O PERA TING I NC O m E J AN u AR y D ECE m BER M SEK 2012 2011 Oper atin g income before amortization 3 085 3 385 9 Currenc y chan g e from 2011 20 Currenc y adjus ted oper atin g income before amortization 3 105 3 385 8 Oper atin g income after amortization Oper atin g income after amortization w as M SEK 2 315 2 973 Amortization and impairment of acquisition related int an g ible assets amounted to M SEK 297 218 of which impairment losses cons titutes M SEK 26 F or further information refer to the section Capit al emplo y ed and fnancin g Acquisition related cos ts impacted the period b y M SEK 49 194 positiv ely afected b y re v aluation of deferred consider ations mainly in the second half of the y ear F or further informa tion refer to note 11 Items afectin g compar abilit y w ere M SEK 424 0 where M SEK 458 related to the cos t sa vin g s progr am in the Group and M SEK 34 related to re v er sal of pro visions F or further information refer to note 11 Financial income and e xpenses Financial income and e xpenses amounted to M SEK 573 493 The fnance net has been ne gativ ely impacted b y the a v er a g e siz e of net debt durin g the y ear as w ell as the early issue of t w o Eurobonds tot alin g ME UR 650 to beneft from fa v or able mark et conditions This means that the Group in the short term per spec tiv e will increase interes t cos t until the m E u R 500 Eurobond loan matures in April 2013 Income before t ax es Income before t ax es w as M SEK 1 742 2 480 The real chan g e w as 29 percent T ax es net income and earnin g s per share The Group s t ax r ate w as 304 percent 299 The t ax r ate before nondeductible impairment losses and t ax on items afectin g compar abilit y w as 298 percent Net income w as M SEK 1 212 1 739 Earnin g s per share amounted to SEK 332 475 a decrease of 30 percent com pared to las t y ear Adjus ted for the s tren g thenin g of the S w edish krona durin g 2012 the earnin g s per share decreased 29 percent in real terms o v er pre vious y ear Adjus ted also for items afectin g compar abilit y and impairment losses earnin g s per share amounted to SEK 421 475 which w as a decrease of 11 percent com pared to 2011 C ONDENSED S T A TE m ENT O f I NC O m E A C C ORDING T O S EC u RIT AS f INANCIAL m ODEL M SEK 2012 2011 T ot al sales 66 4582 64 0571 Organic sale s gro w th 0 3 Production e xpenses 55 3600 52 9774 Gross income 11 0982 11 0797 Sellin g and adminis tr ativ e e xpenses 8 0282 7 7669 Other oper atin g income 128 743 Share in income of associated companies 27 24 Oper atin g income before amortization 3 0855 3 3847 Operating margin 46 53 Amortization and impairment of acquisition related int an g ible assets 2971 2182 Acquisition related cos ts 495 1935 Items afectin g compar abilit y 4243 Oper atin g income after amortization 2 3146 2 9730 f inancial income and e xpenses 5730 4930 Income before t ax es 1 7416 2 4800 T ax es 5296 7414 Net income for the y ear 1 2120 1 7386 Securit as fnancial model is described on pa g es 5051 n n n Oper atin g items n n n Net debt related items n n n G oodwill t ax es and nonoper atin g items n n n Items related to shareholder s equit y De v elopment in the Group s business se gments Securit y Ser vices North America S ALE S AND INC O m E M SEK 2012 2011 T ot al sales 23 492 22 356 Organic sale s gro w th 1 4 Oper atin g income before amortization 1 157 1 270 Operating margin 49 57 Real change 12 2 F urther information re gar din g the s t atement of income cash fo w and capit al emplo y ed is pro vided in note 9 Or ganic sales gro wth w as 1 percent 4 and w as hampered b y ne gativ e or ganic sales gro wth in feder al g o v ernment ser vices and P ink erton Corpor ate Risk M ana g ement The loss of the lar g e contr act with an automotiv e cus tomer in the u S in the be g innin g of the y ear w as ofset b y the lar g e airport securit y contr act s t arted in Canada The sales of specializ ed guar din g solutions as share of tot al sales amounted to 12 percent 7 The oper atin g mar g in w as 49 percent 57 Out of the decline 05 percent w as e xplained b y the de v elopment in feder al g o v ernment ser vices where difculties in the inte gr ation process resulted in a ne gativ e oper atin g mar g in Actions ha v e been t ak en to brin g feder al g o v ernment ser vices to a break e v en oper atin g result in 2013 The de v elopment in P ink erton Corpor ate Risk M ana g ement had a ne gativ e impact on the oper atin g mar g in b y 01 percent L as t y ear the oper atin g mar g in w as positiv ely impacted b y a set tlement in a client dispute of 01 percent The S w edish krona e x chan g e r ate w eak ened v er sus the U S dollar and thus had a positiv e efect on the oper atin g result in S w edish kronor The real chan g e w as 12 percent in the period The client retention r ate w as 90 percent 91 The emplo y ee turno v er r ate in the U SA w as 48 percent 44 58 Securit as Annual R eport 2012 Annual R eport R eport of the Boar d of Director s