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Securitas Annual Report 2007 Contents

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Securitas Annual Report 2007 Contents Securitas Annual Report 2007 Contents Introduction 3 About Securitas 5 2007 in Brief The Group 6 Comments by the CEO 8 Our Services 10 Case Retail 11 Case Gated Communities 12 The Market 14 Case Car Dealer 15 Case Track and Trace 16 Our People 18 Case New Markets 20 The Share, Shareholders and Dividend 22 Operational Risk 25 Financial Control and Financial Objectives 29 Five Year Overview Annual Report Report of the Board of Directors 30 Financial Overview 38 Security Services North America 40 Security Services Europe 42 Mobile and Monitoring 44 Loomis Financial Reports 46 Consolidated Financial Statements 51 Notes and Comments to the Consolidated Financial Statements 82 Parent Company Financial Statements 86 Notes and Comments to the Parent Company Financial Statements 91 Audit Report Corporate Governance 92 Report of the Board of Directors – Corporate Governance and Internal Control 102 Board of Directors and Auditors 104 Group Management Corporate Information 106 Quarterly Data 108 Financial Information and Invitation to the Annual General Meeting Introduction About Securitas A Knowledge Leader in Security Security is our business. By focusing on pro- To solve the challenge of delivering tailor- viding adapted solutions to fit each custom- made solutions to the mixed base of custom- er’s individual needs, Securitas has managed ers, Securitas has organized its operations to develop a sustainable growth and profitabil- in a flat, decentralized structure, support- ity in all markets. The key success component ed by a vertical structure for customer seg- and a cornerstone in our business philosophy ments where it makes financial sense. For is knowledge. Securitas long-term strategy those segments, there are specialized units of continuous benchmarking, transfer of best geared towards specific industries, such as practice, knowledge about the customers petrochemical industry, public transporta- and their needs and tailored training pro- tion and financial sector. Our core business grams across all levels in the organization is security services, including the main busi- has resulted into a solid base of industry ness lines specialized guarding, mobile and know-how. monitoring. In addition, Securitas provides consulting and investigation services through Securitas services a wide range of custom- Pinkerton and cash handling services through ers in a variety of industries and segments. Loomis, two wholly-owned subsidiaries. They range from governments, airports, crit- Today, Securitas is present in more than 30 ical infrastructure, office buildings, banks, countries in North America, South America, shopping centers, hotels, manufacturing in- Europe and Asia, with more than 250,000 em- dustries, mines, hospitals, residential areas ployees. The Group’s global market share of to high-tech and IT companies. As the size of the outsourced security services market is the customers varies from the ‘shop on the approximately 12 percent. corner’ to multi-billion industries, the security solutions are as multi-faceted as the number The divisions are: Security Services North of assignments. America, Security Services Europe, Mobile and Monitoring, and Loomis. n Securitas. The Divisions Operating Total capital Number of Sales income employed employees Security Services North America, page 38. MSEK 20,933 MSEK 1,080 MSEK 6,513 108,500 Security Services North America offers specialized guarding services in the USA, Canada and Mexico. In the USA the division is split into 33% 34% 35% 43% 17 business units – one organization for national and global customers, ten geographical regions and three specialized regions (the automotive industry, the public sector and the energy industry). Canada and Mexico are separate regions. The division also includes Pinkerton Consulting & Investigations. Altogether this division encompasses just over 600 branch offices and more than 100,000 employees. Security Services North America’s service offering covers all segments in most industries. Market share: 16 percent. Security Services Europe, page 40. MSEK 25,353 MSEK 1,433 MSEK 5,278 102,500 Securitas’ European guarding operation consists of Security Services 40% 45% 28% 40% Europe, which offers specialized guarding services for large and medium- sized customers in 20 countries, and Aviation, which offers airport security in nine countries. The organization has more than 800 branch offices and has more than 100,000 employees. The customers’ operations and businesses range from financial services, retail, energy, healthcare and the public sector to special events, to mention a few. Aviation offers specialized services for airports, airport-related business and airlines. Market share, existing markets: 18 percent. Mobile and Monitoring, page 42. MSEK 4,836 MSEK 578 MSEK 1,915 9,300 Mobile offers mobile services for small and medium-sized companies, 8% 18% 10% 4% such as beat patrol and call-out services. Mobile operates in eleven countries in Europe with 8,600 employees and 274 branch offices. Monitoring offers electronic alarm surveillance to both homes and businesses under the Alert Services brand. Alert Services also offers an integrated GPS service, track and trace, that covers a major part of the EU area. Alert Services operates control rooms in eight countries in Europe and has 700 employees. Market share, existing markets: 22 percent. Loomis, page 44. MSEK 11,397 MSEK 293 MSEK 3,717 21,000 18% 9% 20% 8% Loomis offers a complete range of integrated cash handling solutions and has a strong market position in the USA and Western Europe. The company’s services are primarily aimed at banks and retail companies. Loomis offers its customers a secure and efficient service for cash handling. Services are divided into three areas: cash transportation, cash handling and technical services. Altogether Loomis has more than 440 branch offices with almost 21,000 employees in Western Europe and the USA. Market share, existing markets: 20 percent. Group1 MSEK 62,908 MSEK 3,182 MSEK 18,692 254,000 1Including Other and Eliminations. Året i korthet Introduction 2007 in Brief 2007 in Brief The year of 2007 showed continued good organic sales growth and stable operating margins in Security Services, while Loomis was burdened by difficulties primarily in the United Kingdom. Securitas strategy for the future was launched in August 2007 and then rolled out in the Group during the latter half of the year. The three key elements in the strategy are: a higher degree of specialization in the service offering, driven by more customer segmentation; expansion of the Mobile and Monitoring organization; and increased global presence. In addition, Securitas’ new financial objectives going forward are an annual average increase in Earnings Per Share (EPS) of 10 percent and a free cash flow in relation to net debt of at least 0.20. • New CEO and Group Management in • Earnings per share before items affecting place. comparability and impairment losses of goodwill were SEK 4.78 (6.00). Adjusted • Stable growth and operating margins in also for the LCM and Note Circulation Security Services. Rules (NCS) investigation costs but • Loomis Cash Management (LCM) UK Ltd., not for the LCM operational losses, part of Loomis, was sold to Vaultex UK Ltd. the earnings per share was SEK 5.36, in November 2007. which Securitas considers to be the relevant basis for future performance com- • Total sales amounted to MSEK 62,908 parisons. (60,523). • Total impact from impairment losses of • Income before taxes amounted to goodwill and items affecting comparability MSEK 1,397 (883). amounted to MSEK –1,068 (–2,060). • Net income after tax amounted to • Proposed dividend SEK 3.10 (3.10). The to- MSEK 526 (513). tal dividend amounts to 47 percent of free • Earnings per share amounted to cash flow, which is in line with the dividend SEK 1.44 (1.41). level that Securitas should sustain. Key ratios MSEK 2007 2006 2005 Sales 62,908 60,523 58,201 Organic sales growth, % 5 6 4 Operating income before amortization 3,182 3,591 3,526 Operating margin, % 5.1 5.9 6.1 Real change, % –8 4 5 Income before taxes and items affecting comparability and impairment losses of goodwill 2,465 2,943 2,992 Real change, % –12 4 8 Income before taxes 1,397 883 2,841 Real change, % 72 –67 4 Net income for the period, continuing operations 526 513 2,158 Earnings per share, before items affecting comparability, continuing operations (SEK) 1 4.78 6.00 6.32 Earnings per share, continuing operations (SEK) 1 1.44 1.41 5.91 1For the purpose of the earnings per share (EPS) calculation, the impairment losses of goodwill have also been added back. EPS is calculated before dilution. 5 The Group Securitas 2007 Comments by the CEO Our Strategy for the Future In 2007 we began the implementation of our strategy for the future. Step by step our customers will see a more specialized organization, where we will develop our knowledge and expertise according to the needs of each customer segment. The most important challenge for Securitas in 2007 was to deal with the weak performance of our cash handling division Loomis. The unsatisfactory financial performance of the Group as a whole was primarily related to this problem. Security Services The main concern within our European op- provisions for historic variances were neces- Profitability rather than volume has been the erations is pressure on and decline in gross sary beyond the provision of MSEK 824 es- prime focus in Security Services North Amer- margins with new sales coming in at low- tablished as of December 31, 2006. A provi- ica. With this focus well managed, in combi- er margins than the average portfolio. Short sion of MSEK 160, related to the sale, was nation with stability and high quality services, term, profitability rather than volume will also made in the fourth quarter of 2007. A provi- we improved our operating margin satisfacto- be prioritized in Europe, and in the long term, sion for non-compliant declarations under rily from 5.0 percent to 5.2 percent.
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