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Wkr0001.Pdf (4189 Securitas AB Annual Report 2006 Contents Introduction 3 A world leader in security 5 2006 in brief The Group 8 Comments by the CEO 18 The market 20 Strategy and organization 22 Code of Conduct 24 Financial control and fi nancial objectives 28 Risk management 30 The share, shareholders and dividend 33 Financial overview 1992–2006 Annual Report Report of the Board of Directors 38 Financial overview 46 Security Services North America 52 Security Services Europe 58 Loomis Financial reports 68 Consolidated fi nancial statements 73 Notes and comments to the consolidated fi nancial statements 100 Parent Company fi nancial statements 104 Notes and comments to the Parent Company fi nancial statements 109 Audit report Corporate Governance 112 Board of Directors and auditors 113 Group Management 114 Report of the Board of Directors – Corporate Governance and Internal Control Corporate Information 126 Quarterly data 128 Financial information and invitation to the Annual General Meeting 129 The Group’s website Note to readers Securitas AB is a Swedish public company with its registered offi ce in Stockholm. Corporate registration number: 556302-7241. Figures are in Swedish kronor, abbreviated as SEK. Millions of Swedish kronor are abbreviated as MSEK, billions of Swedish kronor as BSEK, millions of US dollars as MUSD, and millions in local currency as MLOC. Figures in parentheses refer to 2005 unless otherwise indicated. Figures for 2006, 2005 and 2004 are reported according to IFRS unless specifi cally stated otherwise. All fi gures for 2003 and earlier years are reported using earlier Elin Nicole Ødegård, a Security Offi cer with principles. For 2006 and in the comparative fi gures for 2005 and 2004, adjustments to the statement of income, the statement of cash fl ow and Securitas Mobile, in front of the Holmen- notes relating to these fi nancial statements have been made in accordance with IFRS 5 ’Non-current assets held for sale and discontinued kollen ski jump in Oslo, Norway’s best- operations’. These adjustments relate to the two primary segments Securitas Systems and Direct which since the distribution of Securitas known tourist attraction. In 2006 Securitas Systems AB and Securitas Direct AB on September 29, 2006 qualify as discontinued operations. Security Services North America comprises began night-time guarding of private villa the operations in the USA, Canada and Mexico plus Pinkerton Consulting & Investigations. Loomis (formerly Cash Handling Services) is the new areas at Holmenkollen – a new service common brand for all cash handing operations in the USA and Europe. Facts about markets and competitive circumstances are Securitas’ own offered by Mobile which is tailored to assessments, unless a specifi c source is cited. This Annual Report contains forward-looking information based on Securitas’ expectations on customers’ specifi c security requirements. the publication date. No guarantees can be provided that these expectations will be fulfi lled. A world leader in security By means of organic growth and acquisitions over the past 20 Securitas’ strategy of focusing on security and profi table years, Securitas has grown to become a world leader in securi- growth has contributed to developing and consolidating the ty. The Group is now organized into two specialized guarding security industry, which has become more focused and inde- divisions, Security Services North America and Security Ser- pendent, with dedicated market players who deliver profes- vices Europe, and one specialized division for cash handling sional security. Through its leading market position in most services, whose name has been changed to Loomis. countries, Securitas has been, and continues to be, a driving In 2006 the guarding businesses had sales of MSEK 49,085, force in the industry. The key words in the development pro- with about 195,000 employees in more than 30 countries. cess are professionalism, specialization and segmentation, Operations are focused on specialized guarding services for which refl ect the constantly growing and differentiated needs different customer segments. The businesses have a total world of customers and thereby create new markets and specialized market share of 12 percent, with 16 percent in North America activities with their own business models. and 18 percent in Europe. As a consequence of this development, Securitas Systems In 2006 Loomis had sales of MSEK 11,474, with about and Securitas Direct were distributed to shareholders on 20,000 employees in the USA and Europe. Market share is September 29, 2006 and listed as separate companies on the 19 percent in both the USA and Europe. Loomis specializes Stockholm Stock Exchange. It is planned to distribute and list in managing fl ows of cash through effi cient transport, cash Loomis, in the second half of 2007. After the distribution of processing and ATM services. Loomis, the Securitas Group will be totally focused on guard- ing services predominantly in Europe and North America. Sales by region, 2006 BSEK 40 30 20 10 0 North Europe Nordic America excluding region Nordic region ■ Security Services and Loomis. Sales in Argentina 2006: MSEK 248. ■ Consulting & Investigations (outside North America and Europe). The divisions Total capital Average number Sales Operating income employed of employees Security Services North America, page 46. Security Services North America offers specialized guarding MSEK 21,736 MSEK 1,088 MSEK 7,116 98,000 services in the three countries of North America – the USA, Canada and Mexico. The division is split into one organization for National and Global contracts, ten geographical guarding regions 36% 30% 37% 46% and three specialty regions in the USA, plus Canada, Mexico and Pinkerton Consulting & Investigations. The three specialty regions in the USA are concerned with the Automotive industry, Govern- ment organizations and the Energy industry. Altogether there are 108 geographical areas and 744 branch offi ces. Market share: 16 %. Security Services Europe, page 52. Security Services Europe is organized into three business units. MSEK 27,305 MSEK 1,937 MSEK 7,235 97,000 Services Europe offers specialized guarding services for medium- sized and large companies in 18 countries. Aviation forms part of this business and is organized separately in nine countries. Mobile offers mobile services for small and medium-sized customers and operates separately in eleven countries. Alert Services offers electronic alarm monitoring of both homes and businesses, with separate organizations in six countries. 45% 37% 45% 54% Market share: 18 %. Security Services1 MSEK 49,085 MSEK 2,753 MSEK 15,664 195,000 Loomis, page 58. Loomis offers secure and effi cient cash distribution, cash MSEK 11,474 MSEK 838 MSEK 3,674 20,000 processing and cash recovery solutions for fi nancial institutions, retailers and other commercial companies 9% 19% 23% 19% through an international network with 440 branch offi ces in ten European countries and the USA. Market share: 19 %. Group1 MSEK 60,523 MSEK 3,591 MSEK 19,338 215,000 1Including Other and Eliminations. 2006 in brief The previous divisions Securitas Systems and Direct were listed on the Stockholm Stock Exchange according to plan at the end of September 2006, and the cash handling business, under the brand name Loomis, is planned to be listed during the second half of 2007. Securitas returned to a higher rate of expansion than the market average, with 6 percent organic sales growth and stable margins. ● Four focused security companies were created: ● Income before taxes for 2006 includes items affecting com- – Securitas Systems and Securitas Direct successfully listed. parability of MSEK –2,060 for the full year 2006, of which – Loomis separated and planned to be listed during the MSEK –1,503 arose in the fourth quarter. second half of 2007. – New management in place in Securitas. ● Proposed dividend of SEK 3.10 maintains the 2005 level (including Securitas Systems’ dividend of SEK 0.40). ● Stable and improving operations in Security Services and Loomis. Key ratios MSEK 2006 2005 2004 Total sales, MSEK 60,52360,523 58,201 53,404 Organic sales growth, % 6643 Operating income before amortization, MSEK3 3,591,591 3,526 3,272 Operating margin, % 55.9.9 6.1 6.1 Real change 445– Income before taxes and items affecting comparability 2,9432,943 2,992 2,663 Real change 448– Income before taxes 883 2,841 2,663 Net income for the year, continuing operations 513513 2,158 2,026 Net income for the year, discontinued operations 339339 556 503 Net income for the year, all operations 852 2,714 2,529 Earnings per share before items affecting comparability, continuing operations (SEK) 5.97 6.24 5.47 Free cash fl ow as % of adjusted income 7755 105 96 Return on capital employed, % 881617 Dividend per share, SEK 3.101 3.502 3.002 Earnings per share after taxes, SEK 1.41 5.84 5.47 1Proposed dividend. 2Including Securitas Systems and Direct. SECURITAS 2006 5 The Group 8 Comments by the CEO 18 The market 20 Strategy and organization 22 Code of Conduct 24 Financial control and fi nancial objectives 28 Risk management 30 The share, shareholders and dividend 33 Financial overview 1992–2006 William Thurmond works as a shift supervisor at a major Securitas Global Automotive customer location outside Detroit, USA. The Group – Comments by the CEO Today billions, not just millions, of people are seeking a higher standard of living as effi cient producers and willing consumers. This new prosperity brings with it higher demands for safety and security. Securitas’ challenge is inspiring: better security for a better world. Thomas Berglund President and Chief Executive Offi cer A strong position for the next step As 2006 began, Securitas faced three major challenges – to create four new focused security companies through a split of Securitas, to maintain and improve the performance of the different operations during the split, and to prepare and hand over Securitas to a new management generation.
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