Key Developments: Securitas AB (SCTBF.PK)
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9 May 2013
$0.19 (+2.09%)
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Latest Key Developments (Source: Significant Developments)
Securitas AB to Acquire ISS' Security Services Operations in Netherlands-DJ
Dow Jones reported that Securitas AB has agreed with ISS Facility Services to acquire the commercial security services business contracts and assets of ISS Facility Services in the Netherlands. ISS' security services operation in the Netherlands has annual sales of approximately SEK 315 million (EUR 37 million) and 800 employees. The acquisition is subject to approval from the competitions authorities in the Netherlands, which is expected to be completed in the beginning of July 2013. Full Article
Securitas AB Restates Segment Comparatives Due to Organizational Changes and Adoption of IAS 19 Revised
Securitas AB announced that it has restated segment comparatives due to organizational changes and adoption of IAS 19 (revised). The Company published restated comparative figures for the business segments and for the Securitas Group for the full year 2011, the quarters, half-year, first nine months and full year for 2012. The restatement is done to reflect the organizational changes in the Group that took place on January 1, 2013 and to consider the impact from the adoption of the changes in IAS 19 (revised) that took place on the same date. IAS 19 (revised) IAS 19 (revised) applies to financial years beginning January 1, 2013 or later. It is adopted by the Securitas Group as of the financial year 2013. The impact on the Group from the revised standard is that interest cost and expected return on assets were replaced by a net interest cost which is calculated by applying the discount rate to the net defined benefit obligation (or asset). Further, past service costs are recognized immediately instead of being accrued over the vesting period. The effect on the Group's financial statements is that the costs recognized for 2011 and 2012 related to defined benefits to employees increase. The actual benefits and the cash contributions for these plans are not impacted by IAS 19 (revised). Full Article
Securitas AB Announces Details on FY 2012 Dividend
Securitas AB announced that its Board proposes that a dividend of SEK 3 per share be declared for fiscal year 2012. As record date for the dividend, the Board proposes May 13, 2013. If the Annual General Meeting so resolves, the dividend is expected to be distributed by Euroclear Sweden AB starting May 16, 2013. Full Article
Securitas AB Proposes FY 2012 Dividend of SEK 3.00 per Share
Securitas AB announced that its Board of Directors proposes fiscal year 2012 dividend of SEK 3.00 per share. The total proposed dividend amounts to 53% of free cash flow. May 13, 2013 is proposed as record date for the dividend. For fiscal year 2011, the Company also paid a dividend of SEK 3.00 per share. Full Article
Securitas AB Acquires Monitoring and Installation Company Selectron in Uruguay
Securitas AB announced that it has acquired the monitoring and installation company Selectron in Uruguay. Enterprise value is estimated to SEK 20 million (UYU 60 million). Selectron has annual sales of approximately SEK 27 million (UYU 80 million) and 90 employees. The company has a presence in the financial and retail customer segments. Securitas is the market leader in security services in Uruguay. With the acquisition of Selectron, Securitas AB will strengthen its position in monitoring and installation of technology solutions. The acquisition is consolidated in Securitas AB as of February 1, 2013. Full Article
Securitas AB Acquires Security Services Company in Argentina
Securitas AB announced that it has acquired the security services company Federal Resguard in Argentina. Enterprise value is estimated to approximately SEK 50 million (ARS 35 million). Federal Resguard is specialized in the customer segments retail, gated communities and country clubs, and operates mainly in the provinces of Buenos Aires and Mendoza. The acquisition is consolidated in Securitas as of December 1, 2012. Full Article
Securitas AB to Cut Jobs-Reuters
Reuters reported that Securitas AB is to cut costs and merge two divisions. The Company has suffered from weakness in Europe during the sovereign debt crisis, affecting key contracts. Profitability in the Company's United States market has been weaker than expected. The Company announced that it would merge mobile and monitoring division, which accounted for 10% of sales in 2011, with the Security Services Europe division. The changes would lead to job losses of approximately 400 people within middle and higher level management. The Company employed approximately 300,000 people worldwide in 51 countries, according to 2011 annual report. Full Article
Securitas AB Appoints Mr. Bart Adam Chief Financial Officer
Securitas AB announced that Mr. Bart Adam has been appointed Chief Financial Officer of the Company. Mr. Kim Svensson, previously Senior Vice President Corporate Finance at the Company, will step down from Securitas AB's Group Management. Full Article
Securitas AB Announces Restructuring of Operations
Securitas AB announced that it will take measures to enable better alignment with future customer needs and expectations, and continues with investments in technology and enhanced technical capabilities. A cost-savings program has been initiated at Security Services North America and at Security Services Europe. The Mobile and Monitoring divisions and the Security Services Europe division will be merged to improve the coordination and speed of the technology implementation. The preparation and execution of these measures will be finalized during the fourth quarter of 2012, by which time the final savings and restructuring costs can also be determined. The total annual savings are estimated at approximately SEK 300 million, which are expected to materialize in 2013. The savings are calculated as a net amount, after accounting for further investments and additional resources to strengthen the technology capacity of Securitas AB. Restructuring costs are currently estimated at approximately SEK 360 million and will be recognized for in the fourth quarter of 2012. Until further notice, the President and Chief Executive Officer of the Company, Mr. Alf Goransson, will assume responsibility for the merger between the Security Services Europe division and the Mobile and Monitoring divisions. Full Article
Securitas AB Receives Contract from Vasttrafik-SIX
SIX reported that Securitas AB takes over ticket controls for Vasttrafik. The assignment involves trams, buses and boats in Gothenburg and runs for three years. The Company takes over the agreement from Goteborgs Sparvagar. The revenue from the assignment is worth over SEK 20 million per year. Full Article
Securitas ups tech investments as fourth-quarter pretax falls
STOCKHOLM - Securitas , the world's second-biggest security group, said on Friday it would step up investments this year in advanced surveillance technology solutions as it reported quarterly earnings well below market forecasts.
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