SECURITAS AB Annual Report 2011

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116 Annual Report Notes and comments to the consolidated financial statements Note 20. Tangible non-current assets Buildings and land 1, 3 Machinery and equipment 2, 3 MSEK 2011 2010 2009 2011 2010 2009 Opening balance 633.0 726.7 776.9 7 006.0 6 966.3 6 675.4 Acquisitions 32.0 3.8 4.1 127.4 200.1 26.9 Capital expenditures 1.3 36.9 18.3 943.0 961.0 880.8 Disposals/write-offs -3.8 -55.0 -7.6 -417.9 -678.8 -353.4 Reclassification -3.9 1.7 -21.7 -0.3 -6.8 3.8 Translation difference -7.7 -81.1 -43.3 -41.4 -435.8 -267.2 Closing accumulated balance 650.9 633.0 726.7 7 616.8 7 006.0 6 966.3 Opening depreciation -277.6 -310.7 -330.5 -5 059.5 -4 984.6 -4 639.9 Acquisitions -4.4 – – -84.5 -151.3 -14.1 Disposals/write-offs 1.5 18.6 2.7 332.7 530.1 294.1 Reclassification 0.2 0.3 21.2 -0.7 5.8 -1.3 Depreciation for the year -14.1 -18.9 -21.0 -802.8 -797.7 -830.2 Translation difference 3.0 33.1 16.9 18.1 338.2 206.8 Closing accumulated depreciation -291.4 -277.6 -310.7 -5 596.7 -5 059.5 -4 984.6 Opening impairment losses -18.0 -20.5 -21.8 – – – Translation difference 0.2 2.5 1.3 – – – Closing accumulated impairment losses -17.8 -18.0 -20.5 – – – Closing residual value 341.7 337.4 395.5 2 020.1 1 946.5 1 981.7 1 The closing residual value of land included in buildings and land above was MSEK 49.9 (49.5 and 57.2). 2 Machinery and equipment comprises vehicles, equipment, security equipment (including alarm systems) and IT and telecom equipment. 3 Of which closing residual value under finance leases for buildings and land MSEK 0.0 (0.0 and 0.0) and for machinery and equipment MSEK 86.8 (85.7 and 190.4). Note 21. Shares in associated companies MSEK 2011 2010 2009 Opening balance 125.6 132.1 104.9 Purchase price 1 – 1.0 35.7 Divestment 2 – – -0.4 Share in income of associated companies -2.4 -1.0 -4.1 Translation differences -15.0 -6.5 -4.0 Closing balance3 108.2 125.6 132.1 1 Long Hai Security Services Joint Stock Company MSEK 0.0 (1.0 and 35.7). 2 Divestment in 2009 refers to Facility Network A /S. 3 Of which goodwill MSEK 103.1 (117.8 and 121.0) and acquisition related intangible assets MSEK 5.9 (7.6 and 8.9). HOLDINGS 2009–2011 MSEK Attributable to the Group Company Domicile Share of capital, % Assets Liabilities Sales Net income Holdings 2011 Long Hai Security Services Joint Stock Company Ho Chi Minh City 49 7.9 1.0 25.6 1.9 Walsons Services Pvt Ltd Delhi 49 50.4 47.5 118.4 -4.3 Holdings 2010 Long Hai Security Services Joint Stock Company Ho Chi Minh City 49 7.0 2.1 23.2 0.8 Walsons Services Pvt Ltd Delhi 49 41.0 41.2 94.5 -1.8 Holdings 2009 Long Hai Security Services Joint Stock Company Ho Chi Minh City 49 3.0 0.6 0.0 0.0 Walsons Services Pvt Ltd Delhi 49 24.3 25.5 51.2 - 4.1 Securitas Annual Report 2011
Note 22. Interest-bearing financial non-current assets 1 MSEK 2011 2010 2009 fair value hedges 2 Derivatives with positive fair value, long-term 33.6 40.8 12.1 Other items 3 155.9 164.9 148.7 Total interest-bearing financial noncurrent assets 189.5 205.7 160.8 1 Further information regarding financial instruments is provided in note 6. 2 Related to derivatives designated for hedging. 3 Related to loans and receivables. Note 23. Other long-term receivables MSEK Pension balances, 2011 2010 2009 defined benefit plans1 Pension balances, – – 36.2 defined contribution plans2 74.3 72.1 64.8 Reimbursement rights 130.7 – – Other long-term receivables 329.2 312.2 307.8 Total other long-term receivables 534.2 384.3 408.8 1 Pension balances refer to assets related to pensions and other long-term employee benefit plans. Further information is provided in note 31. 2 Refers to assets relating to insured pension plans excluding social benefits. Note 24. Inventories MSEK 2011 2010 2009 Material and consumables 60.4 39.3 26.9 Work in progress 2.3 1.9 1.9 Advance payments to suppliers 5.5 4.7 5.5 Total inventories 68.2 45.9 34.3 Note 25. Accounts receivable MSEK 2011 2010 2009 Accounts receivable before deduction of provisions for bad debt losses 11 384.3 10 068.8 9 741.2 Provisions for bad debt losses -419.3 -344.7 -377.9 Total accounts receivable 10 965.0 9 724.1 9 363.3 Opening balance provision for bad debt losses -344.7 -377.9 -354.4 Provision for expected losses -169.7 -120.6 -181.8 Actual losses 41.2 54.0 89.8 Reversed provisions 59.0 70.2 59.5 Increases due to acquisitions -10.8 -12.6 -8.1 Decreases due to disposals 1.0 – 3.1 Translation differences Closing balance provision 4.7 42.2 14.0 for bad debt losses1 -419.3 -344.7 -377.9 1 Expenses for bad debt losses amounted to MSEK 105.1 (54.2 and 141.2). Annual Report Notes and comments to the consolidated financial statements Note 26. Other current receivables MSEK Prepaid expenses and 2011 2010 2009 accrued income Accrued interest income and 1 078.5 762.9 675.9 prepaid financial expenses 0.2 0.8 0.9 Insurance-related receivables 18.8 16.1 15.9 Value added tax 78.0 76.2 82.6 Other items 288.5 288.3 342.1 Total other current receivables 1 464.0 1 144.3 1 117.4 Note 27. Other interest-bearing current assets 1 MSEK Other derivative positions 2011 2010 2009 2 Derivatives with positive fair value, short-term Total other interest-bearing current 19.6 68.3 81.9 assets 19.6 68.3 81.9 1 Further information regarding financial instruments is provided in note 6. 2 Related to financial assets at fair value through profit or loss. Note 28. Liquid funds 1 MSEK 2011 2010 2009 Short-term investments2 1 290.7 1 667.0 1 648.1 Cash and bank deposits3 1 216.7 919.9 849.0 Total liquid funds 2 507.4 2 586.9 2 497.1 1 Liquid funds include short-term investments with a maximum duration of 90 days that are readily convertible to a known amount of cash and subject to an insignificant risk of change in value. Liquid funds also include cash and bank deposits. 2 Short-term investments refer to fixed interest rate bank deposits. 3 The net position in Group country cash-pool accounts is reported as cash and bank deposits where netting reflects the legal structure of the arrangement. Securitas Annual Report 2011 117
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Annual Report 2011
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Operating income before by business
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“ Specialization rather than dive
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2. Acquisitions Approximately half
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The key to success lies in “ work
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Knowledge Leader in Security Securi
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We specialize in customer segments
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12 Presentation of our business Ove
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14 Presentation of our business Sec
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18 Presentation of our business Mob
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22 Presentation of our business New
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· Increased use of technology. Inc
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Europe, 4-6 % market growth Growth:
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Greater customer value when investi
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A Challenging Year At year-end, the
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LARGEST SHAREHOLDERS AT DECEMBER 31
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Governance and Management
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Clear and Effective Structure for G
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The work of the Board of Directors
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Employee representatives 1 Annika F
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Supervisory Board (Finansinspektion
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Enterprise risk management process
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all risks related to the infrastruc
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tions deemed to be risk areas, for
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Board of Directors The activities o
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income and expenses in the statemen
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Volume-related factors The first tw
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Aimé Lyagre b. 1959 Chief Operatin
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60 The formal annual accounts and t
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62 Annual Report Report of the Boar
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64 Annual Report Report of the Boar
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Page 146: Securitas AB P.O. Box 12307 SE-102
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SECURITAS AB Annual Report 2011

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