DOCSLIB.ORG

SECURITAS TREASURY IRELAND DESIGNATED ACTIVITY COMPANY (Incorporated with Limited Liability in Ireland) As Issuer €4,000,000,000 Euro Medium Term Note Programme

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SECURITAS TREASURY IRELAND DESIGNATED ACTIVITY COMPANY (Incorporated with Limited Liability in Ireland) As Issuer €4,000,000,000 Euro Medium Term Note Programme 18 June 2020 SECURITAS AB (publ) (incorporated with limited liability in Sweden) as Issuer and Guarantor and SECURITAS TREASURY IRELAND DESIGNATED ACTIVITY COMPANY (incorporated with limited liability in Ireland) as Issuer €4,000,000,000 Euro Medium Term Note Programme Under this €4,000,000,000 Euro Medium Term Note Programme (the “Programme”), Securitas AB (publ) (“Securitas AB”) and Securitas Treasury Ireland Designated Activity Company (“STI”) (each an “Issuer” and together, the “Issuers”) may from time to time issue notes (the “Notes”) denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined below). Any Notes issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions herein. This does not affect any Notes already issued. Payments under the Notes issued by STI will be unconditionally and irrevocably guaranteed by Securitas AB (in such capacity, the “Guarantor”). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €4,000,000,000 (or its equivalent in other currencies calculated as described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “Overview of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuers (each a “Dealer” and together the “Dealers”), which appointment may be for a specific issue or on an ongoing basis. References in this Offering Circular to the “relevant Dealer” shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to purchase such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks, see “Risk Factors”. This Offering Circular is valid for a period of twelve months from the date of approval. Such approval relates only to the Notes which are to be admitted to trading on the Regulated Market (as defined below) or other regulated markets for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (as amended, “MiFID II”) and/or which are to be offered to the public in any member state of the European Economic Area (“EEA”) or in the United Kingdom. The Issuers will, in the event of any significant new factor, material mistake or material inaccuracy relating to information included in this Offering Circular which may affect the assessment of any Notes, prepare a supplement to this Offering Circular or publish a new Offering Circular for use in connection with any subsequent issue of Notes. The obligation to prepare a supplement to this Offering Circular in the event of any significant new factor, material mistake or material inaccuracy does not apply when the Offering Circular is no longer valid. This Offering Circular has been approved by the Central Bank of Ireland (the “Central Bank”), as competent authority under the Prospectus Regulation. The Central Bank only approves this Offering Circular as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of either the Issuers, the Guarantor or the quality of the Notes that are the subject of this Offering Circular and investors should make their own assessment as to the suitability of investing in the Notes. Application has been made to the Irish Stock Exchange plc, trading as Euronext Dublin (“Euronext Dublin”), for the Notes to be admitted to the Official List of Euronext Dublin (the “Official List”) and to trading on its regulated market (the “Regulated Market”). There can be no assurance that any such listing will be maintained. References in this Offering Circular to Notes being “listed” (and all related references) shall mean that such Notes have been admitted to trading on the Regulated Market and have been admitted to the Official List. The Regulated Market is a regulated market for the purposes of MiFID II. The requirement to publish a prospectus under the Prospectus Regulation (as defined below) only applies to Notes which are to be admitted to trading on a regulated market in the EEA or in the United Kingdom and/or offered to the public in the EEA or in the United Kingdom other than in circumstances where an exemption is available under Article 1(4) and/or Article 3(2) of the Prospectus Regulation. References in this Offering Circular to “Exempt Notes” are to Notes for which no prospectus is required to be published under the Prospectus Regulation. The Central Bank has neither approved nor reviewed information contained in this Offering Circular in connection with Exempt Notes. Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information which is applicable to each Tranche (as defined under “Terms and Conditions of the Notes”) of Notes will, with respect to all Notes other than Exempt Notes, be set out in a final terms document (the “Final Terms”) which will be filed with the Central Bank. Copies of Final Terms in relation to Notes to be listed on the Official List will also be published on the website of Euronext Dublin. In the case of Exempt Notes, notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information which is applicable to each Tranche will be set out in a pricing supplement document (the “Pricing Supplement”). Amounts payable on Floating Rate Notes will be calculated by reference to one of LIBOR, SONIA, EURIBOR, STIBOR or NIBOR as specified in the applicable Final Terms. As at the date of this Offering Circular, the administrators of LIBOR, SONIA and EURIBOR are included on the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority (“ESMA”) under Article 36 of the Regulation (EU) No. 2016/1011 (the “Benchmarks Regulation”); the administrators of STIBOR and NIBOR are not included on the register of administrators and benchmarks established and maintained by the ESMA under Article 36 of the Benchmarks Regulation. As far as the Issuers and the Guarantor are aware, the transitional provisions in Article 51 of the Benchmarks Regulation apply, such that administrators of STIBOR and NIBOR are not currently required to obtain authorisation/registration (or, if located outside the European Union or the United Kingdom, recognition, endorsement or equivalence). The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchanges or markets as may be agreed between the relevant Issuer and the relevant Dealer. The Issuers may also issue unlisted Notes and/or Notes not admitted to trading on any market. Securitas AB has been rated BBB by S&P Global Ratings Europe Limited (“S&P”). The Programme has been rated BBB by S&P. S&P is established in the European Union and is registered under the Regulation (EC) No. 1060/2009, as amended (the “CRA Regulation”). As such S&P is included in the list of credit rating agencies published by ESMA on its website (www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. Notes issued under the Programme may be rated by S&P or unrated. Where a Tranche of Notes is rated, such rating will be disclosed in the Final Terms (or Pricing Supplement, in the case of Exempt Notes) and will not necessarily be the same as the rating assigned to the Programme by S&P. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Arranger ING Dealers BBVA CIC Market Solutions Citigroup Commerzbank Danske Bank DNB Bank ASA, Sweden Branch ING KBC Bank SEB UniCredit Bank The date of this Offering Circular is 18 June 2020 2 This Offering Circular comprises a base prospectus in respect of all Notes other than Exempt Notes issued under the Programme for the purposes of Article 8 of the Prospectus Regulation. When used in this Offering Circular, “Prospectus Regulation” means Regulation (EU) 2017/1129, as amended or superseded. PRIIPs / IMPORTANT – EEA AND UK RETAIL INVESTORS – If the Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) includes a legend entitled "Prohibition of Sales to EEA and UK Retail Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2016/97/EU (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the United Kingdom has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the United Kingdom may be unlawful under the PRIIPs Regulation.
Load more

Recommended publications
  • Mobile Banking
    Automated teller machine "Cash machine" Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden. An automated teller machine (ATM) is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smartcard with a chip, that contains a unique card number and some security information, such as an expiration date or CVVC (CVV). Security is provided by the customer entering a personal identification number (PIN). Using an ATM, customers can access their bank accounts in order to make cash withdrawals (or credit card cash advances) and check their account balances as well as purchasing mobile cell phone prepaid credit. ATMs are known by various other names including automated transaction machine,[1] automated banking machine, money machine, bank machine, cash machine, hole-in-the-wall, cashpoint, Bancomat (in various countries in Europe and Russia), Multibanco (after a registered trade mark, in Portugal), and Any Time Money (in India). Contents • 1 History • 2 Location • 3 Financial networks • 4 Global use • 5 Hardware • 6 Software • 7 Security o 7.1 Physical o 7.2 Transactional secrecy and integrity o 7.3 Customer identity integrity o 7.4 Device operation integrity o 7.5 Customer security o 7.6 Alternative uses • 8 Reliability • 9 Fraud 1 o 9.1 Card fraud • 10 Related devices • 11 See also • 12 References • 13 Books • 14 External links History An old Nixdorf ATM British actor Reg Varney using the world's first ATM in 1967, located at a branch of Barclays Bank, Enfield.
    [Show full text]
  • 13.2 Emission Policy to WLTP
    POLICY TITLE AND NO: 13.2 Emission Policy OWNER: APPROVED BY : APPROVED DATE: Group Sustainability Officer CEO 2019-11-15 TARGET AUDIENCE: Country managements, procurement departments, employees with company vehicles SUMMARY Summary of main principles: • In all of our operations, we strive to continually reduce the impact on climate, focusing primarily on the energy and transport areas. • In all of our operations, we avoid using environmentally harmful substances but strive to exchange those for environmentally friendly substances, even if the cost is higher for the company. • In all of our operations, we shall contribute to recycling and ensure that the handling of waste is performed in a safe and environmentally compatible manner. A basic requirement is that we act within the framework of laws and international conventions. We respect and comply with environmental legislation, agreements and safety requirements, or other provisions that set the parameters for our operation. We conform to or surpass the requirements of national or international regulations or agreements concerning the reduction of emissions and discharges to air, land and water. Summary of main changes since last revision: Updated CO 2 limits according to WLTP for affected countries and updated definitions of different vehicle categories. 1. BACKGROUND AND PURPOSE Our goal is to reduce emissions caused by Securitas company vehicles and our aim is that all new vehicles purchased or leased (operationally or financially), every year shall emit on average less grams CO 2
    [Show full text]
  • Securitas Acquires Security Services Company in Bosnia and Herzegovina
    January 12, 2011 Securitas acquires security services company in Bosnia and Herzegovina Page 1 of 1 Securitas has agreed to acquire 85 percent of the shares in the security services company Adria Ipon Security in Bosnia and Herzegovina. The agreement includes an option of acquiring the remaining 15 percent. Enterprise value is estimated to MSEK 17 (MBAM 3.6). Adria Ipon Security, with annual sales of MSEK 20 (MBAM 4.2) and approximately 200 employees, is located in the city of Mostar in the south west of Bosnia and Herzegovina. The company is primarily operating in guarding services. The customers are mainly banks, gas stations, public trading enterprises and public administration buildings. In December 2010 Securitas entered the security services market in Bosnia and Herzegovina, and is today the market leader in security services. The acquisition of Adria Ipon Security strengthens Securitas’ position in the country. The acquisition is consolidated in Securitas AB as of January 1, 2011. This press release is also available at: www.securitas.com Information: Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, Securitas AB, phone +46 10 470 3011, mobile +46 70 287 8662, or email [email protected] Micaela Sjökvist, Head of Investor Relations, Securitas AB, phone +46 10 470 3013, mobile +46 76 116 7443, or email [email protected] Securitas AB (publ.) P.O. Box 12307 . S-102 28 Stockholm Sweden Visiting address / Besöksadress Lindhagensplan 70 Telephone / Telefon Securitas is a knowledge leader in security. By focusing on providing security solutions to fit +46 (0) 10 470 30 00 each customer's needs, Securitas has achieved sustainable growth and profitability in 40 Facsimile / Telefax +46 (0) 10 470 31 22 countries in North America, Europe, Latin America, Middle East, Asia and Africa.
    [Show full text]
  • Corporate Governance Report 2017
    2 0 1 Corporate governance report 46 Corporate Governance Report Loomis Annual Report 2017 Corporate governance The primary goal of Loomis’ corporate governance is to create clear goals, strate- gies and values that effectively protect shareholders and other stakeholders by minimizing risk and that also form a solid foundation from which to generate value and meet the requirement of a good return on invested capital. To achieve this, Loomis has developed a clear and efficient structure for the delegation of responsibility and control. Compliance with the Swedish Corporate Governance Shareholders Code Shareholders exercise their right to vote at the general meeting of Loomis AB is a Swedish public limited liability company that has shareholders, which is the Company’s highest decision-making been listed on Nasdaq Stockholm since 2008. In addition to the legal body and the forum where the shareholders exercise their right to or other statutory requirements, Loomis applies the Swedish Corpo- vote on company matters. All registered shareholders who have rate Governance Code (the Code). This Corporate Governance Re- notified Loomis by the deadline of their intention to attend, have port has been prepared in accordance with the stipulations in the the right to attend the general meeting and cast votes correspond- Annual Accounts Act, chapter 6, §6 and chapter 10 of the Code. The ing to the number of shares they hold. Shareholders who are un- Code, which is available at www.bolagsstyrning.se, follows the prin- able to attend in person may be represented by proxy. ciple of “comply or explain”, according to which entities applying the Loomis AB’s share capital as of December 31, 2017 consisted of Code may deviate from individual rules but must then report the de- 3,428,520 Class A shares and 71,851,309 Class B shares.
    [Show full text]
  • Richmond Region
    SCANDINAVIA Home to more More than Fortune 500 than 60,000 200 foreign company businesses affiliated firms 8 headquarters More than 1,700 More than 70 international More than 20 international students from international clubs and over 115 festivals each year organizations countries Richmond Region, USA A proven location for international business BUSINESS CLUSTERS The Richmond Region is home to more than 60,000 businesses, with everything from Fortune 1000 companies to two-person startups. Our strongest business clusters include: Corporate Information Finance & Advanced Food & BioScience Supply Chain Services Technology Insurance Manufacturing Beverage SCANDINAVIAN OWNED FIRMS IN RICHMOND More than 200 foreign affiliated firms have 210+ facilities in the Richmond Region representing nearly 30 countries. These firms employ over 19,000 workers and provide a wide range of products and services. There are six Scandinavian companies in the region: Alfa Laval AB (Sweden) Plate heat exchanger & high purity pump & valve production Kone Corporation (Finland) Elevator and escalator service and manufacturing MarkBric AB (Sweden) Portable displays; size marking indicators, labels, rack dividers Scandinavian Tobacco Group (Denmark) Manufacturing and distribution of premium cigars Securitas AB (Sweden) Security and related services Swedish Match AB (Sweden) Chewing and smoking tobacco TRANSPORTATION & INFRASTRUCTURE n Richmond is strategically located at the mid-point of the East Coast, less than 160 km (100 mi) from Washington, D.C. 1 Hanover n Three interstate highways converge in the region. 95 n More than 45% of the nation’s consumers are within a one-day drive R R of Richmond. Hanover 301 Airport n Two of the nation’s largest operators, CSX and Norfolk Southern, 64 provide rail freight service and AMTRAK provides passenger rail 295 service.
    [Show full text]
  • Wkr0003.Pdf (29
    December 22, 2008 Securitas acquires security services company in the Czech Republic and Slovakia Securitas has acquired the security services company ASF (Agency of Security Fenix) in the Czech Republic and Slovakia. Enterprise value is estimated to MSEK 70 (MCZK 170). ASF operates within security services, including mobile patrols and monitoring, with about 1,250 employees in Czech Republic and 200 in Slovakia. The company has annual sales of approximately MSEK 164 (MCZK 395). ASF is a well-established company with wide coverage and a good customer portfolio, for example in the banking, office building and state contract segments. The company is the third largest market player in the Czech Republic. With this acquisition Securitas will be the market leader in security services in the Czech Republic, with annual sales of MSEK 463 (MCZK 1,115). At the same time Securitas will enter the market in Slovakia with the sales of MSEK 25 (MSKK 70). ASF will be consolidated in Securitas as of December 19, 2008. This press release is also available at: www.securitas.com Information: Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, Securitas AB, mobile +46 70 287 8662 Securitas AB (publ.) P.O. Box 12307 S-102 28 Stockholm Sweden Visiting address / Besöksadress Lindhagensplan 70 Telephone / Telefon Securitas is a knowledge leader in security. By focusing on providing security solutions to fit +46 (0) 10 470 30 00 each customer's needs, Securitas has achieved sustainable growth and profitability in more than Facsimile / Telefax +46 (0) 10 470 31 22 30 countries in North America, Latin America, Europe and Asia.
    [Show full text]
  • UNI Swedish Commission of Inquiry Holds U.S. Hearings About Loomis
    Joint Council 7 TEAMSTER Volume 57, Number 2 Serving members in Northern California, the Central Valley, and Northern Nevada May/June/July 2012 UNI Swedish Commission Of Inquiry holds U.S. hearings about Loomis In August, 2011, a female guard who rate headquarters, in February, the works for Loomis was shot four times union escalated the fight to the interna- at a Richmond bank where she was tional arena. The Teamsters hosted a emptying an ATM with her back to the Swedish Commission of Inquiry to street and nobody to guard her. Accord- meet with workers at their jobsites and ing to her fellow workers, this terrible to convene hearings—two in California incident occurred because Loomis has and one in Washington, D.C. gone from three-person teams (a driv- The commission, comprised of er, a guard to empty the ATM Swedish union leaders and legal machines, and a guard who’s got the experts, was organized by UNI, the first guard’s back) to two-person teams. global labor federation for services “That’s the whole thing with a sector workers headquartered in union,” says Guard Robert Avolino, Switzerland. The delegation included who’s worked at Loomis since 1997. Alice Dale, Head of the UNI Global “Somebody’s got your back.” But earli- Union Property Services Department; The Commission of Inquiry met to hear from workers and legal and security experts about the er in 2011, Loomis unilaterally ended Stellan Gärde, legal counsel at the impacts on workers when Loomis de-recognized the Teamsters union. its nearly 60-year contractual relation- Swedish LO-TCO Trade Union Con- ship with the Teamsters, and has since federation and Commissioner of Inter- 1984 Wells Fargo legal decision gave when we lost the union,” says Avolino.
    [Show full text]
  • Presentation of Proposal by the Nomination Committee of Securitas AB for Election of Board of Directors in Respect of the Annual General Meeting 2015 Re-Election
    Presentation of Proposal by the Nomination Committee of Securitas AB for election of board of directors in respect of the Annual General Meeting 2015 Re-election Name Melker Schörling Carl Douglas Alf Göransson Fredrik Cappelen Position Chairman Vice Chairman Member Member Director of Securitas AB since Deputy Director of Securitas AB President and CEO of Director of Securitas AB 1987 and Chairman since 1993. since 1992 and Director since Securitas AB since 2007. since 2008. 1999. Vice Chairman since 2008. Principal education BSc in Economics and Business Bachelor of Arts International BSc in Economics BSc in Business Administration Administration Doctor of Letters (h.c.) and Business Administration Born 1947 1965 1957 1957 Other board and Chairman of Melker Schörling AB, Vice chairman of ASSA ABLOY AB. Chairman of Ligue Internationale Chairman of Byggmax Group AB, other assignments Hexagon AB, AAK AB and Director of Swegon AB and de Societés de Surveillance and Sanitec Oy, Terveystalo Oy, Dustin Hexpol AB. Director of Hennes & Investment AB Latour. Chairman of Loomis AB, Director AB and Dometic Group AB. Vice Mauritz AB. of Hexpol AB and Axel Johnson Chairman of Munksjö AB. Inc., USA. Previously President and CEO of Skanska AB President and CEO of NCC AB President and Group Chief 1993–1997. President and CEO 2001–2007, CEO of Svedala Executive of Nobia 1995–2008. of Securitas AB 1987–1992. Industri AB 2000–2001, Business Marketing Director of Stora Area Manager at Cardo Rail Finepaper, President of 1998–2000 and President of Kaukomarkkinat International Swedish Rail Systems AB in Sweden and Norway and the Scancem Group 1993–1998.
    [Show full text]
  • Annual Report 2017 New Successes, New Targets
    2 0 1 Annual Report Contents About Loomis 1 President’s statement 2 Loomis’ operations 8 Loomis’ services 11 Strategy 12 Financial targets 14 The Loomis Model 18 Business environment 20 Segment Europe 26 Segment USA 28 Segment International 30 Employees 35 Sustainability 38 Risk management 42 The share 44 CORPORATE GOVERNANCE REPORT Corporate governance 46 Board of Directors 54 Group Management 56 FINANCIAL STATEMENTS Administration Report 59 Consolidated statement of income 64 Consolidated balance sheet 65 Consolidated statement of cash fl ows 66 Consolidated statement of changes in equity 67 Notes – Group 68 Parent Company statement of income 104 Parent Company balance sheet 105 Parent Company statement of cash fl ows 106 Parent Company statement of changes in equity 107 Notes – Parent Company 108 Auditor’s Report 115 Five-year overview 120 Notice of Annual General Meeting 122 Calendar 2018 The 2018 Annual General Meeting will take place at 5 p.m. CEST on Thursday, May 3, 2018 at City Confer- ence Centre, Stockholm. Read more on page 122. Interim Report Jan – March May 3 Interim Report Jan – June July 25 Interim Report Jan – Sept November 2 Unless otherwise specifi ed, Loomis’ internal investigations and studies have been used. This is a translation of the original Swedish Annual Report. In the event of differences between the English translation and the Swedish original, the Swedish Annual Report shall prevail. About Loomis operations Cash in Transit Loomis transports cash to and from stores, banks and automatic teller machines (ATMs). Loomis collects daily receipts, supplies retail customers and banks with cash and foreign currency, and replenishes ATMs.
    [Show full text]
  • SECURITAS AB (Publ)
    SECURITAS AB (publ) (incorporated with limited liability in Sweden) €2,000,000,000 Euro Medium Term Note Programme Under this €2,000,000,000 Euro Medium Term Note Programme (the Programme), Securitas AB (publ) (the Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Any Notes issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions herein. This does not affect any Notes already issued. The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €2,000,000,000 (or its equivalent in other currencies calculated as described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “ Overview of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer and together the Dealers), which appointment may be for a specific issue or on an ongoing basis. References in this Offering Circular to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to purchase such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks, see “Risk Factors”. Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities to approve this document as a base prospectus.
    [Show full text]
  • T.C. Memo. 2014-225 UNITED STATES TAX COURT SECURITAS HOLDINGS, INC. and SUBSIDIARIES, Petitioner V. COMMISSIONER of INTERNAL
    T.C. Memo. 2014-225 UNITED STATES TAX COURT SECURITAS HOLDINGS, INC. AND SUBSIDIARIES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 21206-10. Filed October 29, 2014. Michael Francis Kelleher, Elizabeth A. Erickson, and Justin E. Jesse, for petitioner. Henry C. Bonney, Jr., and Lloyd T. Silberzweig, for respondent. MEMORANDUM FINDINGS OF FACT AND OPINION BUCH, Judge: Respondent issued a notice of deficiency determining deficiencies of $13,801,906 for 2003 and $16,496,539 for 2004. The deficiencies largely stem from respondent’s partial disallowance of deductions for interest expenses and deductions for insurance expenses related to a captive insurance - 2 - [*2] arrangement. The sole issue remaining for us to decide is whether petitioner is entitled to deduct premiums paid through the captive insurance arrangement established by its parent corporation. Respondent does not dispute that the arrangement involved insurable risks, and we hold that the captive arrangement shifted risks, distributed risks, and constituted insurance in the commonly accepted sense. Therefore, the arrangement is insurance for Federal tax purposes, and petitioner is entitled to the deduction under section 1621 for insurance expenses. FINDINGS OF FACT I. Parent-Subsidiary Structure Securitas AB is a public Swedish company. Beginning in the late 1980s and continuing through the 1990s Securitas AB expanded its business outside of Sweden by acquiring other companies throughout Europe. Securitas AB first entered the U.S. security services market in 1999 when it established Securitas Holdings, Inc. (SHI). SHI is the parent company of an affiliated group of U.S. corporations (SHI Group or petitioner). During 2003 and 2004, the years in issue, 1Unless otherwise indicated, all section references are to the Internal Revenue Code (Code) in effect for the years in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure.
    [Show full text]
  • Annual and Sustainability Report 2020
    › Introduction Strategy Operations Corporate Governance Report Sustainability Report Financial statements Loomis Annual and Sustainability Report 2020 a › Introduction Strategy Operations Corporate Governance Report Sustainability Report Financial statements di Loomis improves flows of payments in society Countless transactions take place in payment securely – in local communities and across and small merchants. Our success is based on flows in society every day – when we shop for national borders. We offer distribution, processing, customer trust, knowledgeable employees, high groceries, pay our bills, get change or order prod- storage and recycling. In 2020 we launched Loomis safety and sustainable processes. The health and ucts on line. Even as the use of digital payment Pay, a unique payment platform that enhances our safety of our customers and colleagues, alongside solutions grows, cash is still the world’s most traditional core business. Loomis Pay handles all with the environment, is always our top priority. common payment method. Loomis makes sure payment types – cash, card or digital alternatives. Sustainability is an integral part of day-to-day that cash circulates quickly, cost-effectively and Loomis’s customers are mainly banks and large operations in all of our 23 markets. › Introduction Strategy Operations Corporate Governance Report Sustainability Report Financial statements Contents About Loomis President’s statement Contents All page references are clickable. › Strategy page 8 › Operations page 17 › Sustainability Report page 54 › Financial statements page 82 Introduction Corporate Governance Report Financial statements 2021 dates About Loomis 4 Corporate governance 36 Administration Report 83 Loomis’s Annual General Meeting 2021 will take place on May 6. >Read more on page 140.
    [Show full text]