Securitas AB: Interim Report January - March 2004

Key Financial Data

MSEK Q1 2004 Q1 2003 Total change
% Whereof
real
change 2)
%
Sales 14,453 14,819 -2 2
Organic sales growth, % 2 -3
Operating income 877 901 -3 3
Operating margin, % 6.1 6.1
Income before taxes 464 472 -2 0
Net income 290 295
Free cash flow 13 245
% of adjusted income 21) 43
Return on capital employed, % 18 20
Earnings per share after full taxes, SEK 0.80 0.83 -4

1) Including the non-recurring payment of MSEK 184
2) Adjusted for changes in exchange rates, acquisitions and divestitures

Comments from the CEO, Thomas Berglund
"The return to positive organic sales growth both on a year-on-year and quarter-on-quarter basis, together with a recovery in the Group operating margin, marks a good start to 2004.

For 2004 we expect the Group income before taxes, adjusted for changes in exchange rates, to increase by 15-20 percent, driven by a strong performance in the Security Services Europe, Security Systems, Direct and the Cash Handling Services divisions. Trading conditions in the USA remain a challenge and we will continue to focus on cost reductions, efficiency improvements and the strengthening of the local branch organisation to improve our performance.

Free cash flow, adjusted for the non-recurring payment of MSEK 184, is on track to meet the Group's full year target of 75-80 percent of adjusted income."

The full report with tables can be downloaded from the enclosed link.

Available documents

• wkr0008.pdf (451 kb)