F INANCIAL K E y RA TIOS 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, % 4.9 5.7 Real change , % -12 2 Cash fo w from oper atin g activities 1  106 855 C ash fo w from operating activitie s, % 96 67 Oper atin g capit al emplo y ed 1  209 1  328 Operating capit al emplo y ed as % o f sale s 5 6 T ot al capit al emplo y ed 7  315 7  812 Re t urn on capit al emplo y ed, % 15 16 S ecurit y S er vice s North America SALE S M SEK 20 000 15 000 10 000 5 000 0 OPERA TING INC O ME M SEK 1 200 900 600 300 0 09 10 11 08 12 09 10 11 08 12 In North America, especially the U SA and Canada, the securit y mark et is mature but includes a hig h de gree of manned guar din g. This has essentially been driv en b y relativ ely lo w w a g es for securit y of ficer s and lack of demand to find other solutions. As the mark et leader , Securit as has e xtensiv e e xpertise and profound kno wled g e , not only of the securit y indus tr y but also of our cus tomer s ’ indus - tries and businesses. W e use this to driv e de v elop- ment to w ar d inte gr ated securit y solutions, where manned guar din g is a k e y component , that is complemented with mobile securit y ser vices and adv anced monitorin g solutions. Securit as is proactiv e in supportin g our cus tomer s adapt to new situations, for e xample , b y creatin g alternativ e securit y solutions within the same bud g et . At the same time , w e protect our mar g ins. F ollo win g a thoroug h oper ational analysis of a cus tomer ’ s needs – in partner ship with the cus tomer – w e build a unique securit y progr am, with Securit as as the sin g le point of cont act . An individualiz ed cus tomer port al that gather s all necessar y informa- tion for both the cus tomer and our emplo y ees adds further v alue . The three main buildin g blocks in the securit y solution are manned guar din g, mobile securit y ser vices and adv anced monitorin g. In the U SA , mobile securit y ser vices are mos t commonly ofered b y small local pla y er s and sold as a sin g le product . Securit as is the only compan y with a national footprint that ofer s mobile securit y ser vices as part of an o v er all securit y solution. Addin g mobile securit y ser vices to the securit y solution enables more fe xibilit y – r ather than ha vin g a securit y ofcer on site , a mobile patrol can be dispatched from our monitorin g center when needed. Securit as uses top-of -the-line technology , where monitorin g is more lik e virtual guar d tour s than mere alarm monitorin g. F or cos t efcienc y , the cus tomer ’ s e xis tin g sur v eillance camer as can be used and equipped with adv anced soft w are that is t ailored to the cus tomer ’ s needs. One e xample is real-time audio inter v ention, where the specially tr ained securit y ofcer in the monitorin g center can speak directly to an y one monitored liv e . Sales Oper atin g income T ot al capit al emplo y ed Number of emplo y ees 19 Securit as Annual R eport 2012 Oper ations Securit y Ser vices North America