Annual Report • Feb 8, 2013
Annual Report
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Full Year Report January–December 2012
The organic sales growth in 2012 was 0 percent due to weak market conditions in many markets and negative organic sales growth in France, Portugal and Spain. The slowdown in organic and acquired sales growth has, combined with strong focus on cash flow and receivables, contributed to the strong free cash flow of MSEK 2 086 in the Group in 2012. This has resulted in a free cash flow to net debt ratio of 0.21, thereby we have achieved our financial target of at least 0.20.
The operating margin in Security Services North America and Security Services Europe has gradually improved during the year, even though Security Services Europe and Mobile and Monitoring in the fourth quarter were impacted by items which can be categorized as one-off adjustments. In addition, the major restructuring and cost savings program that was executed at high speed from mid October until mid December impacted the performance negatively.
The cost savings program in North America, Europe and Spain was in all material aspects finalized in December 2012. The restructuring cost amounted to MSEK –458 and was recognized in the fourth quarter 2012. The savings are confirmed to be MSEK 370 in 2013, net of additional investments in resources within technology and security solutions.
| January–December | |
|---|---|
| summary 2 | |
| Group development 3 | |
| Development in the Group's business segments 5 |
|
| Cash flow 9 | |
| Capital employed and financing 10 |
|
| Acquisitions and divestitures 11 |
|
| Other significant events 13 | |
| Risks and uncertainties 14 | |
| Parent Company operations 15 |
|
| Accounting principles 16 | |
| Review report 17 | |
| Consolidated financial statements 18 |
|
| Segment overview 22 | |
| Notes 23 | |
| Parent Company 26 | |
| Definitions 26 | |
| Financial information 27 |
We continue to increase our investments in resources within technology and security solutions, and in 2012 the sales of technology and security solutions represented approximately 6 percent of Group sales. We have set a target to triple this share of sales, which I consider achievable by the end of 2015.
Alf Göransson President and Chief Executive Officer
| MSEK | Q4 2012 |
Q4 2011 |
Total change, % |
Full year 2012 |
Full year 2011 |
Total change, % |
|---|---|---|---|---|---|---|
| Sales | 16 751 | 17 026 | –2 | 66 458 | 64 057 | 4 |
| Organic sales growth, % | 0 | 2 | 0 | 3 | ||
| Real sales growth, including acquisitions, % | 1 | 10 | 4 | 11 | ||
| Operating income before amortization | 756 | 978 | –23 | 3 085 | 3 385 | –9 |
| Operating margin, % | 4.5 | 5.7 | 4.6 | 5.3 | ||
| Real change, % | –20 | –6 | –8 | –3 | ||
| Income before taxes, items affecting comparability and impairment losses* |
538 | 687 | –22 | 2 192 | 2 480 | –12 |
| Real change, % | –17 | –15 | –11 | –11 | ||
| Items affecting comparability | –424 | 0 | –424 | 0 | ||
| Impairment losses* | 0 | 0 | –26 | 0 | ||
| Income before taxes | 114 | 687 | –83 | 1 742 | 2 480 | –30 |
| Real change, % | –79 | –15 | –29 | –11 | ||
| Net income for the period | 76 | 482 | –84 | 1 212 | 1 739 | –30 |
| Earnings per share (SEK), before items affecting comparability and impairment losses* |
1.04 | 1.32 | –21 | 4.21 | 4.75 | –11 |
| Earnings per share (SEK) | 0.21 | 1.32 | –84 | 3.32 | 4.75 | –30 |
* Impairment losses of goodwill and other acquisition related intangible assets.
Earnings per share amounted to SEK 3.32 (4.75), a decrease of –30 percent compared to last year. Adjusted for the strengthening of the Swedish krona during 2012 the earnings per share decreased –29 percent in real terms over previous year. Adjusted also for items affecting comparability and impairment losses earnings per share amounted to SEK 4.21 (4.75), which was a decrease of –11 percent compared to 2011.
Free cash flow to net debt was 0.21 (0.08).
The Annual General Meeting of Securitas AB will be held on Tuesday, May 7, 2013 at 16.00 p.m. CET at Konserthuset, Hötorget in Stockholm. Refer to www.securitas.com/Corporate Governance for more information regarding the AGM 2013. The Annual Report 2012 of Securitas AB will be published on www.securitas.com on April 16, 2013.
The Board of Directors proposes a dividend for 2012 of SEK 3.00 (3.00) per share. The total proposed dividend amounts to 53 percent of free cash flow. Monday, May 13, 2013 is proposed as record date for the dividend.
The Board proposes to the Annual General Meeting on May 7, 2013, that the Board be authorized to be able to resolve on the acquisition of the company's shares to be able to adjust the capital structure. Refer to Other Significant Events on page 13 for further information.
| Organic sales growth | Operating margin | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Full Year | Q4 | Full Year | |||||
| % | 2012 | 2011* | 2012 | 2011* | 2012 | 2011* | 2012 | 2011* |
| Security Services North America | 1 | 3 | 1 | 4 | 5.3 | 5.4 | 4.9 | 5.7 |
| Security Services Europe | 0 | –2 | 1 | 0 | 4.0 | 4.0 | 4.1 | 3.9 |
| Mobile and Monitoring | 0 | 2 | 1 | 3 | 7.0 | 12.8 | 10.0 | 12.0 |
| Security Services Ibero-America | –4 | 10 | –3 | 11 | 5.4 | 6.4 | 5.1 | 6.0 |
| Group | 0 | 2 | 0 | 3 | 4.5 | 5.7 | 4.6 | 5.3 |
* Comparatives have been restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and
Security Services Ibero-America. Refer to note 8 for restated segment information.
Sales amounted to MSEK 16 751 (17 026) and organic sales growth was 0 percent (2). The organic sales growth in Security Services North America was positive, reversing the declining trend seen through 2012. In Security Services Europe the organic sales growth was supported primarily by Belgium, Germany and Norway while held back by France. In Mobile and Monitoring the organic sales growth declined due to lower new sales and extra sales. Although the organic sales growth in Latin America was 21 percent, it was negative in the business segment Security Services Ibero-America due to the market situation in Spain and Portugal.
Real sales growth, including acquisitions and adjusted for changes in exchange rates, was 1 percent (10).
Operating income before amortization was MSEK 756 (978) which, adjusted for changes in exchange rates, represented a decrease of –20 percent.
The Group's operating margin was 4.5 percent (5.7). Last year, the operating margin was positively impacted by 0.4 percent from the capital gain and extra dividend resulting from the sale of the shares in Securitas Direct AG in Switzerland. The decline in the operating margin can mainly be explained by the development in Mobile and Monitoring and partially by Security Services Europe, where year-end adjustments and one-off costs had an eroding impact of –0.6 percent. Also, the operating margin in Spain declined compared to the fourth quarter 2011.
The price adjustments in the Group were on par with wage cost increases in the fourth quarter.
Amortization and impairment of acquisition related intangible assets amounted to MSEK –70 (–64).
Acquisition related costs were MSEK –1 (–93), positively affected by revaluation of deferred considerations in the quarter. For further information refer to note 4.
Items affecting comparability were MSEK –424 (0), where MSEK –458 is related to the cost savings program in the Group and MSEK 34 is related to reversal of provisions. For further information refer to note 5.
Financial income and expenses amounted to MSEK –148 (–134). The finance net has been negatively impacted by the early issue of a MEUR 300 Eurobond loan to benefit from favorable market conditions. This means that the Group in the short-term perspective will increase interest cost until the MEUR 500 Eurobond loan matures in April 2013.
Income before taxes was MSEK 114 (687). The real change was –79 percent.
The Group's tax rate was 32.8 percent (29.9). The tax rate before non-deductible impairment losses and tax on items affecting comparability was 29.9 percent.
Net income was MSEK 76 (482). Earnings per share, before items affecting comparability and impairment losses, were SEK 1.04. Earnings per share amounted to SEK 0.21 (1.32).
Sales amounted to MSEK 66 458 (64 057) and organic sales growth was 0 percent (3). Organic sales growth was supported by the development in Security Services Europe while Security Services North America, Mobile and Monitoring and Security Services Ibero-America had lower organic sales growth compared to last year. Organic sales growth in Latin America was 21 percent. The current macroeconomic climate is tough in many of the mature markets where Securitas operates, which is reflected in the lower organic sales growth in the Group, and the security industry is to a large extent a mirror picture of the GDP development.
Real sales growth, including acquisitions and adjusted for changes in exchange rates, was 4 percent (11).
Operating income before amortization was MSEK 3 085 (3 385) which, adjusted for changes in exchange rates, represented a decrease of –8 percent.
The Group's operating margin was 4.6 percent (5.3). In Security Services North America the operating margin declined mainly due to the development in Federal Government Services. The operating margin was burdened by –0.1 percent due to a number of year-end adjustments and one-off costs in Mobile and Monitoring and to some extent Security Services Europe. Last year the operating margin was also supported by 0.1 percent from the sale of Securitas Direct AG in Switzerland. The operating margin in Security Services Ibero-America deteriorated due to the negative development in Spain. The operating margin in Security Services Europe improved, supported by a good development in countries such as Belgium, France and Germany.
Amortization and impairment of acquisition related intangible assets amounted to MSEK –297 (–218), of which impairment losses constitutes MSEK –26. For further information refer to the section Capital employed and financing on page 10.
Acquisition related costs impacted the period by MSEK –49 (–194), positively affected by revaluation of deferred considerations mainly in the second half of the year. For further information refer to note 4.
Items affecting comparability were MSEK –424 (0), where MSEK –458 related to the cost savings program in the Group and MSEK 34 related to reversal of provisions. For further information refer to note 5.
Financial income and expenses amounted to MSEK –573 (–493). The finance net has been negatively impacted by the average size of net debt during the year, as well as the early issue of two Eurobonds totalling MEUR 650 to benefit from favorable market conditions. This means that the Group in the short-term perspective will increase interest cost until the MEUR 500 Eurobond loan matures in April 2013.
Income before taxes was MSEK 1 742 (2 480). The real change was –29 percent.
The Group's tax rate was 30.4 percent (29.9). The tax rate before non-deductible impairment losses and tax on items affecting comparability was 29.8 percent.
Net income was MSEK 1 212 (1 739). Earnings per share, before items affecting comparability and impairment losses, were SEK 4.21. Earnings per share amounted to SEK 3.32 (4.75).
Security Services North America 35%
Security Services North America 41%
Security Services North America provides specialized security services in the USA, Canada and Mexico and comprises 17 business units: one organization for national and global accounts, five geographical regions and nine specialized business units – Federal Government Services, Defense and Aerospace, Critical Infrastructure, Healthcare, Pinkerton Corporate Risk Management (previously Pinkerton Consulting&Investigations), Aviation, Mobile, Special Events and Security Systems – in the USA, plus Canada and Mexico. In total, there are approximately 109 000 employees, about 640 branch managers and 93 geographical areas.
| Security Services North America | October–December | January–December | |||
|---|---|---|---|---|---|
| MSEK | 2012 2011 |
2012 | 2011 | ||
| Total sales | 5 923 | 5 988 | 23 492 | 22 356 | |
| Organic sales growth, % | 1 | 3 | 1 | 4 | |
| Operating income before amortization | 311 | 321 | 1 157 | 1 270 | |
| Operating margin, % | 5.3 | 5.4 | 4.9 | 5.7 | |
| Real change, % | –1 | –15 | –12 | 2 |
The organic sales growth of 1 percent (3) reversed the declining trend seen through 2012. Positive impact derived from the airport security contract in Canada that started in November 2011, as well as positive development in Federal Government Services and Defense and Aerospace, moving from negative organic sales growth to positive. The sales of specialized guarding solutions as share of total sales amounted to 14 percent (8).
The operating margin was 5.3 percent (5.4). Federal Government Services had a negative impact on the operating margin compared to last year. The operating margin was supported mainly by the development in Defense and Aerospace and the airport security contract in Canada, where the latter was burdened by start-up costs in the fourth quarter 2011.
The Swedish krona exchange rate strengthened versus the U.S. dollar and thus had a negative effect on the operating result in Swedish kronor. The real change was –1 percent in the quarter.
Organic sales growth was 1 percent (4) and was hampered by negative organic sales growth in Federal Government Services and Pinkerton Corporate Risk Management. The loss of the large contract with an automotive customer in the U.S. in the beginning of the year was offset by the large airport security contract started in Canada. The sales of specialized guarding solutions as share of total sales amounted to 12 percent (7).
The operating margin was 4.9 percent (5.7). Out of the decline –0.5 percent was explained by the development in Federal Government Services, where difficulties in the integration process resulted in a negative operating margin. Actions have been taken to bring Federal Government Services to a break-even operating result in 2013. The development in Pinkerton Corporate Risk Management had a negative impact on the operating margin by –0.1 percent. Last year the operating margin was positively impacted by a settlement in a client dispute of 0.1 percent.
The Swedish krona exchange rate weakened versus the U.S. dollar and thus had a positive effect on the operating result in Swedish kronor. The real change was –12 percent in the period.
The client retention rate was 90 percent (91). The employee turnover rate in the U.S. was 48 percent (44).
Share of Group quarterly sales
Security Services Europe 41%
Security Services Europe 37%
Securitas' European guarding operations comprise Security Services Europe, which provides specialized security services for large and medium-sized customers in 27 countries and airport security in 14 countries. The organization has a combined total of more than 110 000 employees and over 700 branch managers.
| Security Services Europe | October–December | January–December | ||
|---|---|---|---|---|
| MSEK | 2012 2011* |
2012 | 2011* | |
| Total sales | 6 851 | 6 941 | 27 185 | 26 178 |
| Organic sales growth, % | 0 | –2 | 1 | 0 |
| Operating income before amortization | 277 | 278 | 1 102 | 1 009 |
| Operating margin, % | 4.0 | 4.0 | 4.1 | 3.9 |
| Real change, % | 3 | –27 | 12 | –21 |
* Comparatives have been restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Refer to note 8 for restated segment information.
Organic sales growth was 0 percent (–2). Strong organic sales growth derived from countries such as Belgium, Germany and Norway. France held back the organic sales growth and showed –10 percent, affected by volume losses due to price increase campaigns and by losing a major railway contract early in the quarter.
The operating margin was 4.0 percent (4.0). The margin was negatively impacted by –0.2 percent mainly related to a correction of previous years' vacation accruals in the United Kingdom. In addition, Sweden made a full year adjustment of previous quarters' social cost estimates in the fourth quarter, impacting negatively with –0.2 percent. The operating margin was supported by a positive price and wage balance in primarily France and Germany, but hampered by a declining margin in Sweden.
The Swedish krona exchange rate strengthened versus the euro and thus had a negative effect on the operating result in Swedish kronor. The real change was 3 percent in the quarter.
Organic sales growth was 1 percent (0) and supported mainly by Belgium, Denmark, Germany, Norway and Turkey. The organic sales growth in France was negative with –7 percent, affected by volume losses due to price increase campaigns and a price competitive market.
The operating margin was 4.1 percent (3.9). The main contributors to the positive development were Belgium, France and Germany, while the operating margin declined in Sweden.
The Swedish krona exchange rate strengthened versus the euro and thus had a negative effect on the operating result in Swedish kronor. The real change was 12 percent in the period.
The client retention rate was 91 percent (89). The employee turnover was 26 percent (27**).
Securitas AB
Mobile and Monitoring 9%
Mobile and Monitoring 14%
Mobile provides mobile security services for small and medium-sized businesses and residential sites, while Monitoring provides electronic alarm surveillance services. Mobile operates in 11 countries across Europe and has approximately 9 500 employees and 215 branch managers in 31 areas. Monitoring, also called Securitas Alert Services, operates in 10 countries across Europe and has approximately 800 employees.
| Mobile and Monitoring | October–December | January–December | |||
|---|---|---|---|---|---|
| MSEK | 2012 2011* |
2012 | 2011* | ||
| Total sales | 1 535 | 1 550 | 6 165 | 6 041 | |
| Organic sales growth, % | 0 | 2 | 1 | 3 | |
| Operating income before amortization | 108 | 198 | 619 | 722 | |
| Operating margin, % | 7.0 | 12.8 | 10.0 | 12.0 | |
| Real change, % | –44 | 2 | –12 | 3 |
* Comparatives have been restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Refer to note 8 for restated segment information.
Organic sales growth was 0 percent (2), a decline mainly due to the development in the Mobile operation where the organic sales growth was negative. Positive impact derived from the Nordic countries and Germany, while France and the United Kingdom held back. In the Monitoring operation, all countries except France and the Netherlands showed positive sales growth.
The operating margin was 7.0 percent (12.8). The operating margin was pressured by –4.2 percent due to one-off effects coming from revaluations of primarily bad debt provisions and inventories. In Sweden, insufficient accruals concerning social costs pressured the operating margin. The remaining deviation was related to the negative organic sales growth in the Mobile operation and a weak market situation in Spain.
The real change in operating income in the business segment was –44 percent.
Organic sales growth was 1 percent (3), showing a mixed picture in the business segment and among the countries. The decline was mainly explained by the negative impact from portfolio net change with lower new sales in the Mobile operation, where lower extra sales also hampered the development. The organic sales growth in the Monitoring operation was flat supported by mainly the Nordic countries and Belgium.
The operating margin was 10.0 percent (12.0). The operating margin was pressured by –0.9 percent due to one-off effects coming from revaluations of primarily bad debt provisions and inventories. The remaining deviation was related to the negative organic sales growth in the Mobile operation and a weak market situation in Spain.
The real change in operating income in the business segment was –12 percent.
Share of Group quarterly sales
Security Services Ibero-America 14%
Security Services Ibero-America 16%
Security Services Ibero-America provides specialized security services for large and mediumsized customers in seven countries in Latin America, as well as Portugal and Spain in Europe. Security Services Ibero-America has a combined total of approximately 58 000 employees and close to 190 branch managers.
| October-December | January–December | ||||
|---|---|---|---|---|---|
| Security Services Ibero-America | |||||
| MSEK | 2012 2011* |
2012 | 2011* | ||
| Total sales | 2 290 | 2 412 | 9 032 | 9 097 | |
| Organic sales growth, % | –4 | 10 | –3 | 11 | |
| Operating income before amortization | 124 | 155 | 465 | 550 | |
| Operating margin, % | 5.4 | 6.4 | 5.1 | 6.0 | |
| Real change, % | –14 | 1 | –13 | 9 |
* Comparatives have been restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Refer to note 8 for restated segment information.
Organic sales growth was –4 percent (10). The negative development related to Spain and Portugal due to the severe economic climate in these countries. The organic sales growth in Spain was –19 percent, while in Latin America it was 21 percent primarily driven by price increases and strong portfolio growth in Argentina, Colombia, Peru and Uruguay.
The operating margin was 5.4 percent (6.4). The development was mainly explained by Spain where the positive effect from leaving low profitability contracts was outweighed by lower sales, investments in technology resources, increased social payroll taxes (a new law regulating the payroll taxes for employers in Spain went into effect from August 1, 2012, removing certain payroll tax subsidies) and a negative price and wage balance. In Latin America the operating margin was slightly lower compared to last year due to investments in technology resources mainly in Argentina.
The Swedish krona exchange rate strengthened and thus had a negative effect on the operating result in Swedish kronor. The real change was –14 percent in the quarter.
Organic sales growth was –3 percent (11) and was explained by the development in Spain and Portugal. Contract losses and reductions, terminations due to uncertain client credit worthiness as well as lower extra sales had a negative impact. By the end of the first quarter 2012, contracts with low margin in Spain worth approximately MSEK 450 (MEUR 50) in annual sales were terminated. The investments in the technology platform in Spain has had a positive impact on sales volumes, but the negative effects from tough market conditions continued to put pressure on the organic sales growth, showing –17 percent in Spain in 2012. In Latin America, the organic sales growth was 21 percent primarily driven by price increases and good portfolio development in Argentina, Uruguay and Peru.
The operating margin was 5.1 percent (6.0), and declined mainly in Spain due to negative leverage from lower portfolio and extra sales in a tough price competitive market. The positive effect from leaving low profitability contracts was outweighed by increased social payroll taxes and a negative price and wage balance. Investments in a technology platform in Spain also impacted negatively. In Latin America the operating margin is slightly behind last year due to investments in technology resources mainly in Argentina.
The Swedish krona exchange rate strengthened and thus had a negative effect on the operating result in Swedish kronor. The real change was –13 percent in the period.
The client retention rate was 82 percent (86). The employee turnover rate was 33 percent (39**).
Securitas AB
Full Year Report, January–December 2012 ** The employee turnover has been adjusted due to operations in Portugal and Spain being moved from Security Services Europe.
October–December 2012
Operating income before amortization amounted to MSEK 756 (978). Net investments in noncurrent tangible and intangible assets amounted to MSEK –27 (–88).
Changes in accounts receivable were MSEK 505 (73). Changes in other operating capital employed were MSEK 479 (142).
Cash flow from operating activities amounted to MSEK 1 713 (1 105), equivalent to 227 percent (113) of operating income before amortization.
Financial income and expenses paid amounted to MSEK -58 (–59). Current taxes paid amounted to MSEK –117 (–218).
Free cash flow was MSEK 1 538 (828), equivalent to 305 percent (130) of adjusted income.
Cash flow from investing activities, acquisitions, was MSEK –81 (–550).
Cash flow from items affecting comparability was MSEK –163 (–11), whereof MSEK –152 is related to the cost savings program, MSEK –10 is related to overtime compensation in Spain and MSEK –1 is related to premises in Germany.
Cash flow from financing activities was MSEK –982 (–188).
Cash flow for the period was MSEK 312 (79).
Operating income before amortization amounted to MSEK 3 085 (3 385). Net investments in noncurrent tangible and intangible assets amounted to MSEK –93 (–108).
Changes in accounts receivable were MSEK 206 (–723), supported by the repayment of old outstanding accounts receivables from public sector customers in Spain. Changes in other operating capital employed were MSEK 3 (–447).
Cash flow from operating activities amounted to MSEK 3 201 (2 107), equivalent to 104 percent (62) of operating income before amortization.
Financial income and expenses paid amounted to MSEK –532 (–475). Current taxes paid amounted to MSEK –583 (–764).
Free cash flow was MSEK 2 086 (868), equivalent to 105 percent (39) of adjusted income.
Cash flow from investing activities, acquisitions, was MSEK –677 (–1 882).
Cash flow from items affecting comparability was MSEK –194 (–23), whereof MSEK –152 is related to the cost savings program, MSEK –38 is related to overtime compensation in Spain and MSEK –4 is related to premises in Germany.
Cash flow from financing activities was MSEK 1 222 (969).
Cash flow for the period was MSEK 2 437 (–68).
| MSEK | |
|---|---|
| Jan 1, 2012 | –10 349 |
| Free cash flow | 2 086 |
| Acquisitions | –677 |
| IAC payments | –194 |
| Dividend paid | –1 095 |
| Change in net debt | 120 |
| Translation and | |
| revaluation | 364 |
| Dec 31, 2012 | –9 865 |
The Group's operating capital employed was MSEK 2 580 (3 145) corresponding to 4 percent of sales (5) adjusted for the full year sales figures of acquired units.
Acquisitions increased operating capital employed by MSEK 75 during the period.
The annual impairment test of all Cash Generating Units (CGU), which is required under IFRS, took place during the third quarter 2012 in conjunction with the business plan process for 2013. As a result of this, a decision was made to recognize impairment losses of goodwill and other acquisition related intangible assets amounting to MSEK –26 in Security Services Montenegro. In 2011, no impairment losses were recognized.
Acquisitions increased consolidated goodwill by MSEK 262. Adjusted for the above described impairment of which MSEK –16 is attributable to goodwill, as well as negative translation differences of MSEK –698, total goodwill for the Group amounted to MSEK 14 275 (14 727).
Acquisitions have increased acquisition related intangible assets by MSEK 283. After amortization of MSEK –271 and the above described impairment of which MSEK –10 is attributable to acquisition related intangible assets, as well as negative translation differences of MSEK –74, acquisition related intangible assets amounted to MSEK 1 502 (1 574).
The Group's total capital employed was MSEK 18 465 (19 554). The translation of foreign capital employed to Swedish kronor decreased the Group's capital employed by MSEK –915.
The return on capital employed was 14 percent (17).
The Group's net debt amounted to MSEK 9 865 (10 349). Acquisitions and acquisition related payments increased the Group's net debt by MSEK 677, of which purchase price payments accounted for MSEK 546, assumed net debt for MSEK 33 and acquisition related costs paid accounted for MSEK 98. The Group's net debt decreased by MSEK –354 due to the translation of net debt in foreign currency to Swedish kronor.
A dividend of MSEK 1 095 (1 095) was paid to the shareholders in May 2012.
The free cash flow to net debt ratio amounted to 0.21 (0.08).
The main capital market instruments drawn as of the end of December 2012 were twelve bonds issued under the Group's Euro Medium Term Note Program. The latest bond was a MEUR 300 5.5 year Eurobond which was issued in September 2012, with a coupon of 2.25 percent. In addition, Securitas has access to committed bank financing through a Revolving Credit Facility (RCF), which comprises two respective tranches of MUSD 550 and MEUR 420 (MUSD 1 100 in total). At the end of the fourth quarter there was a total of MUSD 75 drawn on the facility, leaving MUSD 1 025 equivalent available and undrawn. The Group also has access to uncommitted bank borrowings and a MSEK 5 000 Swedish Commercial Paper Program for short-term borrowing needs. Further information on the credit facilities as of December 31, 2012 is provided in note 9.
Securitas has ample liquidity headroom under the committed credit facilities in line with established policies, which combined with the strong free cash flow generation means that the future liquidity requirements for the Company's operations are met.
In August 2012, Standard and Poor's downgraded Securitas to BBB from BBB+. Outlook is stable. The Group's liquidity position is regarded as strong.
The interest cover ratio amounted to 5.0 (6.1).
Shareholders' equity amounted to MSEK 8 601 (9 205). The translation of foreign assets and liabilities into Swedish kronor decreased shareholders' equity by MSEK –561 after taking into account net investment hedging of MSEK –10 and MSEK –551 before net investment hedging. Refer to the statement of comprehensive income on page 18 for further information.
The total number of outstanding shares amounted to 365 058 897 as of December 31, 2012.
| Business | Included/ divested |
Acquired/ divested |
Annual | Enter - prise |
Acq. related intangible |
||
|---|---|---|---|---|---|---|---|
| Company | segment 1) | from | share 2) | sales 3) | value 4) Goodwill | assets | |
| Opening balance | 14 727 | 1 574 | |||||
| MPL Beveiligingsdiensten, the Netherlands |
Security Services Europe / Mobile and Monitoring |
Jan 1 | 100 | 81 | 46 | 14 | 48 |
| Protect, Croatia 7) 8) | Security Services Europe |
Jan 4 | 85 | 72 | 39 | 24 | 23 |
| Chillida Sistemas de Seguridad, Spain 7) |
Security Services Ibero-America |
Apr 1 | 100 | 133 | 187 | 103 | 45 |
| Trailback, Argentina 7) | Security Services Ibero-America |
Apr 1 | 100 | 15 | 22 | 21 | 10 |
| PT Environmental Indokarya, Indonesia 7) 9) |
Other | Apr 26 | 49 | 41 | 12 | 14 | 8 |
| ISS Facility Services, Norway 7) | Security Services Europe / Mobile and Monitoring |
Sep 1 | - | 61 | 21 | - | 33 |
| Federal Resguard, Argentina 7) | Security Services Ibero-America |
Dec 1 | 100 | 124 | 16 | 28 | 16 |
| Other acquisitions and divestitures 5) 7) | 368 | 237 | 58 | 100 | |||
| Total acquisitions and divestitures January–December 2012 | 895 | 580 | 2626) | 283 | |||
| Amortization and impairment of acquisition related intangible assets | –16 | –281 | |||||
| Exchange rate differences | –698 | –74 | |||||
| Closing balance | 14 275 | 1 502 |
1) Refers to business segment with main responsibility for the acquisition.
2) Refers to voting rights for acquisitions in the form of share purchase agreements. For asset deals no voting rights are stated.
3) Estimated annual sales.
9) Through shareholder agreements and other contractual arrangements Securitas has the power to govern the financial and operating policies of this company so as to obtain benefit from its activities. It is therefore consolidated as a subsidiary.
All acquisition calculations are finalized no later than one year after the acquisition is made. Transactions with non-controlling interests are specified in the statement of changes in shareholders' equity on page 20. Transaction costs and revaluation of deferred considerations can be found in note 4 on page 23.
Securitas has acquired all shares in the security services company MPL Beveiligingsdiensten in the Netherlands. MPL Beveiligingsdiensten has approximately 180 employees, and is operating both within specialized guarding and mobile services.
Securitas has acquired 85 percent of the shares in the security services company Protect in Croatia. There is an agreement to acquire the remaining 15 percent of the shares in 2013. Protect has approximately 600 employees. The company is mainly operating in guarding services.
Securitas has acquired all shares in the technology security company Chillida Sistemas de Seguridad in Spain. The company has approximately 200 employees. Chillida has operations in the entire country, with most of the employees located in Valencia and Madrid. Chillida is focused in technology security solutions like installations, monitoring and maintenance.
Securitas has acquired all shares in the technical solutions company Trailback, specialized in GPS solutions, in Argentina. Trailback has developed a tailor-made solution based on GPS and provides services for tracking to a wide range of customer segments. The company has 44 employees.
Securitas has acquired 49 percent of the shares in the security services company PT Environmental Indokarya in Indonesia. The company has approximately 1 200 employees and is the major security services company in guarding services to embassies in Indonesia.
Securitas has acquired the commercial security services business contracts and assets of ISS Facility Services in Norway. ISS Facility Services' security business has approximately 100 employees.
Securitas has acquired all shares in the security services company Federal Resguard in Argentina. Federal Resguard has 970 employees. The company is specialized in the customer segments retail, gated communities and country clubs, and operates mainly in the provinces of Buenos Aires and Mendoza.
Securitas has acquired the monitoring and installation company Selectron in Uruguay. Enterprise value is estimated to MSEK 20 (MUYU 60). Selectron has annual sales of approximately MSEK 27 (MUYU 80) and 90 employees. The company has a strong presence in the financial and retail customer segments.
For critical estimates and judgments and contingent liabilities refer to pages 86–87 and page 123 in the Annual Report 2011. If no significant events have occurred relating to the information in the Annual Report, no further comments are made in the Interim Report for the respective case.
In order to be able to contribute to shareholder value, the Board considers it beneficial for the company to be able to adjust the company's capital structure as appropriate at each point in time. The Board has therefore decided to propose to the Annual General Meeting on May 7, 2013, that the Board be authorized to be able to resolve on the acquisition of the company's shares for a period until the next Annual General Meeting, up to a maximum of ten (10) percent of the issued shares in the company. For this purpose, the Board intends to propose that any shares that have been repurchased as per such an authorization be cancelled.
Measures were initiated in October 2012 to better align Securitas with future customer needs and expectations, and to further increase the investment pace in technology. The Mobile and Monitoring and Security Services Europe business segments have been merged as of January 1, 2013, to improve the coordination and speed of technology implementation. A cost savings program was initiated in North America and in Europe, also including Spain in the business segment Security Services Ibero-America, which was in all material aspects finalized in December 2012. Total savings are estimated to approximately MSEK 370 annually, effective as of January 1, 2013, and the restructuring cost amounted to MSEK –458.
The restructuring cost is classified as an item affecting comparability in the statement of income. The total cash payments relating to the restructuring program amounted to MSEK –152 in 2012. In the statement of cash flow these payments are classified as a cash flow from items affecting comparability and are thus not included in our measurement of free cash flow. The total provision relating to the restructuring program as of December 31, 2012, amounted to MSEK 300.
The Spanish Supreme Court has issued a ruling that provides guidelines on the computation of overtime compensation. Based on these guidelines the management have deemed that the provisions were sufficient for the exposure. As a result of an increased number of claims having been decided in court and subsequently settled during the course of 2012, management has obtained better visibility regarding the exposure and the probable outflow that will be necessary in order to settle overtime compensation claims. Management has based on this decided to release MSEK 23 (MEUR 2.6) from the provision in the fourth quarter of 2012. The remaining provision amounts to MSEK 40 (MEUR 4.7) which is deemed sufficient for the remaining exposure. The reversal from the provision is classified as an item afffecting comparability in the statement of income. For further information regarding the Spanish overtime compensation case refer to pages 121–122 in the Annual Report 2011.
Securitas AB
Full Year Report, January–December 2012
The Spanish tax authority has in connection with an audit of Securitas Spain challenged certain interest deductions and in a tax resolution in the fourth quarter decided to reject interest payments made for the years 2006–2007. This was expected as a consequence of a similar resolution received in 2009 regarding interest deductions for the years 2003–2005, as disclosed on page 123 in the Annual Report 2011.
If finally upheld by Spanish courts, the resolution by the Spanish tax authorities would result in a tax of MEUR 16 including interest in addition to MEUR 10 referring to interest deductions for the years 2003–2005.
Securitas believes it has acted in accordance with applicable law and will defend its position in court. However, the tax resolutions cause some uncertainty and it may take a long time until a final judgment is made. To avoid future challenges of interest deductions the Group adjusted the capitalization of Securitas Spain in 2009.
Securitas in Germany has settled a dispute with Deutsche Bank concerning a certain contract matter from 2006 involving a Letter of Comfort and has agreed to pay the Bank an amount of MEUR 10 in return for a full relase of all present and future claims. The settlement amount is covered by previously recognized provisions and has been paid on January 10, 2013.
Risk management is necessary in order for Securitas to be able to fulfill its strategies and achieve its corporate objectives. Securitas' risks fall into three main categories; contract risk, operational assignment risk and financial risks. Securitas approach to enterprise risk management is described in more detail in the Annual Report for 2011.
In the preparation of financial reports the Board of Directors and Group Management are required to make estimates and judgments. These estimates and judgments impact the statement of income and balance sheet as well as disclosures such as contingent liabilities. Actual results may differ from these estimates and judgments under different circumstances and conditions.
For the forthcoming twelve-month period, the financial impact of certain previously recognized items affecting comparability, provisions and contingent liabilities, as described in the Annual Report for 2011 and if applicable above under the heading "Other significant events", may vary from the current financial estimates and provisions made by management. This could affect the Group's profitability and financial position.
The Group's Parent Company, Securitas AB, is not involved in any operating activities. Securitas AB provides Group Management and support functions for the Group.
The Parent Company's income amounted to MSEK 992 (846) and mainly relates to license fees and other income from subsidiaries.
Financial income and expenses amounted to MSEK 2 792 (1 288*). The increase in financial income and expenses compared to last year is mainly explained by an increase in dividend from subsidiaries. Exchange rate differences have also had a positive impact on the finance net during the year.
Income before taxes amounted to MSEK 3 498 (2 101).
The Parent Company's non-current assets amounted to MSEK 38 119 (38 709) and mainly comprise shares in subsidiaries of MSEK 37 156 (37 853). Current assets amounted to MSEK 6 440 (8 111) of which liquid funds amounted to MSEK 25 (5).
Shareholders' equity amounted to MSEK 25 545 (23 343). A dividend of MSEK 1 095 (1 095) was paid to the shareholders in May 2012.
The Parent Company's liabilities amounted to MSEK 19 014 (23 477) and mainly consist of interest-bearing debt.
For further information, refer to the Parent Company's condensed financial statements on page 26.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
Securitas' consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's standard RFR 1 Supplementary Accounting Rules for Groups. The most important accounting principles under IFRS, which is the basis for the preparation of this interim report, can be found in note 2 on pages 77 to 83 in the Annual Report for 2011. The accounting principles are also available on the Group's website www.securitas.com under the section Investor Relations – Financials – Accounting Principles.
The Parent Company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's standard RFR 2 Accounting for Legal Entities. The most important accounting principles used by the Parent Company can be found in note 39 on page 129 in the Annual Report for 2011.
There have been no other changes than the change described below in the Group's or the Parent Company's accounting principles compared to the accounting principles described in note 2 and note 39 in the Annual Report for 2011.
The Parent Company has chosen to early adopt the change in RFR 2 IAS 27 related to Group contributions. The Parent Company has adopted the alternative rule, which means that Group contributions from subsidiaries as well as Group contributions to subsidiaries are accounted for as appropriations in the statement of income.
The effect on the restated comparative year 2011 is that group contributions net have impacted financial income and expenses with MSEK –319, while appropriations have increased with MSEK 319. There has been no impact on taxes, net income for the year or retained earnings.
IAS 1 (amended) applies to financial years beginning July 1, 2012 or later. It will be adopted by Securitas as of the financial year 2013. The amendments to the standard require the items in other comprehensive income to be split into two categories: items that will be reclassified to the statement of income and items that will not be reclassified to the statement of income. Taxes will be disclosed separately for each category.
IAS 19 (revised) applies to financial years beginning January 1, 2013 or later. It will be adopted by Securitas as of the financial year 2013. The impact on Securitas from the revised standard is that interest cost and expected return on assets will be replaced by a net interest cost which is calculated by applying the discount rate to the net defined benefit obligation (or asset). Further, past service costs will be recognized immediately instead of being accrued over the vesting period. The effect on the Group's financial statements is that costs related to defined benefits to employees are expected to increase. The increase of these costs is estimated to be approximately MSEK –55 before taxes for 2012 and MSEK –40 before taxes for 2011. The increase in costs will affect production expenses as well as selling and administrative expenses in operating income. Further, according to IAS 19 (revised) it will no longer be possible to apply the so called corridor method. Since Securitas has not applied the corridor method, this change will have no effect on the Group's financial statements.
None of the other published standards and interpretations that are mandatory for the Group's financial year 2013 are assessed to have any impact on the Group's financial statements.
Stockholm, February 8, 2013
Alf Göransson President and Chief Executive Officer
Translation of the Swedish original
Report of Review of Interim Financial Information prepared in accordance with IAS 34 and chapter 9 of the Annual Accounts Act.
We have reviewed this report for the period January 1, 2012 to December 31, 2012 for Securitas AB. The board of directors and the President and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, February 8, 2013 PricewaterhouseCoopers AB
Peter Nyllinge Authorised Public Accountant
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Sales | 16 523.5 | 15 680.7 | 64 039.8 | 58 995.6 | 59 097.5 |
| Sales, acquired business | 227.4 | 1 345.2 | 2 418.4 | 5 061.5 | 2 242.3 |
| Total sales | 16 750.9 | 17 025.9 | 66 458.2 | 64 057.1 | 61 339.8 |
| Organic sales growth, %1) | 0 | 2 | 0 | 3 | 1 |
| Production expenses | –14 025.3 | –14 068.8 | –55 360.0 | –52 977.4 | –50 076.0 |
| Gross income | 2 725.6 | 2 957.1 | 11 098.2 | 11 079.7 | 11 263.8 |
| Selling and administrative expenses | –1 974.2 | –2 044.9 | –8 028.2 | –7 766.9 | –7 551.3 |
| Other operating income 2) | 4.0 | 67.3 | 12.8 | 74.3 | 12.7 |
| Share in income of associated companies 3) | 0.4 | –1.5 | 2.7 | –2.4 | –1.0 |
| Operating income before amortization | 755.8 | 978.0 | 3 085.5 | 3 384.7 | 3 724.2 |
| Operating margin, % | 4.5 | 5.7 | 4.6 | 5.3 | 6.1 |
| Amortization and impairment of acquisition related intangible assets | –69.8 | –64.3 | –297.1 | –218.2 | –164.3 |
| Acquisition related costs 4) | –0.5 | –93.2 | –49.5 | –193.5 | –89.6 |
| Items affecting comparability 5) | –424.3 | - | –424.3 | - | - |
| Operating income after amortization | 261.2 | 820.5 | 2 314.6 | 2 973.0 | 3 470.3 |
| Financial income and expenses 6) | –147.7 | –133.7 | –573.0 | –493.0 | –502.3 |
| Income before taxes | 113.5 | 686.8 | 1 741.6 | 2 480.0 | 2 968.0 |
| Net margin, % | 0.7 | 4.0 | 2.6 | 3.9 | 4.8 |
| Current taxes | –104.6 | –210.0 | –526.4 | –680.1 | –735.7 |
| Deferred taxes | 67.4 | 4.7 | –3.2 | –61.3 | –151.5 |
| Net income for the period | 76.3 | 481.5 | 1 212.0 | 1 738.6 | 2 080.8 |
| Whereof attributable to: | |||||
| Equity holders of the Parent Company | 77.2 | 481.7 | 1 211.6 | 1 735.7 | 2 083.1 |
| Non-controlling interests | –0.9 | –0.2 | 0.4 | 2.9 | –2.3 |
| Earnings per share before dilution (SEK) | 0.21 | 1.32 | 3.32 | 4.75 | 5.71 |
| Earnings per share after dilution (SEK) | 0.21 | 1.32 | 3.32 | 4.75 | 5.71 |
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Net income for the period | 76.3 | 481.5 | 1 212.0 | 1 738.6 | 2 080.8 |
| Other comprehensive income | |||||
| Actuarial gains and losses and effects of minimum funding requirement net of tax | 38.4 | –110.2 | –147.9 | –270.3 | –117.9 |
| Cash flow hedges net of tax | 1.8 | 6.0 | 7.1 | 3.2 | 53.2 |
| Net investment hedges | –47.7 | 113.8 | –9.7 | 36.1 | 361.0 |
| Translation differences | 82.0 | –304.9 | –551.5 | –129.2 | –1 232.2 |
| Other comprehensive income for the period 7) | 74.5 | –295.3 | –702.0 | –360.2 | –935.9 |
| Total comprehensive income for the period | 150.8 | 186.2 | 510.0 | 1 378.4 | 1 144.9 |
| Whereof attributable to: | |||||
| Equity holders of the Parent Company | 152.1 | 186.9 | 510.2 | 1 376.1 | 1 147.6 |
| Non-controlling interests | –1.3 | –0.7 | –0.2 | 2.3 | –2.7 |
Notes 1–7 refer to pages 23–24.
| Operating cash flow MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Operating income before amortization | 755.8 | 978.0 | 3 085.5 | 3 384.7 | 3 724.2 |
| Investments in non-current tangible and intangible assets | –264.9 | –320.5 | –1 039.2 | –1 009.8 | –901.9 |
| Reversal of depreciation | 238.1 | 233.0 | 946.1 | 902.0 | 900.7 |
| Change in accounts receivable | 504.8 | 72.5 | 205.4 | –722.6 | –768.4 |
| Change in other operating capital employed | 479.1 | 142.0 | 3.0 | –446.9 | 312.8 |
| Cash flow from operating activities | 1 712.9 | 1 105.0 | 3 200.8 | 2 107.4 | 3 267.4 |
| Cash flow from operating activities, % | 227 | 113 | 104 | 62 | 88 |
| Financial income and expenses paid | –57.9 | –58.7 | –531.9 | –475.1 | –521.7 |
| Current taxes paid | –116.6 | –218.5 | –583.3 | –763.9 | –735.1 |
| Free cash flow | 1 538.4 | 827.8 | 2 085.6 | 868.4 | 2 010.6 |
| Free cash flow, % | 305 | 130 | 105 | 39 | 81 |
| Cash flow from investing activities, acquisitions | –80.8 | –549.7 | –677.3 | –1 882.0 | –1 359.0 |
| Cash flow from items affecting comparability | –163.4 | –11.2 | –193.8 | –23.7 | –62.5 |
| Cash flow from financing activities | –982.6 | –188.3 | 1 222.7 | 968.9 | –424.5 |
| Cash flow for the period | 311.6 | 78.6 | 2 437.2 | –68.4 | 164.6 |
| Cash flow MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
| Cash flow from operations | 1 620.8 | 1 072.8 | 2 833.4 | 1 674.5 | 2 784.7 |
| Cash flow from investing activities | –326.6 | –805.9 | –1 618.9 | –2 711.8 | –2 195.6 |
| Cash flow from financing activities | –982.6 | –188.3 | 1 222.7 | 968.9 | –424.5 |
| Cash flow for the period | 311.6 | 78.6 | 2 437.2 | –68.4 | 164.6 |
| Change in net debt MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
| Opening balance | –11 110.6 | –10 724.6 | –10 348.8 | –8 208.9 | –8 387.7 |
| Cash flow for the period | 311.6 | 78.6 | 2 437.2 | –68.4 | 164.6 |
| Change in loans | 982.6 | 188.3 | –2 317.9 | –2 064.1 | –670.7 |
| Change in net debt before revaluation and translation differences | 1 294.2 | 266.9 | 119.3 | –2 132.5 | –506.1 |
| Revaluation of financial instruments 6) | 2.3 | 8.1 | 10.6 | 7.5 | 67.6 |
| Translation differences | –50.5 | 100.8 | 354.3 | –14.9 | 617.3 |
| Change in net debt | 1 246.0 | 375.8 | 484.2 | –2 139.9 | 178.8 |
| Closing balance | –9 864.6 | –10 348.8 | –9 864.6 | –10 348.8 | –8 208.9 |
Note 6 refers to page 24.
| MSEK | Dec 31, 2012 | Sep 30, 2012 | Dec 31, 2011 | Sep 30, 2011 | Dec 31, 2010 |
|---|---|---|---|---|---|
| Operating capital employed | 2 580.1 | 3 686.3 | 3 144.6 | 3 551.2 | 2 586.5 |
| Operating capital employed as % of sales | 4 | 6 | 5 | 5 | 4 |
| Return on operating capital employed, % | 93 | 97 | 118 | 113 | 143 |
| Goodwill | 14 275.4 | 14 200.9 | 14 727.4 | 14 645.3 | 13 338.8 |
| Acquisition related intangible assets | 1 501.9 | 1 500.4 | 1 574.1 | 1 381.7 | 1 096.5 |
| Shares in associated companies | 108.0 | 105.3 | 108.2 | 113.6 | 125.6 |
| Capital employed | 18 465.4 | 19 492.9 | 19 554.3 | 19 691.8 | 17 147.4 |
| Return on capital employed, % | 14 | 17 | 17 | 18 | 22 |
| Net debt | –9 864.6 | –11 110.6 | –10 348.8 | –10 724.6 | –8 208.9 |
| Shareholders' equity | 8 600.8 | 8 382.3 | 9 205.5 | 8 967.2 | 8 938.5 |
| Net debt equity ratio, multiple | 1.15 | 1.33 | 1.12 | 1.20 | 0.92 |
| MSEK | Dec 31, 2012 | Sep 30, 2012 | Dec 31, 2011 | Sep 30, 2011 | Dec 31, 2010 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Goodwill | 14 275.4 | 14 200.9 | 14 727.4 | 14 645.3 | 13 338.8 |
| Acquisition related intangible assets | 1 501.9 | 1 500.4 | 1 574.1 | 1 381.7 | 1 096.5 |
| Other intangible assets | 368.1 | 351.9 | 330.5 | 296.2 | 272.4 |
| Tangible non-current assets | 2 377.7 | 2 345.5 | 2 361.8 | 2 330.6 | 2 283.9 |
| Shares in associated companies | 108.0 | 105.3 | 108.2 | 113.6 | 125.6 |
| Non-interest-bearing financial non-current assets | 2 171.2 | 2 035.8 | 2 045.3 | 2 045.8 | 1 737.7 |
| Interest-bearing financial non-current assets | 224.3 | 190.5 | 189.5 | 199.7 | 205.7 |
| Total non-current assets | 21 026.6 | 20 730.3 | 21 336.8 | 21 012.9 | 19 060.6 |
| Current assets | |||||
| Non-interest-bearing current assets | 12 434.1 | 13 133.8 | 12 802.6 | 13 154.5 | 11 169.5 |
| Other interest-bearing current assets | 116.3 | 76.8 | 19.6 | 10.1 | 68.3 |
| Liquid funds | 4 880.7 | 4 564.6 | 2 507.4 | 2 440.5 | 2 586.9 |
| Total current assets | 17 431.1 | 17 775.2 | 15 329.6 | 15 605.1 | 13 824.7 |
| TOTAL ASSETS | 38 457.7 | 38 505.5 | 36 666.4 | 36 618.0 | 32 885.3 |
| MSEK | Dec 31, 2012 | Sep 30, 2012 | Dec 31, 2011 | Sep 30, 2011 | Dec 31, 2010 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||||
| Shareholders' equity | |||||
| Attributable to equity holders of the Parent Company | 8 586.9 | 8 378.2 | 9 202.9 | 8 962.3 | 8 935.4 |
| Non-controlling interests | 13.9 | 4.1 | 2.6 | 4.9 | 3.1 |
| Total shareholders' equity | 8 600.8 | 8 382.3 | 9 205.5 | 8 967.2 | 8 938.5 |
| Equity ratio, % | 22 | 22 | 25 | 24 | 27 |
| Long-term liabilities | |||||
| Non-interest-bearing long-term liabilities | 409.3 | 415.7 | 532.1 | 624.3 | 282.3 |
| Interest-bearing long-term liabilities | 10 480.9 | 8 576.8 | 9 396.6 | 7 202.6 | |
| Non-interest-bearing provisions | 9 099.9 | ||||
| 2 888.9 | 3 139.8 | 3 122.6 | 2 851.3 | 2 564.8 | |
| Total long-term liabilities | 12 398.1 | 14 036.4 | 12 231.5 | 12 872.2 | 10 049.7 |
| Current liabilities | |||||
| Non-interest-bearing current liabilities and provisions | 11 472.8 | 10 625.2 | 10 740.9 | 10 800.3 | 10 029.9 |
| Interest-bearing current liabilities | 5 986.0 | 5 461.6 | 4 488.5 | 3 978.3 | 3 867.2 |
| Total current liabilities | 17 458.8 | 16 086.8 | 15 229.4 | 14 778.6 | 13 897.1 |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Attributable to equity holders of the Parent Company |
Non controlling interests |
Total | Attributable to equity holders of the Parent Company |
Non controlling interests |
Total | Attributable to equity holders of the Parent Company |
Non controlling interests |
Total |
| Opening balance January 1, 2012/2011/2010 | 9 202.9 | 2.6 | 9 205.5 | 8 935.4 | 3.1 | 8 938.5 | 8 812.7 | 8.3 | 8 821.0 |
| Total comprehensive income for the period | 510.2 | –0.2 | 510.0 | 1 376.1 | 2.3 | 1 378.4 | 1 147.6 | –2.7 | 1 144.9 |
| Transactions with non-controlling interests | –35.0 | 11.5 | –23.5 | - | –2.8 | –2.8 | - | –2.5 | –2.5 |
| Share based incentive scheme | 4.0 | - | 4.01) | –13.4 | - | –13.4 | 70.3 | - | 70.3 |
| Dividend paid to the shareholders of the Parent Company |
–1 095.2 | - | –1 095.2 | –1 095.2 | - | –1 095.2 | –1 095.2 | - | –1 095.2 |
| Closing balance December 31, 2012/2011/2010 | 8 586.9 | 13.9 | 8 600.8 | 9 202.9 | 2.6 | 9 205.5 | 8 935.4 | 3.1 | 8 938.5 |
1) Refers to a swap agreement in Securitas AB shares of MSEK –52.1, hedging the share portion of Securitas share based incentive scheme 2011 and share based remuneration for the Group's participants in the share based incentive scheme 2012 of MSEK 56.1.
Full Year Report, January–December 2012
| SEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Share price, end of period | 56.70 | 59.40 | 56.70 | 59.40 | 78.65 |
| Earnings per share before dilution 1, 2) | 0.21 | 1.32 | 3.32 | 4.75 | 5.71 |
| Earnings per share before dilution and before items affecting comparability 1, 2) | 1.044) | 1.32 | 4.214) | 4.75 | 5.71 |
| Dividend | - | - | 3.005) | 3.00 | 3.00 |
| P/E-ratio after dilution and before items affecting comparability | - | - | 134) | 13 | 14 |
| Share capital (SEK) | 365 058 897 | 365 058 897 | 365 058 897 | 365 058 897 | 365 058 897 |
| Number of shares outstanding 3) | 365 058 897 | 365 058 897 | 365 058 897 | 365 058 897 | 365 058 897 |
| Average number of shares outstanding 3) | 365 058 897 | 365 058 897 | 365 058 897 | 365 058 897 | 365 058 897 |
1) There are no convertible debenture loans. Consequently there is no difference between earnings per share before and after dilution.
2) Number of shares used for calculation of earnings per share 2012 and 2011 includes shares related to the Group's share based incentive schemes that have been hedged through a swap agreement.
3) There are no convertible debenture loans. Consequently there is no difference between number of shares before and after dilution. 4) Calculated excluding items affecting comparability as well as impairment of goodwill and other acquisition related intangible assets.
5) Proposed dividend.
| Security | Security | Mobile | Security | ||||
|---|---|---|---|---|---|---|---|
| MSEK | Services North America |
Services Europe |
and Monitoring |
Services Ibero-America |
Other | Eliminations | Group |
| Sales, external | 23 488 | 27 119 | 5 921 | 9 032 | 898 | - | 66 458 |
| Sales, intra-group | 4 | 66 | 244 | - | 3 | -317 | - |
| Total sales | 23 492 | 27 185 | 6 165 | 9 032 | 901 | -317 | 66 458 |
| Organic sales growth, % | 1 | 1 | 1 | –3 | - | - | 0 |
| Operating income before amortization | 1 157 | 1 102 | 619 | 465 | –258 | - | 3 085 |
| of which share in income of associated companies |
- | - | - | - | 3 | - | 3 |
| Operating margin, % | 4.9 | 4.1 | 10.0 | 5.1 | - | - | 4.6 |
| Amortization and impairment of acquisition related intangible assets 1) |
–33 | –118 | –51 | –71 | –24 | - | –297 |
| Acquisition related costs | –3 | –2 | –17 | –41 | 14 | - | –49 |
| Items affecting comparability | –74 | –165 | –137 | –45 | –3 | - | –424 |
| Operating income after amortization | 1 047 | 817 | 414 | 308 | –271 | - | 2 315 |
| Financial income and expenses | - | - | - | - | - | - | –573 |
| Income before taxes | - | - | - | - | - | - | 1 742 |
| 1)Amortization and impairment of acquisition related intangible assets | |||||||
| Amortization of acquisition related intangible assets | –33 | –92 | –51 | –71 | –24 | - | –271 |
| Impairment losses of acquisition related intangible assets |
- | –26 | - | - | - | - | –26 |
| Total | –33 | –118 | –51 | –71 | –24 | - | –297 |
| Security | Security | Mobile | Security | ||||
|---|---|---|---|---|---|---|---|
| MSEK | Services North America |
Services Europe 2) |
and Monitoring 2) |
Services Ibero-America 2) |
Other | Eliminations | Group |
| Sales, external | 22 356 | 26 092 | 5 803 | 9 097 | 709 | - | 64 057 |
| Sales, intra-group | - | 86 | 238 | - | - | –324 | - |
| Total sales | 22 356 | 26 178 | 6 041 | 9 097 | 709 | –324 | 64 057 |
| Organic sales growth, % | 4 | 0 | 3 | 11 | - | - | 3 |
| Operating income before amortization | 1 270 | 1 009 | 722 | 550 | –166 | - | 3 385 |
| of which share in income of associated companies |
- | - | - | - | –2 | - | –2 |
| Operating margin, % | 5.7 | 3.9 | 12.0 | 6.0 | - | - | 5.3 |
| Amortization and impairment of | |||||||
| acquisition related intangible assets 1) | –34 | –69 | –45 | –61 | –9 | - | –218 |
| Acquisition related costs | –14 | –131 | –25 | –20 | –4 | - | –194 |
| Items affecting comparability | - | - | - | - | - | - | - |
| Operating income after amortization | 1 222 | 809 | 652 | 469 | –179 | - | 2 973 |
| Financial income and expenses | - | - | - | - | - | - | –493 |
| Income before taxes | - | - | - | - | - | - | 2 480 |
| 1)Amortization and impairment of acquisition related intangible assets | |||||||
| Amortization of acquisition related intangible assets | –34 | –69 | –45 | –61 | –9 | - | –218 |
| Impairment losses of acquisition related intangible | |||||||
| assets | - | - | - | - | - | - | - |
| Total | –34 | –69 | –45 | –61 | –9 | - | –218 |
2) Comparatives have been restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Refer to note 8 for restated segment data.
The calculation of organic sales growth (and the specification of currency changes on operating income and income before taxes) is specified below:
| Oct–Dec | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | Jan–Dec | |
|---|---|---|---|---|---|---|
| Sales, MSEK | 2012 | 2011 | % | 2012 | 2011 | % |
| Total sales | 16 751 | 17 026 | –2 | 66 458 | 64 057 | 4 |
| Acquisitions/divestitures | –227 | -1 | –2 418 | –51 | ||
| Currency change from 2011 | 492 | - | 144 | - | ||
| Organic sales | 17 016 | 17 025 | 0 | 64 184 | 64 006 | 0 |
| Oct–Dec | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | Jan–Dec | |
| Operating income, MSEK | 2012 | 2011 | % | 2012 | 2011 | % |
| Operating income | 756 | 978 | –23 | 3 085 | 3 385 | –9 |
| Currency change from 2011 | 29 | - | 20 | - | ||
| Currency adjusted operating income | 785 | 978 | –20 | 3 105 | 3 385 | –8 |
| Oct–Dec | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | Jan–Dec | |
| Income before taxes, MSEK | 2012 | 2011 | % | 2012 | 2011 | % |
| Income before taxes | 114 | 687 | –83 | 1 742 | 2 480 | –30 |
| Currency change from 2011 | 33 | - | 18 | - | ||
| Currency adjusted income before taxes | 147 | 687 | –79 | 1 760 | 2 480 | –29 |
Other operating income 2012 consists in its entirety of trade mark fees from Securitas Direct AB.
Other operating income for the full year 2011 mainly comprises dividend of MSEK 29.3 from the Group's disposed joint venture Securitas Direct S.A. in Switzerland and a capital gain from the disposal of this company of MSEK 20.3. It also comprises trade mark fees from Securitas Direct AB of MSEK 10.1 and other items MSEK 14.6. Other operating income 2010 consists in its entirety of trade mark fees from Securitas Direct AB.
Securitas recognizes share in income of associated companies depending on the purpose of the investment.
· Associated companies that have been acquired to contribute to the operations (operational) are included in operating income before amortization.
· Associated companies that have been acquired as part of the financing of the Group (financial investments) are included in income before taxes as a separate line within the finance net. Currently, Securitas has no associated companies recognized as financial investments.
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Walsons Services PVT Ltd | 0.0 | –1.9 | 0.2 | –4.3 | –1.8 |
| Long Hai Security | 0.4 | 0.4 | 2.5 | 1.9 | 0.8 |
| Share in income of associated companies included in operating income | |||||
| before amortization | 0.4 | –1.5 | 2.7 | –2.4 | –1.0 |
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Restructuring and integration costs | –8.8 | –65.8 | –62.2 | –135.3 | –48.3 |
| Transaction costs | –4.0 | –25.9 | –17.2 | –65.1 | –41.3 |
| Revaluation of deferred considerations | 12.3 | –1.5 | 29.9 | 6.9 | - |
| Acquisition related costs | –0.5 | –93.2 | –49.5 | –193.5 | –89.6 |
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Recognized in the statement of income | |||||
| Restructuring costs | –458.0 | - | –458.0 | - | - |
| Spain – overtime compensation | 22.7 | - | 22.7 | - | - |
| Germany – discontinued operations | 11.0 | - | 11.0 | - | - |
| Total recognized in the statement of income | –424.3 | - | –424.3 | - | - |
| Cash flow impact | |||||
| Restructuring payments | –152.4 | - | –152.4 | - | - |
| Spain – overtime compensation | –10.5 | –9.6 | –37.9 | –17.5 | - |
| Germany – premises | –0.5 | –1.6 | –3.5 | –4.5 | –8.6 |
| Germany – Heros | - | - | - | - | –53.9 |
| Other items affecting comparability | - | - | - | –1.7 | - |
| Total cash flow impact | –163.4 | –11.2 | –193.8 | –23.7 | –62.5 |
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Recognized in the statement of income | |||||
| Revaluation of financial instruments | –0.1 | –0.1 | 1.0 | 3.1 | –4.5 |
| Deferred tax | 0.0 | 0.0 | –0.3 | –0.8 | 1.2 |
| Impact on net income | –0.1 | –0.1 | 0.7 | 2.3 | –3.3 |
| Recognized in the statement of comprehensive income | |||||
| Cash flow hedges | 2.4 | 8.2 | 9.6 | 4.4 | 72.1 |
| Deferred tax | –0.6 | –2.2 | –2.5 | –1.2 | –18.9 |
| Cash flow hedges net of tax | 1.8 | 6.0 | 7.1 | 3.2 | 53.2 |
| Total revaluation before tax | 2.3 | 8.1 | 10.6 | 7.5 | 67.6 |
| Total deferred tax | –0.6 | –2.2 | –2.8 | –2.0 | –17.7 |
| Total revaluation after tax | 1.7 | 5.9 | 7.8 | 5.5 | 49.9 |
The amount disclosed in the specification of change in net debt is the total revaluation before tax.
| MSEK | Oct–Dec 2012 | Oct–Dec 2011 | Jan–Dec 2012 | Jan–Dec 2011 | Jan–Dec 2010 |
|---|---|---|---|---|---|
| Deferred tax on actuarial gains and losses | –22.5 | 47.0 | 58.3 | 136.3 | 48.8 |
| Deferred tax on cash flow hedges | –0.6 | –2.2 | –2.5 | –1.2 | –18.9 |
| Deferred tax on net investment hedges | 17.0 | –40.6 | 3.5 | –12.9 | –128.8 |
| Deferred tax on other comprehensive income | –6.1 | 4.2 | 59.3 | 122.2 | –98.9 |
The tables below show restated segment data for Security Services Europe, Mobile and Monitoring and Security Services Ibero-America due to operations moved between the segments.
| Security Services Europe | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 2011 | Q2 2011 | H1 2011 | Q3 2011 | 9M 2011 | Q4 2011 | FY 2011 | Q1 2012 | Q2 2012 | H1 2012 |
| Total sales | 6 037 | 6 468 | 12 505 | 6 732 | 19 237 | 6 941 | 26 178 | 6 676 | 1 537 | 13 604 |
| Organic sales growth, % | 1 | 0 | 1 | 0 | 0 | –2 | 0 | 0 | 4 | 1 |
| Operating income before amortization | 236 | 203 | 439 | 292 | 731 | 278 | 1 009 | 259 | 160 | 502 |
| Operating margin, % | 3.9 | 3.1 | 3.5 | 4.3 | 3.8 | 4.0 | 3.9 | 3.9 | 10.4 | 3.7 |
During the first quarter 2012, Security Services Europe was adjusted for the aviation business in Portugal and Spain moved to Security Services Ibero-America. Furthermore, some operations were moved between Security Services Europe and Mobile in Norway, Denmark and Finland. During the third quarter 2012, operations have been moved between Security Services Europe and Monitoring in the UK, Poland and the Czech Republic.
| Mobile and Monitoring | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 2011 | Q2 2011 | H1 2011 | Q3 2011 | 9M 2011 | Q4 2011 | FY 2011 | Q1 2012 | Q2 2012 | H1 2012 |
| Total sales | 1 427 | 1 500 | 2 927 | 1 564 | 4 491 | 1 550 | 6 041 | 6 928 | 1 565 | 3 102 |
| Organic sales growth, % | 2 | 5 | 3 | 4 | 4 | 2 | 3 | 2 | 1 | 2 |
| Operating income before amortization | 149 | 159 | 308 | 216 | 524 | 198 | 722 | 243 | 158 | 318 |
| Operating margin, % | 10.4 | 10.6 | 10.5 | 13.8 | 11.7 | 12.8 | 12.0 | 3.5 | 10.1 | 10.3 |
During the first quarter 2012, Mobile and Monitoring was adjusted for the monitoring business in Spain moved to Security Services Ibero-America. Furthermore, some operations were moved between Security Services Europe and Mobile in Norway, Denmark and Finland. During the third quarter 2012, operations have been moved between Security Services Europe and Monitoring in the UK, Poland and the Czech Republic.
| Security Services Ibero-America MSEK |
Q1 2011 | Q2 2011 | H1 2011 | Q3 2011 | 9M 2011 | Q4 2011 | FY 2011 |
|---|---|---|---|---|---|---|---|
| Total sales | 2 000 | 2 245 | 4 245 | 2 440 | 6 685 | 2 412 | 9 097 |
| Organic sales growth, % | 7 | 11 | 9 | 14 | 11 | 10 | 11 |
| Operating income before amortization | 108 | 138 | 246 | 149 | 395 | 155 | 550 |
| Operating margin, % | 5.4 | 6.1 | 5.8 | 6.1 | 5.9 | 6.4 | 6.0 |
During the first quarter 2012, Security Services Ibero-America was adjusted for the aviation business in Portugal and Spain moved from Security Services Europe as well as the monitoring business in Spain moved from Mobile and Monitoring.
| Type | Currency | Facility amount (million) |
Available amount (million) |
Maturity |
|---|---|---|---|---|
| EMTN FRN private placement | SEK | 1 000 | 0 | 2013 |
| EMTN Eurobond, 6.50% fixed | EUR | 500 | 0 | 2013 |
| EMTN FRN private placement | EUR | 45 | 0 | 2014 |
| EMTN FRN private placement | SEK | 500 | 0 | 2014 |
| EMTN FRN private placement | SEK | 500 | 0 | 2014 |
| EMTN FRN private placement | SEK | 400 | 0 | 2015 |
| EMTN FRN private placement | SEK | 600 | 0 | 2015 |
| EMTN FRN private placement | USD | 62 | 0 | 2015 |
| EMTN FRN private placement | USD | 40 | 0 | 2015 |
| Multi Currency Revolving Credit Facility | USD equivalent | 1 100 | 1 025 | 2016 |
| EMTN Eurobond, 2.75% fixed | EUR | 350 | 0 | 2017 |
| EMTN FRN private placement | USD | 50 | 0 | 2018 |
| EMTN Eurobond, 2.25% fixed | EUR | 300 | 0 | 2018 |
| Commercial Paper (uncommitted) | SEK | 5 000 | 5 000 | n/a |
| MSEK | Jan–Dec 2012 | Jan–Dec 2011 |
|---|---|---|
| License fees and other income | 991.6 | 846.1 |
| Gross income | 991.6 | 846.1 |
| Administrative expenses | –779.8 | –352.7 |
| Operating income | 211.8 | 493.4 |
| Financial income and expenses 1 | 2 792.1 | 1 288.4 |
| Income after financial items | 3 003.9 | 1 781.8 |
| Appropriations 1 | 494.4 | 318.7 |
| Income before taxes | 3 498.3 | 2 100.5 |
| Taxes | –56.6 | –7.5 |
| Net income for the period | 3 441.7 | 2 093.0 |
1) The comparative year 2011 has been restated since Group contributions have been accounted for as appropriations due to a change of accounting principle.
Refer to the section Accounting principles for further information.
| MSEK | Dec 31, 2012 | Dec 31, 2011 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Shares in subsidiaries | 37 156.3 | 37 852.7 |
| Shares in associated companies | 112.1 | 112.1 |
| Other non-interest-bearing non-current assets | 233.7 | 197.3 |
| Interest-bearing financial non-current assets | 616.8 | 547.2 |
| Total non-current assets | 38 118.9 | 38 709.3 |
| Current assets | ||
| Non-interest-bearing current assets | 1 770.4 | 4 947.3 |
| Other interest-bearing current assets | 4 645.1 | 3 158.6 |
| Liquid funds | 24.9 | 5.4 |
| Total current assets | 6 440.4 | 8 111.3 |
| TOTAL ASSETS | 44 559.3 | 46 820.6 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | ||
| Restricted equity | 7 727.7 | 7 727.7 |
| Non-restricted equity | 17 817.7 | 15 615.7 |
| Total shareholders' equity | 25 545.4 | 23 343.4 |
| Long-term liabilities | ||
| Non-interest-bearing long-term liabilities/provisions | 113.4 | 128.4 |
| Interest-bearing long-term liabilities | 8 983.0 | 8 430.2 |
| Total long-term liabilities | 9 096.4 | 8 558.6 |
| Current liabilities | ||
| Non-interest-bearing current liabilities | 684.0 | 755.9 |
| Interest-bearing current liabilities | 9 233.5 | 14 162.7 |
| Total current liabilities | 9 917.5 | 14 918.6 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 44 559.3 | 46 820.6 |
Operating income before amortization (rolling 12 months) plus interest income (rolling 12 months) in relation to interest expenses (rolling 12 months).
Free cash flow as a percentage of adjusted income (operating income before amortization adjusted for financial income and expenses, excluding revaluation of financial instruments, and current taxes).
Free cash flow (rolling 12 months) in relation to closing balance net debt.
Operating capital employed as a percentage of total sales adjusted for the full-year sales of acquired entities.
Operating income before amortization (rolling 12 months) plus items affecting comparability (rolling 12 months) as a percentage of the average balance of operating capital employed.
Operating income before amortization (rolling 12 months) plus items affecting comparability (rolling 12 months) as a percentage of closing balance of capital employed.
Net debt in relation to shareholders' equity.
An information meeting will be held on February 8, 2013, at 9.30 a.m. (CET).
The information meeting will take place at Securitas' head office at Lindhagensplan 70 in Stockholm.
The meeting will be webcast at www.securitas.com/webcasts
To participate in the telephone conference during the information meeting, please dial in five minutes prior to the start of the conference call, from:
The United States: +1 866 682 8490 Sweden: +46 (0) 8 506 307 79 United Kingdom: +44 (0) 844 571 8957
A recorded version of the webcast will be available at www.securitas.com/webcasts after the meeting
Micaela Sjökvist, Head of Investor Relations, + 46 10 470 3013
Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, + 46 10 470 3011
Securitas will release financial information for 2013 as follows: January–March 2013: May 7, 2013 January–June 2013: August 7, 2013 January–September 2013: November 7, 2013 January–December 2013: February 6, 2014
Securitas is a global knowledge leader in security. From a broad range of services of specialized guarding, technology solutions and consulting and investigations, we customize offerings that are suited to the individual customer's needs, in order to deliver the most effective security solutions. Everywhere from small stores to airports, our 300 000 employees are making a difference.
P.O. Box 12307 SE-102 28 Stockholm Sweden Tel +46 10 470 3000 Fax +46 10 470 3122 www.securitas.com Visiting address: Lindhagensplan 70
Corporate registration number 556302–7241 Securitas AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.00 a.m. (CET) on Friday, February 8, 2013.
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