P ositiv e de v elopment in L atin America While Securit y Ser vices Ibero America faced a problematic situation in Spain and Portugal in 2012 that w as har d to resolv e the de v elopment in L atin America w as the complete opposite Securit as is currently the mark et leader in se v er al countries in L atin America and has around 36 000 emplo y ees on a continent where the securit y mark ets will continue to gro w in 2013 In tot al ho w e v er sales in the business se gment Securit y Ser vices Ibero America decreased from M SEK 9 097 in 2011 to M SEK 9 032 and the oper atin g mar g in from 60 percent to 51 percent Durin g the fourth quarter e xtensiv e res tructurin g measures w ere implemented and almos t 400 emplo y ees w ere let g o primarily in Spain Inte gr ated securit y solutions The cour se of e v ents in the problematic mark ets demons tr ates ho w import ant it is that w e tog ether with our cus tomer s de v elop optimal cos t efectiv e securit y solutions that are suited to their bud g ets The k e y is fndin g the rig ht balance bet w een what should be done b y securit y ofcer s on site and what can be done b y specially tr ained securit y ofcer s from a monitorin g center and to what e xtent securit y ofcer s or technolog ical solutions should be used Securit y companies that do not ha v e the abilit y kno wled g e and ambition to solv e this equation will not sur viv e in the toug h compe tition in an indus tr y that is s tron g ly char acteriz ed b y lo w v alue creation and hig h price tr ansparenc y Securit as is usin g all of our po w er to mo v e up the v alue chain from tr aditional guar din g to complete securit y solutions Our s tr ate gy is to ofer complete securit y solu tions that inte gr ate all of our areas of competence and result in impro v ed mar g ins optimal solutions for our cus tomer s and s tron g er more lon g term cus tomer relationships In our product portfolio fre and safet y solutions are becomin g an increasin g ly import ant part of our selection of ser vices W e currently ha v e around 7 000 emplo y ees w orkin g fulltime in this area of Import ant fgures and e v ents durin g 2012 Sales oper atin g mar g in and proposed dividend T ot al sales M SEK 66 458 64 057 Or ganic sales gro wth 0 percent 3 Oper atin g mar g in 46 percent 53 Proposed dividend SEK 300 300 Financial t ar g ets An av erage gro w th o f earning s per share o f 10 perc ent annually Earnin g s per share 2012 SEK 332 475 Earnin g s per share adjus ted for items afectin g compar abilit y and impairment losses 2012 SEK 421 475 F ree cash fo w t o ne t deb t o f at leas t 020 F ree cash fo w to net debt 2012 021 008 Acquisitions 6 ma jor acquisitions in mature and new mark ets with 3 200 emplo y ees and es timated annual sales equiv alent to appro ximately M SEK 500 MPL Be v eilig in g sdiens ten the Netherlands Protect Croatia Chillida Sis temas de Se guridad Spain T r ailback Ar g entina P T En vironment al Indok ar y a Indonesia F eder al R es guar d Ar g entina Specializ ed guar din g W e t ailor our ser vices to indus tr y and cus tomer needs Guar din g solutions W e add technology solutions to optimiz e our specializ ed guar din g concept Securit y solutions W e add ser vices such as risk analysis and in v es tigations that in combination with technology and specializ ed guar din g pro vide a hig h v alue inte gr ated solution B asic guar din g 4 Securit as Annual R eport 2012 CEO s t atement