SECURITAS AB Annual Report 2011

Note 13. Depreciation and amortization
MSEK 2011 2010 2009
Software licenses 58.6 63.8 55.8
Other intangible assets 26.5 20.3 20.5
Buildings 14.1 18.9 21.0
Machinery and equipment 802.8 797.7 830.2
Total depreciation and amortization 902.0 900.7 927.5
DEPRECIATION AND AMORTIZATION fOR THE yEAR IS DISTRIBuTED
IN THE STATEMENT OF INCOME AS BELOW:
MSEK 2011 2010 2009
Depreciation of tangible
non-current assets
Production expenses 582.8 563.2 596.0
Selling and administrative expenses
Total depreciation of
234.1 253.4 255.2
tangible non-current assets 816.9 816.6 851.2
Amortization of intangible assets
Production expenses 41.6 34.2 27.2
Selling and administrative expenses
Total amortization of
43.5 49.9 49.1
intangible assets 85.1 84.1 76.3
Total depreciation and
amortization 902.0 900.7 927.5
Note 14. Net financial items
MSEK
Interest income from financial assets
2011 2010 2009
at fair value through profit or loss
Interest income from loans and
66.9 9.2 9.9
receivables
Interest income from derivatives
43.3 29.0 57.0
designated for hedging – – 0.9
Total interest income 110.2 38.2 67.8
Revaluation of financial instruments 3.3 – 0.1
Other financial income 3.1 3.6 5.5
Exchange rate differences, net1 – – 2.4
Total financial income
Interest expenses from financial liabili-
116.6 41.8 75.8
ties at fair value through profit or loss
Interest expenses from financial
liabilities designated as hedged item
-29.0 -15.9 -14.3
in a fair value hedge
Interest expenses from derivatives
-131.6 -138.8 -261.5
designated for hedging
Interest expenses from other
-7.1 -63.3 -116.9
financial liabilities -406.0 -292.3 -239.3
Total interest expenses -573.7 -510.3 -632.0
Revaluation of financial instruments -0.2 -4.5 -0.5
Other financial expenses -32.8 -25.7 -33.1
Exchange rate differences, net1 -2.9 -3.6 –
Total financial expenses -609.6 -544.1 -665.6
Net financial items
Of which revaluations estimated with
-493.0 -502.3 -589.8
the use of valuation methods 3.1 -4.5 -0.4
1 Exchange rate differences included in operating income are reported in note 11.
Note 15. Taxes
Statement of income
TAX EXPENSE
Annual Report
Notes and comments to the consolidated financial statements
MSEK
Tax on income before
taxes
2011 % 2010 % 2009 %
– current taxes -680.1 -27.4 -735.7 -24.8 -715.4 -23.7
– deferred taxes -61.3 -2.5 -151.5 -5.1 -189.1 -6.2
Total tax expense -741.4 -29.9 -887.2 -29.9 -904.5 -29.9
The Swedish corporate tax rate was 26.3 percent.
The 2011 tax rate amounted to 29.9 percent.
The 2010 tax rate amounted to 29.9 percent.
The 2009 tax rate amounted to 29.9 percent. The Spanish tax authorities
have, in a tax resolution in June 2009, challenged certain interest expense
deductions made by the Group in Spain. To avoid future challenges, the
Group has adjusted the capitalization in Securitas Spain. Because of this, the
tax rate was increased in the full year 2009 by 0.6 percentage points. For
further information refer to note 37.
Deferred taxes for the year include the change in deferred tax assets and
deferred tax liabilities, translation differences and deferred taxes related to
items accounted for in equity.
DIFFERENCE BETWEEN STATUTORY SWEDISH TAX RATE
AND ACTUAL TAX EXPENSE FOR THE GROUP
MSEK
Income before taxes
according to the state-
2011 % 2010 % 2009 %
ment of income
Tax based on Swedish
2 480 2 968 3 022
tax rate
Difference between
tax rate in Sweden and
weighted tax rates for
-652 -26.3 -781 -26.3 -795 -26.3
foreign subsidiaries
Tax related to previous
-102 -4.1 -95 -3.2 -72 -2.4
years
Valuation of previously
24 1.0 -6 -0.2 -3 -0.1
unvalued tax losses
Revaluation of deferred
tax following a change in
– – – – 11 0.4
tax rate
Other non-deductible
4 0.1 0 0.0 -1 0.0
items -23 -0.9 -15 -0.5 -49 -1.6
Other tax exempt items 8 0.3 10 0.3 5 0.1
Actual tax expense -741 -29.9 -887 -29.9 -904 -29.9
Provisions have been made for taxes from anticipated dividends coming
from the subsidiaries to the Parent Company next year. Tax expense that
may arise from dividends out of the remaining distributable earnings have
not been provided for. If distributed the tax expense arising would amount
to MSEK 11.
Other comprehensive income
TAX EFFECTS ON OTHER COMPREHENSIVE INCOME
MSEK 2011 2010 2009
Deferred tax on actuarial gains and losses 136.3 48.8 -7.2
Deferred tax on cash flow hedges -1.2 -18.9 -20.3
Deferred tax on net investment hedges
Deferred tax on other
-12.9 -128.8 -91.0
comprehensive income 122.2 -98.9 -118.5
Securitas Annual Report 2011
103