SECURITAS AB Annual Report 2011

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118 Annual Report Notes and comments to the consolidated financial statements Note 29. Shareholders’ equity Number of shares outstanding December 31, 2011 Series A 17 142 600 Series B 347 916 297 MSEK each share with a quota value of SEK 1.00 17.1 each share with a quota value of SEK 1.00 348.0 Total 365 058 897 365.1 The number of Series A and Series B shares is unchanged in relation to December 31, 2010 and 2009. As of December 31, 2011 there where no outstanding convertible debenture loans that could result in any dilution of the share capital. Each Series A share carried ten votes and each Series B share one vote. This is the only difference between the two series of shares. Shareholders with more than 10 percent of the votes The principal shareholders are Gustaf Douglas, who through family and the companies within the Investment AB Latour Group and Förvaltnings AB Wasatornet holds 11.5 percent of the capital and 30.0 percent of the votes, and Melker Schörling, who through family and Melker Schörling AB holds 5.6 percent of the capital and 11.8 percent of the votes. Dividend The Board of Directors and the President propose a dividend to the shareholders of the Parent Company of SEK 3.00 per share, or a total of MSEK 1 095.2. The dividend to the shareholders for the financial year 2010, which was paid in 2011, was SEK 3.00 per share, or a total of MSEK 1 095.2. The dividend to the shareholders for the financial year 2009, which was paid in 2010, was SEK 3.00 per share, or a total of MSEK 1 095.2. Presentation of shareholders’ equity According to IAS 1 a company should as a minimum present issued capital and other reserves in the balance sheet. Securitas has chosen to specify shareholders’ equity into further components as per below: · Share capital · Other capital contributed · Other reserves · Retained earnings Share capital shows the registered share capital of the Parent Company. There were no changes in the share capital in 2011. In other capital contributed, the total amount of all transactions Securitas AB has had with its shareholders is 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. There were no changes in other capital contributed in 2011. Other reserves show income and expense items that according to certain standards should be recognized in other comprehensive income. In the case of Securitas, other reserves consist of translation differences attributable to the translation of foreign subsidiaries according to IAS 21, and of the hedging reserve of cash flow hedges. The amount in the hedging reserve will be transferred to the statement of income over the following three year period. Securitas Annual Report 2011 Retained earnings corresponds to the accumulated profits earned and losses incurred in total for the Group. Retained earnings also include effects of the Group’s share based incentive scheme as well as actuarial gains and losses on post-employment benefits and effects of minimum funding requirement posted in other comprehensive income. Retained earnings are further reduced by dividend paid to shareholders of the Parent Company. Share based incentive scheme Share based remuneration for the Group’s participants in the share based incentive scheme 2011 is accounted for as an increase of retained earnings of MSEK 53.7 (70.3). A swap agreement, hedging the share portion of the Group’s share based incentive scheme 2010, is accounted for as a reduction of retained earnings of MSEK -67.1 (–). Note 30. Long-term liabilities excluding provisions 1 MSEK EMTN Nom MEUR 45, 2008/2013, 2011 2010 2009 fRN Semi Annual2, 3 EMTN Nom MEUR 45, 2009/2014, – – 461.7 FRN Quarterly2 EMTN Nom MEUR 500, 2009/2013, 401.5 405.7 461.7 Annual 6.50% Fixed 2 EMTN Nom MSEK 500, 2010/2014, 4 484.8 4 531.8 5 116.0 FRN Quarterly2 EMTN Nom MSEK 500, 2010/2014, 498.7 498.2 – fRN Semi Annual2 EMTN Nom MSEK 1 000, 499.3 499.0 – 2011/2013, FRN Quarterly2 EMTN Nom MUSD 62, 2010/2015, 999.8 – – fRN Semi Annual2 EMTN Nom MUSD 40, 2010/2015, 427.3 422.0 – fRN Semi Annual2 EMTN Nom MUSD 50, 2011/2018, 275.7 272.2 – FRN Quarterly2 344.6 – – finance leases 38.8 34.7 93.4 Other long-term loans4 Total long-term loan 589.8 522.8 2 145.3 liabilities excluding derivatives Cash flow hedges 8 560.3 7 186.4 8 278.1 5 Derivatives with negative fair value, long-term 16.5 16.2 79.4 Total derivatives 16.5 16.2 79.4 Total long-term loan liabilities Pensions balances, defined 8 576.8 7 202.6 8 357.5 contribution plans6 74.3 72.1 64.8 Other long-term liabilities 457.8 210.2 129.0 Total other long-term liabilities 532.1 282.3 193.8 Total long-term liabilities 9 108.9 7 484.9 8 551.3 1 For further information regarding financial instruments, refer to note 6. 2 Issued by the Parent Company. 3 Repaid in 2010 and replaced by EMTN Nom MUSD 62 2010/2015. 4 Includes long-term drawings under the 2016 Multi Currency Revolving Credit Facility. 5 Related to derivatives designated for hedging. 6 Refers to liability for insured pension plan excluding social costs. LONG-TERM LIABILITIES FALL DUE FOR PAYMENT AS FOLLOWS: MSEK 2011 2010 2009 Maturity < 5 years 8 921.4 7 397.4 8 469.3 Maturity > 5 years 187.5 87.5 82.0 Total long-term liabilities 9 108.9 7 484.9 8 551.3
Note 31. Provisions for pensions and similar commitments The Group operates or participates in a number of defined benefit and defined contribution pension and other long-term employee benefit plans throughout the world. These plans are structured in accordance with local rules and practices. The overall cost of these plans for the Group is provided in note 12. USA The majority of the Group’s U.S. employees are eligible to join their respective employer’s defined contribution retirement arrangements under which the employer matches employee contributions up to certain limits, although enrollment rates are low. The Group’s U.S. operations also operate two defined benefit pension plans which are closed to new entrants and future benefit accruals. One of these plans is funded with assets held separately from those of the employer. Sweden Blue-collar workers are covered by the SAF-LO collective pension plan, an industrywide multi-employer defined contribution arrangement. White- collar workers are covered by the industry-wide ITP plan, which is also based on a collective agreement and operated industrywide on a multi-employer basis. According to a statement (UFR 3) issued by the Swedish Financial Reporting Board this is a multi-employer defined benefit plan. Alecta, the insurance company that operates this plan, has been unable to provide Securitas, or other Swedish companies, with sufficient information to determine its share of the total assets and liabilities for this arrangement. Consequently this arrangement is accounted for on a defined contribution basis. The cost for 2011 amounts to MSEK 22.4 (22.5 and 19.9). The surplus in Alecta can be allocated to the insured employer and/or the insured employees. Alecta’s level of consolidation was 113 percent (146 and 141) as of December 31, 2011. The level of consolidation is calculated as the fair value of Alecta’s plan assets as a percentage of the obligations calculated according to Alecta’s actuarial assumptions. This calculation is not in line with IAS 19. Norway The defined benefit arrangements are closed to new entrants and currently cover about 15 percent of the employees. New employees are instead covered by defined contribution plans. The defined benefit plans comprise both funded and unfunded arrangements. The old AFP plans were closed in 2010 following changes in legislation, and employees have joined a new AFP plan as of January 1, 2011. The new AFP plan operates as a funded multi-employer plan. Since the company is unable to separately identify its share of total assets and liabilities, the new AFP plan is accounted for on a defined contribution basis. Other countries There are also defined benefit arrangements in countries other than those mentioned above. The countries with material plans are Canada, France, Germany, the Netherlands, Switzerland and the United Kingdom. Annual Report Notes and comments to the consolidated financial statements Sensitivity analysis A reduction of the discount rate by 0.1 percentage points would increase the provision for pensions and similar commitments by approximately MSEK 47. An increase in the inflation rate by 0.1 percentage points would increase the provisions for pensions and similar commitments by approximately MSEK 4. An increase in the average expected life span by 1 year would increase the provision for pensions and similar commitments by approximately MSEK 82. An increase of one percentage point in the assumed medical cost trend rate would increase the provision for post-retirement medical plans in Canada by approximately MSEK 23 and increase the aggregate of the service cost and interest cost components by approximately MSEK 3. A decrease of one percentage point in the assumed medical cost trend rate would decrease the provision for post-retirement medical plans in Canada by approximately MSEK 18 and decrease the aggregate of the service cost and interest cost components by approximately MSEK 2. Changes in the discount rate, the inflation rate and the average expected life span are accounted for as actuarial gains and losses whereby the change, with the exception of the impact on other long-term employee benefits, would be recognized in the statement of comprehensive income and thus would not burden the net income for the year. Changes in assumptions will, however, impact the pension cost, and consequently the net income, for the following year. Pension costs The table below shows the total costs for defined benefit plans. The settlements, curtailments and terminations during 2011 are related to settlements mainly in France. The settlements, curtailments and terminations during 2010 are related to settlements in Germany and Austria (cost) and curtailments in Norway (income). The settlements, curtailments and terminations during 2009 are mainly related to minor settlements and terminations in Germany and Austria. Included in the table below are pension costs for non-material defined benefit plans of MSEK 9.6 (9.2 and 1.1). The costs for defined contribution plans were MSEK 471.6 (467.3 and 405.5). The actual return on plan assets was MSEK -15.4 (142.3 and 159.3). PENSION COSTS fOR DEfINED BENEfIT PLANS MSEK 2011 2010 2009 Current service costs 85.7 57.4 63.7 Interest costs 140.8 127.4 135.0 Expected return on assets -125.4 -93.9 -87.3 Recognized actuarial gain / loss1 0.4 4.7 0.9 Recognized past service costs Settlements, curtailments -0.3 -0.3 -0.6 and terminations -1.3 -0.1 -0.4 Total pension costs 99.9 95.2 111.3 1 Relates to other long-term employee benefits. PENSION COSTS fOR DEfINED BENEfIT PLANS ALLOCATED PER fuNCTION MSEK 2011 2010 2009 Production expenses 65.9 56.1 57.5 Selling and administrative expenses Total pension costs allocated per 34.0 39.1 53.8 function 99.9 95.2 111.3 Securitas Annual Report 2011 119
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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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· 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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SECURITAS AB Annual Report 2011

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