related restructuring costs would have been classified per function in the statement of income if the items had not been disclosed separately on the face of the statement of income. AcqUISITION rELATED rESTrUcTUrING cOSTS ALLOcATED PEr SEGMENT MSEK 2008 2007 2006 Security Services North America – – – Security Services Europe –36.0 –0.4 –0.4 Mobile and Monitoring –13.4 –1.2 – Other –3.2 –0.5 – Total acquisition related restructuring costs allocated per segment –52.6 –2.1 –0.4
AUDIT FEES AND rEIMBUrSEMENTS MSEK 2008 2007 2006 Pricewaterhousecoopers – audit assignments 29.0 30.9 28.4 – other assignments 1 23.4 2 23.7 44.7 Total PricewaterhouseCoopers 52.4 54.6 73.1 Other auditors – audit assignments 0.8 5.2 3.6 Total 53.2 59.8 76.7 1 Fees for other assignments performed by Pricewaterhousecoopers include fees for audit related advisory services relating to accounting including IFrS, IT, tax, acquisitions, divestments and matters relating to the Group’s internal bank. 2 In addition MSEK 9.7 in other assignments to PwC has been capitalized, making the total MSEK 33.1 on page 126. Note 12. Personnel AvErAGE NUMBEr OF yEArLy EMPLOyEES; DISTrIBUTION BETwEEN wOMEN AND MEN women Men Total 2008 2007 2006 2008 2007 2006 2008 2007 2006 Nordic region 3,779 3,238 2,945 10,030 9,241 8,612 13,809 12,479 11,557 Europe excluding Nordic region 17,345 16,953 15,170 75,826 71,560 66,378 93,171 88,513 81,548 North America 25,068 26,479 25,371 72,322 73,804 72,977 97,390 100,283 98,348 rest of world 1,146 3,419 359 15,959 6,765 3,535 17,105 10,184 3,894 Total 47,338 50,089 43,845 174,137 161,370 151,502 221,475 211,459 195,347 In 2008, the number of Board members and Presidents was 105 (140, 112), of whom 6 (12, 12) were women. STAFF cOSTS FOr BOArDS OF DIrEcTOrS AND PrESIDENTS MSEK Salaries Social benefits 2008 2007 2006 Of which bonuses (of which pensions) Salaries Social benefits (of which pensions) Salaries Social benefits (of which pensions) 2008 2007 2006 Nordic region 70.9 29.4 (5.3) 58.9 20.0 (3.2) 22.1 7.8 (2.5) 24.6 14.4 2.5 Europe excluding Nordic region 107.1 25.4 (4.7) 76.8 21.3 (2.6) 99.7 26.9 (7.7) 39.4 23.3 21.7 North America 82.5 17.1 (10.3) 90.3 14.6 (8.7) 70.0 15.6 (9.4) 37.5 47.5 25.6 rest of world 3.8 0.4 (0.0) 3.9 – (–) 2.6 – (–) 0.5 0.8 0.6 Total 264.3 72.3 (20.3) 229.9 55.9 (14.5) 194.4 50.3 (19.6) 102.0 86.0 50.4 STAFF cOSTS FOr OTHEr EMPLOyEES MSEK Salaries Social benefits 2008 2007 2006 (of which pensions) Salaries Social benefits (of which pensions) Salaries Social benefits (of which pensions) Nordic region 4,142.5 1,231.7 (252.3) 3,712.5 1,204.9 (233.9) 3,190.7 1,110.9 (164.3) Europe excluding Nordic region 16,504.7 4,511.6 (139.4) 14,589.5 4,040.0 (104.0) 12,528.7 4,684.9 (185.3) North America 15,771.7 2,390.5 (–7.4) 15,627.8 2,313.6 (–9.3) 16,089.9 2,539.7 (3.3) rest of world 753.6 203.2 (9.9) 330.3 104.5 (1.6) 163.4 34.9 (0.9) Total 37,172.5 8,337.0 (394.2) 34,260.1 7,663.0 (330.2) 31,972.7 8,370.4 (353.8) TOTAL STAFF COSTS: BOARDS OF DIRECTORS, PRESIDENTS AND OTHER EMPLOyEES MSEK Salaries Social benefits 2008 2007 2006 (of which pensions) Salaries Social benefits (of which pensions) Salaries Social benefits (of which pensions) Nordic region 4,213.4 1,261.1 (257.6) 3,771.4 1,224.9 (237.1) 3,212.8 1,118.7 (166.8) Europe excluding Nordic region 16,611.8 4,537.0 (144.1) 14,666.3 4,061.3 (106.6) 12,628.4 4,711.8 (193.0) North America 15,854.2 2,407.6 (2.9) 15,718.1 2,328.2 (–0.6) 16,159.9 2,555.3 (12.7) rest of world 757.4 203.6 (9.9) 334.2 104.5 (1.6) 166.0 34.9 (0.9) Total 37,436.8 8,409.3 (414.5) 34,490.0 7,718.9 (344.7) 32,167.1 8,420.7 (373.4) A complete specification of the average number of yearly employees and salary costs by country is provided in the annual report submitted to the Swedish Companies Registration Office. Further information regarding the Group’s pensions and other long-term employee benefits is provided in Note 32. Operating leasing contracts and rental contracts Fees expensed during the year for operating leases for buildings, vehicles and machinery and equipment amounted to MSEK 813.8 (625.4 and 607.2). The nominal value of contractual future leasing fees is distributed as follows: MSEK 2008 2007 2006 Maturity < 1 year 651.8 539.5 498.1 Maturity 1–5 years 1,478.3 1,222.8 1,178.1 Maturity > 5 years 577.4 733.1 717.1 EXcHANGE rATE DIFFErENcES, NET 1 MSEK 2008 2007 2006 Exchange rate differences included in Operating income amounted to: –1.3 –1.2 –0.5 1 Exchange rate differences included in net financial items are stated in Note 14. Annual report Notes and comments to the consolidated financial statements Securitas Annual report 2008 91
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Annual Report 2008
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Securitas in short Sales by busines
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” Business relationships are loca
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during the second half of the year.
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The cornerstones of our strategy Hi
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The Business model for Specialized
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Industry/Manufacturing - Case #1 pa
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Our Security officer Andy Price per
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Estuardo Turcios, one of Securitas
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Euclides Vieira, a mobile services
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Our security officer Marc Jessen he
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Security Services North America pro
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Events and key figures for 2008 ·
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Leading the Specialization in Europ
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Events and key figures for 2008 Acq
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Events and key figures for 2008 Acq
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Growing in New Markets A cornerston
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services. Asia is the third-largest
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Securitas’ monitoring services ar
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work with independent and strong lo
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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
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: JANUAry - DEcEMBEr 2007 MSEK Income
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
Page 115 and 116: Annual report Parent Company financ
Page 117 and 118: Balance sheet MSEK Note 2008 2007 2
Page 119 and 120: Note 40. Accounting principles The
Page 121 and 122: Note 44. Personnel AvErAGE NUMBEr O
Page 123 and 124: cHANGE ANALySIS OF SHArES IN SUBSID
Page 125 and 126: To the annual meeting of the shareh
Page 127 and 128: Significant Shareholders The princi
Page 129 and 130: The Work of the Board of Directors
Page 131 and 132: Insider Policy and Records The Boar
Page 133 and 134: 3. Financial Reporting controllers
Page 135 and 136: E. Management Assurance - Function
Page 137 and 138: Sofia Schörling Högberg b. 1978 D
Page 139 and 140: Bart Adam Bart Adam b. 1965 Divisio
Page 141 and 142: MSEK 2004 2005 2006 2007 2008 CAPIT
Page 143 and 144: 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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