Securitas AB Annual Report 2005

More documents

Recommendations

Info

Notes and comments to the consolidated fi nancial statements NOTE 20 SHARES IN ASSOCIATED COMPANIES Holdings 2005 Company Domicile Share of equity, % Book value Securitas Employee Convertible 2002 Holding S.A. Luxembourg 43.1 178.6 Total shares in associated companies – – 178.6 Opening balance – – – Purchase price – – 163.8 Reversal of negative goodwill – – 11.3 Share of income in associated company – – 0.5 Translation differences – – 3.0 Closing balance – – 178.6 After reversing the negative goodwill there is no difference between the book value of the Group and the Group’s share of the associated company’s equity. NOTE 21 INTEREST-BEARING FINANCIAL FIXED ASSETS MSEK IFRS 2005 IFRS 2004 Swedish GAAP 2004 Derivatives with positive fair value, long-term1 1,117.2 – – Other items 49.6 138.2 138.2 Total interest-bearing fi nancial fi xed assets 1,166.8 138.2 138.2 1 For further information regarding fi nancial instruments, refer to Note 5. NOTE 22 OTHER LONG-TERM RECEIVABLES MSEK IFRS 2005 IFRS 2004 Swedish GAAP 2004 Pension balances, defi ned benefi t plans1 113.8 70.6 70.6 Pension balances, defi ned contribution plans2 41.0 – – Receivable for Group Management bonus3 113.8 41.0 – 48.9 48.9 Other long-term receivables 388.3 314.5 314.5 Total other long-term receivables 543.1 434.0 434.0 1 Pension balances refer to assets related to pensions and other long-term employees benefi t plans. For further information, refer to Note 31. 2 Refers to assets relating to a insured pension plan excluding social benefi ts. For further information, refer to Note 7. 3 The receivable for Group Management bonus refers to insurance taken out when the bonus program for Group Management was terminated in 1999, at which time the balance was transferred to this single-premium policy. For further information, refer to Note 7. NOTE 23 INVENTORIES MSEK IFRS 2005 IFRS 2004 Swedish GAAP 2004 Materiel and consumables 496.5 413.2 413.2 Work in progress 257.4 177.7 177.7 Advance payments to suppliers 23.6 17.7 17.7 Total inventories 777.5 608.6 608.6 NOTE 24 ACCOUNTS RECEIVABLE MSEK IFRS IFRS 2005 IFRS 2004 Swedish GAAP 2004 Account receivable before deduction of provisions for bad debt losses 10,790.4 9,245.3 7,696.3 Provisions for bad debt losses1 10,790.4 –427.9 –417.3 –417.3 Total account receivable 10,362.5 8,828.0 7,279.0 1 The bad debt losses for the year amounted to MSEK 119.0 (93.8 and 93.8). NOTE 25 OTHER CURRENT RECEIVABLES MSEK IFRS IFRS 2005 IFRS 2004 Swedish GAAP 2004 Current tax assets 307.6 266.9 266.9 Prepaid expenses and accrued income Accrued interest income and prepaid fi nancial 1,150.5 860.0 860.0 expenses 528.1 506.6 506.6 Insurance-related receivables1 450.6 600.2 600.2 Receivable for Group Management bonus2 307.6 1,150.5 528.1 450.6 – 14.5 14.5 Other items 398.1 200.0 200.0 Total other current receivables 2,834.9 2,448.2 2,448.2 1 Insurance-related receivables in 2005 includes MSEK 375.4 (366.4 and 366.4) relating to the WELO-project in Cash Handling Services Germany. The receivable has in connection with the disposal been taken over by another company within Cash Handling Services. 2 The receivable for Group Management bonus refers to insurance taken out when the bonus program for Group Management was terminated in 1999, at which time the balance was transferred to this single-premium policy. For further information, refer to Note 7. NOTE 26 OTHER INTEREST-BEARING CURRENT ASSETS MSEK IFRS 2005 IFRS 2004 Swedish GAAP 2004 Derivatives with positive fair value, short-term1 668.5 – – Total other interest-bearing current assets 668.5 – – 1 For further information regarding fi nancial instruments, refer to Note 5. NOTE 27 LIQUID ASSETS 1 MSEK IFRS 2005 IFRS 2004 Swedish GAAP 2004 Short-term investments2 2,115.5 2,192.1 2,192.1 Cash and bank deposits3 2,115.5 1,355.3 928.3 928.3 Total liquid assets 3,470.8 3,470.8 3,120.4 3,120.4 1 Liquid assets include Short-term investments with a maximum duration of 90 days and Cash and bank deposits. 2 Short-term investments refer to fi xed interest rate bank deposits. 3 The net position in Group country cash-pool accounts is reported as Cash and bank deposits where netting refl ects the legal structure of the arrangement. 96 SECURITAS 2005
NOTE 28 CHANGES IN SHAREHOLDERS’ EQUITY MSEK Share capital Legal reserve Shareholders’ equity attributable to equity holders of the Parent Company Premium reserve Hedging reserve Translation reserve Retained earnings Total Minority Interest Total Opening balance 2004 according to IFRS 365.1 695.2 6,667.4 – – 2,966.8 10,694.5 15.6 10,710.1 Net investment hedges – – – – 163.8 – 163.8 – 163.8 Translations differences Net income/expenses recognized – – – – –829.7 – –829.7 0.3 –829.4 directly in equity – – – – –665.9 – –665.9 0.3 –665.6 Net income for the year Total change excluding transactions – – – – – 2,527.8 2,527.8 0.7 2,528.5 with equity holders – – – – –665.9 2,527.8 1,861.9 1.0 1,862.9 Dividend paid to shareholders of the Parent Company – – – – – –730.1 –730.1 – –730.1 Opening balance 2005 365.1 695.2 6,667.4 – –665.9 4,764.5 11,826.3 16.6 11,842.9 Effect of change in accounting principle IAS 39 Opening balance 2005 adjusted in accordance – – – – – –2.7 –2.7 – –2.7 with new princple 365.1 695.2 6,667.4 – –665.9 4,761.8 11,823.6 16.6 11,840.2 Transfer of opening balance Premium reserve – 6,667.4 –6,667.4 – – – – – – Cash fl ow hedges net of tax – – – 15.6 – – 15.6 – 15.6 Tax relating to cash fl ow hedges – – – –4.4 – – –4.4 – –4.4 Net investments hedges – – – – –544.6 – –544.6 – –544.6 Translations differences Net income/expenses recognized – – – – 1,939.2 – 1,939.2 1.3 1,940.5 directly in equity – – – 11.2 1,394.6 – 1,405.8 1.3 1,407.1 Net income for the year Total change excluding transactions with – – – – – 2,711.1 2,711.1 1.5 2,712.6 equity holders – 6,667.4 –6,667.4 11.2 1,394.6 2,711.1 4,116.9 2.8 4,119.7 Acquistion of minority interests – – – – – – – –17.9 –17.9 Dividend paid to shareholders of the Parent Company – – – – – –1,095.2 –1,095.2 – –1,095.2 Closing balance 2005 365.1 7,362.6 – 11.2 728.7 6,377.7 14,845.3 1.5 14,846.8 Number of shares outstanding December 31, 2005 MSEK Series A 17,142,600 each with a par value of SEK 1.00 17.1 Series B 347,916,297 each with a par value of SEK 1.00 348.0 Total 365,058,897 365.1 The number of shares, Series A and Series B, is unchanged in relation to December 31, 2004. The maximum number of shares after full dilution by conversion of convertible debenture loan is 17,142,600 Series A shares and 357,872,800 Series B shares, in total 375,015,400 shares. Dividend The Board of Directors and the President propose a dividend to the shareholders of the Parent Company of SEK 3.50 per share, or a total of MSEK 1,277.7. The dividend to the shareholders for the previous year, 2004, which was paid to the shareholders in 2005, was SEK 3.00 per share, or a total of MSEK 1,095.2. The dividend for the year 2003, which was paid to the shareholders in 2004, was SEK 2.00 per share, or a total of MSEK 730.1. Cash fl ow hedges There were no derivatives that met the requirements for hedge accounting for cash fl ow hedges when the Group adopted IAS 39 on January 1, 2005. Presentation of Shareholders’ Equity The presentation of shareholders’ equity in the balance sheet was changed in connection with the adoptions of IFRS. According to previous accounting principles, Swedish GAAP, the shareholders’ equity was divided into restricted equity and non-restricted equity in accordance with the Swedish Annual Accounts Act. Shareholders’ equity should according to IAS 1 be divided into subcomponents. According to IAS 1 a company should as a minimum present issued share capital and other reserves in the balance sheet. Securitas AB has chosen to specify shareholders’ equity, which has been stated as opening balance and closing balance for 2004, according to IFRS in further sub-components according to the table below; Share capital Other capital contributed Other reserves Retained earnings Notes and comments to the consolidated fi nancial statements The share capital shows the registred share capital of the Parent Company. There were no changes in the share capital in 2005. In other capital contributed shows, the total amount of all transactions Securitas AB has had with its shareholders are included. Transactions that have taken place with shareholders are issued capital to premium. The amount presented in this sub-component corresponds to capital received (reduced by commission costs) in excess of par value of issued capital. Other capital contributed amounts to MSEK 7,362.6 as of January 31, 2005 (7,362.6). Other reserves shows certain income and expense items that according to certain standards should be recognized directly in equity. In the case of Securitas, the item consists of translation differences attributable to the translation of foreign subsidiaries according to IAS 21, and of the hedging reserve of cash fl ow hedges. Retained earnings corresponds to the accumulated profi ts earned and losses incurred in total for the Group. SECURITAS 2005 97
Page 1 and 2:
Securitas AB Annual Report 2005
Page 3 and 4:
Sales per region A world
Page 5 and 6:
A positive 2005 lays the foundation
Page 7 and 8:
A history of growth Securitas was f
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 42 and 43:
Report of the Board of Directors -
Page 44 and 45:
Security Services USA Security Offi
Page 46 and 47: Security Services USA Security Offi
Page 48 and 49: Report of the Board of Directors -
Page 50 and 51: Security Services Europe In order t
Page 52 and 53: Security Services Europe Securitas
Page 56 and 57: Securitas Systems In the fall of 20
Page 58 and 59: Securitas Systems Bell Security, ac
Page 62 and 63: Direct Mikael Sundberg holds the fr
Page 64 and 65: Direct Directs model for expansion
Page 68 and 69: Cash Handling Services Route Superv
Page 70 and 71: Cash Handling Services One of the s
Page 72: Annual Report - Financial statement
Page 75 and 76: Statement of cash fl ow MSEK NOTE I
Page 77 and 78: Supplementary information Securitas
Page 79 and 80: Financial statements - Notes and co
Page 81 and 82: net assets, and qualify for the hed
Page 83 and 84: Recognition and subsequent measurem
Page 85 and 86: NOTE 3 CRITICAL ESTIMATES AND JUDGE
Page 87 and 88: Table 3A. Maturity structure of iss
Page 89 and 90: a certain percentage of the fi nal
Page 91 and 92: NOTE 10 OPERATING EXPENSES Income s
Page 93 and 94: Notes and comments to the consolida
Page 95: Goodwill is tested on an annual bas
Page 99 and 100: Pension cost MSEK IFRS 2005 Notes a
Page 101 and 102: Table 1A. Adjusted Consolidated Sta
Page 103 and 104: Free cash fl ow was not impacted by
Page 105 and 106: elating to the tax calculated on th
Page 107 and 108: Table 5. Consolidated Balance Sheet
Page 109 and 110: NOTE A GOODWILL MSEK Jan 1, 2004 De
Page 111 and 112: Statement of income MSEK NOTE Paren
Page 113 and 114: Parent Company changes in sharehold
Page 115 and 116: NOTE 42 PERSONNEL Average number of
Page 117 and 118: NOTE 50 LIQUID ASSETS Liquid assets
Page 119 and 120: To the Annual General Meeting of th
Page 122 and 123: Corporate Governance - Board of Dir
Page 124 and 125: Corporate governance - Report of th
Page 130 and 131: Corporate Governance - Report of th
Page 134 and 135: Corporate Information
Page 136 and 137: Corporate Information - Financial i
Page 138: Securitas Services Ltd. Berkshire H
show all

Securitas AB Annual Report 2005

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?