Securitas AB Annual Report 2005

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Introduction – Our values and our history Our values are the foundation of our operations Securitas is its people – 217,000 employees, men and women, in more than 20 countries. Our job is to protect homes, workplaces and society with the same integrity, vigilance and helpfulness no matter where in the world we operate. Securitas’ values serve as our shared foundation, uniting us in professionalism and building trust with customers. Securitas’ transformation from a Swedish guarding company to a world leader in security has entailed the creation of a global corporate culture for a business focused on security. The main purpose of this culture is to develop competent, specialized employees and qualifi ed professionals whose role is to make society safer for everyone. Our success is ultimately measured by the trust we earn in our communities. Our corporate culture is built on values that help to shape a long-term fi nancially successful enterprise by creating value for customers, employees and shareholders. They are summarized in three words: Integrity, Vigilance and Helpfulness. ■ Integrity. A Securitas employee is honest and therefore trusted to work unsupervised on the customer’s premises and with valuables. Securitas never compromises in its demand for integrity. Integrity also includes openly expressing one’s opinion, reporting improprieties and not withholding information. ■ Vigilance. Professionalism entails seeing, hearing and evaluating, and a Securitas employee is always attentive. Professionals develop an intuition that helps us to notice things that others don’t. Their vigilance is needed in order to stay aware of potential risks or incidents that are taking place on our customers’ premises. ■ Helpfulness. When needed, a Securitas employee will lend assistance, even if it isn’t directly related to his or her job. A Securitas employee will always help if an incident occurs that requires intervention, as part of an ongoing effort to make life safer. Professionalism builds trust Taking responsibility for other people’s property and handling large sums of money every day requires that employees respect and support our ethical philosophy. The overriding concern at Securitas has been and is to continuously raise service quality by developing the competence of employees through a level of professionalism unmatched in the industry. This builds trust, which gives our customers confi dence and leads to more assignments and better profi tability. Back in 1958, Securitas, in a fi rst for the industry, published the document “Basic Values for Guards,” which explains the demands we as employees place on ourselves in performing our duties. Building on these norms, we have developed a platform of values and an extensive program of education and training in every aspect of the profession. Another key document is “Basic Values for Employees of Securitas,” which is an important element in the company’s code of ethics. The primary focus of all our work is the customer. We must respect the individual wishes of the customer while taking into consideration various situations and the individual’s roots in various economic, social and religious cultures. Secondly, we have to provide customers with value. Our professionalism makes us effi cient, so we can give the customer competitive added value while also ensuring good profi tability for ourselves. Thirdly, we take responsibility. Our employees are responsible for their jobs and performance and for Securitas’ results. Fourthly, we follow up. We evaluate, correct and move on, better than we were before. A trademark for our values Securitas’ trademark unites employees in a collaborative effort to do a good job, whereby we develop personally and as a company. In our daily work, the three red dots in the trademark remind us of our core values – Integrity, Vigilance and Helpfulness – which are, and will remain, the foundation of Securitas’ operations. 6 SECURITAS 2005
A history of growth Securitas was founded in Sweden in 1934 as a guarding company. The Group’s roots date back considerably further in time, however, to the classic American detective and guarding company Pinkerton, founded in 1850 and acquired in 1999. Other U.S. acquisitions also have a long, valuable tradition in the U.S. security industry. Wells Fargo (1852), Burns (1909) and Loomis (1925) together with Pinkerton (1850) form the base of U.S. operations. Securitas has grown through a number of acquisitions. One of the most important elements in integration work is to capture the best of the acquired company’s local and regional traditions and experience. We develop shared norms and values for market-leading professionalism that guide employees in their security assignments. These are processes that Securitas has great experience with after more than 60 acquisitions in 15 countries during the last 20 years. The Securitas Group’s growth can be summarized in a few distinct stages: 1934–1985: A Swedish security company that quickly rose to become market leader in accordance with the demands of the time, by offering a range of simple guarding services for buildings and other premises. 1986–1998: Following a change in strategy in the mid- 1980s, Securitas acquired around 20 European guarding, or other companies with a connection to security, and became the European market leader. Securitas’ strategy has always been to take responsibility for transforming Securitas’ growth and major acquisitions 1986–2005 70,000 60,000 50,000 40,000 30,000 20,000 10,000 600 0 0 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 1988–1998 Company MSEK G = Guarding C = Cash handling A =Alarm L = Lock 1999–2001 Company MSEK 1988 Assa/Sweden (L) 500 1999 Pinkerton/USA (G/LA) 9,200 1992 Esabe/Spain (G) 1,264 Securis/Belgium (G) 780 Protectas/Germany, Austria, 2000 APS/USA (G) 3,300 Switzerland (G/C) 954 First Security/USA (G) 1,130 1994 Assa Abloy dividend (L) –3,600 Micro-Route/UK (C) 168 1996 DSW/Germany (G) 736 Baron Security/Belgium (G/A) 300 Security Express/UK (C) 650 Ausysegur/Spain (G/C) 530 1997 SIG/France (G) 420 Doyle/USA (G/A) 240 Telelarm/Sweden (A) 920 APG Security/USA (G) 260 1998 Proteg/France (G/A) 3,800 Burns/USA (G) 13,300 Raab Karcher/Germany (G) 2,000 2001 Loomis, Fargo & Co/USA (C) 4,427 the industry and focusing on security as a profession for customer-oriented security solutions. Infl uenced by customers, demand shifted and a new service offering was created. 1999–2005: A world leader in security that in a sevenyear period acquired another twenty large companies and by the early 2000s had grown to become the world’s largest security group. The Group’s structure refl ected a trend toward specialization and differentiated services. Professionalization and a market and customer orientation were fi rmly entrenched in four service lines: guarding, complete security solutions for banks and highsecurity customers, alarms and assistance services for home security, and cash handling services. 2006: The Board of Directors’ decision to propose a distribution and listing of the three divisions Securitas Systems, Direct and Cash Handling Services marks the beginning of a fourth stage in Securitas’ development. Demand and industry trends clearly point toward fast-growing and differentiated customer needs. Specialization and segmentation continue and will demand independent companies with competence and creativity. Securitas intends to remain the market leader during this development stage as well. 4,200 3,600 3,000 2,400 1,800 1,200 Våra värderingar Our values och and vår our historia history ■ Income before taxes, MSEK ■ Total sales, MSEK 2002–2005 Company MSEK 2002 VNV/The Netherlands (G) 1,600 Belgacom/Benelux (A) 265 2003 AMSA/USA (C) 440 Sudalarm/Germany (A) 128 Lincoln/USA (G) 229 2004 Eurotelis/France (A) 247 Bell/UK (A) 954 Valiance/France (C) 1,522 2005 Hamilton Pacifi c/USA (A) 366 Black Star/Spain (G) 462 SECURITAS 2005 7
Page 1 and 2: Securitas AB Annual Report 2005
Page 3 and 4: Sales per region A world
Page 5: A positive 2005 lays the foundation
Page 9 and 10: The wheel of fortune Rationalizatio
Page 11 and 12: Koncernen 12 Comments by the CEO 14
Page 13 and 14: and customers have been convinced t
Page 15 and 16: The Securitas Group - sales growth,
Page 17 and 18: From multi-service providers to sec
Page 19 and 20: The entire organization supports th
Page 21 and 22: Our values Our values - Integrity,
Page 23 and 24: New sales of customer contracts tha
Page 25 and 26: 25 20 15 10 5 0 Return on capital e
Page 27 and 28: Risk business plans Each division a
Page 29 and 30: Swedish GAAP IFRS MSEK 2001 2002 20
Page 31 and 32: Income 2004 MSEK IFRS Q1 2004 IFRS
Page 33 and 34: Market capitalization & Enterprise
Page 36 and 37: Report of the Board of Directors -
Page 38 and 39: Financial overview BDM, Switzerland
Page 40 and 41: Financial overview Divestment of re
Page 44 and 45: Security Services USA Security Offi
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Securitas Systems In the fall of 20
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Securitas Systems Bell Security, ac
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Report of the Board of Directors -
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Direct Mikael Sundberg holds the fr
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Direct Directs model for expansion
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Cash Handling Services Route Superv
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Cash Handling Services One of the s
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Annual Report - Financial statement
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Statement of cash fl ow MSEK NOTE I
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Supplementary information Securitas
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Financial statements - Notes and co
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net assets, and qualify for the hed
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Recognition and subsequent measurem
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NOTE 3 CRITICAL ESTIMATES AND JUDGE
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Table 3A. Maturity structure of iss
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a certain percentage of the fi nal
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NOTE 10 OPERATING EXPENSES Income s
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Notes and comments to the consolida
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Goodwill is tested on an annual bas
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NOTE 28 CHANGES IN SHAREHOLDERS’
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Pension cost MSEK IFRS 2005 Notes a
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Table 1A. Adjusted Consolidated Sta
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Free cash fl ow was not impacted by
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elating to the tax calculated on th
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Table 5. Consolidated Balance Sheet
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NOTE A GOODWILL MSEK Jan 1, 2004 De
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Statement of income MSEK NOTE Paren
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Parent Company changes in sharehold
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NOTE 42 PERSONNEL Average number of
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NOTE 50 LIQUID ASSETS Liquid assets
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To the Annual General Meeting of th
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Corporate Governance - Board of Dir
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Corporate governance - Report of th
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Corporate Governance - Report of th
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Corporate Information
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Corporate Information - Financial i
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Securitas Services Ltd. Berkshire H
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Securitas AB Annual Report 2005

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