In 2012 w e achie v ed our fnancial t ar g et free cash fo w in relation to net debt of at leas t 020 Ho w e v er w e will continue to be res trictiv e re gar din g acquisitions with the e x ception of tech nolog ical oper ations that create syner g ies and competence alon g our s tr ate g ic path or acquisitions that s tren g then our position in gro wth mark ets Parent Compan y oper ations The Group s Parent Compan y Securit as AB is not in v olv ed in an y oper atin g activities Securit as AB pro vides Group m ana g ement and support functions for the Group The Parent Compan y s income amounted to M SEK 992 846 and mainly relates to license fees and other income from subsid iaries Financial income and e xpenses amounted to M SEK 2 792 1 288 The increase in fnancial income and e xpenses com pared to las t y ear is mainly e xplained b y an increase in dividend from subsidiaries Ex chan g e r ate diferences ha v e also had a positiv e impact on the fnance net durin g the y ear Income before t ax es amounted to M SEK 3 498 2 101 Income before t ax es includes result from the sale of shares in subsidiaries and joint v entures of M SEK 9 67 dividends from subsidiaries of M SEK 11 876 4 679 interes t income of M SEK 206 199 interes t e xpense of M SEK 869 880 and other fnancial income and e xpenses net of M SEK 8 412 2 709 Included in other fnancial income and e xpenses net are impairment losses relatin g to shares in subsidiaries of M SEK 8 602 2 735 Impairment losses in 2012 w ere recog niz ed in con junction with the Parent Compan y ha vin g receiv ed dividends from subsidiaries and for the shares in Securit as m ontene gro d o o as a consequence of the impairment of g ood will and acquisition related int an g ible assets that w ere recogniz ed for the cash g ener atin g unit Securit y Ser vices M ontene gro Impairment losses in 2011 w ere recogniz ed in con junction with the Parent Compan y ha vin g receiv ed dividends from subsidiaries Net income w as M SEK 3 442 2 093 Cash fo w for the y ear amounted to M SEK 20 3 The Parent Compan y s noncurrent assets amounted to M SEK 38 119 38 709 and mainly comprise shares in sub sidiaries of M SEK 37 156 37 853 Current assets amounted to M SEK 6 440 8 111 of which liquid funds amounted to M SEK 25 5 Shareholder s equit y amounted to M SEK 25 545 23 343 A dividend of M SEK 1 095 1 095 w as paid to the shareholder s in M a y 2012 The Parent Compan y s liabilities amounted to M SEK 19 014 23 477 and mainly consis t of interes t bearin g debt F or further information refer to the Parent Compan y s fnancial s t atements and the accompan yin g notes and comments R es t ated since group contributions ha v e been accounted for as appropriations due to a chan g e in accountin g principle R efer to note 39 for further information R eported on the line Other oper atin g income and consis tin g in its entiret y of the capit al gain from the sale of the shares in Securit as Direct S A in S witz erland Proposed guidelines for remuner ation to senior mana g ement in Securit as for 2013 The Boar d of Director s of Securit as AB publ proposes that the Annual G ener al M eetin g on M a y 7 2013 adopts guidelines for remuner ation to senior mana g ement in accor dance with the follo win g The fundament al principle is that remuner ation and other terms of emplo yment for senior mana g ement shall be competi tiv e and in accor dance with mark et conditions in or der to ensure that the Securit as Group will be able to at tr act and k eep compe tent senior mana g ement emplo y ees The tot al remuner ation to senior mana g ement shall consis t of a fx ed basic salar y v ariable remuner ation pensions and other benefts In addition to a fx ed annual salar y the Group M ana g e ment ma y also receiv e v ariable remuner ation which shall be based on the outcome in relation to fnancial g oals within the individual area of responsibilit y Group or division and which shall a gree with the interes t of the shareholder s The v ariable remuner ation shall amount to a maximum of 60 percent of the fx ed annual salar y for the President and CEO and a maximum of 42200 per cent of the fx ed annual salar y for other individuals of the Group M ana g ement If cash pa yment of v ariable remuner ation has been efected on grounds later pro v en to be ob viously inaccur ate the compan y shall ha v e the possibilit y to reclaim such paid remuner ation The Boar d of Director s shall each y ear consider whether to propose that the G ener al m eetin g resolv es upon a share or share price based incentiv e progr am The Annual G ener al m eetin g in 2012 as w ell as the Annual G ener al M eetin g s in 2010 and 2011 adopted a resolution on an incentiv e scheme The undert akin g s of the compan y as re gar ds v ariable remu ner ation to the Group M ana g ement ma y at maximum outcome durin g 2013 amount to a tot al of M SEK 56 Information on pre viously decided remuner ation which has not y et been paid can be found in note 8 of this Annual R eport The pension rig hts of senior mana g ement emplo y ees shall be applicable as from the a g e of 65 at the earlies t and the entire Group M ana g ement shall be subject to defned contribution pension plans for which insur ance premiums are tr ansferred from the individual s tot al remuner ation and paid b y the compan y durin g the term of emplo yment V ariable compensation shall not qualif y for pension purposes unless local re gulations pro vide other wise Other benefts such as compan y car special health insur ance or occupational health ser vice shall be pro vided to the e xtent this is considered cus tomar y for senior mana g ement emplo y ees holdin g equiv alent positions on the emplo yment mark et where the senior mana g ement emplo y ee is activ e At dismissal the notice period for all senior mana g ement emplo y ees shall amount to a maximum of 12 months with a rig ht to redundanc y pa yment after the end of the notice period equiv alent to a maximum of 100 per cent of the fx ed salar y for a period not e x ceedin g 12 months At resignation b y a senior mana g ement emplo y ee the notice period shall amount to a maximum of six months 66 Securit as Annual R eport 2012 Annual R eport R eport of the Boar d of Director s