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, % 5.7 3.9 12.0 6.0 – – – 5.3 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 non-current 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 non-current 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 – – – – – – – 1.12 Assets and liabilities Non-interes t -bearin g assets 11 279 11 589 3 657 5 018 822 32 365 -232 32 133 u nallocated non-interes 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 Non-interes t -bearin g liabilities 3 467 6 134 1 447 1 847 375 13 270 -232 13 038 u nallocated non-interes 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 non-acquisition 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