Quarterly Report • May 4, 2010
Quarterly Report
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Interim Report January–March 2010
The security industry has proven to be resilient in the recession, and to the extent it has been affected, it tends to be late cyclical. In the slow and fragile recovery in many of the world economies, the demand for security services has not yet increased but it seems to have stabilized at present levels.
The Securitas strategy – to focus on profitability and to differentiate from competition by added value in optimizing the security solutions for the customers – has been successful in different business cycles during the past few years. During the first quarter of 2010 the real improvement of the operating income continued, excluding exchange rate fluctuations, and amounted to 5 percent compared to the same period last year. Operating margins in all business segments were either flat or improved.
The organic sales growth in Security Services North America remained negative and is expected to stay weak during the first half year of 2010, due to reductions and losses of a few large contracts during primarily the second half of last year.
The opportunities for acquisitions continue to be favorable in both mature and new markets and we intend to remain active during 2010 and selectively take advantage of opportunities as they occur.
Alf Göransson President and Chief Executive Officer
| January–March summary 2 | |
|---|---|
| Group development 3 | |
| Development in the Group's business segments 4 |
|
| Cash flow 7 | |
| Capital employed and financing 8 |
|
| Acquisitions 9 | |
| Other significant events 10 | |
| Risks and uncertainties 10 | |
| Parent Company operations 10 |
|
| Accounting principles 11 | |
| Consolidated financial statements 12 |
|
| Segment overview 16 | |
| Notes 17 | |
| Definitions 18 | |
| Parent Company 19 | |
| Financial information 20 |
| Total change |
Total change |
||||
|---|---|---|---|---|---|
| MSEK | Q1 2010 | Q1 2009 | % | FY 2009 | % |
| Sales | 14,870 | 16,425 | –9 | 62,667 | 11 |
| Organic sales growth, % | –1 | 1 | –1 | ||
| Real sales growth, including acquisitions, % | 1 | 4 | 2 | ||
| Operating income before amortization | 818 | 872 | –6 | 3,756 | 15 |
| Operating margin, % | 5.5 | 5.3 | 6.0 | ||
| Real change, % | 5 | 2 | 6 | ||
| Income before taxes and items affecting | |||||
| comparability | 643 | 714 | –10 | 3,022 | 14 |
| Real change, % | 1 | 4 | 3 | ||
| Income before taxes | 643 | 714 | –10 | 3,022 | 15 |
| Real change, % | 1 | 4 | 4 | ||
| Net income | 450 | 509 | –12 | 2,118 | 12 |
| Earnings per share (SEK) | 1.24 | 1.40 | –11 | 5.80 | 12 |
| Organic sales growth | Operating margin | |||
|---|---|---|---|---|
| % | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 |
| Security Services North America | –5 | –2 | 5.4 | 5.4 |
| Security Services Europe* | 1 | 2 | 5.2 | 5.0 |
| Mobile and Monitoring* | 2 | 5 | 11.3 | 10.6 |
| Group | –1 | 1 | 5.5 | 5.3 |
* The comparatives have been restated due to operations moved between the segments Security Services Europe and Mobile and Monitoring. Refer to Note 7 on page 18 for quarterly information for 2009.
Sales amounted to MSEK 14,870 (16,425) and organic sales growth was –1 percent (1). The development is estimated to be in line with the security market growth in Europe and slightly lower in North America. All business segments showed an improvement in organic sales growth compared to the fourth quarter 2009. In Security Services North America, the consequences of the recession still had a negative impact and put pressure on the organic sales growth in the first quarter. In Security Services Europe and Mobile and Monitoring the organic sales growth was positive.
Real sales growth, including acquisitions and adjusted for changes in exchange rates, was 1 percent (4).
Operating income before amortization was MSEK 818 (872) which, adjusted for changes in exchange rates, represented an increase of 5 percent.
The operating margin was 5.5 percent (5.3). Security Services Europe and Mobile and Monitoring both improved the operating margin compared to last year, while Security Services North America was flat. The improved profitability in the first quarter was related to lower bad debt losses and provisions for bad debt losses, cost control and positive effects from a lower employee turnover rate.
The price adjustments approximately corresponded to the total wage cost increases in the Group in the first quarter.
Amortization of acquisition related intangible assets amounted to MSEK –38 (–34).
Acquisition related costs impacted the quarter by MSEK –5 (–2).
Financial income and expense amounted to MSEK –132 (–122). The increase in the finance net is explained partly by the issuance of the MEUR 500 Eurobond in April 2009. The Eurobond carries a higher interest cost than the loans it refinanced last year. The stronger Swedish Krona has impacted the finance net positively compared to the first quarter 2009.
Income before taxes was MSEK 643 (714). The real change was 1 percent.
The Group's tax rate was 29.9 percent (28.7). The increase compared to 2009 is mainly due to a capitalization in Securitas Spain. For further information refer to note 37 in the Annual Report 2009.
Net income was MSEK 450 (509). Earnings per share were SEK 1.24 (1.40).
4
Security Services North America 36%
Security Services North America 35%
Security Services North America provides specialized guarding services in the USA, Canada and Mexico and comprises 18 business units: one organization for national and global accounts, ten geographical regions and four specialty customer segments – Global Enterprise Solutions (formerly Automotive/Manufacturing), Government Services, Energy and Healthcare – in the USA, plus Canada, Mexico and Pinkerton Consulting & Investigations (C&I). In total, there are 97 geographical areas, over 600 branch offices and approximately 100,000 employees.
| Security Services North America | January–March | January–December | |
|---|---|---|---|
| MSEK | 2010 | 2009 | 2009 |
| Total sales | 5,362 | 6,528 | 23,530 |
| Organic sales growth, % | –5 | –2 | –4 |
| Operating income before amortization | 289 | 350 | 1,400 |
| Operating margin, % | 5.4 | 5.4 | 5.9 |
| Real change, % | –3 | 0 | 2 |
The organic sales growth was –5 percent (–2) in the first quarter, which was an improvement compared to the fourth quarter 2009. Reductions in existing customer contracts together with the loss of customer contracts in the recession are the main reasons behind the negative organic sales growth.
The new sales rate in the first quarter was lower compared to the first quarter last year, when it was impacted primarily because of successful growth in the Healthcare segment. The new sales rate increased compared to the fourth quarter 2009. The gross margin on new sales was below the portfolio average gross margin.
The operating margin remained flat at 5.4 percent compared to last year. Cost reductions implemented in 2009 coupled with lower bad debt losses and provisions for bad debt losses, contributed to the development. This effect was outweighed by higher payroll taxes that were not totally recouped during the first quarter.
The US dollar exchange rate had a negative effect on the operating result in Swedish kronor. The real change was –3 percent in the first quarter.
The client retention rate was slightly below 90 percent which was in line with the same period last year. The client retention rate slightly improved compared to the fourth quarter 2009. The employee turnover rate was 37 percent (52).
Security Services Europe 51%
Security Services Europe 48%
Security Services Europe provides specialized security and safety services for large and medium-sized customers in 24 countries, while Aviation, part of the Security Services Europe business segment, provides airport security services in 13 countries. Security Services Europe has a combined total of over 800 branch offices and more than 110,000 employees.
| Security Services Europe | January–March | January–December | ||||
|---|---|---|---|---|---|---|
| MSEK | 2010 | 2009* | 2009* | |||
| Total sales | 7,530 | 8,024 | 31,517 | |||
| Organic sales growth, % | 1 | 2 | 0 | |||
| Operating income before amortization | 394 | 404 | 1,800 | |||
| Operating margin, % | 5.2 | 5.0 | 5.7 | |||
| Real change, % | 6 | 2 | 4 |
* The comparatives have been restated due to operations moved between the segments Security Services Europe and Mobile and Monitoring. Refer to Note 7 on page 18 for quarterly information for 2009.
The organic sales growth was 1 percent (2) in the first quarter. The countries in the European guarding operation do not show a uniform picture in terms of organic sales growth, but the positive development was supported by countries such as Austria, Denmark, Finland, Netherlands, Sweden, Switzerland and Turkey. Negative organic sales growth was seen in countries such as France and Spain, where the organic sales growth however has improved compared to the previous quarters. Aviation showed double-digit organic sales growth in the first quarter.
The new sales rate was slightly lower in the first quarter compared to the first quarter last year, however, it improved compared to the fourth quarter 2009. The gross margin on new sales was below the portfolio average gross margin.
The operating margin was 5.2 percent (5.0). The increase is primarily related to improvements in operational efficiencies and the lower employee turnover with related positive effects. Furthermore, lower bad debt provisions and losses had a positive impact while the lower extra sales level affected negatively. Aviation's operating margin improved by 0.4 percentage points in the quarter compared to the same quarter last year.
The currency effect of the euro had a negative impact on the operating income in Swedish kronor. The real change was 6 percent in the quarter.
The client retention rate was approximately 90 percent. The employee turnover rate was about 25 percent (28).
6
Mobile and Monitoring 10%
Mobile and Monitoring 21%
Mobile and Monitoring
Mobile provides mobile security services for small and medium-sized businesses, while Monitoring provides electronic alarm surveillance services. Mobile operates in 11 countries across Europe and has approximately 8,900 employees in 28 areas and 327 branches.
Monitoring, with approximately 900 employees, operates in 11 countries in Europe and covers the other European countries via partnerships.
| Mobile and Monitoring | January–March | January–December | |
|---|---|---|---|
| MSEK | 2010 | 2009* | 2009* |
| Total sales | 1,488 | 1,532 | 6,168 |
| Organic sales growth, % | 2 | 5 | 3 |
| Operating income before amortization | 168 | 163 | 740 |
| Operating margin, % | 11.3 | 10.6 | 12.0 |
| Real change, % | 8 | 17 | 7 |
* The comparatives have been restated due to operations moved between the segments Security Services Europe and Mobile and Monitoring. Refer to Note 7 on page 18 for quarterly information for 2009.
The organic sales growth was 2 percent (5). The lower organic sales growth compared to last year is explained primarily by the recession with lower extra sales and reductions in existing customer contracts. In the Mobile operation all countries showed positive organic sales growth except Denmark and Spain. In the Monitoring operation good organic sales growth was seen in countries such as Belgium and Sweden.
The operating margin was 11.3 percent (10.6). Cost control and lower impact from bad debt provisions and losses affected the operating margin positively. The entry into the Monitoring market in Spain also contributed to the margin improvement. The real change was 8 percent in the quarter.
Operating income before amortization amounted to MSEK 818 (872). Net investments in noncurrent tangible and intangible assets amounted to MSEK 7 (0).
Changes in accounts receivable amounted to MSEK –291 (–290). Changes in other operating capital employed amounted to MSEK 185 (–345).
Cash flow from operating activities amounted to MSEK 719 (237), equivalent to 88 percent (27) of operating income before amortization. The quarter was positively impacted by the payroll timing in the North American operations both when compared with the first quarter 2009 and with the fourth quarter 2009.
Financial income and expenses paid amounted to MSEK –86 (–186). The decrease compared to the first quarter 2009 is mainly explained by a higher number of loan rollovers and corresponding interest payments in the first quarter 2009. Current taxes paid amounted to MSEK –109 (–124).
Free cash flow was MSEK 524 (–73), equivalent to 101 percent (–13) of adjusted income.
Cash flow from investing activities, acquisitions, was MSEK –102 (–140).
Cash flow from items affecting comparability was MSEK –1 (–1).
Cash flow from financing activities was MSEK –270 (–1,188).
Cash flow for the period was MSEK 151 (–1,402).
| MSEK | |
|---|---|
| Jan 1, 2010 | –8,388 |
| Free cash flow | 524 |
| Acquisitions | –103 |
| IAC payments | –1 |
| Change in net debt | 420 |
| Translation and | |
| revaluation | 169 |
| Mar 31, 2010 | –7,799 |
The Group's operating capital employed was MSEK 2,511 (2,623 as of December 31, 2009) corresponding to 4 percent of sales (4 as of December 31, 2009) adjusted for full year sales of acquired units.
Acquisitions have increased operating capital employed by MSEK 2 during the first quarter 2010.
Acquisitions have increased consolidated goodwill by MSEK 65. Adjusted for negative translation differences of MSEK –270, total goodwill for the Group amounted to MSEK 13,353 (13,558 as of December 31, 2009).
Acquisitions have increased acquisition related intangible assets by MSEK 28. After amortization of MSEK –38 and negative translation differences of MSEK –25, acquisition related intangible assets amounted to MSEK 860 (895 as of December 31, 2009).
Free cash flow/Net debt Free cash flow/net debt
The Group's total capital employed was MSEK 16,859 (17,209 as of December 31, 2009). The translation of foreign capital employed to Swedish kronor decreased the Group's capital employed by MSEK –523.
The return on capital employed was 22 percent (22 as of December 31, 2009).
The Group's net debt amounted to MSEK 7,799 (8,388 as of December 31, 2009). Acquisitions and acquisition related payments increased the Group's net debt by MSEK 102, of which purchase price payments accounted for MSEK 106, assumed net debt for MSEK –10 and acquisition related costs paid for MSEK 6. The Group's net debt decreased by MSEK 160 due to the translation of net debt in foreign currency to Swedish kronor.
The free cash flow to net debt ratio amounted to 0.35 (0.21).
The main drawn debt instruments at the end of March 2010 were three bonds issued under the Group's Euro Medium Term Note Program. These comprised the 6.50 percent MEUR 500 Eurobond loan maturing in 2013, and two Floating Rates notes (FRN's), one for MEUR 45 maturing in 2014 and one for MUSD 62 maturing in 2015. The latter replaced another MEUR 45 FRN which was due to mature in 2013, but was repaid early in February 2010.
In addition to the above, Securitas has access to committed financing through the MUSD 1,100 Revolving Credit Facility maturing in 2012, and through part of the MEUR 136 Term Loan Facility maturing in May 2010. This facility was originally for MEUR 550, and has been repaid gradually over the past year.
The MSEK 3,000 club deal matured in January 2010 and was not renewed.
Securitas also has access to uncommitted bank borrowings and a MSEK 5,000 Swedish Commercial Paper Program for short-term borrowing needs.
Securitas has ample liquidity headroom under the committed credit facilities in line with established policies, which together with the strong free cash flow generation makes it possible to meet upcoming liquidity needs in the operations.
Summary of the facilities as of March 31, 2010:
| Facility amount |
Available amount |
|||
|---|---|---|---|---|
| Type | Currency | (million) | (million) | Maturity |
| Term Loan | EUR | 136 | 0 | 2010 |
| Multi Currency Revolving Credit Facility | USD (or equivalent) | 1,100 | 712 | 2012 |
| EMTN Eurobond, 6.50% fixed | EUR | 500 | 0 | 2013 |
| EMTN FRN Private Placement | EUR | 45 | 0 | 2014 |
| EMTN FRN Private Placement | USD | 62 | 0 | 2015 |
| Commercial Paper (uncommitted) | SEK | 5,000 | 3,925 | n/a |
The interest cover ratio amounted to 6.5 (4.2).
Shareholders' equity amounted to MSEK 9,060 (8,821 as of December 31, 2009). The translation of foreign assets and liabilities to Swedish kronor decreased shareholders' equity by MSEK –206 after taking into account net investment hedging of MSEK 157 and MSEK –363 before net investment hedging. Refer to page 12, Statement of comprehensive income, for further information.
Securitas AB Interim Report, January–March 2010 The total number of outstanding shares amounted to 365,058,897 as of March 31, 2010.
| Company | Business segment 1) | Included from |
Acquired share 2) |
Annual sales 3) |
Enter - prise |
value 4) Goodwill | Acq. related intangible assets |
|---|---|---|---|---|---|---|---|
| Opening balance | 13,558 | 895 | |||||
| Seccredo, Sweden 7) 8) |
Other | Jan 1 | 51 | 25 | 14 | 35 | - |
| Other acquisitions 5) 7) | 181 | 82 | 30 | 28 | |||
| Total acquisitions January–March 2010 | 206 | 96 | 656) | 28 | |||
| Amortization of acquisition related intangible assets | - | –38 | |||||
| Exchange rate differences | –270 | –25 | |||||
| Closing balance | 13,353 | 860 |
1) Refers to business segment with main responsibility for the acquisition.
2) Refers to voting rights.
3) Estimated annual sales.
4) Purchase price paid plus acquired net debt.
5) Related to other acquisitions for the period and updated prior year acquisition calculations for the following entities: Atlantis Securite, Canada, Addici and Labelå (contract portfolio), Services Sweden, Dalslands bevakning (contract portfolio), Mobile Sweden, Verdisikring Vest (contract portfolio), Mobile Norway, Ferssa Group, Services France, Staff Sécurité, AGSPY and SCPS, Mobile France, Tecniserv, Alert Services Spain, WOP Protect (contract portfolio), Services Switzerland, GPDS, Services Belgium, EMS (contract portfolio), Alert Services Belgium, Hadi Bewaking (contract portfolio), Mobile Netherlands, Agency of Security Fenix, Czech Republic, Gordon, Serbia, GMCE Gardiennage, Morocco, Worldwide Security, Chile, Guardforce, Hong Kong, Claw Protection Services, South Africa and Long Hai Security, Vietnam. Related also to deferred considerations paid in Switzerland, Turkey and Argentina.
6) Goodwill that is expected to be deductible for tax purposes amounts to MSEK 15.
7) Deferred considerations have been recognized mainly based on an assessment of the future profitability development during an agreed period in the acquired entities. The net of new deferred considerations and payments made from previously recognized deferred considerations were MSEK –3. Total deferred considerations, short-term and long-term, in the Group's balance sheet amount to MSEK 256.
8) No non-controlling interests have been accounted for since Securitas has an option to buy the remaining shares and the seller has an option to sell the remaining shares. Consequently, 100 percent of the company is consolidated.
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 Changes in shareholders' equity on page 14. Transaction costs can be found in note 4 on page 17.
Securitas has acquired 51 percent of the shares in Seccredo, a leading consulting company performing crisis management and risk- and security services. Seccredo has 20 employees. The company assists customers with preventing, controlling and mitigating disturbances and losses in organization, operations and assets. The customers represent a broad cross section of leading brands from both the private and public sector.
Securitas has acquired all shares in the security services company Claw Protection Services in South Africa. Claw Protection Services has approximately 800 employees. The company is specialized in guarding, mainly in the areas of Johannesburg and Pretoria.
Securitas subsidiary in Denmark, Dansikring, has acquired all shares in the monitoring company Dan Kontrol Systemer in Denmark. Dan Kontrol Systemer, with 25 employees, is the largest independent monitoring company in Denmark. The acquisition enables an expansion in the monitoring market in Denmark.
For critical estimates and judgments and items affecting comparability and contingent liabilities refer to page 72 and pages 103–104 of the Annual Report 2009. If no significant events have occurred in relation to what has been disclosed in the Annual Report, no further comments are given in the Interim Report for the respective case.
Managing risks is necessary 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 2009.
The preparation of financial reports requires the Board of Directors and Group Management to make estimates and judgments. Estimates and judgments will impact both the statement of income and the 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 nine month period, the financial impact of certain items affecting comparability and contingent liabilities, as described in the Annual Report for 2009, may vary from the current financial estimates and provisions made by management. This could affect the profitability and the financial position of the Group.
The Parent Company of the Group, Securitas AB, conducts no operating activities. Securitas AB provides Group Management and support functions.
The Parent Company's income amounted to MSEK 250 (247) and mainly relates to administrative contributions and other income from subsidiaries.
Financial income and expenses amounted to MSEK 119 (–275). Exchange rate differences had a positive effect on the finance net. Income after financial items amounted to MSEK 287 (–128).
The Parent Company's non-current assets amounted to MSEK 40,777 (40,604 as of December 31, 2009) and mainly comprise shares in subsidiaries of MSEK 40,165 (40,074 as of December 31, 2009). Current assets amounted to MSEK 4,150 (4,527 as of December 31, 2009) of which liquid funds amounted to MSEK 76 (2 as of December 31, 2009).
Shareholders' equity amounted to MSEK 21,867 (21,855 as of December 31, 2009).
The Parent Company's liabilities amounted to MSEK 23,060 (23,276 as of December 31, 2009) and mainly consist of interest-bearing debt.
For further information, refer to the Parent Company's condensed financial statements on page 19.
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 1.3 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 62 to 68 in the published Annual Report for 2009. 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 2.3 Accounting for Legal Entities. The most important accounting principles used by the Parent Company can be found in Note 39 on page 109 in the published Annual Report for 2009.
The effects on the Group from new and revised standards and interpretations that came into effect on January 1, 2010 have been described in Note 2 on pages 62 to 63 in the published Annual Report for 2009. The revised standards that impact the Group's financial statements are IFRS 3 (revised) Business combinations and IAS 27 (revised) Consolidated and separate financial statements. The new accounting principles adopted from January 1, 2010 without restatement of the comparative years are:
The acquisition method is applied to business combinations. All payments to acquire a business are recorded at fair value at the acquisition date, with contingent considerations classified as debt subsequently re-measured through the statement of income. There is a choice on an acquisitionby-acquisition basis to measure the non-controlling interest in the acquiree at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets. All acquisition related transaction costs are expensed. These costs are in the Group accounted for on a line in the statement of income named acquisition related costs. Costs accounted for on this line are transaction costs, revaluation of contingent considerations, revaluation to fair value of previously acquired shares in step acquisitions and, as previously, acquisition related restructuring costs.
Transactions with non-controlling interests are recorded in equity if there is no change in control. When control is lost by the Parent Company, any remaining interest in the entity is remeasured to fair value, and a gain or loss is recognised in the statement of income.
| MSEK | Jan–Mar 2010 | Jan–Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Continuing operations | ||||
| Sales | 14,538.3 | 15,951.3 | 61,216.7 | 55,247.9 |
| Sales, acquired business | 332.2 | 473.9 | 1,450.0 | 1,323.7 |
| Total sales | 14,870.5 | 16,425.2 | 62,666.7 | 56,571.6 |
| Organic sales growth, %1) | –1 | 1 | –1 | 6 |
| Production expenses | –12,176.9 | –13,464.3 | –50,983.9 | –46,122.9 |
| Gross income | 2,693.6 | 2,960.9 | 11,682.8 | 10,448.7 |
| Selling and administrative expenses | –1,878.9 | –2,091.3 | –7,933.5 | –7,196.3 |
| Other operating income 2) | 2.8 | 3.2 | 11.3 | 18.7 |
| Share in income of associated companies 3) | 0.1 | –0.8 | –4.1 | –0.4 |
| Operating income before amortization | 817.6 | 872.0 | 3,756.5 | 3,270.7 |
| Operating margin, % | 5.5 | 5.3 | 6.0 | 5.8 |
| Amortization of acquisition related intangible assets | –37.9 | –34.1 | –138.3 | –102.2 |
| Acquisition related costs 4) | –4.9 | –1.9 | –5.9 | –52.6 |
| Items affecting comparability | - | - | - | –29.3 |
| Operating income after amortization | 774.8 | 836.0 | 3,612.3 | 3,086.6 |
| Financial income and expenses 5) | –132.3 | –121.5 | –589.8 | –469.6 |
| Income before taxes | 642.5 | 714.5 | 3,022.5 | 2,617.0 |
| Net margin, % | 4.3 | 4.4 | 4.8 | 4.6 |
| Current taxes | –169.2 | –172.6 | –715.4 | –651.8 |
| Deferred taxes | –22.9 | –32.6 | –189.1 | –75.3 |
| Net income for the period, continuing operations | 450.4 | 509.3 | 2,118.0 | 1,889.9 |
| Net income for the period, discontinued operations | - | - | - | 431.8 |
| Net income for the period, all operations | 450.4 | 509.3 | 2,118.0 | 2,321.7 |
| Whereof attributable to: | ||||
| Equity holders of the Parent Company | 451.5 | 510.2 | 2,116.2 | 2,323.6 |
| Non-controlling interests | –1.1 | –0.9 | 1.8 | –1.9 |
| Earnings per share before dilution, continuing operations (SEK) | 1.24 | 1.40 | 5.80 | 5.18 |
| Earnings per share before dilution, discontinued operations (SEK) | - | - | - | 1.18 |
| Earnings per share before dilution, all operations (SEK) | 1.24 | 1.40 | 5.80 | 6.36 |
| Earnings per share after dilution, continuing operations (SEK) | 1.24 | 1.40 | 5.80 | 5.18 |
| Earnings per share after dilution, discontinued operations (SEK) | - | - | - | 1.18 |
| Earnings per share after dilution, all operations (SEK) | 1.24 | 1.40 | 5.80 | 6.36 |
| MSEK | Jan–Mar 2010 | Jan–Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Net income for the period, all operations | 450.4 | 509.3 | 2,118.0 | 2,321.7 |
| Other comprehensive income | ||||
| Actuarial gains and losses net of tax, all operations | –12.7 | 42.9 | 16.2 | –464.6 |
| Cash flow hedges net of tax, all operations | 7.5 | –11.2 | 56.8 | –130.2 |
| Net investment hedges, all operations | 157.2 | –165.8 | 254.9 | –232.8 |
| Translation differences, all operations | –363.1 | 298.1 | –1,073.8 | 2,188.1 |
| Other comprehensive income for the period, all operations 6) | –211.1 | 164.0 | –745.9 | 1,360.5 |
| Total comprehensive income for the period, all operations | 239.3 | 673.3 | 1,372.1 | 3,682.2 |
| Whereof attributable to: | ||||
| Equity holders of the Parent Company | 240.6 | 674.1 | 1,370.8 | 3,683.0 |
| Non-controlling interests | –1.3 | –0.8 | 1.3 | –0.8 |
Notes 1–6 refer to pages 17–18.
| Operating cash flow MSEK | Jan–Mar 2010 | Jan-Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Continuing operations | ||||
| Operating income before amortization | 817.6 | 872.0 | 3,756.5 | 3,270.7 |
| Investments in non-current tangible and intangible assets | –221.5 | –234.6 | –950.7 | –977.0 |
| Reversal of depreciation | 228.4 | 234.8 | 927.5 | 839.9 |
| Change in accounts receivable | –291.0 | –289.8 | 197.6 | 7.8 |
| Change in other operating capital employed | 185.4 | –345.3 | –556.4 | 107.3 |
| Cash flow from operating activities | 718.9 | 237.1 | 3,374.5 | 3,248.7 |
| Cash flow from operating activities, % | 88 | 27 | 90 | 99 |
| Financial income and expenses paid | –86.2 | –185.9 | –481.6 | –433.4 |
| Current taxes paid | –108.5 | –124.7 | –728.2 | –803.5 |
| Free cash flow | 524.2 | –73.5 | 2,164.7 | 2,011.8 |
| Free cash flow, % | 101 | –13 | 88 | 94 |
| Cash flow from investing activities, acquisitions | –102.6 | –139.8 | –757.7 | –1,021.5 |
| Cash flow from items affecting comparability | –1.1 | –0.8 | –12.0 | –110.8 |
| Cash flow from financing activities | –269.9 | –1,187.7 | –2,775.5 | –199.3 |
| Cash flow for the period, continuing operations | 150.6 | –1,401.8 | –1,380.5 | 680.2 |
| Cash flow for the period, discontinued operations | - | - | - | –790.5 |
| Cash flow for the period, all operations | 150.6 | –1,401.8 | –1,380.5 | –110.3 |
| Cash flow MSEK | Jan–Mar 2010 | Jan-Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
| Cash flow from operations, continuing operations | 737.9 | 141.5 | 3,069.3 | 2,858.1 |
| Cash flow from operations, discontinued operations | - | - | - | 436.8 |
| Cash flow from operations, all operations | 737.9 | 141.5 | 3,069.3 | 3,294.9 |
| Cash flow from investing activities, continuing operations | –317.4 | –355.6 | –1,674.3 | –1,978.6 |
| Cash flow from investing activities, discontinued operations | - | - | - | –764.5 |
| Cash flow from investing activities, all operations | –317.4 | –355.6 | –1,674.3 | –2,743.1 |
| Cash flow from financing activities, continuing operations | –269.9 | –1,187.7 | –2,775.5 | –199.3 |
| Cash flow from financing activities, discontinued operations | - | - | - | –462.8 |
| Cash flow from financing activities, all operations | –269.9 | –1,187.7 | –2,775.5 | –662.1 |
| Cash flow for the period, continuing operations | 150.6 | –1,401.8 | –1,380.5 | 680.2 |
| Cash flow for the period, discontinued operations | - | - | - | –790.5 |
| Cash flow for the period, all operations | 150.6 | –1,401.8 | –1,380.5 | –110.3 |
| Change in net debt MSEK | Jan–Mar 2010 | Jan-Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
| Opening balance | –8,387.7 | –9,412.6 | –9,412.6 | –9,878.0 |
| Cash flow for the period, all operations | 150.6 | –1,401.8 | –1,380.5 | –110.3 |
| Change in loans, all operations | 269.9 | 1,187.7 | 1,716.8 | –469.6 |
| Change in net debt before revaluation and translation differences, all operations | 420.5 | –214.1 | 336.3 | –579.9 |
| Revaluation of financial instruments, all operations 5) | 8.5 | –15.9 | 76.7 | –178.2 |
| Translation differences, all operations | 160.0 | –272.7 | 611.9 | –1,313.0 |
| Impact from dividend of discontinued operations | - | - | - | 2,536.5 |
| Change in net debt, all operations | 589.0 | –502.7 | 1,024.9 | 465.4 |
| Closing balance | –7,798.7 | –9,915.3 | –8,387.7 | –9,412.6 |
Note 5 refers to page 17.
| MSEK | Mar 31, 2010 | Dec 31, 2009 | Mar 31, 2009 | Dec 31, 2008 |
|---|---|---|---|---|
| Operating capital employed | 2,511.3 | 2,623.4 | 3,693.5 | 2,959.4 |
| Operating capital employed as % of sales | 4 | 4 | 6 | 5 |
| Return on operating capital employed, % | 144 | 135 | 103 | 108 |
| Goodwill | 13,352.7 | 13,558.3 | 14,513.9 | 14,104.3 |
| Acquisition related intangible assets | 859.8 | 894.9 | 783.8 | 751.3 |
| Shares in associated companies | 135.2 | 132.1 | 104.5 | 104.9 |
| Capital employed | 16,859.0 | 17,208.7 | 19,095.7 | 17,919.9 |
| Return on capital employed, % | 22 | 22 | 18 | 18 |
| Net debt | –7,798.7 | –8,387.7 | –9,915.3 | –9,412.6 |
| Shareholders' equity | 9,060.3 | 8,821.0 | 9,180.4 | 8,507.3 |
| Net debt equity ratio/multiple | 0.86 | 0.95 | 1.08 | 1.11 |
| MSEK | Mar 31, 2010 | Dec 31, 2009 | Mar 31, 2009 | Dec 31, 2008 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Goodwill | 13,352.7 | 13,558.3 | 14,513.9 | 14,104.3 |
| Acquisition related intangible assets | 859.8 | 894.9 | 783.8 | 751.3 |
| Other intangible assets | 267.5 | 278.4 | 259.0 | 255.2 |
| Tangible non-current assets | 2,319.0 | 2,377.2 | 2,481.0 | 2,460.1 |
| Shares in associated companies | 135.2 | 132.1 | 104.5 | 104.9 |
| Non-interest bearing financial non-current assets | 1,920.8 | 1,995.7 | 2,423.1 | 2,366.4 |
| Interest bearing financial non-current assets | 196.0 | 160.8 | 158.1 | 150.6 |
| Total non-current assets | 19,051.0 | 19,397.4 | 20,723.4 | 20,192.8 |
| Current assets | ||||
| Non-interest bearing current assets | 11,295.5 | 10,819.5 | 12,655.8 | 11,532.2 |
| Other interest bearing current assets | 47.7 | 81.9 | 12.7 | 42.4 |
| Liquid funds | 2,634.5 | 2,497.1 | 2,568.9 | 3,951.5 |
| Total current assets | 13,977.7 | 13,398.5 | 15,237.4 | 15,526.1 |
| TOTAL ASSETS | 33,028.7 | 32,795.9 | 35,960.8 | 35,718.9 |
| MSEK | Mar 31, 2010 | Dec 31, 2009 | Mar 31, 2009 | Dec 31, 2008 |
|---|---|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity | ||||
| Attributable to equity holders of the Parent Company | 9,053.3 | 8,812.7 | 9,174.7 | 8,500.6 |
| Non-controlling interests | 7.0 | 8.3 | 5.7 | 6.7 |
| Total shareholders' equity | 9,060.3 | 8,821.0 | 9,180.4 | 8,507.3 |
| Equity ratio, % | 27 | 27 | 26 | 24 |
| Long-term liabilities | ||||
| Non-interest bearing long-term liabilities | 222.5 | 193.8 | 230.7 | 201.6 |
| Interest bearing long-term liabilities | 6,913.7 | 8,357.5 | 5,410.5 | 7,148.4 |
| Non-interest bearing provisions | 2,608.5 | 2,626.2 | 2,823.3 | 2,811.9 |
| Total long-term liabilities | 9,744.7 | 11,177.5 | 8,464.5 | 10,161.9 |
| Current liabilities | ||||
| Non-interest bearing current liabilities and provisions | 10,460.5 | 10,027.4 | 11,071.4 | 10,641.0 |
| Interest bearing current liabilities | 3,763.2 | 2,770.0 | 7,244.5 | 6,408.7 |
| Total current liabilities | 14,223.7 | 12,797.4 | 18,315.9 | 17,049.7 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 33,028.7 | 32,795.9 | 35,960.8 | 35,718.9 |
| Mar 31, 2010 | Dec 31, 2009 | Mar 31, 2009 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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, 2010/2009 | 8,812.7 | 8.3 | 8,821.0 | 8,500.6 | 6.7 | 8,507.3 | 8,500.6 | 6.7 | 8,507.3 | |
| Total comprehensive income for the period, all operations |
240.6 | –1.3 | 239.3 | 1,370.8 | 1.3 | 1,372.1 | 674.1 | –0.8 | 673.3 | |
| Transactions with non-controlling interests | - | - | - | - | 0.3 | 0.3 | - | –0.2 | –0.2 | |
| Dividend paid to the shareholders of the Parent Company |
- | - | - | –1,058.7 | - | –1,058.7 | - | - | - | |
| Closing balance March 31 / December 31, 2010/2009 |
9,053.3 | 7.0 | 9,060.3 | 8,812.7 | 8.3 | 8,821.0 | 9,174.7 | 5.7 | 9,180.4 |
| SEK | Jan–Mar 2010 | Jan–Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Share price, end of period | 77.00 | 60.00 | 70.05 | 64.00 |
| Earnings per share before dilution and before items affecting comparability, continuing operations | 1.24 | 1.40 | 5.80 | 5.24 |
| Earnings per share before dilution and before items affecting comparability, discontinued operations | - | - | - | 1.18 |
| Earnings per share before dilution and before items affecting comparability, all operations | 1.24 | 1.40 | 5.80 | 6.42 |
| Earnings per share before dilution, continuing operations | 1.24 | 1.40 | 5.80 | 5.18 |
| Earnings per share before dilution, discontinued operations | - | - | - | 1.18 |
| Earnings per share before dilution, all operations | 1.24 | 1.40 | 5.80 | 6.36 |
| Earnings per share after dilution and before items affecting comparability, continuing operations | 1.24 | 1.40 | 5.80 | 5.24 |
| Earnings per share after dilution and before items affecting comparability, discontinued operations | - | - | - | 1.18 |
| Earnings per share after dilution and before items affecting comparability, all operations | 1.24 | 1.40 | 5.80 | 6.42 |
| Earnings per share after dilution, continuing operations | 1.24 | 1.40 | 5.80 | 5.18 |
| Earnings per share after dilution, discontinued operations | - | - | - | 1.18 |
| Earnings per share after dilution, all operations | 1.24 | 1.40 | 5.80 | 6.36 |
| Dividend | - | - | 3.00* | 2.90 |
| P/E-ratio after dilution and before items affecting comparability, | ||||
| continuing operations | - | - | 12 | 12 |
| Number of shares outstanding | 365,058,897 | 365,058,897 | 365,058,897 | 365,058,897 |
| Average number of shares outstanding | 365,058,897 | 365,058,897 | 365,058,897 | 365,058,897 |
| Number of shares after dilution | 365,058,897 | 365,058,897 | 365,058,897 | 365,058,897 |
| Average number of shares after dilution | 365,058,897 | 365,058,897 | 365,058,897 | 365,058,897 |
* Proposed dividend.
| Security Services |
Security Services |
Mobile and |
||||
|---|---|---|---|---|---|---|
| MSEK | North America | Europe | Monitoring | Other | Eliminations | Group |
| Sales, external | 5,362 | 7,510 | 1,426 | 572 | - | 14,870 |
| Sales, intra-group | - | 20 | 62 | - | –82 | - |
| Total sales | 5,362 | 7,530 | 1,488 | 572 | –82 | 14,870 |
| Organic sales growth, % | –5 | 1 | 2 | - | - | –1 |
| Operating income before amortization | 289 | 394 | 168 | –33 | - | 818 |
| of which share in income of associated companies | - | - | - | 0 | - | 0 |
| Operating margin, % | 5.4 | 5.2 | 11.3 | - | - | 5.5 |
| Amortization of acquisition related intangible assets | –6 | –14 | –11 | –7 | - | –38 |
| Acquisition related costs | –1 | –1 | 0 | –3 | - | –5 |
| Operating income after amortization | 282 | 379 | 157 | –43 | - | 775 |
| Financial income and expenses | - | - | - | - | - | –132 |
| Income before taxes | - | - | - | - | - | 643 |
| Security | Security | Mobile | ||||
|---|---|---|---|---|---|---|
| Services | Services | and | ||||
| MSEK | North America | Europe 1) | Monitoring 1) | Other | Eliminations | Group |
| Sales, external | 6,528 | 8,006 | 1,464 | 427 | - | 16,425 |
| Sales, intra-group | - | 18 | 68 | - | –86 | - |
| Total sales | 6,528 | 8,024 | 1,532 | 427 | –86 | 16,425 |
| Organic sales growth, % | –2 | 2 | 5 | - | - | 1 |
| Operating income before amortization | 350 | 404 | 163 | –45 | - | 872 |
| of which share in income of associated companies | - | 0 | - | –1 | - | –1 |
| Operating margin, % | 5.4 | 5.0 | 10.6 | - | - | 5.3 |
| Amortization of acquisition related intangible assets | –4 | –13 | –12 | –5 | - | –34 |
| Acquisition related costs | - | - | - | –2 | - | –2 |
| Operating income after amortization | 346 | 391 | 151 | –52 | - | 836 |
| Financial income and expenses | - | - | - | - | - | –122 |
| Income before taxes | - | - | - | - | - | 714 |
1) Comparatives have been restated due to operations moved between the segments Security Services Europe and Mobile and Monitoring. Refer to note 7 for restated segment information per quarter and accumulated 2009.
The calculation of organic sales growth (and the specification of currency changes on operating income and income before taxes) is specified below:
| Sales, MSEK 2010 Total sales 14,870 |
2009 16,425 - |
% –9 |
|---|---|---|
| Acquisitions/divestitures –332 |
||
| Currency change from 2009 1,705 |
- | |
| Organic sales 16,243 |
16,425 | –1 |
| Jan–Mar | Jan–Mar | Jan–Mar |
| Operating income, MSEK 2010 |
2009 | % |
| Operating income 818 |
872 | –6 |
| Currency change from 2009 97 |
- | |
| Currency adjusted operating income 915 |
872 | 5 |
| Jan–Mar | Jan–Mar | Jan–Mar |
| Income before taxes, MSEK 2010 |
2009 | % |
| Income before taxes 643 |
714 | –10 |
| Currency change from 2009 77 |
- | |
| Currency adjusted income before taxes 720 |
714 | 1 |
Other operating income consists 2010 and 2009 in its entirety of trade mark fees from Securitas Direct AB, while the comparative year 2008 also includes trade mark fees from Niscayah Group AB (former Securitas Systems AB). Trade mark fees from Niscayah Group AB ceased in November 2008.
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 | Jan–Mar 2010 | Jan–Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Walsons Services PVT Ltd | –0.2 | –0.8 | –4.1 | –0.4 |
| Long Hai Security | 0.3 | - | 0.0 | - |
| Facility Network A/S 1) | - | 0.0 | 0.0 | 0.0 |
| Share in income of associated companies included in operating income before amortization | 0.1 | –0.8 | –4.1 | –0.4 |
1) Facility Network A/S was divested during 2009.
| MSEK | Jan–Mar 2010 | Jan–Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Restructuring and integration costs | –3.3 | –1.9 | –5.9 | –52.6 |
| Transaction costs 1) | –1.6 | - | - | - |
| Acquisition related costs | –4.9 | –1.9 | –5.9 | –52.6 |
1) Expensed from 2010 in accordance with IFRS 3 (revised).
| MSEK | Jan-Mar 2010 | Jan-Mar 2009 | Jan-Dec 2009 | Jan-Dec 2008 |
|---|---|---|---|---|
| Recognized in the statement of income | ||||
| Revaluation of financial instruments | –1.7 | –0.8 | –0.4 | 2.7 |
| Deferred tax | 0.4 | 0.2 | 0.1 | –0.8 |
| Impact on net income | –1.3 | –0.6 | –0.3 | 1.9 |
| Recognized in the statement of comprehensive income | ||||
| Cash flow hedges | 10.2 | –15.1 | 77.1 | –180.9 |
| Deferred tax | –2.7 | 3.9 | –20.3 | 50.7 |
| Cash flow hedges net of tax | 7.5 | –11.2 | 56.8 | –130.2 |
| Total revaluation before tax | 8.5 | –15.9 | 76.7 | –178.2 |
| Total deferred tax | –2.3 | 4.1 | –20.2 | 49.9 |
| Total revaluation after tax | 6.2 | –11.8 | 56.5 | –128.3 |
Revaluation of financial instruments was previous years accounted for on a separate line in the statement of income. As of 2010, revaluation of financial instruments is included in Financial income and expenses in the statement of income.
The amount disclosed in the specification of change in net debt is the total revaluation before tax.
| MSEK | Jan–Mar 2010 | Jan–Mar 2009 | Jan–Dec 2009 | Jan–Dec 2008 |
|---|---|---|---|---|
| Deferred tax on actuarial gains and losses | 3.5 | –26.4 | –7.2 | 250.2 |
| Deferred tax on cash flow hedges | –2.7 | 3.9 | –20.3 | 50.7 |
| Deferred tax on net investment hedges | –56.1 | 59.2 | –91.0 | 90.5 |
| Deferred tax on other comprehensive income | –55.3 | 36.7 | –118.5 | 391.4 |
The tables below show Security Services Europe and Mobile and Monitoring adjusted for operations moved between the segments per quarter and accumulated 2009.
| Security Services Europe MSEK |
Q1 2009 | Q2 2009 | H1 2009 | Q3 2009 | 9M 2009 | Q4 2009 | FY 2009 |
|---|---|---|---|---|---|---|---|
| Total sales | 8,024 | 7,970 | 15,994 | 7,671 | 23,665 | 7,852 | 31,517 |
| Organic sales growth, % | 2 | 0 | 1 | –1 | 0 | –1 | 0 |
| Operating income before amortization | 404 | 410 | 814 | 443 | 1,257 | 543 | 1,800 |
| Operating margin, % | 5.0 | 5.1 | 5.1 | 5.8 | 5.3 | 6.9 | 5.7 |
| Mobile and Monitoring | |||||||
|---|---|---|---|---|---|---|---|
| MSEK | Q1 2009 | Q2 2009 | H1 2009 | Q3 2009 | 9M 2009 | Q4 2009 | FY 2009 |
| Total sales | 1,532 | 1,556 | 3,088 | 1,529 | 4,617 | 1,551 | 6,168 |
| Organic sales growth, % | 5 | 3 | 4 | 3 | 3 | 1 | 3 |
| Operating income before amortization | 163 | 168 | 331 | 207 | 538 | 202 | 740 |
| Operating margin, % | 10.6 | 10.8 | 10.7 | 13.5 | 11.7 | 13.0 | 12.0 |
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 excluding shares in associated companies relating to financial investments.
Net debt in relation to shareholders' equity.
| MSEK | Jan–Mar 2010 | Jan–Mar 2009 |
|---|---|---|
| Administrative contribution and other revenues | 249.6 | 247,3 |
| Gross income | 249.6 | 247,3 |
| Administrative expenses | –81.9 | –100,3 |
| Operating income | 167.7 | 147,0 |
| Financial income and expenses | 119.0 | –275,0 |
| Income after financial items | 286.7 | –128,0 |
| Appropriations | - | - |
| Income before taxes | 286.7 | –128,0 |
| Taxes | –79.6 | –5,0 |
| Net income for the period | 207.1 | –133,0 |
| MSEK | Mar 31, 2010 | Dec 31, 2009 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Shares in subsidiaries | 40,164.6 | 40,073.7 |
| Shares in associated companies | 112.1 | 112.1 |
| Other non-interest bearing non-current assets | 201.3 | 200.7 |
| Interest bearing financial non-current assets | 299.4 | 217.2 |
| Total non-current assets | 40,777.4 | 40,603.7 |
| Current assets | ||
| Non-interest bearing current assets | 957.1 | 1,230.6 |
| Other interest bearing current assets | 3,116.8 | 3,294.5 |
| Liquid funds | 75.9 | 1.7 |
| Total current assets | 4,149.8 | 4,526.8 |
| TOTAL ASSETS | 44,927.2 | 45,130.5 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | ||
| Restricted equity | 7,727.7 | 7,727.7 |
| Non-restricted equity | 14,139.5 | 14,126.9 |
| Total shareholders' equity | 21,867.2 | 21,854.6 |
| Long-term liabilities | ||
| Non-interest bearing long-term liabilities/provisions | 117.3 | 77.7 |
| Interest bearing long-term liabilities | 6,867.1 | 8,259.1 |
| Total long-term liabilities | 6,984.4 | 8,336.8 |
| Current liabilities | ||
| Non-interest bearing current liabilities | 1,377.1 | 942.2 |
| Interest bearing current liabilities | 14,698.5 | 13,996.9 |
| Total current liabilities | 16,075.6 | 14,939.1 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 44,927.2 | 45,130.5 |
Stockholm, May 4, 2010
Alf Göransson President and Chief Executive Officer
This report has not been reviewed by the company's auditors.
Analysts and media are invited to participate in a telephone conference at 2 p.m. (CET) where Securitas CEO Alf Göransson will present the report and answer questions. The telephone conference will also be audio cast live via Securitas web. Please note! As the date for the Interim report coincides with the Annual General Meeting, no information meeting will take place at Securitas headquarters at Lindhagensplan in Stockholm.
To follow the telephone conference (and participate in Q&A session), please register via the link: https://eventreg2.conferencing.com/webportal3/reg.html?Acc=441461&Conf=201211 and follow instructions, or call +44 (0)20 7162 0177 or +46 (0) 8 505 201 14.
To follow the audio cast of the telephone conference via the web, please follow the link www.securitas.com/webcasts
A recorded version of the audio cast will be available at www.securitas.com/webcasts after the telephone conference and a recorded version of the telephone conference will be available until midnight on May 6 on: +44 (0)20 7031 4064 and +46 (0)8 505 203 33, access code: 861100.
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 2010 as follows:
January–June 2010: August 6, 2010
January–September 2010: November 15, 2010
January–December 2010: February 8, 2011
Securitas is a knowledge leader in security. By focusing on providing security solutions to fit each customer's needs, Securitas has achieved sustainable growth and profitability in 40 countries in North America, Europe, Latin America, Asia, Middle East and Africa. Everywhere from small stores to airports, our 260,000 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 1 p.m. (CET) on Tuesday, May 4, 2010.
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