SECURITAS AB Annual Report 2011

Securitas’ financial model – consolidated statement of cash flow
Supplementary information
MSEK 2011 2010 2009
Operating income before amortization 3 384.7 3 724.2 3 756.5
Investments in non-current tangible and intangible assets -1 009.8 -901.9 -950.7
Reversal of depreciation 902.0 900.7 927.5
Net investments in non-current assets -107.8 -1.2 -23.2
Change in accounts receivable -722.6 -768.4 197.6
Change in other operating capital employed -446.9 312.8 -556.4
Cash flow from operating activities 2 107.4 3 267.4 3 374.5
Cash flow from operating activities as % of operating income before amortization 62 88 90
financial income and expenses paid -475.1 -521.7 -481.6
Current taxes paid -763.9 -735.1 -728.2
Free cash flow 868.4 2 010.6 2 164.7
Free cash flow as % of adjusted income 39 81 88
Acquisition of subsidiaries -1 702.0 -1 293.7 -723.6
Acquisition related costs paid -180.0 -65.3 -34.1
Cash flow from items affecting comparability -23.7 -62.5 -12.0
Cash flow from financing activities 968.9 -424.5 -2 775.5
Cash flow for the year -68.4 164.6 -1 380.5
n n n Operating items. n n n Net debt-related items. n n n Goodwill, taxes and non-operating items.
Securitas’ financial model is described on pages 54–55.
Annual Report
Consolidated financial statements
Securitas Annual Report 2011
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