Securitas

Quarterly Report • May 7, 2009

Securitas AB

Interim Report January–March 2009

• • Total sales MSEK 16,425 (13,022)
• • Income before taxes MSEK 714 (555)
• • Net income, continuing operations, MSEK 509 (401)
• • Earnings per share, continuing operations, SEK 1.40 (1.10)

COMMENTS FROM THE PRESIDENT AND CEO

The present global recession can not be recognized nor predicted by using recent history as a pattern of reference. In this economic environment not even Securitas is recession proof but still reasonably resistant, achieving an organic sales growth in the first quarter of 1 percent (7), which we estimate to be in line with the security market development. A number of our customers are facing increasing cost cutting demands fueled by the global recession. We consider it to be crucial to support our customers in optimizing their total spending in security services and to be creative and proactive in finding the most cost efficient security solutions. We also aim to defend the profitability in our contract portfolio.

The organic sales growth in Security Services North America in the first quarter was –2 percent. Adjusting for the leap day in February last year, the organic sales growth would have been close to zero, which is only marginally lower than the fourth quarter of 2008. The recession generates increased opportunities for acquisitions in North America, and in the first quarter we acquired two competitors. We foresee further opportunities, which we intend to exploit selectively as they occur. The organic sales growth during the first quarter in Security Services Europe declined to 2 percent due to negative organic sales growth in some major markets caused by reductions in existing contracts and lower extra sales. Mobile and Monitoring maintained good organic sales growth, achieving 5 percent in the quarter (8). In all business segments the price increases were approximately on par with wage cost development during the period.

The operating result improved to MSEK 872 (697) in the first quarter of the year, primarily supported by the weaker Swedish krona but also by a positive real change of 2 percent. The income before taxes improved 4 percent in real terms (6). The operating margin in the Group was 5.3 percent (5.4). In Security Services North America, the positive trend of portfolio refinement and improving the operating margin during the last two years continued, achieving 5.4 percent in the first quarter compared to 5.2 percent in the same period last year. In Security Services Europe the operating margin declined from 5.2 percent to 5.1 percent in the respective periods, due to increased bad debts, lower extra sales and investments in security training, expertise and security solutions. In Mobile and Monitoring, the operating margin improved in the first quarter as sales investments gradually have been optimized.

Contents

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 11
Parent company operations 12
Accounting principles 13
Financial information calendar 14
Consolidated financial statements 15
Segment Overview 19
Notes 20
Parent Company 22
Definitions 22

Alf Göransson President and Chief Executive Officer

January–March summary

FINANCIAL SUMMARY

			Total			Total
MSEK	Q1 2009	Q1 2008	change %	FY 2008	FY 2007	change %
Sales	16,425	13,022	26	56,572	51,536	10
Organic sales growth, %	1	7		6	6
Operating income before amortization	872	697	25	3,271	2,889	13
Operating margin, %	5.3	5.4		5.8	5.6
Real change, %	2	7		10	8
Income before taxes, impairment
losses of goodwill and items affecting comparability	714	555	29	2,646	2,317	14
Real change, %	4	6		11	10
Income before taxes	714	555	29	2,617	1,889	39
Real change, %	4	–3		34	21
Net income, continuing operations	509	401	27	1,890	1,354	40
Earnings per share, before items affecting comparability, continuing operations (SEK) 1)	1.40	1.10	27	5.24	4.82	9

1) For the purpose of the earnings per share (EPS) calculation, the impairment losses of goodwill in 2007 have also been added back. EPS is calculated before dilution.

GROUP QUARTERLY sales development income development

GROUP QUARTERLY operating

ORGANIC SALES GROWTH AND OPERATING MARGIN DEVELOPMENT PER BUSINESS SEGMENT

		Organic sales growth, %		Operating margin, %
%	Q1 2009	Q1 2008	Q1 2009	Q1 2008
Security Services North America	–2	5	5.4	5.2
Security Services Europe	2	8	5.1	5.2
Mobile and Monitoring	5	8	10.5	9.9
Group	1	7	5.3	5.4

Group development

JANUARY–MARCH 2009

Sales

Sales amounted to MSEK 16,425 (13,022). Organic sales growth was 1 percent (7) which is estimated to be in line with the security market development in North America as well as in Europe. The historic pattern that the security market normally grows faster than the GDP prevails also in the first quarter 2009 and also under the present macroeconomic circumstances. The lower organic sales growth is a consequence of the security market development and the general focus on profitability in the Group. The leap day in February 2008 had a positive impact on sales in the first quarter last year.

Operating income before amortization

Operating income before amortization was MSEK 872 (697), which adjusted for changes in exchange rates, represents an increase of 2 percent.

The operating margin was 5.3 percent (5.4). Security Services North America improved the operating margin in the first quarter, primarily related to a continuous optimization of the portfolio mix. The operating margin in Security Services Europe was negatively impacted by bad debts, lower extra sales and investments in security training, expertise and security solutions. Last year, the operating margin was burdened by increased wage costs during Easter. Bad debt losses and provisions for bad debt losses negatively affected the operating margin in the Group by approximately –0.1 percentage points compared to the same period last year.

The price adjustments approximately corresponded to the total wage cost increases in all business segments during the first quarter.

Operating income after amortization

Acquisition related restructuring costs impacted the quarter by MSEK –2 (0).

Financial income and expense

Financial income and expense amounted to MSEK –121 (–120).

Revaluation of financial instruments amounted to MSEK –1 (1).

Income before taxes

Income before taxes was MSEK 714 (555). The real change was 4 percent (6).

Taxes, net income and earnings per share

The Group's tax rate was 28.7 percent (27.7).

Net income from continuing operations was MSEK 509 (401). Earnings per share from continuing operations were SEK 1.40 (1.10).

Security Services North America

Security Services North America provides specialized guarding services in the USA, Canada and Mexico. It consists of 18 business units: one organization for national and global accounts, ten geographical regions and four specialty customer segments (Automotive, Energy, Government Services 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 more than 100,000 employees.

Security Services North America		January–December
MSEK	2009	2008	2008
Total sales	6,528	4,872	21,327
Organic sales growth, %	–2	5	3
Operating income before amortization	350	255	1,218
Operating margin, %	5.4	5.2	5.7
Real change, %	0	12	13

January–March 2009

The organic sales growth was –2 percent (5) in the first quarter. Organic sales growth was under pressure due to reductions in existing customer contracts, among others in the automotive industry, as well as the leap day in February 2008.

The new sales rate was higher in the first quarter 2009 compared to the first quarter last year, primarily because of successful growth in the Healthcare segment. The gross margin on new sales was below the portfolio average gross margin.

The operating margin was 5.4 percent (5.2). The improved profitability was primarily related to the continuous optimization of the portfolio mix and operational efficiency improvements.

The US dollar had a positive effect on the operating result in Swedish kronor. The real change was 0 percent in the first quarter.

The client retention rate remained above 90 percent. The employee turnover rate1) of about 52 percent has improved compared to last year.

Quarterly sales development development

Quarterly operating income

Security Services Europe

Securitas' European guarding operation consists of Security Services Europe, providing specialized guarding operations for large and medium-sized customers in 23 countries, and Aviation, providing airport security in twelve countries. The organization has more than 800 branch offices and more than 110,000 employees.

Security Services Europe		January–December
MSEK	2009	2008	2008
Total sales	8,032	6,698	28,737
Organic sales growth, %	2	8	7
Operating income before amortization	407	351	1,635
Operating margin, %	5.1	5.2	5.7
Real change, %	2	4	9

January–March 2009

The organic sales growth was 2 percent (8) in the first quarter, a decline explained by reduced sales in existing customer contracts and lower extra sales. The decline that was seen in France and Spain in the fourth quarter 2008 continued in the first quarter 2009, both markets are now experiencing negative organic sales growth. The organic sales growth in Aviation now shows single-digit growth. The strategy to prioritize profitability over volume is still an important factor determining the organic sales growth for Securitas in Europe. In the guarding operation, strong organic sales growth was still seen in countries such as Finland, Sweden, Switzerland, Turkey and countries in Eastern Europe.

The new sales rate was slightly higher in the first quarter 2009 compared to the first quarter last year. The gross margin on new sales remained below the portfolio average gross margin. This is an effect of a more competitive economic climate as well as some large new contracts with lower than average new sales gross margin.

The operating margin was 5.1 percent (5.2). The difference compared to last year is in fact larger than 0.1 percentage points since the increased wage costs of Easter occurring in March 2008 influence the comparison. The decline is due to lower extra sales where the margins are higher than in the contract portfolio, bad debt losses and provisions for bad debt losses, investments in security training, expertise and security solution capabilities. Aviation has been awarded an extended scope of security services at Charles de Gaulle in Paris, which impacted the quarter with start up costs. Even so, Aviation's operating margin improved by 0.1 percentage points in the quarter compared to the same quarter last year.

The strengthening of the euro positively impacted the operating income in Swedish kronor. The real change was 2 percent in the quarter.

The client retention rate was slightly below 90 percent. The employee turnover rate1) of about 28 percent has improved compared to last year.

Quarterly sales development development

Quarterly operating income

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 37 areas and 270 branches.

Monitoring, also called Securitas Alert Services, operates in ten countries across Europe and has approximately 900 employees.

Mobile and Monitoring		January–March	January–December
MSEK	2009	2008	2008
Total sales	1,524	1,275	5,546
Organic sales growth, %	5	8	8
Operating income before amortization	160	126	647
Operating margin, %	10.5	9.9	11.7
Real change, %	17	–6	9

January–March 2009

The organic sales growth was 5 percent (8) in the first quarter. In the Mobile operation Belgium, Germany and Sweden increased the organic sales growth compared to last year. The organic sales growth in Spain declined and France had a negative organic sales growth. In the Monitoring operation, strong organic sales growth was seen in countries such as Belgium and Sweden.

The operating margin improved to 10.5 percent (9.9) as a result of the optimization of sales investments made in 2008. It was negatively impacted by increased bad debt losses and provisions for bad debt losses. Last year, the operating margin was negatively impacted by investments in the sales force and increased wage costs during Easter. The real change was 17 percent in the quarter.

Quarterly operating income

Cash flow

Operating income before amortization amounted to MSEK 872 (697). Net investments in noncurrent tangible and intangible assets amounted to MSEK 0 (–28).

Changes in accounts receivable amounted to MSEK –290 (–311). Changes in other operating capital employed amounted to MSEK –345 (–155).

Cash flow from operating activities amounted to MSEK 237 (203), equivalent to 27 percent (29) of operating income before amortization.

Financial income and expenses paid amounted to MSEK –186 (–114). The increase is mainly due to a higher number of loan rollovers and corresponding interest payments in the first quarter. Current taxes paid amounted to MSEK –124 (–223). The first quarter 2008 included a tax payment in Spain relating to the Esabe acquisition.

Free cash flow was MSEK –73 (–134), equivalent to –13 percent (–30) of adjusted income, which follows the normal seasonal pattern with lower cash flows in the first half of the year.

Cash flow from investing activities, acquisitions, was MSEK –140 (–118).

Cash flow from items affecting comparability was MSEK –1 (–1).

Cash flow from financing activities was MSEK –1,188 (–1,027).

Cash flow for the period, continuing operations, was MSEK –1,402 (–1,280).

Capital employed and financing

The Group's operating capital employed was MSEK 3,693 (2,959 as of December 31, 2008) corresponding to 6 percent of sales (5 as of December 31, 2008) adjusted for full year sales of acquired units.

Acquisitions have increased operating capital employed by MSEK 28 during the first quarter 2009.

Acquisitions have increased consolidated goodwill by MSEK 27. Adjusted for positive translation differences of MSEK 383, total goodwill for the Group amounted to MSEK 14,514 (14,104 as of December 31, 2008).

Acquisitions have increased acquisition related intangible assets by MSEK 66 during the first quarter 2009. After amortization of MSEK –34 and positive translation differences of MSEK 1, acquisition related intangible assets amounted to MSEK 784 (751 as of December 31, 2008).

The Group's total capital employed was MSEK 19,096 (17,920 as of December 31, 2008). The translation of foreign capital employed to Swedish kronor (SEK) increased the Group's capital employed by MSEK 571.

The return on capital employed was 18 percent (18 as of December 31, 2008).

Financing as of March 31, 2009

The Group's net debt amounted to MSEK 9,915 (9,413 as of December 31, 2008). Acquisitions and acquisition related payments increased the Group's net debt by MSEK 140, of which purchase price payments accounted for MSEK 121, assumed net debt for MSEK 0 and acquisition related restructuring costs paid for MSEK 19. The Group's net debt increased by MSEK 273 due to the translation of net debt in foreign currency to Swedish kronor.

Effective April 8 , 2009 Securitas AB issued a four year MEUR 500 bond loan in the Eurobond market under its MEUR 1,500 Euro Medium Term Note Program. The coupon rate was set at 6.50 percent. The proceeds from the bond loan will be used to refinance existing drawn credit facilities coming up for maturity in 2010. The bond loan will lengthen the maturity profile of the Group's borrowings and also provides diversification in funding sources. It is listed on the Luxembourg Stock Exchange.

In addition to the above, Securitas has access to committed financing through the MUSD 1,100 Revolving Credit Facility maturing in 2012, through a MEUR 550 Term Loan Facility maturing in 2010, which was amortized by MEUR 284 in April 2009 from the Eurobond loan proceeds, through a MSEK 3,000 club deal also maturing in 2010 and through a MSEK 1,500 bilateral Revolving Credit Facility maturing in September 2009. Securitas also has access to uncommitted bank borrowings and a MSEK 5,000 Swedish Commercial Paper Program for short-term borrowing needs. In July 2008 Securitas issued MEUR 45 Floating Rate Note with a five year maturity under its MEUR 1,500 Euro Medium Term Note Program. On February 5, 2009 Securitas issued a further MEUR 45 Floating Rate Notes under the same program. The notes have a five-year bullet maturity on February 5, 2014.

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.

The interest cover ratio amounted to 4.2 (3.5). The free cash flow to net debt ratio amounted to 0.21 (0.18).

Shareholders' equity amounted to MSEK 9,180 (8,507 as of December 31, 2008). The translation of foreign assets and liabilities to Swedish kronor increased shareholders' equity by MSEK 132 after taking into account net investment hedging of MSEK –166 and MSEK 298 before net investment hedging. Refer to page 15, Statement of comprehensive income, for further information.

The total number of outstanding shares amounted to 365,058,897 as of March 31, 2009.

Acquisitions

All acquisition calculations are finalized no later than one year after the acquisition is made.

ACQUISITIONS JANUARY–MARCH 2009 (MSEK)

Company	Business segment 1)	Included from	Annual Sales 2)	Enterprise value 3)	Goodwill	Acq. related intangible assets
Opening balance					14,104	751
Akal Security, USA	Security Services North America	Feb 26	68	8	-	16
Moore Security, USA	Security Services North America	March 12	113	37	-	36
Other acquisitions 4)			49	76	27	14
Total acquisitions January–March 2009			-	121	27	66
	Amortization of acquisition related intangible assets				-	–34
Exchange rate differences					383	1
Closing balance					14,514	784

1) Refers to business segment with main responsibility for the acquisition. 2) Estimated annual sales. 3) Purchase price paid plus acquired net debt. 4) Guardias Blancas, Mexico, AVS Bevakning (contract portfolio), Mobile Sweden, G4S, BEWAB and S.O.B. Objektschutz, Services Germany, Eureca/Luxtracing, Alert Services Belgium, Agency of Security Fenix, Czech Republic, CPI Security Group, Romania, El Guardian, Patagua, Seguridad Argentina and Vigilancias y Seguridad, Argentina, Polic Secuforce, Hong Kong and Globe Partner Services, Egypt.

Akal Security, USA

Securitas has acquired the Hawaiian security services company Akal Security. Akal Security has 300 employees and estimated annual sales of MSEK 68. The acquisition will strengthen Securitas position as the market leader in security services in the State of Hawaii.

Moore Security, USA

Securitas has acquired the security services company Moore Security in Clarksville, Indiana. Moore Security, with 650 employees, has a balanced and diversified customer portfolio in terms of size and vertical markets in Indiana and Kentucky. Annual sales are estimated to MSEK 113. The acquisition will strengthen Securitas position as the market leader in security services in this area.

Other significant events

For critical estimates and judgements and items affecting comparability and contingent liabilities please refer to page 78–79 and page 108–109 of the Annual Report 2008. 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.

Change in Group Management

Marc Pissens, the Divisional President of Aviation, has been appointed to be a member of the Securitas Group Management as of May 7, 2009.

Marc Pissens has over 20 years of security industry experience. Within Securitas he has been President of the Benelux divisions, Managing Director of Securitas The Netherlands and Securis/ Securair Belgium and President of Globe Aviation (US). Marc Pissens is the President of the CoESS (Confederation of European Security Services).

Risks and uncertainties

Risks in connection with Securitas' ongoing operations fall into two main categories; operational risks and financial risks. Operational risks are managed with a decentralized approach by the local operations and financial risks are managed centrally by the Group's Treasury Center. In addition to this there are also certain risks connected to the acquisitions made by the Group.

Operational risks

Operational risks are risks associated with the day-to-day operations and the services provided to customers. These risks may arise when labor laws and regulations, or their interpretation, change or when services provided do not meet the required standards and result in loss of property, damage to property or bodily injury. Securitas uses a business risk evaluation model to assess these types of operational risks on an ongoing basis.

Another type of operations-related risk which may impact profitability is the risk that Securitas will not be able to increase prices to be paid by customers in order to compensate fully for increases in wages and related costs.

Financial risks

Financial risks arise because the Group has external financing needs and operates in a number of foreign currencies. The risks are mainly:

• Interest rate risk
• Foreign currency risk
• Financing risk
• Credit/Counterparty risk

The customer credit risk, i.e. the risk of Securitas customers not being able to fulfill their obligation of paying invoices for services being provided, has increased during the financial markets crisis. The risk is reduced by the fact that the numerous customers are spread over many business sectors and geographies, and by established routines for monitoring and collecting of accounts receivable within Group companies.

Acquisition risks

The Group has made a significant number of acquisitions over the years and will, as part of the Group's strategy, continue to acquire security companies. Although the Group has demonstrated in the past the ability to successfully integrate acquired businesses, the integration of new companies always carries certain risks. To a higher degree than previously, such acquisitions are also taking place in new markets such as Latin America and Asia. The profitability of the acquired company may be lower than expected or certain costs in connection with the acquisition may be higher than expected.

Items affecting comparability

For the forthcoming nine month period, the financial impact of certain items affecting comparability and contingent liabilities, as described in the Annual Report for 2008, 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 preparation of financial reports requires the Board of Directors and Group Management to make estimates and judgments. Estimates and judgments will impact 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.

Parent company operations

The Parent Company of the Group, Securitas AB, conducts no operating activities. Securitas AB provides Group Management and support functions.

January–March 2009

The Parent Company's income amounted to MSEK 247 (105) and mainly relates to administrative contributions and other income from subsidiaries.

Financial income and expenses amounted to MSEK –275 (71). The difference compared to last year is mainly explained by lower intra-group dividend income resulting from restructuring within the Group. Income after financial items amounted to MSEK –128 (108)

As of March 31, 2009

The Parent Company's non-current assets amounted to MSEK 36,660 (36,592 as of December 31, 2008) and mainly comprise shares in subsidiaries of MSEK 36,380 (36,335 as of December 31, 2008). Current assets amounted to MSEK 10,837 (13,299 as of December 31, 2008) of which liquid funds amounted to MSEK 574 (1,315 as of December 31, 2008).

Shareholders' equity amounted to MSEK 20,927 (20,949 as of December 31, 2008).

The Parent Company's liabilities amounted to MSEK 26,570 (28,942 as of December 31, 2008) and mainly consist of interest-bearing debt.

For further information, please refer to the Parent Company's condensed financial statements on page 22.

Accounting principles

In general

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 1.1 Supplementary Accounting Rules for Groups.

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. 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 68 to 75 in the published Annual Report for 2008. 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 2.1 Accounting for Legal Entities. The most important accounting principles used by the Parent Company can be found in Note 40 on page 115 in the published Annual Report for 2008.

IFRS 8 Operating segments

The Group has, as of January 1, 2009, adopted IFRS 8 Operating segments, which has replaced IAS 14 Segment reporting. The new standard requires that segment information is presented from a management perspective. The adoption of IFRS 8 has for the Group resulted in that the primary segments:

• • Security Services North America,
• • Security Services Europe and
• • Mobile and Monitoring

has been replaced by the following reportable segments:

• • Security Services North America,
• • Security Services Europe (consisting of an aggregation of the two operating segments Security Services Europe and Aviation),
• • Mobile and Monitoring (consisting of an aggregation of the two operating segments Mobile and Securitas Alert Services) and
• • a reportable segment named Other for all other operating segments.

The evaluation of the segments and the measurements used for follow up are not different from the measurements used earlier. The primary measurement for income is still Operating income before amortization but information is also provided for Operating income after amortization.

IAS 1 (revised) Presentation of financial statements

The Group, as of January 1, 2009, applies IAS 1 (revised) Presentation of financial statements. The revised standard affects the Group's financial statements retrospectively from December 31, 2007. All non-owner changes in equity, that were previously disclosed in the statement of recognized income and expense as well as in changes in shareholders' equity, are now presented in the statement of comprehensive income.

Financial information calendar

Securitas will release financial information for 2009 as follows:

Interim report January–June 2009 August 7, 2009

Interim report January–September 2009 November 11, 2009

Full Year Report January–December 2009 February 4, 2010

Stockholm, May 7, 2009

Alf Göransson President and Chief Executive Officer

This report has not been reviewed by the company's auditors.

statement of income

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Continuing operations
Sales	15,951.3	12,777.6	55,247.9	50,470.5
Sales, acquired business	473.9	244.9	1,323.7	1,065.6
Total Sales	16,425.2	13,022.5	56,571.6	51,536.1
Organic sales growth, %1)	1	7	6	6
Production expenses	–13,464.3	–10,730.8	–46,122.9	–42,212.8
Gross income	2,960.9	2,291.7	10,448.7	9,323.3
Selling and administrative expenses	–2,091.3	–1,601.3	–7,196.3	–6,453.0
Other operating income2)	3.2	6.1	18.7	18.2
Share in income of associated companies3)	–0.8	0.3	–0.4	0.3
Operating income before amortization	872.0	696.8	3,270.7	2,888.8
Operating margin, %	5.3	5.4	5.8	5.6
Amortization and impairment of acquisition related intangible assets4)	–34.1	–22.5	–102.2	–439.8
Acquisition related restructuring costs	–1.9	-	–52.6	–2.1
Items affecting comparability	-	-	–29.3	–78.1
Operating income after amortization	836.0	674.3	3,086.6	2,368.8
Financial income and expense	–120.7	–119.7	–472.3	–475.2
Revaluation of financial instruments5)	–0.8	0.7	2.7	–6.7
Share in income of associated companies	-	-	-	2.2
Income before taxes	714.5	555.3	2,617.0	1,889.1
Net margin, %	4.4	4.3	4.6	3.7
Current taxes	–172.6	–125.0	–651.8	–425.2
Deferred taxes	–32.6	–29.0	–75.3	–109.9
Net income for the period, continuing operations	509.3	401.3	1,889.9	1,354.0
Net income for the period, discontinued operations	-	92.3	431.8	–828.0
Net income for the period, all operations	509.3	493.6	2,321.7	526.0
Whereof attributable to:
Equity holders of the Parent Company	510.2	493.3	2,323.6	524.4
Minority interests	–0.9	0.3	–1.9	1.6
Earnings per share before dilution, continuing operations (SEK)	1.40	1.10	5.18	3.70
Earnings per share before dilution, discontinued operations (SEK)	-	0.25	1.18	–2.26
Earnings per share before dilution, all operations (SEK)	1.40	1.35	6.36	1.44
Earnings per share after dilution, continuing operations (SEK)	1.40	1.10	5.18	3.70
Earnings per share after dilution, discontinued operations (SEK)	-	0.25	1.18	–2.26
Earnings per share after dilution, all operations (SEK)	1.40	1.35	6.36	1.44

statement of comprehensive income

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Net income for the period, all operations	509.3	493.6	2,321.7	526.0
Other comprehensive income
Actuarial gains and losses net of tax, all operations	42.9	11.0	–464.6	44.5
Cash flow hedges net of tax, all operations	–11.2	–22.3	–130.2	–20.5
Net investment hedges, all operations	–165.8	95.3	–232.8	74.8
Translation differences, all operations	298.1	–527.7	2,188.1	–282.2
Other comprehensive income for the period, all operations6)	164.0	–443.7	1,360.5	–183.4
Total comprehensive income for the period, all operations	673.3	49.9	3,682.2	342.6
Whereof attributable to:
Equity holders of the Parent Company	674.1	49.6	3,683.0	341.1
Minority interests	–0.8	0.3	–0.8	1.5

Changes in shareholders' equity is provided in Note 7 on page 21.

Notes 1–6 refer to pages 20–21.

statement of cash flow

Operating cash flow MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Continuing operations
Operating activities
Operating income before amoritzation	872.0	696.8	3,270.7	2,888.8
Investment in non-current tangible and intangible assets	–234.6	–218.4	–977.0	–838.1
Reversal of depreciation	234.8	190.7	839.9	775.6
Change in accounts receivable	–289.8	–310.9	7.8	–780.6
Changes in other operating capital employed	–345.3	–155.1	107.3	1,069.1
Cash flow from operating activities	237.1	203.1	3,248.7	3,114.8
Cash flow from operating activities, %	27	29	99	108
Financial income and expenses paid	–185.9	–114.1	–433.4	–396.2
Current taxes paid	–124.7	–222.6	–803.5	–457.6
Free cash flow	–73.5	–133.6	2,011.8	2,261.0
Free cash flow, %	–13	–30	94	114
Cash flow from investing activities, acquisitions	–139.8	–118.7	–1,021.5	–584.4
Cash flow from items affecting comparability	–0.8	–0.6	–110.8	–15.1
Cash flow from financing activities	–1,187.7	–1,027.1	–199.3	372.1
Cash flow for the period, continuing operations	–1,401.8	–1,280.0	680.2	2,033.6
Cash flow for the period, discontinued operations	-	402.1	–790.5	658.9
Cash flow for the period, all operations	–1,401.8	–877.9	–110.3	2,692.5
Cash flow MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Cash flow from operations, continuing operations	141.5	84.2	2,858.1	3,081.9
Cash flow from operations, discontinued operations	-	–41.2	436.8	302.3
Cash flow from operations, all operations	141.5	43.0	3,294.9	3,384.2
Cash flow from investing activities, continuing operations	–355.6	–337.1	–1,978.6	–1,420.4
Cash flow from investing activities, discontinued operations	-	–115.0	–764.5	–1,017.2
Cash flow from investing activities, all operations	–355.6	–452.1	–2,743.1	–2,437.6
Cash flow from financing activities, continuing operations	–1,187.7	–1,027.1	–199.3	372.1
Cash flow from financing activities, discontinued operations	-	558.3	–462.8	1,373.8
Cash flow from financing activities, all operations	–1,187.7	–468.8	–662.1	1,745.9
Cash flow for the period, continuing operations	–1,401.8	–1,280.0	680.2	2,033.6
Cash flow for the period, discontinued operations	-	402.1	–790.5	658.9
Cash flow for the period, all operations	–1,401.8	–877.9	–110.3	2,692.5
Change in net debt MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Opening balance	–9,412.6	–9,878.0	–9,878.0	–9,734.6
Cash flow for the period, all operations	–1,401.8	–877.9	–110.3	2,692.5
Change in loans, all operations	1,187.7	468.8	–469.6	–2,877.6
Change in net debt before revaluation and translation differences, all operations	–214.1	–409.1	–579.9	–185.1
Revaluation of financial instruments, all operations 5)	–15.9	–30.3	–178.2	–35.2
Translation differences, all operations	–272.7	271.3	–1,313.0	76.9
Impact from dividend of discontinued operations	-	-	2,536.5	-
Change in net debt, all operations	–502.7	–168.1	465.4	–143.4
Closing balance	–9,915.3	–10,046.1	–9,412.6	–9,878.0

Note 5 refers to page 21.

capital employed and financing

MSEK	Mar 31, 2009	Dec 31, 2008	Mar 31, 2008	Dec 31, 2007
Operating capital employed, continuing operations	3,693.5	2,959.4	3,552.7	3,061.9
Operating capital employed as % of sales, continuing operations	6	5	7	6
Return on operating capital employed, continuing operations, %	103	108	84	86
Goodwill, continuing operations	14,513.9	14,104.3	10,801.1	11,260.4
Acquisition related intangible assets, continuing operations	783.8	751.3	516.0	548.7
Shares in associated companies, continuing operations	104.5	104.9	94.6	103.5
Capital employed, continuing operations	19,095.7	17,919.9	14,964.4	14,974.5
Return on capital employed, continuing operations, %	18	18	19	19
Capital employed, discontinued operations	-	-	3,945.6	3,717.5
Capital employed, all operations	19,095.7	17,919.9	18,910.0	18,692.0
Net debt, all operations	–9,915.3	–9,412.6	–10,046.1	–9,878.0
Shareholders' equity, all operations7)	9,180.4	8,507.3	8,863.9	8,814.0
Net debt equity ratio/multiple, all operations	1.08	1.11	1.13	1.12

balance Sheet

MSEK	Mar 31, 2009	Dec 31, 2008	Mar 31, 2008	Dec 31, 2007
ASSETS
Non-current assets
Goodwill	14,513.9	14,104.3	13,192.8	13,793.5
Acquisition related intangible assets	783.8	751.3	585.6	624.0
Other intangible assets	259.0	255.2	235.8	234.4
Tangible non-current assets	2,481.0	2,460.1	4,501.2	4,651.5
Shares in associated companies	104.5	104.9	94.6	103.5
Non-interest bearing financial non-current assets	2,423.1	2,366.4	1,929.6	2,012.9
Interest bearing financial non-current assets	158.1	150.6	265.8	286.3
Total non-current assets	20,723.4	20,192.8	20,805.4	21,706.1
Current assets
Non-interest bearing current assets	12,655.8	11,532.2	12,020.5	11,679.5
Other interest bearing current assets	12.7	42.4	45.1	1,448.9
Liquid funds	2,568.9	3,951.5	3,416.0	4,350.7
Total current assets	15,237.4	15,526.1	15,481.6	17,479.1
TOTAL ASSETS	35,960.8	35,718.9	36,287.0	39,185.2
MSEK	Mar 31, 2009	Dec 31, 2008	Mar 31, 2008	Dec 31, 2007
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Attributable to the equity holders of the Parent Company	9,174.7	8,500.6	8,861.7	8,812.1
Minority interests	5.7	6.7	2.2	1.9
Total shareholders' equity 7)	9,180.4	8,507.3	8,863.9	8,814.0
Equity ratio, %	26	24	24	22
Long-term liabilities
Non-interest bearing long-term liabilities	230.7	201.6	141.3	145.5
Interest bearing long-term liabilities	5,410.5	7,148.4	6,586.8	7,349.0
Non-interest bearing provisions	2,823.3	2,811.9	2,619.9	2,840.6
Total long-term liabilities	8,464.5	10,161.9	9,348.0	10,335.1
Current liabilities
Non-interest bearing current liabilities and provisions	11,071.4	10,641.0	10,888.9	11,421.2
Interest bearing current liabilities	7,244.5	6,408.7	7,186.2	8,614.9
Total current liabilities		17,049.7	18,075.1	20,036.1
	18,315.9

Note 7 refers to page 21.

17

Data per share

SEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Share price, end of period (recalculated after the dividend of Loomis AB)	60.00	65.00	64.00	75.00
Earnings per share before dilution and before items affecting comparability, continuing operations	1.40	1.10	5.24**	4.82*
Earnings per share before dilution and before items affecting comparability, discontinued operations	-	0.25	1.18	–0.04
Earnings per share before dilution and before items affecting comparability, all operations	1.40	1.35	6.42	4.78
Earnings per share before dilution, continuing operations	1.40	1.10	5.18	3.70
Earnings per share before dilution, discontinued operations	-	0.25	1.18	–2.26
Earnings per share before dilution, all operations	1.40	1.35	6.36	1.44
Earnings per share after dilution and before items affecting comparability, continuing operations	1.40	1.10	5.24	4.82*
Earnings per share after dilution and before items affecting comparability, discontinued operations	-	0.25	1.18	–0.04
Earnings per share after dilution and before items affecting comparability, all operations	1.40	1.35	6.42	4.78
Earnings per share after dilution, continuing operations	1.40	1.10	5.18	3.70
Earnings per share after dilution, discontinued operations	-	0.25	1.18	–2.26
Earnings per share after dilution, all operations	1.40	1.35	6.36	1.44
Earnings per share before dilution, items affecting comparability and LCM investigation costs, all operations	n/a	n/a	n/a	5.36
Dividend	-	-	2.90***	3.10
P/E-ratio after dilution and before items affecting comparability, continuing operations	-	-	12	16
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	369,365,776

* For purpose of this earnings per share (EPS) calculation, the impairment losses of goodwill have been adjusted for.

** Securitas considers the full year EPS of SEK 5.24 for 2008 to be the relevant basis for performance comparison in 2009.

*** For Jan–Dec 2008 proposed dividend.

January–March 2009

	Security	Security	Mobile
MSEK	Services North America	Services Europe	and Monitoring	Other	Eliminations	Group
Sales, external	6,528	8,014	1,456	427	-	16,425
Sales, intra-group	-	18	68	-	–86	-
Total sales	6,528	8,032	1,524	427	–86	16,425
Organic sales growth, %	–2	2	5	-	-	1
Operating income before amortization	350	407	160	–45	-	872
of which income in associated companies	-	0	-	–1	-	–1
Operating margin, %	5.4	5.1	10.5	-	-	5.3
Amortization and impairment of acquisition related intangible assets1)	–4	–13	–12	–5	-	–34
Acquisition related restructuring costs	-	-	-	–2	-	–2
Items affecting comparability	-	-	-	-	-	-
Operating income after amortization	346	394	148	–52	-	836
Financial income and expense	-	-	-	-	-	–121
Revaluation of financial instruments	-	-	-	-	-	–1
Share in income of associated companies	-	-	-	-	-	-
Income before taxes	-	-	-	-	-	714
1) Amortization and impairment of acquisition related intangible assets
Amortization of acquisition related intangible assets	–4	–13	–12	–5	-	–34
Impairment losses of goodwill	-	-	-	-	-	-
Total	–4	–13	–12	–5	-	–34

January–March 2008

	Security	Security	Mobile
MSEK	Services North America	Services Europe	and Monitoring	Other	Eliminations	Group
Sales, external	4,872	6,680	1,230	240	-	13,022
Sales, intra-group	-	18	45	-	–63	-
Total sales	4,872	6,698	1,275	240	–63	13,022
Organic sales growth, %	5	8	8	-	-	7
Operating income before amortization	255	351	126	–35	-	697
of which income in associated companies	-	0	-	0	-	0
Operating margin, %	5.2	5.2	9.9	-	-	5.4
Amortization and impairment of acquisition related intangible assets1)	–3	–9	–9	–2	-	–23
Acquisition related restructuring costs	-	-	-	-	-	-
Items affecting comparability	-	-	-	-	-	-
Operating income after amortization	252	342	117	–37	-	674
Financial income and expense	-	-	-	-	-	–120
Revaluation of financial instruments	-	-	-	-	-	1
Share in income of associated companies	-	-	-	-	-	-
Income before taxes	-	-	-	-	-	555
1) Amortization and impairment of acquisition related intangible assets
Amortization of acquisition related intangible assets	–3	–9	–9	–2	-	–23
Impairment losses of goodwill	-	-	-	-	-	-
Total	–3	–9	–9	–2	-	–23

Note 1 Organic sales growth

The calculation of organic sales growth (and the specification of currency changes on operating income and income before taxes) is specified below:

	Jan–Mar	Jan–Mar	Jan–Mar
Sales, MSEK	2009	2008	%
Total sales	16,425	13,022	26
Acquisitions/Divestitures	–474	-
Currency change from 2008	–2,823	-
Organic sales	13,128	13,022	1
	Jan–Mar	Jan–Mar	Jan–Mar
Operating income, MSEK	2009	2008	%
Operating income	872	697	25
Currency change from 2008	–162	-
Organic operating income	710	697	2
	Jan–Mar	Jan–Mar	Jan–Mar
Income before taxes, MSEK	2009	2008	%
Income before taxes	714	555	29
Currency change from 2008	–139	-
Organic income before taxes	575	555	4

Note 2 Other operating income

Other operating income comprises of trademark fees from Securitas Direct AB and Niscayah Group AB (former Securitas Systems AB). Trademark fees from Niscayah Group AB ceased in November 2008.

Note 3 Share in income of associated companies

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.

Associated companies classified as operational:

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Walsons Services PVT Ltd	–0.8	0.3	–0.4	0.3
Facility Network A/S	0.0	0.0	0.0	0.0
Share in income of associated companies included in operating income before amortization	–0.8	0.3	–0.4	0.3

Associated companies classified as financial investments:

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Securitas Employee Convertible 2002 Holding S.A.	-	-	-	2.2
Share in income of associated companies included in income before taxes	-	-	-	2.2

Securitas Employee Convertible 2002 Holding S.A. was liquidated during 2007.

Note 4 Amortization and impairment of acquisition related intangible assets

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Amortization and impairment of acquisition related intangible assets	–34.1	–22.5	–102.2	–89.9
Impairment losses of goodwill	-	-	-	–349.9
Amortization and impairment of acquisition related intangible assets	–34.1	–22.5	–102.2	–439.8
Whereof impairment losses of goodwill in:
Security Services Europe	-	-	-	–239.4
Mobile and Monitoring	-	-	-	–110.5
Total	-	-	-	–349.9

Note 5 Revaluation of financial instruments

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Recognized in the statement of income
Revaluation of financial instruments	–0.8	0.7	2.7	–6.7
Deferred tax	0.2	–0.2	–0.8	1.9
Impact on net income	–0.6	0.5	1.9	–4.8
Recognized via consolidated statement of comprehensive income
Cash flow hedges	–15.1	–31.0	–180.9	–28.5
Deferred tax	3.9	8.7	50.7	8.0
Cash flow hedges net of tax	–11.2	–22.3	–130.2	–20.5
Total revaluation before tax	–15.9	–30.3	–178.2	–35.2
Total deferred tax	4.1	8.5	49.9	9.9
Total revaluation after tax	–11.8	–21.8	–128.3	–25.3

The amount disclosed in the specification of change in net debt is the total revaluation before tax.

Note 6 Tax effects on other comprehensive income

MSEK	Jan–Mar 2009	Jan–Mar 2008	Jan–Dec 2008	Jan–Dec 2007
Deferred tax on actuarial gains and losses	–26.4	–5.6	250.2	–14.3
Deferred tax on cash flow hedges	3.9	8.7	50.7	8.0
Deferred tax on net investment hedges	59.2	–57.9	280.0	–29.1
Deferred tax on other comprehensive income	36.7	–54.8	580.9	–35.4

Note 7 Changes in shareholders' equity

			Mar 31, 2009			Dec 31, 2008			Mar 31, 2008
	Attributable to equity holders of the Parent	Minority		Attributable to equity holders of the Parent	Minority		Attributable to equity holders of the Parent	Minority
MSEK	Company	interests	Total	Company	interests	Total	Company	interests	Total
Opening balance January 1, 2008/2007	8,500.6	6.7	8,507.3	8,812.1	1.9	8,814.0	8,812.1	1.9	8,814.0
Total comprehensive income for the period, all operations	674.1	–0.8	673.3	3,683.0	–0.8	3,682.2	49.6	0.3	49.9
Transactions with minority interests	-	–0.2	–0.2	-	5.6	5.6	-	-	-
Dividend paid to the shareholders of the Parent Company	-	-	-	–1,131.7	-	–1,131.7	-	-	-
Dividend of net assets in Loomis	-	-	-	–2,862.8	-	–2,862.8	-	-	-
Closing balance March 31 / December 31, 2009/2008	9,174.7	5.7	9,180.4	8,500.6	6.7	8,507.3	8,861.7	2.2	8,863.9

Parent Company

STATEMENT OF INCOME

MSEK	Jan–Mar 2009	Jan–Mar 2008
Administrative contribution and other revenues	247.3	104.9
Gross income	247.3	104.9
Administrative expenses	–100.3	–68.0
Operating income	147.0	36.9
Financial income and expenses	–275.0	71.2
Income after financial items	–128.0	108.1
Appropriations	-	-
Income before taxes	–128.0	108.1
Taxes	–5.0	–4.1
Net income for the period	–133.0	104.0

Balance sheet

MSEK	Mar 31, 2009	Dec 31, 2008
ASSETS
Non-current assets
Shares in subsidiaries	36,379.5	36,335.1
Shares in associated companies	112.1	112.1
Other non-interest bearing non-current assets	146.4	145.2
Interest bearing financial non-current assets	22.2	-
Total non-current assets	36,660.2	36,592.4
Current assets
Non-interest bearing current assets	1,010.9	2,668.7
Other interest bearing current assets	9,252.3	9,315.1
Liquid funds	573.5	1,314.8
Total current assets	10,836.7	13,298.6
TOTAL ASSETS	47,496.9	49,891.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Restricted equity	7,727.7	7,727.7
Non-restricted equity	13,198.9	13,221.1
Total shareholders' equity	20,926.6	20,948.8
Long-term liabilities
Non-interest bearing long-term liabilities/provisions	108.7	67.7
Interest bearing long-term liabilities	8,384.2	7,011.1
Total long-term liabilities	8,492.9	7,078.8
Current liabilities
Non-interest bearing current liabilities	922.5	392.0
Interest bearing current liabilities	17,154.9	21,471.4
Total current liabilities	18,077.4	21,863.4
TOTAL SHAREHOLDERS' EQUITY AND LIABILTIES	47,496.9	49,891.0

Definitions

Interest coverage ratio

Operating income before amortization (rolling 12 months) plus interest income (rolling 12 months) in relation to interest expense (rolling 12 months).

Free cash flow, %

Free cash flow as a percent of adjusted income (operating income before amortization adjusted for financial income and expense and current taxes).

Free cash flow in relation to net debt

Free cash flow (rolling 12 months) in relation to closing balance net debt.

Operating capital employed as % of sales

Operating capital employed as a percentage of total sales adjusted for the full year sales of acquired entities.

Return on operating capital employed, %

Operating income before amortization (rolling 12 months) plus items affecting comparability (rolling 12 months) as percent of the average balance of operating capital employed.

Return on capital employed, %

Operating income before amortization (rolling 12 months) plus items affecting comparability (rolling 12 months) as percent of closing balance of capital employed excluding shares in associated companies relating to financial investments.

Net debt equity ratio/multiple

Net debt in relation to shareholders' equity.

For further information, please contact:

Alf Göransson, President and CEO, +46 10 470 3000

Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, +46 10 470 3011

Micaela Sjökvist, Head of Investor Relations, +46 10 470 3013

Information meeting

An information meeting will be held on May 7, 2009, at 9.30 a.m. CET. The information meeting will take place at Securitas' head office, Lindhagensplan 70, Stockholm.

To follow the information meeting via telephone (and participate in Q&A session), please register via the link https://eventreg1.conferencing.com/webportal3/reg.html?Acc=589833&Conf=165885 and follow instructions, or call +44 (0)20 7162 0025 or +46 (0) 8 505 201 10.

The meeting will be webcasted at www.securitas.com/webcasts

A recorded version of the web cast will be available on www.securitas.com/webcasts after the information meeting and a telephone recorded version of the information meeting will be available until midnight on May 21 on: +44 (0)20 7031 4064 and +46 (0)8 505 203 33, access code: 832398.

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 8.00 a.m. (CET) on Thursday, May 7, 2009.

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 37 countries in North America, Latin America, Europe and Asia. Everywhere from small stores to airports, our 240,000 employees are making a difference.

Securitas AB, 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