November 2012 Presentation för Aktiespararna Micaela Sjökvist Chef för investerarrelationer
Securitas i världen 300 000 anställda 51 länder 1 800 platskontor - lokal närvaro, global kunskap 2
Securitas i korthet VD sedan mars 2007: Alf Göransson Fyra affärssegment: Security Services North America Security Services Europe Security Services Ibero-America Mobile and Monitoring som erbjuder specialiserad bevakning, rondbevakning och utryckningstjänster, larmövervakning, konsult- och utredningstjänster Securitas AB är börsnoterat sedan 1991 och de största aktieägarna är Gustaf Douglas och Melker Schörling 3
Vår historia den europeiska plattformen 1934 Erik Philip-Sörensen grundar Hälsingborgs Nattvakt i Helsingborg, Sverige. 1972 Securitas Ärlighet, Vaksamhet, Hjälpsamhet 1981 Ett blir två: Securitas i Sverige, G4S (Falck) i Danmark 1990 Internationell expansion under Melker Schörlings ledning 4
Vår historia den nordamerikanska plattformen 1999 Förvärvet av Pinkerton, det största säkerhetsbolaget i USA 2000 2001 2006 2008 Förvärvet av Burns, det näst största säkerhetsbolaget i USA Förvärvet av Loomis (värdehantering) Avknoppning av Securitas Direct och Securitas Systems Avknoppning av Loomis 5
Resultatutveckling i koncernen Rörelseresultat och rörelsemarginal MSEK 3 900 Rörelsemarginal, % Vinst per aktie, kr 8,0 3 700 7,0 3 500 6,0 3 300 5,0 3 100 4,0 2 900 3,0 2 700 2007 2008 2009 2010 2011 2,0
Security Services Europe Resultatutveckling Rörelseresultat och rörelsemarginal MSEK 1 400 % 14 1 200 12 1 000 10 800 8 600 6 400 4 200 2 0 2007 2008 2009 2010 2011 0 7
Security Services North America Resultatutveckling Rörelseresultat och rörelsemarginal MSEK 1 400 % 14 1 200 12 1 000 10 800 8 600 6 400 4 200 2 0 2007 2008 2009 2010 2011 0 8
Vi sköter säkerheten vid 32 flygplatser i Kanada Montreal
Security Services Ibero-America Resultatutveckling Rörelseresultat och rörelsemarginal MSEK 1 000 % 10 800 8 600 6 400 4 200 2 0 2007 2008 2009 2010 2011 0 10
Mobile and Monitoring Resultatutveckling Rörelseresultat och rörelsemarginal MSEK 1 400 % 14 1 200 12 1 000 10 800 8 600 6 400 4 200 2 0 2007 2008 2009 2010 2011 0 11
Vi växer på en knivig marknad % 12 10 8 Total tillväxt Förvärvad tillväxt 6 4 2 Organisk tillväxt 0-2 2007 2008 2009 2010 2011
Vår globala närvaro Länder där vi är verksamma Större förvärv under 2011 Länder där vi vill vara
Från bevakning till säkerhetslösningar 10% 4% Grundläggande bevakning 6% Specialiserad bevakning 8% Bevakningslösningar Säkerhetslösningar Mervärde driver rörelsemarginal
Att skapa mervärde 10% 4% Grundläggande bevakning 6% Specialiserad bevakning 8% Bevakningslösningar Säkerhetslösningar Optimal säkerhetslösning Väktare Teknik Stationär Larmövervakningscentral
Vi utvecklar vår kärnverksamhet Säkerhetslösning Specialisering Segmentering Specifika kundsegment Lösningar Risk management Satsning på konsultoch utredningstjänster Skräddarsydd lösning som möter kundens behov Koncept Installation Övervakning Underhåll Investering i teknik och i resurser inom systemdesign
Produktionsanläggning (USA) Tillverkare av geofysiska och meteorologiska testinstrument Om kontraktet Existerande kund sedan 2007 Förutsättningar Kund med flera anläggningar som krävde färre timmar för väktarbevakning och lägre kostnad Lösning SecuritasVision, nio videokamerasystem med fjärrövervakningskapacitet och minskning av 128 timmars väktarbevakning Ekonomiska villkor Förlängning av kontraktet med 3 år med automatisk årlig prisökning Årlig försäljning ca 3,7 MSEK Rörelsemarginalen ökar med 3 procentenheter mellan 2011 och 2012
Ledande teknikkonsultföretag (Europa) Om kontraktet Nytt kombi-kontrakt från 2011 Förutsättningar Kunden önskade översyn med fräscha ögon av existerande säkerhetslösning på huvudkontoret annat säkerhetsföretag hade haft kontraktet i flera år Lösning Efter omfattande riskanalys föreslog vi en total servicelösning, som inkluderade bevakning och en fullt integrerad teknisk lösning med larmsystem, passersystem, kameraövervakning och brandskydd Ev nästa steg: implementera denna lösning också på kundens övriga europeiska kontor Ekonomiska villkor 5-årigt kontrakt Totalt kontraktsvärde ca 13 MSEK Rörelsemarginal >10 procent
Moderna kundportaler underlättar för kunderna
Intelligenta övervakningssystem
Vi gör skillnad 21
January September 2012
Highlights January - September Organic sales growth declined from 4% to 0%, whereof -2,0% is due to France, Portugal and Spain (representing 17% of Group sales YTD) The price/wage balance on par YTD and is expected to stay on par FY 2012 Operating margin 4.7% (5.1) main reasons are North America and Spain Re-organization and cost-savings programs initiated for better alignment and increase of investment pace in technology Interim Report January-September 2012
Financial Highlights MSEK Q3 2012 Q3 2011 Total change % 9M 2012 9M 2011 Total change % Sales 16 474 16 628-1 49 707 47 031 6 Organic sales growth, % 0 4 0 4 Real sales growth, incl. acq. % 3 13 5 12 Operating income before amortization 864 947-9 2 330 2 407-3 Operating margin, % 5.2 5.7 4.7 5.1 Real change, % -5-1 -4-2 Income before taxes, IAC and impairment losses* 666 740-10 1 654 1 793-8 Real change, % -7-6 -9-9 Income before taxes 640 740-14 1 628 1 793-9 Real change, % -10-6 -10-9 Net income 442 519-15 1 136 1 257-10 Earnings per share (SEK), before IAC and impairment losses* 1.28 1.42-10 3.18 3.44-8 Earnings per share (SEK) 1.21 1.42-15 3.11 3.44-10 * Impairment losses of goodwill and other acquisition related intangible assets.
Security Services North America Sales Development 9M Organic sales growth 0% (4), hampered by the development in the customer segments defense and aerospace, federal government services and Pinkerton C&I Last year, extra sales were strong in the third quarter The sales of specialized security solutions as part of total sales was 11 percent (6) in the period Interim Report January-September 2012 25
Security Services North America Income Development 9M The operating margin was 4.8% (5.8), due to - Federal government services with lower extra sales and difficulties in the integration process - Weak development in Pinkerton C&I - Lower extra sales in some U.S. regions Last year, the operating margin was positively impacted by 0.2 percent through a settlement in a client dispute Interim Report January-September 2012 26
Security Services Europe Sales Development 9M Organic sales growth 1% (0), supported by Germany and the Nordic countries France was negative with -9 percent in the quarter and -6 percent YTD, due to volume losses following the price campaigns Interim Report January-September 2012 27
Security Services Europe Income Development 9M Operating margin 4.1% (3.8*) and with a positive trend Main contributors to the development were Belgium, France, Germany and the United Kingdom * Restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Interim Report January-September 2012 28
Mobile and Monitoring Sales Development 9M Organic sales growth 1% (4), showing a mixed picture among the countries The decline is mainly due to negative impact from lower new sales and lower extra sales in a tough macroeconomic environment Interim Report January-September 2012 29
Mobile and Monitoring Income Development 9M Operating margin 11.0% (11.7*) Delayed synergies from acquisitions impacted negatively as well as lower extra sales Contract losses in a few countries also had a negative impact * Restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Interim Report January-September 2012 30
Security Services Ibero-America Sales Development 9M Organic sales growth -3% (11) Organic sales growth in Spain -16% in the first nine months, and -21% in Q3, due to: terminations of low margin contracts or customers with high credit risk contract losses, reductions and lower extra sales In Latin America the organic sales growth was 21 percent, driven by price increases and good portfolio development in Argentina, Uruguay and Peru Interim Report January-September 2012 31
Security Services Ibero-America Income Development 9M Operating margin 5.1% (5.9*), and declined in Portugal and Spain due to much lower sales (negative leverage and excess guards), a tough price competitive market and increased payroll taxes Investments in the technology platform in Spain continues and is differentiating Securitas from competition Operating margin declined slightly in Latin America due to wage cost increases not yet fully recovered * Restated due to operations moved between the segments Security Services Europe, Mobile and Monitoring and Security Services Ibero-America. Interim Report January-September 2012 32
Cash flow MSEK Q3 2012 Q3 2011 9M 2012 9M 2011 Operating income before amortization 864 947 2 330 2 407 Investments in non-current tangible and intangible assets -254-209 -775-690 Reversal of depreciation 231 222 708 669 Change in accounts receivable -410-53 -299-795 Change in other operating capital employed 220 166-476 -589 Cash flow from operating activities 651 1 073 1 488 1 002 Cash flow from operating activities, % 75 113 64 42 Financial income and expenses paid -88-81 -474-416 Current taxes paid -102-104 -467-545 Free cash flow 461 888 547 41 As % of adjusted income 83 143 37 3 Free cash flow to net debt - - 0.12 0.11 Interim Report January-September 2012 33
Net Debt Development MSEK Net debt January 1, 2012-10 349 Free cash flow 547 Acquisitions -596 IAC payments -30 Dividend paid -1 095 Change in net debt -1 174 Translation and revaluation 412 Net debt Sep 30, 2012-11 111 34 Interim Report January-September 2012
Time for actions three clear goals Improve profit Improve internal efficiency and interaction in Europe Most importantly, advance our technology at a much higher speed Interim Report January-September 2012
Actions Creation of one European Division, including guarding, mobile, monitoring and technology solutions In Security Services North America, reduction of the number of geographical regions in the US Cost-savings program in Spain CTOs to be appointed in all major countries A Group Center of Excellence in Remote Video Solutions has been established in Malmö, Sweden Interim Report January-September 2012
Time plan and savings Execution of the changes started on October 17, 2012, to be finalized during the fourth quarter of 2012 Total net savings are estimated to approx. MSEK 370 annually, effective as of January 1, 2013 Total restructuring costs will be approx. MSEK -430, to be recognized in Q4 2012 Interim Report January-September 2012
Frågor och svar
Ärlighet Vaksamhet Hjälpsamhet securitas.com Image Inspiration Date 39