In 2011 Securit as created the business se gment Securit y Ser vices Ibero America that includes se v en countries in L atin America Ar g entina Chile Colombia Cos t a Rica Ecuador P eru and U rugua y a n d t w o countries in Europe P ortugal and Spain The signifcance of commercial e x chan g e and co or dination bet w een Portugal Spain and L atin America is gro win g and lar g e corpor ations on both continents ha v e e xtensiv e presence o v er seas The securit y mark et in L atin America is v er y fr a gmented and to a lar g e e xtent nonre gulated As one of the leadin g securit y companies Securit as is a drivin g force in indus tr y associations and pro motes for e xample the re gulation and authorization of priv ate securit y companies T o ensure that our securit y ofcer s are tr ained in line with Securit as hig h s t andar ds and cus tomer requirements w e ha v e es t ablished our o wn tr ainin g center s in all countries within the business se gment W e can also ofer specializ ed tr ainin g that is t ailored to v arious cus tomer se gments and needs A joint tr ainin g sys tem and a lan gua g e that is common to mos t countries within the business se gment mak e the sharin g of bes t pr actices securit y kno wled g e and e xperiences easier Securit as cus tomer s in the re g ion oper ate in a v ariet y of indus tries and in or der to meet cus tomer needs and add v alue w e specializ e in the dominant cus tomer se gments in each countr y In Ar g entina Colombia Portugal and Spain the cus tomer se gments a viation with airport securit y ser vices and telecommunications are import ant while man y of our cus tomer s in Colombia Peru Portugal and Spain are activ e in the ret ail sector In Peru minin g and seaport indus tries are ma jor cus tomer se gments Securit y solutions t ailored to each cus tomer s securit y needs are de v eloped and include both specializ ed guar din g and adv anced technology In Ar g entina and Spain Securit as has been buildin g technology e xpertise and securit y solutions for se v er al y ear s includin g a d v a n c e d alarm sur v eillance and monitorin g ser vices I n 2 0 1 2 acquisitions of technical solutions companies in both countries s tren g thened these eforts Other countries in the business se gment are also de v el opin g solutions that include technology F INANCIAL K E y RA TIOS M SEK 2012 2011 T ot al sales 9 032 9 097 Organic sale s gro w th 3 11 Oper atin g income before amortization 465 550 Operating margin 51 60 Real change 13 9 Cash fo w from oper atin g activities 549 271 C ash fo w from operating activitie s 118 49 Oper atin g capit al emplo y ed 1 151 1 227 Operating capit al emplo y ed as o f sale s 13 13 T ot al capit al emplo y ed 3 132 3 171 Re t urn on capit al emplo y ed 13 17 S ecurit y S er vice s Ibero America SALE S M SEK 8 000 6 000 4 000 2 000 0 OPERA TING INC O ME M SEK 600 450 300 150 0 09 10 11 08 12 09 10 11 08 12 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 Securit as Annual R eport 2012 22 Oper ations Securit y Ser vices Ibero America