SECURITAS AB Annual Report 2011

JANuARy – DECEMBER 2010
MSEK
Income
Security
Services
North America
Security
Services
Europe 3
Mobile and
Monitoring 3
Annual Report
Notes and comments to the consolidated financial statements
Security
Services
Ibero-America 3 Other
Total
segments
Elimina-
tions Group
Sales, external 22 731 24 481 5 711 7 968 449 61 340 – 61 340
Sales, intra-group – 75 250 – – 325 -325 –
Total sales 22 731 24 556 5 961 7 968 449 61 665 -325 61 340
Organic sales growth, % -2 4 2 1 – – – 1
Operating income before amortization 1 1 380 1 300 740 529 -225 3 724 – 3 724
of which share in income of associated companies – – – – -1 -1 – -1
Operating margin, % 6.1 5.3 12.4 6.6 – – – 6.1
Amortization of acquisition related
intangible assets -27 -40 -44 -50 -3 -164 – -164
Acquisition related costs -16 -48 -6 -9 -11 -90 – -90
Operating income after amortization 1 337 1 212 690 470 -239 3 470 – 3 470
financial income and expenses – – – – – – – -502
Income before taxes – – – – – – – 2 968
Taxes – – – – – – – -887
Net income for the year – – – – – – – 2 081
Operating cash flow
Operating income before amortization
Investments in non-current tangible and
1 380 1 300 740 529 -225 3 724 – 3 724
intangible assets -160 -305 -346 -74 -17 -902 – -902
Reversal of depreciation1 153 329 317 93 9 901 – 901
Change in operating capital employed -293 -193 20 -32 42 -456 – -456
Cash flow from operating activities 1 080 1 131 731 516 -191 3 267 – 3 267
Cash flow from operating activities, % 78 87 99 98 – – – 88
Capital employed and financing
Operating non-current assets 562 1 063 846 357 113 2 941 – 2 941
Accounts receivable 3 298 3 838 557 2 020 112 9 825 -101 9 724
Other assets 283 720 216 95 1 719 3 033 -235 2 798
Other liabilities -3 069 -5 817 -1 440 -1 371 -1 516 -13 213 336 -12 877
Total operating capital employed 1 074 -196 179 1 101 428 2 586 – 2 586
Operating capital employed as % of sales 5 -1 3 14 – – – 4
Goodwill 6 110 4 255 1 763 1 056 155 13 339 – 13 339
Acquisition related intangible assets 136 402 206 302 50 1 096 – 1 096
Shares in associated companies – – – – 126 126 – 126
Total capital employed 7 320 4 461 2 148 2 459 759 17 147 – 17 147
Return on capital employed, % 19 29 34 21 – – – 22
Net debt – – – – – – – –8 209
Shareholders’ equity – – – – – – – 8 938
Total financing – – – – – – – 17 147
Net debt equity ratio / multiple – – – – – – – 0.92
Assets and liabilities
Non-interest bearing assets 10 389 10 278 3 588 3 830 666 28 751 -336 28 415
unallocated non-interest bearing assets2 – – – – – – – 1 609
unallocated interest-bearing assets – – – – – – – 2 861
Total assets – – – – – – – 32 885
Shareholders’ equity – – – – – – – 8 938
Non-interest bearing liabilities 3 069 5 817 1 440 1 371 414 12 111 -336 11 775
unallocated non-interest-bearing liabilities2 – – – – – – – 1 102
unallocated interest-bearing liabilities – – – – – – – 11 070
Total liabilities – – – – – – – 23 947
Total shareholders’ equity and liabilities – – – – – – – 32 885
1 Depreciation and amortization of tangible and non-acquisition related intangible assets per segment are specified on the line Reversal of depreciation in the statement of cash flow above.
Further information regarding depreciation and amortization is provided in note 13.
2 Included in Other in the table Capital employed and financing.
3 The comparatives have been restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America.
Securitas Annual Report 2011
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