In 2011, Securit as created the business se gment Securit y Ser vices Ibero- America that includes se v en countries in L atin America – Ar g entina, Chile , Colombia, Cos t a Rica, Ecuador , P eru and U rugua y – a n d t w o countries in Europe , P ortugal and Spain. The signifcance of commercial e x chan g e and co or dination bet w een Portugal, Spain and L atin America is gro win g and lar g e corpor ations on both continents ha v e e xtensiv e presence o v er seas. The securit y mark et in L atin America is v er y fr a gmented and, to a lar g e e xtent , non-re gulated. As one of the leadin g securit y companies, Securit as is a drivin g force in indus tr y associations and pro- motes, for e xample , the re gulation and authorization of priv ate securit y companies. T o ensure that our securit y ofcer s are tr ained in line with Securit as ’ hig h s t andar ds and cus tomer requirements, w e ha v e es t ablished our o wn tr ainin g center s in all countries within the business se gment . W e can also ofer specializ ed tr ainin g that is t ailored to v arious cus - tomer se gments and needs. A joint tr ainin g sys tem and a lan gua g e that is common to mos t countries within the business se gment mak e the sharin g of bes t pr actices, securit y kno wled g e and e xperiences easier . Securit as ’ cus tomer s in the re g ion oper ate in a v ariet y of indus tries and, in or der to meet cus tomer needs and add v alue , w e specializ e in the dominant cus tomer se gments in each countr y . In Ar g entina, Colombia, Portugal and Spain, the cus tomer se gments a viation, with airport securit y ser vices, and telecommunications are import ant , while man y of our cus tomer s in Colombia, Peru, Portugal and Spain are activ e in the ret ail sector . In Peru, minin g and seaport indus tries are ma jor cus tomer se gments. Securit y solutions t ailored to each cus tomer ’ s securit y needs are de v eloped and include both specializ ed guar din g and adv anced technology . In Ar g entina and Spain, Securit as has been buildin g technology e xpertise and securit y solutions for se v er al y ear s, includin g a d v a n c e d alarm sur v eillance and monitorin g ser vices. I n 2 0 1 2 , acquisitions of technical solutions companies in both countries s tren g thened these eforts. Other countries in the business se gment are also de v el- opin g solutions that include technology . F INANCIAL K E y RA TIOS M SEK 2012 2011 T ot al sales 9  032 9  097 Organic sale s gro w th, % -3 11 Oper atin g income before amortization 465 550 Operating margin, % 5.1 6.0 Real change , % -13 9 Cash fo w from oper atin g activities 549 271 C ash fo w from operating activitie s, % 118 49 Oper atin g capit al emplo y ed 1  151 1  227 Operating capit al emplo y ed as % o f sale s 13 13 T ot al capit al emplo y ed 3  132 3  171 Re t urn on capit al emplo y ed, % 13 17 S ecurit y S er vice s Ibero- America SALE S M SEK 8 000 6 000 4 000 2 000 0 OPERA TING INC O ME M SEK 600 450 300 150 0 09 10 11 08 12 09 10 11 08 12 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. Securit as Annual R eport 2012 22 Oper ations Securit y Ser vices Ibero- America