Securitas AB Annual Report 2005
Securitas AB Annual Report 2005
Securitas AB Annual Report 2005
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Notes and comments to the consolidated fi nancial statements<br />
CONT. NOTE 8 SEGMENT REPORTING<br />
Primary segments and divisional overview<br />
Income<br />
Security<br />
Services USA<br />
Security<br />
Services Europe<br />
<strong>Securitas</strong><br />
Systems Direct<br />
Secondary segments and geographical information<br />
Total sales Assets<br />
Investments<br />
in fi xed assets<br />
IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS<br />
MSEK<br />
<strong>2005</strong> <strong>2005</strong> 2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004<br />
Nordic region<br />
Europe excluding<br />
9,637 8,870 10,833 9,836 –715 –761<br />
Nordic region 30,171 26,684 19,389 16,213 –1,132 –944<br />
USA 24,679 22,876 15,488 12,443 –356 –255<br />
Rest of world 1,527 1,257 579 351 –17 –10<br />
Group 66,014 59,687 46,289<br />
38,843 –2,220<br />
–1,970<br />
Cash Handling<br />
Services Other Eliminations 1 Group<br />
IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS<br />
MSEK<br />
<strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong> 2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004<br />
Sales, external 21,616 20,017 24,757 23,084 5,331 4,327 2,701 2,144 11,566 10,073 43 42 – – 66,014 59,687<br />
Sales, intra-group – – 239 205 467 397 5 4 15 9 – – –726 –615 – –<br />
Total sales 21,616 20,017 24,996 23,289 5,798 4,724 2,706 2,148 11,581 10,082 43 42 –726 –615 66,014 59,687<br />
Organic sales growth, % 4 –2 5<br />
4 6<br />
1 23<br />
28 2<br />
5 –<br />
– –<br />
– 5<br />
3<br />
Operating income before<br />
amortization 1,080<br />
982 1,873 1,849 669 554 258 201 680 714 –259 –274 –7 – 4,294 4,026<br />
Operating margin, %<br />
Amortization of acquisition<br />
related intangible fi xed<br />
5.0 4.9 7.5 7.9 11.5 11.7 9.5 9.4 5.9 7.1 –<br />
– –<br />
– 6.5<br />
6.7<br />
assets<br />
Acquisition related<br />
–33<br />
–34 –40 –26 –16 –9 –9 –6 –25 –25 0 0 – – –123 –100<br />
restructuring costs<br />
Operating income after<br />
– –1 –1 –21 –34 –3 – – 0 –1 –<br />
– –<br />
– –35<br />
–26<br />
amortization<br />
Financial income<br />
1,047<br />
947 1,832 1,802 619 542 249 195 655 688 –259 –274 –7 – 4,136 3,900<br />
and expense<br />
Share of income in<br />
– – – – – – – – –<br />
– –487 –516 – – –487 –516<br />
associated companies – – – – – – – – –<br />
– 12<br />
– 12 –<br />
Income before taxes – – – – – – – – –<br />
– –<br />
– –<br />
– 3,661 3,384<br />
Taxes – – – – – – – – –<br />
– –950 –855 2 – –948 –855<br />
Net income for the year<br />
Operating cash fl ow<br />
– – – – – – – – – – – – – – 2,713<br />
2,529<br />
Security<br />
Services USA<br />
Security<br />
Services Europe<br />
<strong>Securitas</strong><br />
Systems Direct<br />
Cash Handling<br />
Services Other Eliminations Group<br />
IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS IFRS IFRS<br />
IFRS IFRS<br />
IFRS<br />
MSEK<br />
Operating income<br />
<strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong> <strong>2005</strong> 2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong> <strong>2005</strong> 2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004<br />
before amortization 1,080 982 1,873 1,849 669 554 258 201 680 714 –259 –274 –7 – 4,294 4,026<br />
Investment in fi xed assets –177 –123 –606 –629 –147 –118 –577 –443 –674 –644 –39 –13 – – –2,220 –1,970<br />
Reversal of depreciation<br />
Change in operating<br />
161 104 584 526 123 106 316 236 733 614 32 27 – – 1,949 1,613<br />
capital employed –77 –145 65 –14 –182 128 –16 42 167 –187 85 137 7 – 49 –39<br />
Cash fl ow from<br />
operating activities<br />
Cash fl ow from operating<br />
987 818 1,916 1,732 463 670 –19 36 906 497 –181 –123 – – 4,072 3,630<br />
activities, % 91 83 102 94 69 121 –7 18 133 70 70 45 – – 95 90<br />
Capital employed and fi nancing<br />
Security<br />
Services USA<br />
Security<br />
Services Europe<br />
<strong>Securitas</strong><br />
Systems Direct<br />
Cash Handling<br />
Services Other Eliminations 1 Group<br />
IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS IFRS<br />
IFRS<br />
MSEK<br />
<strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004 <strong>2005</strong> 2004 <strong>2005</strong><br />
2004 <strong>2005</strong><br />
2004<br />
Operating fi xed assets 740 543 2,106 1,978 355 312 815 843 2,843 2,887 112 147 –173 –187 6,798 6,523<br />
Accounts receivable 3,463<br />
2,680 4,229 3,710 1,471 1,117 234 232 1,330 1,287 5 6 –370 –204 10,362 8,828<br />
Other assets 214 205 588 592 606 488 714 299 832 880 2,508 2,245 –249 –211 5,213 4,498<br />
Other liabilities<br />
Total operating<br />
3,078 2,490 5,492 4,688 1,533 1,342 660 543 2,589 2,333 1,626 2,314 –787 –602 14,191 13,108<br />
capital employed 1,339<br />
938 1,431 1,592 899 575 1,103 831 2,416 2,721 999 84 –5 – 8,182 6,741<br />
Goodwill<br />
Acquistion related<br />
6,873 5,831 5,587 4,962 2,424 1,936 51 13 2,848 2,551 9 9 – – 17,792 15,302<br />
intangible fi xed assets<br />
Shares in associated<br />
38 42 290 100 224 208 55 13 31 69 1 1 – – 639 433<br />
companies<br />
Total capital<br />
– – – – – – – – –<br />
– 179<br />
– –<br />
– 179<br />
–<br />
employed<br />
Operating capital employed<br />
8,250<br />
6,811 7,308 6,654 3,547 3,547 2,719 1,209 857 5,295 5,341 1,188 94 –5 – 26,792 22,476<br />
as % of sales<br />
Return on capital<br />
6 5 6 7 15 11 41 39 21 24 –<br />
– –<br />
– 12<br />
11<br />
employed, % 13 14 26 28 19 20 21 24 13 13 –<br />
– –<br />
– 16<br />
18<br />
Net debt –<br />
– – – – – – – –<br />
– 11,945 10,633 – – 11,945 10,633<br />
Shareholders’ equity – – – – – – – – –<br />
– 14,852 11,843 –5 – 14,847 11,843<br />
Total fi nancing<br />
Net debt equity<br />
– – – – – – – – – – 26,797 22,476 –5 – 26,792 22,476<br />
ratio/multiple – – – – – – – – – – – – – – 0.80 0.90<br />
1 Eliminations shows the impact of eliminating internal profi t relating to sales of alarm installations that are used in combi contracts. This elimination has in previous years not been disclosed separately.<br />
NOTE 9 ALLOCATION OF REVENUE<br />
Sales<br />
The Group’s revenue is generated from different kinds of security services and the<br />
sale of alarm products. The breakdown of sales by division is provided in Note 8,<br />
Segment reporting.<br />
Financial income and expenses<br />
Interest income and borrowing costs are accounted in the statement of income in the<br />
period to which they are attributable. Financial income and expenses are specifi ed in<br />
Note 13.<br />
90 SECURITAS <strong>2005</strong>
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