Securitas AB Annual Report 2005

6
5
4
3
2
1
0
Total sales
■ BSEK
01 02 03 04 05
The year 2005
■ Total sales amounted to MSEK 5,798 (4,724).
Organic sales growth was 6 percent.
■ Operating income amounted to MSEK 669 (554), adjusted
for changes in exchange rates, an increase of 18 percent.
During the year, three major acquisitions were made:
■ Hamilton Pacifi c, a leading provider of security solutions
for banks in the USA.
■ Wornall Electronics, which installs and maintains security
systems in Kansas City and New Jersey, USA.
■ ESES (Empresa de Servicios Especializados de Seguridad),
which installs and maintains security systems throughout
Spain.
Key ratios 1
0.8
0.6
0.4
0.2
0.0
Operating income/Operating margin
■ BSEK % ■
01 02 03 04 05
12
9
6
3
0
5
4
3
2
1
0
Capital employed/
Return on capital emloyed
Securitas Systems
■ BSEK % ■
01 02 03 04 05
■ The Hamilton and Wornall acquisitions strengthen Securitas
Systems’ position in the USA and in the banking and fi nance
segment.
■ On January 1, 2006 the division took over the Securitas
Group’s systems operations in Switzerland, with sales of
approximately MSEK 25.
■ A new sales organization was introduced for retail chains in
Scandinavia. This was a natural response to the success within
the retail sector. Customers in this segment often have operations
in several countries, and need a single point of contact
and a full-service supplier.
■ Fire protection operations in Sweden were transferred to a separate
organization, similar to what was previously done in Spain.
MSEK
Income
IFRS
2005
IFRS
2004
Swedish GAAP
2003
Total sales 5,798
4,724 4,026
Organic sales growth, % 6
1 5
Operating income before amortization 669 669
554 434
Operating margin, % 11.5
11.7 10.8
Amortization of goodwill –
– –59
Amortization of acquisition related intangible fi xed assets –16
–9 –
Acquisition related restructuring costs –34
–3 –
Operating income after amortization 619
542 375
Operating cash fl ow
Operating income before amortization 669
554 434
Investments in fi xed assets –147
–118 –98
Reversal of depreciation 123
106 95
Change in operating capital employed –182
128 37
Cash fl ow from operating activities 463
670 468
Cash fl ow from operating activities, % 69
121 108
Capital employed and fi nancing
Operating fi xed assets 355
312 367
Accounts receivable 1,471 1,471 1,117 889
Other assets 606
488 348
Other liabilities 1,533
1,342 901
Total operating capital employed 899
575 703
Goodwill 2,424
1,936 358
Acquisition related intangible fi xed assets 224
208 –
Total capital employed 3,547 3,547 2,719 1,061
Operating capital employed as % of sales 15
11 17
Return on capital employed, % 19
20 41
1 Adjusted to exclude the third party monitoring business, which was transferred to Security Services Europe.
SECURITAS 2005 55
45
36
27
18
9
0