SECURITAS AB Annual Report 2011

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92 Annual Report Notes and comments to the consolidated financial statements The table below discloses carrying values and fair values of financial instruments according to the categories in note 2. FINANCIAL INSTRUMENTS BY CATEGORY – CARRYING AND FAIR VALUES 2011 2010 2009 MSEK Carrying value fair value Carrying value fair value Carrying value fair value Assets Financial assets at fair value through profit or loss Other interest-bearing current assets (note 27) 19.6 19.6 68.3 68.3 81.9 81.9 Total 19.6 19.6 68.3 68.3 81.9 81.9 Loans and receivables Interest-bearing financial non-current assets (note 22) 155.9 155.9 164.9 164.9 148.7 148.7 Other long-term receivables (note 23) 1 329.2 329.2 312.2 312.2 307.8 307.8 Accounts receivable 10 965.0 10 965.0 9 724.1 9 724.1 9 363.3 9 363.3 Other current receivables (note 26) 2 802.4 802.4 675.1 675.1 659.4 659.4 Liquid funds 2 507.4 2 507.4 2 586.9 2 586.9 2 497.1 2 497.1 Total 14 759.9 14 759.9 13 463.2 13 463.2 12 976.3 12 976.3 Liabilities Financial liabilities at fair value through profit or loss Short-term loan liabilities (note 33) 21.2 21.2 9.4 9.4 14.9 14.9 Total 21.2 21.2 9.4 9.4 14.9 14.9 Financial liabilities designated as hedged item in a fair value hedge Long-term loan liabilities (note 30) 5 4 484.8 4 705.7 4 531.8 4 908.6 5 116.0 5 635.1 Total 4 484.8 4 705.7 4 531.8 4 908.6 5 116.0 5 635.1 Other financial liabilities Long-term loan liabilities (note 30) 4 075.5 4 075.5 2 654.6 2 654.6 3 162.1 3 162.1 Long-term liabilities (note 30) 3 457.8 457.8 210.2 210.2 129.0 129.0 Short-term loan liabilities (note 33) 4 463.3 4 463.3 3 849.1 3 849.1 2 737.4 2 737.4 Accounts payable 914.9 914.9 853.6 853.6 797.7 797.7 Other current liabilities (note 34) 4 2 856.8 2 856.8 2 702.2 2 702.2 2 697.4 2 697.4 Total 12 768.3 12 768.3 10 269.7 10 269.7 9 523.6 9 523.6 Derivatives designated for hedging Interest-bearing financial non-current assets (note 22) 33.6 33.6 40.8 40.8 12.1 12.1 Total assets 33.6 33.6 40.8 40.8 12.1 12.1 Short-term loan liabilities (note 33) 4.0 4.0 8.7 8.7 17.7 17.7 Long-term loan liabilities (note 30) 16.5 16.5 16.2 16.2 79.4 79.4 Total liabilities 20.5 20.5 24.9 24.9 97.1 97.1 Net total 13.1 13.1 15.9 15.9 -85.0 -85.0 1 Excluding all pension balances and reimbursement rights (note 23) 205.0 205.0 72.1 72.1 101.0 101.0 2 Excluding prepaid expenses 661.6 661.6 469.2 469.2 458.0 458.0 3 Excluding pension balances (note 30) 74.3 74.3 72.1 72.1 64.8 64.8 4 Excluding employee-related accrued expenses and prepaid income 5 936.8 5 936.8 5 525.1 5 525.1 5 505.1 5 505.1 5 The difference between the carrying value and fair value of long-term loan liabilities is due to the reduction in the margin on the MEUR 500 bond loan from 4.20 percent at issue to 0.61 percent at December 31, 2011, 0.73 percent at December 31, 2010 and 0.90 percent at December 31, 2009. Securitas Annual Report 2011
Note 7. Transactions with related parties Joint ventures The Securitas Group has had only one company, Securitas Direct S.A. (Switzerland), in which its share of the voting rights was 50 percent. This company was divested as of October 21, 2011. Due to the negligible impact of this company on the Group’s earnings and financial position, it has not been reported separately in the consolidated statement of income or balance sheet. There have been no transactions between Securitas Direct S.A. and Securitas except loans, interest and dividends. The company is included under Other in the Group’s segment reporting as per below: MSEK 2011 2010 2009 Total sales 50 64 59 Operating income before amortization 5 10 9 Operating income after amortization 5 10 9 Operating non-current assets – 13 11 Accounts receivable – 7 5 Other assets – 16 11 Other liabilities – 16 17 Total operating capital employed – 20 10 Goodwill – 9 9 Total capital employed – 29 19 Other Information on the remuneration to the Board of Directors and Senior Management is provided in note 8. Information on total payroll expenses for the Board of Directors and the Presidents of the Group is provided in note 12. Guarantees on behalf of related parties amount to MSEK 73.2 (63.0 and 35.6). They were previous year accounted for in note 37 Contingent liabilities. For information on the Parent Company’s transactions with related parties, refer to note 40 and note 43. Note 8. Remuneration to the Board of Directors and senior management General Principles The Chairman of the Board and the Directors receive fees in accordance with the decision of the Annual General Meeting. Separate fees are paid for committee work. Neither the President and CEO nor the employee representatives receive Directors’ fees. The Annual General Meeting on May 4, 2011 decided upon guidelines for remuneration to senior management regarding 2011 in accordance with the following: The fundamental principle is that remuneration and other terms of employment for senior management shall be competitive and in accordance with market conditions, in order to ensure that the Securitas Group will be able to attract and keep competent senior management employees. The total remuneration to senior management shall consist of a fixed basic salary, variable remuneration, pensions and other benefits. In addition to a fixed annual salary, the Group Management may also receive variable remuneration, which shall be based on the outcome in relation to financial goals and growth targets within the individual area of responsibility (Group or division) and which shall agree with the interest of the shareholders. The variable remuneration shall amount to a maximum of 60 percent of the fixed annual salary for the President and CEO and a Annual Report Notes and comments to the consolidated financial statements maximum of 42–200 percent of the fixed annual salary for other individuals of the Group Management. If cash payment of variable remuneration has been effected on grounds later proven to be obviously inaccurate, the company shall have the possibility to reclaim such paid remuneration. The undertakings of the company as regards variable remuneration to Group Management may, at maximum outcome during 2011, amount to a total of MSEK 57. Previously decided remuneration that has not yet been paid can be found in note 8 of the Annual Report for 2010. The pension rights of senior management employees shall be applicable as from the age of 65 at the earliest and the entire Group Management shall be subject to defined contribution pension plans for which insurance premiums are transferred from the individual’s total remuneration and paid by the company during the term of employment. Variable compensation shall not qualify for pension purposes unless local regulations provide otherwise. Other benefits, such as company car, special health insurance or occupational health service shall be provided to the extent this is considered customary for senior management employees holding equivalent positions on the employment market where the senior management employee is active. At dismissal, the notice period for all senior management employees shall amount to a maximum of 12 months with a right to redundancy payment after the end of the notice period, equivalent to a maximum of 100 percent of the fixed salary for a period not exceeding 12 months. At resignation by a senior management employee, the notice period shall amount to a maximum of six months. These guidelines shall apply to individuals who are included in Group Management during the term of application of these guidelines. The guidelines shall apply to agreements entered into after the adoption by the Annual General Meeting, and to changes made in existing agreements after this date. The Board shall be entitled to deviate from the guidelines in individual cases if there are particular grounds for such deviation. The Board of Directors proposal to the Annual General Meeting in May 2012 on guidelines for remuneration to senior management regarding 2012 is presented in the Report of the Board of Directors – Financial overview, in this Annual Report. Planning and decision-making process The Board’s remuneration committee deals with all the above matters regarding the President and CEO and other members of Group Management, as well as other management levels if the committee so decides. The committee presents its proposals to the Board of Directors, which takes all decisions. The members of the remuneration committee are Melker Schörling (chairman) and Annika Falkengren. The committee has held two meetings in 2011. Board of Directors For the 2011 financial year, the Chairman Melker Schörling received a director’s fee, including committee work fee, of MSEK 1.1. The other Directors received an aggregate director’s fee, including committee work fee, of MSEK 3.6. The remuneration for each member of the Board of Directors is disclosed in the tables below. The Board of Directors is otherwise not entitled to any other compensation except for travel and lodging expenses. President and Chief Executive Officer The President and CEO Alf Göransson, received in the financial year 2011, a fixed salary amounting to MSEK 11.7 and salary benefits of MSEK 0.1. There is no variable compensation for the 2011 performance. The President and CEO has a defined contribution pension plan amounting to 30 percent of his annual fixed salary. The retirement age for the President and CEO is 65. In 2011 the pension costs for the President and CEO amounted to MSEK 3.5. No pension benefit is conditioned by future employment. Upon dismissal, the notice period for the President and CEO amount to 12 months with a right to a severance pay after the end of the notice period, equivalent to 12 months fixed salary. Securitas Annual Report 2011 93
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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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Europe, 4-6 % market growth Growth:
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Securitas AB P.O. Box 12307 SE-102
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SECURITAS AB Annual Report 2011

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