J AN u AR y DECE m BER 2011 M SEK Securit y Ser vices North America Securit y Ser vices Europe 3 m obile and m onitorin g 3 Securit y Ser vices Ibero America 3 Other T ot al se gments E limina tions Group Income Sales e xternal 22 356 26 092 5 803 9 097 709 64 057 64 057 Sales intr a group 86 238 324 324 T ot al sales 22 356 26 178 6 041 9 097 709 64 381 324 64 057 Organic sale s gro w th 4 0 3 11 3 Oper atin g income before amortization 1 1 270 1 009 722 550 166 3 385 3 385 o f which share in inc ome o f as sociat ed c ompanie s 2 2 2 Operating margin 57 39 120 60 53 Amortization and impairment of acquisition related int an g ible assets 34 69 45 61 9 218 218 Acquisition related cos ts 14 131 25 20 4 194 194 Items afectin g compar abilit y Oper atin g income after amortization 1 222 809 652 469 179 2 973 2 973 f inancial income and e xpenses 493 Income before t ax es 2 480 T ax es 741 Net income for the y ear 1 739 Oper atin g cash fo w Oper atin g income before amortization 1 270 1 009 722 550 166 3 385 3 385 In v es tments in noncurrent t an g ible and int an g ible assets 189 352 349 91 29 1 010 1 010 R e v er sal of depreciation 1 141 338 324 86 13 902 902 Chan g e in oper atin g capit al emplo y ed 367 234 62 274 233 1 170 1 170 Cash fo w from oper atin g activities 855 761 635 271 415 2 107 2 107 C ash fo w from operating activitie s 67 75 88 49 62 Capit al emplo y ed and fnancin g Oper atin g noncurrent assets 751 1 139 862 369 106 3 227 3 227 Accounts receiv able 3 760 4 060 638 2 437 140 11 035 70 10 965 Other assets 284 814 232 268 1 913 3 511 162 3 349 Other liabilities 3 467 6 134 1 447 1 847 1 733 14 628 232 14 396 T ot al oper atin g capit al emplo y ed 1 328 121 285 1 227 426 3 145 3 145 Operating capit al emplo y ed as o f sale s 6 0 5 13 5 G oodwill 6 335 4 913 1 725 1 488 266 14 727 14 727 Acquisition related int an g ible assets 149 663 200 456 106 1 574 1 574 Shares in associated companies 108 108 108 T ot al capit al emplo y ed 7 812 5 455 2 210 3 171 906 19 554 19 554 Re t urn on capit al emplo y ed 16 19 33 17 17 Net debt 10 349 Shareholder s equit y 9 205 T ot al fnancin g 19 554 Ne t deb t equit y ratio multiple 112 Assets and liabilities Noninteres t bearin g assets 11 279 11 589 3 657 5 018 822 32 365 232 32 133 u nallocated noninteres t bearin g assets 2 1 817 u nallocated interes t bearin g assets 2 716 T ot al assets 36 666 Shareholder s equit y 9 205 Noninteres t bearin g liabilities 3 467 6 134 1 447 1 847 375 13 270 232 13 038 u nallocated noninteres t bearin g liabilities 2 1 358 u nallocated interes t bearin g liabilities 13 065 T ot al liabilities 27 461 T ot al shareholder s equit y and liabilities 36 666 1 Depreciation and amortization of t an g ible and nonacquisition related int an g ible assets per se gment are specifed on the line R e v er sal of depreciation in the s t atement of cash fo w abo v e f urther information re gar din g depreciation and amortization is pro vided in note 13 2 Included in Other in the t able Capit al emplo y ed and fnancin g 3 The compar ativ es ha v e been res t ated due to oper ations mo v ed bet w een the se gments Securit y Ser vices Europe M obile and M onitorin g and Securit y Ser vices Ibero America 97 Annual R eport Notes and comments to the consolidated fnancial s t atements Securit as Annual R eport 2012