Annual Report 2008 - Securitas

94 Annual report
Notes and comments to the consolidated financial statements
changes in deferred taxes between 2007 and 2008 are mainly explained
by an increase in losses in Sweden. changes in deferred taxes between
2006 and 2007 are mainly explained by write down of losses in LcM,
United Kingdom and revaluation due to changed tax rates in Germany and
Denmark. There are no unrecognized temporary differences related to subsidiaries,
associated companies or joint ventures. Provisions for taxes are
reported in Note 33.
Tax loss carryforwards
On December 31, 2008 subsidiaries in primarily Sweden, Germany and
France had tax loss carryforwards of MSEK 3,665 (3,324 and 3,422 for all
operations). These tax loss carryforwards expire as follows:
TAX LOSS cArryFOrwArDS
2008 0
2009 1
2010 2
2011 0
Unlimited duration 3,662
Total tax loss carryforwards 3,665
Note 16. Acquisition and divestment of subsidiaries and impairment testing
Acquisition and divestment of subsidiaries
Acquisition calculations are subject to final adjustment up to one year
after the date of acquisition. Acquisition related intangible assets (excluding
goodwill) can include various types of intangible assets, such as marketing-
MSEK
Purchase
price 1
Acquired
net debt
Deferred tax assets related to tax losses are accounted for when it is probable
that they can be utilised by future profits. As of December 31, 2008, tax
loss carryforwards for which deferred tax assets had been recognised
amounted to MSEK 2,936 (1,754 and 3,026 for all operations) and deferred
tax assets related to the tax losses amounted to MSEK 810 (526 and 976
for all operations). Tax losses can be used to reduce future taxable income.
Their future utilization does not mean a lower tax expense for the Group.
Deferred tax effects on items posted directly to
shareholders’ equity
Deferred tax effects on items posted directly to shareholders’ equity
amount to MSEK 630 (–35 and 137 for all operations).
related, customer-related, contract-related and technology-based intangible
assets.
Enterprise
value 2 Goodwill
Acquisition
related
intangible
assets
Operating
capital employed
Shares in
associated
companies
Total
capital
employed
Black Star, Spain 3 –46.9 – –46.9 – – 46.9 – 46.9
KArE, Turkey 3 –38.3 – –38.3 – – 38.3 – 38.3
GrB Security, United Kingdom –21.1 1.0 –20.1 12.7 6.5 0.9 – 20.1
PSI, Spain 3 –42.6 – –42.6 – – 42.6 – 42.6
SATS and Servicios de Seguridad, Uruguay –40.6 –0.9 –41.5 39.2 22.5 –20.2 – 41.5
FM Seguridad, chile –21.9 –1.9 –23.8 32.8 6.6 –15.6 – 23.8
G4S, Germany –438.8 79.8 –359.0 325.7 49.0 –15.7 – 359.0
SH Safe Home, Switzerland –38.9 5.9 –33.0 26.1 13.4 –6.5 – 33.0
ScP International, Serbia –25.3 –0.5 –25.8 24.1 10.3 –8.6 – 25.8
Purzeczko, Poland –31.7 –1.3 –33.0 23.2 20.4 –10.6 – 33.0
El Guardian, Argentina –77.3 –0.3 –77.6 85.2 35.4 –43.0 – 77.6
Eureca/Luxtracing, the Netherlands and Belgium –75.1 –6.4 –81.5 84.5 16.4 –19.4 – 81.5
S.O.B Objekschutz, Germany –27.8 –2.8 –30.6 16.0 22.4 –7.8 – 30.6
Agency of Security Fenix, Czech Republic
and Slovakia –47.9 –19.2 –67.1 69.4 8.9 –11.2 – 67.1
Other acquisitions and adjustments 4 –83.9 3.1 –80.8 61.4 19.5 –2.1 2.0 80.8
Total acquisitions, continuing operations –1,058.1 56.5 –1,001.6 800.3 231.3 –32.0 2.0 1,001.6
Liquid funds according to acquisition analyses 283.5
Total effect on Group’s liquid funds,
continuing operations –774.6
Keepway, France –40.7 – –40.7 – – 40.7 – 40.7
EM Armored car Service, USA –8.1 – –8.1 – 5.2 2.9 – 8.1
Other acquisitions –2.9 – –2.9 – 1.8 1.1 – 2.9
Total acquisitions, discontinued operations –51.7 – –51.7 – 7.0 44.7 – 51.7
1 Price paid to seller.
2 Purchase price plus acquired net debt.
3 Deferred considerations paid in 2008.
Securitas Annual report 2008
4 PBB Borlänge (contract portfolio), värmlandsvakt (contract portfolio), Skandinaviska Bevakning (contract portfolio), UvOS and AvS Bevakning (contract
portfolio), Mobile Sweden, 365 vagt (contract portfolio), Mobile Denmark, Turvavalvonta ja vartiointi valvo (contract portfolio), Mobile Finland,
Schutz- u. Wachdienst CSS (contract portfolio) and Consulting Plius (contract portfolio), Mobile Germany, Aufschaltungen Drees (contract portfolio),
Alert Services Germany, New Technic Security (contract portfolio) and Securiveil, Mobile France, GSP (contract portfolio), Services Switzerland, Hummel
(contract portfolio) and vision (contract portfolio), Alert Services Netherlands, cPI Security Group, romania, Grupo Guardias Blancas, Mexico, vigiliancias
y Seguridad, Seguridad Argentina, Seguridad cono Sur and Patagua, Argentina, Tecnisegur (contract portfolio), Aseco and Proguard, Uruguay,
Burns de Colombia, Colombia, Forza, Peru, Dynamic Solutions Group, Chile, Walsons Services, India, Polic Secuforce, Hong Kong and Globe Partner
Services, Egypt.