Securitas AB Annual Report 2005

Market capitalization & Enterprise Value
MSEK
90
80
70
60
50
40
30
20
10
0
96 97 98 99 00 01 02 03 04 05
Source: Stockholm Stock Exchange
Ten largest shareholders as of December 31, 2005
Shareholder A-shares B-shares
% of capital % of votes
SäkI AB 8,642,600 4,000,000 3.5 17.4
Investment AB Latour 4,000,000 21,500,000 7.0 11.8
Melker Schörling AB 4,500,000 10,363,100 4.1 10.7
JP Morgan Chase Bank 0 28,843,845 7.9 5.6
State Street Bank and Trust 0 15,625,037 4.3 3.0
Credit Agricole Indosuez 0 9,835,357 2.7 1.9
Alecta 0 8,510,000 2.3 1.6
Fourth Nat’l Pension Fund 0 7,747,459 2.1 1.5
AMF Pensionsförsäkrings AB 0 7,534,200 2.1 1.5
Morgan Stanley 0 6,383,790 1.8 1.2
Total ten largest shareholders 17,142,600 120,342,788 37.8 56.2
Source: VPC (the Swedish Central Securities Depository) and changes known to Securitas.
Shareholder structure as of December 31, 2005
Number of Number of Number of
Number of shares shareholders A-shares B-shares % of capital % of votes
1–500 21,312 0 3,736,984 1.02 0.72
501–1,000 4,722 0 3,974,620 1.09 0.77
1,001–5,000 3,977 0 9,157,792 2.51 1.76
5,001–10,000 483 0 3,605,648 0.99 0.69
10,001–15,000 155 0 1,977,574 0.54 0.38
15,001–20,000 132 0 2,383,177 0.65 0.46
20,001– 615 17,142,600 323,080,502 93.2 95.22
Total 31,396 17,142,600 347,916,297 100 100
Source: VPC (the Swedish Central Securities Depository) and changes known to Securitas
1 A 3:1 split was effected in 1996, as was a stock dividend, changing the par value
of the share from SEK 5 to SEK 2..
2 A 4:1 split was effected in 1998, as was a stock dividend, changing the par value
of the share from SEK 2 to SEK 1.
3 148,200 refers to interim shares registered with the Swedish Patent and Registration
Offi ce on January 11, 2002.
P/E ratio
Securitas’ P/E ratio was 18 percent
at year-end 2005.
TIMES
80
70
60
50
40
30
20
10
0
96 97 98 99 00 01 02 03 04 05
Source: Securitas and SME Direkt
The share, shareholders and dividend
■ Market Cap EV
P/E
Securitas
EBITA/Enterprise Value
Ownership by country
Holdings December 31, 2005
■ Sweden, 56 %
■ USA, 14 %
■ United Kingdom, 13 %
■ Other, 17 %
Holdings December 31, 2004
■ Sweden, 53 %
■ USA, 9 %
■ United Kingdom, 20 %
■ Other, 18 %
4 The 1998/2003 convertible debenture loan has been converted per March 31, 2003
except for MSEK 5 that was not converted. The total number of shares after dilution
of all outstanding convertible debenture loans is 375,015,400.
Source: VPC
Development of share capital
Year Transaction No. of shares SEK Year Transaction No. of shares SEK
1987 Opening capital 200,000 20,000,000 1998 Rights issue2 73,439,693 293,758,772
1989 Non-cash issue 285,714 28,571,400 1998 Split 4:12 293,758,772 293,758,772
1989 New issue 342, 856 34,285,600 1998 New issue Raab Karcher 308,114,828 308,114,828
1989 Split 50:1 17,142,800 34,285,600 1998 New issue Proteg 325,104,472 325,104,472
1989 Stock dividend 17,142,800 85,714,000 1998 Conversion 325,121,812 325,121,812
1992 Rights issue 22,142,800 110,714,000 1999 Conversion 327,926,707 327,926,707
1993 Conversion 23,633,450 118,167,250 1999 New issue Pinkerton 355,926,707 355,926,707
1994 Non-cash issue (Spain) 24,116,450 120,582,250 1999 Conversion 356,318,317 356,318,317
1996 Split 3:11 72,349,350 120,582,250 2001 Conversion3 361,081,321 361,081,321
1996 Rights issue1 72,349,350 144,698,700 2002 Conversion 363,055,906 363,055,906
1996 Conversion 72,697,739 145,395,478 2003 Conversion4 365,058,897 365,058,897
1997 Conversion 73,206,315 146,412,630 2004 n/a 365,058,897 365,058,897
1998 Conversion 73,439,693 146,879,386 2005 n/a 365,058,897 365,058,897
60
50
40
30
20
10
0
EBITA/Enterprice Value
Securitas’ market capitalization at year-end
2005 was fourteen times operating income
before amortization of goodwill.
TIMES
96 97 98 99 00 01 02 03 04 05
SECURITAS 2005 33